Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-19065 | |
Entity Registrant Name | SANDY SPRING BANCORP, INC. | |
Entity Incorporation State Country Code | MD | |
Entity Tax Identification Number | 52-1532952 | |
Entity Address Address Line1 | 17801 Georgia Avenue | |
Entity Address City Or Town | Olney | |
Entity Address State Or Province | MD | |
Entity Address Postal Zip Code | 20832 | |
City Area Code | 301 | |
Local Phone Number | 774-6400 | |
Security 12b Title | Common Stock, par value $1.00 per share | |
Trading Symbol | SASR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding (in shares) | 45,061,353 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000824410 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION - UNAUDITED - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Cash and due from banks | $ 79,305 | $ 82,257 |
Federal funds sold | 243 | 245 |
Interest-bearing deposits with banks | 330,842 | 463,396 |
Cash and cash equivalents | 410,390 | 545,898 |
Residential mortgage loans held for sale (at fair value) | 16,627 | 10,836 |
Investments held-to-maturity, at cost (fair value of $192,798 and $200,411, respectively) | 231,354 | 236,165 |
Investments available-for-sale (at fair value) | 1,100,741 | 1,102,681 |
Other investments, at cost | 73,395 | 75,607 |
Total loans | 11,364,284 | 11,366,989 |
Less: allowance for credit losses - loans | (123,096) | (120,865) |
Net loans | 11,241,188 | 11,246,124 |
Premises and equipment, net | 59,843 | 59,490 |
Other real estate owned | 2,700 | 0 |
Accrued interest receivable | 47,152 | 46,583 |
Goodwill | 363,436 | 363,436 |
Other intangible assets, net | 29,864 | 28,301 |
Other assets | 311,443 | 313,051 |
Total assets | 13,888,133 | 14,028,172 |
Liabilities: | ||
Noninterest-bearing deposits | 2,817,928 | 2,914,161 |
Interest-bearing deposits | 8,409,272 | 8,082,377 |
Total deposits | 11,227,200 | 10,996,538 |
Securities sold under retail repurchase agreements | 71,529 | 75,032 |
Federal Reserve Bank borrowings | 0 | 300,000 |
Advances from FHLB | 500,000 | 550,000 |
Subordinated debt | 370,952 | 370,803 |
Total borrowings | 942,481 | 1,295,835 |
Accrued interest payable and other liabilities | 129,088 | 147,657 |
Total liabilities | 12,298,769 | 12,440,030 |
Stockholders' equity: | ||
Common stock | 44,940 | 44,914 |
Additional paid in capital | 743,850 | 742,243 |
Retained earnings | 903,377 | 898,316 |
Accumulated other comprehensive loss | (102,803) | (97,331) |
Total stockholders' equity | 1,589,364 | 1,588,142 |
Total liabilities and stockholders' equity | $ 13,888,133 | $ 14,028,172 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION - UNAUDITED - (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity debt securities | $ 192,798 | $ 200,411 |
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) | 44,940,147 | 44,913,561 |
Common stock, shares outstanding (in shares) | 44,940,147 | 44,913,561 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Interest and fees on loans | $ 150,635 | $ 139,727 |
Interest on loans held for sale | 128 | 152 |
Interest on deposits with banks | 6,786 | 2,686 |
Interest and dividend income on investment securities: | ||
Taxable | 6,663 | 7,008 |
Tax-advantaged | 1,797 | 1,770 |
Interest on federal funds sold | 5 | 4 |
Total interest income | 166,014 | 151,347 |
Interest expense: | ||
Interest on deposits | 73,366 | 40,788 |
Interest on retail repurchase agreements and federal funds purchased | 3,386 | 2,104 |
Interest on advances from FHLB | 5,973 | 7,207 |
Interest on subordinated debt | 3,946 | 3,946 |
Total interest expense | 86,671 | 54,045 |
Net interest income | 79,343 | 97,302 |
Provision/ (credit) for credit losses | 2,388 | (21,536) |
Net interest income after provision/ (credit) for credit losses | 76,955 | 118,838 |
Non-interest income: | ||
Investment securities gains | 0 | 0 |
Income from bank owned life insurance | 1,160 | 907 |
Other income | 2,645 | 2,001 |
Total non-interest income | 18,367 | 15,951 |
Non-interest expense: | ||
Salaries and employee benefits | 36,698 | 38,926 |
Occupancy expense of premises | 4,816 | 4,847 |
Equipment expense | 3,963 | 4,117 |
Marketing | 742 | 1,543 |
Outside data services | 3,103 | 2,514 |
FDIC insurance | 2,911 | 2,138 |
Amortization of intangible assets | 2,069 | 1,306 |
Professional fees and services | 4,880 | 3,684 |
Other expenses | 8,824 | 7,230 |
Total non-interest expense | 68,006 | 66,305 |
Income before income tax expense | 27,316 | 68,484 |
Income tax expense | 6,944 | 17,231 |
Net income | $ 20,372 | $ 51,253 |
Per share information: | ||
Basic net income per common share (in dollars per share) | $ 0.45 | $ 1.14 |
Diluted net income per common share (in dollars per share) | 0.45 | 1.14 |
Dividends declared per share (in dollars per share) | $ 0.34 | $ 0.34 |
Service charges on deposit accounts | ||
Non-interest income: | ||
Fees and commissions, mortgage banking and servicing | $ 2,817 | $ 2,388 |
Mortgage banking activities | ||
Non-interest income: | ||
Fees and commissions, mortgage banking and servicing | 1,374 | 1,245 |
Wealth management income | ||
Non-interest income: | ||
Fees and commissions, mortgage banking and servicing | 9,958 | 8,992 |
Bank card fees | ||
Non-interest income: | ||
Fees and commissions, mortgage banking and servicing | $ 413 | $ 418 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/ (LOSS) - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 20,372 | $ 51,253 |
Investments available-for-sale: | ||
Net change in unrealized gains/ (losses) on investments available-for-sale | (7,703) | 20,784 |
Related income tax (expense)/ benefit | 1,954 | (5,294) |
Net investment gains reclassified into earnings | 0 | 0 |
Related income tax expense | 0 | 0 |
Net effect on other comprehensive income/ (loss) | (5,749) | 15,490 |
Investments held-to-maturity: | ||
Amortization of unrealized loss transferred from investments available-for-sale | 371 | 405 |
Related income tax benefit | (94) | (103) |
Net effect on other comprehensive income/ (loss) | 277 | 302 |
Defined benefit pension plan: | ||
Amortization of net loss | 0 | 225 |
Related income tax benefit | 0 | (57) |
Net effect on other comprehensive income/ (loss) | 0 | 168 |
Total other comprehensive income/ (loss) | (5,472) | 15,960 |
Comprehensive income | $ 14,900 | $ 67,213 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income/ (Loss) |
Balance at beginning of period at Dec. 31, 2022 | $ 1,483,768 | $ 44,657 | $ 734,273 | $ 836,789 | $ (131,951) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 51,253 | 51,253 | |||
Other comprehensive loss, net of tax | 15,960 | 15,960 | |||
Comprehensive income | 67,213 | ||||
Common stock dividends | (15,407) | (15,407) | |||
Stock compensation expense | 1,241 | 1,241 | |||
Stock option plan | 151 | 7 | 144 | ||
Employee stock purchase plan | 411 | 12 | 399 | ||
Restricted stock vesting, net of tax withholding | (512) | 36 | (548) | ||
Balance at end of period at Mar. 31, 2023 | 1,536,865 | 44,712 | 735,509 | 872,635 | (115,991) |
Balance at beginning of period at Dec. 31, 2023 | 1,588,142 | 44,914 | 742,243 | 898,316 | (97,331) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 20,372 | 20,372 | |||
Other comprehensive loss, net of tax | (5,472) | (5,472) | |||
Comprehensive income | 14,900 | ||||
Common stock dividends | (15,311) | (15,311) | |||
Stock compensation expense | 1,230 | 1,230 | |||
Stock option plan | 109 | 10 | 99 | ||
Employee stock purchase plan | 351 | 16 | 335 | ||
Restricted stock vesting, net of tax withholding | (57) | 0 | (57) | ||
Balance at end of period at Mar. 31, 2024 | $ 1,589,364 | $ 44,940 | $ 743,850 | $ 903,377 | $ (102,803) |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends (in dollars per share) | $ 0.34 | $ 0.34 |
Stock option plan (in shares) | 9,938 | 7,530 |
Employee stock purchase plan (in shares) | 16,648 | 11,821 |
Restricted stock (in shares) | 36,092 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Net income | $ 20,372 | $ 51,253 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,343 | 5,689 |
Provision/ (credit) for credit losses | 2,388 | (21,536) |
Share based compensation expense | 1,230 | 1,241 |
Deferred income tax expense | 2,189 | 8,498 |
Originations of loans held for sale | (67,801) | (67,837) |
Proceeds from sales of loans held for sale | 62,871 | 64,025 |
Gains on sales of loans held for sale | (861) | (744) |
Investment securities gains | 0 | 0 |
Tax (benefit)/ deficiency associated with share based compensation | 130 | (78) |
Net increase in accrued interest receivable | (569) | (1,060) |
Net decrease in other assets | 567 | 6,236 |
Net decrease in accrued expenses and other liabilities | (19,643) | (14,345) |
Other, net | (138) | 80 |
Net cash provided by operating activities | 7,078 | 31,422 |
Investing activities: | ||
Sales/ (purchases) of other investments | 2,211 | |
Sales/ (purchases) of other investments | (9,171) | |
Purchases of investments available-for-sale | (46,375) | 0 |
Proceeds from sales of investment available-for-sale | 0 | 0 |
Proceeds from maturities, calls and principal payments of investments available-for-sale | 40,026 | 38,760 |
Proceeds from maturities, calls and principal payments of investments held-to-maturity | 5,107 | 5,558 |
Net (increase)/ decrease in loans | (270) | 2,330 |
Expenditures for premises and equipment | (5,727) | (3,833) |
Net cash provided by/ (used in) investing activities | (5,028) | 33,644 |
Financing activities: | ||
Net increase in deposits | 230,853 | 122,956 |
Net decrease in retail repurchase agreements, federal funds purchased and Federal Reserve Bank borrowings | (303,503) | (69,340) |
Proceeds from FHLB advances | 0 | 1,480,000 |
Repayment of FHLB advances | (50,000) | (1,280,000) |
Proceeds from issuance of common stock | 460 | 720 |
Stock tendered for payment of withholding taxes | (57) | (670) |
Cash dividends paid | (15,311) | (15,249) |
Net cash provided by/ (used in) financing activities | (137,558) | 238,417 |
Net increase/ (decrease) in cash and cash equivalents | (135,508) | 303,483 |
Cash and cash equivalents at beginning of period | 545,898 | 192,232 |
Cash and cash equivalents at end of period | 410,390 | 495,715 |
Supplemental disclosures: | ||
Interest payments | 94,959 | 52,919 |
Transfers from loans to other real estate owned | $ 2,700 | $ 0 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Sandy Spring Bancorp, Inc. ("Bancorp" or, together with its subsidiaries, the "Company"), a Maryland corporation, is the bank holding company for Sandy Spring Bank (the “Bank”). Independent and community-oriented, the Bank offers a broad range of commercial banking, retail banking, mortgage services and trust services throughout central Maryland, Northern Virginia, and the greater Washington, D.C. market. The Bank also offers a comprehensive menu of wealth management services through its subsidiaries, West Financial Services, Inc. (“West Financial”) and SSB Wealth Management, Inc. (d/b/a Rembert Pendleton Jackson, "RPJ”) . Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”), prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, the interim financial statements do not include all of the information and notes required for complete financial statements. The following summary of significant accounting policies of the Company is presented to assist the reader in understanding the financial and other data presented in this report. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2024. In the opinion of management, all adjustments necessary for a fair presentation of the results of the interim periods have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on the Company's net income and shareholders' equity. The Company has evaluated subsequent events through the date of the issuance of its financial statements. These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2023 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 20, 2024. There have been no significant changes to any of the Company’s accounting policies as disclosed in the 2023 Annual Report on Form 10-K. Principles of Consolidation The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, Sandy Spring Bank, and its subsidiaries. Consolidation has resulted in the elimination of all intercompany accounts and transactions. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, in addition to affecting the reported amounts of revenues earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Estimates that could change significantly relate to the provision for credit losses and the related allowance, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether available-for-sale debt securities with fair values less than amortized costs are impaired and require 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. Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original maturity of three months or less). Revenue from Contracts with Customers The Company’s revenue includes net interest income on financial instruments and non-interest income. Specific categories of revenue are presented in the Condensed Consolidated Statements of Income. Most of the Company’s revenue is not within the scope of Accounting Standard 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 this revenue recognition guidance. 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. 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. 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. On January 1, 2023, the Company adopted provisions of ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)", which eliminated accounting guidance for TDRs by creditors. Prior to the effective adoption date, the Company considered loans to be TDRs if their terms were restructured (e.g., interest rates, loan maturity date, payment and amortization period, etc.) in circumstances that provided a payment concession to a borrower experiencing financial difficulty. Loans could be removed from a TDR category if the borrower no longer experienced financial difficulty, a re-underwriting event took place, and the revised loan terms of the subsequent restructuring agreement were considered to be consistent with terms that could be obtained in the market for loans with comparable credit risk. Subsequent to the effective adoption date, the Company continues to offer modifications to certain borrowers experiencing financial difficulty, mainly in the form of interest rate concessions or term extensions, without classifying and accounting for them as TDRs. Allowance for 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 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, which management has determined to be two years, followed by a two year reversion 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 3 for more details on the Company’s portfolio segments. The Company applies two calculation methodologies to estimate the collective quantified component of the allowance: expected loss 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 expected loss method. 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, gross domestic product, commercial real estate price index, residential real estate house price index and business bankruptcies. Contractual loan level cash flows within the expected loss 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 determined and the loan was charged down to the estimated fair value based on a previous appraisal, the balance of the partially charged-off loan is 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 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 determined, 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 portfolio. Unfunded lending commitments are reviewed to determine if they are considered unconditionally cancellable. The Company establishes reserves for unfunded commitments that do not meet that criteria as a liability in the Condensed Consolidated Statements of Condition. Changes to the liability are recorded through the provision for credit losses in the Condensed Consolidated Statements of Income. The establishment of the reserves for unfunded commitments considers both the likelihood that the funding will occur and an estimate of the expected credit losses over the life of the respective commitments. Management believes it uses relevant information available to make determinations about the allowance and reserve for unfunded commitments and that it has established the existing reserves 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. Held-to-maturity debt securities Debt securities that are purchased with the positive intent and ability to be held until their maturity are classified as held-to-maturity (“HTM”). HTM debt securities are recorded at cost adjusted for amortization of premiums and accretion of discounts. Transfers of debt securities from available-for-sale ("AFS") category to HTM category are made at fair value as of the transfer date. The unrealized gain or loss at the date of transfer continues to be reported in accumulated other comprehensive income and in the carrying amount of the HTM securities. Both amounts are amortized over the remaining life of the security as a yield adjustment in interest income and effectively offset each other. Leases The Company determines if an arrangement is a lease at inception. All of the Company’s leases are currently classified as operating leases and are included in other assets and other liabilities on the Company’s Condensed Consolidated Statements of Condition. Periodic operating lease costs are recorded in occupancy expenses of premises on the Company's Condensed 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. Segment Reporting Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. The Bank is the Company’s only reportable operating segment upon which management makes decisions regarding how to allocate resources and assess performance. While the Company’s chief operating decision maker has some limited financial information about the Bank's various financial products and services, that information is not complete since it does not include a full allocation of revenue, costs, and capital from key corporate functions; therefore, the Company evaluates financial performance on the Company-wide basis. Management continues to evaluate these business units for separate reporting as facts and circumstances change. 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. The current 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 remains in excess of the carrying value, then performing a quantitative impairment test is not necessary. However, if it is determined that it is more likely than not that the carrying value exceeds the fair value, a quantitative analysis is required to determine whether an impairment exists. As of October 1, 2023, the Company’s annual goodwill impairment assessment date, the Company performed an impairment test for its two reporting units: Community Banking and Investment Management. The results of the 2023 annual goodwill impairment test for the two reporting units, which included both qualitative and quantitative assessments, indicated that the estimated fair value of each reporting unit exceeded its carrying amount and that the goodwill assigned to the Community Banking reporting unit may be at risk of impairment in future periods. The Company provided detailed disclosures regarding the 2023 impairment analysis and the results of the testing in its annual financial statements for the year ended December 31, 2023 in its 2023 Annual Report on Form 10-K. In addition to the annual impairment testing process, on a quarterly basis, the Company monitors each reporting unit for any triggering events and performs qualitative assessments of impairment indicators. During the first quarter of 2024, the Company determined that there were no triggering events and completed the qualitative assessment of impairment indicators, which included an assessment of changes in macroeconomic conditions and comparison of the actual operating performance to the forecast used in the most recent annual impairment test. Based on these considerations, the Company concluded that it was more-likely-than-not that the fair value of our reporting units remained above the respective carrying amounts as of March 31, 2024. Other intangible assets have finite lives and are reviewed for impairment annually. These assets are amortized over their estimated useful lives on a straight-line or sum-of-the-years basis over varying periods that initially did not exceed 15 years. Intangible assets are reviewed or analyzed periodically to determine if it appears that their value has diminished beyond the value in the financial statements. The review or analysis of the intangible assets did not indicate that any impairment occurred during the first quarter of 2024. Adopted Accounting Pronouncements In March 2023, the FASB issued ASU 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method". ASU 2023-02 allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The amendment in this ASU also removes the specialized guidance for low-income-housing tax credit investments that are not accounted for using the proportional amortization method and instead require that those LIHTC investments be accounted for using the guidance in other GAAP. The Company fully adopted this update effective January 1, 2024 on a prospective basis. The adoption of this pronouncement did not have a material impact on the Condensed Consolidated Financial Statements. Pending Accounting Pronouncements applicable to the Company In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which requires public entities to disclose information about their reportable segments' significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt this ASU on a retrospective basis. Early adoption is permitted. Currently, the Company does not expect that the adoption of this standard will have a material impact on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU 2023-09 improves the transparency of income tax disclosures by requiring entities to provide greater disaggregation of information on income taxes paid and on the rate reconciliation disclosures. This pronouncement also requires qualitative discussion of the primary state and local jurisdictions for income taxes and the type of reconciling categories. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on its Consolidated Financial Statements. |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Investments available-for-sale and held-to-maturity The amortized cost and estimated fair values of investments available-for-sale and held-to-maturity at the dates indicated are presented in the following table: March 31, 2024 December 31, 2023 (In thousands) Amortized Gross Gross Estimated Amortized Gross Gross Estimated Available-for-sale debt securities: U.S. treasuries and government agencies $ 96,866 $ — $ (4,630) $ 92,236 $ 101,678 $ — $ (4,751) $ 96,927 State and municipal 310,502 — (46,516) 263,986 311,505 1 (43,292) 268,214 Mortgage-backed and asset-backed 819,214 83 (74,778) 744,519 807,636 181 (70,277) 737,540 Total available-for-sale debt securities $ 1,226,582 $ 83 $ (125,924) $ 1,100,741 $ 1,220,819 $ 182 $ (118,320) $ 1,102,681 Held-to-maturity debt securities: Mortgage-backed and asset-backed 231,354 — (38,556) 192,798 236,165 — (35,754) 200,411 Total held-to-maturity debt securities $ 231,354 $ — $ (38,556) $ 192,798 $ 236,165 $ — $ (35,754) $ 200,411 Total debt securities $ 1,457,936 $ 83 $ (164,480) $ 1,293,539 $ 1,456,984 $ 182 $ (154,074) $ 1,303,092 Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed available-for-sale debt securities at March 31, 2024 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at March 31, 2024. Unrealized losses on available-for-sale debt 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 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. All held-to-maturity investments are either issued by a direct governmental entity or a government-sponsored entity and have no historical evidence supporting expected credit losses. Therefore, the Company has estimated these losses at zero and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption. The available-for-sale and held-to-maturity mortgage-backed securities portfolio at March 31, 2024 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($451.9 million), GNMA, FNMA or FHLMC mortgage-backed securities ($557.9 million) or SBA asset-backed securities ($40.8 million). Gross unrealized losses and fair value by length of time that the individual available-for-sale debt securities have been in an unrealized loss position at the dates indicated are presented in the following table: March 31, 2024 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 9 $ — $ — $ 92,236 $ 4,630 $ 92,236 $ 4,630 State and municipal 123 3,789 48 258,977 46,468 262,766 46,516 Mortgage-backed and asset-backed 332 55,845 436 664,980 74,342 720,825 74,778 Total 464 $ 59,634 $ 484 $ 1,016,193 $ 125,440 $ 1,075,827 $ 125,924 December 31, 2023 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 10 $ — $ — $ 96,927 $ 4,751 $ 96,927 $ 4,751 State and municipal 123 4,162 84 262,081 43,208 266,243 43,292 Mortgage-backed and asset-backed 321 22,731 106 691,281 70,171 714,012 70,277 Total 454 $ 26,893 $ 190 $ 1,050,289 $ 118,130 $ 1,077,182 $ 118,320 The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following tables 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 available-for-sale and held-to-maturity debt securities by contractual maturity are provided in the following tables: March 31, 2024 December 31, 2023 (In thousands) Fair Value Amortized Cost Fair Value Amortized Cost Available-for-sale debt securities U.S. treasuries and government agencies: One year or less $ 12,922 $ 12,988 $ 17,798 $ 17,979 One to five years 79,314 83,878 79,129 83,699 Five to ten years — — — — After ten years — — — — State and municipal: One year or less 28,318 28,739 22,345 22,793 One to five years 28,586 29,770 33,282 34,288 Five to ten years 48,992 57,965 46,355 54,487 After ten years 158,090 194,028 166,232 199,937 Mortgage-backed and asset-backed: One year or less 26,396 26,704 20,814 21,111 One to five years 27,290 28,067 29,823 30,666 Five to ten years 267,178 292,078 256,924 280,209 After ten years 423,655 472,365 429,979 475,650 Total available-for-sale debt securities $ 1,100,741 $ 1,226,582 $ 1,102,681 $ 1,220,819 March 31, 2024 December 31, 2023 (In thousands) Fair Value Amortized Cost Fair Value Amortized Cost Held-to-maturity debt securities Mortgage-backed and asset-backed: One year or less $ — $ — $ — $ — One to five years — — — — Five to ten years 30,070 33,326 31,434 34,458 After ten years 162,728 198,028 168,977 201,707 Total held-to-maturity debt securities $ 192,798 $ 231,354 $ 200,411 $ 236,165 At March 31, 2024 and December 31, 2023, available-for-sale and held-to-maturity debt securities with a book value of $489.0 million and $729.0 million, respectively, were pledged and designated as collateral for certain government deposits, public and trust funds, securities sold under repurchase agreements and other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. Agencies securities, exceeded ten percent of stockholders' equity at March 31, 2024 and December 31, 2023. Other investments Other investments are presented in the following table: (In thousands) March 31, 2024 December 31, 2023 Federal Reserve Bank stock, at cost $ 39,152 $ 39,125 Federal Home Loan Bank of Atlanta stock, at cost 33,566 35,805 Other 677 677 Total other investments, at cost $ 73,395 $ 75,607 |
LOANS
LOANS | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
LOANS | LOANS Outstanding loan balances at March 31, 2024 and December 31, 2023 are net of unearned income, including net deferred loan fees of $7.6 million and $7.0 million, respectively, at the end of each period. The loan portfolio segment balances at the dates indicated are presented in the following table: (In thousands) March 31, 2024 December 31, 2023 Commercial real estate: Commercial investor real estate $ 4,997,879 $ 5,104,425 Commercial owner-occupied real estate 1,741,113 1,755,235 Commercial AD&C 1,090,259 988,967 Commercial business 1,509,592 1,504,880 Total commercial loans 9,338,843 9,353,507 Residential real estate: Residential mortgage 1,511,624 1,474,521 Residential construction 97,685 121,419 Consumer 416,132 417,542 Total residential and consumer loans 2,025,441 2,013,482 Total loans $ 11,364,284 $ 11,366,989 Portfolio Segments The Company currently manages its credit products and the respective exposure to credit losses (credit risk) by the following specific portfolio segments (classes) which are levels at which the Company develops and documents its systematic methodology to determine the allowance for credit losses attributable to each respective portfolio segment. These segments are: • Commercial 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 business 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 business 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. • 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. |
CREDIT QUALITY ASSESSMENT
CREDIT QUALITY ASSESSMENT | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [Abstract] | |
CREDIT QUALITY ASSESSMENT | CREDIT QUALITY ASSESSMENT Allowance for Credit Losses Summary information on the allowance for credit losses on loans for the period indicated is provided in the following table: Three Months Ended March 31, (In thousands) 2024 2023 Balance at beginning of period $ 120,865 $ 136,242 Provision/ (credit) for credit losses - loans (1) 3,331 (18,945) Loan charge-offs (1,620) (171) Loan recoveries 520 487 Net charge-offs (1,100) 316 Balance at period end $ 123,096 $ 117,613 (1) Excludes the total credit to the provision on unfunded loan commitments for the three months ended March 31, 2024 and March 31, 2023 of $0.9 million and $2.6 million, respectively. The following table provides summary information regarding collateral dependent loans individually evaluated for credit loss at the dates indicated: (In thousands) March 31, 2024 December 31, 2023 Collateral dependent loans individually evaluated for credit loss with an allowance $ 69,068 $ 72,179 Collateral dependent loans individually evaluated for credit loss without an allowance 12,047 15,989 Total individually evaluated collateral dependent loans $ 81,115 $ 88,168 Allowance for credit losses related to loans evaluated individually $ 20,889 $ 24,000 Allowance for credit losses related to loans evaluated collectively 102,207 96,865 Total allowance for credit losses - loans $ 123,096 $ 120,865 The following tables provide information on the activity in the allowance for credit losses by the respective loan portfolio segment for the period indicated: For the Three Months Ended March 31, 2024 Commercial Real Estate Residential Real Estate (Dollars in thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Balance at beginning of period $ 61,439 $ 7,536 $ 8,287 $ 31,932 $ 8,890 $ 729 $ 2,052 $ 120,865 Provision/ (credit) for credit losses - loans 2,858 (656) 2,275 (1,345) 195 (306) 310 3,331 Charge-offs (1) — — (1,551) — — (68) (1,620) Recoveries 3 27 283 1 6 — 200 520 Net (charge-offs)/ recoveries 2 27 283 (1,550) 6 — 132 (1,100) Balance at end of period $ 64,299 $ 6,907 $ 10,845 $ 29,037 $ 9,091 $ 423 $ 2,494 $ 123,096 Total loans $ 4,997,879 $ 1,741,113 $ 1,090,259 $ 1,509,592 $ 1,511,624 $ 97,685 $ 416,132 $ 11,364,284 Allowance for credit losses on loans to total loans ratio 1.29 % 0.40 % 0.99 % 1.92 % 0.60 % 0.43 % 0.60 % 1.08 % Average loans $ 5,057,334 $ 1,746,042 $ 1,030,763 $ 1,508,336 $ 1,491,277 $ 110,456 $ 417,539 $ 11,361,747 Annualized net charge-offs/ (recoveries) to average loans — % (0.01) % (0.11) % 0.41 % — % — % (0.13) % 0.04 % Balance of loans individually evaluated for credit loss $ 69,000 $ 4,394 $ 557 $ 7,164 $ — $ — $ — $ 81,115 Allowance related to loans evaluated individually $ 14,874 $ 1,126 $ 102 $ 4,787 $ — $ — $ — $ 20,889 Individual allowance to loans evaluated individually ratio 21.56 % 25.63 % 18.31 % 66.82 % — % — % — % 25.75 % Contractual balance of individually evaluated loans $ 69,831 $ 5,416 $ 581 $ 9,535 $ — $ — $ — $ 85,363 Balance of loans collectively evaluated for credit loss $ 4,928,879 $ 1,736,719 $ 1,089,702 $ 1,502,428 $ 1,511,624 $ 97,685 $ 416,132 $ 11,283,169 Allowance related to loans evaluated collectively $ 49,425 $ 5,781 $ 10,743 $ 24,250 $ 9,091 $ 423 $ 2,494 $ 102,207 Collective allowance to loans evaluated collectively ratio 1.00 % 0.33 % 0.99 % 1.61 % 0.60 % 0.43 % 0.60 % 0.91 % For the Year Ended December 31, 2023 Commercial Real Estate Residential Real Estate (Dollars in thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Balance at beginning of period $ 64,737 $ 11,646 $ 18,646 $ 28,027 $ 9,424 $ 1,337 $ 2,425 $ 136,242 Provision for credit losses - loans (3,323) (4,215) (10,359) 4,051 (488) (608) 1,048 (13,894) Charge-offs — — — (449) (160) — (2,005) (2,614) Recoveries 25 105 — 303 114 — 584 1,131 Net (charge-offs)/ recoveries 25 105 — (146) (46) — (1,421) (1,483) Balance at end of period $ 61,439 $ 7,536 $ 8,287 $ 31,932 $ 8,890 $ 729 $ 2,052 $ 120,865 Total loans $ 5,104,425 $ 1,755,235 $ 988,967 $ 1,504,880 $ 1,474,521 $ 121,419 $ 417,542 $ 11,366,989 Allowance for credit losses on loans to total loans ratio 1.20 % 0.43 % 0.84 % 2.12 % 0.60 % 0.60 % 0.49 % 1.06 % Average loans $ 5,133,279 $ 1,766,839 $ 1,023,669 $ 1,440,382 $ 1,380,496 $ 187,599 $ 421,963 $ 11,354,227 Net charge-offs/ (recoveries) to average loans — % (0.01) % — % 0.01 % — % — % 0.34 % 0.01 % Balance of loans individually evaluated for credit loss $ 72,218 $ 4,640 $ 1,259 $ 10,051 $ — $ — $ — $ 88,168 Allowance related to loans evaluated individually $ 15,353 $ 1,159 $ 102 $ 7,386 $ — $ — $ — $ 24,000 Individual allowance to loans evaluated individually ratio 21.26 % 24.98 % 8.10 % 73.49 % — % — % — % 27.22 % Contractual balance of individually evaluated loans $ 72,712 $ 5,623 $ 1,270 $ 11,500 $ — $ — $ — $ 91,105 Balance of loans collectively evaluated for credit loss $ 5,032,207 $ 1,750,595 $ 987,708 $ 1,494,829 $ 1,474,521 $ 121,419 $ 417,542 $ 11,278,821 Allowance related to loans evaluated collectively $ 46,086 $ 6,377 $ 8,185 $ 24,546 $ 8,890 $ 729 $ 2,052 $ 96,865 Collective allowance to loans evaluated collectively ratio 0.92 % 0.36 % 0.83 % 1.64 % 0.60 % 0.60 % 0.49 % 0.86 % Credit Quality The following tables provide information on the credit quality of the loan portfolio for the periods indicated below: For the Three Months Ended March 31, 2024 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 $ 58,658 $ 4,640 $ 1,259 $ 10,051 $ 12,332 $ 443 $ 4,102 $ 91,485 Loans placed on non-accrual 715 — — 25 362 — 388 1,490 Non-accrual balances transferred to OREO (2,700) — — — — — — (2,700) Non-accrual balances charged-off (1) — — (1,549) — — — (1,550) Net payments or draws (1,093) (246) (703) (1,363) (288) 99 (423) (4,017) Non-accrual loans brought current — — — — (571) — (56) (627) Balance at end of period $ 55,579 $ 4,394 $ 556 $ 7,164 $ 11,835 $ 542 $ 4,011 $ 84,081 For the Year Ended December 31, 2023 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 $ 9,943 $ 5,019 $ — $ 7,322 $ 7,439 $ — $ 5,059 $ 34,782 Loans placed on non-accrual 62,725 — 2,111 6,271 7,871 449 2,450 81,877 Non-accrual balances transferred to OREO — — — — — — — — Non-accrual balances charged-off — — — (441) (160) — (1,757) (2,358) Net payments or draws (14,010) (379) (852) (2,588) (1,667) (6) (1,528) (21,030) Non-accrual loans brought current — — — (513) (1,151) — (122) (1,786) Balance at end of period $ 58,658 $ 4,640 $ 1,259 $ 10,051 $ 12,332 $ 443 $ 4,102 $ 91,485 March 31, 2024 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Performing loans: Current $ 4,932,570 $ 1,729,205 $ 1,083,907 $ 1,499,245 $ 1,486,341 $ 96,404 $ 410,662 $ 11,238,334 30-59 days 9,681 1,538 5,796 1,658 12,336 739 989 32,737 60-89 days 49 5,976 — 1,505 772 — 470 8,772 Total performing loans 4,942,300 1,736,719 1,089,703 1,502,408 1,499,449 97,143 412,121 11,279,843 Non-performing loans: Non-accrual loans 55,579 4,394 556 7,164 11,835 542 4,011 84,081 Loans greater than 90 days past due — — — 20 340 — — 360 Total non-performing loans 55,579 4,394 556 7,184 12,175 542 4,011 84,441 Total loans $ 4,997,879 $ 1,741,113 $ 1,090,259 $ 1,509,592 $ 1,511,624 $ 97,685 $ 416,132 $ 11,364,284 December 31, 2023 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Performing loans: Current $ 5,044,647 $ 1,748,449 $ 986,859 $ 1,494,426 $ 1,445,785 $ 118,976 $ 409,607 $ 11,248,749 30-59 days 1,120 2,056 849 383 14,026 2,000 3,298 23,732 60-89 days — 90 — — 2,036 — 535 2,661 Total performing loans 5,045,767 1,750,595 987,708 1,494,809 1,461,847 120,976 413,440 11,275,142 Non-performing loans: Non-accrual loans 58,658 4,640 1,259 10,051 12,332 443 4,102 91,485 Loans greater than 90 days past due — — — 20 342 — — 362 Total non-performing loans 58,658 4,640 1,259 10,071 12,674 443 4,102 91,847 Total loans $ 5,104,425 $ 1,755,235 $ 988,967 $ 1,504,880 $ 1,474,521 $ 121,419 $ 417,542 $ 11,366,989 The following tables present the average principal balance of total non-accrual loans and contractual interest due on non-accrual loans for the periods indicated below: For the Three Months Ended March 31, 2024 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Average non-accrual loans for the period $ 57,119 $ 4,517 $ 908 $ 8,608 $ 12,084 $ 493 $ 4,057 $ 87,786 Contractual interest income due on non- accrual loans during the period $ 923 $ 71 $ 14 $ 154 $ 149 $ 6 $ 97 $ 1,414 For the Year Ended December 31, 2023 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Average non-accrual loans for the period $ 28,650 $ 4,795 $ 812 $ 9,640 $ 10,547 $ 223 $ 4,146 $ 58,813 Contractual interest income due on non- accrual loans during the period $ 760 $ 298 $ 41 $ 716 $ 432 $ 6 $ 299 $ 2,552 There was no interest income recognized on non-accrual loans during the three months ended March 31, 2024. 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 three months ended March 31, 2024 new loans placed on non-accrual status totaled $1.5 million and the related amount of reversed uncollected accrued interest was insignificant. 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 evaluations of classified and criticized loans. The indicators represent the rating for loans as of the date presented and are 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 table provides information about credit quality indicators by the year of origination as of March 31, 2024: March 31, 2024 Term Loans by Origination Year Revolving (In thousands) 2024 2023 2022 2021 2020 Prior Loans Total Commercial Investor R/E: Pass $ 109,352 $ 361,098 $ 1,345,217 $ 1,168,206 $ 599,290 $ 1,294,814 $ 26,478 $ 4,904,455 Special Mention 861 6,229 — 723 1,005 7,148 — 15,966 Substandard 24,391 10,166 461 28,036 — 14,404 — 77,458 Doubtful — — — — — — — — Total $ 134,604 $ 377,493 $ 1,345,678 $ 1,196,965 $ 600,295 $ 1,316,366 $ 26,478 $ 4,997,879 Current period gross charge-offs $ — $ — $ — $ 1 $ — $ — $ — $ 1 Commercial Owner-Occupied R/E: Pass $ 35,074 $ 121,759 $ 355,379 $ 311,954 $ 236,043 $ 649,493 $ 5,644 $ 1,715,346 Special Mention — 2,162 69 2,234 872 5,108 — 10,445 Substandard — 586 2,858 797 340 10,741 — 15,322 Doubtful — — — — — — — — Total $ 35,074 $ 124,507 $ 358,306 $ 314,985 $ 237,255 $ 665,342 $ 5,644 $ 1,741,113 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial AD&C: Pass $ 92,911 $ 327,688 $ 356,865 $ 172,284 $ 5,429 $ — $ 133,678 $ 1,088,855 Special Mention — — — — — — 525 525 Substandard 122 323 434 — — — — 879 Doubtful — — — — — — — — Total $ 93,033 $ 328,011 $ 357,299 $ 172,284 $ 5,429 $ — $ 134,203 $ 1,090,259 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Business: Pass $ 78,623 $ 217,077 $ 335,793 $ 176,699 $ 86,378 $ 171,698 $ 418,680 $ 1,484,948 Special Mention 177 647 130 491 762 1,198 3,350 6,755 Substandard 87 5,339 1,072 2,234 949 2,590 5,618 17,889 Doubtful — — — — — — — — Total $ 78,887 $ 223,063 $ 336,995 $ 179,424 $ 88,089 $ 175,486 $ 427,648 $ 1,509,592 Current period gross charge-offs $ — $ — $ 612 $ — $ — $ 939 $ — $ 1,551 Residential Mortgage: Beacon score: 660-850 $ 7,224 $ 38,452 $ 498,423 $ 394,110 $ 162,827 $ 304,763 $ — $ 1,405,799 600-659 293 613 15,375 17,473 4,305 24,462 — 62,521 540-599 — 1,203 357 3,566 2,437 9,714 — 17,277 less than 540 278 227 2,032 4,892 1,623 16,975 — 26,027 Total $ 7,795 $ 40,495 $ 516,187 $ 420,041 $ 171,192 $ 355,914 $ — $ 1,511,624 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential Construction: Beacon score: 660-850 $ 1,768 $ 25,593 $ 42,790 $ 19,872 $ 1,956 $ 1,458 $ — $ 93,437 600-659 542 346 1,817 — 1,500 — — 4,205 540-599 43 — — — — — — 43 less than 540 — — — — — — — — Total $ 2,353 $ 25,939 $ 44,607 $ 19,872 $ 3,456 $ 1,458 $ — $ 97,685 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Beacon score: 660-850 $ 1,409 $ 10,606 $ 4,476 $ 1,717 $ 740 $ 25,997 $ 331,206 $ 376,151 600-659 11 1,154 357 94 241 3,873 14,047 19,777 540-599 13 477 284 73 34 2,298 4,460 7,639 less than 540 76 356 332 298 117 2,760 8,626 12,565 Total $ 1,509 $ 12,593 $ 5,449 $ 2,182 $ 1,132 $ 34,928 $ 358,339 $ 416,132 Current period gross charge-offs $ — $ — $ — $ 5 $ — $ 11 $ 52 $ 68 Total loans $ 353,255 $ 1,132,101 $ 2,964,521 $ 2,305,753 $ 1,106,848 $ 2,549,494 $ 952,312 $ 11,364,284 The following table provides information about credit quality indicators by the year of origination as of December 31, 2023: December 31, 2023 Term Loans by Origination Year Revolving (In thousands) 2023 2022 2021 2020 2019 Prior Loans Total Commercial Investor R/E: Pass $ 405,740 $ 1,395,973 $ 1,195,708 $ 634,361 $ 511,146 $ 848,958 $ 23,653 $ 5,015,539 Special Mention 9,250 — 316 — — 1,978 — 11,544 Substandard 30,792 465 30,927 — — 14,410 748 77,342 Doubtful — — — — — — — — Total $ 445,782 $ 1,396,438 $ 1,226,951 $ 634,361 $ 511,146 $ 865,346 $ 24,401 $ 5,104,425 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Owner-Occupied R/E: Pass $ 136,072 $ 361,247 $ 318,269 $ 238,761 $ 235,145 $ 428,846 $ 5,621 $ 1,723,961 Special Mention 406 70 2,240 875 2,267 8,616 — 14,474 Substandard 2,562 3,634 801 343 5,866 3,594 — 16,800 Doubtful — — — — — — — — Total $ 139,040 $ 364,951 $ 321,310 $ 239,979 $ 243,278 $ 441,056 $ 5,621 $ 1,755,235 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial AD&C: Pass $ 334,918 $ 288,732 $ 178,889 $ 28,954 $ — $ — $ 155,889 $ 987,382 Special Mention — — — — — — — — Substandard 1,016 569 — — — — — 1,585 Doubtful — — — — — — — — Total $ 335,934 $ 289,301 $ 178,889 $ 28,954 $ — $ — $ 155,889 $ 988,967 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Business: Pass $ 247,081 $ 344,034 $ 202,020 $ 92,198 $ 62,413 $ 118,061 $ 410,856 $ 1,476,663 Special Mention 532 45 180 1,037 1,040 294 3,635 6,763 Substandard 6,725 2,073 2,281 917 1,925 1,571 5,962 21,454 Doubtful — — — — — — — — Total $ 254,338 $ 346,152 $ 204,481 $ 94,152 $ 65,378 $ 119,926 $ 420,453 $ 1,504,880 Current period gross charge-offs $ — $ 9 $ 324 $ — $ — $ 116 $ — $ 449 Residential Mortgage: Beacon score: 660-850 $ 31,853 $ 476,631 $ 394,414 $ 166,387 $ 41,473 $ 266,927 $ — $ 1,377,685 600-659 781 7,022 18,284 2,009 1,882 24,040 — 54,018 540-599 — 1,545 2,698 2,371 1,891 9,377 — 17,882 less than 540 229 2,042 3,351 2,424 2,533 14,357 — 24,936 Total $ 32,863 $ 487,240 $ 418,747 $ 173,191 $ 47,779 $ 314,701 $ — $ 1,474,521 Current period gross charge-offs $ — $ — $ 43 $ — $ 10 $ 107 $ — $ 160 Residential Construction: Beacon score: 660-850 $ 21,975 $ 68,273 $ 21,897 $ 2,478 $ 150 $ — $ — $ 114,773 600-659 1,641 500 1,319 1,500 — 1,243 — 6,203 540-599 443 — — — — — — 443 less than 540 — — — — — — — — Total $ 24,059 $ 68,773 $ 23,216 $ 3,978 $ 150 $ 1,243 $ — $ 121,419 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Beacon score: 660-850 $ 11,452 $ 4,960 $ 1,823 $ 519 $ 1,662 $ 24,543 $ 333,382 $ 378,341 600-659 1,209 192 237 425 209 3,954 12,668 18,894 540-599 24 374 87 47 500 2,868 5,920 9,820 less than 540 384 215 132 50 288 2,803 6,615 10,487 Total $ 13,069 $ 5,741 $ 2,279 $ 1,041 $ 2,659 $ 34,168 $ 358,585 $ 417,542 Current period gross charge-offs $ — $ 20 $ 28 $ — $ 15 $ 1,735 $ 207 $ 2,005 Total loans $ 1,245,085 $ 2,958,596 $ 2,375,873 $ 1,175,656 $ 870,390 $ 1,776,440 $ 964,949 $ 11,366,989 Modifications to Borrowers Experiencing Financial Difficulty As a part of our risk management practices, we may consider modifying a loan for a borrower experiencing a financial difficulty that provides a certain degree of a payment relief. Modification types primarily include a reduction in the interest rate or an extension of the existing term. We do not provide modifications that result in the reduction of the outstanding principal balance. The following table presents the amount of the loans modified during the periods indicated below to borrowers experiencing financial difficulty, disaggregated by the loan portfolio segment, type of modification granted and the financial effect of loans modified: For the Three Months Ended March 31, 2024 Interest rate reduction Term extension Rate reduction & Term extension Total Interest rate reduction Term extension (in thousands) Amount Amount Amount Amount % of total loan segment Weighted Average Weighted Average Commercial Investor R/E $ — $ 25,252 $ — $ 25,252 0.5 % — % 6 Months Commercial Owner-Occupied R/E — — — — — % — % — Commercial AD&C — 122 — 122 — % — % 17 Months Commercial Business — 87 143 230 — % 0.4 % 27 Months All Other loans — 542 — 542 — % — % 9 Months Total $ — $ 26,003 $ 143 $ 26,146 0.2 % For the Three Months Ended March 31, 2023 Interest rate reduction Term extension Rate reduction & Term extension Total Interest rate reduction Term extension (in thousands) Amount Amount Amount Amount % of total loan segment Weighted Average Weighted Average Commercial Investor R/E $ — $ 68 $ — $ 68 — % — % 6 Months Commercial Owner-Occupied R/E — — — — — % — % — Commercial AD&C — — — — — % — % — Commercial Business — 94 — 94 — % — % 12 Months All Other loans — — — — — % — % — Total $ — $ 162 $ — $ 162 — % Unfunded loan commitments on modifications for borrowers experiencing financial difficulty totaled $0.1 million at March 31, 2024. These commitments are not included in the table above. The following table presents the performance of loans that have been modified during the periods indicated: For the three months ended March 31, 2024 (in thousands) Current 30-89 days past due 90+ days past due Non-accrual Total Commercial Investor R/E $ 25,252 $ — $ — $ — $ 25,252 Commercial Owner-Occupied R/E — — — — — Commercial AD&C 122 — — — 122 Commercial Business 230 — — — 230 All Other loans 542 — — — 542 Total $ 26,146 $ — $ — $ — $ 26,146 For the three months ended March 31, 2023 (in thousands) Current 30-89 days past due 90+ days past due Non-accrual Total Commercial Investor R/E $ 68 $ — $ — $ — $ 68 Commercial Owner-Occupied R/E — — — — — Commercial AD&C — — — — — Commercial Business 94 — — — 94 All Other loans — — — — — Total $ 162 $ — $ — $ — $ 162 There were no loans that defaulted (defined as new non-accrual or 90 days past due) during the three months ended March 31, 2024 and that had been modified in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension (or a combination thereof) within the previous 12 months preceding the payment default when the debtor was experiencing financial difficulty at the time of the modification. Other Real Estate Owned Other real estate owned ("OREO") totaled $2.7 million at March 31, 2024 as compared to none at December 31, 2023. There were $0.2 million in consumer mortgage loans secured by residential real estate property for which formal foreclosure proceedings were in process as of March 31, 2024. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The amount of goodwill by reporting units is presented in the following table: (In thousands) Community Investment Total Balances at December 31, 2023 $ 331,689 $ 31,747 $ 363,436 No activity — — — Balances at March 31, 2024 $ 331,689 $ 31,747 $ 363,436 The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at the dates indicated in the following table: March 31, 2024 Weighted December 31, 2023 Weighted (Dollars in thousands) Gross Accumulated Net Gross Accumulated Net Amortizing intangible assets: Core deposit intangibles $ 29,038 $ (20,943) $ 8,095 5.3 years $ 29,038 $ (20,181) $ 8,857 5.5 years Software intangibles 12,228 (1,134) 11,094 4.1 years 10,422 (183) 10,239 4.8 years Other identifiable intangibles 13,906 (8,305) 5,601 7.5 years 13,906 (7,949) 5,957 7.7 years Total amortizing intangible assets $ 55,172 $ (30,382) $ 24,790 $ 53,366 $ (28,313) $ 25,053 Non-amortizing intangible assets: Intangible projects in process (1) 5,074 — 5,074 $ 3,248 $ — $ 3,248 Total intangible assets $ 60,246 $ (30,382) $ 29,864 $ 56,614 $ (28,313) $ 28,301 Goodwill $ 363,436 $ 363,436 $ 363,436 $ 363,436 (1) Capitalized costs on internal-use licensed software-related projects that are currently in the development/implementation phase. The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31: (In thousands) Amount Remaining 2024 $ 6,154 2025 5,741 2026 4,890 2027 3,880 2028 2,970 Thereafter 1,155 Total amortizing intangible assets $ 24,790 |
DEPOSITS
DEPOSITS | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS The following table presents the composition of deposits at the dates indicated: (In thousands) March 31, 2024 December 31, 2023 Noninterest-bearing deposits $ 2,817,928 $ 2,914,161 Interest-bearing deposits: Demand 1,528,184 1,463,679 Money market savings 2,680,474 2,628,918 Regular savings 1,579,104 1,275,225 Time deposits of less than $250,000 1,978,545 2,068,259 Time deposits of $250,000 or more 642,965 646,296 Total interest-bearing deposits 8,409,272 8,082,377 Total deposits $ 11,227,200 $ 10,996,538 |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Subordinated Debt On March 15, 2022, the Company completed an offering of $200.0 million aggregate principal amount Fixed to Floating Rate Subordinated Notes due in 2032. The notes bear a fixed interest rate of 3.875% per year through March 29, 2027. Commencing on March 30, 2027, the notes will bear interest at a floating rate per annum equal to the benchmark rate (which is expected to be the three-month SOFR rate) plus a spread of 196.5 basis points, payable quarterly in arrears. The total amount of debt issuance costs incurred was $3.1 million, which are being amortized through the contractual life of the debt. The entire amount of the subordinated debt is considered Tier 2 capital under current regulatory guidelines. 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 SOFR plus 288 basis points (including a benchmark adjustment of 26 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 the subordinated debt is considered Tier 2 capital under current regulatory guidelines. The following table provides information on subordinated debt as of the date indicated: (In thousands) March 31, 2024 December 31, 2023 Fixed to floating rate subordinated debt, 3.875% $ 200,000 $ 200,000 Fixed to floating rate subordinated debt, 4.25% 175,000 175,000 Total subordinated debt 375,000 375,000 Less: Debt issuance costs (4,048) (4,197) Long-term borrowings $ 370,952 $ 370,803 Other Borrowings At March 31, 2024 and December 31, 2023, the Company had $71.5 million and $75.0 million, respectively, of outstanding retail repurchase agreements. The Company had no outstanding federal funds purchased at both March 31, 2024 and December 31, 2023. The available borrowing federal funds capacity under unsecured lines of credit with correspondent banks was $1.2 billion at both March 31, 2024 and December 31, 2023. During the first quarter of 2024, the Company fully paid off $300.0 million of outstanding borrowings through Federal Reserve's Bank Term Funding Program. At March 31, 2024, the Company had the ability to pledge collateral at prevailing market rates under a line of credit with the FHLB of $3.6 billion. FHLB availability based on pledged collateral at March 31, 2024 amounted to $3.1 billion, with $500.0 million outstanding. At December 31, 2023, the Company had the ability to pledge collateral at prevailing market rates under a line of credit with the FHLB of $3.6 billion. The availability of FHLB borrowings based on the collateral pledged at December 31, 2023 was $3.1 billion with $550.0 million outstanding. Under a blanket lien, the Company has pledged qualifying residential mortgage loans amounting to $1.4 billion, commercial real estate loans amounting to $3.9 billion, home equity lines of credit (“HELOC”) amounting to $210.8 million, and multifamily loans amounting to $502.5 million at March 31, 2024, as collateral under the borrowing agreement with the FHLB. At December 31, 2023, the Company had pledged collateral of qualifying mortgage loans of $1.4 billion, commercial real estate loans of $4.0 billion, HELOC loans of $209.2 million, and multifamily loans of $538.6 million under the FHLB borrowing agreement. The Company had secured lines of credit available from the Federal Reserve Bank and correspondent banks of $734.4 million and $651.3 million at March 31, 2024 and December 31, 2023, respectively, collateralized by loans, with no borrowings outstanding at the end of either period. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY On March 30, 2022, the Company's Board of Directors authorized a stock repurchase plan that permits the repurchase of up to $50.0 million of the Company's common stock. During 2022, the Company repurchased and retired 625,710 common shares at an average price of $39.93 per share for the total cost of $25.0 million. The Company did not repurchase any shares of its common stock during 2023 or during the quarter ended March 31, 2024. Under the current authorization, common stock with a total value of up to $25.0 million remains available to be repurchased. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE BASED COMPENSATION | SHARE BASED COMPENSATION The Company’s 2015 Omnibus Incentive Plan ("Omnibus Incentive Plan" or "Plan") was approved on May 6, 2015 and provides for the granting of incentive stock options, non-qualifying stock options, stock appreciation rights, restricted stock grants, restricted stock units and performance share units 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, has a term of 10 years, and is administered by a committee of at least three directors appointed by the Board of Directors. There were no shares available for issuance under the Plan at March 31, 2024. 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 Compensation expense is recognized on a straight-line basis over the vesting period of the respective stock option, restricted stock, restricted stock unit grant or performance share units. The Company recognized compensation expense of $1.2 million for both the three months ended March 31, 2024 and 2023, respectively, related to restricted stock award grants, restricted stock unit grants and performance share unit grants. There was no unrecognized compensation cost related to stock options as of March 31, 2024. The total of unrecognized compensation cost related to restricted stock awards, restricted stock unit grants, and performance share unit grants was approximately $11.1 million as of March 31, 2024. That cost is expected to be recognized over a weighted average period of approximately 2.46 years. During the three months ended March 31, 2024, the Company granted 317,735 restricted stock units and performance share units, of which 83,691 units are subject to achievement of certain performance conditions measured over a three-year performance period and 234,044 restricted stock units are subject to a three year vesting schedule. The Company did not grant any stock options under the Omnibus Incentive Plan during the three months ended March 31, 2024. A summary of the activity for the Company’s restricted stock, restricted stock units and performance share units for the period indicated is presented in the following table: Number Weighted Non-vested at January 1, 2024 458,929 $ 32.90 Granted 317,735 $ 22.12 Vested (46,420) $ 38.59 Forfeited/ cancelled (2,772) $ 32.69 Non-vested at March 31, 2024 727,472 $ 28.04 A summary of share option activity for the period indicated is reflected in the following table: Number Weighted Weighted Aggregate Balance at January 1, 2024 80,195 $ 19.07 1.2 years $ 621 Granted — $ — Exercised (9,938) $ 10.96 $ 135 Forfeited — $ — Expired (6,163) $ 42.48 Balance at March 31, 2024 64,094 $ 18.07 1.2 years $ 516 Exercisable at March 31, 2024 64,094 $ 18.07 1.2 years $ 516 |
PENSION PLAN
PENSION PLAN | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
PENSION PLAN | PENSION PLAN Defined Benefit Pension Plan Prior to September 30, 2023, the Company has maintained a qualified noncontributory, defined benefit pension plan (the “Plan”). On March 30, 2022, the Board of Directors approved the termination of the Plan to be effective as of June 30, 2022. The Company executed plan amendments regarding the Plan termination and received a determination letter from the Internal Revenue Service (“IRS”) as to the tax-qualified status of the Plan at the time of termination. The Company also filed appropriate notices and documents related to the Plan’s termination and wind-down with the Pension Benefit Guaranty Corporation (“PBGC”). Plan participants made elections for lump-sum distributions or annuity benefits. Both lump-sum distributions and transfer of annuity benefits to a highly-rated insurance company were completed in August 2023. In order to fully fund the Plan, the Company made a $1.3 million cash contribution. As a result of the pension termination, the Company incurred a one-time settlement expense of $8.2 million, which was recognized in salaries and employee benefits expense in 2023. The components of net periodic benefit cost for the periods indicated are presented in the following table: Three Months Ended March 31, (In thousands) 2024 2023 Interest cost on projected benefit obligation $ — $ 438 Expected return on plan assets — (373) Recognized net actuarial loss — 225 Net periodic benefit cost $ — $ 290 |
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
NET INCOME PER COMMON SHARE | NET INCOME PER COMMON SHARE The calculation of net income per common share for the periods indicated is presented in the following table: Three Months Ended March 31, (Dollars and amounts in thousands, except per share data) 2024 2023 Net income $ 20,372 $ 51,253 Distributed and undistributed earnings allocated to participating securities (26) (169) Net income attributable to common shareholders $ 20,346 $ 51,084 Total weighted average outstanding shares 44,990 44,825 Less: Weighted average participating securities (58) (148) Basic weighted average common shares 44,932 44,677 Dilutive weighted average common stock equivalents 155 195 Diluted weighted average common shares 45,087 44,872 Basic net income per common share $ 0.45 $ 1.14 Diluted net income per common share $ 0.45 $ 1.14 Anti-dilutive shares 29 15 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) Comprehensive income/ (loss) is defined as net income/ (loss) plus transactions and other occurrences that are the result of non-owner changes in equity. For Condensed Consolidated Financial Statements presented for the Company, non-owner changes in equity are comprised of unrealized gains or losses on investments available-for-sale and held-to-maturity, and any minimum pension liability adjustments. The following table presents the activity in net accumulated other comprehensive income/ (loss) and the components of the activity for the periods indicated: (In thousands) Unrealized Gains/(Losses) Defined Benefit Unrealized Losses Total Balance at January 1, 2024 $ (88,169) $ — $ (9,162) $ (97,331) Other comprehensive loss before reclassification from accumulated other comprehensive loss, net of tax (5,749) — — (5,749) Reclassifications from accumulated other comprehensive loss to earnings, net of tax — — 277 277 Current period change in other comprehensive loss, net of tax (5,749) — 277 (5,472) Balance at March 31, 2024 $ (93,918) $ — $ (8,885) $ (102,803) (In thousands) Unrealized Gains/ Defined Benefit Unrealized Losses Total Balance at January 1, 2023 $ (113,513) $ (8,002) $ (10,436) $ (131,951) Other comprehensive income before reclassification, net of tax 15,490 — — 15,490 Reclassifications from accumulated other comprehensive income, net of tax — 168 302 470 Current period change in other comprehensive income, net of tax 15,490 168 302 15,960 Balance at March 31, 2023 $ (98,023) $ (7,834) $ (10,134) $ (115,991) The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income/ (loss) for the periods indicated that had an impact on the Condensed Consolidated Statements of Income: Three Months Ended March 31, (In thousands) 2024 2023 Unrealized gains on available-for-sale debt securities: Affected line item in the Statements of Income: Investment securities gains $ — $ — Income before taxes — — Tax expense — — Net income $ — $ — Amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity: Affected line item in the Statements of Income: Interest and dividends on investment securities (1) $ (371) $ (405) Income before taxes (371) (405) Tax benefit 94 103 Net loss $ (277) $ (302) Amortization of defined benefit pension plan items: Affected line item in the Statements of Income: Recognized actuarial loss (2) $ — $ (225) Income before taxes — (225) Tax benefit — 57 Net loss $ — $ (168) (1) Amortization of unrealized losses on held-to-maturity debt securities is fully offset by accretion of a discount on held-to-maturity debt securities with no overall impact on net income and yield. (2) This amount is included in the computation of net periodic benefit cost. See Note 10 for additional information on the pension plan. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
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: Three Months Ended March 31, 2024 2023 Components of lease expense: Operating lease cost (resulting from lease payments) $ 2,565 $ 2,715 Supplemental cash flow information related to leases: Operating cash flows from operating leases $ 2,824 $ 2,889 ROU assets obtained in the exchange for lease liabilities due to: New leases $ 995 $ 703 Acquisitions $ — $ — March 31, 2024 December 31, 2023 Supplemental balance sheet information related to leases: Operating lease ROU assets $ 39,814 $ 40,362 Operating lease liabilities $ 47,251 $ 48,058 Other information related to leases: Weighted average remaining lease term of operating leases 5.4 years 5.6 years Weighted average discount rate of operating leases 3.67% 3.61% ROU assets and lease liabilities are recorded in other assets and other liabilities, respectively, in the Condensed Consolidated Statements of Condition. Operating lease cost is recorded in the occupancy expense of premises in the Condensed Consolidated Statements of Income. At March 31, 2024, the maturities of the Company’s operating lease liabilities were as follows: (In thousands) Amount Maturity: Remaining 2024 $ 8,343 2025 10,458 2026 9,734 2027 8,300 2028 6,799 Thereafter 8,631 Total undiscounted lease payments 52,265 Less: Present value discount (5,014) Lease liability $ 47,251 The Company had no operating lease that has not yet commenced operations at March 31, 2024. The Company does not have any lease arrangements with any of its related parties as of March 31, 2024. |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES Customer Interest Rate Swaps The Company has entered into interest rate swaps (“swaps”) with qualifying commercial banking customers to facilitate their risk management strategies and financing needs. These swaps provide customers with the ability to convert variable rates into fixed rates. They are economically hedged by offsetting interest rate swaps that the Company executes with derivative counterparties in order to offset its exposure on the fixed components of the customers' swaps. Swaps qualify as derivatives, but are not designated as hedging instruments. Fair values of the swaps are carried as both gross assets and gross liabilities in other assets and other liabilities, respectively, in the Condensed Consolidated Statements of Condition. The associated changes in fair values of gross assets and gross liabilities net to zero in the Condensed Consolidated Statements of Income. Mortgage Banking Derivatives The Company enters into interest rate lock commitments, which are commitments to originate loans where the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The loans are sold to the secondary market on either a mandatory or best efforts basis. Loans sold on a mandatory basis are not committed to an investor until the loan is closed with the borrower. The Company enters into forward to-be-announced (“TBA”) sales contracts to manage the interest rate risk between the interest rate lock commitment and the funding of those loans. Loans sold on a best efforts basis are committed to an investor simultaneous to the interest rate lock commitment with the borrower, and as a result, the Company does not enter into a separate forward TBA contract to offset the fair value risk as the investor accepts such risk. Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives but are not designated as hedging instruments. Fair Values of Derivative Instruments on the Balance Sheet Derivatives are carried at fair value and are classified under other assets and other liabilities in the Condensed Consolidated Statements of Condition. Changes in fair value are recognized in earnings. None of the Company's derivatives are designated in a qualifying hedging relationship. The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In thousands) Notional Asset Liability Notional Asset Liability Derivatives Loan Swaps: Interest Rate Swaps $ 502,766 $ 17,758 $ 17,758 $ 495,750 $ 15,867 $ 15,867 Mortgage Banking Derivatives: Interest Rate Lock Commitments 40,488 673 — 16,608 358 — Forward TBA Contracts 35,500 — 111 11,750 — 102 Total Derivatives $ 578,754 $ 18,431 $ 17,869 $ 524,108 $ 16,225 $ 15,969 Effect of Derivatives on the Income Statement The table below presents the changes in the fair value of the Company’s derivative financial instruments reflected within non-interest income on the Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, (In thousands) Location of Gain/(Loss) 2024 2023 Interest rate lock commitments Mortgage banking activities $ 1,778 $ 1,452 Forward TBA contracts Mortgage banking activities (1,472) (1,247) Total $ 306 $ 205 |
LITIGATION
LITIGATION | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATION In the ordinary course of business, the Company and its subsidiaries are subject to various pending or threatened legal proceedings in which claims for monetary damages are asserted. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these legal matters will have a material adverse effect on the Company's financial condition, operating results or liquidity. |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2024 | |
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 held for sale allows the recognition of gains on the sale of mortgage loans to more accurately reflect the timing and economics of the transaction. The standard for fair value measurement establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below. Basis of Fair Value Measurement: Level 1- Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2- Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3- Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Changes to interest rates may result in changes in the cash flows due to prepayments or extinguishments. Accordingly, changes to interest rates could result in higher or lower measurements of the fair values. Assets and Liabilities 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. Investment securities 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 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. 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 Measured at Fair Value on a Recurring Basis The following tables set forth the Company’s financial assets and liabilities at the dates indicated that were accounted for or disclosed at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: March 31, 2024 Quoted Prices in Significant Other Significant (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Residential mortgage loans held for sale (1) $ — $ 16,627 $ — $ 16,627 Available-for-sale debt securities: U.S. treasuries and government agencies — 92,236 — 92,236 State and municipal — 263,986 — 263,986 Mortgage-backed and asset-backed — 744,519 — 744,519 Total available-for-sale debt securities — 1,100,741 — 1,100,741 Interest rate swap agreements — 17,758 — 17,758 Total assets $ — $ 1,135,126 $ — $ 1,135,126 Liabilities: Interest rate swap agreements $ — $ (17,758) $ — $ (17,758) Total liabilities $ — $ (17,758) $ — $ (17,758) (1) The outstanding principal balance for residential loans held for sale as of March 31, 2024 was $16.4 million. December 31, 2023 Quoted Prices in Significant Other Significant (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Residential mortgage loans held for sale (1) $ — $ 10,836 $ — $ 10,836 Investments available-for-sale: U.S. treasuries and government agencies — 96,927 — 96,927 State and municipal — 268,214 — 268,214 Mortgage-backed and asset-backed — 737,540 — 737,540 Total investments available-for-sale — 1,102,681 — 1,102,681 Interest rate swap agreements — 15,867 — 15,867 Total assets $ — $ 1,129,384 $ — $ 1,129,384 Liabilities: Interest rate swap agreements $ — $ (15,867) $ — $ (15,867) Total liabilities $ — $ (15,867) $ — $ (15,867) (1) The outstanding principal balance for residential loans held for sale as of December 31, 2023 was $10.5 million. Assets Measured at Fair Value on a Nonrecurring Basis The following tables set forth the Company’s financial assets subject to fair value adjustments on a nonrecurring basis at the date indicated that are valued at the lower of cost or market. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: March 31, 2024 (In thousands) Quoted Prices in Significant Significant Total Total Losses Loans (1) $ — $ — $ — $ — $ — Other real estate owned — — 2,700 2,700 — Total $ — $ — $ 2,700 $ 2,700 $ — December 31, 2023 (In thousands) Quoted Prices in Significant Significant Total Total Losses Loans (1) $ — $ — $ — $ — $ — Other real estate owned — — — — — Total $ — $ — $ — $ — $ — (1) Represent outstanding collateral-dependent non-accrual loans that were written down to the fair value of the underlying collateral. Fair values are determined using actual market prices (Level 2), independent third-party valuations and borrower records, discounted as appropriate (Level 3). At March 31, 2024, collateral dependent loans totaling $81.1 million had an estimated fair value of $60.2 million as a result of individual credit loss allowances of $20.9 million based on the most recent value of the collateral. Collateral dependent loans totaling $88.2 million had an estimated fair value of $64.2 million at December 31, 2023 as a result of individual credit loss allowances of $24.0 million. 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 acquisition of the real estate collateral. Subsequently, OREO is carried at the lower of carrying value or fair value. The estimated fair value for OREO included in Level 3 is determined by independent market based appraisals and other available market information, less costs to sell, that may be reduced further based on market expectations or an executed sales agreement. If the fair value of the collateral deteriorates subsequent to initial recognition, the Company records the OREO as a nonrecurring 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. Other investments include FRB and FHLB stock, whose carrying amounts approximate fair values based on the redemption provisions of each entity. The carrying amounts and fair values of the Company’s financial instruments at the dates indicated are presented in the following tables: Fair Value Measurements March 31, 2024 Quoted Prices in Significant Other Significant (In thousands) Carrying Estimated Financial assets: Cash and cash equivalents $ 410,390 $ 410,390 $ 410,390 $ — $ — Residential mortgage loans held for sale 16,627 16,627 — 16,627 — Available-for-sale debt securities 1,100,741 1,100,741 — 1,100,741 — Held-to-maturity debt securities 231,354 192,798 — 192,798 — Other investments 73,395 73,395 — 73,395 — Loans, net of allowance 11,241,188 10,410,156 — — 10,410,156 Interest rate swap agreements 17,758 17,758 — 17,758 — Accrued interest receivable 47,152 47,152 47,152 — — Bank owned life insurance 163,381 163,381 — 163,381 — Financial liabilities: Time deposits $ 2,621,510 $ 2,607,502 $ — $ 2,607,502 $ — Other deposits 8,605,690 8,605,690 8,605,690 — — Securities sold under retail repurchase agreements and federal funds purchased 71,529 71,529 — 71,529 — Advances from FHLB 500,000 494,226 — 494,226 — Subordinated debt 370,952 347,396 — — 347,396 Interest rate swap agreements 17,758 17,758 — 17,758 — Accrued interest payable 22,080 22,080 22,080 — — Fair Value Measurements December 31, 2023 Quoted Prices in Significant Other Significant (In thousands) Carrying Estimated Financial assets: Cash and cash equivalents $ 545,898 $ 545,898 $ 545,898 $ — $ — Residential mortgage loans held for sale 10,836 10,836 — 10,836 — Investments available-for-sale 1,102,681 1,102,681 — 1,102,681 — Held-to-maturity debt securities 236,165 200,411 — 200,411 — Other investments 75,607 75,607 — 75,607 — Loans, net of allowance 11,246,124 10,476,059 — — 10,476,059 Interest rate swap agreements 15,867 15,867 — 15,867 — Accrued interest receivable 46,583 46,583 46,583 — — Bank owned life insurance 158,921 158,921 — 158,921 — Financial liabilities: Time deposits $ 2,714,555 $ 2,704,013 $ — $ 2,704,013 $ — Other deposits 8,281,983 8,281,983 8,281,983 — — Securities sold under retail repurchase agreements and federal funds purchased 375,032 375,032 — 375,032 — Advances from FHLB 550,000 547,271 — 547,271 — Subordinated debt 370,803 348,185 — — 348,185 Interest rate swap agreements 15,867 15,867 — 15,867 — Accrued interest payable 30,367 30,367 30,367 — — |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 20,372 | $ 51,253 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Sandy Spring Bancorp, Inc. ("Bancorp" or, together with its subsidiaries, the "Company"), a Maryland corporation, is the bank holding company for Sandy Spring Bank (the “Bank”). Independent and community-oriented, the Bank offers a broad range of commercial banking, retail banking, mortgage services and trust services throughout central Maryland, Northern Virginia, and the greater Washington, D.C. market. The Bank also offers a comprehensive menu of wealth management services through its subsidiaries, West Financial Services, Inc. (“West Financial”) and SSB Wealth Management, Inc. (d/b/a Rembert Pendleton Jackson, "RPJ”) . |
Basis of Presentation | Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”), prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, the interim financial statements do not include all of the information and notes required for complete financial statements. The following summary of significant accounting policies of the Company is presented to assist the reader in understanding the financial and other data presented in this report. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2024. In the opinion of management, all adjustments necessary for a fair presentation of the results of the interim periods have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on the Company's net income and shareholders' equity. The Company has evaluated subsequent events through the date of the issuance of its financial statements. These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2023 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 20, 2024. There have been no significant changes to any of the Company’s accounting policies as disclosed in the 2023 Annual Report on Form 10-K. |
Principles of Consolidation | Principles of Consolidation The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, Sandy Spring Bank, and its subsidiaries. Consolidation has resulted in the elimination of all intercompany accounts and transactions. |
Use of Estimates | Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, in addition to affecting the reported amounts of revenues earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Estimates that could change significantly relate to the provision for credit losses and the related allowance, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether available-for-sale debt securities with fair values less than amortized costs are impaired and require 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. |
Cash Flows | Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original maturity of three months or less). |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company’s revenue includes net interest income on financial instruments and non-interest income. Specific categories of revenue are presented in the Condensed Consolidated Statements of Income. Most of the Company’s revenue is not within the scope of Accounting Standard 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 this revenue recognition guidance. 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. 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. |
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. On January 1, 2023, the Company adopted provisions of ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)", which eliminated accounting guidance for TDRs by creditors. Prior to the effective adoption date, the Company considered loans to be TDRs if their terms were restructured (e.g., interest rates, loan maturity date, payment and amortization period, etc.) in circumstances that provided a payment concession to a borrower experiencing financial difficulty. Loans could be removed from a TDR category if the borrower no longer experienced financial difficulty, a re-underwriting event took place, and the revised loan terms of the subsequent restructuring agreement were considered to be consistent with terms that could be obtained in the market for loans with comparable credit risk. Subsequent to the effective adoption date, the Company continues to offer modifications to certain borrowers experiencing financial difficulty, mainly in the form of interest rate concessions or term extensions, without classifying and accounting for them as TDRs. |
Allowance for Credit Losses | Allowance for 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 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, which management has determined to be two years, followed by a two year reversion 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 3 for more details on the Company’s portfolio segments. The Company applies two calculation methodologies to estimate the collective quantified component of the allowance: expected loss 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 expected loss method. 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, gross domestic product, commercial real estate price index, residential real estate house price index and business bankruptcies. Contractual loan level cash flows within the expected loss 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 determined and the loan was charged down to the estimated fair value based on a previous appraisal, the balance of the partially charged-off loan is 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 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 determined, 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 portfolio. Unfunded lending commitments are reviewed to determine if they are considered unconditionally cancellable. The Company establishes reserves for unfunded commitments that do not meet that criteria as a liability in the Condensed Consolidated Statements of Condition. Changes to the liability are recorded through the provision for credit losses in the Condensed Consolidated Statements of Income. The establishment of the reserves for unfunded commitments considers both the likelihood that the funding will occur and an estimate of the expected credit losses over the life of the respective commitments. Management believes it uses relevant information available to make determinations about the allowance and reserve for unfunded commitments and that it has established the existing reserves 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. |
Held-to-maturity debt securities | Held-to-maturity debt securities Debt securities that are purchased with the positive intent and ability to be held until their maturity are classified as held-to-maturity (“HTM”). HTM debt securities are recorded at cost adjusted for amortization of premiums and accretion of discounts. Transfers of debt securities from available-for-sale ("AFS") category to HTM category are made at fair value as of the transfer date. The unrealized gain or loss at the date of transfer continues to be reported in accumulated other comprehensive income and in the carrying amount of the HTM securities. Both amounts are amortized over the remaining life of the security as a yield adjustment in interest income and effectively offset each other. |
Leases | Leases The Company determines if an arrangement is a lease at inception. All of the Company’s leases are currently classified as operating leases and are included in other assets and other liabilities on the Company’s Condensed Consolidated Statements of Condition. Periodic operating lease costs are recorded in occupancy expenses of premises on the Company's Condensed 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. |
Segment Reporting | Segment Reporting Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. The Bank is the Company’s only reportable operating segment upon which management makes decisions regarding how to allocate resources and assess performance. While the Company’s chief operating decision maker has some limited financial information about the Bank's various financial products and services, that information is not complete since it does not include a full allocation of revenue, costs, and capital from key corporate functions; therefore, the Company evaluates financial performance on the Company-wide basis. Management continues to evaluate these business units for separate reporting as facts and circumstances change. |
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. The current 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 remains in excess of the carrying value, then performing a quantitative impairment test is not necessary. However, if it is determined that it is more likely than not that the carrying value exceeds the fair value, a quantitative analysis is required to determine whether an impairment exists. As of October 1, 2023, the Company’s annual goodwill impairment assessment date, the Company performed an impairment test for its two reporting units: Community Banking and Investment Management. The results of the 2023 annual goodwill impairment test for the two reporting units, which included both qualitative and quantitative assessments, indicated that the estimated fair value of each reporting unit exceeded its carrying amount and that the goodwill assigned to the Community Banking reporting unit may be at risk of impairment in future periods. The Company provided detailed disclosures regarding the 2023 impairment analysis and the results of the testing in its annual financial statements for the year ended December 31, 2023 in its 2023 Annual Report on Form 10-K. In addition to the annual impairment testing process, on a quarterly basis, the Company monitors each reporting unit for any triggering events and performs qualitative assessments of impairment indicators. During the first quarter of 2024, the Company determined that there were no triggering events and completed the qualitative assessment of impairment indicators, which included an assessment of changes in macroeconomic conditions and comparison of the actual operating performance to the forecast used in the most recent annual impairment test. Based on these considerations, the Company concluded that it was more-likely-than-not that the fair value of our reporting units remained above the respective carrying amounts as of March 31, 2024. Other intangible assets have finite lives and are reviewed for impairment annually. These assets are amortized over their estimated useful lives on a straight-line or sum-of-the-years basis over varying periods that initially did not exceed 15 years. Intangible assets are reviewed or analyzed periodically to determine if it appears that their value has diminished beyond the value in the financial statements. The review or analysis of the intangible assets did not indicate that any impairment occurred during the first quarter of 2024. |
Adopted Accounting Pronouncements and Pending Accounting Pronouncements applicable to the Company | Adopted Accounting Pronouncements In March 2023, the FASB issued ASU 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method". ASU 2023-02 allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The amendment in this ASU also removes the specialized guidance for low-income-housing tax credit investments that are not accounted for using the proportional amortization method and instead require that those LIHTC investments be accounted for using the guidance in other GAAP. The Company fully adopted this update effective January 1, 2024 on a prospective basis. The adoption of this pronouncement did not have a material impact on the Condensed Consolidated Financial Statements. Pending Accounting Pronouncements applicable to the Company In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which requires public entities to disclose information about their reportable segments' significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt this ASU on a retrospective basis. Early adoption is permitted. Currently, the Company does not expect that the adoption of this standard will have a material impact on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU 2023-09 improves the transparency of income tax disclosures by requiring entities to provide greater disaggregation of information on income taxes paid and on the rate reconciliation disclosures. This pronouncement also requires qualitative discussion of the primary state and local jurisdictions for income taxes and the type of reconciling categories. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on its Consolidated Financial Statements. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Estimated Fair Values of Investments | The amortized cost and estimated fair values of investments available-for-sale and held-to-maturity at the dates indicated are presented in the following table: March 31, 2024 December 31, 2023 (In thousands) Amortized Gross Gross Estimated Amortized Gross Gross Estimated Available-for-sale debt securities: U.S. treasuries and government agencies $ 96,866 $ — $ (4,630) $ 92,236 $ 101,678 $ — $ (4,751) $ 96,927 State and municipal 310,502 — (46,516) 263,986 311,505 1 (43,292) 268,214 Mortgage-backed and asset-backed 819,214 83 (74,778) 744,519 807,636 181 (70,277) 737,540 Total available-for-sale debt securities $ 1,226,582 $ 83 $ (125,924) $ 1,100,741 $ 1,220,819 $ 182 $ (118,320) $ 1,102,681 Held-to-maturity debt securities: Mortgage-backed and asset-backed 231,354 — (38,556) 192,798 236,165 — (35,754) 200,411 Total held-to-maturity debt securities $ 231,354 $ — $ (38,556) $ 192,798 $ 236,165 $ — $ (35,754) $ 200,411 Total debt securities $ 1,457,936 $ 83 $ (164,480) $ 1,293,539 $ 1,456,984 $ 182 $ (154,074) $ 1,303,092 |
Schedule of Gross Unrealized Losses and Fair Value by Length of Time in Unrealized Loss Position | Gross unrealized losses and fair value by length of time that the individual available-for-sale debt securities have been in an unrealized loss position at the dates indicated are presented in the following table: March 31, 2024 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 9 $ — $ — $ 92,236 $ 4,630 $ 92,236 $ 4,630 State and municipal 123 3,789 48 258,977 46,468 262,766 46,516 Mortgage-backed and asset-backed 332 55,845 436 664,980 74,342 720,825 74,778 Total 464 $ 59,634 $ 484 $ 1,016,193 $ 125,440 $ 1,075,827 $ 125,924 December 31, 2023 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 10 $ — $ — $ 96,927 $ 4,751 $ 96,927 $ 4,751 State and municipal 123 4,162 84 262,081 43,208 266,243 43,292 Mortgage-backed and asset-backed 321 22,731 106 691,281 70,171 714,012 70,277 Total 454 $ 26,893 $ 190 $ 1,050,289 $ 118,130 $ 1,077,182 $ 118,320 |
Estimated Fair Values of Debt Securities by Contractual Maturity | The estimated fair values and amortized costs of available-for-sale and held-to-maturity debt securities by contractual maturity are provided in the following tables: March 31, 2024 December 31, 2023 (In thousands) Fair Value Amortized Cost Fair Value Amortized Cost Available-for-sale debt securities U.S. treasuries and government agencies: One year or less $ 12,922 $ 12,988 $ 17,798 $ 17,979 One to five years 79,314 83,878 79,129 83,699 Five to ten years — — — — After ten years — — — — State and municipal: One year or less 28,318 28,739 22,345 22,793 One to five years 28,586 29,770 33,282 34,288 Five to ten years 48,992 57,965 46,355 54,487 After ten years 158,090 194,028 166,232 199,937 Mortgage-backed and asset-backed: One year or less 26,396 26,704 20,814 21,111 One to five years 27,290 28,067 29,823 30,666 Five to ten years 267,178 292,078 256,924 280,209 After ten years 423,655 472,365 429,979 475,650 Total available-for-sale debt securities $ 1,100,741 $ 1,226,582 $ 1,102,681 $ 1,220,819 March 31, 2024 December 31, 2023 (In thousands) Fair Value Amortized Cost Fair Value Amortized Cost Held-to-maturity debt securities Mortgage-backed and asset-backed: One year or less $ — $ — $ — $ — One to five years — — — — Five to ten years 30,070 33,326 31,434 34,458 After ten years 162,728 198,028 168,977 201,707 Total held-to-maturity debt securities $ 192,798 $ 231,354 $ 200,411 $ 236,165 |
Summary of Other Investments | Other investments are presented in the following table: (In thousands) March 31, 2024 December 31, 2023 Federal Reserve Bank stock, at cost $ 39,152 $ 39,125 Federal Home Loan Bank of Atlanta stock, at cost 33,566 35,805 Other 677 677 Total other investments, at cost $ 73,395 $ 75,607 |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loan Portfolio Segment Balances | The loan portfolio segment balances at the dates indicated are presented in the following table: (In thousands) March 31, 2024 December 31, 2023 Commercial real estate: Commercial investor real estate $ 4,997,879 $ 5,104,425 Commercial owner-occupied real estate 1,741,113 1,755,235 Commercial AD&C 1,090,259 988,967 Commercial business 1,509,592 1,504,880 Total commercial loans 9,338,843 9,353,507 Residential real estate: Residential mortgage 1,511,624 1,474,521 Residential construction 97,685 121,419 Consumer 416,132 417,542 Total residential and consumer loans 2,025,441 2,013,482 Total loans $ 11,364,284 $ 11,366,989 |
CREDIT QUALITY ASSESSMENT (Tabl
CREDIT QUALITY ASSESSMENT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [Abstract] | |
Summary Information on the Allowance for Credit Loss Activity | Summary information on the allowance for credit losses on loans for the period indicated is provided in the following table: Three Months Ended March 31, (In thousands) 2024 2023 Balance at beginning of period $ 120,865 $ 136,242 Provision/ (credit) for credit losses - loans (1) 3,331 (18,945) Loan charge-offs (1,620) (171) Loan recoveries 520 487 Net charge-offs (1,100) 316 Balance at period end $ 123,096 $ 117,613 (1) Excludes the total credit to the provision on unfunded loan commitments for the three months ended March 31, 2024 and March 31, 2023 of $0.9 million and $2.6 million, respectively. |
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) March 31, 2024 December 31, 2023 Collateral dependent loans individually evaluated for credit loss with an allowance $ 69,068 $ 72,179 Collateral dependent loans individually evaluated for credit loss without an allowance 12,047 15,989 Total individually evaluated collateral dependent loans $ 81,115 $ 88,168 Allowance for credit losses related to loans evaluated individually $ 20,889 $ 24,000 Allowance for credit losses related to loans evaluated collectively 102,207 96,865 Total allowance for credit losses - loans $ 123,096 $ 120,865 |
Activity in Allowance for Credit Losses or Loan and Lease 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 period indicated: For the Three Months Ended March 31, 2024 Commercial Real Estate Residential Real Estate (Dollars in thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Balance at beginning of period $ 61,439 $ 7,536 $ 8,287 $ 31,932 $ 8,890 $ 729 $ 2,052 $ 120,865 Provision/ (credit) for credit losses - loans 2,858 (656) 2,275 (1,345) 195 (306) 310 3,331 Charge-offs (1) — — (1,551) — — (68) (1,620) Recoveries 3 27 283 1 6 — 200 520 Net (charge-offs)/ recoveries 2 27 283 (1,550) 6 — 132 (1,100) Balance at end of period $ 64,299 $ 6,907 $ 10,845 $ 29,037 $ 9,091 $ 423 $ 2,494 $ 123,096 Total loans $ 4,997,879 $ 1,741,113 $ 1,090,259 $ 1,509,592 $ 1,511,624 $ 97,685 $ 416,132 $ 11,364,284 Allowance for credit losses on loans to total loans ratio 1.29 % 0.40 % 0.99 % 1.92 % 0.60 % 0.43 % 0.60 % 1.08 % Average loans $ 5,057,334 $ 1,746,042 $ 1,030,763 $ 1,508,336 $ 1,491,277 $ 110,456 $ 417,539 $ 11,361,747 Annualized net charge-offs/ (recoveries) to average loans — % (0.01) % (0.11) % 0.41 % — % — % (0.13) % 0.04 % Balance of loans individually evaluated for credit loss $ 69,000 $ 4,394 $ 557 $ 7,164 $ — $ — $ — $ 81,115 Allowance related to loans evaluated individually $ 14,874 $ 1,126 $ 102 $ 4,787 $ — $ — $ — $ 20,889 Individual allowance to loans evaluated individually ratio 21.56 % 25.63 % 18.31 % 66.82 % — % — % — % 25.75 % Contractual balance of individually evaluated loans $ 69,831 $ 5,416 $ 581 $ 9,535 $ — $ — $ — $ 85,363 Balance of loans collectively evaluated for credit loss $ 4,928,879 $ 1,736,719 $ 1,089,702 $ 1,502,428 $ 1,511,624 $ 97,685 $ 416,132 $ 11,283,169 Allowance related to loans evaluated collectively $ 49,425 $ 5,781 $ 10,743 $ 24,250 $ 9,091 $ 423 $ 2,494 $ 102,207 Collective allowance to loans evaluated collectively ratio 1.00 % 0.33 % 0.99 % 1.61 % 0.60 % 0.43 % 0.60 % 0.91 % For the Year Ended December 31, 2023 Commercial Real Estate Residential Real Estate (Dollars in thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Balance at beginning of period $ 64,737 $ 11,646 $ 18,646 $ 28,027 $ 9,424 $ 1,337 $ 2,425 $ 136,242 Provision for credit losses - loans (3,323) (4,215) (10,359) 4,051 (488) (608) 1,048 (13,894) Charge-offs — — — (449) (160) — (2,005) (2,614) Recoveries 25 105 — 303 114 — 584 1,131 Net (charge-offs)/ recoveries 25 105 — (146) (46) — (1,421) (1,483) Balance at end of period $ 61,439 $ 7,536 $ 8,287 $ 31,932 $ 8,890 $ 729 $ 2,052 $ 120,865 Total loans $ 5,104,425 $ 1,755,235 $ 988,967 $ 1,504,880 $ 1,474,521 $ 121,419 $ 417,542 $ 11,366,989 Allowance for credit losses on loans to total loans ratio 1.20 % 0.43 % 0.84 % 2.12 % 0.60 % 0.60 % 0.49 % 1.06 % Average loans $ 5,133,279 $ 1,766,839 $ 1,023,669 $ 1,440,382 $ 1,380,496 $ 187,599 $ 421,963 $ 11,354,227 Net charge-offs/ (recoveries) to average loans — % (0.01) % — % 0.01 % — % — % 0.34 % 0.01 % Balance of loans individually evaluated for credit loss $ 72,218 $ 4,640 $ 1,259 $ 10,051 $ — $ — $ — $ 88,168 Allowance related to loans evaluated individually $ 15,353 $ 1,159 $ 102 $ 7,386 $ — $ — $ — $ 24,000 Individual allowance to loans evaluated individually ratio 21.26 % 24.98 % 8.10 % 73.49 % — % — % — % 27.22 % Contractual balance of individually evaluated loans $ 72,712 $ 5,623 $ 1,270 $ 11,500 $ — $ — $ — $ 91,105 Balance of loans collectively evaluated for credit loss $ 5,032,207 $ 1,750,595 $ 987,708 $ 1,494,829 $ 1,474,521 $ 121,419 $ 417,542 $ 11,278,821 Allowance related to loans evaluated collectively $ 46,086 $ 6,377 $ 8,185 $ 24,546 $ 8,890 $ 729 $ 2,052 $ 96,865 Collective allowance to loans evaluated collectively ratio 0.92 % 0.36 % 0.83 % 1.64 % 0.60 % 0.60 % 0.49 % 0.86 % |
Schedule of Information on the Credit Quality of Loan Portfolio | The following tables provide information on the credit quality of the loan portfolio for the periods indicated below: For the Three Months Ended March 31, 2024 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 $ 58,658 $ 4,640 $ 1,259 $ 10,051 $ 12,332 $ 443 $ 4,102 $ 91,485 Loans placed on non-accrual 715 — — 25 362 — 388 1,490 Non-accrual balances transferred to OREO (2,700) — — — — — — (2,700) Non-accrual balances charged-off (1) — — (1,549) — — — (1,550) Net payments or draws (1,093) (246) (703) (1,363) (288) 99 (423) (4,017) Non-accrual loans brought current — — — — (571) — (56) (627) Balance at end of period $ 55,579 $ 4,394 $ 556 $ 7,164 $ 11,835 $ 542 $ 4,011 $ 84,081 For the Year Ended December 31, 2023 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 $ 9,943 $ 5,019 $ — $ 7,322 $ 7,439 $ — $ 5,059 $ 34,782 Loans placed on non-accrual 62,725 — 2,111 6,271 7,871 449 2,450 81,877 Non-accrual balances transferred to OREO — — — — — — — — Non-accrual balances charged-off — — — (441) (160) — (1,757) (2,358) Net payments or draws (14,010) (379) (852) (2,588) (1,667) (6) (1,528) (21,030) Non-accrual loans brought current — — — (513) (1,151) — (122) (1,786) Balance at end of period $ 58,658 $ 4,640 $ 1,259 $ 10,051 $ 12,332 $ 443 $ 4,102 $ 91,485 |
Credit Quality of Loan Portfolio by Segment | March 31, 2024 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Performing loans: Current $ 4,932,570 $ 1,729,205 $ 1,083,907 $ 1,499,245 $ 1,486,341 $ 96,404 $ 410,662 $ 11,238,334 30-59 days 9,681 1,538 5,796 1,658 12,336 739 989 32,737 60-89 days 49 5,976 — 1,505 772 — 470 8,772 Total performing loans 4,942,300 1,736,719 1,089,703 1,502,408 1,499,449 97,143 412,121 11,279,843 Non-performing loans: Non-accrual loans 55,579 4,394 556 7,164 11,835 542 4,011 84,081 Loans greater than 90 days past due — — — 20 340 — — 360 Total non-performing loans 55,579 4,394 556 7,184 12,175 542 4,011 84,441 Total loans $ 4,997,879 $ 1,741,113 $ 1,090,259 $ 1,509,592 $ 1,511,624 $ 97,685 $ 416,132 $ 11,364,284 December 31, 2023 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Performing loans: Current $ 5,044,647 $ 1,748,449 $ 986,859 $ 1,494,426 $ 1,445,785 $ 118,976 $ 409,607 $ 11,248,749 30-59 days 1,120 2,056 849 383 14,026 2,000 3,298 23,732 60-89 days — 90 — — 2,036 — 535 2,661 Total performing loans 5,045,767 1,750,595 987,708 1,494,809 1,461,847 120,976 413,440 11,275,142 Non-performing loans: Non-accrual loans 58,658 4,640 1,259 10,051 12,332 443 4,102 91,485 Loans greater than 90 days past due — — — 20 342 — — 362 Total non-performing loans 58,658 4,640 1,259 10,071 12,674 443 4,102 91,847 Total loans $ 5,104,425 $ 1,755,235 $ 988,967 $ 1,504,880 $ 1,474,521 $ 121,419 $ 417,542 $ 11,366,989 |
Table of Average Principal Balance of the Total Non-Accrual Loans and Contractual Interest Due | The following tables present the average principal balance of total non-accrual loans and contractual interest due on non-accrual loans for the periods indicated below: For the Three Months Ended March 31, 2024 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Average non-accrual loans for the period $ 57,119 $ 4,517 $ 908 $ 8,608 $ 12,084 $ 493 $ 4,057 $ 87,786 Contractual interest income due on non- accrual loans during the period $ 923 $ 71 $ 14 $ 154 $ 149 $ 6 $ 97 $ 1,414 For the Year Ended December 31, 2023 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Average non-accrual loans for the period $ 28,650 $ 4,795 $ 812 $ 9,640 $ 10,547 $ 223 $ 4,146 $ 58,813 Contractual interest income due on non- accrual loans during the period $ 760 $ 298 $ 41 $ 716 $ 432 $ 6 $ 299 $ 2,552 |
Information About Credit Quality Indicator by the Year Of Origination | The following table provides information about credit quality indicators by the year of origination as of March 31, 2024: March 31, 2024 Term Loans by Origination Year Revolving (In thousands) 2024 2023 2022 2021 2020 Prior Loans Total Commercial Investor R/E: Pass $ 109,352 $ 361,098 $ 1,345,217 $ 1,168,206 $ 599,290 $ 1,294,814 $ 26,478 $ 4,904,455 Special Mention 861 6,229 — 723 1,005 7,148 — 15,966 Substandard 24,391 10,166 461 28,036 — 14,404 — 77,458 Doubtful — — — — — — — — Total $ 134,604 $ 377,493 $ 1,345,678 $ 1,196,965 $ 600,295 $ 1,316,366 $ 26,478 $ 4,997,879 Current period gross charge-offs $ — $ — $ — $ 1 $ — $ — $ — $ 1 Commercial Owner-Occupied R/E: Pass $ 35,074 $ 121,759 $ 355,379 $ 311,954 $ 236,043 $ 649,493 $ 5,644 $ 1,715,346 Special Mention — 2,162 69 2,234 872 5,108 — 10,445 Substandard — 586 2,858 797 340 10,741 — 15,322 Doubtful — — — — — — — — Total $ 35,074 $ 124,507 $ 358,306 $ 314,985 $ 237,255 $ 665,342 $ 5,644 $ 1,741,113 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial AD&C: Pass $ 92,911 $ 327,688 $ 356,865 $ 172,284 $ 5,429 $ — $ 133,678 $ 1,088,855 Special Mention — — — — — — 525 525 Substandard 122 323 434 — — — — 879 Doubtful — — — — — — — — Total $ 93,033 $ 328,011 $ 357,299 $ 172,284 $ 5,429 $ — $ 134,203 $ 1,090,259 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Business: Pass $ 78,623 $ 217,077 $ 335,793 $ 176,699 $ 86,378 $ 171,698 $ 418,680 $ 1,484,948 Special Mention 177 647 130 491 762 1,198 3,350 6,755 Substandard 87 5,339 1,072 2,234 949 2,590 5,618 17,889 Doubtful — — — — — — — — Total $ 78,887 $ 223,063 $ 336,995 $ 179,424 $ 88,089 $ 175,486 $ 427,648 $ 1,509,592 Current period gross charge-offs $ — $ — $ 612 $ — $ — $ 939 $ — $ 1,551 Residential Mortgage: Beacon score: 660-850 $ 7,224 $ 38,452 $ 498,423 $ 394,110 $ 162,827 $ 304,763 $ — $ 1,405,799 600-659 293 613 15,375 17,473 4,305 24,462 — 62,521 540-599 — 1,203 357 3,566 2,437 9,714 — 17,277 less than 540 278 227 2,032 4,892 1,623 16,975 — 26,027 Total $ 7,795 $ 40,495 $ 516,187 $ 420,041 $ 171,192 $ 355,914 $ — $ 1,511,624 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential Construction: Beacon score: 660-850 $ 1,768 $ 25,593 $ 42,790 $ 19,872 $ 1,956 $ 1,458 $ — $ 93,437 600-659 542 346 1,817 — 1,500 — — 4,205 540-599 43 — — — — — — 43 less than 540 — — — — — — — — Total $ 2,353 $ 25,939 $ 44,607 $ 19,872 $ 3,456 $ 1,458 $ — $ 97,685 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Beacon score: 660-850 $ 1,409 $ 10,606 $ 4,476 $ 1,717 $ 740 $ 25,997 $ 331,206 $ 376,151 600-659 11 1,154 357 94 241 3,873 14,047 19,777 540-599 13 477 284 73 34 2,298 4,460 7,639 less than 540 76 356 332 298 117 2,760 8,626 12,565 Total $ 1,509 $ 12,593 $ 5,449 $ 2,182 $ 1,132 $ 34,928 $ 358,339 $ 416,132 Current period gross charge-offs $ — $ — $ — $ 5 $ — $ 11 $ 52 $ 68 Total loans $ 353,255 $ 1,132,101 $ 2,964,521 $ 2,305,753 $ 1,106,848 $ 2,549,494 $ 952,312 $ 11,364,284 The following table provides information about credit quality indicators by the year of origination as of December 31, 2023: December 31, 2023 Term Loans by Origination Year Revolving (In thousands) 2023 2022 2021 2020 2019 Prior Loans Total Commercial Investor R/E: Pass $ 405,740 $ 1,395,973 $ 1,195,708 $ 634,361 $ 511,146 $ 848,958 $ 23,653 $ 5,015,539 Special Mention 9,250 — 316 — — 1,978 — 11,544 Substandard 30,792 465 30,927 — — 14,410 748 77,342 Doubtful — — — — — — — — Total $ 445,782 $ 1,396,438 $ 1,226,951 $ 634,361 $ 511,146 $ 865,346 $ 24,401 $ 5,104,425 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Owner-Occupied R/E: Pass $ 136,072 $ 361,247 $ 318,269 $ 238,761 $ 235,145 $ 428,846 $ 5,621 $ 1,723,961 Special Mention 406 70 2,240 875 2,267 8,616 — 14,474 Substandard 2,562 3,634 801 343 5,866 3,594 — 16,800 Doubtful — — — — — — — — Total $ 139,040 $ 364,951 $ 321,310 $ 239,979 $ 243,278 $ 441,056 $ 5,621 $ 1,755,235 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial AD&C: Pass $ 334,918 $ 288,732 $ 178,889 $ 28,954 $ — $ — $ 155,889 $ 987,382 Special Mention — — — — — — — — Substandard 1,016 569 — — — — — 1,585 Doubtful — — — — — — — — Total $ 335,934 $ 289,301 $ 178,889 $ 28,954 $ — $ — $ 155,889 $ 988,967 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Business: Pass $ 247,081 $ 344,034 $ 202,020 $ 92,198 $ 62,413 $ 118,061 $ 410,856 $ 1,476,663 Special Mention 532 45 180 1,037 1,040 294 3,635 6,763 Substandard 6,725 2,073 2,281 917 1,925 1,571 5,962 21,454 Doubtful — — — — — — — — Total $ 254,338 $ 346,152 $ 204,481 $ 94,152 $ 65,378 $ 119,926 $ 420,453 $ 1,504,880 Current period gross charge-offs $ — $ 9 $ 324 $ — $ — $ 116 $ — $ 449 Residential Mortgage: Beacon score: 660-850 $ 31,853 $ 476,631 $ 394,414 $ 166,387 $ 41,473 $ 266,927 $ — $ 1,377,685 600-659 781 7,022 18,284 2,009 1,882 24,040 — 54,018 540-599 — 1,545 2,698 2,371 1,891 9,377 — 17,882 less than 540 229 2,042 3,351 2,424 2,533 14,357 — 24,936 Total $ 32,863 $ 487,240 $ 418,747 $ 173,191 $ 47,779 $ 314,701 $ — $ 1,474,521 Current period gross charge-offs $ — $ — $ 43 $ — $ 10 $ 107 $ — $ 160 Residential Construction: Beacon score: 660-850 $ 21,975 $ 68,273 $ 21,897 $ 2,478 $ 150 $ — $ — $ 114,773 600-659 1,641 500 1,319 1,500 — 1,243 — 6,203 540-599 443 — — — — — — 443 less than 540 — — — — — — — — Total $ 24,059 $ 68,773 $ 23,216 $ 3,978 $ 150 $ 1,243 $ — $ 121,419 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Beacon score: 660-850 $ 11,452 $ 4,960 $ 1,823 $ 519 $ 1,662 $ 24,543 $ 333,382 $ 378,341 600-659 1,209 192 237 425 209 3,954 12,668 18,894 540-599 24 374 87 47 500 2,868 5,920 9,820 less than 540 384 215 132 50 288 2,803 6,615 10,487 Total $ 13,069 $ 5,741 $ 2,279 $ 1,041 $ 2,659 $ 34,168 $ 358,585 $ 417,542 Current period gross charge-offs $ — $ 20 $ 28 $ — $ 15 $ 1,735 $ 207 $ 2,005 Total loans $ 1,245,085 $ 2,958,596 $ 2,375,873 $ 1,175,656 $ 870,390 $ 1,776,440 $ 964,949 $ 11,366,989 |
Schedule of Loans Modified | The following table presents the amount of the loans modified during the periods indicated below to borrowers experiencing financial difficulty, disaggregated by the loan portfolio segment, type of modification granted and the financial effect of loans modified: For the Three Months Ended March 31, 2024 Interest rate reduction Term extension Rate reduction & Term extension Total Interest rate reduction Term extension (in thousands) Amount Amount Amount Amount % of total loan segment Weighted Average Weighted Average Commercial Investor R/E $ — $ 25,252 $ — $ 25,252 0.5 % — % 6 Months Commercial Owner-Occupied R/E — — — — — % — % — Commercial AD&C — 122 — 122 — % — % 17 Months Commercial Business — 87 143 230 — % 0.4 % 27 Months All Other loans — 542 — 542 — % — % 9 Months Total $ — $ 26,003 $ 143 $ 26,146 0.2 % For the Three Months Ended March 31, 2023 Interest rate reduction Term extension Rate reduction & Term extension Total Interest rate reduction Term extension (in thousands) Amount Amount Amount Amount % of total loan segment Weighted Average Weighted Average Commercial Investor R/E $ — $ 68 $ — $ 68 — % — % 6 Months Commercial Owner-Occupied R/E — — — — — % — % — Commercial AD&C — — — — — % — % — Commercial Business — 94 — 94 — % — % 12 Months All Other loans — — — — — % — % — Total $ — $ 162 $ — $ 162 — % The following table presents the performance of loans that have been modified during the periods indicated: For the three months ended March 31, 2024 (in thousands) Current 30-89 days past due 90+ days past due Non-accrual Total Commercial Investor R/E $ 25,252 $ — $ — $ — $ 25,252 Commercial Owner-Occupied R/E — — — — — Commercial AD&C 122 — — — 122 Commercial Business 230 — — — 230 All Other loans 542 — — — 542 Total $ 26,146 $ — $ — $ — $ 26,146 For the three months ended March 31, 2023 (in thousands) Current 30-89 days past due 90+ days past due Non-accrual Total Commercial Investor R/E $ 68 $ — $ — $ — $ 68 Commercial Owner-Occupied R/E — — — — — Commercial AD&C — — — — — Commercial Business 94 — — — 94 All Other loans — — — — — Total $ 162 $ — $ — $ — $ 162 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amount of Goodwill by Reporting Units | The amount of goodwill by reporting units is presented in the following table: (In thousands) Community Investment Total Balances at December 31, 2023 $ 331,689 $ 31,747 $ 363,436 No activity — — — Balances at March 31, 2024 $ 331,689 $ 31,747 $ 363,436 |
Gross Carrying Amounts and Accumulated Amortization of Intangible Assets and Goodwill | The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at the dates indicated in the following table: March 31, 2024 Weighted December 31, 2023 Weighted (Dollars in thousands) Gross Accumulated Net Gross Accumulated Net Amortizing intangible assets: Core deposit intangibles $ 29,038 $ (20,943) $ 8,095 5.3 years $ 29,038 $ (20,181) $ 8,857 5.5 years Software intangibles 12,228 (1,134) 11,094 4.1 years 10,422 (183) 10,239 4.8 years Other identifiable intangibles 13,906 (8,305) 5,601 7.5 years 13,906 (7,949) 5,957 7.7 years Total amortizing intangible assets $ 55,172 $ (30,382) $ 24,790 $ 53,366 $ (28,313) $ 25,053 Non-amortizing intangible assets: Intangible projects in process (1) 5,074 — 5,074 $ 3,248 $ — $ 3,248 Total intangible assets $ 60,246 $ (30,382) $ 29,864 $ 56,614 $ (28,313) $ 28,301 Goodwill $ 363,436 $ 363,436 $ 363,436 $ 363,436 (1) Capitalized costs on internal-use licensed software-related projects that are currently in the development/implementation phase. |
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 Remaining 2024 $ 6,154 2025 5,741 2026 4,890 2027 3,880 2028 2,970 Thereafter 1,155 Total amortizing intangible assets $ 24,790 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Composition of Deposits | The following table presents the composition of deposits at the dates indicated: (In thousands) March 31, 2024 December 31, 2023 Noninterest-bearing deposits $ 2,817,928 $ 2,914,161 Interest-bearing deposits: Demand 1,528,184 1,463,679 Money market savings 2,680,474 2,628,918 Regular savings 1,579,104 1,275,225 Time deposits of less than $250,000 1,978,545 2,068,259 Time deposits of $250,000 or more 642,965 646,296 Total interest-bearing deposits 8,409,272 8,082,377 Total deposits $ 11,227,200 $ 10,996,538 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Subordinated Debt | The following table provides information on subordinated debt as of the date indicated: (In thousands) March 31, 2024 December 31, 2023 Fixed to floating rate subordinated debt, 3.875% $ 200,000 $ 200,000 Fixed to floating rate subordinated debt, 4.25% 175,000 175,000 Total subordinated debt 375,000 375,000 Less: Debt issuance costs (4,048) (4,197) Long-term borrowings $ 370,952 $ 370,803 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Activity for Company's Restricted Stock | A summary of the activity for the Company’s restricted stock, restricted stock units and performance share units for the period indicated is presented in the following table: Number Weighted Non-vested at January 1, 2024 458,929 $ 32.90 Granted 317,735 $ 22.12 Vested (46,420) $ 38.59 Forfeited/ cancelled (2,772) $ 32.69 Non-vested at March 31, 2024 727,472 $ 28.04 |
Summary of Share Option Activity | A summary of share option activity for the period indicated is reflected in the following table: Number Weighted Weighted Aggregate Balance at January 1, 2024 80,195 $ 19.07 1.2 years $ 621 Granted — $ — Exercised (9,938) $ 10.96 $ 135 Forfeited — $ — Expired (6,163) $ 42.48 Balance at March 31, 2024 64,094 $ 18.07 1.2 years $ 516 Exercisable at March 31, 2024 64,094 $ 18.07 1.2 years $ 516 |
PENSION PLAN (Tables)
PENSION PLAN (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | The components of net periodic benefit cost for the periods indicated are presented in the following table: Three Months Ended March 31, (In thousands) 2024 2023 Interest cost on projected benefit obligation $ — $ 438 Expected return on plan assets — (373) Recognized net actuarial loss — 225 Net periodic benefit cost $ — $ 290 |
NET INCOME PER COMMON SHARE (Ta
NET INCOME PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income Per Common Share | The calculation of net income per common share for the periods indicated is presented in the following table: Three Months Ended March 31, (Dollars and amounts in thousands, except per share data) 2024 2023 Net income $ 20,372 $ 51,253 Distributed and undistributed earnings allocated to participating securities (26) (169) Net income attributable to common shareholders $ 20,346 $ 51,084 Total weighted average outstanding shares 44,990 44,825 Less: Weighted average participating securities (58) (148) Basic weighted average common shares 44,932 44,677 Dilutive weighted average common stock equivalents 155 195 Diluted weighted average common shares 45,087 44,872 Basic net income per common share $ 0.45 $ 1.14 Diluted net income per common share $ 0.45 $ 1.14 Anti-dilutive shares 29 15 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Activity in Net Accumulated Other Comprehensive Income (Loss) and the Components of the Activity | The following table presents the activity in net accumulated other comprehensive income/ (loss) and the components of the activity for the periods indicated: (In thousands) Unrealized Gains/(Losses) Defined Benefit Unrealized Losses Total Balance at January 1, 2024 $ (88,169) $ — $ (9,162) $ (97,331) Other comprehensive loss before reclassification from accumulated other comprehensive loss, net of tax (5,749) — — (5,749) Reclassifications from accumulated other comprehensive loss to earnings, net of tax — — 277 277 Current period change in other comprehensive loss, net of tax (5,749) — 277 (5,472) Balance at March 31, 2024 $ (93,918) $ — $ (8,885) $ (102,803) (In thousands) Unrealized Gains/ Defined Benefit Unrealized Losses Total Balance at January 1, 2023 $ (113,513) $ (8,002) $ (10,436) $ (131,951) Other comprehensive income before reclassification, net of tax 15,490 — — 15,490 Reclassifications from accumulated other comprehensive income, net of tax — 168 302 470 Current period change in other comprehensive income, net of tax 15,490 168 302 15,960 Balance at March 31, 2023 $ (98,023) $ (7,834) $ (10,134) $ (115,991) |
Schedule of Reclassification Adjustments Out of Accumulated Other Comprehensive Income (Loss) | The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income/ (loss) for the periods indicated that had an impact on the Condensed Consolidated Statements of Income: Three Months Ended March 31, (In thousands) 2024 2023 Unrealized gains on available-for-sale debt securities: Affected line item in the Statements of Income: Investment securities gains $ — $ — Income before taxes — — Tax expense — — Net income $ — $ — Amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity: Affected line item in the Statements of Income: Interest and dividends on investment securities (1) $ (371) $ (405) Income before taxes (371) (405) Tax benefit 94 103 Net loss $ (277) $ (302) Amortization of defined benefit pension plan items: Affected line item in the Statements of Income: Recognized actuarial loss (2) $ — $ (225) Income before taxes — (225) Tax benefit — 57 Net loss $ — $ (168) (1) Amortization of unrealized losses on held-to-maturity debt securities is fully offset by accretion of a discount on held-to-maturity debt securities with no overall impact on net income and yield. (2) This amount is included in the computation of net periodic benefit cost. See Note 10 for additional information on the pension plan. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Summary of Leases | The following table provides information regarding the Company's leases as of the dates indicated: Three Months Ended March 31, 2024 2023 Components of lease expense: Operating lease cost (resulting from lease payments) $ 2,565 $ 2,715 Supplemental cash flow information related to leases: Operating cash flows from operating leases $ 2,824 $ 2,889 ROU assets obtained in the exchange for lease liabilities due to: New leases $ 995 $ 703 Acquisitions $ — $ — March 31, 2024 December 31, 2023 Supplemental balance sheet information related to leases: Operating lease ROU assets $ 39,814 $ 40,362 Operating lease liabilities $ 47,251 $ 48,058 Other information related to leases: Weighted average remaining lease term of operating leases 5.4 years 5.6 years Weighted average discount rate of operating leases 3.67% 3.61% |
Maturities of Operating Lease Liabilities | At March 31, 2024, the maturities of the Company’s operating lease liabilities were as follows: (In thousands) Amount Maturity: Remaining 2024 $ 8,343 2025 10,458 2026 9,734 2027 8,300 2028 6,799 Thereafter 8,631 Total undiscounted lease payments 52,265 Less: Present value discount (5,014) Lease liability $ 47,251 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In thousands) Notional Asset Liability Notional Asset Liability Derivatives Loan Swaps: Interest Rate Swaps $ 502,766 $ 17,758 $ 17,758 $ 495,750 $ 15,867 $ 15,867 Mortgage Banking Derivatives: Interest Rate Lock Commitments 40,488 673 — 16,608 358 — Forward TBA Contracts 35,500 — 111 11,750 — 102 Total Derivatives $ 578,754 $ 18,431 $ 17,869 $ 524,108 $ 16,225 $ 15,969 |
Derivative Instruments, Gain (Loss) | The table below presents the changes in the fair value of the Company’s derivative financial instruments reflected within non-interest income on the Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, (In thousands) Location of Gain/(Loss) 2024 2023 Interest rate lock commitments Mortgage banking activities $ 1,778 $ 1,452 Forward TBA contracts Mortgage banking activities (1,472) (1,247) Total $ 306 $ 205 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities at Dates Indicated that were Accounted for at Fair Value | The following tables set forth the Company’s financial assets and liabilities at the dates indicated that were accounted for or disclosed at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: March 31, 2024 Quoted Prices in Significant Other Significant (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Residential mortgage loans held for sale (1) $ — $ 16,627 $ — $ 16,627 Available-for-sale debt securities: U.S. treasuries and government agencies — 92,236 — 92,236 State and municipal — 263,986 — 263,986 Mortgage-backed and asset-backed — 744,519 — 744,519 Total available-for-sale debt securities — 1,100,741 — 1,100,741 Interest rate swap agreements — 17,758 — 17,758 Total assets $ — $ 1,135,126 $ — $ 1,135,126 Liabilities: Interest rate swap agreements $ — $ (17,758) $ — $ (17,758) Total liabilities $ — $ (17,758) $ — $ (17,758) (1) The outstanding principal balance for residential loans held for sale as of March 31, 2024 was $16.4 million. December 31, 2023 Quoted Prices in Significant Other Significant (In thousands) (Level 1) (Level 2) (Level 3) Total Assets: Residential mortgage loans held for sale (1) $ — $ 10,836 $ — $ 10,836 Investments available-for-sale: U.S. treasuries and government agencies — 96,927 — 96,927 State and municipal — 268,214 — 268,214 Mortgage-backed and asset-backed — 737,540 — 737,540 Total investments available-for-sale — 1,102,681 — 1,102,681 Interest rate swap agreements — 15,867 — 15,867 Total assets $ — $ 1,129,384 $ — $ 1,129,384 Liabilities: Interest rate swap agreements $ — $ (15,867) $ — $ (15,867) Total liabilities $ — $ (15,867) $ — $ (15,867) (1) The outstanding principal balance for residential loans held for sale as of December 31, 2023 was $10.5 million. |
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 nonrecurring basis at the date indicated that are valued at the lower of cost or market. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: March 31, 2024 (In thousands) Quoted Prices in Significant Significant Total Total Losses Loans (1) $ — $ — $ — $ — $ — Other real estate owned — — 2,700 2,700 — Total $ — $ — $ 2,700 $ 2,700 $ — December 31, 2023 (In thousands) Quoted Prices in Significant Significant Total Total Losses Loans (1) $ — $ — $ — $ — $ — Other real estate owned — — — — — Total $ — $ — $ — $ — $ — (1) Represent outstanding collateral-dependent non-accrual loans that were written down to the fair value of the underlying collateral. 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 the dates indicated are presented in the following tables: Fair Value Measurements March 31, 2024 Quoted Prices in Significant Other Significant (In thousands) Carrying Estimated Financial assets: Cash and cash equivalents $ 410,390 $ 410,390 $ 410,390 $ — $ — Residential mortgage loans held for sale 16,627 16,627 — 16,627 — Available-for-sale debt securities 1,100,741 1,100,741 — 1,100,741 — Held-to-maturity debt securities 231,354 192,798 — 192,798 — Other investments 73,395 73,395 — 73,395 — Loans, net of allowance 11,241,188 10,410,156 — — 10,410,156 Interest rate swap agreements 17,758 17,758 — 17,758 — Accrued interest receivable 47,152 47,152 47,152 — — Bank owned life insurance 163,381 163,381 — 163,381 — Financial liabilities: Time deposits $ 2,621,510 $ 2,607,502 $ — $ 2,607,502 $ — Other deposits 8,605,690 8,605,690 8,605,690 — — Securities sold under retail repurchase agreements and federal funds purchased 71,529 71,529 — 71,529 — Advances from FHLB 500,000 494,226 — 494,226 — Subordinated debt 370,952 347,396 — — 347,396 Interest rate swap agreements 17,758 17,758 — 17,758 — Accrued interest payable 22,080 22,080 22,080 — — Fair Value Measurements December 31, 2023 Quoted Prices in Significant Other Significant (In thousands) Carrying Estimated Financial assets: Cash and cash equivalents $ 545,898 $ 545,898 $ 545,898 $ — $ — Residential mortgage loans held for sale 10,836 10,836 — 10,836 — Investments available-for-sale 1,102,681 1,102,681 — 1,102,681 — Held-to-maturity debt securities 236,165 200,411 — 200,411 — Other investments 75,607 75,607 — 75,607 — Loans, net of allowance 11,246,124 10,476,059 — — 10,476,059 Interest rate swap agreements 15,867 15,867 — 15,867 — Accrued interest receivable 46,583 46,583 46,583 — — Bank owned life insurance 158,921 158,921 — 158,921 — Financial liabilities: Time deposits $ 2,714,555 $ 2,704,013 $ — $ 2,704,013 $ — Other deposits 8,281,983 8,281,983 8,281,983 — — Securities sold under retail repurchase agreements and federal funds purchased 375,032 375,032 — 375,032 — Advances from FHLB 550,000 547,271 — 547,271 — Subordinated debt 370,803 348,185 — — 348,185 Interest rate swap agreements 15,867 15,867 — 15,867 — Accrued interest payable 30,367 30,367 30,367 — — |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | Oct. 01, 2023 reporting_unit |
Property, Plant and Equipment [Line Items] | |
Number of reporting units | 2 |
INVESTMENTS - Amortized Cost an
INVESTMENTS - Amortized Cost and Estimated Fair Values of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale debt securities: | ||
Total available-for-sale debt securities | $ 1,226,582 | $ 1,220,819 |
Gross Unrealized Gains | 83 | 182 |
Gross Unrealized Losses | (125,924) | (118,320) |
Investments available-for-sale | 1,100,741 | 1,102,681 |
Held-to-maturity debt securities: | ||
Total held-to-maturity debt securities | 231,354 | 236,165 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (38,556) | (35,754) |
Total held-to-maturity debt securities | 192,798 | 200,411 |
Total debt securities | ||
Amortized Cost | 1,457,936 | 1,456,984 |
Gross Unrealized Gains | 83 | 182 |
Gross Unrealized Losses | (164,480) | (154,074) |
Estimated Fair Value | 1,293,539 | 1,303,092 |
U.S. treasuries and government agencies | ||
Available-for-sale debt securities: | ||
Total available-for-sale debt securities | 96,866 | 101,678 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4,630) | (4,751) |
Investments available-for-sale | 92,236 | 96,927 |
State and municipal | ||
Available-for-sale debt securities: | ||
Total available-for-sale debt securities | 310,502 | 311,505 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (46,516) | (43,292) |
Investments available-for-sale | 263,986 | 268,214 |
Mortgage-backed and asset-backed | ||
Available-for-sale debt securities: | ||
Total available-for-sale debt securities | 819,214 | 807,636 |
Gross Unrealized Gains | 83 | 181 |
Gross Unrealized Losses | (74,778) | (70,277) |
Investments available-for-sale | 744,519 | 737,540 |
Held-to-maturity debt securities: | ||
Total held-to-maturity debt securities | 231,354 | 236,165 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (38,556) | (35,754) |
Total held-to-maturity debt securities | $ 192,798 | $ 200,411 |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Separate Account Investment [Line Items] | ||
Book value of debt securities pledged as collateral | $ 1,457,936 | $ 1,456,984 |
Asset pledged as collateral | Deposits | ||
Fair Value, Separate Account Investment [Line Items] | ||
Book value of debt securities pledged as collateral | 489,000 | $ 729,000 |
Collateralized mortgage obligations | ||
Fair Value, Separate Account Investment [Line Items] | ||
Mortgage-backed securities | 451,900 | |
Collateralized mortgage backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Mortgage-backed securities | 557,900 | |
SBA asset backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Mortgage-backed securities | $ 40,800 |
INVESTMENTS - Gross Unrealized
INVESTMENTS - Gross Unrealized Losses and Fair Value by Length of Time in Unrealized Loss Position (Detail) $ in Thousands | Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) security |
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 464 | 454 |
Fair Value | ||
Less Than 12 Months | $ 59,634 | $ 26,893 |
12 Months or More | 1,016,193 | 1,050,289 |
Total | 1,075,827 | 1,077,182 |
Unrealized Losses | ||
Less Than 12 Months | 484 | 190 |
12 Months or More | 125,440 | 118,130 |
Total | $ 125,924 | $ 118,320 |
U.S. treasuries and government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 9 | 10 |
Fair Value | ||
Less Than 12 Months | $ 0 | $ 0 |
12 Months or More | 92,236 | 96,927 |
Total | 92,236 | 96,927 |
Unrealized Losses | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | 4,630 | 4,751 |
Total | $ 4,630 | $ 4,751 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 123 | 123 |
Fair Value | ||
Less Than 12 Months | $ 3,789 | $ 4,162 |
12 Months or More | 258,977 | 262,081 |
Total | 262,766 | 266,243 |
Unrealized Losses | ||
Less Than 12 Months | 48 | 84 |
12 Months or More | 46,468 | 43,208 |
Total | $ 46,516 | $ 43,292 |
Mortgage-backed and asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 332 | 321 |
Fair Value | ||
Less Than 12 Months | $ 55,845 | $ 22,731 |
12 Months or More | 664,980 | 691,281 |
Total | 720,825 | 714,012 |
Unrealized Losses | ||
Less Than 12 Months | 436 | 106 |
12 Months or More | 74,342 | 70,171 |
Total | $ 74,778 | $ 70,277 |
INVESTMENTS - Estimated Fair Va
INVESTMENTS - Estimated Fair Values of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value | ||
Total available-for-sale debt securities | $ 1,100,741 | $ 1,102,681 |
Amortized Cost | ||
Total available-for-sale debt securities | 1,226,582 | 1,220,819 |
Fair Value | ||
Total held-to-maturity debt securities | 192,798 | 200,411 |
Amortized Cost | ||
Total held-to-maturity debt securities | 231,354 | 236,165 |
U.S. treasuries and government agencies | ||
Fair Value | ||
One year or less | 12,922 | 17,798 |
One to five years | 79,314 | 79,129 |
Five to ten years | 0 | 0 |
After ten years | 0 | 0 |
Total available-for-sale debt securities | 92,236 | 96,927 |
Amortized Cost | ||
One year or less | 12,988 | 17,979 |
One to five years | 83,878 | 83,699 |
Five to ten years | 0 | 0 |
After ten years | 0 | 0 |
Total available-for-sale debt securities | 96,866 | 101,678 |
State and municipal | ||
Fair Value | ||
One year or less | 28,318 | 22,345 |
One to five years | 28,586 | 33,282 |
Five to ten years | 48,992 | 46,355 |
After ten years | 158,090 | 166,232 |
Total available-for-sale debt securities | 263,986 | 268,214 |
Amortized Cost | ||
One year or less | 28,739 | 22,793 |
One to five years | 29,770 | 34,288 |
Five to ten years | 57,965 | 54,487 |
After ten years | 194,028 | 199,937 |
Total available-for-sale debt securities | 310,502 | 311,505 |
Mortgage-backed and asset-backed | ||
Fair Value | ||
One year or less | 26,396 | 20,814 |
One to five years | 27,290 | 29,823 |
Five to ten years | 267,178 | 256,924 |
After ten years | 423,655 | 429,979 |
Total available-for-sale debt securities | 744,519 | 737,540 |
Amortized Cost | ||
One year or less | 26,704 | 21,111 |
One to five years | 28,067 | 30,666 |
Five to ten years | 292,078 | 280,209 |
After ten years | 472,365 | 475,650 |
Total available-for-sale debt securities | 819,214 | 807,636 |
Fair Value | ||
One year or less | 0 | 0 |
One to five years | 0 | 0 |
Five to ten years | 30,070 | 31,434 |
After ten years | 162,728 | 168,977 |
Total held-to-maturity debt securities | 192,798 | 200,411 |
Amortized Cost | ||
One year or less | 0 | 0 |
One to five years | 0 | 0 |
Five to ten years | 33,326 | 34,458 |
After ten years | 198,028 | 201,707 |
Total held-to-maturity debt securities | $ 231,354 | $ 236,165 |
INVESTMENTS - Other Investments
INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | ||
Federal Reserve Bank stock, at cost | $ 39,152 | $ 39,125 |
Federal Home Loan Bank of Atlanta stock, at cost | 33,566 | 35,805 |
Other | 677 | 677 |
Total other investments, at cost | $ 73,395 | $ 75,607 |
LOANS - Narrative (Details)
LOANS - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Net deferred loan fees | $ 7.6 | $ 7 |
LOANS - Loan Portfolio Segment
LOANS - Loan Portfolio Segment Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 11,364,284 | $ 11,366,989 |
Commercial investor real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,997,879 | 5,104,425 |
Commercial owner-occupied real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,741,113 | 1,755,235 |
Commercial AD&C | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,090,259 | 988,967 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,511,624 | 1,474,521 |
Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 97,685 | 121,419 |
Commercial real estate: | Commercial investor real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,997,879 | 5,104,425 |
Commercial real estate: | Commercial owner-occupied real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,741,113 | 1,755,235 |
Commercial real estate: | Commercial AD&C | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,090,259 | 988,967 |
Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 9,338,843 | 9,353,507 |
Commercial business | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,509,592 | 1,504,880 |
Residential real estate: | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,511,624 | 1,474,521 |
Residential real estate: | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 97,685 | 121,419 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 416,132 | 417,542 |
Total residential and consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 2,025,441 | $ 2,013,482 |
CREDIT QUALITY ASSESSMENT - All
CREDIT QUALITY ASSESSMENT - Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 120,865 | $ 136,242 | $ 136,242 |
Provision/ (credit) for credit losses - loans | 3,331 | (18,945) | (13,894) |
Loan charge-offs | (1,620) | (171) | (2,614) |
Loan recoveries | 520 | 487 | 1,131 |
Net (charge-offs)/ recoveries | (1,100) | 316 | (1,483) |
Balance at period end | 123,096 | 117,613 | $ 120,865 |
Provision/ (credit) for credit losses | 2,388 | (21,536) | |
Unfunded commitments | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision/ (credit) for credit losses | $ (900) | $ (2,600) |
CREDIT QUALITY ASSESSMENT - Col
CREDIT QUALITY ASSESSMENT - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Credit Loss [Abstract] | ||||
Collateral dependent loans individually evaluated for credit loss with an allowance | $ 69,068 | $ 72,179 | ||
Collateral dependent loans individually evaluated for credit loss without an allowance | 12,047 | 15,989 | ||
Total individually evaluated collateral dependent loans | 81,115 | 88,168 | ||
Allowance for credit losses related to loans evaluated individually | 20,889 | 24,000 | ||
Allowance for credit losses related to loans evaluated collectively | 102,207 | 96,865 | ||
Total allowance for credit losses - loans | $ 123,096 | $ 120,865 | $ 117,613 | $ 136,242 |
CREDIT QUALITY ASSESSMENT - A_2
CREDIT QUALITY ASSESSMENT - Allowance for Credit or Loan Losses by Respective Loan Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 120,865 | $ 136,242 | $ 136,242 |
Provision/ (credit) for credit losses - loans | 3,331 | (18,945) | (13,894) |
Charge-offs | (1,620) | (171) | (2,614) |
Recoveries | 520 | 487 | 1,131 |
Net (charge-offs)/ recoveries | (1,100) | 316 | (1,483) |
Balance at period end | 123,096 | 117,613 | 120,865 |
Total loans | $ 11,364,284 | $ 11,366,989 | |
Allowance for credit losses on loans to total loans ratio | 1.08% | 1.06% | |
Average loans | $ 11,361,747 | $ 11,354,227 | |
Annualized net charge-offs/ (recoveries) to average loans | 0.04% | 0.01% | |
Balance of loans individually evaluated for credit loss | $ 81,115 | $ 88,168 | |
Allowance related to loans evaluated individually | $ 20,889 | $ 24,000 | |
Individual allowance to loans evaluated individually ratio | 25.75% | 27.22% | |
Contractual balance of individually evaluated loans | $ 85,363 | $ 91,105 | |
Balance of loans collectively evaluated for credit loss | 11,283,169 | 11,278,821 | |
Allowance related to loans evaluated collectively | $ 102,207 | $ 96,865 | |
Collective allowance to loans evaluated collectively ratio | 0.91% | 0.86% | |
Commercial investor real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge-offs | $ (1) | $ 0 | |
Total loans | 4,997,879 | 5,104,425 | |
Commercial owner-occupied real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge-offs | 0 | 0 | |
Total loans | 1,741,113 | 1,755,235 | |
Commercial AD&C | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge-offs | 0 | 0 | |
Total loans | 1,090,259 | 988,967 | |
Residential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge-offs | 0 | (160) | |
Total loans | 1,511,624 | 1,474,521 | |
Residential construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge-offs | 0 | 0 | |
Total loans | 97,685 | 121,419 | |
Commercial real estate: | Commercial investor real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 61,439 | 64,737 | 64,737 |
Provision/ (credit) for credit losses - loans | 2,858 | (3,323) | |
Charge-offs | (1) | 0 | |
Recoveries | 3 | 25 | |
Net (charge-offs)/ recoveries | 2 | 25 | |
Balance at period end | 64,299 | 61,439 | |
Total loans | $ 4,997,879 | $ 5,104,425 | |
Allowance for credit losses on loans to total loans ratio | 1.29% | 1.20% | |
Average loans | $ 5,057,334 | $ 5,133,279 | |
Annualized net charge-offs/ (recoveries) to average loans | 0% | 0% | |
Balance of loans individually evaluated for credit loss | $ 69,000 | $ 72,218 | |
Allowance related to loans evaluated individually | $ 14,874 | $ 15,353 | |
Individual allowance to loans evaluated individually ratio | 21.56% | 21.26% | |
Contractual balance of individually evaluated loans | $ 69,831 | $ 72,712 | |
Balance of loans collectively evaluated for credit loss | 4,928,879 | 5,032,207 | |
Allowance related to loans evaluated collectively | $ 49,425 | $ 46,086 | |
Collective allowance to loans evaluated collectively ratio | 1% | 0.92% | |
Commercial real estate: | Commercial owner-occupied real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 7,536 | 11,646 | $ 11,646 |
Provision/ (credit) for credit losses - loans | (656) | (4,215) | |
Charge-offs | 0 | 0 | |
Recoveries | 27 | 105 | |
Net (charge-offs)/ recoveries | 27 | 105 | |
Balance at period end | 6,907 | 7,536 | |
Total loans | $ 1,741,113 | $ 1,755,235 | |
Allowance for credit losses on loans to total loans ratio | 0.40% | 0.43% | |
Average loans | $ 1,746,042 | $ 1,766,839 | |
Annualized net charge-offs/ (recoveries) to average loans | (0.01%) | (0.01%) | |
Balance of loans individually evaluated for credit loss | $ 4,394 | $ 4,640 | |
Allowance related to loans evaluated individually | $ 1,126 | $ 1,159 | |
Individual allowance to loans evaluated individually ratio | 25.63% | 24.98% | |
Contractual balance of individually evaluated loans | $ 5,416 | $ 5,623 | |
Balance of loans collectively evaluated for credit loss | 1,736,719 | 1,750,595 | |
Allowance related to loans evaluated collectively | $ 5,781 | $ 6,377 | |
Collective allowance to loans evaluated collectively ratio | 0.33% | 0.36% | |
Commercial real estate: | Commercial AD&C | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 8,287 | 18,646 | $ 18,646 |
Provision/ (credit) for credit losses - loans | 2,275 | (10,359) | |
Charge-offs | 0 | 0 | |
Recoveries | 283 | 0 | |
Net (charge-offs)/ recoveries | 283 | 0 | |
Balance at period end | 10,845 | 8,287 | |
Total loans | $ 1,090,259 | $ 988,967 | |
Allowance for credit losses on loans to total loans ratio | 0.99% | 0.84% | |
Average loans | $ 1,030,763 | $ 1,023,669 | |
Annualized net charge-offs/ (recoveries) to average loans | (0.11%) | 0% | |
Balance of loans individually evaluated for credit loss | $ 557 | $ 1,259 | |
Allowance related to loans evaluated individually | $ 102 | $ 102 | |
Individual allowance to loans evaluated individually ratio | 18.31% | 8.10% | |
Contractual balance of individually evaluated loans | $ 581 | $ 1,270 | |
Balance of loans collectively evaluated for credit loss | 1,089,702 | 987,708 | |
Allowance related to loans evaluated collectively | $ 10,743 | $ 8,185 | |
Collective allowance to loans evaluated collectively ratio | 0.99% | 0.83% | |
Commercial Business | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Total loans | $ 9,338,843 | $ 9,353,507 | |
Commercial Business | Commercial business | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 31,932 | 28,027 | 28,027 |
Provision/ (credit) for credit losses - loans | (1,345) | 4,051 | |
Charge-offs | (1,551) | (449) | |
Recoveries | 1 | 303 | |
Net (charge-offs)/ recoveries | (1,550) | (146) | |
Balance at period end | 29,037 | 31,932 | |
Total loans | $ 1,509,592 | $ 1,504,880 | |
Allowance for credit losses on loans to total loans ratio | 1.92% | 2.12% | |
Average loans | $ 1,508,336 | $ 1,440,382 | |
Annualized net charge-offs/ (recoveries) to average loans | 0.41% | 0.01% | |
Balance of loans individually evaluated for credit loss | $ 7,164 | $ 10,051 | |
Allowance related to loans evaluated individually | $ 4,787 | $ 7,386 | |
Individual allowance to loans evaluated individually ratio | 66.82% | 73.49% | |
Contractual balance of individually evaluated loans | $ 9,535 | $ 11,500 | |
Balance of loans collectively evaluated for credit loss | 1,502,428 | 1,494,829 | |
Allowance related to loans evaluated collectively | $ 24,250 | $ 24,546 | |
Collective allowance to loans evaluated collectively ratio | 1.61% | 1.64% | |
Residential real estate: | Residential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 8,890 | 9,424 | $ 9,424 |
Provision/ (credit) for credit losses - loans | 195 | (488) | |
Charge-offs | 0 | (160) | |
Recoveries | 6 | 114 | |
Net (charge-offs)/ recoveries | 6 | (46) | |
Balance at period end | 9,091 | 8,890 | |
Total loans | $ 1,511,624 | $ 1,474,521 | |
Allowance for credit losses on loans to total loans ratio | 0.60% | 0.60% | |
Average loans | $ 1,491,277 | $ 1,380,496 | |
Annualized net charge-offs/ (recoveries) to average loans | 0% | 0% | |
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% | 0% | |
Contractual balance of individually evaluated loans | $ 0 | $ 0 | |
Balance of loans collectively evaluated for credit loss | 1,511,624 | 1,474,521 | |
Allowance related to loans evaluated collectively | $ 9,091 | $ 8,890 | |
Collective allowance to loans evaluated collectively ratio | 0.60% | 0.60% | |
Residential real estate: | Residential construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 729 | 1,337 | $ 1,337 |
Provision/ (credit) for credit losses - loans | (306) | (608) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs)/ recoveries | 0 | 0 | |
Balance at period end | 423 | 729 | |
Total loans | $ 97,685 | $ 121,419 | |
Allowance for credit losses on loans to total loans ratio | 0.43% | 0.60% | |
Average loans | $ 110,456 | $ 187,599 | |
Annualized net charge-offs/ (recoveries) to average loans | 0% | 0% | |
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% | 0% | |
Contractual balance of individually evaluated loans | $ 0 | $ 0 | |
Balance of loans collectively evaluated for credit loss | 97,685 | 121,419 | |
Allowance related to loans evaluated collectively | $ 423 | $ 729 | |
Collective allowance to loans evaluated collectively ratio | 0.43% | 0.60% | |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 2,052 | $ 2,425 | $ 2,425 |
Provision/ (credit) for credit losses - loans | 310 | 1,048 | |
Charge-offs | (68) | (2,005) | |
Recoveries | 200 | 584 | |
Net (charge-offs)/ recoveries | 132 | (1,421) | |
Balance at period end | 2,494 | 2,052 | |
Total loans | $ 416,132 | $ 417,542 | |
Allowance for credit losses on loans to total loans ratio | 0.60% | 0.49% | |
Average loans | $ 417,539 | $ 421,963 | |
Annualized net charge-offs/ (recoveries) to average loans | (0.13%) | 0.34% | |
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% | 0% | |
Contractual balance of individually evaluated loans | $ 0 | $ 0 | |
Balance of loans collectively evaluated for credit loss | 416,132 | 417,542 | |
Allowance related to loans evaluated collectively | $ 2,494 | $ 2,052 | |
Collective allowance to loans evaluated collectively ratio | 0.60% | 0.49% |
CREDIT QUALITY ASSESSMENT - Inf
CREDIT QUALITY ASSESSMENT - Information on the Credit Quality of Loan Portfolio (Details) - Non-accrual status - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 91,485 | $ 34,782 |
Loans placed on non-accrual | 1,490 | 81,877 |
Non-accrual balances transferred to OREO | (2,700) | 0 |
Non-accrual balances charged-off | (1,550) | (2,358) |
Net payments or draws | (4,017) | (21,030) |
Non-accrual loans brought current | (627) | (1,786) |
Balance at end of period | 84,081 | 91,485 |
Commercial real estate: | Commercial investor real estate | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 58,658 | 9,943 |
Loans placed on non-accrual | 715 | 62,725 |
Non-accrual balances transferred to OREO | (2,700) | 0 |
Non-accrual balances charged-off | (1) | 0 |
Net payments or draws | (1,093) | (14,010) |
Non-accrual loans brought current | 0 | 0 |
Balance at end of period | 55,579 | 58,658 |
Commercial real estate: | Commercial owner-occupied real estate | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 4,640 | 5,019 |
Loans placed on non-accrual | 0 | 0 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | 0 | 0 |
Net payments or draws | (246) | (379) |
Non-accrual loans brought current | 0 | 0 |
Balance at end of period | 4,394 | 4,640 |
Commercial real estate: | Commercial AD&C | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 1,259 | 0 |
Loans placed on non-accrual | 0 | 2,111 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | 0 | 0 |
Net payments or draws | (703) | (852) |
Non-accrual loans brought current | 0 | 0 |
Balance at end of period | 556 | 1,259 |
Commercial Business | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 10,051 | 7,322 |
Loans placed on non-accrual | 25 | 6,271 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | (1,549) | (441) |
Net payments or draws | (1,363) | (2,588) |
Non-accrual loans brought current | 0 | (513) |
Balance at end of period | 7,164 | 10,051 |
Residential real estate: | Residential mortgage | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 12,332 | 7,439 |
Loans placed on non-accrual | 362 | 7,871 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | 0 | (160) |
Net payments or draws | (288) | (1,667) |
Non-accrual loans brought current | (571) | (1,151) |
Balance at end of period | 11,835 | 12,332 |
Residential real estate: | Residential construction | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 443 | 0 |
Loans placed on non-accrual | 0 | 449 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | 0 | 0 |
Net payments or draws | 99 | (6) |
Non-accrual loans brought current | 0 | 0 |
Balance at end of period | 542 | 443 |
Consumer | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 4,102 | 5,059 |
Loans placed on non-accrual | 388 | 2,450 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | 0 | (1,757) |
Net payments or draws | (423) | (1,528) |
Non-accrual loans brought current | (56) | (122) |
Balance at end of period | $ 4,011 | $ 4,102 |
CREDIT QUALITY ASSESSMENT - Cre
CREDIT QUALITY ASSESSMENT - Credit Quality of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 11,364,284 | $ 11,366,989 |
Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,279,843 | 11,275,142 |
Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 84,081 | 91,485 |
Loans greater than 90 days past due | 360 | 362 |
Total loans | 84,441 | 91,847 |
Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,238,334 | 11,248,749 |
30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 32,737 | 23,732 |
60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 8,772 | 2,661 |
Commercial investor real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,997,879 | 5,104,425 |
Commercial owner-occupied real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,741,113 | 1,755,235 |
Commercial AD&C | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,090,259 | 988,967 |
Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,511,624 | 1,474,521 |
Residential construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 97,685 | 121,419 |
Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,997,879 | 5,104,425 |
Commercial real estate: | Commercial investor real estate | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,942,300 | 5,045,767 |
Commercial real estate: | Commercial investor real estate | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 55,579 | 58,658 |
Loans greater than 90 days past due | 0 | 0 |
Total loans | 55,579 | 58,658 |
Commercial real estate: | Commercial investor real estate | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,932,570 | 5,044,647 |
Commercial real estate: | Commercial investor real estate | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,681 | 1,120 |
Commercial real estate: | Commercial investor real estate | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 49 | 0 |
Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,741,113 | 1,755,235 |
Commercial real estate: | Commercial owner-occupied real estate | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,736,719 | 1,750,595 |
Commercial real estate: | Commercial owner-occupied real estate | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 4,394 | 4,640 |
Loans greater than 90 days past due | 0 | 0 |
Total loans | 4,394 | 4,640 |
Commercial real estate: | Commercial owner-occupied real estate | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,729,205 | 1,748,449 |
Commercial real estate: | Commercial owner-occupied real estate | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,538 | 2,056 |
Commercial real estate: | Commercial owner-occupied real estate | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,976 | 90 |
Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,090,259 | 988,967 |
Commercial real estate: | Commercial AD&C | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,089,703 | 987,708 |
Commercial real estate: | Commercial AD&C | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 556 | 1,259 |
Loans greater than 90 days past due | 0 | 0 |
Total loans | 556 | 1,259 |
Commercial real estate: | Commercial AD&C | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,083,907 | 986,859 |
Commercial real estate: | Commercial AD&C | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,796 | 849 |
Commercial real estate: | Commercial AD&C | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Commercial Business | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,338,843 | 9,353,507 |
Commercial Business | Commercial business | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,509,592 | 1,504,880 |
Commercial Business | Commercial business | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,502,408 | 1,494,809 |
Commercial Business | Commercial business | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 7,164 | 10,051 |
Loans greater than 90 days past due | 20 | 20 |
Total loans | 7,184 | 10,071 |
Commercial Business | Commercial business | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,499,245 | 1,494,426 |
Commercial Business | Commercial business | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,658 | 383 |
Commercial Business | Commercial business | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,505 | 0 |
Residential real estate: | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,511,624 | 1,474,521 |
Residential real estate: | Residential mortgage | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,499,449 | 1,461,847 |
Residential real estate: | Residential mortgage | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 11,835 | 12,332 |
Loans greater than 90 days past due | 340 | 342 |
Total loans | 12,175 | 12,674 |
Residential real estate: | Residential mortgage | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,486,341 | 1,445,785 |
Residential real estate: | Residential mortgage | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,336 | 14,026 |
Residential real estate: | Residential mortgage | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 772 | 2,036 |
Residential real estate: | Residential construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 97,685 | 121,419 |
Residential real estate: | Residential construction | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 97,143 | 120,976 |
Residential real estate: | Residential construction | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 542 | 443 |
Loans greater than 90 days past due | 0 | 0 |
Total loans | 542 | 443 |
Residential real estate: | Residential construction | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 96,404 | 118,976 |
Residential real estate: | Residential construction | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 739 | 2,000 |
Residential real estate: | Residential construction | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 416,132 | 417,542 |
Consumer | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 412,121 | 413,440 |
Consumer | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 4,011 | 4,102 |
Loans greater than 90 days past due | 0 | 0 |
Total loans | 4,011 | 4,102 |
Consumer | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 410,662 | 409,607 |
Consumer | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 989 | 3,298 |
Consumer | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 470 | $ 535 |
CREDIT QUALITY ASSESSMENT - Non
CREDIT QUALITY ASSESSMENT - Non-accrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | $ 87,786 | $ 58,813 |
Contractual interest income due on non- accrual loans during the period | 1,414 | 2,552 |
Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 57,119 | 28,650 |
Contractual interest income due on non- accrual loans during the period | 923 | 760 |
Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 4,517 | 4,795 |
Contractual interest income due on non- accrual loans during the period | 71 | 298 |
Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 908 | 812 |
Contractual interest income due on non- accrual loans during the period | 14 | 41 |
Commercial Business | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 8,608 | 9,640 |
Contractual interest income due on non- accrual loans during the period | 154 | 716 |
Residential real estate: | Residential mortgage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 12,084 | 10,547 |
Contractual interest income due on non- accrual loans during the period | 149 | 432 |
Residential real estate: | Residential construction | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 493 | 223 |
Contractual interest income due on non- accrual loans during the period | 6 | 6 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 4,057 | 4,146 |
Contractual interest income due on non- accrual loans during the period | $ 97 | $ 299 |
CREDIT QUALITY ASSESSMENT - Nar
CREDIT QUALITY ASSESSMENT - Narrative (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) loan | Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans, interest income recognized | $ 0 | |
Unfunded loan commitments for borrowers experiencing financial difficulty | $ 100,000 | |
Subsequent default, number of contracts | loan | 0 | |
Other real estate owned | $ 2,700,000 | $ 0 |
Consumer mortgage loan in process of foreclosure | 200,000 | |
Non-accrual status | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans placed on non-accrual | 1,490,000 | 81,877,000 |
Restructured Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other real estate owned | $ 2,700,000 | $ 0 |
CREDIT QUALITY ASSESSMENT - I_2
CREDIT QUALITY ASSESSMENT - Information about Credit Quality Indicator by Year of Origination (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | $ 353,255 | $ 1,245,085 | |
Year one | 1,132,101 | 2,958,596 | |
Year two | 2,964,521 | 2,375,873 | |
Year three | 2,305,753 | 1,175,656 | |
Year four | 1,106,848 | 870,390 | |
Prior | 2,549,494 | 1,776,440 | |
Revolving Loans | 952,312 | 964,949 | |
Total loans | 11,364,284 | 11,366,989 | |
Current period gross charge-offs, Total | 1,620 | $ 171 | 2,614 |
Commercial investor real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 134,604 | 445,782 | |
Year one | 377,493 | 1,396,438 | |
Year two | 1,345,678 | 1,226,951 | |
Year three | 1,196,965 | 634,361 | |
Year four | 600,295 | 511,146 | |
Prior | 1,316,366 | 865,346 | |
Revolving Loans | 26,478 | 24,401 | |
Total loans | 4,997,879 | 5,104,425 | |
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 | 1 | 0 | |
Current period gross charge-offs, year four | 0 | 0 | |
Current period gross charge-offs, prior | 0 | 0 | |
Current period gross charge-offs, revolving | 0 | 0 | |
Current period gross charge-offs, Total | 1 | 0 | |
Commercial investor real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 109,352 | 405,740 | |
Year one | 361,098 | 1,395,973 | |
Year two | 1,345,217 | 1,195,708 | |
Year three | 1,168,206 | 634,361 | |
Year four | 599,290 | 511,146 | |
Prior | 1,294,814 | 848,958 | |
Revolving Loans | 26,478 | 23,653 | |
Total loans | 4,904,455 | 5,015,539 | |
Commercial investor real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 861 | 9,250 | |
Year one | 6,229 | 0 | |
Year two | 0 | 316 | |
Year three | 723 | 0 | |
Year four | 1,005 | 0 | |
Prior | 7,148 | 1,978 | |
Revolving Loans | 0 | 0 | |
Total loans | 15,966 | 11,544 | |
Commercial investor real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 24,391 | 30,792 | |
Year one | 10,166 | 465 | |
Year two | 461 | 30,927 | |
Year three | 28,036 | 0 | |
Year four | 0 | 0 | |
Prior | 14,404 | 14,410 | |
Revolving Loans | 0 | 748 | |
Total loans | 77,458 | 77,342 | |
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 loans | 0 | 0 | |
Commercial owner-occupied real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 35,074 | 139,040 | |
Year one | 124,507 | 364,951 | |
Year two | 358,306 | 321,310 | |
Year three | 314,985 | 239,979 | |
Year four | 237,255 | 243,278 | |
Prior | 665,342 | 441,056 | |
Revolving Loans | 5,644 | 5,621 | |
Total loans | 1,741,113 | 1,755,235 | |
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 | 0 | 0 | |
Current period gross charge-offs, Total | 0 | 0 | |
Commercial owner-occupied real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 35,074 | 136,072 | |
Year one | 121,759 | 361,247 | |
Year two | 355,379 | 318,269 | |
Year three | 311,954 | 238,761 | |
Year four | 236,043 | 235,145 | |
Prior | 649,493 | 428,846 | |
Revolving Loans | 5,644 | 5,621 | |
Total loans | 1,715,346 | 1,723,961 | |
Commercial owner-occupied real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 406 | |
Year one | 2,162 | 70 | |
Year two | 69 | 2,240 | |
Year three | 2,234 | 875 | |
Year four | 872 | 2,267 | |
Prior | 5,108 | 8,616 | |
Revolving Loans | 0 | 0 | |
Total loans | 10,445 | 14,474 | |
Commercial owner-occupied real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 2,562 | |
Year one | 586 | 3,634 | |
Year two | 2,858 | 801 | |
Year three | 797 | 343 | |
Year four | 340 | 5,866 | |
Prior | 10,741 | 3,594 | |
Revolving Loans | 0 | 0 | |
Total loans | 15,322 | 16,800 | |
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 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial AD&C | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 93,033 | 335,934 | |
Year one | 328,011 | 289,301 | |
Year two | 357,299 | 178,889 | |
Year three | 172,284 | 28,954 | |
Year four | 5,429 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 134,203 | 155,889 | |
Total loans | 1,090,259 | 988,967 | |
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 | 0 | 0 | |
Current period gross charge-offs, Total | 0 | 0 | |
Commercial AD&C | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 92,911 | 334,918 | |
Year one | 327,688 | 288,732 | |
Year two | 356,865 | 178,889 | |
Year three | 172,284 | 28,954 | |
Year four | 5,429 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 133,678 | 155,889 | |
Total loans | 1,088,855 | 987,382 | |
Commercial AD&C | Special Mention | |||
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 | 525 | 0 | |
Total loans | 525 | 0 | |
Commercial AD&C | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 122 | 1,016 | |
Year one | 323 | 569 | |
Year two | 434 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 879 | 1,585 | |
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 loans | 0 | 0 | |
Residential mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 7,795 | 32,863 | |
Year one | 40,495 | 487,240 | |
Year two | 516,187 | 418,747 | |
Year three | 420,041 | 173,191 | |
Year four | 171,192 | 47,779 | |
Prior | 355,914 | 314,701 | |
Revolving Loans | 0 | 0 | |
Total loans | 1,511,624 | 1,474,521 | |
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 | 43 | |
Current period gross charge-offs, year three | 0 | 0 | |
Current period gross charge-offs, year four | 0 | 10 | |
Current period gross charge-offs, prior | 0 | 107 | |
Current period gross charge-offs, revolving | 0 | 0 | |
Current period gross charge-offs, Total | 0 | 160 | |
Residential mortgage | 660-850 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 7,224 | 31,853 | |
Year one | 38,452 | 476,631 | |
Year two | 498,423 | 394,414 | |
Year three | 394,110 | 166,387 | |
Year four | 162,827 | 41,473 | |
Prior | 304,763 | 266,927 | |
Revolving Loans | 0 | 0 | |
Total loans | 1,405,799 | 1,377,685 | |
Residential mortgage | 600-659 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 293 | 781 | |
Year one | 613 | 7,022 | |
Year two | 15,375 | 18,284 | |
Year three | 17,473 | 2,009 | |
Year four | 4,305 | 1,882 | |
Prior | 24,462 | 24,040 | |
Revolving Loans | 0 | 0 | |
Total loans | 62,521 | 54,018 | |
Residential mortgage | 540-599 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Year one | 1,203 | 1,545 | |
Year two | 357 | 2,698 | |
Year three | 3,566 | 2,371 | |
Year four | 2,437 | 1,891 | |
Prior | 9,714 | 9,377 | |
Revolving Loans | 0 | 0 | |
Total loans | 17,277 | 17,882 | |
Residential mortgage | less than 540 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 278 | 229 | |
Year one | 227 | 2,042 | |
Year two | 2,032 | 3,351 | |
Year three | 4,892 | 2,424 | |
Year four | 1,623 | 2,533 | |
Prior | 16,975 | 14,357 | |
Revolving Loans | 0 | 0 | |
Total loans | 26,027 | 24,936 | |
Residential construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,353 | 24,059 | |
Year one | 25,939 | 68,773 | |
Year two | 44,607 | 23,216 | |
Year three | 19,872 | 3,978 | |
Year four | 3,456 | 150 | |
Prior | 1,458 | 1,243 | |
Revolving Loans | 0 | 0 | |
Total loans | 97,685 | 121,419 | |
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 | 0 | 0 | |
Current period gross charge-offs, Total | 0 | 0 | |
Residential construction | 660-850 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,768 | 21,975 | |
Year one | 25,593 | 68,273 | |
Year two | 42,790 | 21,897 | |
Year three | 19,872 | 2,478 | |
Year four | 1,956 | 150 | |
Prior | 1,458 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 93,437 | 114,773 | |
Residential construction | 600-659 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 542 | 1,641 | |
Year one | 346 | 500 | |
Year two | 1,817 | 1,319 | |
Year three | 0 | 1,500 | |
Year four | 1,500 | 0 | |
Prior | 0 | 1,243 | |
Revolving Loans | 0 | 0 | |
Total loans | 4,205 | 6,203 | |
Residential construction | 540-599 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 43 | 443 | |
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 43 | 443 | |
Residential construction | less than 540 | |||
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 loans | 0 | 0 | |
Commercial Business | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 9,338,843 | 9,353,507 | |
Commercial Business | Commercial business | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 78,887 | 254,338 | |
Year one | 223,063 | 346,152 | |
Year two | 336,995 | 204,481 | |
Year three | 179,424 | 94,152 | |
Year four | 88,089 | 65,378 | |
Prior | 175,486 | 119,926 | |
Revolving Loans | 427,648 | 420,453 | |
Total loans | 1,509,592 | 1,504,880 | |
Current period gross charge-offs, current year | 0 | 0 | |
Current period gross charge-offs, year one | 0 | 9 | |
Current period gross charge-offs, year two | 612 | 324 | |
Current period gross charge-offs, year three | 0 | 0 | |
Current period gross charge-offs, year four | 0 | 0 | |
Current period gross charge-offs, prior | 939 | 116 | |
Current period gross charge-offs, revolving | 0 | 0 | |
Current period gross charge-offs, Total | 1,551 | 449 | |
Commercial Business | Commercial business | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 78,623 | 247,081 | |
Year one | 217,077 | 344,034 | |
Year two | 335,793 | 202,020 | |
Year three | 176,699 | 92,198 | |
Year four | 86,378 | 62,413 | |
Prior | 171,698 | 118,061 | |
Revolving Loans | 418,680 | 410,856 | |
Total loans | 1,484,948 | 1,476,663 | |
Commercial Business | Commercial business | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 177 | 532 | |
Year one | 647 | 45 | |
Year two | 130 | 180 | |
Year three | 491 | 1,037 | |
Year four | 762 | 1,040 | |
Prior | 1,198 | 294 | |
Revolving Loans | 3,350 | 3,635 | |
Total loans | 6,755 | 6,763 | |
Commercial Business | Commercial business | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 87 | 6,725 | |
Year one | 5,339 | 2,073 | |
Year two | 1,072 | 2,281 | |
Year three | 2,234 | 917 | |
Year four | 949 | 1,925 | |
Prior | 2,590 | 1,571 | |
Revolving Loans | 5,618 | 5,962 | |
Total loans | 17,889 | 21,454 | |
Commercial Business | Commercial business | 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 loans | 0 | 0 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,509 | 13,069 | |
Year one | 12,593 | 5,741 | |
Year two | 5,449 | 2,279 | |
Year three | 2,182 | 1,041 | |
Year four | 1,132 | 2,659 | |
Prior | 34,928 | 34,168 | |
Revolving Loans | 358,339 | 358,585 | |
Total loans | 416,132 | 417,542 | |
Current period gross charge-offs, current year | 0 | 0 | |
Current period gross charge-offs, year one | 0 | 20 | |
Current period gross charge-offs, year two | 0 | 28 | |
Current period gross charge-offs, year three | 5 | 0 | |
Current period gross charge-offs, year four | 0 | 15 | |
Current period gross charge-offs, prior | 11 | 1,735 | |
Current period gross charge-offs, revolving | 52 | 207 | |
Current period gross charge-offs, Total | 68 | 2,005 | |
Consumer | 660-850 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,409 | 11,452 | |
Year one | 10,606 | 4,960 | |
Year two | 4,476 | 1,823 | |
Year three | 1,717 | 519 | |
Year four | 740 | 1,662 | |
Prior | 25,997 | 24,543 | |
Revolving Loans | 331,206 | 333,382 | |
Total loans | 376,151 | 378,341 | |
Consumer | 600-659 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 11 | 1,209 | |
Year one | 1,154 | 192 | |
Year two | 357 | 237 | |
Year three | 94 | 425 | |
Year four | 241 | 209 | |
Prior | 3,873 | 3,954 | |
Revolving Loans | 14,047 | 12,668 | |
Total loans | 19,777 | 18,894 | |
Consumer | 540-599 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 13 | 24 | |
Year one | 477 | 374 | |
Year two | 284 | 87 | |
Year three | 73 | 47 | |
Year four | 34 | 500 | |
Prior | 2,298 | 2,868 | |
Revolving Loans | 4,460 | 5,920 | |
Total loans | 7,639 | 9,820 | |
Consumer | less than 540 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 76 | 384 | |
Year one | 356 | 215 | |
Year two | 332 | 132 | |
Year three | 298 | 50 | |
Year four | 117 | 288 | |
Prior | 2,760 | 2,803 | |
Revolving Loans | 8,626 | 6,615 | |
Total loans | $ 12,565 | $ 10,487 |
CREDIT QUALITY ASSESSMENT - Loa
CREDIT QUALITY ASSESSMENT - Loans Modified (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | $ 26,146 | $ 162 |
% of total loan segment | 0.20% | 0% |
Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | $ 25,252 | $ 68 |
% of total loan segment | 0.50% | 0% |
Interest rate reduction, Weighted Average | 0% | 0% |
Term extension | 6 months | 6 months |
Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | $ 0 | $ 0 |
% of total loan segment | 0% | 0% |
Interest rate reduction, Weighted Average | 0% | 0% |
Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | $ 122 | $ 0 |
% of total loan segment | 0% | 0% |
Interest rate reduction, Weighted Average | 0% | 0% |
Term extension | 17 months | |
Commercial business | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | $ 230 | $ 94 |
% of total loan segment | 0% | 0% |
Interest rate reduction, Weighted Average | 0.40% | 0% |
Term extension | 27 months | 12 months |
All Other loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | $ 542 | $ 0 |
% of total loan segment | 0% | 0% |
Interest rate reduction, Weighted Average | 0% | 0% |
Term extension | 9 months | |
Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | $ 0 | $ 0 |
Interest rate reduction | Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 0 | 0 |
Interest rate reduction | Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 0 | 0 |
Interest rate reduction | Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 0 | 0 |
Interest rate reduction | Commercial business | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 0 | 0 |
Interest rate reduction | All Other loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 0 | 0 |
Term extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 26,003 | 162 |
Term extension | Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 25,252 | 68 |
Term extension | Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 0 | 0 |
Term extension | Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 122 | 0 |
Term extension | Commercial business | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 87 | 94 |
Term extension | All Other loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 542 | 0 |
Rate reduction & Term extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 143 | 0 |
Rate reduction & Term extension | Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 0 | 0 |
Rate reduction & Term extension | Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 0 | 0 |
Rate reduction & Term extension | Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 0 | 0 |
Rate reduction & Term extension | Commercial business | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | 143 | 0 |
Rate reduction & Term extension | All Other loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amount | $ 0 | $ 0 |
CREDIT QUALITY ASSESSMENT - Per
CREDIT QUALITY ASSESSMENT - Performance of Modified Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 26,146 | $ 162 |
Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 26,146 | 162 |
30-89 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
90+ days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 25,252 | 68 |
Commercial real estate: | Commercial investor real estate | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 25,252 | 68 |
Commercial real estate: | Commercial investor real estate | 30-89 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial investor real estate | 90+ days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial investor real estate | Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial owner-occupied real estate | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial owner-occupied real estate | 30-89 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial owner-occupied real estate | 90+ days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial owner-occupied real estate | Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 122 | 0 |
Commercial real estate: | Commercial AD&C | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 122 | 0 |
Commercial real estate: | Commercial AD&C | 30-89 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial AD&C | 90+ days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial real estate: | Commercial AD&C | Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial business | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 230 | 94 |
Commercial business | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 230 | 94 |
Commercial business | 30-89 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial business | 90+ days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Commercial business | Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
All Other loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 542 | 0 |
All Other loans | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 542 | 0 |
All Other loans | 30-89 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
All Other loans | 90+ days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
All Other loans | Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Amount of Goodwill by Reporting Units (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 363,436 |
No activity | 0 |
Ending balance | 363,436 |
Community Banking | |
Goodwill [Roll Forward] | |
Beginning balance | 331,689 |
No activity | 0 |
Ending balance | 331,689 |
Investment Management | |
Goodwill [Roll Forward] | |
Beginning balance | 31,747 |
No activity | 0 |
Ending balance | $ 31,747 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | $ 55,172 | $ 53,366 |
Accumulated amortization | (30,382) | (28,313) |
Total amortizing intangible assets | 24,790 | 25,053 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Amount | 60,246 | 56,614 |
Accumulated amortization | (30,382) | (28,313) |
Net Carrying Amount | 29,864 | 28,301 |
Goodwill, gross | 363,436 | 363,436 |
Goodwill, Net | 363,436 | 363,436 |
Intangible projects in process | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 5,074 | 3,248 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | 29,038 | 29,038 |
Accumulated amortization | (20,943) | (20,181) |
Total amortizing intangible assets | 8,095 | 8,857 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated amortization | $ (20,943) | $ (20,181) |
Core deposit intangibles | Weighted Average | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-lived intangible asset, useful life | 5 years 3 months 18 days | 5 years 6 months |
Software intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | $ 12,228 | $ 10,422 |
Accumulated amortization | (1,134) | (183) |
Total amortizing intangible assets | 11,094 | 10,239 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated amortization | $ (1,134) | $ (183) |
Software intangibles | Weighted Average | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-lived intangible asset, useful life | 4 years 1 month 6 days | 4 years 9 months 18 days |
Other identifiable intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | $ 13,906 | $ 13,906 |
Accumulated amortization | (8,305) | (7,949) |
Total amortizing intangible assets | 5,601 | 5,957 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated amortization | $ (8,305) | $ (7,949) |
Other identifiable intangibles | Weighted Average | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-lived intangible asset, useful life | 7 years 6 months | 7 years 8 months 12 days |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Future Amortization Expense for Amortizing Intangibles (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remaining 2024 | $ 6,154 | |
2025 | 5,741 | |
2026 | 4,890 | |
2027 | 3,880 | |
2028 | 2,970 | |
Thereafter | 1,155 | |
Total amortizing intangible assets | $ 24,790 | $ 25,053 |
DEPOSITS - Composition of Depos
DEPOSITS - Composition of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 2,817,928 | $ 2,914,161 |
Interest-bearing deposits: | ||
Demand | 1,528,184 | 1,463,679 |
Money market savings | 2,680,474 | 2,628,918 |
Regular savings | 1,579,104 | 1,275,225 |
Time deposits of less than $250,000 | 1,978,545 | 2,068,259 |
Time deposits of $250,000 or more | 642,965 | 646,296 |
Total interest-bearing deposits | 8,409,272 | 8,082,377 |
Total deposits | $ 11,227,200 | $ 10,996,538 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - USD ($) | 3 Months Ended | |||
Mar. 15, 2022 | Nov. 05, 2019 | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||
Long-term borrowings | $ 370,952,000 | $ 370,803,000 | ||
FHLB availability based on pledged collateral | 3,100,000,000 | 3,100,000,000 | ||
FHLB advances | 500,000,000 | 550,000,000 | ||
Unsecured lines of credit, correspondent banks | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 1,200,000,000 | 1,200,000,000 | ||
Federal Reserve Bank Term Funding Program | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | 300,000,000 | |||
Federal Home Loan Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 3,600,000,000 | 3,600,000,000 | ||
Federal Home Loan Bank Advances | Residential mortgage | Asset pledged as collateral | Federal Home Loan Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 1,400,000,000 | 1,400,000,000 | ||
Federal Home Loan Bank Advances | Commercial real estate loans | Asset pledged as collateral | Federal Home Loan Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 3,900,000,000 | 4,000,000,000 | ||
Federal Home Loan Bank Advances | Home equity lines of credit | Asset pledged as collateral | Federal Home Loan Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 210,800,000 | 209,200,000 | ||
Federal Home Loan Bank Advances | Multifamily loans | Asset pledged as collateral | Federal Home Loan Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 502,500,000 | 538,600,000 | ||
Federal Reserve and correspondent banks | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 734,400,000 | 651,300,000 | ||
Line of credit | $ 0 | 0 | ||
Subordinated Debt | Fixed Floating Rate Subordinated Notes Due 2032 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 200,000,000 | |||
Interest rate | 3.875% | 3.875% | ||
Basis spread on variable rate | 1.965% | |||
Unamortized discount (premium) and debt issuance costs, net | $ 3,100,000 | |||
Subordinated Debt | Fixed Floating Rate Subordinated Notes Due 2029 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.25% | 4.25% | ||
Basis spread on variable rate | 2.88% | |||
Unamortized discount (premium) and debt issuance costs, net | $ 2,900,000 | |||
Long-term borrowings | $ 175,000,000 | |||
Subordinated Debt | Fixed Floating Rate Subordinated Notes Due 2029 | Spread Adjustment | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.26% | |||
Retail Repurchase Agreements | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 71,500,000 | $ 75,000,000 | ||
Federal Funds Purchased | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 0 |
BORROWINGS - Schedule of Subord
BORROWINGS - Schedule of Subordinated Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 15, 2022 | Nov. 05, 2019 |
Subordinated Borrowing [Line Items] | ||||
Long-term borrowings | $ 370,952 | $ 370,803 | ||
Subordinated Debt | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debt, gross | 375,000 | 375,000 | ||
Less: Debt issuance costs | (4,048) | (4,197) | ||
Subordinated Debt | Fixed Floating Rate Subordinated Notes Due 2032 | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debt, gross | $ 200,000 | 200,000 | ||
Interest rate | 3.875% | 3.875% | ||
Subordinated Debt | Fixed Floating Rate Subordinated Notes Due 2029 | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debt, gross | $ 175,000 | $ 175,000 | ||
Long-term borrowings | $ 175,000 | |||
Interest rate | 4.25% | 4.25% |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - Repurchase Plan 2022 - Common Stock - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 30, 2022 | |
Equity [Line Items] | ||||
Value of stock authorized for repurchase | $ 50 | |||
Stock repurchased (in shares) | 0 | 0 | 625,710 | |
Common stock repurchased, average price (in dollars per share) | $ 39.93 | |||
Stock repurchased and retired | $ 25 | |||
Remaining value of stock authorized for repurchase | $ 25 |
SHARE BASED COMPENSATION - Narr
SHARE BASED COMPENSATION - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) director shares | Mar. 31, 2023 USD ($) | May 06, 2015 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of directors | director | 3 | ||
2015 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized (in shares) | 1,500,000 | ||
Expiration period | 10 years | ||
Shares available for issuance (in shares) | 0 | ||
2015 Omnibus Incentive Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise period | 7 years | ||
2015 Omnibus Incentive Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise period | 10 years | ||
2015 Omnibus Incentive Plan | Stock Options and Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expense | $ | $ 1,200,000 | $ 1,200,000 | |
2015 Omnibus Incentive Plan | Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ | $ 0 | ||
2015 Omnibus Incentive Plan | Stock Option | Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 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 | $ | $ 11,100,000 | ||
Expected cost recognition weighted average period | 2 years 5 months 15 days | ||
Shares issued (in shares) | 317,735 | ||
2015 Omnibus Incentive Plan | Performance Shares | Tranche one | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued (in shares) | 83,691 | ||
Performance period | 3 years | ||
2015 Omnibus Incentive Plan | Time Based Shares | Tranche two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued (in shares) | 234,044 | ||
Vesting period | 3 years |
SHARE BASED COMPENSATION - Summ
SHARE BASED COMPENSATION - Summary of Activity Restricted Stock (Details) - Restricted Stock | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of Common Shares/Units | |
Nonvested beginning balance (in shares) | shares | 458,929 |
Granted (in shares) | shares | 317,735 |
Vested (in shares) | shares | (46,420) |
Forfeited/ cancelled (in shares) | shares | (2,772) |
Nonvested ending balance (in shares) | shares | 727,472 |
Weighted Average Grant-Date Fair Value | |
Nonvested beginning balance (in dollars per share) | $ / shares | $ 32.90 |
Granted (in dollars per share) | $ / shares | 22.12 |
Vested (in dollars per share) | $ / shares | 38.59 |
Forfeited/ cancelled (in dollars per share) | $ / shares | 32.69 |
Nonvested ending balance (in dollars per share) | $ / shares | $ 28.04 |
SHARE BASED COMPENSATION - Su_2
SHARE BASED COMPENSATION - Summary of Share Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Number of Common Shares | |||
Beginning balance (in shares) | 80,195 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | (9,938) | (7,530) | |
Forfeited (in shares) | 0 | ||
Expired (in shares) | (6,163) | ||
Ending balance (in shares) | 64,094 | 80,195 | |
Exercisable at end of period (in shares) | 64,094 | ||
Weighted Average Exercise Share Price | |||
Beginning balance (in dollars per share) | $ 19.07 | ||
Granted (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 10.96 | ||
Forfeited (in dollars per share) | 0 | ||
Expired (in dollars per share) | 42.48 | ||
Ending balance (in dollars per share) | 18.07 | $ 19.07 | |
Exercisable at end of period (in dollars per share) | $ 18.07 | ||
Weighted Average Contractual Remaining Life (Years) | |||
Balance at end of period | 1 year 2 months 12 days | 1 year 2 months 12 days | |
Exercisable at end of period | 1 year 2 months 12 days | ||
Aggregate Intrinsic Value (in thousands) | |||
Beginning balance | $ 621 | ||
Exercised | 135 | ||
Ending balance | 516 | $ 621 | |
Exercisable at end of period | $ 516 |
PENSION PLAN - Narrative (Detai
PENSION PLAN - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Retirement Benefits [Abstract] | |
Contributions by employer | $ 1.3 |
Settlement expense | $ 8.2 |
PENSION PLAN - Net Periodic Ben
PENSION PLAN - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Retirement Benefits [Abstract] | ||
Interest cost on projected benefit obligation | $ 0 | $ 438 |
Expected return on plan assets | 0 | (373) |
Recognized net actuarial loss | 0 | 225 |
Net periodic benefit cost | $ 0 | $ 290 |
NET INCOME PER COMMON SHARE - C
NET INCOME PER COMMON SHARE - Calculation of Net Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 20,372 | $ 51,253 |
Distributed and undistributed earnings allocated to participating securities | (26) | (169) |
Net income attributable to common shareholders | $ 20,346 | $ 51,084 |
Total weighted average outstanding shares (in shares) | 44,990 | 44,825 |
Less: Weighted average participating securities (in shares) | (58) | (148) |
Basic weighted average common shares (in shares) | 44,932 | 44,677 |
Dilutive weighted average common stock equivalents (in shares) | 155 | 195 |
Diluted weighted average common shares (in shares) | 45,087 | 44,872 |
Basic net income per common share (in dollars per share) | $ 0.45 | $ 1.14 |
Diluted net income per common share (in dollars per share) | $ 0.45 | $ 1.14 |
Anti-dilutive shares (in shares) | 29 | 15 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) - Net Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 1,588,142 | $ 1,483,768 |
Other comprehensive loss before reclassification from accumulated other comprehensive loss, net of tax | (5,749) | 15,490 |
Reclassifications from accumulated other comprehensive loss to earnings, net of tax | 277 | 470 |
Total other comprehensive income/ (loss) | (5,472) | 15,960 |
Balance at end of period | 1,589,364 | 1,536,865 |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (97,331) | (131,951) |
Total other comprehensive income/ (loss) | (5,472) | 15,960 |
Balance at end of period | (102,803) | (115,991) |
Unrealized Gains/(Losses) on Debt Securities Available-for-Sale | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (88,169) | (113,513) |
Other comprehensive loss before reclassification from accumulated other comprehensive loss, net of tax | (5,749) | 15,490 |
Reclassifications from accumulated other comprehensive loss to earnings, net of tax | 0 | 0 |
Total other comprehensive income/ (loss) | (5,749) | 15,490 |
Balance at end of period | (93,918) | (98,023) |
Defined Benefit Pension Plan | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 0 | (8,002) |
Other comprehensive loss before reclassification from accumulated other comprehensive loss, net of tax | 0 | 0 |
Reclassifications from accumulated other comprehensive loss to earnings, net of tax | 0 | 168 |
Total other comprehensive income/ (loss) | 0 | 168 |
Balance at end of period | 0 | (7,834) |
Unrealized Losses on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (9,162) | (10,436) |
Other comprehensive loss before reclassification from accumulated other comprehensive loss, net of tax | 0 | 0 |
Reclassifications from accumulated other comprehensive loss to earnings, net of tax | 277 | 302 |
Total other comprehensive income/ (loss) | 277 | 302 |
Balance at end of period | $ (8,885) | $ (10,134) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) - Reclassification Adjustments Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Investment securities gains | $ 0 | $ 0 |
Interest and dividends on investment securities | 166,014 | 151,347 |
Recognized actuarial loss | 0 | 225 |
Income before income tax expense | 27,316 | 68,484 |
Tax expense (benefit) | (6,944) | (17,231) |
Net income | 20,372 | 51,253 |
Unrealized Gains/(Losses) on Debt Securities Available-for-Sale | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Investment securities gains | 0 | 0 |
Income before income tax expense | 0 | 0 |
Tax expense (benefit) | 0 | 0 |
Net income | 0 | 0 |
Unrealized Losses on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest and dividends on investment securities | (371) | (405) |
Income before income tax expense | (371) | (405) |
Tax expense (benefit) | 94 | 103 |
Net income | (277) | (302) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Recognized actuarial loss | 0 | (225) |
Defined Benefit Pension Plan | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income before income tax expense | 0 | (225) |
Tax expense (benefit) | 0 | 57 |
Net income | $ 0 | $ (168) |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | Mar. 31, 2024 lease |
Lessee, Lease, Description [Line Items] | |
Number of operating leases not yet commenced | 0 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 20 years |
LEASES - Summary of Leases (Det
LEASES - Summary of Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Components of lease expense: | |||
Operating lease cost (resulting from lease payments) | $ 2,565 | $ 2,715 | |
Supplemental cash flow information related to leases: | |||
Operating cash flows from operating leases | 2,824 | 2,889 | |
ROU assets obtained in the exchange for lease liabilities due to new leases and acquisitions | 995 | 703 | |
Supplemental balance sheet information related to leases: | |||
Operating lease ROU assets | 39,814 | $ 40,362 | |
Operating lease liabilities | $ 47,251 | $ 48,058 | |
Operating lease, right-of-use asset, statement of financial position | Other assets | Other assets | |
Operating lease, liability, statement of financial position | Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | |
Other information related to leases: | |||
Weighted average remaining lease term of operating leases | 5 years 4 months 24 days | 5 years 7 months 6 days | |
Weighted average discount rate of operating leases | 3.67% | 3.61% | |
Revere Bank And RPJ | |||
Supplemental cash flow information related to leases: | |||
ROU assets obtained in the exchange for lease liabilities due to new leases and acquisitions | $ 0 | $ 0 |
LEASES - Maturities of Operatin
LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remaining 2024 | $ 8,343 | |
2025 | 10,458 | |
2026 | 9,734 | |
2027 | 8,300 | |
2028 | 6,799 | |
Thereafter | 8,631 | |
Total undiscounted lease payments | 52,265 | |
Less: Present value discount | (5,014) | |
Lease liability | $ 47,251 | $ 48,058 |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) | Mar. 31, 2024 USD ($) derivative |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative fair value | $ | $ 0 |
Number of designated hedges in a qualifying hedging relationship | derivative | 0 |
DERIVATIVES - Fair Value by Bal
DERIVATIVES - Fair Value by Balance Sheet Location (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Notional | $ 578,754 | $ 524,108 |
Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 502,766 | 495,750 |
Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 40,488 | 16,608 |
Forward TBA Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 35,500 | 11,750 |
Not Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 18,431 | 16,225 |
Not Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability | 17,869 | 15,969 |
Not Designated as Hedging Instrument | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 17,758 | 15,867 |
Not Designated as Hedging Instrument | Interest Rate Swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability | 17,758 | 15,867 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 673 | 358 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability | 0 | 0 |
Not Designated as Hedging Instrument | Forward TBA Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 0 | 0 |
Not Designated as Hedging Instrument | Forward TBA Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability | $ 111 | $ 102 |
DERIVATIVES - Income Statement
DERIVATIVES - Income Statement Effect (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, gain (loss) | $ 306 | $ 205 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating |
Interest Rate Lock Commitments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, gain (loss) | $ 1,778 | $ 1,452 |
Forward TBA Contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, gain (loss) | $ (1,472) | $ (1,247) |
FAIR VALUE - Financial Assets a
FAIR VALUE - Financial Assets and Liabilities at Dates Indicated that were Accounted for at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale | $ 1,100,741 | $ 1,102,681 |
Residential mortgage loans held for sale (at fair value) | 16,627 | 10,836 |
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) | 16,400 | 10,500 |
U.S. treasuries and government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale | 92,236 | 96,927 |
State and municipal | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale | 263,986 | 268,214 |
Mortgage-backed and asset-backed | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale | 744,519 | 737,540 |
Fair Value, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale | 1,100,741 | 1,102,681 |
Total assets | 1,135,126 | 1,129,384 |
Total liabilities | (17,758) | (15,867) |
Fair Value, Recurring | Residential mortgage loans held for sale | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Residential mortgage loans held for sale | 16,627 | 10,836 |
Fair Value, Recurring | U.S. treasuries and government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale | 92,236 | 96,927 |
Fair Value, Recurring | State and municipal | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale | 263,986 | 268,214 |
Fair Value, Recurring | Mortgage-backed and asset-backed | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale | 744,519 | 737,540 |
Fair Value, Recurring | Interest rate swap agreements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements | 17,758 | 15,867 |
Interest rate swap agreements | (17,758) | (15,867) |
Fair Value, 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, 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 | 0 | 0 |
Fair Value, 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, 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, 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, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swap agreements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements | 0 | 0 |
Interest rate swap agreements | 0 | 0 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale | 1,100,741 | 1,102,681 |
Total assets | 1,135,126 | 1,129,384 |
Total liabilities | (17,758) | (15,867) |
Fair Value, 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 | 16,627 | 10,836 |
Fair Value, 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 | 92,236 | 96,927 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | State and municipal | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale | 263,986 | 268,214 |
Fair Value, 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 | 744,519 | 737,540 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap agreements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements | 17,758 | 15,867 |
Interest rate swap agreements | (17,758) | (15,867) |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | ||
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, 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 | 0 | 0 |
Fair Value, 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, 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, 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, Recurring | Significant Unobservable Inputs (Level 3) | Interest rate swap agreements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements | 0 | 0 |
Interest rate swap agreements | $ 0 | $ 0 |
FAIR VALUE - Assets Measured at
FAIR VALUE - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 2,700 | $ 0 |
Total Losses | 0 | 0 |
Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Total Losses | 0 | 0 |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 2,700 | 0 |
Total Losses | 0 | 0 |
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) | 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) | 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 | 2,700 | 0 |
Significant Unobservable Inputs (Level 3) | Loans | ||
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) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 2,700 | $ 0 |
FAIR VALUE - Narrative (Details
FAIR VALUE - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Balance of loans individually evaluated for credit loss | $ 81.1 | $ 88.2 |
Loans receivable, fair value | 60.2 | 64.2 |
Allowance related to loans evaluated individually | $ 20.9 | $ 24 |
FAIR VALUE - Carrying Amounts a
FAIR VALUE - Carrying Amounts and Fair Values of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Residential mortgage loans held for sale | $ 16,627 | $ 10,836 |
Investments available-for-sale | 1,100,741 | 1,102,681 |
Held-to-maturity debt securities | 192,798 | 200,411 |
Loans, net of allowance | 11,241,188 | 11,246,124 |
Accrued interest receivable | 47,152 | 46,583 |
Financial liabilities: | ||
Other deposits | 11,227,200 | 10,996,538 |
Advances from FHLB | 500,000 | 550,000 |
Subordinated debt | 370,952 | 370,803 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 410,390 | 545,898 |
Residential mortgage loans held for sale | 16,627 | 10,836 |
Investments available-for-sale | 1,100,741 | 1,102,681 |
Held-to-maturity debt securities | 231,354 | 236,165 |
Other investments | 73,395 | 75,607 |
Loans, net of allowance | 11,241,188 | 11,246,124 |
Interest rate swap agreements | 17,758 | 15,867 |
Accrued interest receivable | 47,152 | 46,583 |
Bank owned life insurance | 163,381 | 158,921 |
Financial liabilities: | ||
Time deposits | 2,621,510 | 2,714,555 |
Other deposits | 8,605,690 | 8,281,983 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 71,529 | 375,032 |
Advances from FHLB | 500,000 | 550,000 |
Subordinated debt | 370,952 | 370,803 |
Interest rate swap agreements | 17,758 | 15,867 |
Accrued interest payable | 22,080 | 30,367 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 410,390 | 545,898 |
Residential mortgage loans held for sale | 16,627 | 10,836 |
Investments available-for-sale | 1,100,741 | 1,102,681 |
Held-to-maturity debt securities | 192,798 | 200,411 |
Other investments | 73,395 | 75,607 |
Loans, net of allowance | 10,410,156 | 10,476,059 |
Interest rate swap agreements | 17,758 | 15,867 |
Accrued interest receivable | 47,152 | 46,583 |
Bank owned life insurance | 163,381 | 158,921 |
Financial liabilities: | ||
Time deposits | 2,607,502 | 2,704,013 |
Other deposits | 8,605,690 | 8,281,983 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 71,529 | 375,032 |
Advances from FHLB | 494,226 | 547,271 |
Subordinated debt | 347,396 | 348,185 |
Interest rate swap agreements | 17,758 | 15,867 |
Accrued interest payable | 22,080 | 30,367 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 410,390 | 545,898 |
Residential mortgage loans held for sale | 0 | 0 |
Investments available-for-sale | 0 | 0 |
Held-to-maturity debt securities | 0 | 0 |
Other investments | 0 | 0 |
Loans, net of allowance | 0 | 0 |
Interest rate swap agreements | 0 | 0 |
Accrued interest receivable | 47,152 | 46,583 |
Bank owned life insurance | 0 | 0 |
Financial liabilities: | ||
Time deposits | 0 | 0 |
Other deposits | 8,605,690 | 8,281,983 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 |
Advances from FHLB | 0 | 0 |
Subordinated debt | 0 | 0 |
Interest rate swap agreements | 0 | 0 |
Accrued interest payable | 22,080 | 30,367 |
Significant Other Observable Inputs (Level 2) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Residential mortgage loans held for sale | 16,627 | 10,836 |
Investments available-for-sale | 1,100,741 | 1,102,681 |
Held-to-maturity debt securities | 192,798 | 200,411 |
Other investments | 73,395 | 75,607 |
Loans, net of allowance | 0 | 0 |
Interest rate swap agreements | 17,758 | 15,867 |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 163,381 | 158,921 |
Financial liabilities: | ||
Time deposits | 2,607,502 | 2,704,013 |
Other deposits | 0 | 0 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 71,529 | 375,032 |
Advances from FHLB | 494,226 | 547,271 |
Subordinated debt | 0 | 0 |
Interest rate swap agreements | 17,758 | 15,867 |
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 | 0 |
Held-to-maturity debt securities | 0 | 0 |
Other investments | 0 | 0 |
Loans, net of allowance | 10,410,156 | 10,476,059 |
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 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 |
Advances from FHLB | 0 | 0 |
Subordinated debt | 347,396 | 348,185 |
Interest rate swap agreements | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |