Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 29, 2020 | |
Entity Registrant Name | ATLANTIC UNION BANKSHARES CORP | |
Entity Central Index Key | 0000883948 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-20293 | |
Entity Tax Identification Number | 54-1598552 | |
Entity Incorporation, State or Country Code | VA | |
Entity Address, Address Line One | 1051 East Cary Street | |
Entity Address, Address Line Two | SuiteĀ 1200 | |
Entity Address, City or Town | Richmond | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23219 | |
City Area Code | 804 | |
Local Phone Number | 633-5031 | |
Document Period End Date | Jun. 30, 2020 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 78,711,847 | |
Common Stock, Class A | ||
Title of 12(b) Security | Common Stock, par value $1.33 per share | |
Trading Symbol | AUB | |
Security Exchange Name | NASDAQ | |
Series A Preferred Stock | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A | |
Trading Symbol | AUBAP | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 202,947 | $ 163,050 |
Interest-bearing deposits in other banks | 636,211 | 234,810 |
Federal funds sold | 2,862 | 38,172 |
Total cash and cash equivalents | 842,020 | 436,032 |
Securities available for sale, at fair value | 2,019,164 | 1,945,445 |
Securities held to maturity, at carrying value | 547,561 | 555,144 |
Restricted stock, at cost | 105,832 | 130,848 |
Loans held for sale, at fair value | 55,067 | 55,405 |
Loans held for investment, net of deferred fees and costs | 14,308,646 | 12,610,936 |
Less allowance for loan losses | 169,977 | 42,294 |
Total loans held for investment, net | 14,138,669 | 12,568,642 |
Premises and equipment, net | 164,321 | 161,073 |
Goodwill | 935,560 | 935,560 |
Amortizable intangibles, net | 65,105 | 73,669 |
Bank owned life insurance | 327,075 | 322,917 |
Other assets | 551,943 | 378,255 |
Total assets | 19,752,317 | 17,562,990 |
LIABILITIES | ||
Noninterest-bearing demand deposits | 4,345,960 | 2,970,139 |
Interest-bearing deposits | 11,259,179 | 10,334,842 |
Total deposits | 15,605,139 | 13,304,981 |
Securities sold under agreements to repurchase | 77,216 | 66,053 |
Other short-term borrowings | 0 | 370,200 |
Long-term borrowings | 1,047,814 | 1,077,495 |
Other liabilities | 403,922 | 231,159 |
Total liabilities | 17,134,091 | 15,049,888 |
Commitments and contingencies (Note 8) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $10.00 par value | 173 | 0 |
Common stock, $1.33 par value | 104,126 | 105,827 |
Additional paid-in capital | 1,911,985 | 1,790,305 |
Retained earnings | 540,638 | 581,395 |
Accumulated other comprehensive income (loss) | 61,304 | 35,575 |
Total stockholders' equity | 2,618,226 | 2,513,102 |
Total liabilities and stockholders' equity | $ 19,752,317 | $ 17,562,990 |
Common shares outstanding | 78,713,056 | 80,001,185 |
Common shares authorized | 200,000,000 | 200,000,000 |
Preferred shares outstanding | 17,250 | 0 |
Preferred shares authorized | 500,000 | 500,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 10 | |
Common stock, par value (in dollars per share) | $ 1.33 | $ 1.33 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 143,234 | $ 158,838 | $ 294,361 | $ 302,952 |
Interest on deposits in other banks | 155 | 544 | 1,017 | 1,017 |
Interest and dividends on securities: | ||||
Taxable | 11,267 | 13,353 | 22,895 | 26,434 |
Nontaxable | 8,211 | 8,390 | 15,920 | 16,374 |
Total interest and dividend income | 162,867 | 181,125 | 334,193 | 346,777 |
Interest expense: | ||||
Interest on deposits | 19,861 | 28,809 | 48,375 | 53,239 |
Interest on short-term borrowings | 186 | 5,563 | 1,526 | 12,114 |
Interest on long-term borrowings | 5,515 | 8,159 | 11,979 | 15,283 |
Total interest expense | 25,562 | 42,531 | 61,880 | 80,636 |
Net interest income | 137,305 | 138,594 | 272,313 | 266,141 |
Provision for credit losses | 34,200 | 5,300 | 94,396 | 9,092 |
Net interest income after provision for credit losses | 103,105 | 133,294 | 177,917 | 257,049 |
Noninterest income: | ||||
Mortgage banking income | 5,826 | 2,785 | 7,847 | 4,240 |
Gains on securities transactions | 10,339 | 51 | 12,275 | 202 |
Bank owned life insurance income | 2,027 | 2,075 | 4,076 | 4,129 |
Loan-related interest rate swap fees | 5,484 | 3,716 | 9,432 | 5,176 |
Other operating income | (1,240) | 1,440 | 902 | 2,337 |
Total noninterest income | 35,932 | 30,578 | 64,838 | 55,515 |
Noninterest expenses: | ||||
Salaries and benefits | 49,896 | 50,390 | 100,013 | 98,398 |
Occupancy expenses | 7,224 | 7,534 | 14,357 | 14,935 |
Furniture and equipment expenses | 3,406 | 3,542 | 7,147 | 6,938 |
Printing, postage, and supplies | 999 | 1,252 | 2,289 | 2,494 |
Technology and data processing | 6,454 | 5,739 | 12,623 | 11,415 |
Professional services | 2,989 | 2,630 | 6,297 | 5,587 |
Marketing and advertising expense | 2,043 | 2,908 | 4,782 | 5,291 |
FDIC assessment premiums and other insurance | 2,907 | 2,601 | 5,768 | 5,239 |
Other taxes | 4,120 | 4,044 | 8,240 | 7,808 |
Loan-related expenses | 2,501 | 2,396 | 5,198 | 4,685 |
OREO and credit-related expenses | 411 | 1,473 | 1,099 | 2,157 |
Amortization of intangible assets | 4,223 | 4,937 | 8,624 | 9,154 |
Training and other personnel costs | 876 | 1,477 | 2,446 | 2,621 |
Merger-related costs | 0 | 6,371 | 0 | 24,493 |
Rebranding expense | 0 | 4,012 | 0 | 4,420 |
Loss on debt extinguishment | 10,306 | 10,306 | 0 | |
Other expenses | 4,459 | 4,302 | 9,270 | 6,700 |
Total noninterest expenses | 102,814 | 105,608 | 198,459 | 212,335 |
Income from continuing operations before income taxes | 36,223 | 58,264 | 44,296 | 100,229 |
Income tax expense | 5,514 | 9,356 | 6,498 | 15,606 |
Income from continuing operations | 30,709 | 48,908 | 37,798 | 84,623 |
Discontinued operations: | ||||
Income (loss) from operations of discontinued mortgage segment | 0 | (114) | 0 | (229) |
Income tax expense (benefit) | 0 | (29) | 0 | (59) |
Income (loss) on discontinued operations | 0 | (85) | 0 | (170) |
Net income | 30,709 | 48,823 | 37,798 | 84,453 |
Net Income available to common shareholders | $ 30,709 | $ 48,823 | $ 37,798 | $ 84,453 |
Basic earnings per common share (in dollars per share) | $ 0.39 | $ 0.59 | $ 0.48 | $ 1.06 |
Diluted earnings per common share (in dollars per share) | 0.39 | 0.59 | 0.48 | 1.06 |
Dividends declared per common share (in dollars per share) | $ 0.25 | $ 0.23 | $ 0.50 | $ 0.46 |
Weighted average shares outstanding, basic (in shares) | 78,711,765 | 82,062,585 | 79,001,058 | 79,282,830 |
Diluted weighted average number of common shares outstanding (in shares) | 78,722,690 | 82,125,194 | 79,020,036 | 79,344,573 |
Service charges on deposit accounts | ||||
Noninterest income: | ||||
Noninterest income | $ 4,930 | $ 7,499 | $ 12,508 | $ 14,656 |
Other service charges, commissions and fees | ||||
Noninterest income: | ||||
Noninterest income | 1,354 | 1,702 | 2,978 | 3,367 |
Interchange fees | ||||
Noninterest income: | ||||
Noninterest income | 1,697 | 5,612 | 3,321 | 10,656 |
Fiduciary and asset management fees | ||||
Noninterest income: | ||||
Noninterest income | $ 5,515 | $ 5,698 | $ 11,499 | $ 10,752 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Net income | $ 30,709 | $ 48,823 | $ 37,798 | $ 84,453 | |
Cash flow hedges: | |||||
Change in fair value of cash flow hedges | 0 | (2,595) | (699) | (4,055) | |
Reclassification adjustment for losses included in net income (net of tax, $0 and $46 for the three months and $394 and $78 for the six months ended June 30, 2020 and 2019, respectively) | [1] | 0 | 173 | 1,481 | 293 |
AFS securities: | |||||
Unrealized holding gains arising during period (net of tax, $5,587 and $5,888 for the three months and $9,492 and $11,226 for the six months ended June 30, 2020 and 2019, respectively) | 21,019 | 22,151 | 35,706 | 42,233 | |
Reclassification adjustment for gains included in net income (net of tax, $2,171 and $20 for the three months and $2,578 and $42 for the six months ended June 30, 2020 and 2019, respectively) | [2] | (8,168) | (73) | (9,697) | (159) |
HTM securities: | |||||
Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM (net of tax, $1 and $1 for the three months and $3 and $3 for the six months ended June 30, 2020 and 2019, respectively) | [3] | (5) | (5) | (10) | (10) |
Bank owned life insurance: | |||||
Unrealized holding losses arising during the period | 0 | 0 | (1,289) | 0 | |
Reclassification adjustment for losses included in net income | [4] | 129 | 19 | 237 | 38 |
Other comprehensive income (loss) | 12,975 | 19,670 | 25,729 | 38,340 | |
Comprehensive income | $ 43,684 | $ 68,493 | 63,527 | $ 122,793 | |
Cash Flow Hedging | |||||
Bank owned life insurance: | |||||
Unrealized gain within accumulated other comprehensive income, to be reclassified into earnings | $ 1,800 | ||||
[1] | The gross amounts reclassified into earnings for the six months ended June 30, 2020 included a $1.8 million loss related to the termination of a cash flow hedge that is reported in āOther operating incomeā with the corresponding income tax effect being reflected as a component of income tax expense. The remaining gross amounts are reported in the interest income and interest expense sections of the Companyās Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. | ||||
[2] | The gross amounts reclassified into earnings are reported as "Gains (losses) on securities transactions " on the Companyās Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. | ||||
[3] | The gross amounts reclassified into earnings are reported within interest income on the Companyās Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. | ||||
[4] | Reclassifications in earnings are reported in "Salaries and benefits" expense on the Companyās Consolidated Statements of Income. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax expense (benefit) related to reclassification adjustment for losses included in net income | $ 0 | $ (46) | $ (394) | $ (78) |
Tax expense (benefit) related to unrealized holding gains (losses) arising during period | 5,587 | 5,888 | 9,492 | 11,226 |
Tax expense (benefit) related to gains on the sale of securities | 2,171 | 20 | 2,578 | 42 |
Tax expense (benefit) related to unrealized gain for AFS securities transferred to HTM | $ 1 | $ 1 | $ 3 | $ 3 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning balance at Dec. 31, 2018 | $ 87,250 | $ 1,380,259 | $ 467,345 | $ (10,273) | $ 1,924,581 | |
Net income | 35,631 | 35,631 | ||||
Other comprehensive income (net of taxes) | 18,670 | 18,670 | ||||
Issuance of common stock in regard to acquisitions | 21,070 | 478,904 | 499,974 | |||
Dividends on common stock | (18,838) | (18,838) | ||||
Issuance of common stock under Equity Compensation Plans | 8 | 130 | 138 | |||
Issuance of common stock for services rendered | 8 | 211 | 219 | |||
Vesting of restricted stock, including tax effects, under Equity Compensation Plan | 139 | (1,786) | (1,647) | |||
Impact of adoption of new guidance | (1,133) | (1,133) | ||||
Stock-based compensation expense | 1,870 | 1,870 | ||||
Ending balance at Mar. 31, 2019 | 108,475 | 1,859,588 | 483,005 | 8,397 | 2,459,465 | |
Beginning balance at Dec. 31, 2018 | 87,250 | 1,380,259 | 467,345 | (10,273) | 1,924,581 | |
Net income | 84,453 | |||||
Other comprehensive income (net of taxes) | 38,340 | 38,340 | ||||
Issuance of common stock in regard to acquisitions | 499,974 | |||||
Ending balance at Jun. 30, 2019 | 108,560 | 1,862,716 | 512,952 | 28,067 | 2,512,295 | |
Beginning balance at Mar. 31, 2019 | 108,475 | 1,859,588 | 483,005 | 8,397 | 2,459,465 | |
Net income | 48,823 | 48,823 | ||||
Other comprehensive income (net of taxes) | 19,670 | 19,670 | ||||
Dividends on common stock | (18,876) | (18,876) | ||||
Issuance of common stock under Equity Compensation Plans | 48 | 938 | 986 | |||
Issuance of common stock for services rendered | 8 | 192 | 200 | |||
Vesting of restricted stock, including tax effects, under Equity Compensation Plan | 29 | (336) | (307) | |||
Stock-based compensation expense | 2,334 | 2,334 | ||||
Ending balance at Jun. 30, 2019 | 108,560 | 1,862,716 | 512,952 | 28,067 | 2,512,295 | |
Beginning balance at Dec. 31, 2019 | 105,827 | 1,790,305 | 581,395 | 35,575 | 2,513,102 | |
Net income | 7,089 | 7,089 | ||||
Other comprehensive income (net of taxes) | 12,754 | 12,754 | ||||
Dividends on common stock | (19,825) | (19,825) | ||||
Stock purchased under stock repurchase plan | (1,985) | (47,894) | (49,879) | |||
Issuance of common stock under Equity Compensation Plans | 46 | 731 | 777 | |||
Issuance of common stock for services rendered | 9 | 195 | 204 | |||
Vesting of restricted stock, including tax effects, under Equity Compensation Plan | 189 | (2,199) | (2,010) | |||
Impact of adoption of new guidance | Accounting Standards Update 2016-02 | (39,053) | (39,053) | ||||
Stock-based compensation expense | 2,291 | 2,291 | ||||
Ending balance at Mar. 31, 2020 | 104,086 | 1,743,429 | 529,606 | 48,329 | 2,425,450 | |
Beginning balance at Dec. 31, 2019 | 105,827 | 1,790,305 | 581,395 | 35,575 | 2,513,102 | |
Net income | 37,798 | |||||
Other comprehensive income (net of taxes) | 25,729 | 25,729 | ||||
Issuance of common stock in regard to acquisitions | 0 | |||||
Impact of adoption of new guidance | Accounting Standards Update 2016-13 | (39,100) | |||||
Ending balance at Jun. 30, 2020 | 104,126 | $ 173 | 1,911,985 | 540,638 | 61,304 | 2,618,226 |
Beginning balance at Mar. 31, 2020 | 104,086 | 1,743,429 | 529,606 | 48,329 | 2,425,450 | |
Net income | 30,709 | 30,709 | ||||
Other comprehensive income (net of taxes) | 12,975 | 12,975 | ||||
Issuance of preferred stock | 173 | 166,190 | 166,363 | |||
Dividends on common stock | (19,677) | (19,677) | ||||
Issuance of common stock under Equity Compensation Plans | 2 | 22 | 24 | |||
Issuance of common stock for services rendered | 11 | 189 | 200 | |||
Vesting of restricted stock, including tax effects, under Equity Compensation Plan | 27 | (206) | (179) | |||
Stock-based compensation expense | 2,361 | 2,361 | ||||
Ending balance at Jun. 30, 2020 | $ 104,126 | $ 173 | $ 1,911,985 | $ 540,638 | $ 61,304 | $ 2,618,226 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Other comprehensive income (loss), tax | $ 3,415 | $ 3,890 | $ 5,913 | $ 5,346 |
Issuance of Common Stock in regard to acquisition, shares | 15,842,026 | |||
Issuance of preferred stock, shares | 17,250 | |||
Dividends on common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.23 | $ 0.23 |
Issuance of common stock under Equity Compensation Plan, shares | 1,632 | 34,714 | 36,551 | 6,127 |
Stock purchased under stock repurchase plan, shares | 1,493,472 | |||
Issuance of common stock for services rendered, shares | 8,640 | 6,860 | 6,192 | 6,085 |
Vesting of restricted stock, net of shares held for taxes, under Equity Compensation Plans, shares | 19,848 | 142,176 | 21,447 | 104,151 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | ||
Net income | $ 37,798 | $ 84,453 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation of premises and equipment | 7,517 | 7,368 |
Write-down of foreclosed properties and former bank premises | 95 | 852 |
Amortization, net | 12,749 | 12,917 |
Amortization (accretion) related to acquisition, net | (7,591) | (4,704) |
Provision for credit losses | 94,396 | 9,092 |
Gains on securities transactions, net | (12,275) | (202) |
BOLI income | (4,076) | (4,129) |
Decrease (increase) in loans held for sale, net | 338 | (41,681) |
Losses (gains) on sales of foreclosed properties and former bank premises, net | 10 | 147 |
Loss on debt extinguishment | 10,306 | 0 |
Stock-based compensation expenses | 4,652 | 4,204 |
Issuance of common stock for services | 404 | 419 |
Net decrease (increase) in other assets | (172,997) | (54,426) |
Net increase in other liabilities | 151,888 | 15,710 |
Net cash provided by (used in) operating activities | 123,214 | 30,020 |
Investing activities: | ||
Purchases of AFS securities and restricted stock | (403,272) | (253,324) |
Purchases of HTM securities | 0 | (47,217) |
Proceeds from sales of AFS securities and restricted stock | 228,271 | 387,949 |
Proceeds from maturities, calls and paydowns of AFS securities | 171,345 | 108,115 |
Proceeds from maturities, calls and paydowns of HTM securities | 5,927 | 1,410 |
Net increase in loans held for investment | (1,687,499) | (348,515) |
Net increase in premises and equipment | (10,884) | (5,691) |
Proceeds from sales of foreclosed properties and former bank premises | 2,452 | 1,035 |
Cash paid in acquisitions | 0 | (12) |
Cash acquired in acquisitions | 0 | 46,164 |
Net cash provided by (used in) investing activities | (1,693,660) | (110,086) |
Financing activities: | ||
Net increase in noninterest-bearing deposits | 1,375,821 | 235,882 |
Net increase in interest-bearing deposits | 924,421 | 82,134 |
Net increase (decrease) in short-term borrowings | (359,037) | (619,562) |
Cash paid for contingent consideration | 0 | (565) |
Proceeds from issuance of long-term debt | 189,941 | 500,000 |
Repayments of long-term debt | (230,306) | (20,000) |
Cash dividends paid - common stock | (39,502) | (37,714) |
Repurchase of common stock | (49,879) | 0 |
Issuance of common stock | 801 | 1,124 |
Issuance of preferred stock, net | 166,363 | 0 |
Vesting of restricted stock, net of shares held for taxes | (2,189) | (1,954) |
Net cash provided by (used in) financing activities | 1,976,434 | 139,345 |
Increase (decrease) in cash and cash equivalents | 405,988 | 59,279 |
Cash, cash equivalents and restricted cash at beginning of the period | 436,032 | 261,199 |
Cash, cash equivalents and restricted cash at end of the period | 842,020 | 320,478 |
Cash payments for: | ||
Interest | 63,198 | 77,838 |
Income taxes | 106 | 7,426 |
Supplemental schedule of noncash investing and financing activities | ||
Transfers from loans (foreclosed properties) to foreclosed properties (loans) | 615 | 1,171 |
Issuance of common stock in exchange for net assets in acquisition | 0 | 499,974 |
Transactions related to acquisitions | ||
Assets acquired | 0 | 2,855,359 |
Liabilities assumed | $ 0 | $ 2,558,638 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | 1. ACCOUNTING POLICIES The Company Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (Nasdaq: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has 149 branches and approximately 170 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Middleburg Financial is a brand name used by Atlantic Union Bank and certain affiliates when providing trust, wealth management, private banking, and investment advisory products and services. Certain non-bank affiliates of Atlantic Union Bank include: Old Dominion Capital Management, Inc., and its subsidiary, Outfitter Advisors, Ltd., Dixon, Hubard, Feinour, & Brown, Inc., and Middleburg Investment Services, LLC, which provide investment advisory and/or brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. ā The unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements; however, in the opinion of management, all adjustments necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other period. ā These unaudited consolidated financial statements should be read in conjunction with the Companyās audited consolidated financial statements and notes thereto included in the Companyās 2019 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. ā Impact of COVID-19 On March 13, 2020, the United States President declared a national emergency in the face of a growing public health and economic crisis due to the COVID-19 global pandemic. Within a few days of the declaration of a national emergency, governors of states comprising the Companyās geographic footprint issued states of emergency in response to the novel COVID-19. As a result of this pandemic, actions were taken around the world to help mitigate the spread of COVID 19, which have impacted the economies and financial markets of many countries, including the geographical area in which the Company operates. On March 27, 2020, the CARES Act was signed into law. The CARES Act is designated to provide financial relief to the American people and American businesses in response to the economic fallout from COVID-19. On March 22, 2020, the five federal bank regulatory agencies and the Conference of State Bank Supervisors issued joint guidance (subsequently revised on April 7, 2020) with respect to loan modifications for borrowers affected by COVID-19. The CARES Act, as well as the March 22 Joint Guidance, provide enhanced guidelines and accounting for COVID-19 related modifications. ā The federal banking regulators have confirmed with FASB that short-term loan modifications made on a good faith basis in response to COVID-19 to borrowers who were current (i.e., less than 30 days past due on contractual payments) prior to any loan modification are not TDRs. In addition, Section 4013 of the CARES Act provides banks, savings associations, and credit unions with the ability to make loan modifications related to COVID-19 without categorizing the loan as a TDR or conducting the analysis to make the determination, which is intended to streamline the loan modification process. Any such suspension is effective for the term of the loan modification; however, the suspension is only permitted for loan modifications made during the effective period of Section 4013 and only for those loans that were not more than thirty days past due as of December 31, 2019. The Company has made $1.8 billion of loan modifications pursuant to the March 22 Joint Guidance or Section 4013 of the CARES Act and as of June 30, 2020 approximately $1.6 billion remain under their modified terms. ā During the second quarter of 2020, the Company continued to participate in the SBA PPP under the CARES Act. The Company processed over 11,000 loans, which totaled $1.7 billion with a recorded investment of $1.6 billion as of June 30, 2020, through the SBA PPP. The loans carry a 1% interest rate and the Company recorded net PPP loan origination fees of approximately $50.2 million, which are being amortized over a 24-month period. ā Adoption of New Accounting Standards On January 1, 2020, the Company adopted ASC 326. This ASU updates the existing guidance to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to- maturity debt securities. It also applies to unfunded credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The Company established a cross-functional governance structure to oversee the Companyās implementation of the CECL methodology, which included evaluating key assumptions used and assessing the internal controls over financial reporting related to the adoption of ASC 326. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and unfunded credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. As a result of adopting ASC 326, the Company recorded a net decrease to retained earnings of $39.1 million. ASC 326 also replaced the Companyās current accounting for PCI loans. With the adoption of ASC 326, previously classified PCI loans are now classified as PCD loans. In accordance with ASC 326, the Company did not re-assess whether individual modifications were needed to individual acquired financial assets accounted for in the pools with troubled debt restructurings as of the date of adoption. The Company adopted ASC 326 using the prospective transition approach for financial assets with PCD that were previously identified as PCI and accounted for under ASC 310-30. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $2.4 million to the ACL. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, The Company adopted ASC 326 using the prospective transition approach for debt securities. The effective interest rate on these debt securities was not changed. Upon adoption of ASC 326, the Company did not have any securities included in its portfolio where OTTI had previously been The following table illustrates the impact of ASC ā ā ā ā ā ā ā ā ā December 31, ā January 1, ā January 1, ā ā 2019 ā 2020 ā 2020 ā ā As Previously Reported (Incurred Loss) ā Impact of CECL Adoption ā As Reported Under CECL Assets: ā ā ā ā ā ā Loans ā ā ā ā ā ā Commercial $ 30,941 $ 6,184 $ 37,125 Consumer ā 11,353 ā 41,300 ā 52,653 Allowance for loan and lease losses ā 42,294 ā 47,484 ā 89,778 Liabilities: ā ā ā ā ā ā Allowance for credit losses on unfunded credit exposure ā 900 ā 4,160 ā 5,060 Total Allowance for credit losses $ 43,194 $ 51,644 $ 94,838 ā Allowance for Loan and Lease Losses The provision for loan losses charged to operations is an amount sufficient to bring the allowance to an estimated balance that management considers adequate to absorb expected losses in the Companyās loan portfolio. The ALLL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Amortized cost is the principal balance outstanding, net of any purchase premiums and discounts and net of any deferred loan fees and costs. The ALLL represents managementās estimate of credit losses over the remaining life of the loan portfolio. Loans are charged off against the ALLL when management believes the loan balance is no longer collectible. Subsequent recoveries of previously charged off amounts are recorded as increases to the Managementās determination of the adequacy of the ALLL is based on an evaluation of the composition of the loan portfolio, the value and adequacy of collateral, current economic conditions, historical loan loss experience, reasonable and supportable forecasts, and other risk factors. The ALLL is estimated by pooling loans by call code and credit risk indicator and applying a loan-level PD/LGD method for all loans with the exception of its auto and third party consumer lending portfolios. For auto and third party consumer portfolios, the Company has elected to pool those loans based on similar risk characteristics to determine the ALLL using vintage and loss rate methods. The Company utilizes a forecast period of two years and then reverts to the mean of historical loss factors on a straight-line basis over the following two-year period. The Company considers economic forecasts and recession probabilities from highly recognized third-parties to inform the model for loss estimation. The Companyās ALLL estimate is particularly impacted by the unemployment rate forecast in its geographic footprint. In the current quarter forecast, the unemployment rate in the Companyās geographic footprint is projected to remain significantly elevated through the forecast period. Management also considers qualitative factors when estimating loan losses to take into account model limitations. For the current quarter, the largest qualitative additions were related to industries that are particularly impacted by the COVID pandemic, and were partially offset by qualitative reductions meant to account for enhanced unemployment benefits, bank deferrals, the PPP loan program and other factors. The Companyās Allowance Committee approves the key methodologies and assumptions, as well as the final ALLL on a quarterly basis. While management uses available information to estimate expected losses on loans, future changes in the ALLL may be necessary based on changes in portfolio composition, portfolio credit quality, and/or economic conditions. Loans that do not share risk characteristics are evaluated on an individual basis. The individual reserve component relates to loans that have shown substantial credit deterioration as measured by risk rating and/or delinquency status. In addition, the Company has elected the practical expedient that would include loans for individual assessment consideration if the repayment of the loan is expected substantially through the operation or sale of collateral because the borrower is experiencing financial difficulty. Where the source of repayment is the sale of collateral, the ALLL is based on the fair value of the underlying collateral, less selling costs, compared to the amortized cost basis of the loan. If the ALLL is based on the operation of the collateral, the reserve is calculated based on the fair value of the collateral calculated as the present value of expected cash flows from the operation of the collateral, compared to the amortized cost basis. If the Company determines that the value of a collateral dependent loan is less than the recorded investment in the loan, the Company charges off the deficiency if it is determined that such amount is deemed to be a confirmed loss. Typically, a loss is confirmed when the Company is moving towards foreclosure (or final disposition). In situations where, for economic or legal reasons related to a borrowerās financial condition, the Company grants a concession in the loan structure to the borrower that it would not otherwise consider, the related loan is classified as a TDR. With the exception of loans with interest rate concessions, the ALLL on a TDR is measured using the same method as all other loans held for investment. For loans with interest rate concessions, the Company uses a discounted cash flow approach using the original interest rate. Reserve for Unfunded Commitments The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments is adjusted as a provision for credit loss expense and is measured using the same measurement objectives as the ALLL. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded and is included in āOther Liabilitiesā within the Companyās Consolidated Balance Sheets. Accrued Interest Receivable The Company has elected to exclude accrued interest from the amortized cost basis in its determination of the ACL reserve for both loans and HTM securities, as well as elected the policy to write-off accrued interest receivable directly through the reversal of interest income. Accrued interest receivable totaled $45.7 million on loans held for investment and, $6.8 million on HTM securities at June 30, 2020 and is included in āOther Assetsā on the Companyās consolidated balance sheet. Acquired Loans The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Acquired loans are recorded at their fair value at acquisition date without carryover of the acquireeās previously established ALLL, as credit discounts are included in the determination of fair value. The fair value of the loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and then applying a market-based discount rate to those cash flows. During evaluation upon acquisition, acquired loans are also classified as either PCD or acquired performing. The purchase discount on acquired performing loans is accounted for under ASC 310-20, Receivables ā Nonrefundable Fees and Other Costs PCD loans reflect loans that have experienced more-than-insignificant credit deterioration since origination. These PCD loans are accounted for under ASC 326 . PCD loans are recorded at the amount paid. An ALLL is determined using the same methodology as other loans held for investment. For PCD loans not individually assessed, the initial ALLL is determined on a collective basis and is allocated to individual loans. The sum of the loan's purchase price and ALLL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. The Cash and Cash Equivalents For purposes of reporting cash flows, the Company defines cash and cash equivalents as cash, cash due from banks, interest-bearing deposits in other banks, money market investments, other interest-bearing deposits, and federal funds sold. ā Restricted cash is disclosed in Note 8 āCommitments and Contingenciesā and is comprised of cash maintained at various correspondent banks as collateral for the Companyās derivative portfolio and is included in interest-bearing deposits in other banks in the Companyās Consolidated Balance Sheets. In addition, the Company is required to maintain reserve balances with the Federal Reserve Bank based on the type and amount of deposits; however, on March 15, 2020 the Federal Reserve Board announced that reserve requirement ratios would be reduced to zero percent effective March 26, 2020 due to economic conditions, which eliminated the reserve requirement for all depository institutions. ā Investment Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities The Company regularly evaluates all securities whose values have declined below amortized cost to assess whether the decline in fair value is the result of credit impairment. For AFS securities, the Company evaluates the fair value and credit quality of its AFS securities on at least a quarterly basis. In the event the fair value of a security falls below its amortized cost basis, the security will be evaluated to determine whether the decline in value was caused by changes in market interest rates or security credit quality. The primary indicators of credit quality for the Companyās AFS portfolio are security type and credit rating, which are influenced by a number of security-specific factors that may include obligor cash flow, geography, seniority, and others. There is currently no ACL held against the Companyās AFS securities portfolio at June 30, 2020. See Note 3 āSecurities,ā for additional information on the Companyās ACL analysis. If unrealized losses are related to credit quality, the Company estimates the credit related loss by evaluating the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security and a credit loss exists, an ACL shall be recorded for the credit loss, limited by the amount that the fair value is less than amortized cost basis. Non-credit related declines in fair value are recognized in other comprehensive income, net of applicable taxes. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Charge-offs are recorded against the ACL when management believes the AFS security is no longer collectible. Currently, the Company does not have an ACL on its AFS debt securities portfolio. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. The Company evaluates the credit risk of its HTM securities on at least a quarterly basis. Management estimates expected credit losses on held-to-maturity debt securities based on an individual basis based on the PD/LGD methodology primarily using security-level credit ratings. Management recorded an immaterial ACL on HTM securities as a result of the adoption of ASC 326, and no additional changes were needed at June 30, 2020. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Jun. 30, 2020 | |
ACQUISITIONS [Abstract] | |
ACQUISITIONS | 2. ACQUISITIONS Access Acquisition On February 1, 2019, the Company completed its acquisition of Access National Corporation (and its subsidiaries), a bank holding company based in Reston, Virginia. Holders of shares of Accessās common stock received 0.75 shares of the Companyās common stock in exchange for each share of Accessās common stock, resulting in the Company issuing 15,842,026 shares of the Companyās common stock at a fair value of approximately $500.0 million. In addition, the Company paid cash of approximately $12,000 in lieu of fractional shares. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition, in accordance with ASC 350, Intangibles-Goodwill and Other . The measurement period was formally closed as of February 1, 2020, and the Company did not make any measurement period adjustments in 2020. There were no merger-related costs associated with the acquisition of Access during the first six months of 2020. Merger- related costs associated with the acquisition of Access were $5.8 million and $23.6 million for the three and six months ended June 30, 2019, respectively. Such costs include legal and accounting fees, lease and contract termination expenses, system conversion, and employee severances, which have been expensed as incurred. ā |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2020 | |
Securities [Abstract] | |
SECURITIES | 3. SECURITIES On January 1, 2020, the Company adopted ASC 326, which made changes to the accounting for AFS debt securities whereby credit losses should be presented as an allowance, rather than as a write-down when management does not intend to sell and does not believe that it is more likely than not they will be required to sell prior to maturity. In addition, ASC 326 requires financial assets measured at amortized cost, including held-to-maturity debt securities, to measure an expected credit loss under the CECL methodology that requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For further discussion on the Companyās accounting policies and policy elections related to the accounting standard update refer to Note 1 āAccounting Policiesā. ā All securities information presented as of June 30, 2020 is in accordance with ASC 326. All securities information presented prior to March 31, 2020 is in accordance with previous applicable GAAP. See the Companyās prior accounting policies in Note 1 āSummary of Significant Accounting Policiesā of the 2019 Form 10-K. Available for Sale ā The Companyās AFS investment portfolio is generally highly-rated or agency backed. All AFS securities were current with no securities past due or on non-accrual as of June 30, 2020. ā The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of June 30, 2020 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Amortized ā Gross Unrealized ā Estimated ā Cost Gains (Losses) Fair Value June 30, 2020 ā ā ā ā ā U.S. government and agency securities ā $ 14,198 ā $ 505 ā $ (57) ā $ 14,646 Obligations of states and political subdivisions ā 504,866 ā 34,968 ā (307) ā 539,527 Corporate and other bonds (1) ā 132,489 ā 1,122 ā (2,261) ā 131,350 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā Agency ā ā 337,721 ā 18,600 ā (88) ā ā 356,233 Non-agency ā ā 20,253 ā 62 ā ā ā ā 20,315 Total commercial mortgage-backed securities ā ā 357,974 ā 18,662 ā (88) ā ā 376,548 Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 841,571 ā 37,643 ā (415) ā ā 878,799 Non-agency ā ā 75,790 ā 494 ā (1,089) ā ā 75,195 Total residential mortgage-backed securities ā ā 917,361 ā 38,137 ā (1,504) ā ā 953,994 Other securities ā 3,099 ā ā ā ā ā 3,099 Total AFS securities ā $ 1,929,987 ā $ 93,394 ā $ (4,217) ā $ 2,019,164 (1) Other bonds include asset-backed securities. The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2019 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Amortized ā Gross Unrealized ā Estimated December 31, 2019 Cost Gains (Losses) Fair Value U.S. government and agency securities ā $ 21,149 ā $ 209 ā $ (38) ā $ 21,320 Obligations of states and political subdivisions ā ā 421,344 ā ā 25,776 ā ā (29) ā ā 447,091 Corporate and other bonds (1) ā 134,342 ā 1,991 ā (374) ā 135,959 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā Agency ā ā 405,731 ā ā 8,786 ā ā (619) ā ā 413,898 Non-agency ā ā 11,173 ā ā ā ā ā (24) ā ā 11,149 Total commercial mortgage-backed securities ā ā 416,904 ā ā 8,786 ā ā (643) ā ā 425,047 Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 852,300 ā ā 16,680 ā ā (816) ā ā 868,164 Non-agency ā ā 44,309 ā ā 476 ā ā ā ā ā 44,785 Total residential mortgage-backed securities ā ā 896,609 ā ā 17,156 ā ā (816) ā ā 912,949 Other securities ā 3,079 ā ā ā ā ā 3,079 Total AFS securities ā $ 1,893,427 ā $ 53,918 ā $ (1,900) ā $ 1,945,445 (1) Other bonds include asset-backed securities ā ā The following table shows the gross unrealized losses and fair value of the Companyās AFS securities with unrealized losses for which an allowance for credit losses has not been recorded at June 30, 2020 and that are not deemed to be other than temporarily impaired as of December 31, 2019. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands). ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Less than 12 months ā More than 12 months ā Total ā Fair Unrealized Fair Unrealized Fair Unrealized ā ā Value ā Losses ā Value ā Losses ā Value ā Losses June 30, 2020 ā ā ā ā ā ā U.S. government and agency securities ā $ 3,771 ā $ (28) ā $ 2,444 ā $ (29) ā $ 6,215 ā ā (57) Obligations of states and political subdivisions ā ā 48,653 ā ā (307) ā ā ā ā ā ā ā ā 48,653 ā $ (307) Corporate and other bonds (1) ā 76,760 ā (1,739) ā 19,515 ā (522) ā 96,275 ā (2,261) Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 11,086 ā ā (88) ā ā ā ā ā ā ā ā 11,086 ā ā (88) Non-agency ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total commercial mortgage-backed securities ā ā 11,086 ā ā (88) ā ā ā ā ā ā ā ā 11,086 ā ā (88) Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 40,939 ā ā (390) ā ā 9,744 ā ā (25) ā ā 50,683 ā ā (415) Non-agency ā ā 45,642 ā ā (1,089) ā ā ā ā ā ā ā ā 45,642 ā ā (1,089) Total residential mortgage-backed securities ā ā 86,581 ā ā (1,479) ā ā 9,744 ā ā (25) ā ā 96,325 ā ā (1,504) Total AFS securities ā $ 226,851 ā $ (3,641) ā $ 31,703 ā $ (576) ā $ 258,554 ā $ (4,217) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā ā ā ā ā ā U.S. government and agency securities ā $ 7,638 ā $ (38) ā $ ā ā $ ā ā $ 7,638 ā $ (38) Obligations of states and political subdivisions ā ā 4,526 ā ā (29) ā ā ā ā ā ā ā ā 4,526 ā ā (29) Corporate and other bonds (1) ā 17,323 ā (83) ā 19,901 ā (291) ā 37,224 ā (374) Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 43,552 ā ā (530) ā ā 14,966 ā ā (89) ā ā 58,518 ā ā (619) Non-agency ā ā 11,162 ā ā (24) ā ā ā ā ā ā ā ā 11,162 ā ā (24) Total commercial mortgage-backed securities ā ā 54,714 ā ā (554) ā ā 14,966 ā ā (89) ā ā 69,680 ā ā (643) Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 114,147 ā ā (500) ā ā 40,168 ā ā (316) ā ā 154,315 ā ā (816) Non-agency ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total residential mortgage-backed securities ā ā 114,147 ā ā (500) ā ā 40,168 ā ā (316) ā ā 154,315 ā ā (816) Total AFS securities ā $ 198,348 ā $ (1,204) ā $ 75,035 ā $ (696) ā $ 273,383 ā $ (1,900) (1) Other bonds includes asset-backed securities. ā As of June 30, 2020, there were $31.7 million, or 14 issues, of individual AFS securities that had been in a continuous loss position for more than 12 months and had an aggregate unrealized loss of $576,000 . As of December 31, 2019, there were $75.0 million, or 47 issues, of individual securities that had been in a continuous loss position for more than 12 months and had an aggregate unrealized loss of $696,000 . The Company has evaluated AFS securities in an unrealized loss position for credit related impairment at June 30, 2020 and December 31, 2019 and concluded no impairment existed based on several factors which included: (1) the majority of these securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility, (3) the contractual terms of the investments do not permit the issuer(s) to settle the securities at a price less than the cost basis of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments and the accounting standard of āmore likely than notā has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis. Additionally, the majority of the Companyās mortgage-backed securities are issued by FNMA, FHLMC, and GNMA and do not have credit risk given the implicit and explicit government guarantees associated with these agencies. In addition, the non-agency mortgage-backed securities generally received a 20% SSFA rating. ā The following table presents the amortized cost and estimated fair value of AFS securities as of June 30, 2020 and December 31, 2019, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands). ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 December 31, 2019 ā Amortized Estimated Amortized Estimated ā ā Cost ā Fair Value ā Cost ā Fair Value Due in one year or less ā $ 27,404 ā $ 27,621 ā $ 35,177 ā $ 35,329 Due after one year through five years ā 148,289 ā 155,504 ā 164,605 ā 166,873 Due after five years through ten years ā 233,029 ā 237,974 ā 249,713 ā 254,790 Due after ten years ā 1,521,265 ā 1,598,065 ā 1,443,932 ā 1,488,453 Total AFS securities ā $ 1,929,987 ā $ 2,019,164 ā $ 1,893,427 ā $ 1,945,445 ā Refer to Note 8 "Commitments and Contingencies" for information regarding the estimated fair value of AFS securities that were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of June 30, 2020 and December 31, 2019. Held to Maturity The Companyās HTM investment portfolio primarily consists of highly-rated municipal securities and the estimated credit loss inherent in the portfolio is currently immaterial. The Companyās HTM securities were all current, with no securities past due or on non-accrual at June 30, 2020. ā The Company reports HTM securities on the Companyās Consolidated Balance Sheets at carrying value. Carrying value is amortized cost, which includes any unamortized unrealized gains and losses recognized in accumulated other comprehensive income prior to reclassifying the securities from AFS securities to HTM securities. Investment securities transferred into the HTM category from the AFS category are recorded at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in accumulated other comprehensive income and in the carrying value of the HTM securities. Such unrealized gains or losses are accreted over the remaining life of the security with no impact on future net income. ā The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of June 30, 2020 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Carrying ā Gross Unrealized ā Estimated ā Value Gains (Losses) ā Fair Value June 30, 2020 ā ā ā ā ā U.S. government and agency securities ā $ 2,781 ā $ ā ā $ (27) ā $ 2,754 Obligations of states and political subdivisions ā ā 539,187 ā ā 65,944 ā ā ā ā ā 605,131 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 5,593 ā ā 1 ā ā (50) ā ā 5,544 Non-agency ā ā ā ā ā ā ā ā ā ā ā ā Total commercial mortgage-backed securities ā ā 5,593 ā ā 1 ā ā (50) ā ā 5,544 Total held-to-maturity securities ā $ 547,561 ā $ 65,945 ā $ (77) ā $ 613,429 ā The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2019 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Carrying ā Gross Unrealized ā Estimated ā Value Gains (Losses) Fair Value December 31, 2019 ā ā ā ā U.S. government and agency securities ā $ 2,813 ā $ 26 ā $ ā ā $ 2,839 Obligations of states and political subdivisions ā ā 545,148 ā ā 48,274 ā ā ā ā ā 593,422 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā Agency ā ā 7,183 ā ā 59 ā ā ā ā ā 7,242 Non-agency ā ā ā ā ā ā ā ā ā ā ā ā Total commercial mortgage-backed securities ā ā 7,183 ā ā 59 ā ā ā ā ā 7,242 Total held-to-maturity securities ā $ 555,144 ā $ 48,359 ā $ ā ā $ 603,503 ā ā ā Credit Quality Indicators & Allowance for Credit Losses - HTM ā For HTM securities, the Company evaluates the credit risk of its securities on at least a quarterly basis. The Company estimates expected credit losses on HTM debt securities on an individual basis based on the PD/LGD methodology primarily using security-level credit ratings. The Companyās HTM securities ACL was immaterial at the adoption of ASC 326. The Company re-evaluated the HTM securities ACL and concluded no additional reserve was needed at June 30, 2020. The primary indicators of credit quality for the Companyās HTM portfolio are security type and credit rating, which is influenced by a number of factors including obligor cash flow, geography, seniority, and others. The Companyās only HTM securities with credit risk are obligations of states and political subdivisions. ā The following table presents the amortized cost of HTM securities as of June 30, 2020 by security type and credit rating (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, 2020 ā U.S. Government and Agency Obligations of states and political Mortgage-backed ā Total HTM ā ā securities ā subdivisions ā securities ā securities Credit Rating: ā ā ā ā ā ā ā ā ā ā AAA/AA/A ā $ ā ā $ 534,577 ā $ ā ā $ 534,577 Not Rated - Agency (1) ā ā 2,781 ā ā ā ā ā 5,593 ā ā 8,374 Not Rated - Non-Agency ā ā ā ā 4,610 ā ā ā ā ā 4,610 Total ā $ 2,781 ā $ 539,187 ā $ 5,593 ā $ 547,561 (1) Generally considered not to have credit risk given the government guarantees associated with these agencies ā The following table presents the amortized cost and estimated fair value of HTM securities as of June 30, 2020 and December 31, 2019, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands). ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā December 31, 2019 ā Carrying Estimated Carrying Estimated ā ā Value ā Fair Value ā Value ā Fair Value Due in one year or less ā $ 1,007 ā $ 1,028 ā $ 502 ā $ 504 Due after one year through five years ā 9,133 ā 9,490 ā 10,258 ā 10,539 Due after five years through ten years ā 1,754 ā 1,777 ā 1,768 ā 1,800 Due after ten years ā 535,667 ā 601,134 ā 542,616 ā 590,660 Total HTM securities ā $ 547,561 ā $ 613,429 ā $ 555,144 ā $ 603,503 ā Refer to Note 8 "Commitments and Contingencies" for information regarding the estimated fair value of HTM securities that were pledged to secure public deposits as permitted or required by law as of June 30, 2020 and December 31, 2019. Restricted Stock, at cost Due to restrictions placed upon the Bankās common stock investment in the Federal Reserve Bank and FHLB, these securities have been classified as restricted equity securities and carried at cost. These restricted securities are not subject to the investment security classifications and are included as a separate line item on the Companyās Consolidated Balance Sheets. At June 30, 2020 and December 31, 2019, the FHLB required the Bank to maintain stock in an amount equal to 4.25% of outstanding borrowings and a specific percentage of the Bankās total assets. The Federal Reserve Bank required the Bank to maintain stock with a par value equal to 6% of the Bankās outstanding capital at both June 30, 2020 and December 31, 2019. Restricted equity securities consist of Federal Reserve Bank stock in the amount of $67.0 million for June 30, 2020 and December 31, 2019 and FHLB stock in the amount of $38.8 million and $63.9 million as of June 30, 2020 and December 31, 2019, respectively. Realized Gains and Losses The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and six months ended June 30, 2020 and 2019 (dollars in thousands). ā ā ā ā ā ā ā ā Three Months Ended Six Months Ended ā ā June 30, 2020 ā June 30, 2020 Realized gains (losses): ā ā Gross realized gains ā $ 10,339 ā $ 12,503 Gross realized losses ā ā ā (228) Net realized gains ā $ 10,339 ā $ 12,275 ā ā ā ā ā ā ā Proceeds from sales of securities ā $ 107,570 ā $ 228,271 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended Six Months Ended ā ā June 30, 2019 ā June 30, 2019 Realized gains (losses): ā ā Gross realized gains ā $ 844 ā $ 2,057 Gross realized losses ā (793) ā (1,855) Net realized gains ā $ 51 ā $ 202 ā ā ā ā ā ā ā Proceeds from sales of securities ā $ 179,701 ā $ 387,950 ā ā |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 6 Months Ended |
Jun. 30, 2020 | |
Loans and Allowance for Loan Losses [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | 4. LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES On January 1, 2020, the Company adopted ASC 326. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables. For further discussion on the Companyās accounting policies and policy elections related to the accounting standard update refer to Note 1 āAccounting Policiesā in this Quarterly Report. All loan information presented as of June 30, 2020 is in accordance with ASC 326. All loan information presented prior to January 1, 2020 is in accordance with previous applicable GAAP. During March 2020, in response to the economic fallout from the COVID-19 pandemic, the CARES Act was passed by Congress and signed into law by the President along with joint guidance issued by the five federal bank regulatory agencies that provided enhanced guidelines and accounting for COVID-19 related modifications. For further discussion on the CARES Act and the March 22 Joint Guidance and related loan impact refer to Note 1 āAccounting Policesā in this quarterly report. The information included below reflects the impact of the CARES Act and the March 22 Joint Guidance. ā ā The Companyās loans are stated at their face amount, net of deferred fees and costs, and consist of the following at June 30, 2020 and December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 December 31, 2019 Construction and Land Development ā $ 1,247,939 ā $ 1,250,924 Commercial Real Estate - Owner Occupied ā 2,067,087 ā 2,041,243 Commercial Real Estate - Non-Owner Occupied ā 3,455,125 ā 3,286,098 Multifamily Real Estate ā 717,719 ā 633,743 Commercial & Industrial (1) ā 3,555,971 ā 2,114,033 Residential 1-4 Family - Commercial ā 715,384 ā 724,337 Residential 1-4 Family - Consumer ā 841,051 ā 890,503 Residential 1-4 Family - Revolving ā 627,765 ā 659,504 Auto ā 380,053 ā 350,419 Consumer ā 311,362 ā 372,853 Other Commercial (1) ā 389,190 ā 287,279 Total loans held for investment, net of deferred fees and costs ā ā 14,308,646 ā ā 12,610,936 Allowance for loan and lease losses ā ā (169,977) ā ā (42,294) Total loans held for investment, net ā $ 14,138,669 ā $ 12,568,642 (1) Commercial & industrial and other commercial loans include approximately $1.6 billion and $20.3 million, respectively, in new loans from the PPP loan program at June 30, 2020. ā The following table shows the aging of the Companyās loan portfolio, by class, at June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Greater than ā ā ā ā ā ā ā ā ā ā ā 30-59 Days ā 60-89 Days ā 90 Days and ā ā ā ā ā ā ā ā Current ā Past Due ā Past Due ā still Accruing ā Nonaccrual ā Total Loans Construction and Land Development ā $ 1,241,512 ā $ 1,683 ā $ 294 ā $ 473 ā $ 3,977 ā $ 1,247,939 Commercial Real Estate - Owner Occupied ā 2,048,203 ā 1,679 ā 430 ā 7,851 ā 8,924 ā 2,067,087 Commercial Real Estate - Non-Owner Occupied ā 3,451,071 ā 930 ā 369 ā 878 ā 1,877 ā 3,455,125 Multifamily Real Estate ā 717,320 ā ā ā ā ā 366 ā 33 ā 717,719 Commercial & Industrial ā 3,551,187 ā 1,602 ā 296 ā 178 ā 2,708 ā 3,555,971 Residential 1-4 Family - Commercial ā 706,437 ā 480 ā 2,105 ā 578 ā 5,784 ā 715,384 Residential 1-4 Family - Consumer ā 818,877 ā 1,229 ā 3,817 ā 5,099 ā 12,029 ā 841,051 Residential 1-4 Family - Revolving ā 619,172 ā 1,924 ā 1,048 ā 1,995 ā 3,626 ā 627,765 Auto ā 377,822 ā 1,176 ā 290 ā 181 ā 584 ā 380,053 Consumer ā 308,719 ā 844 ā 561 ā 1,157 ā 81 ā 311,362 Other Commercial ā ā 388,234 ā ā 456 ā ā ā ā ā 499 ā ā 1 ā ā 389,190 Total loans held for investment ā $ 14,228,554 ā $ 12,003 ā $ 9,210 ā $ 19,255 ā $ 39,624 ā $ 14,308,646 ā These balances reflect the impact of the CARES Act and the March 22 Joint Guidance which provides relief for TDR designations and also provides guidance on past due reporting for modified loans. ā The following table shows the Companyās amortized cost basis of loans on nonaccrual status as of January 1, 2020 as well as amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Nonaccrual ā ā ā ā ā ā ā ā January 1, 2020 ā June 30, 2020 ā Nonaccrual With No ALLL ā 90 Days and still Accruing Construction and Land Development ā $ 4,060 ā $ 3,977 ā $ 1,987 ā $ 473 Commercial Real Estate - Owner Occupied ā ā 13,889 ā ā 8,924 ā ā 1,990 ā ā 7,851 Commercial Real Estate - Non-Owner Occupied ā ā 1,368 ā ā 1,877 ā ā ā ā ā 878 Multifamily Real Estate ā ā ā ā ā 33 ā ā ā ā ā 366 Commercial & Industrial ā ā 3,037 ā ā 2,708 ā ā ā ā ā 178 Residential 1-4 Family - Commercial ā ā 6,492 ā ā 5,784 ā ā 1,738 ā ā 578 Residential 1-4 Family - Consumer ā ā 13,117 ā ā 12,029 ā ā 1,069 ā ā 5,099 Residential 1-4 Family - Revolving ā ā 2,490 ā ā 3,626 ā ā 60 ā ā 1,995 Auto ā ā 565 ā ā 584 ā ā ā ā ā 181 Consumer ā ā 88 ā ā 81 ā ā ā ā ā 1,157 Other Commercial ā ā 98 ā ā 1 ā ā ā ā ā 499 Total loans held for investment ā $ 45,204 ā $ 39,624 ā $ 6,844 ā $ 19,255 ā ā There was no interest income recognized on nonaccrual loans during the three or six months ended June 30, 2020. See Note 1 āSummary of Significant Accounting Policiesā in the Companyās 2019 Form 10-K for additional information on the Companyās policies for nonaccrual loans. ā ā Troubled Debt Restructurings ā The CARES Act permits financial institutions to suspend requirements under GAAP for loan modifications to borrowers affected by COVID-19 that would otherwise be characterized as TDRs. In addition, federal bank regulatory authorities have issued guidance to encourage financial institutions to make loan modifications for borrowers affected by COVID-19 and have assured financial institutions that they will neither receive supervisory criticism for such prudent loan modifications, nor be required by examiners to automatically categorize COVID-19-related loan modifications as TDRs. As of June 30, 2020, the Company had approximately $1.6 billion in loans still under their modified terms. The Companyās modification program included payment deferrals, interest only, and other forms of modifications. A majority of the modifications were 3-month deferrals. In addition to the above mentioned modifications, as of June 30, 2020, the Company has TDRs totaling $20.3 million with an estimated $1.9 million of allowance for those loans for the current period. ā A modification of a loanās terms constitutes a TDR if the creditor grants a concession that it would not otherwise consider to the borrower for economic or legal reasons related to the borrowerās financial difficulties. All loans that are considered to be TDRs are evaluated for credit losses in accordance with the Companyās ALLL methodology. For the three months and six ended June 30, 2020, the recorded investment in TDRs prior to modifications was not materially impacted by the modifications. ā The following table provides a summary, by class, of TDRs that continue to accrue interest under the terms of the applicable restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā No. of Recorded Outstanding ā ā Loans ā Investment ā Commitment Performing ā ā Construction and Land Development 4 ā $ 222 ā $ ā Commercial Real Estate - Owner Occupied 6 ā 2,218 ā 26 Commercial Real Estate - Non-Owner Occupied 1 ā 1,089 ā ā Commercial & Industrial 5 ā 1,129 ā ā Residential 1-4 Family - Commercial 4 ā 214 ā ā Residential 1-4 Family - Consumer 79 ā 9,886 ā ā Residential 1-4 Family - Revolving 2 ā 55 ā ā Consumer 5 ā 34 ā ā Other Commercial ā 1 ā ā 456 ā ā ā Total performing 107 ā $ 15,303 ā $ 26 Nonperforming ā ā Commercial Real Estate - Owner Occupied 2 ā $ 165 ā $ ā Commercial & Industrial 2 ā 128 ā ā Residential 1-4 Family - Commercial 1 ā 71 ā ā Residential 1-4 Family - Consumer 21 ā 4,572 ā ā Residential 1-4 Family - Revolving 3 ā 106 ā ā Total nonperforming 29 ā $ 5,042 ā $ ā Total performing and nonperforming 136 ā $ 20,345 ā $ 26 ā ā The Company considers a default of a TDR to occur when the borrower is 90 days past due following the restructure or a foreclosure and repossession of the applicable collateral occurs. During the three and six months ended June 30, 2020, the Company did not have any material loans that went into default that had been restructured in the twelve-month period prior to the time of default. ā The following table shows, by class and modification type, TDRs that occurred during the three and six months ended June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā All Restructurings ā ā Three Months Ended June 30, 2020 ā Six Months Ended June 30, 2020 ā ā Recorded ā Recorded ā ā No. of ā Investment at ā No. of ā Investment at ā ā Loans ā Period End ā Loans ā Period End Modified to interest only, at a market rate ā ā Total interest only at market rate of interest ā ā $ ā ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā Term modification, at a market rate ā ā Commercial & Industrial 4 ā $ 353 4 ā $ 353 Residential 1-4 Family - Consumer 3 ā 326 3 ā 326 Consumer ā 1 ā ā 10 ā 1 ā ā 10 Total loan term extended at a market rate 8 ā $ 689 8 ā $ 689 ā ā ā ā ā ā ā ā ā ā ā Term modification, below market rate ā ā Construction and Land Development ā ā ā $ ā ā 1 ā $ 35 Residential 1-4 Family - Consumer 3 ā ā 172 13 ā ā 1,937 Residential 1-4 Family - Revolving 1 ā 52 1 ā 52 Total loan term extended at a below market rate 4 ā $ 224 15 ā $ 2,024 ā ā ā ā ā ā ā ā ā ā ā Interest rate modification, below market rate ā ā Total interest only at below market rate of interest ā ā $ ā ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā Total 12 ā $ 913 23 ā $ 2,713 ā Allowance for Loan and Lease Losses ā ALLL on the loan portfolio is a material estimate for the Company. The Company estimates its ALLL on its loan portfolio on a quarterly basis. The Company models the ALLL using two primary segments, Commercial and Consumer. Within each segment, loan classes are further identified based on similar risk characteristics. The Company has identified the following classes within each segment: ā Commercial : Construction and Land Development, Commercial Real Estate ā Owner Occupied, Commercial Real Estate ā Non-Owner Occupied, Multifamily Real Estate, Commercial & Industrial, Residential 1-4 Family ā Commercial, and Other Commercial ā Consumer : Residential 1-4 Family ā Consumer, Residential 1-4 Family ā Revolving, Auto, and Consumer ā The following tables show the ALLL activity by segment for the three and six months ended June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, 2020 ā Six Months Ended June 30, 2020 ā ā Commercial ā Consumer ā Total ā Commercial ā Consumer ā Total Balance at beginning of period ā $ 77,843 ā $ 63,200 ā $ 141,043 ā $ 30,941 ā $ 11,353 ā $ 42,294 Impact of ASC 326 adoption on non-PCD loans ā ā ā ā ā ā ā 4,432 ā 40,666 ā 45,098 Impact of ASC 326 adoption on PCD loans ā ā ā ā ā ā ā 1,752 ā 634 ā 2,386 Impact of adopting ASC 326 ā ā ā ā ā ā ā 6,184 ā 41,300 ā 47,484 Loans charged-off ā (1,590) ā (3,087) ā (4,677) ā (4,558) ā (7,270) ā (11,828) Recoveries credited to allowance ā 708 ā 703 ā 1,411 ā 1,862 ā 1,709 ā 3,571 Provision charged to operations ā 34,993 ā (2,793) ā 32,200 ā 77,525 ā 10,931 ā 88,456 Balance at end of period ā $ 111,954 ā $ 58,023 ā $ 169,977 ā $ 111,954 ā $ 58,023 ā $ 169,977 Credit Quality Indicators ā Credit quality indicators are utilized to help estimate the collectability of each loan class within the Commercial and Consumer segments. For classes of loans within the Commercial segment, the primary credit quality indicator used for evaluating credit quality and estimating the ALLL is risk rating categories of Pass, Watch & Special Mention, Substandard, and Doubtful. For classes of loans within the Consumer segment, the primary credit quality indicator used for evaluating credit quality and estimating the ALLL is delinquency bands of Current, 30-59, 60-89, 90+, and Nonaccrual. While other credit quality indicators are evaluated and analyzed as part of the Companyās credit risk management activities, these indicators are primarily used in estimating the ALLL. The Company evaluates the credit risk of its loan portfolio on at least a quarterly basis. ā Commercial Loans ā The Company uses a risk rating system as the primary credit quality indicator for classes of loans within the Commercial segment. The risk rating system on a scale of 0 through 9 is used to determine risk level as used in the calculation of the allowance for credit loss; The risk levels, as described below, do not necessarily follow the regulatory definitions of risk levels with the same name. A general description of the characteristics of the risk levels follows: ā Pass is determined by the following criteria: ā Risk rated 0 loans have little or no risk and are with General Obligation Municipal Borrowers; ā Risk rated 1 loans have little or no risk and are generally secured by cash or cash equivalents; ā Risk rated 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety; ā Risk rated 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment; ā Risk rated 4 loans are satisfactory loans with borrowers not as strong as risk rated 3 loans and may exhibit a greater degree of financial risk based on the type of business supporting the loan; ā Watch & Special Mention is determined by the following criteria: ā Risk rated 5 loans are watch loans that warrant more than the normal level of supervision and have the possibility of an event occurring that may weaken the borrowerās ability to repay; ā Risk rated 6 loans have increasing potential weaknesses beyond those at which the loan originally was granted and if not addressed could lead to inadequately protecting the Companyās credit position; ā Substandard is determined by the following criteria: ā Risk rated 7 loans are substandard loans and are inadequately protected by the current sound worth or paying capacity of the obligor or the collateral pledged; these have well defined weaknesses that jeopardize the liquidation of the debt with the distinct possibility the Company will sustain some loss if the deficiencies are not corrected; ā Doubtful is determined by the following criteria: ā Risk rated 8 loans are doubtful of collection and the possibility of loss is high but pending specific borrower plans for recovery, its classification as a loss is deferred until its more exact status is determined; ā Risk rated 9 loans are loss loans which are considered uncollectable and of such little value that their continuance as bankable assets is not warranted ā The table below details the amortized cost of the classes of loans within the Commercial segment by risk level and year of origination as of June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā ā ā Term Loans Amortized Cost Basis by Origination Year ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā 2019 ā 2018 ā 2017 ā 2016 ā Prior ā Revolving Loans ā Total Construction and Land Development ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 137,981 ā $ 453,779 ā $ 395,935 ā $ 64,529 ā $ 47,982 ā $ 70,524 ā $ 29,060 ā $ 1,199,790 Watch & Special Mention ā ā 4,492 ā ā 6,859 ā ā 1,061 ā ā 350 ā ā 5,759 ā ā 16,202 ā ā 2,509 ā ā 37,232 Substandard ā ā ā ā ā 1 ā ā 59 ā ā 962 ā ā 2,468 ā ā 7,427 ā ā ā ā ā 10,917 Total Construction and Land Development ā $ 142,473 ā $ 460,639 ā $ 397,055 ā $ 65,841 ā $ 56,209 ā $ 94,153 ā $ 31,569 ā $ 1,247,939 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Commercial Real Estate - Owner Occupied ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 144,263 ā $ 384,862 ā $ 290,813 ā $ 258,877 ā $ 147,657 ā $ 658,853 ā $ 23,773 ā $ 1,909,098 Watch & Special Mention ā ā ā ā ā 10,694 ā ā 24,683 ā ā 15,082 ā ā 28,604 ā ā 57,783 ā ā 2,475 ā ā 139,321 Substandard ā ā ā ā ā ā ā ā 1,106 ā ā 400 ā ā 1,123 ā ā 15,664 ā ā 375 ā ā 18,668 Total Commercial Real Estate - Owner Occupied ā $ 144,263 ā $ 395,556 ā $ 316,602 ā $ 274,359 ā $ 177,384 ā $ 732,300 ā $ 26,623 ā $ 2,067,087 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Commercial Real Estate - Non-Owner Occupied ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 214,340 ā $ 515,046 ā $ 488,913 ā $ 498,462 ā $ 455,214 ā $ 1,121,284 ā $ 50,855 ā $ 3,344,114 Watch & Special Mention ā ā 1,265 ā ā 17,170 ā ā 14,631 ā ā 16,585 ā ā 20,830 ā ā 33,911 ā ā 249 ā ā 104,641 Substandard ā ā ā ā ā ā ā ā 164 ā ā ā ā ā 25 ā ā 5,981 ā ā 200 ā ā 6,370 Total Commercial Real Estate - Non-Owner Occupied ā $ 215,605 ā $ 532,216 ā $ 503,708 ā $ 515,047 ā $ 476,069 ā $ 1,161,176 ā $ 51,304 ā $ 3,455,125 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Commercial & Industrial ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 1,868,291 ā $ 439,598 ā $ 241,038 ā $ 85,126 ā $ 82,301 ā $ 169,136 ā $ 601,547 ā $ 3,487,037 Watch & Special Mention ā ā 1,630 ā ā 4,963 ā ā 11,326 ā ā 2,963 ā ā 5,536 ā ā 5,656 ā ā 27,680 ā ā 59,754 Substandard ā ā ā ā ā 484 ā ā 828 ā ā 158 ā ā 826 ā ā 2,806 ā ā 4,078 ā ā 9,180 Total Commercial & Industrial ā $ 1,869,921 ā $ 445,045 ā $ 253,192 ā $ 88,247 ā $ 88,663 ā $ 177,598 ā $ 633,305 ā $ 3,555,971 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Multifamily Real Estate ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 79,312 ā $ 80,058 ā $ 70,145 ā $ 144,193 ā $ 70,943 ā $ 245,687 ā $ 6,904 ā $ 697,242 Watch & Special Mention ā ā ā ā ā 653 ā ā 4,415 ā ā 8,254 ā ā 1,137 ā ā 5,619 ā ā ā ā ā 20,078 Substandard ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 399 ā ā ā ā ā 399 Total Multifamily Real Estate ā $ 79,312 ā $ 80,711 ā $ 74,560 ā $ 152,447 ā $ 72,080 ā $ 251,705 ā $ 6,904 ā $ 717,719 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Residential 1-4 Family - Commercial ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 58,222 ā $ 105,249 ā $ 78,610 ā $ 97,653 ā $ 82,407 ā $ 244,579 ā $ 1,721 ā $ 668,441 Watch & Special Mention ā ā 1,214 ā ā 5,356 ā ā 8,535 ā ā 5,022 ā ā 2,053 ā ā 14,874 ā ā ā ā ā 37,054 Substandard ā ā ā ā ā 485 ā ā 324 ā ā 630 ā ā 1,180 ā ā 6,782 ā ā 488 ā ā 9,889 Total Residential 1-4 Family - Commercial ā $ 59,436 ā $ 111,090 ā $ 87,469 ā $ 103,305 ā $ 85,640 ā $ 266,235 ā $ 2,209 ā $ 715,384 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Other Commercial ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 121,097 ā $ 114,883 ā $ 10,376 ā $ 40,118 ā $ 16,919 ā $ 60,477 ā $ 18,630 ā $ 382,500 Watch & Special Mention ā ā ā ā ā ā ā ā 629 ā ā 1,324 ā ā 927 ā ā 3,251 ā ā ā ā ā 6,131 Substandard ā ā ā ā ā ā ā ā ā ā ā 59 ā ā ā ā ā 500 ā ā ā ā ā 559 Total Other Commercial ā $ 121,097 ā $ 114,883 ā $ 11,005 ā $ 41,501 ā $ 17,846 ā $ 64,228 ā $ 18,630 ā $ 389,190 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Commercial ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 2,623,506 ā $ 2,093,475 ā $ 1,575,830 ā $ 1,188,958 ā $ 903,423 ā $ 2,570,540 ā $ 732,490 ā $ 11,688,222 Watch & Special Mention ā ā 8,601 ā ā 45,695 ā ā 65,280 ā ā 49,580 ā ā 64,846 ā ā 137,296 ā ā 32,913 ā ā 404,211 Substandard ā ā ā ā ā 970 ā ā 2,481 ā ā 2,209 ā ā 5,622 ā ā 39,559 ā ā 5,141 ā ā 55,982 Total Commercial ā $ 2,632,107 ā $ 2,140,140 ā $ 1,643,591 ā $ 1,240,747 ā $ 973,891 ā $ 2,747,395 ā $ 770,544 ā $ 12,148,415 ā Consumer Loans ā For Consumer loans, the Company evaluates credit quality based on the delinquency status of the loan. The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā ā ā Term Loans Amortized Cost Basis by Origination Year ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā 2019 ā 2018 ā 2017 ā 2016 ā Prior ā Revolving Loans ā Total Residential 1-4 Family - Consumer ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā $ 91,069 ā $ 86,537 ā $ 90,968 ā $ 87,658 ā $ 120,412 ā $ 342,221 ā $ 12 ā $ 818,877 30-59 Days Past Due ā ā 37 ā ā ā ā ā 20 ā ā 90 ā ā 185 ā ā 897 ā ā ā ā ā 1,229 60-89 Days Past Due ā ā ā ā ā 636 ā ā 109 ā ā 1,986 ā ā 250 ā ā 836 ā ā ā ā ā 3,817 90+ Days Past Due ā ā 162 ā ā 1,756 ā ā 151 ā ā 446 ā ā 223 ā ā 2,361 ā ā ā ā ā 5,099 Nonaccrual ā ā ā ā ā ā ā ā 718 ā ā 879 ā ā 790 ā ā 9,642 ā ā ā ā ā 12,029 Total Residential 1-4 Family - Consumer ā $ 91,268 ā $ 88,929 ā $ 91,966 ā $ 91,059 ā $ 121,860 ā $ 355,957 ā $ 12 ā $ 841,051 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Residential 1-4 Family - Revolving ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā $ 9,667 ā $ 4,666 ā $ 2,167 ā $ 18 ā $ ā ā $ 653 ā $ 602,001 ā $ 619,172 30-59 Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 1,924 ā ā 1,924 60-89 Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 1,048 ā ā 1,048 90+ Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 1,995 ā ā 1,995 Nonaccrual ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 314 ā ā 3,312 ā ā 3,626 Total Residential 1-4 Family - Revolving ā $ 9,667 ā $ 4,666 ā $ 2,167 ā $ 18 ā $ ā ā $ 967 ā $ 610,280 ā $ 627,765 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Consumer ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā $ 24,807 ā $ 91,712 ā $ 94,273 ā $ 30,170 ā $ 13,211 ā $ 18,930 ā $ 35,616 ā $ 308,719 30-59 Days Past Due ā ā 14 ā ā 261 ā ā 407 ā ā 74 ā ā 61 ā ā 2 ā ā 25 ā ā 844 60-89 Days Past Due ā ā 19 ā ā 198 ā ā 296 ā ā 30 ā ā 6 ā ā ā ā ā 12 ā ā 561 90+ Days Past Due ā ā ā ā ā 92 ā ā 382 ā ā 85 ā ā 19 ā ā 215 ā ā 364 ā ā 1,157 Nonaccrual ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2 ā ā 79 ā ā ā ā ā 81 Total Consumer ā $ 24,840 ā $ 92,263 ā $ 95,358 ā $ 30,359 ā $ 13,299 ā $ 19,226 ā $ 36,017 ā $ 311,362 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Auto ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā $ 89,044 ā $ 138,532 ā $ 70,484 ā $ 43,386 ā $ 24,536 ā $ 11,840 ā $ ā ā $ 377,822 30-59 Days Past Due ā ā 88 ā ā 291 ā ā 247 ā ā 254 ā ā 186 ā ā 110 ā ā ā ā ā 1,176 60-89 Days Past Due ā ā ā ā ā 90 ā ā 21 ā ā 41 ā ā 84 ā ā 54 ā ā ā ā ā 290 90+ Days Past Due ā ā ā ā ā 11 ā ā 62 ā ā 58 ā ā 9 ā ā 41 ā ā ā ā ā 181 Nonaccrual ā ā ā ā ā 142 ā ā 84 ā ā 112 ā ā 161 ā ā 85 ā ā ā ā ā 584 Total Auto ā $ 89,132 ā $ 139,066 ā $ 70,898 ā $ 43,851 ā $ 24,976 ā $ 12,130 ā $ ā ā $ 380,053 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Consumer ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā $ 214,587 ā $ 321,447 ā $ 257,892 ā $ 161,232 ā $ 158,159 ā $ 373,644 ā $ 637,629 ā $ 2,124,590 30-59 Days Past Due ā ā 139 ā ā 552 ā ā 674 ā ā 418 ā ā 432 ā ā 1,009 ā ā 1,949 ā ā 5,173 60-89 Days Past Due ā ā 19 ā ā 924 ā ā 426 ā ā 2,057 ā ā 340 ā ā 890 ā ā 1,060 ā ā 5,716 90+ Days Past Due ā ā 162 ā ā 1,859 ā ā 595 ā ā 589 ā ā 251 ā ā 2,617 ā ā 2,359 ā ā 8,432 Nonaccrual ā ā ā ā ā 142 ā ā 802 ā ā 991 ā ā 953 ā ā 10,120 ā ā 3,312 ā ā 16,320 Total Consumer ā $ 214,907 ā $ 324,924 ā $ 260,389 ā $ 165,287 ā $ 160,135 ā $ 388,280 ā $ 646,309 ā $ 2,160,231 ā The Company did not have any material revolving loans convert to term during the three and six months ended June 30, 2020. ā ā Acquired Loans ā The Company has purchased loans that, at the time of acquisition, exhibited more than insignificant credit deterioration since origination. The Company has elected to treat all loans that were previously identified as PCI as PCD. As of June 30, 2020, the amortized cost of the Companyās PCD loans totaled $73.2 million, which had an estimated ALLL of $4.5 million. ā Prior to the adoption of ASC 326 The following table shows the aging of the Companyās loan portfolio, by class, at December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Greater than ā ā ā ā ā ā ā ā ā ā 30-59 Days ā 60-89 Days ā 90 Days and ā ā ā ā ā ā ā ā ā ā ā ā ā ā Past Due ā Past Due ā still Accruing ā PCI ā Nonaccrual ā Current ā Total Loans Construction and Land Development ā $ 4,563 ā $ 482 ā $ 189 ā $ 10,944 ā $ 3,703 ā $ 1,231,043 ā $ 1,250,924 Commercial Real Estate - Owner Occupied ā 3,482 ā 2,184 ā 1,062 ā 27,438 ā 6,003 ā 2,001,074 ā 2,041,243 Commercial Real Estate - Non-Owner Occupied ā 457 ā ā ā 1,451 ā 14,565 ā 381 ā 3,269,244 ā 3,286,098 Multifamily Real Estate ā 223 ā ā ā 474 ā 94 ā ā ā 632,952 ā 633,743 Commercial & Industrial ā 8,698 ā 1,598 ā 449 ā 1,579 ā 1,735 ā 2,099,974 ā 2,114,033 Residential 1-4 Family - Commercial ā 1,479 ā 2,207 ā 674 ā 12,205 ā 4,301 ā 703,471 ā 724,337 Residential 1-4 Family - Consumer ā 16,244 ā 3,072 ā 4,515 ā 14,713 ā 9,292 ā 842,667 ā 890,503 Residential 1-4 Family - Revolving ā 10,190 ā 1,784 ā 3,357 ā 4,127 ā 2,080 ā 637,966 ā 659,504 Auto ā 2,525 ā 236 ā 272 ā 4 ā 563 ā 346,819 ā 350,419 Consumer ā 2,128 ā 1,233 ā 953 ā 668 ā 77 ā 367,794 ā 372,853 Other Commercial ā ā 464 ā ā ā ā ā ā ā ā 344 ā ā 97 ā ā 286,374 ā ā 287,279 Total loans held for investment ā $ 50,453 ā $ 12,796 ā $ 13,396 ā $ 86,681 ā $ 28,232 ā $ 12,419,378 ā $ 12,610,936 ā The following table shows the PCI loan portfolios, by class and their delinquency status, at December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā 30-89 Days Greater than ā ā ā ā ā ā Past Due ā 90 Days ā Current ā Total Construction and Land Development ā $ 136 ā $ 343 ā $ 10,465 ā $ 10,944 Commercial Real Estate - Owner Occupied ā 480 ā 6,884 ā 20,074 ā 27,438 Commercial Real Estate - Non-Owner Occupied ā 848 ā 987 ā 12,730 ā 14,565 Multifamily Real Estate ā ā ā ā ā 94 ā 94 Commercial & Industrial ā ā ā 989 ā 590 ā 1,579 Residential 1-4 Family - Commercial ā 543 ā 1,995 ā 9,667 ā 12,205 Residential 1-4 Family - Consumer ā 927 ā 1,781 ā 12,005 ā 14,713 Residential 1-4 Family - Revolving ā 287 ā 205 ā 3,635 ā 4,127 Auto ā ā ā ā ā ā ā ā 4 ā ā 4 Consumer ā ā ā ā ā 9 ā ā 659 ā ā 668 Other Commercial ā ā ā ā ā 344 ā 344 Total ā $ 3,221 ā $ 13,193 ā $ 70,267 ā $ 86,681 ā ā As of December 31, 2019, the Company measured the amount of impairment by evaluating loans either in their collective homogeneous pools or individually. The following table shows the Companyās loans, excluding PCI loans, by class at December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā ā ā Unpaid ā ā ā ā Recorded ā Principal ā Related ā ā Investment ā Balance ā Allowance Loans without a specific allowance ā ā ā Construction and Land Development ā $ 5,877 ā $ 7,174 ā $ ā Commercial Real Estate - Owner Occupied ā 8,801 ā 9,296 ā ā Commercial Real Estate - Non-Owner Occupied ā 3,510 ā 4,059 ā ā Commercial & Industrial ā 3,668 ā 3,933 ā ā Residential 1-4 Family - Commercial ā 4,047 ā 4,310 ā ā Residential 1-4 Family - Consumer ā 8,420 ā 9,018 ā ā Residential 1-4 Family - Revolving ā 862 ā 865 ā ā Total impaired loans without a specific allowance ā $ 35,185 ā $ 38,655 ā $ ā Loans with a specific allowance ā ā ā Construction and Land Development ā $ 984 ā $ 1,032 ā $ 49 Commercial Real Estate - Owner Occupied ā 2,820 ā 3,093 ā 146 Commercial Real Estate - Non-Owner Occupied ā 335 ā 383 ā 2 Commercial & Industrial ā 2,568 ā 2,590 ā 619 Residential 1-4 Family - Commercial ā 1,726 ā 1,819 ā 162 Residential 1-4 Family - Consumer ā 12,026 ā 12,670 ā 1,242 Residential 1-4 Family - Revolving ā 2,186 ā 2,369 ā 510 Auto ā 563 ā 879 ā 221 Consumer ā 168 ā 336 ā 46 Other Commercial ā ā 562 ā ā 567 ā ā 30 Total impaired loans with a specific allowance ā $ 23,938 ā $ 25,738 ā $ 3,027 Total impaired loans ā $ 59,123 ā $ 64,393 ā $ 3,027 ā The following table shows the average recorded investment and interest income recognized for the Companyās loans, excluding PCI loans, by class for the three and six months ended June 30, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended ā Six Months Ended ā ā June 30, 2019 ā June 30, 2019 ā ā ā Interest ā ā Interest ā ā Average ā Income ā Average ā Income ā ā Investment ā Recognized ā Investment ā Recognized Construction and Land Development ā $ 7,811 ā $ 13 ā $ 8,167 ā $ 54 Commercial Real Estate - Owner Occupied ā 12,002 ā 91 ā 12,030 ā 200 Commercial Real Estate - Non-Owner Occupied ā 6,931 ā 60 ā 6,944 ā 119 Commercial & Industrial ā 3,038 ā 27 ā 3,081 ā 59 Residential 1-4 Family - Commercial ā 6,125 ā 29 ā 5,848 ā 56 Residential 1-4 Family - Consumer ā 19,830 ā 50 ā 19,939 ā 187 Residential 1-4 Family - Revolving ā 3,489 ā 38 ā 3,506 ā 78 Auto ā 493 ā ā ā 520 ā 1 Consumer ā 191 ā 2 ā 195 ā 3 Other Commercial ā ā 579 ā ā 7 ā ā 583 ā ā 15 Total impaired loans ā $ 60,489 ā $ 317 ā $ 60,813 ā $ 772 ā At December 31, 2019, the Company considered TDRs to be impaired loans. A modification of a loanās terms constitutes a TDR if the creditor grants a concession that it would not otherwise consider to the borrower for economic or legal reasons related to the borrowerās financial difficulties. All loans that are considered to be TDRs are evaluated for impairment in accordance with the Companyās allowance for credit loss methodology. The following table provides a summary, by class, of TDRs that continue to accrue interest under the terms of the applicable restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā No. of Recorded Outstanding ā ā Loans ā Investment ā Commitment Performing ā ā Construction and Land Development 4 ā $ 1,114 ā $ ā Commercial Real Estate - Owner Occupied 6 ā 2,228 ā 26 Commercial Real Estate - Non-Owner Occupied 1 ā 1,089 ā ā Commercial & Industrial 4 ā 1,020 ā ā Residential 1-4 Family - Commercial 5 ā 290 ā ā Residential 1-4 Family - Consumer 69 ā 9,396 ā ā Residential 1-4 Family - Revolving 2 ā 56 ā ā Consumer 4 ā 29 ā ā Other Commercial ā 1 ā ā 464 ā ā ā Total performing 96 ā $ 15,686 ā $ 26 Nonperforming ā ā Commercial Real Estate - Owner Occupied 2 ā $ 176 ā $ ā Commercial & Industrial 1 ā 55 ā ā Residential 1-4 Family - Consumer 19 ā 3,522 ā ā Residential 1-4 Family - Revolving 2 ā 57 ā ā Total nonperforming 24 ā $ 3,810 ā $ ā Total performing and nonperforming 120 ā $ 19,496 ā $ 26 ā The Company considers a default of a TDR to occur when the borrower is 90 days past due following the restructuring or a foreclosure and repossession of the applicable collateral occurs. During the three and six months ended June 30, 2019 the Company did not have any material loans that went into default that had been restructured in the twelve-month period prior to the time of default. ā The following table shows, by class and modification type, TDRs that occurred during the three and six months ended June 30, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā All Restructurings ā ā Three Months Ended June 30, 2019 ā Six Months Ended June 30, 2019 ā ā Recorded ā Recorded ā ā No. of ā Investment at ā No. of ā Investment at ā ā Loans ā Period End ā Loans ā Period End Modified to interest only, at a market rate ā ā Total interest only at market rate of interest ā ā $ ā ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā Term modification, at a market rate ā ā Residential 1-4 Family - Commercial ā ā $ ā 1 ā $ 74 Residential 1-4 Family - Consumer 1 ā 43 3 ā 299 Consumer ā ā ā 1 ā 9 Total loan term extended at a market rate 1 ā $ 43 5 ā $ 382 ā ā ā ā ā ā ā ā ā ā ā Term modification, below market rate ā ā Residential 1-4 Family - Consumer 9 ā $ 483 14 ā $ 1,410 Consumer ā ā ā ā ā ā 1 ā ā 6 Total loan term extended at a below market rate 9 ā $ 483 15 ā $ 1,416 ā ā ā ā ā ā ā ā ā ā ā Total 10 ā $ 526 20 ā $ 1,798 ā ā ā ā ā ā ā ā ā ā ā ā Allowance for Loan and Lease Losses The following table shows the ALLL activity by class for the six months ended June 30, 2019. The table below includes the provision for loan losses. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Six Months Ended June 30, 2019 ā ā Allowance for loan losses ā Balance, Recoveries Loans Provision Balance, ā ā beginning of ā credited to ā charged ā charged to ā end of ā ā the year ā allowance ā off ā operations ā period Construction and Land Development ā $ 6,803 ā $ 97 ā $ (800) ā $ (101) ā $ 5,999 Commercial Real Estate - Owner Occupied ā 4,023 ā 54 ā (231) ā 235 ā 4,081 Commercia |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 5. INTANGIBLE ASSETS The Companyās intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. The Company has determined that core deposit intangibles have finite lives and amortizes them over their estimated useful lives. Core deposit intangibles are being amortized over the period of expected benefit, which ranges from 4 to 10 years , using an accelerated method. Other amortizable intangible assets are being amortized over the period of expected benefit, which ranges from 4 to 10 years , using various methods. In accordance with ASC 350, Intangibles-Goodwill and Other , the Company reviews the carrying value of indefinite lived intangible assets at least annually or more frequently if certain impairment indicators exist. The COVID-19 pandemic has disrupted the economy and created significant volatility in the financial markets. The volatility in the financial markets has adversely affected the Companyās expected future cash flows, due to the lower interest rate environment and other factors, and resulted in a decline in the market price of the Companyās common stock, along with others in the financial services industry. The Company performed its annual impairment testing in the second quarter of 2020 and, while the fair value of the reporting unit declined from the prior test, the Company determined that there was no impairment to its goodwill or intangible assets. In the normal course of business, the Company routinely monitors the impact of the changes in the financial markets and includes these assessments in the Companyās goodwill impairment process. Amortization expense of intangibles for the three and six months ended June 30, 2020 totaled $4.2 million and $8.6 million, respectively; and for the three and six months ended June 30, 2019 totaled $4.9 million and $9.2 million, respectively. As of June 30, 2020, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands): ā ā ā ā For the remaining six months of 2020 $ 7,920 2021 ā ā 13,874 2022 ā ā 11,490 2023 ā ā 9,687 2024 ā ā 7,818 Thereafter ā ā 14,316 Total estimated amortization expense ā $ 65,105 ā ā ā |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
LEASES | 6. LEASES The Company enters into both lessor and lessee arrangements and determines if an arrangement is a lease at inception. As both a lessee and lessor, the Company elected the practical expedient permitted under the transition guidance within the standard to account for lease and non-lease components as a single lease component for all asset classes. Lessor Arrangements The Companyās lessor arrangements consist of sales-type and direct financing leases for equipment. Lease payment terms are fixed and are typically payable in monthly installments with terms ranging from 31 to 125 months . The lease arrangements may contain renewal options and purchase options that allow the lessee to purchase the leased equipment at the end of the lease term. The leases generally do not contain non-lease components. The Company has no lease transactions with related parties. At lease inception the Company estimates the expected residual value of the leased property at the end of the lease term by considering both internal and third-party appraisals. In certain cases, the Company obtains lessee-provided residual value guarantees and third-party RVI to reduce its residual asset risk. At June 30, 2020 the carrying value of residual assets covered by residual value guarantees and RVI was $7.5 million. ā The net investment in sales-type and direct financing leases consists of the carrying amount of the lease receivables plus unguaranteed residual assets, net of unearned income and any deferred selling profit on direct financing leases. The lease receivables include the lessorās right to receive lease payments and the guaranteed residual asset value the lessor expects to derive from the underlying assets at the end of the lease term. At June 30, 2020, the total net investment in sales-type and direct financing leases was $81.3 million, comprised of $78.7 million in lease receivables and $2.6 million in unguaranteed residuals. There were no significant changes in the balance of the Companyās unguaranteed residual assets for the period ending June 30, 2020. The Companyās net investment in sales-type and direct financing leases are included in Loans Held for Investment (net of deferred fees and costs) on the Companyās Consolidated Balance Sheets. For the three and six months ended June 30, 2020, total lease income was $290,000 and $340,000 , and is recorded within Interest Income on the Companyās Consolidated Statements of Income. There was no lease income for the three and six months ended June 30, 2019. ā Lessee Arrangements The Companyās lessee arrangements consist of operating and finance leases; however the majority of the leases have been classified as non-cancellable operating leases and are primarily for real estate leases with remaining lease terms of up to 14 years . The Companyās real estate lease agreements do not contain residual value guarantees and most agreements do not contain restrictive covenants. The Company does not have any material arrangements where the Company is in a sublease contract. ā Lessee arrangements with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheet. The ROU Assets and lease liabilities associated with operating and finance leases greater than twelve months are recorded in the Companyās Consolidated Balance Sheets; ROU Assets within Other Assets and lease liabilities within Other Liabilities. ROU Assets represent the Companyās right to use an underlying asset over the course of the lease term and lease liabilities represent the Companyās obligation to make lease payments arising from the lease. The initial measurement of lease liabilities and ROU Assets are the same for operating and finance leases. Lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments, discounted using the incremental borrowing rate. As most of the Companyās leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU Assets are recognized at commencement date based on the initial measurement of the lease liability, any lease payments made excluding lease incentives, and any initial direct costs incurred. Most of the Companyās operating leases include one or more options to renew; however, the Company is not reasonably certain to exercise those options and therefore does not include the renewal options in the measurement of the operating ROU Assets and lease liabilities. ā Lease expense for operating lease payments is recognized on a straight-line basis over the lease term and recorded in Occupancy Expense within noninterest expense on the Companyās Consolidated Statements of Income. Finance lease expenses consist of straight-line amortization expense of the ROU Assets recognized over the lease term and interest expense on the lease liability. Total finance lease expenses for the amortization of the ROU Assets are recorded in Occupancy Expense within noninterest expense on the Companyās Consolidated Statements of Income and interest expense on the finance lease liability is recorded in Interest Expense on Long-Term Borrowings within total interest expense on the Companyās Consolidated Statements of Income. ā As of June 30, 2020, the Company had no sales leaseback transactions or leases that have no t yet commenced that create significant rights and obligations. The tables below provide information about the Companyās lessee lease portfolio and other supplemental lease information (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā ā ā December 31, 2019 ā ā Operating ā ā Finance ā ā ā Operating Right-of-use-assets ā $ 53,208 ā ā $ 7,884 ā ā $ 54,941 ā Lease liabilities ā ā 63,523 ā ā ā 10,559 ā ā ā 66,052 ā Lease Term and Discount Rate of Operating leases: ā ā ā ā ā ā ā ā ā ā ā Weighted-average remaining lease term (years) ā 7.00 ā ā ā 8.58 ā ā ā 7.36 ā Weighted-average discount rate (1) ā 2.43 % ā ā 1.17 % ā ā 2.69 % (1) An incremental borrowing rate is used based on information available at commencement date of lease. ā ā ā ā ā ā ā ā ā ā Six months ended June 30, ā 2020 ā 2019 Cash paid for amounts included in measurement of lease liabilities: ā ā ā ā ā ā Operating Cash Flows from Finance Leases ā $ 10 ā $ - Operating Cash Flows from Operating Leases ā 6,893 ā ā 6,880 Right-of-use assets obtained in exchange for lease obligations: ā ā ā ā ā Operating leases ā 3,183 ā ā 3,619 Finance leases ā ā 10,549 ā ā - ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three months ended June 30, ā Six months ended June 30, ā ā ā 2020 ā ā 2019 ā ā 2020 ā ā 2019 Net Operating Lease Cost ā $ 2,928 ā $ 3,134 ā $ 5,847 ā $ 6,136 Finance Lease Cost: ā ā ā ā ā ā ā ā ā ā ā ā Amortization of right-of-use assets ā ā 77 ā ā - ā ā 77 ā ā - Interest on lease liabilities ā ā 10 ā ā - ā ā 10 ā ā - Total Lease Cost ā $ 3,015 ā $ 3,134 ā $ 5,934 ā $ 6,136 ā The maturities of lessor and lessee arrangements outstanding at June 30, 2020 are presented in the tables below (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā ā Lessor ā Lessee ā ā ā Sales-type and Direct Financing ā Operating ā Finance For the remaining six months of 2020 $ 7,894 ā $ 6,526 ā $ ā 2021 ā 16,216 ā ā 12,182 ā ā 1,261 2022 ā 17,093 ā ā 10,920 ā ā 1,292 2023 ā 15,503 ā ā 9,958 ā ā 1,325 2024 ā 13,130 ā ā 8,640 ā ā 1,358 2025 ā ā 4,310 ā ā 6,296 ā ā 1,392 Thereafter ā 10,548 ā ā 15,088 ā ā 4,515 Total undiscounted cash flows ā 84,694 ā ā 69,610 ā ā 11,143 Less: Adjustments (1) ā 5,996 ā ā 6,087 ā ā 584 Total (2) ā $ 78,698 ā $ 63,523 ā $ 10,559 (1) Lessor ā unearned income and guaranteed residual value; Lessee ā imputed interest. (2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements ā |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
BORROWINGS | 7. BORROWINGS Short-term Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Total short-term borrowings consist primarily of advances from the FHLB, federal funds purchased (which are secured overnight borrowings from other financial institutions), and other lines of credit. Also included in total short-term borrowings are securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. Total short-term borrowings consist of the following as of June 30, 2020 and December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā June 30, ā December 31, ā ā 2020 ā 2019 Securities sold under agreements to repurchase ā $ 77,216 ā $ 66,053 ā Federal Funds Purchased ā ā ā ā ā ā ā FHLB advances ā ā ā 370,200 ā Total short-term borrowings ā $ 77,216 ā $ 436,253 ā ā ā ā ā ā ā ā ā Average outstanding balance during the period ā $ 272,470 ā $ 673,116 ā Average interest rate (during the period) ā 1.13 % 2.30 % Average interest rate at end of period ā 0.32 % 1.52 % ā The Bank maintains federal funds lines with several correspondent banks, the remaining available balance was $972.0 million and $682.0 million at June 30, 2020 and December 31, 2019, respectively. The Company maintains an alternate line of credit at a correspondent bank, which had an available balance of $25.0 million at both June 30, 2020 and December 31, 2019. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and is considered to be in compliance with such covenants as of June 30, 2020. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $5.3 billion and $5.2 billion at June 30, 2020 and December 31, 2019, respectively. Long-term Borrowings In connection with several previous bank acquisitions, the Company issued and acquired trust preferred capital notes of $58.5 million and $87.0 million, respectively. Most recently, in connection with the acquisition of Access on February 1, 2019, the Company acquired additional trust preferred capital notes totaling $5.0 million. The remaining fair value discount on all acquired trust preferred capital notes was $14.5 million at June 30, 2020. ā The trust preferred capital notes currently qualify for Tier 2 capital of the Company for regulatory purposes. The Companyās trust preferred capital notes consist of the following as of June 30, 2020: ā ā ā ā ā ā ā ā ā ā ā ā ā ā Trust ā ā ā ā ā ā ā Preferred ā ā ā ā ā ā ā ā ā ā ā Capital ā ā ā ā Spread to ā ā ā ā ā ā Securities (1) ā Investment (1) ā 3-Month LIBOR ā Rate (2) ā Maturity Trust Preferred Capital Note - Statutory Trust I ā $ 22,500 ā $ 696 2.75 % 3.05 % 6/17/2034 Trust Preferred Capital Note - Statutory Trust II ā 36,000 ā 1,114 1.40 % 1.70 % 6/15/2036 VFG Limited Liability Trust I Indenture ā 20,000 ā 619 2.73 % 3.03 % 3/18/2034 FNB Statutory Trust II Indenture ā 12,000 ā 372 3.10 % 3.40 % 6/26/2033 Gateway Capital Statutory Trust I ā 8,000 ā 248 3.10 % 3.40 % 9/17/2033 Gateway Capital Statutory Trust II ā 7,000 ā 217 2.65 % 2.95 % 6/17/2034 Gateway Capital Statutory Trust III ā 15,000 ā 464 1.50 % 1.80 % 5/30/2036 Gateway Capital Statutory Trust IV ā 25,000 ā 774 1.55 % 1.85 % 7/30/2037 MFC Capital Trust II ā 5,000 ā 155 2.85 % 3.15 % 1/23/2034 Total ā $ 150,500 ā $ 4,659 (1) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Companyās junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Companyās investment in the trusts is reported in "Other Assets" on the Companyās Consolidated Balance Sheets. (2) Rate as of June 30, 2020. During the fourth quarter of 2016, the Company issued $150.0 million of fixed-to-floating rate subordinated notes with an initial fixed interest rate of 5.00% through December 15, 2021 . The interest rate then changes to a floating rate of LIBOR plus 3.175% through its maturity date on December 15, 2026 . In connection with the acquisition of Xenith on January 1, 2018, the Company acquired $8.5 million of subordinated notes with a fair value premium of $259,000 , which had been fully amortized at June 30, 2020. The acquired subordinated notes have a fixed interest rate of 6.75% and a maturity date of June 30, 2025. At June 30, 2020 and December 31, 2019, the contractual principal reported for subordinated notes was $158.5 million; remaining issuance discount as of June 30, 2020 and December 31, 2019 is $1.3 million and $1.4 million, respectively. The subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with the acquired subordinated notes and was considered to be in compliance with these covenants as of June 30, 2020. On August 23, 2012, the Company modified its fixed rate FHLB advances to floating rate advances, which resulted in reducing the Companyās FHLB borrowing costs. In connection with this modification, the Company incurred a prepayment penalty of $19.6 million on the original advances which was deferred and to be amortized over the term of the modified advances using the effective rate method. The amortization expense is included as a component of interest expense on long-term borrowings on the Companyās Consolidated Statements of Income and was $ 502,000 and $994,000 for the three and six months ended June 30, 2019, respectively. On August 29, 2019, the Company repaid the floating rate FHLB advances. As of June 30, 2020, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā 3-Month ā Interest ā ā ā ā ā Long-term Type ā LIBOR ā Rate (1)(2) ā Maturity Date ā Advance Amount Convertible Flipper (0.75) % ā % 8/17/2029 ā $ 50,000 Convertible Flipper (0.75) % ā % 5/22/2029 ā 150,000 Convertible Flipper (0.75) % ā % 5/30/2029 ā 50,000 Convertible Flipper ā (0.75) % ā % 6/21/2029 ā ā 100,000 Fixed Rate Convertible ā - ā 1.78 % 10/26/2028 ā ā 200,000 Fixed Rate Credit ā - ā 1.54 % 10/2/2020 ā ā 10,000 ā ā ā ā ā ā ā ā $ 560,000 (1) Interest rates calculated using non-rounded numbers. (2) Convertible Flippers have interest rate floor of 0% As of December 31, 2019, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā 3-Month ā Interest ā ā ā ā ā Long-term Type ā LIBOR ā Rate (1)(2) ā Maturity Date ā Advance Amount ā Convertible Flipper (0.75) % 1.16 % 8/17/2029 ā $ 50,000 Convertible Flipper (0.50) % 1.41 % 5/15/2024 ā 200,000 Convertible Flipper (0.75) % 1.16 % 5/22/2029 ā 150,000 Convertible Flipper (0.75) % 1.16 % 5/30/2029 ā 50,000 Convertible Flipper (0.75) % 1.16 % 6/21/2029 ā 100,000 Fixed Rate Convertible - ā 1.78 % 10/26/2028 ā 200,000 Fixed Rate Hybrid - ā 1.58 % 5/18/2020 ā 20,000 Fixed Rate Credit ā - ā 1.54 % 10/2/2020 ā ā 10,000 ā ā ā ā ā ā ā ā $ 780,000 (1) Interest rates calculated using non-rounded numbers. (2) Convertible Flippers have interest rate floor of 0% ā For information on the carrying value of loans and securities pledged as collateral on FHLB advances as of June 30, 2020 and December 31, 2019, refer to Note 8 "Commitments and Contingencies." During the second quarter of 2020, in connection with the loans originated as part of the PPP, the Company borrowed under the Federal Reserveās PPPLF. Under the terms of the PPPLF, the Company can borrow funds which are secured by the Companyās PPP loans. As of June 30, 2020, the Companyās outstanding advances under the PPPLF were $189.9 million. The interest rate on the advances is fixed at a rate of 0.35% through the advance maturities in April 2022. The Companyās available borrowing capacity under the PPPLF as of June 30, 2020 was $1.5 billion. As of June 30, 2020, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Trust ā ā ā ā ā ā ā ā ā ā ā ā Preferred ā ā ā ā ā ā ā ā ā ā Fair Value ā ā ā ā ā Capital ā Subordinated ā PPPLF ā FHLB ā Premium ā Total Long-term ā ā Notes ā Debt ā Advances ā Advances ā (Discount) (1) ā Borrowings For the remaining six months of 2020 ā $ ā ā $ ā ā $ ā ā $ 10,000 ā $ (456) ā $ 9,544 2021 ā ā ā ā ā ā ā ā ā ā (1,008) ā (1,008) 2022 ā ā ā ā ā ā 189,941 ā ā ā (1,030) ā 188,911 2023 ā ā ā ā ā ā ā ā ā ā (1,053) ā (1,053) 2024 ā ā ā ā ā ā ā ā ā ā (1,078) ā (1,078) Thereafter ā 155,159 ā 158,500 ā ā ā ā 550,000 ā (11,161) ā 852,498 Total long-term borrowings ā $ 155,159 ā $ 158,500 ā $ 189,941 ā $ 560,000 ā $ (15,786) ā $ 1,047,814 (1) Includes discount on issued subordinated notes. ā ā |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES Litigation Matters In the ordinary course of its operations, the Company and its subsidiaries are parties to various legal proceedings. Based on the information presently available, and after consultation with legal counsel, management believes that the ultimate outcome in such proceedings, in the aggregate, will not have a material adverse effect on the business, financial condition, or results of operations of the Company. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amount recognized on the Companyās Consolidated Balance Sheets. The contractual amounts of these instruments reflect the extent of the Companyās involvement in particular classes of financial instruments. The Companyās exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, the Company does not require collateral or other security to support off-balance sheet financial instruments with credit risk. The Company considers credit losses related to off-balance sheet commitments by undergoing a similar process in evaluating losses for loans that are carried on the balance sheet. The Company considers historical loss and funding information, current and future economic conditions, risk ratings, and past due status among other factors in the consideration of expected credit losses in the Companyās off-balance sheet commitments to extend credit. The Company also records an indemnification reserve that includes balances relating to mortgage loans previously sold based on historical statistics and loss rates. As of June 30, 2020 and December 31, 2019, the Companyās reserves for off-balance sheet credit risk and indemnification were $12.9 million and $2.6 million, respectively. Commitments to extend credit are agreements to lend to customers as long as there are no violations of any conditions established in the contracts. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of customers to third parties. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The following table presents the balances of commitments and contingencies (dollars in thousands): ā ā ā ā ā ā ā ā June 30, 2020 December 31, 2019 Commitments with off-balance sheet risk: ā ā Commitments to extend credit (1) ā $ 4,968,910 ā $ 4,691,272 Standby letters of credit ā 161,958 ā 209,658 Total commitments with off-balance sheet risk ā $ 5,130,868 ā $ 4,900,930 (1) Includes unfunded overdraft protection. ā ā ā ā ā ā ā Prior to the first quarter of 2020, the Company was required to maintain a reserve against its deposits in accordance with Regulation D of the Federal Reserve Act. On March 15, 2020, the Federal Reserve Board announced that reserve requirement ratios would be reduced to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions. As of June 30, 2020, the Company had approximately $ 342.9 million in deposits in other financial institutions, of which $271.6 million served as collateral for cash flow and loan swap derivatives. The Company had approximately $ 68.2 million in deposits in other financial institutions that were uninsured at June 30, 2020. At least annually, the Companyās management evaluates the loss risk of its uninsured deposits in financial counterparties. For asset/liability management purposes, the Company uses interest rate swap agreements to hedge various exposures or to modify the interest rate characteristics of various balance sheet accounts. Refer to Note 9 āDerivativesā for additional information. As part of the Companyās liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged, at June 30, 2020 and December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pledged Assets as of June 30, 2020 ā ā ā ā ā ā AFS HTM ā ā ā ā ā ā Cash ā Securities (1) ā Securities (1) ā Loans (2) ā Total Public deposits ā $ ā ā $ 454,733 ā $ 432,310 ā $ ā ā $ 887,043 Repurchase agreements ā ā ā 93,551 ā ā ā ā ā 93,551 FHLB advances ā ā ā 57,534 ā ā ā 4,193,380 ā 4,250,914 Derivatives ā 271,551 ā 1,033 ā ā ā ā ā 272,584 Fed Funds ā ā ā ā ā ā ā ā ā ā ā 319,068 ā ā 319,068 PPP Loans ā ā ā ā ā ā ā ā ā ā ā 189,941 ā ā 189,941 Other purposes ā ā ā ā 127,384 ā ā 8,901 ā ā ā ā ā 136,285 Total pledged assets ā $ 271,551 ā $ 734,235 ā $ 441,211 ā $ 4,702,389 ā $ 6,149,386 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Balance represents market value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (2) Balance represents book value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pledged Assets as of December 31, 2019 ā ā ā ā ā ā AFS HTM ā ā ā ā ā ā Cash ā Securities (1) ā Securities (1) ā Loans (2) ā Total Public deposits ā $ ā ā $ 467,266 ā $ 292,096 ā $ ā ā $ 759,362 Repurchase agreements ā ā ā 79,299 ā 7,602 ā ā ā 86,901 FHLB advances ā ā ā 63,812 ā ā ā 3,846,934 ā 3,910,746 Derivatives ā 116,839 ā 1,260 ā ā ā ā ā 118,099 Fed Funds ā ā ā ā ā ā ā ā ā ā ā 292,738 ā ā 292,738 Other purposes ā ā ā 122,358 ā 10,654 ā ā ā 133,012 Total pledged assets ā $ 116,839 ā $ 733,995 ā $ 310,352 ā $ 4,139,672 ā $ 5,300,858 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Balance represents book value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (2) Balance represents market value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā |
DERIVATIVES
DERIVATIVES | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | 9. DERIVATIVES The Company is exposed to economic risks arising from its business operations and uses derivatives primarily to manage risk associated with changing interest rates, and to assist customers with their risk management objectives. The Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge). The remaining are classified as free-standing derivatives consisting of customer accommodation loan swaps and interest rate lock commitments that do not qualify for hedge accounting. Derivatives Counterparty Credit Risk Derivative instruments contain an element of credit risk that arises from the potential failure of a counterparty to perform according to the terms of the contract. The Companyās exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on the Companyās Consolidated Balance Sheets, assuming no recoveries of underlying collateral. Effective January 1, 2019, as required under the Dodd-Frank Act, the Company clears eligible derivative transactions through CCPs such as the CME and LCH, which are often referred to as ācentral clearinghousesā. The Company clears certain OTC derivatives with central clearinghouses through FCMs as part of the regulatory requirement. The use of the CCPs and the FCMs reduces the Companyās bilateral counterparty credit exposures while it increases the Companyās credit exposures to CCPs and FCMs. The Company is required by CCPs to post initial and variation margin to mitigate the risk of non-payment through the Companyās FCMs. The Companyās FCM agreements governing these derivative transactions generally include provisions that may require the Company to post more collateral or otherwise change terms in the Companyās agreements under certain circumstances. For CME and LCH-cleared OTC derivatives, the Company characterizes variation margin cash payments as settlements. The Company also enters into legally enforceable master netting agreements and collateral agreements, where possible, with certain derivative counterparties to mitigate the risk of default on a bilateral basis. These bilateral agreements typically provide the right to offset exposures and require one counterparty to post collateral on derivative instruments in a net liability position to the other counterparty. Cash Flow Hedges The Company designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows related to forecasted transactions on variable rate financial instruments. The Company uses interest rate swap agreements as part of its hedging strategy by exchanging a notional amount, equal to the principal amount of the borrowings or commercial loans, for fixed-rate interest based on benchmarked interest rates. The original terms and conditions of the interest rate swaps vary and range in length. Amounts receivable or payable are recognized as accrued under the terms of the agreements. All swaps were entered into with counterparties that met the Companyās credit standards, and the agreements contain collateral provisions protecting the at-risk party. The Company concluded that the credit risk inherent in the contract is not significant. The Company assesses the effectiveness of each hedging relationship on a periodic basis using statistical regression analysis. The Company also measures the ineffectiveness of each hedging relationship using the change in variable cash flows method which compares the cumulative changes in cash flows of the hedging instrument relative to cumulative changes in the hedged itemās cash flows. In accordance with ASC 815, Derivatives and Hedging , the effective portions of the derivativesā unrealized gains or losses are recorded as a component of other comprehensive income. For the period ended December 31, 2019, the Companyās cash flow hedges were highly effective. The Company did no t have any derivatives designated as cash flow hedges outstanding at June 30, 2020. Fair Value Hedge Derivatives are designated as fair value hedges when they are used to manage exposure to changes in the fair value of certain financial assets and liabilities, referred to as the hedged items, which fluctuate in value as a result of movements in interest rates. Loans: During the normal course of business, the Company enters into swap agreements to convert certain long-term fixed-rate loans to floating rates to hedge the Companyās exposure to interest rate risk. The Company pays a fixed interest rate to the counterparty and receives a floating rate from the same counterparty calculated on the aggregate notional amount. At June 30, 2020 and December 31, 2019, the aggregate notional amount of the related hedged items for certain long-term fixed rate loans totaled $77.2 million and $83.1 million, respectively, and the fair value of the related hedged items was an unrealized loss of $6.2 million and $2.0 million, respectively. AFS Securities: The Company has entered into a swap agreement to hedge the interest rate risk on a portion of its fixed rate available for sale securities. At June 30, 2020 and December 31, 2019, the aggregate notional amount of the related hedged items of the AFS securities totaled $50 million and the fair value of the related hedged items was an unrealized loss of $8.3 million and $4.1 million, respectively. The Company applies hedge accounting in accordance with ASC 815, Derivatives and Hedging , and the fair value hedge and the underlying hedged item, attributable to the risk being hedged, are recorded at fair value with unrealized gains and losses being recorded on the Companyās Consolidated Statements of Income. Statistical regression analysis is used to assess hedge effectiveness, both at inception of the hedging relationship and on an ongoing basis. The regression analysis involves regressing the periodic change in fair value of the hedging instrument against the periodic changes in fair value of the asset being hedged due to changes in the hedged risk. The Companyās fair value hedges continue to be highly effective and had no material impact on the Consolidated Statements of Income, but if any ineffectiveness exists, portions of the unrealized gains or losses would be recorded in interest income or interest expense on the Companyās Consolidated Statements of Income. Loan Swaps During the normal course of business, the Company offers interest rate swap loan relationships (āloan swapsā) to its borrowers to help meet their financing needs. Upon entering into the loan swaps, the Company enters into offsetting positions with a third party in order to minimize interest rate risk. These back-to-back loan swaps qualify as financial derivatives with fair values as reported in āOther Assetsā and āOther Liabilitiesā on the Companyās Consolidated Balance Sheets. The following table summarizes key elements of the Companyās derivative instruments as of June 30, 2020 and December 31, 2019, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 December 31, 2019 ā ā ā ā ā Derivative (2) ā ā ā ā Derivative (2) ā Notional or ā ā ā ā Notional or ā ā ā ā ā ā Contractual ā ā ā ā ā ā ā Contractual ā ā ā ā ā ā ā ā Amount (1) ā Assets ā Liabilities ā Amount (1) ā Assets ā Liabilities Derivatives designated as accounting hedges: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Interest rate contracts: ā ā ā ā ā ā ā ā ā Cash flow hedges ā $ ā ā $ ā ā $ ā ā $ 100,000 ā $ ā ā $ 1,147 Fair value hedges ā 127,172 ā ā ā 14,530 ā 133,078 ā 182 ā 6,256 Derivatives not designated as accounting hedges: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Loan Swaps : ā ā ā ā ā ā Pay fixed - receive floating interest rate swaps ā 2,064,653 ā ā ā 194,707 ā 1,575,149 ā 753 ā 53,592 Pay floating - receive fixed interest rate swaps ā 2,064,653 ā 194,707 ā ā ā 1,575,149 ā 53,592 ā 753 ā (1) Notional amounts are not recorded on the Companyās Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. ā The following table summarizes the carrying value of the Companyās hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of June 30, 2020 and December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā December 31, 2019 ā ā ā Cumulative ā Cumulative ā ā ā ā ā Amount of Basis ā ā ā Amount of Basis ā ā ā ā ā Adjustments ā ā ā Adjustments ā ā ā ā ā Included in the ā ā ā Included in the ā ā Carrying Amount ā Carrying ā Carrying Amount ā Carrying ā ā of Hedged ā Amount of the ā of Hedged ā Amount of the ā ā Assets/(Liabilities) ā Hedged ā Assets/(Liabilities) ā Hedged ā ā Amount (1) Assets/(Liabilities) ā Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: ā ā ā ā Securities available-for-sale (1) (2) ā $ 191,589 ā $ 8,309 ā $ 206,799 ā $ 4,072 Loans ā 77,172 ā 6,131 ā 83,078 ā 1,972 ā (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At June 30, 2020 and December 31, 2019, the amortized cost basis of this portfolio was $ 192 million and $ 207 million, respectively and the cumulative basis adjustment associated with this hedge was $8.3 million and $4.1 million, respectively. The amount of the designated hedged item was $50 million. (2) Carrying value represents amortized cost. ā |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 10. STOCKHOLDERSā EQUITY Series A Preferred Stock On June 9, 2020, the Company issued and sold 6,900,000 depositary shares, each representing a 1/400th ownership interest in a share of its 6.875% Perpetual Non-Cumulative Preferred Stock, Series A (the āSeries A preferred stockā), with a liquidation preference of $10,000 per share of Series A preferred stock (equivalent to $25 per depositary share), including 900,000 depositary shares pursuant to the exercise in full by the underwriters of their option to purchase additional depositary shares. The total net proceeds to the Company were approximately $166.4 million, after deducting the underwriting discount and other offering expenses payable by the Company. The Company intends to use the net proceeds of the offering for general corporate purposes in the ordinary course of its business. General corporate purposes may include repayment of debt, loan funding, acquisitions, additions to working capital, capital expenditures and investments in the Companyās subsidiaries. ā Accumulated Other Comprehensive Income (Loss) The change in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2020 is summarized as follows, net of tax (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized Gains ā ā ā ā ā ā ā ā ā ā ā (Losses) ā ā ā ā ā ā ā ā ā ā ā Unrealized ā for AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred to ā Value of Cash ā (Losses) on ā ā ā ā ā Securities ā HTM ā Flow Hedge ā BOLI ā Total Balance - March 31, 2020 ā $ 51,035 ā $ 70 ā $ ā ā $ (2,776) ā $ 48,329 Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā 21,019 ā ā ā ā ā ā ā ā ā ā 21,019 Amounts reclassified from AOCI into earnings ā (8,168) ā ā (5) ā ā ā ā ā 129 ā (8,044) Net current period other comprehensive income (loss) ā 12,851 ā (5) ā ā ā 129 ā 12,975 Balance - June 30, 2020 ā $ 63,886 ā $ 65 ā $ ā ā $ (2,647) ā $ 61,304 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized Gains ā ā ā ā ā ā ā ā ā ā ā (Losses) ā ā ā ā ā ā ā ā ā ā ā Unrealized ā for AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred to ā Value of Cash ā (Losses) on ā ā ā ā ā Securities ā HTM ā Flow Hedge ā BOLI ā Total Balance - December 31, 2019 ā $ 37,877 ā $ 75 ā $ (782) ā $ (1,595) ā $ 35,575 Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā 35,706 ā ā ā ā ā (699) ā ā (1,289) ā 33,718 Amounts reclassified from AOCI into earnings ā (9,697) ā ā (10) ā ā 1,481 ā ā 237 ā (7,989) Net current period other comprehensive income (loss) ā 26,009 ā (10) ā 782 ā (1,052) ā 25,729 Balance - June 30, 2020 ā $ 63,886 ā $ 65 ā $ ā ā $ (2,647) ā $ 61,304 ā ā The change in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2019 is summarized as follows, net of tax (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized Gain ā ā ā ā ā ā ā ā ā ā ā (Losses) ā ā ā ā ā ā ā ā ā ā ā Unrealized ā for AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred to ā Value of Cash ā (Losses) ā ā ā ā ā Securities ā HTM ā Flow Hedge ā on BOLI ā Total Balance - March 31, 2019 ā $ 14,047 ā $ 90 ā $ (4,733) ā $ (1,007) ā $ 8,397 Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā 22,151 ā ā ā ā ā (2,595) ā ā ā ā ā 19,556 Amounts reclassified from AOCI into earnings ā (73) ā ā (5) ā ā 173 ā ā 19 ā ā 114 Net current period other comprehensive income (loss) ā 22,078 ā (5) ā (2,422) ā 19 ā 19,670 Balance - June 30, 2019 ā $ 36,125 ā $ 85 ā $ (7,155) ā $ (988) ā $ 28,067 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized Gain ā ā ā ā ā ā ā ā ā ā ā (Losses) ā ā ā ā ā ā ā ā ā ā ā Unrealized ā for AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred to ā Value of Cash ā (Losses) ā ā ā ā ā Securities ā HTM ā Flow Hedge ā on BOLI ā Total Balance - December 31, 2018 ā $ (5,949) ā $ 95 ā $ (3,393) ā $ (1,026) ā $ (10,273) Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā 42,233 ā ā ā ā ā (4,055) ā ā ā ā ā 38,178 Amounts reclassified from AOCI into earnings ā (159) ā ā (10) ā ā 293 ā ā 38 ā ā 162 Net current period other comprehensive income (loss) ā 42,074 ā (10) ā (3,762) ā 38 ā 38,340 Balance - June 30, 2019 ā $ 36,125 ā $ 85 ā $ (7,155) ā $ (988) ā $ 28,067 ā |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 11. FAIR VALUE MEASUREMENTS The Company follows ASC 820, Fair Value Measurements and Disclosures , to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. ASC 820 clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Companyās market assumptions. The three levels of the fair value hierarchy under ASC 820 based on these two types of inputs are as follows: Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the markets. Level 3 Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. These unobservable inputs reflect the Companyās assumptions about what market participants would use and information that is reasonably available under the circumstances without undue cost and effort. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Derivative instruments As discussed in Note 9 āDerivativesā, the Company records derivative instruments at fair value on a recurring basis. The Company utilizes derivative instruments as part of the management of interest rate risk to modify the re-pricing characteristics of certain portions of the Companyās interest-bearing assets and liabilities. The Company has contracted with a third party vendor to provide valuations for derivatives using standard valuation techniques and therefore classifies such valuations as Level 2. Third party valuations are validated by the Company using Bloomberg Valuation Serviceās derivative pricing functions. No material differences were identified during the validation as of June 30, 2020 and December 31, 2019 . The Company has considered counterparty credit risk in the valuation of its derivative assets and has considered its own credit risk in the valuation of its derivative liabilities. Mortgage banking derivatives as of June 30, 2020 did not have a material impact on the Companyās Consolidated Financial Statements. AFS Securities AFS securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data (Level 2). If the inputs used to provide the evaluation for certain securities are unobservable and/or there is little, if any, market activity, then the security would fall to the lowest level of the hierarchy (Level 3). The Companyās investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third party portfolio accounting service vendor for valuation of its securities portfolio. The vendorās primary source for security valuation is IDC, which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of June 30, 2020 and December 31, 2019 . The carrying value of restricted Federal Reserve Bank and FHLB stock approximates fair value based on the redemption provisions of each entity and is therefore excluded from the table below. Loans Held for Sale Loans held for sale are carried at fair value. These loans currently consist of residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). Gains and losses on the sale of loans are recorded in current period earnings as a component of "Mortgage banking income" on the Companyās Consolidated Statements of Income. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at June 30, 2020 and December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at June 30, 2020 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā AFS securities: ā ā ā ā ā U.S. government and agency securities ā $ ā ā $ 14,646 ā $ ā ā $ 14,646 Obligations of states and political subdivisions ā ā ā 539,527 ā ā ā 539,527 Corporate and other bonds (1) ā ā ā 131,350 ā ā ā 131,350 Mortgage-backed securities ā ā ā 1,330,542 ā ā ā 1,330,542 Other securities ā ā ā 3,099 ā ā ā 3,099 Loans held for sale ā ā ā 55,067 ā ā ā 55,067 Derivatives: ā ā ā ā Interest rate swap ā ā ā 194,707 ā ā ā 194,707 ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā Derivatives: ā ā ā ā Interest rate swap ā $ ā ā $ 194,707 ā $ ā ā $ 194,707 Fair value hedges ā ā ā 14,530 ā ā ā 14,530 (1) Other bonds include asset-backed securities. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2019 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā AFS securities: ā ā ā ā ā U.S. government and agency securities ā $ ā ā $ 21,320 ā $ ā ā $ 21,320 Obligations of states and political subdivisions ā ā ā ā ā 447,091 ā ā ā ā ā 447,091 Corporate and other bonds (1) ā ā ā 135,959 ā ā ā 135,959 Mortgage-backed securities ā ā ā 1,337,996 ā ā ā 1,337,996 Other securities ā ā ā 3,079 ā ā ā 3,079 Loans held for sale ā ā ā ā ā 55,405 ā ā ā ā ā 55,405 Derivatives: ā ā ā ā Interest rate swap ā ā ā 54,345 ā ā ā 54,345 Fair value hedges ā ā ā 182 ā ā ā 182 ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā Derivatives: ā ā ā ā Interest rate swap ā $ ā ā $ 54,345 ā $ ā ā $ 54,345 Cash flow hedges ā ā ā 1,147 ā ā ā 1,147 Fair value hedges ā ā ā 6,256 ā ā ā 6,256 (1) Other bonds include asset-backed securities. ā Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets are measured at fair value on a nonrecurring basis in accordance with U.S. GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets after they are evaluated for impairment. The primary assets accounted for at fair value on a nonrecurring basis are related to foreclosed properties, former bank premises, and collateral-dependent loans that are individually assessed. When the asset is secured by real estate, the Company measures the fair value utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser using observable market data. Management may discount the value from the appraisal in determining the fair value if, based on its understanding of the market conditions, the collateral had been impaired below the appraised value (Level 3). The assets for which a nonrecurring fair value measurement was recorded during the period ended June 30, 2020 and December 31, 2019 was $6.4 million and $11.9 million, respectively. The nonrecurring valuation adjustments for these assets did not have a material impact on the Companyās consolidated financial statements. Fair Value of Financial Instruments ASC 825, Financial Instruments, requires disclosure about fair value of financial instruments for interim periods and excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Cash and Cash Equivalents For those short-term instruments, the carrying amount is a reasonable estimate of fair value. HTM Securities The Companyās investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third party portfolio accounting service vendor for valuation of its securities portfolio. The vendorās primary source for security valuation is IDC, which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of June 30, 2020 and December 31, 2019 . The Companyās level 3 securities are a result of the Access acquisition and are comprised of asset-backed securities and municipal bonds. Valuations of the asset-backed securities are provided by a third party vendor specializing in the SBA markets, and are based on underlying loan pool information, market data, and recent trading activity for similar securities. Valuations of the municipal bonds are provided by a third party vendor that specializes in hard-to-value securities, and are based on a discounted cash flow model and considerations for the complexity of the instrument, likelihood it will be called and credit ratings. The Company reviews the valuation of both security types for reasonableness in the context of market conditions and to similar bonds in the Companyās portfolio. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of June 30, 2020 . Loans The fair value of loans was estimated using an exit price, representing the amount that would be expected to be received if the Company sold the loans. The fair value of performing loans was estimated through use of discounted cash flows. Credit loss assumptions were based on market PD/LGD for loan cohorts. The discount rate was based primarily on recent market origination rates. Fair value of loans individually assessed for impairment and their respective levels within the fair value hierarchy are described in the previous section related to fair value measurements of assets that are measured on a nonrecurring basis. ā Bank owned life insurance The carrying value of BOLI approximates fair value. The Company records these policies at their cash surrender value, which is estimated using information provided by insurance carriers. Deposits The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposits were valued using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for certificates of deposits that mature in the same period. Accrued Interest The carrying amounts of accrued interest approximate fair value. ā The carrying values and estimated fair values of the Companyās financial instruments at June 30, 2020 and December 31, 2019 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at June 30, 2020 using ā ā ā Quoted Prices Significant ā ā ā ā ā ā ā ā ā in Active ā Other ā Significant ā ā ā ā ā ā ā ā Markets for ā Observable ā Unobservable ā Total Fair ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā Value ā ā Carrying ā ā ā ā ā ā ā ā ā ā ā ā ā Value ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Cash and cash equivalents ā $ 842,020 ā $ 842,020 ā $ ā ā $ ā ā $ 842,020 AFS securities ā 2,019,164 ā ā ā 2,019,164 ā ā ā 2,019,164 HTM securities ā 547,561 ā ā ā 600,146 ā 13,283 ā 613,429 Restricted stock ā 105,832 ā ā ā 105,832 ā ā ā 105,832 Loans held for sale ā 55,067 ā ā ā 55,067 ā ā ā 55,067 Net loans ā 14,138,669 ā ā ā ā ā 13,970,248 ā 13,970,248 Derivatives: ā ā ā ā ā Interest rate swap ā 194,707 ā ā ā 194,707 ā ā ā 194,707 Accrued interest receivable ā 62,330 ā ā ā 62,330 ā ā ā 62,330 BOLI ā 327,075 ā ā ā 327,075 ā ā ā 327,075 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 15,605,139 ā $ ā ā $ 15,653,360 ā $ ā ā $ 15,653,360 Borrowings ā 1,125,030 ā ā ā 1,093,558 ā ā ā 1,093,558 Accrued interest payable ā 4,495 ā ā ā 4,495 ā ā ā 4,495 Derivatives: ā ā ā ā ā Interest rate swap ā 194,707 ā ā ā 194,707 ā ā ā 194,707 Fair value hedges ā 14,530 ā ā ā 14,530 ā ā ā 14,530 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2019 using ā ā ā ā ā Quoted Prices ā Significant ā ā ā ā ā ā ā ā ā ā ā in Active ā Other ā Significant ā ā ā ā ā ā ā ā Markets for ā Observable ā Unobservable ā Total Fair ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā Value ā ā Carrying ā ā ā ā ā ā ā ā ā ā ā ā ā ā Value ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Cash and cash equivalents ā $ 436,032 ā $ 436,032 ā $ ā ā $ ā ā $ 436,032 AFS securities ā 1,945,445 ā ā ā 1,945,445 ā ā ā 1,945,445 HTM securities ā 555,144 ā ā ā 585,820 ā 17,683 ā 603,503 Restricted stock ā 130,848 ā ā ā 130,848 ā ā ā 130,848 Loans held for sale ā ā 55,405 ā ā ā ā 55,405 ā ā ā ā 55,405 Net loans ā 12,568,642 ā ā ā ā ā 12,449,505 ā 12,449,505 Derivatives: ā ā ā ā ā Interest rate swap ā 54,345 ā ā ā 54,345 ā ā ā 54,345 Fair value hedges ā 182 ā ā ā 182 ā ā ā 182 Accrued interest receivable ā 52,721 ā ā ā 52,721 ā ā ā 52,721 BOLI ā 322,917 ā ā ā 322,917 ā ā ā 322,917 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 13,304,981 ā $ ā ā $ 13,349,943 ā $ ā ā $ 13,349,943 Borrowings ā 1,513,748 ā ā ā 1,479,606 ā ā ā 1,479,606 Accrued interest payable ā 6,108 ā ā ā 6,108 ā ā ā 6,108 Derivatives: ā ā ā ā ā Interest rate swap ā 54,345 ā ā ā 54,345 ā ā ā 54,345 Cash flow hedges ā 1,147 ā ā ā 1,147 ā ā ā 1,147 Fair value hedges ā 6,256 ā ā ā 6,256 ā ā ā 6,256 ā The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Companyās financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. Borrowers with fixed rate obligations, however, are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Companyās overall interest rate risk. ā |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | 12. REVENUE The majority of the Companyās noninterest income comes from short term contracts associated with fees for services provided on deposit accounts, credit cards, and wealth management accounts and is being accounted for in accordance with Topic 606. Typically, the duration of a contract does not extend beyond the services performed; therefore, the Company concluded that discussion regarding contract balances is immaterial. The Companyās performance obligations on revenue from interchange fees and deposit accounts are generally satisfied immediately, when the transaction occurs, or by month-end. Performance obligations on revenue from fiduciary and asset management fees are generally satisfied monthly or quarterly. For a majority of fee income on deposit accounts the Company is a principal, controlling the promised good or service before transferring it to the customer. For the majority of income related to wealth management income, the Company is an agent, responsible for arranging for the provision of goods and services by another party. Noninterest income disaggregated by major source, for the three and six months ended June 30, 2020 and 2019, consisted of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended Six Months Ended ā ā June 30, ā June 30, June 30, ā June 30, ā ā 2020 ā 2019 2020 ā 2019 Noninterest income: ā ā ā ā ā Deposit Service Charges (1) ā ā ā ā ā Overdraft fees ā $ 3,245 ā $ 6,045 ā $ 9,010 ā $ 11,827 Maintenance fees & other ā 1,685 ā 1,454 ā 3,498 ā 2,829 Other service charges, commissions, and fees (1) ā 1,354 ā 1,702 ā 2,978 ā 3,367 Interchange fees (1) ā 1,697 ā 5,612 ā 3,321 ā 10,656 Fiduciary and asset management fees (1) ā ā ā ā ā ā ā ā Trust asset management fees ā 2,470 ā 1,976 ā 5,298 ā 3,315 Registered advisor management fees ā 2,091 ā 2,825 ā 4,178 ā 5,701 Brokerage management fees ā 954 ā 897 ā 2,023 ā 1,736 Mortgage banking income ā 5,826 ā 2,785 ā 7,847 ā 4,240 Gains (losses) on securities transactions ā 10,339 ā 51 ā 12,275 ā 202 Bank owned life insurance income ā 2,027 ā 2,075 ā 4,076 ā 4,129 Loan-related interest rate swap fees ā 5,484 ā 3,716 ā 9,432 ā 5,176 Other operating income (2) ā (1,240) ā 1,440 ā 902 ā 2,337 Total noninterest income (3) ā $ 35,932 ā $ 30,578 ā $ 64,838 ā $ 55,515 (1) Income within scope of Topic 606. (2) Includes income within the scope of Topic 606 of $645,000 and $1.1 million for the three months ended June 30, 2020 and 2019, respectively, and $1.2 million and $1.9 million for the six months ended June 30, 2020 and 2019, respectively. The remaining balance is outside the scope of Topic 606. (3) Noninterest income for the discontinued mortgage segment is reported in Note 14 "Segment Reporting & Discontinued Operations." ā ā |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 13. EARNINGS PER SHARE Basic EPS is computed by dividing net income to common shareholders, after deducting dividends on preferred stock by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards. ā The following table presents EPS from continuing operations, discontinued operations and total net income available to common shareholders for the three and six months ended June 30, 2020 and 2019 (dollars in thousands except per share data): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended ā Six Months Ended ā ā June 30, ā June 30, ā ā 2020 ā 2019 ā 2020 ā 2019 Net Income: ā ā ā ā ā ā ā ā ā ā ā ā Income from continuing operations ā $ 30,709 ā $ 48,908 ā $ 37,798 ā $ 84,623 Income (loss) from discontinued operations ā ā ā (85) ā ā ā (170) Net income available to common shareholders ā $ 30,709 ā $ 48,823 ā $ 37,798 ā $ 84,453 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted average shares outstanding, basic ā 78,712 ā 82,062 ā 79,001 ā 79,283 Dilutive effect of stock awards and warrants ā 11 ā 63 ā 19 ā 62 Weighted average shares outstanding, diluted ā 78,723 ā 82,125 ā 79,020 ā 79,345 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Basic EPS: ā ā ā ā EPS from continuing operations ā $ 0.39 ā $ 0.59 ā $ 0.48 ā $ 1.06 EPS from discontinued operations ā ā ā ā ā ā ā ā EPS available to common shareholders ā $ 0.39 ā $ 0.59 ā $ 0.48 ā $ 1.06 ā ā ā ā ā ā ā ā ā ā ā ā ā Diluted EPS: ā ā ā ā EPS from continuing operations ā $ 0.39 ā $ 0.59 ā $ 0.48 ā $ 1.06 EPS from discontinued operations ā ā ā ā ā ā ā ā EPS available to common shareholders ā $ 0.39 ā $ 0.59 ā $ 0.48 ā $ 1.06 ā |
SEGMENT REPORTING & DISCONTINUE
SEGMENT REPORTING & DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING & DISCONTINUED OPERATIONS | 14. SEGMENT REPORTING & DISCONTINUED OPERATIONS On May 23, 2018, the Bank announced that it had entered into an agreement with a third-party mortgage company TFSB to allow TFSB to offer residential mortgages from certain Bank locations on the terms and conditions set forth in the agreement. Concurrently with that arrangement, the Bank began the process of winding down the operations of UMG, the Companyās reportable mortgage segment. Effective at the close of business June 1, 2018, UMG was no longer originating mortgages in its name. The decision to wind down the operations of UMG was based on a number of strategic priorities and other factors, including the additional investment in the business required to achieve the necessary scale to be competitive. As a result of this decision, the community bank segment is the only remaining reportable segment and does not require separate reporting disclosures. On May 30, 2019, the Bank notified TFSB that the Bank was terminating its primary agreement with TFSB and will no longer allow TFSB to offer residential mortgages from Bank locations. UMG operations remain discontinued, although the Company continues to offer residential mortgages through a division of the Bank. ā As of and for the three and six months ended June 30, 2020, the assets and liabilities, as well as the operating results, of the discontinued mortgage segment were not considered material. As of December 31, 2019, the Companyās Consolidated Balance Sheets included assets and liabilities from discontinued operations of $668,000 and $640,000 , respectively. Management believes there are no material on-going obligations with respect to UMGās business that have not been recorded in the Companyās consolidated financial statements. The following table presents summarized operating results of the discontinued mortgage segment for the three and six months ended June 30, 2019 (dollars in thousands): ā ā ā ā ā ā ā Three Months Ended ā Six Months Ended ā June 30, 2019 June 30, 2019 Net interest income $ ā ā $ ā Provision for credit losses ā ā ā ā ā Net interest income after provision for credit losses ā ā ā ā ā Noninterest income ā ā ā ā 1 Noninterest expenses ā 114 ā ā 230 Income before income taxes ā (114) ā ā (229) Income tax expense (benefit) ā (29) ā ā (59) Net income (loss) on discontinued operations $ (85) ā $ (170) ā |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS ā On July 24, 2020 , the Companyās Board of Directors declared a quarterly dividend of $0.25 per share of common stock. The common stock dividend amount is the same as that paid in the prior quarter and the third quarter of 2019 . The common stock dividend is payable on August 21, 2020 to common shareholders of record as of August 7, 2020 . ā The Board also declared a quarterly dividend on the outstanding shares of its Series A preferred stock. The Series A preferred stock is represented by depositary shares, each representing a 1/400 th ownership interest in a share of Series A preferred stock . The dividend of $156.60 per share (equivalent to $0.39 per outstanding depositary share) is payable on September 1, 2020 to preferred shareholders of record as of August 14, 2020 . ā |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
The Company | The Company Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (Nasdaq: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has 149 branches and approximately 170 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Middleburg Financial is a brand name used by Atlantic Union Bank and certain affiliates when providing trust, wealth management, private banking, and investment advisory products and services. Certain non-bank affiliates of Atlantic Union Bank include: Old Dominion Capital Management, Inc., and its subsidiary, Outfitter Advisors, Ltd., Dixon, Hubard, Feinour, & Brown, Inc., and Middleburg Investment Services, LLC, which provide investment advisory and/or brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. ā The unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements; however, in the opinion of management, all adjustments necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other period. ā These unaudited consolidated financial statements should be read in conjunction with the Companyās audited consolidated financial statements and notes thereto included in the Companyās 2019 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. |
Impact of COVID-19 | Impact of COVID-19 On March 13, 2020, the United States President declared a national emergency in the face of a growing public health and economic crisis due to the COVID-19 global pandemic. Within a few days of the declaration of a national emergency, governors of states comprising the Companyās geographic footprint issued states of emergency in response to the novel COVID-19. As a result of this pandemic, actions were taken around the world to help mitigate the spread of COVID 19, which have impacted the economies and financial markets of many countries, including the geographical area in which the Company operates. On March 27, 2020, the CARES Act was signed into law. The CARES Act is designated to provide financial relief to the American people and American businesses in response to the economic fallout from COVID-19. On March 22, 2020, the five federal bank regulatory agencies and the Conference of State Bank Supervisors issued joint guidance (subsequently revised on April 7, 2020) with respect to loan modifications for borrowers affected by COVID-19. The CARES Act, as well as the March 22 Joint Guidance, provide enhanced guidelines and accounting for COVID-19 related modifications. ā The federal banking regulators have confirmed with FASB that short-term loan modifications made on a good faith basis in response to COVID-19 to borrowers who were current (i.e., less than 30 days past due on contractual payments) prior to any loan modification are not TDRs. In addition, Section 4013 of the CARES Act provides banks, savings associations, and credit unions with the ability to make loan modifications related to COVID-19 without categorizing the loan as a TDR or conducting the analysis to make the determination, which is intended to streamline the loan modification process. Any such suspension is effective for the term of the loan modification; however, the suspension is only permitted for loan modifications made during the effective period of Section 4013 and only for those loans that were not more than thirty days past due as of December 31, 2019. The Company has made $1.8 billion of loan modifications pursuant to the March 22 Joint Guidance or Section 4013 of the CARES Act and as of June 30, 2020 approximately $1.6 billion remain under their modified terms. ā During the second quarter of 2020, the Company continued to participate in the SBA PPP under the CARES Act. The Company processed over 11,000 loans, which totaled $1.7 billion with a recorded investment of $1.6 billion as of June 30, 2020, through the SBA PPP. The loans carry a 1% interest rate and the Company recorded net PPP loan origination fees of approximately $50.2 million, which are being amortized over a 24-month period. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards On January 1, 2020, the Company adopted ASC 326. This ASU updates the existing guidance to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to- maturity debt securities. It also applies to unfunded credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The Company established a cross-functional governance structure to oversee the Companyās implementation of the CECL methodology, which included evaluating key assumptions used and assessing the internal controls over financial reporting related to the adoption of ASC 326. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and unfunded credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. As a result of adopting ASC 326, the Company recorded a net decrease to retained earnings of $39.1 million. ASC 326 also replaced the Companyās current accounting for PCI loans. With the adoption of ASC 326, previously classified PCI loans are now classified as PCD loans. In accordance with ASC 326, the Company did not re-assess whether individual modifications were needed to individual acquired financial assets accounted for in the pools with troubled debt restructurings as of the date of adoption. The Company adopted ASC 326 using the prospective transition approach for financial assets with PCD that were previously identified as PCI and accounted for under ASC 310-30. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $2.4 million to the ACL. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, The Company adopted ASC 326 using the prospective transition approach for debt securities. The effective interest rate on these debt securities was not changed. Upon adoption of ASC 326, the Company did not have any securities included in its portfolio where OTTI had previously been The following table illustrates the impact of ASC ā ā ā ā ā ā ā ā ā December 31, ā January 1, ā January 1, ā ā 2019 ā 2020 ā 2020 ā ā As Previously Reported (Incurred Loss) ā Impact of CECL Adoption ā As Reported Under CECL Assets: ā ā ā ā ā ā Loans ā ā ā ā ā ā Commercial $ 30,941 $ 6,184 $ 37,125 Consumer ā 11,353 ā 41,300 ā 52,653 Allowance for loan and lease losses ā 42,294 ā 47,484 ā 89,778 Liabilities: ā ā ā ā ā ā Allowance for credit losses on unfunded credit exposure ā 900 ā 4,160 ā 5,060 Total Allowance for credit losses $ 43,194 $ 51,644 $ 94,838 |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The provision for loan losses charged to operations is an amount sufficient to bring the allowance to an estimated balance that management considers adequate to absorb expected losses in the Companyās loan portfolio. The ALLL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Amortized cost is the principal balance outstanding, net of any purchase premiums and discounts and net of any deferred loan fees and costs. The ALLL represents managementās estimate of credit losses over the remaining life of the loan portfolio. Loans are charged off against the ALLL when management believes the loan balance is no longer collectible. Subsequent recoveries of previously charged off amounts are recorded as increases to the Managementās determination of the adequacy of the ALLL is based on an evaluation of the composition of the loan portfolio, the value and adequacy of collateral, current economic conditions, historical loan loss experience, reasonable and supportable forecasts, and other risk factors. The ALLL is estimated by pooling loans by call code and credit risk indicator and applying a loan-level PD/LGD method for all loans with the exception of its auto and third party consumer lending portfolios. For auto and third party consumer portfolios, the Company has elected to pool those loans based on similar risk characteristics to determine the ALLL using vintage and loss rate methods. The Company utilizes a forecast period of two years and then reverts to the mean of historical loss factors on a straight-line basis over the following two-year period. The Company considers economic forecasts and recession probabilities from highly recognized third-parties to inform the model for loss estimation. The Companyās ALLL estimate is particularly impacted by the unemployment rate forecast in its geographic footprint. In the current quarter forecast, the unemployment rate in the Companyās geographic footprint is projected to remain significantly elevated through the forecast period. Management also considers qualitative factors when estimating loan losses to take into account model limitations. For the current quarter, the largest qualitative additions were related to industries that are particularly impacted by the COVID pandemic, and were partially offset by qualitative reductions meant to account for enhanced unemployment benefits, bank deferrals, the PPP loan program and other factors. The Companyās Allowance Committee approves the key methodologies and assumptions, as well as the final ALLL on a quarterly basis. While management uses available information to estimate expected losses on loans, future changes in the ALLL may be necessary based on changes in portfolio composition, portfolio credit quality, and/or economic conditions. Loans that do not share risk characteristics are evaluated on an individual basis. The individual reserve component relates to loans that have shown substantial credit deterioration as measured by risk rating and/or delinquency status. In addition, the Company has elected the practical expedient that would include loans for individual assessment consideration if the repayment of the loan is expected substantially through the operation or sale of collateral because the borrower is experiencing financial difficulty. Where the source of repayment is the sale of collateral, the ALLL is based on the fair value of the underlying collateral, less selling costs, compared to the amortized cost basis of the loan. If the ALLL is based on the operation of the collateral, the reserve is calculated based on the fair value of the collateral calculated as the present value of expected cash flows from the operation of the collateral, compared to the amortized cost basis. If the Company determines that the value of a collateral dependent loan is less than the recorded investment in the loan, the Company charges off the deficiency if it is determined that such amount is deemed to be a confirmed loss. Typically, a loss is confirmed when the Company is moving towards foreclosure (or final disposition). In situations where, for economic or legal reasons related to a borrowerās financial condition, the Company grants a concession in the loan structure to the borrower that it would not otherwise consider, the related loan is classified as a TDR. With the exception of loans with interest rate concessions, the ALLL on a TDR is measured using the same method as all other loans held for investment. For loans with interest rate concessions, the Company uses a discounted cash flow approach using the original interest rate. |
Accrued Interest Receivable | Accrued Interest Receivable The Company has elected to exclude accrued interest from the amortized cost basis in its determination of the ACL reserve for both loans and HTM securities, as well as elected the policy to write-off accrued interest receivable directly through the reversal of interest income. Accrued interest receivable totaled $45.7 million on loans held for investment and, $6.8 million on HTM securities at June 30, 2020 and is included in āOther Assetsā on the Companyās consolidated balance sheet. |
Acquired Loans | Acquired Loans The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Acquired loans are recorded at their fair value at acquisition date without carryover of the acquireeās previously established ALLL, as credit discounts are included in the determination of fair value. The fair value of the loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and then applying a market-based discount rate to those cash flows. During evaluation upon acquisition, acquired loans are also classified as either PCD or acquired performing. The purchase discount on acquired performing loans is accounted for under ASC 310-20, Receivables ā Nonrefundable Fees and Other Costs PCD loans reflect loans that have experienced more-than-insignificant credit deterioration since origination. These PCD loans are accounted for under ASC 326 . PCD loans are recorded at the amount paid. An ALLL is determined using the same methodology as other loans held for investment. For PCD loans not individually assessed, the initial ALLL is determined on a collective basis and is allocated to individual loans. The sum of the loan's purchase price and ALLL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. The |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, the Company defines cash and cash equivalents as cash, cash due from banks, interest-bearing deposits in other banks, money market investments, other interest-bearing deposits, and federal funds sold. ā Restricted cash is disclosed in Note 8 āCommitments and Contingenciesā and is comprised of cash maintained at various correspondent banks as collateral for the Companyās derivative portfolio and is included in interest-bearing deposits in other banks in the Companyās Consolidated Balance Sheets. In addition, the Company is required to maintain reserve balances with the Federal Reserve Bank based on the type and amount of deposits; however, on March 15, 2020 the Federal Reserve Board announced that reserve requirement ratios would be reduced to zero percent effective March 26, 2020 due to economic conditions, which eliminated the reserve requirement for all depository institutions. |
Investment Securities | Investment Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities The Company regularly evaluates all securities whose values have declined below amortized cost to assess whether the decline in fair value is the result of credit impairment. For AFS securities, the Company evaluates the fair value and credit quality of its AFS securities on at least a quarterly basis. In the event the fair value of a security falls below its amortized cost basis, the security will be evaluated to determine whether the decline in value was caused by changes in market interest rates or security credit quality. The primary indicators of credit quality for the Companyās AFS portfolio are security type and credit rating, which are influenced by a number of security-specific factors that may include obligor cash flow, geography, seniority, and others. There is currently no ACL held against the Companyās AFS securities portfolio at June 30, 2020. See Note 3 āSecurities,ā for additional information on the Companyās ACL analysis. If unrealized losses are related to credit quality, the Company estimates the credit related loss by evaluating the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security and a credit loss exists, an ACL shall be recorded for the credit loss, limited by the amount that the fair value is less than amortized cost basis. Non-credit related declines in fair value are recognized in other comprehensive income, net of applicable taxes. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Charge-offs are recorded against the ACL when management believes the AFS security is no longer collectible. Currently, the Company does not have an ACL on its AFS debt securities portfolio. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. The Company evaluates the credit risk of its HTM securities on at least a quarterly basis. Management estimates expected credit losses on held-to-maturity debt securities based on an individual basis based on the PD/LGD methodology primarily using security-level credit ratings. Management recorded an immaterial ACL on HTM securities as a result of the adoption of ASC 326, and no additional changes were needed at June 30, 2020. |
Unfunded Commitments | |
Allowance for Credit Losses | Reserve for Unfunded Commitments The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments is adjusted as a provision for credit loss expense and is measured using the same measurement objectives as the ALLL. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded and is included in āOther Liabilitiesā within the Companyās Consolidated Balance Sheets. |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Illustration of the Impact of ASC 326 | The following table illustrates the impact of ASC ā ā ā ā ā ā ā ā ā December 31, ā January 1, ā January 1, ā ā 2019 ā 2020 ā 2020 ā ā As Previously Reported (Incurred Loss) ā Impact of CECL Adoption ā As Reported Under CECL Assets: ā ā ā ā ā ā Loans ā ā ā ā ā ā Commercial $ 30,941 $ 6,184 $ 37,125 Consumer ā 11,353 ā 41,300 ā 52,653 Allowance for loan and lease losses ā 42,294 ā 47,484 ā 89,778 Liabilities: ā ā ā ā ā ā Allowance for credit losses on unfunded credit exposure ā 900 ā 4,160 ā 5,060 Total Allowance for credit losses $ 43,194 $ 51,644 $ 94,838 |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Amortized Cost of HTM Securities by Security Type and Credit Rating | The following table presents the amortized cost of HTM securities as of June 30, 2020 by security type and credit rating (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, 2020 ā U.S. Government and Agency Obligations of states and political Mortgage-backed ā Total HTM ā ā securities ā subdivisions ā securities ā securities Credit Rating: ā ā ā ā ā ā ā ā ā ā AAA/AA/A ā $ ā ā $ 534,577 ā $ ā ā $ 534,577 Not Rated - Agency (1) ā ā 2,781 ā ā ā ā ā 5,593 ā ā 8,374 Not Rated - Non-Agency ā ā ā ā 4,610 ā ā ā ā ā 4,610 Total ā $ 2,781 ā $ 539,187 ā $ 5,593 ā $ 547,561 (1) Generally considered not to have credit risk given the government guarantees associated with these agencies |
Gross Realized Gain and Losses on the Sale of Securities | The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and six months ended June 30, 2020 and 2019 (dollars in thousands). ā ā ā ā ā ā ā ā Three Months Ended Six Months Ended ā ā June 30, 2020 ā June 30, 2020 Realized gains (losses): ā ā Gross realized gains ā $ 10,339 ā $ 12,503 Gross realized losses ā ā ā (228) Net realized gains ā $ 10,339 ā $ 12,275 ā ā ā ā ā ā ā Proceeds from sales of securities ā $ 107,570 ā $ 228,271 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended Six Months Ended ā ā June 30, 2019 ā June 30, 2019 Realized gains (losses): ā ā Gross realized gains ā $ 844 ā $ 2,057 Gross realized losses ā (793) ā (1,855) Net realized gains ā $ 51 ā $ 202 ā ā ā ā ā ā ā Proceeds from sales of securities ā $ 179,701 ā $ 387,950 |
Available-for-sale Securities | |
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of June 30, 2020 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Amortized ā Gross Unrealized ā Estimated ā Cost Gains (Losses) Fair Value June 30, 2020 ā ā ā ā ā U.S. government and agency securities ā $ 14,198 ā $ 505 ā $ (57) ā $ 14,646 Obligations of states and political subdivisions ā 504,866 ā 34,968 ā (307) ā 539,527 Corporate and other bonds (1) ā 132,489 ā 1,122 ā (2,261) ā 131,350 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā Agency ā ā 337,721 ā 18,600 ā (88) ā ā 356,233 Non-agency ā ā 20,253 ā 62 ā ā ā ā 20,315 Total commercial mortgage-backed securities ā ā 357,974 ā 18,662 ā (88) ā ā 376,548 Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 841,571 ā 37,643 ā (415) ā ā 878,799 Non-agency ā ā 75,790 ā 494 ā (1,089) ā ā 75,195 Total residential mortgage-backed securities ā ā 917,361 ā 38,137 ā (1,504) ā ā 953,994 Other securities ā 3,099 ā ā ā ā ā 3,099 Total AFS securities ā $ 1,929,987 ā $ 93,394 ā $ (4,217) ā $ 2,019,164 (1) Other bonds include asset-backed securities. The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2019 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Amortized ā Gross Unrealized ā Estimated December 31, 2019 Cost Gains (Losses) Fair Value U.S. government and agency securities ā $ 21,149 ā $ 209 ā $ (38) ā $ 21,320 Obligations of states and political subdivisions ā ā 421,344 ā ā 25,776 ā ā (29) ā ā 447,091 Corporate and other bonds (1) ā 134,342 ā 1,991 ā (374) ā 135,959 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā Agency ā ā 405,731 ā ā 8,786 ā ā (619) ā ā 413,898 Non-agency ā ā 11,173 ā ā ā ā ā (24) ā ā 11,149 Total commercial mortgage-backed securities ā ā 416,904 ā ā 8,786 ā ā (643) ā ā 425,047 Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 852,300 ā ā 16,680 ā ā (816) ā ā 868,164 Non-agency ā ā 44,309 ā ā 476 ā ā ā ā ā 44,785 Total residential mortgage-backed securities ā ā 896,609 ā ā 17,156 ā ā (816) ā ā 912,949 Other securities ā 3,079 ā ā ā ā ā 3,079 Total AFS securities ā $ 1,893,427 ā $ 53,918 ā $ (1,900) ā $ 1,945,445 (1) Other bonds include asset-backed securities ā |
Schedule of Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and fair value of the Companyās AFS securities with unrealized losses for which an allowance for credit losses has not been recorded at June 30, 2020 and that are not deemed to be other than temporarily impaired as of December 31, 2019. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands). ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Less than 12 months ā More than 12 months ā Total ā Fair Unrealized Fair Unrealized Fair Unrealized ā ā Value ā Losses ā Value ā Losses ā Value ā Losses June 30, 2020 ā ā ā ā ā ā U.S. government and agency securities ā $ 3,771 ā $ (28) ā $ 2,444 ā $ (29) ā $ 6,215 ā ā (57) Obligations of states and political subdivisions ā ā 48,653 ā ā (307) ā ā ā ā ā ā ā ā 48,653 ā $ (307) Corporate and other bonds (1) ā 76,760 ā (1,739) ā 19,515 ā (522) ā 96,275 ā (2,261) Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 11,086 ā ā (88) ā ā ā ā ā ā ā ā 11,086 ā ā (88) Non-agency ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total commercial mortgage-backed securities ā ā 11,086 ā ā (88) ā ā ā ā ā ā ā ā 11,086 ā ā (88) Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 40,939 ā ā (390) ā ā 9,744 ā ā (25) ā ā 50,683 ā ā (415) Non-agency ā ā 45,642 ā ā (1,089) ā ā ā ā ā ā ā ā 45,642 ā ā (1,089) Total residential mortgage-backed securities ā ā 86,581 ā ā (1,479) ā ā 9,744 ā ā (25) ā ā 96,325 ā ā (1,504) Total AFS securities ā $ 226,851 ā $ (3,641) ā $ 31,703 ā $ (576) ā $ 258,554 ā $ (4,217) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā ā ā ā ā ā U.S. government and agency securities ā $ 7,638 ā $ (38) ā $ ā ā $ ā ā $ 7,638 ā $ (38) Obligations of states and political subdivisions ā ā 4,526 ā ā (29) ā ā ā ā ā ā ā ā 4,526 ā ā (29) Corporate and other bonds (1) ā 17,323 ā (83) ā 19,901 ā (291) ā 37,224 ā (374) Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 43,552 ā ā (530) ā ā 14,966 ā ā (89) ā ā 58,518 ā ā (619) Non-agency ā ā 11,162 ā ā (24) ā ā ā ā ā ā ā ā 11,162 ā ā (24) Total commercial mortgage-backed securities ā ā 54,714 ā ā (554) ā ā 14,966 ā ā (89) ā ā 69,680 ā ā (643) Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 114,147 ā ā (500) ā ā 40,168 ā ā (316) ā ā 154,315 ā ā (816) Non-agency ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total residential mortgage-backed securities ā ā 114,147 ā ā (500) ā ā 40,168 ā ā (316) ā ā 154,315 ā ā (816) Total AFS securities ā $ 198,348 ā $ (1,204) ā $ 75,035 ā $ (696) ā $ 273,383 ā $ (1,900) (1) Other bonds includes asset-backed securities. |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of AFS securities as of June 30, 2020 and December 31, 2019, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands). ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 December 31, 2019 ā Amortized Estimated Amortized Estimated ā ā Cost ā Fair Value ā Cost ā Fair Value Due in one year or less ā $ 27,404 ā $ 27,621 ā $ 35,177 ā $ 35,329 Due after one year through five years ā 148,289 ā 155,504 ā 164,605 ā 166,873 Due after five years through ten years ā 233,029 ā 237,974 ā 249,713 ā 254,790 Due after ten years ā 1,521,265 ā 1,598,065 ā 1,443,932 ā 1,488,453 Total AFS securities ā $ 1,929,987 ā $ 2,019,164 ā $ 1,893,427 ā $ 1,945,445 |
Held-to-maturity Securities | |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of HTM securities as of June 30, 2020 and December 31, 2019, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands). ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā December 31, 2019 ā Carrying Estimated Carrying Estimated ā ā Value ā Fair Value ā Value ā Fair Value Due in one year or less ā $ 1,007 ā $ 1,028 ā $ 502 ā $ 504 Due after one year through five years ā 9,133 ā 9,490 ā 10,258 ā 10,539 Due after five years through ten years ā 1,754 ā 1,777 ā 1,768 ā 1,800 Due after ten years ā 535,667 ā 601,134 ā 542,616 ā 590,660 Total HTM securities ā $ 547,561 ā $ 613,429 ā $ 555,144 ā $ 603,503 |
Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities | The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of June 30, 2020 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Carrying ā Gross Unrealized ā Estimated ā Value Gains (Losses) ā Fair Value June 30, 2020 ā ā ā ā ā U.S. government and agency securities ā $ 2,781 ā $ ā ā $ (27) ā $ 2,754 Obligations of states and political subdivisions ā ā 539,187 ā ā 65,944 ā ā ā ā ā 605,131 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 5,593 ā ā 1 ā ā (50) ā ā 5,544 Non-agency ā ā ā ā ā ā ā ā ā ā ā ā Total commercial mortgage-backed securities ā ā 5,593 ā ā 1 ā ā (50) ā ā 5,544 Total held-to-maturity securities ā $ 547,561 ā $ 65,945 ā $ (77) ā $ 613,429 ā The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2019 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Carrying ā Gross Unrealized ā Estimated ā Value Gains (Losses) Fair Value December 31, 2019 ā ā ā ā U.S. government and agency securities ā $ 2,813 ā $ 26 ā $ ā ā $ 2,839 Obligations of states and political subdivisions ā ā 545,148 ā ā 48,274 ā ā ā ā ā 593,422 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā Agency ā ā 7,183 ā ā 59 ā ā ā ā ā 7,242 Non-agency ā ā ā ā ā ā ā ā ā ā ā ā Total commercial mortgage-backed securities ā ā 7,183 ā ā 59 ā ā ā ā ā 7,242 Total held-to-maturity securities ā $ 555,144 ā $ 48,359 ā $ ā ā $ 603,503 |
LOANS AND ALLOWANCE FOR LOAN _2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Stated at Face Amount, Net of Unearned Income | The Companyās loans are stated at their face amount, net of deferred fees and costs, and consist of the following at June 30, 2020 and December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 December 31, 2019 Construction and Land Development ā $ 1,247,939 ā $ 1,250,924 Commercial Real Estate - Owner Occupied ā 2,067,087 ā 2,041,243 Commercial Real Estate - Non-Owner Occupied ā 3,455,125 ā 3,286,098 Multifamily Real Estate ā 717,719 ā 633,743 Commercial & Industrial (1) ā 3,555,971 ā 2,114,033 Residential 1-4 Family - Commercial ā 715,384 ā 724,337 Residential 1-4 Family - Consumer ā 841,051 ā 890,503 Residential 1-4 Family - Revolving ā 627,765 ā 659,504 Auto ā 380,053 ā 350,419 Consumer ā 311,362 ā 372,853 Other Commercial (1) ā 389,190 ā 287,279 Total loans held for investment, net of deferred fees and costs ā ā 14,308,646 ā ā 12,610,936 Allowance for loan and lease losses ā ā (169,977) ā ā (42,294) Total loans held for investment, net ā $ 14,138,669 ā $ 12,568,642 (1) Commercial & industrial and other commercial loans include approximately $1.6 billion and $20.3 million, respectively, in new loans from the PPP loan program at June 30, 2020. |
Summary of Aging of the Loan Portfolio by Class | The following table shows the aging of the Companyās loan portfolio, by class, at June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Greater than ā ā ā ā ā ā ā ā ā ā ā 30-59 Days ā 60-89 Days ā 90 Days and ā ā ā ā ā ā ā ā Current ā Past Due ā Past Due ā still Accruing ā Nonaccrual ā Total Loans Construction and Land Development ā $ 1,241,512 ā $ 1,683 ā $ 294 ā $ 473 ā $ 3,977 ā $ 1,247,939 Commercial Real Estate - Owner Occupied ā 2,048,203 ā 1,679 ā 430 ā 7,851 ā 8,924 ā 2,067,087 Commercial Real Estate - Non-Owner Occupied ā 3,451,071 ā 930 ā 369 ā 878 ā 1,877 ā 3,455,125 Multifamily Real Estate ā 717,320 ā ā ā ā ā 366 ā 33 ā 717,719 Commercial & Industrial ā 3,551,187 ā 1,602 ā 296 ā 178 ā 2,708 ā 3,555,971 Residential 1-4 Family - Commercial ā 706,437 ā 480 ā 2,105 ā 578 ā 5,784 ā 715,384 Residential 1-4 Family - Consumer ā 818,877 ā 1,229 ā 3,817 ā 5,099 ā 12,029 ā 841,051 Residential 1-4 Family - Revolving ā 619,172 ā 1,924 ā 1,048 ā 1,995 ā 3,626 ā 627,765 Auto ā 377,822 ā 1,176 ā 290 ā 181 ā 584 ā 380,053 Consumer ā 308,719 ā 844 ā 561 ā 1,157 ā 81 ā 311,362 Other Commercial ā ā 388,234 ā ā 456 ā ā ā ā ā 499 ā ā 1 ā ā 389,190 Total loans held for investment ā $ 14,228,554 ā $ 12,003 ā $ 9,210 ā $ 19,255 ā $ 39,624 ā $ 14,308,646 The following table shows the aging of the Companyās loan portfolio, by class, at December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Greater than ā ā ā ā ā ā ā ā ā ā 30-59 Days ā 60-89 Days ā 90 Days and ā ā ā ā ā ā ā ā ā ā ā ā ā ā Past Due ā Past Due ā still Accruing ā PCI ā Nonaccrual ā Current ā Total Loans Construction and Land Development ā $ 4,563 ā $ 482 ā $ 189 ā $ 10,944 ā $ 3,703 ā $ 1,231,043 ā $ 1,250,924 Commercial Real Estate - Owner Occupied ā 3,482 ā 2,184 ā 1,062 ā 27,438 ā 6,003 ā 2,001,074 ā 2,041,243 Commercial Real Estate - Non-Owner Occupied ā 457 ā ā ā 1,451 ā 14,565 ā 381 ā 3,269,244 ā 3,286,098 Multifamily Real Estate ā 223 ā ā ā 474 ā 94 ā ā ā 632,952 ā 633,743 Commercial & Industrial ā 8,698 ā 1,598 ā 449 ā 1,579 ā 1,735 ā 2,099,974 ā 2,114,033 Residential 1-4 Family - Commercial ā 1,479 ā 2,207 ā 674 ā 12,205 ā 4,301 ā 703,471 ā 724,337 Residential 1-4 Family - Consumer ā 16,244 ā 3,072 ā 4,515 ā 14,713 ā 9,292 ā 842,667 ā 890,503 Residential 1-4 Family - Revolving ā 10,190 ā 1,784 ā 3,357 ā 4,127 ā 2,080 ā 637,966 ā 659,504 Auto ā 2,525 ā 236 ā 272 ā 4 ā 563 ā 346,819 ā 350,419 Consumer ā 2,128 ā 1,233 ā 953 ā 668 ā 77 ā 367,794 ā 372,853 Other Commercial ā ā 464 ā ā ā ā ā ā ā ā 344 ā ā 97 ā ā 286,374 ā ā 287,279 Total loans held for investment ā $ 50,453 ā $ 12,796 ā $ 13,396 ā $ 86,681 ā $ 28,232 ā $ 12,419,378 ā $ 12,610,936 |
Summary of Loans on Nonaccrual Status | The following table shows the Companyās amortized cost basis of loans on nonaccrual status as of January 1, 2020 as well as amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Nonaccrual ā ā ā ā ā ā ā ā January 1, 2020 ā June 30, 2020 ā Nonaccrual With No ALLL ā 90 Days and still Accruing Construction and Land Development ā $ 4,060 ā $ 3,977 ā $ 1,987 ā $ 473 Commercial Real Estate - Owner Occupied ā ā 13,889 ā ā 8,924 ā ā 1,990 ā ā 7,851 Commercial Real Estate - Non-Owner Occupied ā ā 1,368 ā ā 1,877 ā ā ā ā ā 878 Multifamily Real Estate ā ā ā ā ā 33 ā ā ā ā ā 366 Commercial & Industrial ā ā 3,037 ā ā 2,708 ā ā ā ā ā 178 Residential 1-4 Family - Commercial ā ā 6,492 ā ā 5,784 ā ā 1,738 ā ā 578 Residential 1-4 Family - Consumer ā ā 13,117 ā ā 12,029 ā ā 1,069 ā ā 5,099 Residential 1-4 Family - Revolving ā ā 2,490 ā ā 3,626 ā ā 60 ā ā 1,995 Auto ā ā 565 ā ā 584 ā ā ā ā ā 181 Consumer ā ā 88 ā ā 81 ā ā ā ā ā 1,157 Other Commercial ā ā 98 ā ā 1 ā ā ā ā ā 499 Total loans held for investment ā $ 45,204 ā $ 39,624 ā $ 6,844 ā $ 19,255 |
Impaired Loans by Class | As of December 31, 2019, the Company measured the amount of impairment by evaluating loans either in their collective homogeneous pools or individually. The following table shows the Companyās loans, excluding PCI loans, by class at December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā ā ā Unpaid ā ā ā ā Recorded ā Principal ā Related ā ā Investment ā Balance ā Allowance Loans without a specific allowance ā ā ā Construction and Land Development ā $ 5,877 ā $ 7,174 ā $ ā Commercial Real Estate - Owner Occupied ā 8,801 ā 9,296 ā ā Commercial Real Estate - Non-Owner Occupied ā 3,510 ā 4,059 ā ā Commercial & Industrial ā 3,668 ā 3,933 ā ā Residential 1-4 Family - Commercial ā 4,047 ā 4,310 ā ā Residential 1-4 Family - Consumer ā 8,420 ā 9,018 ā ā Residential 1-4 Family - Revolving ā 862 ā 865 ā ā Total impaired loans without a specific allowance ā $ 35,185 ā $ 38,655 ā $ ā Loans with a specific allowance ā ā ā Construction and Land Development ā $ 984 ā $ 1,032 ā $ 49 Commercial Real Estate - Owner Occupied ā 2,820 ā 3,093 ā 146 Commercial Real Estate - Non-Owner Occupied ā 335 ā 383 ā 2 Commercial & Industrial ā 2,568 ā 2,590 ā 619 Residential 1-4 Family - Commercial ā 1,726 ā 1,819 ā 162 Residential 1-4 Family - Consumer ā 12,026 ā 12,670 ā 1,242 Residential 1-4 Family - Revolving ā 2,186 ā 2,369 ā 510 Auto ā 563 ā 879 ā 221 Consumer ā 168 ā 336 ā 46 Other Commercial ā ā 562 ā ā 567 ā ā 30 Total impaired loans with a specific allowance ā $ 23,938 ā $ 25,738 ā $ 3,027 Total impaired loans ā $ 59,123 ā $ 64,393 ā $ 3,027 ā The following table shows the average recorded investment and interest income recognized for the Companyās loans, excluding PCI loans, by class for the three and six months ended June 30, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended ā Six Months Ended ā ā June 30, 2019 ā June 30, 2019 ā ā ā Interest ā ā Interest ā ā Average ā Income ā Average ā Income ā ā Investment ā Recognized ā Investment ā Recognized Construction and Land Development ā $ 7,811 ā $ 13 ā $ 8,167 ā $ 54 Commercial Real Estate - Owner Occupied ā 12,002 ā 91 ā 12,030 ā 200 Commercial Real Estate - Non-Owner Occupied ā 6,931 ā 60 ā 6,944 ā 119 Commercial & Industrial ā 3,038 ā 27 ā 3,081 ā 59 Residential 1-4 Family - Commercial ā 6,125 ā 29 ā 5,848 ā 56 Residential 1-4 Family - Consumer ā 19,830 ā 50 ā 19,939 ā 187 Residential 1-4 Family - Revolving ā 3,489 ā 38 ā 3,506 ā 78 Auto ā 493 ā ā ā 520 ā 1 Consumer ā 191 ā 2 ā 195 ā 3 Other Commercial ā ā 579 ā ā 7 ā ā 583 ā ā 15 Total impaired loans ā $ 60,489 ā $ 317 ā $ 60,813 ā $ 772 |
Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement | The following table provides a summary, by class, of TDRs that continue to accrue interest under the terms of the applicable restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā No. of Recorded Outstanding ā ā Loans ā Investment ā Commitment Performing ā ā Construction and Land Development 4 ā $ 222 ā $ ā Commercial Real Estate - Owner Occupied 6 ā 2,218 ā 26 Commercial Real Estate - Non-Owner Occupied 1 ā 1,089 ā ā Commercial & Industrial 5 ā 1,129 ā ā Residential 1-4 Family - Commercial 4 ā 214 ā ā Residential 1-4 Family - Consumer 79 ā 9,886 ā ā Residential 1-4 Family - Revolving 2 ā 55 ā ā Consumer 5 ā 34 ā ā Other Commercial ā 1 ā ā 456 ā ā ā Total performing 107 ā $ 15,303 ā $ 26 Nonperforming ā ā Commercial Real Estate - Owner Occupied 2 ā $ 165 ā $ ā Commercial & Industrial 2 ā 128 ā ā Residential 1-4 Family - Commercial 1 ā 71 ā ā Residential 1-4 Family - Consumer 21 ā 4,572 ā ā Residential 1-4 Family - Revolving 3 ā 106 ā ā Total nonperforming 29 ā $ 5,042 ā $ ā Total performing and nonperforming 136 ā $ 20,345 ā $ 26 The following table provides a summary, by class, of TDRs that continue to accrue interest under the terms of the applicable restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā No. of Recorded Outstanding ā ā Loans ā Investment ā Commitment Performing ā ā Construction and Land Development 4 ā $ 1,114 ā $ ā Commercial Real Estate - Owner Occupied 6 ā 2,228 ā 26 Commercial Real Estate - Non-Owner Occupied 1 ā 1,089 ā ā Commercial & Industrial 4 ā 1,020 ā ā Residential 1-4 Family - Commercial 5 ā 290 ā ā Residential 1-4 Family - Consumer 69 ā 9,396 ā ā Residential 1-4 Family - Revolving 2 ā 56 ā ā Consumer 4 ā 29 ā ā Other Commercial ā 1 ā ā 464 ā ā ā Total performing 96 ā $ 15,686 ā $ 26 Nonperforming ā ā Commercial Real Estate - Owner Occupied 2 ā $ 176 ā $ ā Commercial & Industrial 1 ā 55 ā ā Residential 1-4 Family - Consumer 19 ā 3,522 ā ā Residential 1-4 Family - Revolving 2 ā 57 ā ā Total nonperforming 24 ā $ 3,810 ā $ ā Total performing and nonperforming 120 ā $ 19,496 ā $ 26 |
Schedule of TDR by Class and Modification Type | The following table shows, by class and modification type, TDRs that occurred during the three and six months ended June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā All Restructurings ā ā Three Months Ended June 30, 2020 ā Six Months Ended June 30, 2020 ā ā Recorded ā Recorded ā ā No. of ā Investment at ā No. of ā Investment at ā ā Loans ā Period End ā Loans ā Period End Modified to interest only, at a market rate ā ā Total interest only at market rate of interest ā ā $ ā ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā Term modification, at a market rate ā ā Commercial & Industrial 4 ā $ 353 4 ā $ 353 Residential 1-4 Family - Consumer 3 ā 326 3 ā 326 Consumer ā 1 ā ā 10 ā 1 ā ā 10 Total loan term extended at a market rate 8 ā $ 689 8 ā $ 689 ā ā ā ā ā ā ā ā ā ā ā Term modification, below market rate ā ā Construction and Land Development ā ā ā $ ā ā 1 ā $ 35 Residential 1-4 Family - Consumer 3 ā ā 172 13 ā ā 1,937 Residential 1-4 Family - Revolving 1 ā 52 1 ā 52 Total loan term extended at a below market rate 4 ā $ 224 15 ā $ 2,024 ā ā ā ā ā ā ā ā ā ā ā Interest rate modification, below market rate ā ā Total interest only at below market rate of interest ā ā $ ā ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā Total 12 ā $ 913 23 ā $ 2,713 The following table shows, by class and modification type, TDRs that occurred during the three and six months ended June 30, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā All Restructurings ā ā Three Months Ended June 30, 2019 ā Six Months Ended June 30, 2019 ā ā Recorded ā Recorded ā ā No. of ā Investment at ā No. of ā Investment at ā ā Loans ā Period End ā Loans ā Period End Modified to interest only, at a market rate ā ā Total interest only at market rate of interest ā ā $ ā ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā Term modification, at a market rate ā ā Residential 1-4 Family - Commercial ā ā $ ā 1 ā $ 74 Residential 1-4 Family - Consumer 1 ā 43 3 ā 299 Consumer ā ā ā 1 ā 9 Total loan term extended at a market rate 1 ā $ 43 5 ā $ 382 ā ā ā ā ā ā ā ā ā ā ā Term modification, below market rate ā ā Residential 1-4 Family - Consumer 9 ā $ 483 14 ā $ 1,410 Consumer ā ā ā ā ā ā 1 ā ā 6 Total loan term extended at a below market rate 9 ā $ 483 15 ā $ 1,416 ā ā ā ā ā ā ā ā ā ā ā Total 10 ā $ 526 20 ā $ 1,798 ā ā ā ā ā ā ā ā ā ā ā |
Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology | The following tables show the ALLL activity by segment for the three and six months ended June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended June 30, 2020 ā Six Months Ended June 30, 2020 ā ā Commercial ā Consumer ā Total ā Commercial ā Consumer ā Total Balance at beginning of period ā $ 77,843 ā $ 63,200 ā $ 141,043 ā $ 30,941 ā $ 11,353 ā $ 42,294 Impact of ASC 326 adoption on non-PCD loans ā ā ā ā ā ā ā 4,432 ā 40,666 ā 45,098 Impact of ASC 326 adoption on PCD loans ā ā ā ā ā ā ā 1,752 ā 634 ā 2,386 Impact of adopting ASC 326 ā ā ā ā ā ā ā 6,184 ā 41,300 ā 47,484 Loans charged-off ā (1,590) ā (3,087) ā (4,677) ā (4,558) ā (7,270) ā (11,828) Recoveries credited to allowance ā 708 ā 703 ā 1,411 ā 1,862 ā 1,709 ā 3,571 Provision charged to operations ā 34,993 ā (2,793) ā 32,200 ā 77,525 ā 10,931 ā 88,456 Balance at end of period ā $ 111,954 ā $ 58,023 ā $ 169,977 ā $ 111,954 ā $ 58,023 ā $ 169,977 The following table shows the ALLL activity by class for the six months ended June 30, 2019. The table below includes the provision for loan losses. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Six Months Ended June 30, 2019 ā ā Allowance for loan losses ā Balance, Recoveries Loans Provision Balance, ā ā beginning of ā credited to ā charged ā charged to ā end of ā ā the year ā allowance ā off ā operations ā period Construction and Land Development ā $ 6,803 ā $ 97 ā $ (800) ā $ (101) ā $ 5,999 Commercial Real Estate - Owner Occupied ā 4,023 ā 54 ā (231) ā 235 ā 4,081 Commercial Real Estate - Non-Owner Occupied ā 8,865 ā 92 ā ā ā 654 ā 9,611 Multifamily Real Estate ā 649 ā 85 ā ā ā (70) ā 664 Commercial & Industrial ā 7,636 ā 681 ā (1,858) ā 1,237 ā 7,696 Residential 1-4 Family - Commercial ā 1,692 ā 127 ā (267) ā 66 ā 1,618 Residential 1-4 Family - Consumer ā 1,492 ā 219 ā (37) ā 218 ā 1,892 Residential 1-4 Family - Revolving ā 1,297 ā 434 ā (523) ā 47 ā 1,255 Auto ā 1,443 ā 339 ā (703) ā 334 ā 1,413 Consumer and all other (1) ā 7,145 ā 1,238 ā (7,454) ā 7,305 ā 8,234 Total ā $ 41,045 ā $ 3,366 ā $ (11,873) ā $ 9,925 ā $ 42,463 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. ā The following tables show the loan and ALLL balances based on impairment methodology by class as of December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā ā Loans individually ā Loans collectively ā Loans acquired with ā ā ā ā ā ā ā ā evaluated for ā evaluated for ā deteriorated credit ā ā ā ā ā ā ā ā impairment ā impairment ā quality ā Total ā Loans ALL Loans ALL Loans ALL Loans ALL Construction and Land Development ā $ 6,861 ā $ 49 ā $ 1,233,119 ā $ 5,709 ā $ 10,944 ā $ ā ā $ 1,250,924 ā $ 5,758 Commercial Real Estate - Owner Occupied ā 11,621 ā 146 ā 2,002,184 ā 3,773 ā 27,438 ā ā ā 2,041,243 ā 3,919 Commercial Real Estate - Non-Owner Occupied ā 3,845 ā 2 ā 3,267,688 ā 9,541 ā 14,565 ā ā ā 3,286,098 ā 9,543 Multifamily Real Estate ā ā ā ā ā 633,649 ā 632 ā 94 ā ā ā 633,743 ā 632 Commercial & Industrial ā 6,236 ā 619 ā 2,106,218 ā 7,768 ā 1,579 ā 217 ā 2,114,033 ā 8,604 Residential 1-4 Family - Commercial ā 5,773 ā 162 ā 706,359 ā 1,203 ā 12,205 ā ā ā 724,337 ā 1,365 Residential 1-4 Family - Consumer ā 20,446 ā 1,242 ā 855,344 ā 771 ā 14,713 ā ā ā 890,503 ā 2,013 Residential 1-4 Family - Revolving ā 3,048 ā 510 ā 652,329 ā 813 ā 4,127 ā ā ā 659,504 ā 1,323 Auto ā 563 ā 221 ā 349,852 ā 1,232 ā 4 ā ā ā 350,419 ā 1,453 Consumer and all other (1) ā 730 ā 76 ā 658,390 ā 7,608 ā 1,012 ā ā ā 660,132 ā 7,684 Total loans held for investment, net ā $ 59,123 ā $ 3,027 ā $ 12,465,132 ā $ 39,050 ā $ 86,681 ā $ 217 ā $ 12,610,936 ā $ 42,294 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. |
Loans Receivables Related Risk Rating | The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development ā $ 1,197,066 ā $ 37,182 ā $ 5,732 ā $ ā ā $ 1,239,980 Commercial Real Estate - Owner Occupied ā 1,916,492 ā 87,004 ā 10,309 ā ā ā 2,013,805 Commercial Real Estate - Non-Owner Occupied ā 3,205,463 ā 62,368 ā 3,608 ā 94 ā 3,271,533 Multifamily Real Estate ā 613,844 ā 19,396 ā 409 ā ā ā 633,649 Commercial & Industrial ā 2,043,903 ā 60,495 ā 8,048 ā 8 ā 2,112,454 Residential 1-4 Family - Commercial ā 680,894 ā 24,864 ā 6,374 ā ā ā 712,132 Residential 1-4 Family - Consumer ā 841,408 ā 13,592 ā 20,534 ā 256 ā 875,790 Residential 1-4 Family - Revolving ā 641,069 ā 6,373 ā 7,935 ā ā ā 655,377 Auto ā 345,960 ā 2,630 ā 1,825 ā ā ā 350,415 Consumer ā 371,315 ā 550 ā 320 ā ā ā 372,185 Other Commercial ā 284,914 ā 1,863 ā 158 ā ā ā 286,935 Total ā $ 12,142,328 ā $ 316,317 ā $ 65,252 ā $ 358 ā $ 12,524,255 |
Schedule of Acquired Loan Portfolio and Accretable Yield | The following shows changes in the accretable yield for loans accounted for under ASC 310-30, Receivables ā Loans and Debt Securities Acquired with Deteriorated Credit Quality, as of June 30, 2019 (dollars in thousands): ā ā ā ā ā ā For the Six Months Ended June 30, ā 2019 Balance at beginning of period ā $ 31,201 Additions ā 2,432 Accretion ā (6,510) Reclass of nonaccretable difference due to improvement in expected cash flows ā 716 Measurement period adjustment ā 2,629 Other, net (1) ā 2,182 Balance at end of period ā $ 32,650 (1) This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate PCI loans, and discounted payoffs that occurred in the quarter. |
Purchased Impaired | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Summary of Aging of the Loan Portfolio by Class | The following table shows the PCI loan portfolios, by class and their delinquency status, at December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā 30-89 Days Greater than ā ā ā ā ā ā Past Due ā 90 Days ā Current ā Total Construction and Land Development ā $ 136 ā $ 343 ā $ 10,465 ā $ 10,944 Commercial Real Estate - Owner Occupied ā 480 ā 6,884 ā 20,074 ā 27,438 Commercial Real Estate - Non-Owner Occupied ā 848 ā 987 ā 12,730 ā 14,565 Multifamily Real Estate ā ā ā ā ā 94 ā 94 Commercial & Industrial ā ā ā 989 ā 590 ā 1,579 Residential 1-4 Family - Commercial ā 543 ā 1,995 ā 9,667 ā 12,205 Residential 1-4 Family - Consumer ā 927 ā 1,781 ā 12,005 ā 14,713 Residential 1-4 Family - Revolving ā 287 ā 205 ā 3,635 ā 4,127 Auto ā ā ā ā ā ā ā ā 4 ā ā 4 Consumer ā ā ā ā ā 9 ā ā 659 ā ā 668 Other Commercial ā ā ā ā ā 344 ā 344 Total ā $ 3,221 ā $ 13,193 ā $ 70,267 ā $ 86,681 |
Loans Receivables Related Risk Rating | The following table shows the recorded investment in only PCI loans by segment with their related risk level as of December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development ā $ 1,092 ā $ 3,692 ā $ 6,160 ā $ ā ā $ 10,944 Commercial Real Estate - Owner Occupied ā 8,264 ā 10,524 ā 8,650 ā ā ā 27,438 Commercial Real Estate - Non-Owner Occupied ā 3,826 ā 9,415 ā 1,324 ā ā ā 14,565 Multifamily Real Estate ā ā ā 94 ā ā ā ā ā 94 Commercial & Industrial ā 127 ā 25 ā 1,427 ā ā ā 1,579 Residential 1-4 Family - Commercial ā 6,000 ā 2,693 ā 3,512 ā ā ā 12,205 Residential 1-4 Family - Consumer ā 9,947 ā 557 ā 4,209 ā ā ā 14,713 Residential 1-4 Family - Revolving ā 2,887 ā 707 ā 533 ā ā ā 4,127 Auto ā ā 2 ā ā ā ā ā 2 ā ā ā ā ā 4 Consumer ā 657 ā ā ā 11 ā ā ā 668 Other Commercial ā ā 120 ā ā 224 ā ā ā ā ā ā ā ā 344 Total ā $ 32,922 ā $ 27,931 ā $ 25,828 ā $ ā ā $ 86,681 |
Commercial Portfolio | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Receivables Related Risk Rating | The table below details the amortized cost of the classes of loans within the Commercial segment by risk level and year of origination as of June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā ā ā Term Loans Amortized Cost Basis by Origination Year ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā 2019 ā 2018 ā 2017 ā 2016 ā Prior ā Revolving Loans ā Total Construction and Land Development ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 137,981 ā $ 453,779 ā $ 395,935 ā $ 64,529 ā $ 47,982 ā $ 70,524 ā $ 29,060 ā $ 1,199,790 Watch & Special Mention ā ā 4,492 ā ā 6,859 ā ā 1,061 ā ā 350 ā ā 5,759 ā ā 16,202 ā ā 2,509 ā ā 37,232 Substandard ā ā ā ā ā 1 ā ā 59 ā ā 962 ā ā 2,468 ā ā 7,427 ā ā ā ā ā 10,917 Total Construction and Land Development ā $ 142,473 ā $ 460,639 ā $ 397,055 ā $ 65,841 ā $ 56,209 ā $ 94,153 ā $ 31,569 ā $ 1,247,939 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Commercial Real Estate - Owner Occupied ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 144,263 ā $ 384,862 ā $ 290,813 ā $ 258,877 ā $ 147,657 ā $ 658,853 ā $ 23,773 ā $ 1,909,098 Watch & Special Mention ā ā ā ā ā 10,694 ā ā 24,683 ā ā 15,082 ā ā 28,604 ā ā 57,783 ā ā 2,475 ā ā 139,321 Substandard ā ā ā ā ā ā ā ā 1,106 ā ā 400 ā ā 1,123 ā ā 15,664 ā ā 375 ā ā 18,668 Total Commercial Real Estate - Owner Occupied ā $ 144,263 ā $ 395,556 ā $ 316,602 ā $ 274,359 ā $ 177,384 ā $ 732,300 ā $ 26,623 ā $ 2,067,087 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Commercial Real Estate - Non-Owner Occupied ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 214,340 ā $ 515,046 ā $ 488,913 ā $ 498,462 ā $ 455,214 ā $ 1,121,284 ā $ 50,855 ā $ 3,344,114 Watch & Special Mention ā ā 1,265 ā ā 17,170 ā ā 14,631 ā ā 16,585 ā ā 20,830 ā ā 33,911 ā ā 249 ā ā 104,641 Substandard ā ā ā ā ā ā ā ā 164 ā ā ā ā ā 25 ā ā 5,981 ā ā 200 ā ā 6,370 Total Commercial Real Estate - Non-Owner Occupied ā $ 215,605 ā $ 532,216 ā $ 503,708 ā $ 515,047 ā $ 476,069 ā $ 1,161,176 ā $ 51,304 ā $ 3,455,125 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Commercial & Industrial ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 1,868,291 ā $ 439,598 ā $ 241,038 ā $ 85,126 ā $ 82,301 ā $ 169,136 ā $ 601,547 ā $ 3,487,037 Watch & Special Mention ā ā 1,630 ā ā 4,963 ā ā 11,326 ā ā 2,963 ā ā 5,536 ā ā 5,656 ā ā 27,680 ā ā 59,754 Substandard ā ā ā ā ā 484 ā ā 828 ā ā 158 ā ā 826 ā ā 2,806 ā ā 4,078 ā ā 9,180 Total Commercial & Industrial ā $ 1,869,921 ā $ 445,045 ā $ 253,192 ā $ 88,247 ā $ 88,663 ā $ 177,598 ā $ 633,305 ā $ 3,555,971 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Multifamily Real Estate ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 79,312 ā $ 80,058 ā $ 70,145 ā $ 144,193 ā $ 70,943 ā $ 245,687 ā $ 6,904 ā $ 697,242 Watch & Special Mention ā ā ā ā ā 653 ā ā 4,415 ā ā 8,254 ā ā 1,137 ā ā 5,619 ā ā ā ā ā 20,078 Substandard ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 399 ā ā ā ā ā 399 Total Multifamily Real Estate ā $ 79,312 ā $ 80,711 ā $ 74,560 ā $ 152,447 ā $ 72,080 ā $ 251,705 ā $ 6,904 ā $ 717,719 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Residential 1-4 Family - Commercial ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 58,222 ā $ 105,249 ā $ 78,610 ā $ 97,653 ā $ 82,407 ā $ 244,579 ā $ 1,721 ā $ 668,441 Watch & Special Mention ā ā 1,214 ā ā 5,356 ā ā 8,535 ā ā 5,022 ā ā 2,053 ā ā 14,874 ā ā ā ā ā 37,054 Substandard ā ā ā ā ā 485 ā ā 324 ā ā 630 ā ā 1,180 ā ā 6,782 ā ā 488 ā ā 9,889 Total Residential 1-4 Family - Commercial ā $ 59,436 ā $ 111,090 ā $ 87,469 ā $ 103,305 ā $ 85,640 ā $ 266,235 ā $ 2,209 ā $ 715,384 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Other Commercial ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 121,097 ā $ 114,883 ā $ 10,376 ā $ 40,118 ā $ 16,919 ā $ 60,477 ā $ 18,630 ā $ 382,500 Watch & Special Mention ā ā ā ā ā ā ā ā 629 ā ā 1,324 ā ā 927 ā ā 3,251 ā ā ā ā ā 6,131 Substandard ā ā ā ā ā ā ā ā ā ā ā 59 ā ā ā ā ā 500 ā ā ā ā ā 559 Total Other Commercial ā $ 121,097 ā $ 114,883 ā $ 11,005 ā $ 41,501 ā $ 17,846 ā $ 64,228 ā $ 18,630 ā $ 389,190 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Commercial ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass ā $ 2,623,506 ā $ 2,093,475 ā $ 1,575,830 ā $ 1,188,958 ā $ 903,423 ā $ 2,570,540 ā $ 732,490 ā $ 11,688,222 Watch & Special Mention ā ā 8,601 ā ā 45,695 ā ā 65,280 ā ā 49,580 ā ā 64,846 ā ā 137,296 ā ā 32,913 ā ā 404,211 Substandard ā ā ā ā ā 970 ā ā 2,481 ā ā 2,209 ā ā 5,622 ā ā 39,559 ā ā 5,141 ā ā 55,982 Total Commercial ā $ 2,632,107 ā $ 2,140,140 ā $ 1,643,591 ā $ 1,240,747 ā $ 973,891 ā $ 2,747,395 ā $ 770,544 ā $ 12,148,415 |
Consumer Portfolio | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Receivables Related Risk Rating | For Consumer loans, the Company evaluates credit quality based on the delinquency status of the loan. The following table details the amortized cost of the classes of loans within the Consumer segment based on their delinquency status and year of origination as of June 30, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā ā ā Term Loans Amortized Cost Basis by Origination Year ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā 2019 ā 2018 ā 2017 ā 2016 ā Prior ā Revolving Loans ā Total Residential 1-4 Family - Consumer ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā $ 91,069 ā $ 86,537 ā $ 90,968 ā $ 87,658 ā $ 120,412 ā $ 342,221 ā $ 12 ā $ 818,877 30-59 Days Past Due ā ā 37 ā ā ā ā ā 20 ā ā 90 ā ā 185 ā ā 897 ā ā ā ā ā 1,229 60-89 Days Past Due ā ā ā ā ā 636 ā ā 109 ā ā 1,986 ā ā 250 ā ā 836 ā ā ā ā ā 3,817 90+ Days Past Due ā ā 162 ā ā 1,756 ā ā 151 ā ā 446 ā ā 223 ā ā 2,361 ā ā ā ā ā 5,099 Nonaccrual ā ā ā ā ā ā ā ā 718 ā ā 879 ā ā 790 ā ā 9,642 ā ā ā ā ā 12,029 Total Residential 1-4 Family - Consumer ā $ 91,268 ā $ 88,929 ā $ 91,966 ā $ 91,059 ā $ 121,860 ā $ 355,957 ā $ 12 ā $ 841,051 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Residential 1-4 Family - Revolving ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā $ 9,667 ā $ 4,666 ā $ 2,167 ā $ 18 ā $ ā ā $ 653 ā $ 602,001 ā $ 619,172 30-59 Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 1,924 ā ā 1,924 60-89 Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 1,048 ā ā 1,048 90+ Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 1,995 ā ā 1,995 Nonaccrual ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 314 ā ā 3,312 ā ā 3,626 Total Residential 1-4 Family - Revolving ā $ 9,667 ā $ 4,666 ā $ 2,167 ā $ 18 ā $ ā ā $ 967 ā $ 610,280 ā $ 627,765 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Consumer ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā $ 24,807 ā $ 91,712 ā $ 94,273 ā $ 30,170 ā $ 13,211 ā $ 18,930 ā $ 35,616 ā $ 308,719 30-59 Days Past Due ā ā 14 ā ā 261 ā ā 407 ā ā 74 ā ā 61 ā ā 2 ā ā 25 ā ā 844 60-89 Days Past Due ā ā 19 ā ā 198 ā ā 296 ā ā 30 ā ā 6 ā ā ā ā ā 12 ā ā 561 90+ Days Past Due ā ā ā ā ā 92 ā ā 382 ā ā 85 ā ā 19 ā ā 215 ā ā 364 ā ā 1,157 Nonaccrual ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2 ā ā 79 ā ā ā ā ā 81 Total Consumer ā $ 24,840 ā $ 92,263 ā $ 95,358 ā $ 30,359 ā $ 13,299 ā $ 19,226 ā $ 36,017 ā $ 311,362 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Auto ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā $ 89,044 ā $ 138,532 ā $ 70,484 ā $ 43,386 ā $ 24,536 ā $ 11,840 ā $ ā ā $ 377,822 30-59 Days Past Due ā ā 88 ā ā 291 ā ā 247 ā ā 254 ā ā 186 ā ā 110 ā ā ā ā ā 1,176 60-89 Days Past Due ā ā ā ā ā 90 ā ā 21 ā ā 41 ā ā 84 ā ā 54 ā ā ā ā ā 290 90+ Days Past Due ā ā ā ā ā 11 ā ā 62 ā ā 58 ā ā 9 ā ā 41 ā ā ā ā ā 181 Nonaccrual ā ā ā ā ā 142 ā ā 84 ā ā 112 ā ā 161 ā ā 85 ā ā ā ā ā 584 Total Auto ā $ 89,132 ā $ 139,066 ā $ 70,898 ā $ 43,851 ā $ 24,976 ā $ 12,130 ā $ ā ā $ 380,053 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Consumer ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā $ 214,587 ā $ 321,447 ā $ 257,892 ā $ 161,232 ā $ 158,159 ā $ 373,644 ā $ 637,629 ā $ 2,124,590 30-59 Days Past Due ā ā 139 ā ā 552 ā ā 674 ā ā 418 ā ā 432 ā ā 1,009 ā ā 1,949 ā ā 5,173 60-89 Days Past Due ā ā 19 ā ā 924 ā ā 426 ā ā 2,057 ā ā 340 ā ā 890 ā ā 1,060 ā ā 5,716 90+ Days Past Due ā ā 162 ā ā 1,859 ā ā 595 ā ā 589 ā ā 251 ā ā 2,617 ā ā 2,359 ā ā 8,432 Nonaccrual ā ā ā ā ā 142 ā ā 802 ā ā 991 ā ā 953 ā ā 10,120 ā ā 3,312 ā ā 16,320 Total Consumer ā $ 214,907 ā $ 324,924 ā $ 260,389 ā $ 165,287 ā $ 160,135 ā $ 388,280 ā $ 646,309 ā $ 2,160,231 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Remaining Amortization Expense of Intangibles | As of June 30, 2020, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands): ā ā ā ā For the remaining six months of 2020 $ 7,920 2021 ā ā 13,874 2022 ā ā 11,490 2023 ā ā 9,687 2024 ā ā 7,818 Thereafter ā ā 14,316 Total estimated amortization expense ā $ 65,105 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Lessee Lease Portfolio and Other Supplemental Lease Information | The tables below provide information about the Companyās lessee lease portfolio and other supplemental lease information (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā ā ā December 31, 2019 ā ā Operating ā ā Finance ā ā ā Operating Right-of-use-assets ā $ 53,208 ā ā $ 7,884 ā ā $ 54,941 ā Lease liabilities ā ā 63,523 ā ā ā 10,559 ā ā ā 66,052 ā Lease Term and Discount Rate of Operating leases: ā ā ā ā ā ā ā ā ā ā ā Weighted-average remaining lease term (years) ā 7.00 ā ā ā 8.58 ā ā ā 7.36 ā Weighted-average discount rate (1) ā 2.43 % ā ā 1.17 % ā ā 2.69 % (1) An incremental borrowing rate is used based on information available at commencement date of lease. |
Other Lease Information | ā ā ā ā ā ā ā ā ā ā Six months ended June 30, ā 2020 ā 2019 Cash paid for amounts included in measurement of lease liabilities: ā ā ā ā ā ā Operating Cash Flows from Finance Leases ā $ 10 ā $ - Operating Cash Flows from Operating Leases ā 6,893 ā ā 6,880 Right-of-use assets obtained in exchange for lease obligations: ā ā ā ā ā Operating leases ā 3,183 ā ā 3,619 Finance leases ā ā 10,549 ā ā - |
Lease Cost | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three months ended June 30, ā Six months ended June 30, ā ā ā 2020 ā ā 2019 ā ā 2020 ā ā 2019 Net Operating Lease Cost ā $ 2,928 ā $ 3,134 ā $ 5,847 ā $ 6,136 Finance Lease Cost: ā ā ā ā ā ā ā ā ā ā ā ā Amortization of right-of-use assets ā ā 77 ā ā - ā ā 77 ā ā - Interest on lease liabilities ā ā 10 ā ā - ā ā 10 ā ā - Total Lease Cost ā $ 3,015 ā $ 3,134 ā $ 5,934 ā $ 6,136 |
Maturities of Lessor and Lessee Arrangements Outstanding | The maturities of lessor and lessee arrangements outstanding at June 30, 2020 are presented in the tables below (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā ā Lessor ā Lessee ā ā ā Sales-type and Direct Financing ā Operating ā Finance For the remaining six months of 2020 $ 7,894 ā $ 6,526 ā $ ā 2021 ā 16,216 ā ā 12,182 ā ā 1,261 2022 ā 17,093 ā ā 10,920 ā ā 1,292 2023 ā 15,503 ā ā 9,958 ā ā 1,325 2024 ā 13,130 ā ā 8,640 ā ā 1,358 2025 ā ā 4,310 ā ā 6,296 ā ā 1,392 Thereafter ā 10,548 ā ā 15,088 ā ā 4,515 Total undiscounted cash flows ā 84,694 ā ā 69,610 ā ā 11,143 Less: Adjustments (1) ā 5,996 ā ā 6,087 ā ā 584 Total (2) ā $ 78,698 ā $ 63,523 ā $ 10,559 (1) Lessor ā unearned income and guaranteed residual value; Lessee ā imputed interest. (2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Total short-term borrowings consist of the following as of June 30, 2020 and December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā June 30, ā December 31, ā ā 2020 ā 2019 Securities sold under agreements to repurchase ā $ 77,216 ā $ 66,053 ā Federal Funds Purchased ā ā ā ā ā ā ā FHLB advances ā ā ā 370,200 ā Total short-term borrowings ā $ 77,216 ā $ 436,253 ā ā ā ā ā ā ā ā ā Average outstanding balance during the period ā $ 272,470 ā $ 673,116 ā Average interest rate (during the period) ā 1.13 % 2.30 % Average interest rate at end of period ā 0.32 % 1.52 % |
Trust Preferred Capital Notes Qualify for Tier 2 Capital | ā The trust preferred capital notes currently qualify for Tier 2 capital of the Company for regulatory purposes. The Companyās trust preferred capital notes consist of the following as of June 30, 2020: ā ā ā ā ā ā ā ā ā ā ā ā ā ā Trust ā ā ā ā ā ā ā Preferred ā ā ā ā ā ā ā ā ā ā ā Capital ā ā ā ā Spread to ā ā ā ā ā ā Securities (1) ā Investment (1) ā 3-Month LIBOR ā Rate (2) ā Maturity Trust Preferred Capital Note - Statutory Trust I ā $ 22,500 ā $ 696 2.75 % 3.05 % 6/17/2034 Trust Preferred Capital Note - Statutory Trust II ā 36,000 ā 1,114 1.40 % 1.70 % 6/15/2036 VFG Limited Liability Trust I Indenture ā 20,000 ā 619 2.73 % 3.03 % 3/18/2034 FNB Statutory Trust II Indenture ā 12,000 ā 372 3.10 % 3.40 % 6/26/2033 Gateway Capital Statutory Trust I ā 8,000 ā 248 3.10 % 3.40 % 9/17/2033 Gateway Capital Statutory Trust II ā 7,000 ā 217 2.65 % 2.95 % 6/17/2034 Gateway Capital Statutory Trust III ā 15,000 ā 464 1.50 % 1.80 % 5/30/2036 Gateway Capital Statutory Trust IV ā 25,000 ā 774 1.55 % 1.85 % 7/30/2037 MFC Capital Trust II ā 5,000 ā 155 2.85 % 3.15 % 1/23/2034 Total ā $ 150,500 ā $ 4,659 (1) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Companyās junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Companyās investment in the trusts is reported in "Other Assets" on the Companyās Consolidated Balance Sheets. (2) Rate as of June 30, 2020. |
Advances from the FHLB | As of June 30, 2020, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā 3-Month ā Interest ā ā ā ā ā Long-term Type ā LIBOR ā Rate (1)(2) ā Maturity Date ā Advance Amount Convertible Flipper (0.75) % ā % 8/17/2029 ā $ 50,000 Convertible Flipper (0.75) % ā % 5/22/2029 ā 150,000 Convertible Flipper (0.75) % ā % 5/30/2029 ā 50,000 Convertible Flipper ā (0.75) % ā % 6/21/2029 ā ā 100,000 Fixed Rate Convertible ā - ā 1.78 % 10/26/2028 ā ā 200,000 Fixed Rate Credit ā - ā 1.54 % 10/2/2020 ā ā 10,000 ā ā ā ā ā ā ā ā $ 560,000 (1) Interest rates calculated using non-rounded numbers. (2) Convertible Flippers have interest rate floor of 0% As of December 31, 2019, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā 3-Month ā Interest ā ā ā ā ā Long-term Type ā LIBOR ā Rate (1)(2) ā Maturity Date ā Advance Amount ā Convertible Flipper (0.75) % 1.16 % 8/17/2029 ā $ 50,000 Convertible Flipper (0.50) % 1.41 % 5/15/2024 ā 200,000 Convertible Flipper (0.75) % 1.16 % 5/22/2029 ā 150,000 Convertible Flipper (0.75) % 1.16 % 5/30/2029 ā 50,000 Convertible Flipper (0.75) % 1.16 % 6/21/2029 ā 100,000 Fixed Rate Convertible - ā 1.78 % 10/26/2028 ā 200,000 Fixed Rate Hybrid - ā 1.58 % 5/18/2020 ā 20,000 Fixed Rate Credit ā - ā 1.54 % 10/2/2020 ā ā 10,000 ā ā ā ā ā ā ā ā $ 780,000 (1) Interest rates calculated using non-rounded numbers. (2) Convertible Flippers have interest rate floor of 0% ā |
Contractual Maturities of Long-Term Debt | As of June 30, 2020, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Trust ā ā ā ā ā ā ā ā ā ā ā ā Preferred ā ā ā ā ā ā ā ā ā ā Fair Value ā ā ā ā ā Capital ā Subordinated ā PPPLF ā FHLB ā Premium ā Total Long-term ā ā Notes ā Debt ā Advances ā Advances ā (Discount) (1) ā Borrowings For the remaining six months of 2020 ā $ ā ā $ ā ā $ ā ā $ 10,000 ā $ (456) ā $ 9,544 2021 ā ā ā ā ā ā ā ā ā ā (1,008) ā (1,008) 2022 ā ā ā ā ā ā 189,941 ā ā ā (1,030) ā 188,911 2023 ā ā ā ā ā ā ā ā ā ā (1,053) ā (1,053) 2024 ā ā ā ā ā ā ā ā ā ā (1,078) ā (1,078) Thereafter ā 155,159 ā 158,500 ā ā ā ā 550,000 ā (11,161) ā 852,498 Total long-term borrowings ā $ 155,159 ā $ 158,500 ā $ 189,941 ā $ 560,000 ā $ (15,786) ā $ 1,047,814 (1) Includes discount on issued subordinated notes. ā |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Balances of Commitments and Contingencies | The following table presents the balances of commitments and contingencies (dollars in thousands): ā ā ā ā ā ā ā ā June 30, 2020 December 31, 2019 Commitments with off-balance sheet risk: ā ā Commitments to extend credit (1) ā $ 4,968,910 ā $ 4,691,272 Standby letters of credit ā 161,958 ā 209,658 Total commitments with off-balance sheet risk ā $ 5,130,868 ā $ 4,900,930 (1) Includes unfunded overdraft protection. ā ā ā ā ā ā |
Schedule of Pledged Assets, Not Separately Reported on Statement of Financial Position | As part of the Companyās liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged, at June 30, 2020 and December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pledged Assets as of June 30, 2020 ā ā ā ā ā ā AFS HTM ā ā ā ā ā ā Cash ā Securities (1) ā Securities (1) ā Loans (2) ā Total Public deposits ā $ ā ā $ 454,733 ā $ 432,310 ā $ ā ā $ 887,043 Repurchase agreements ā ā ā 93,551 ā ā ā ā ā 93,551 FHLB advances ā ā ā 57,534 ā ā ā 4,193,380 ā 4,250,914 Derivatives ā 271,551 ā 1,033 ā ā ā ā ā 272,584 Fed Funds ā ā ā ā ā ā ā ā ā ā ā 319,068 ā ā 319,068 PPP Loans ā ā ā ā ā ā ā ā ā ā ā 189,941 ā ā 189,941 Other purposes ā ā ā ā 127,384 ā ā 8,901 ā ā ā ā ā 136,285 Total pledged assets ā $ 271,551 ā $ 734,235 ā $ 441,211 ā $ 4,702,389 ā $ 6,149,386 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Balance represents market value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (2) Balance represents book value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pledged Assets as of December 31, 2019 ā ā ā ā ā ā AFS HTM ā ā ā ā ā ā Cash ā Securities (1) ā Securities (1) ā Loans (2) ā Total Public deposits ā $ ā ā $ 467,266 ā $ 292,096 ā $ ā ā $ 759,362 Repurchase agreements ā ā ā 79,299 ā 7,602 ā ā ā 86,901 FHLB advances ā ā ā 63,812 ā ā ā 3,846,934 ā 3,910,746 Derivatives ā 116,839 ā 1,260 ā ā ā ā ā 118,099 Fed Funds ā ā ā ā ā ā ā ā ā ā ā 292,738 ā ā 292,738 Other purposes ā ā ā 122,358 ā 10,654 ā ā ā 133,012 Total pledged assets ā $ 116,839 ā $ 733,995 ā $ 310,352 ā $ 4,139,672 ā $ 5,300,858 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Balance represents book value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (2) Balance represents market value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Derivatives | The following table summarizes key elements of the Companyās derivative instruments as of June 30, 2020 and December 31, 2019, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 December 31, 2019 ā ā ā ā ā Derivative (2) ā ā ā ā Derivative (2) ā Notional or ā ā ā ā Notional or ā ā ā ā ā ā Contractual ā ā ā ā ā ā ā Contractual ā ā ā ā ā ā ā ā Amount (1) ā Assets ā Liabilities ā Amount (1) ā Assets ā Liabilities Derivatives designated as accounting hedges: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Interest rate contracts: ā ā ā ā ā ā ā ā ā Cash flow hedges ā $ ā ā $ ā ā $ ā ā $ 100,000 ā $ ā ā $ 1,147 Fair value hedges ā 127,172 ā ā ā 14,530 ā 133,078 ā 182 ā 6,256 Derivatives not designated as accounting hedges: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Loan Swaps : ā ā ā ā ā ā Pay fixed - receive floating interest rate swaps ā 2,064,653 ā ā ā 194,707 ā 1,575,149 ā 753 ā 53,592 Pay floating - receive fixed interest rate swaps ā 2,064,653 ā 194,707 ā ā ā 1,575,149 ā 53,592 ā 753 ā (1) Notional amounts are not recorded on the Companyās Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table summarizes the carrying value of the Companyās hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of June 30, 2020 and December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā June 30, 2020 ā December 31, 2019 ā ā ā Cumulative ā Cumulative ā ā ā ā ā Amount of Basis ā ā ā Amount of Basis ā ā ā ā ā Adjustments ā ā ā Adjustments ā ā ā ā ā Included in the ā ā ā Included in the ā ā Carrying Amount ā Carrying ā Carrying Amount ā Carrying ā ā of Hedged ā Amount of the ā of Hedged ā Amount of the ā ā Assets/(Liabilities) ā Hedged ā Assets/(Liabilities) ā Hedged ā ā Amount (1) Assets/(Liabilities) ā Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: ā ā ā ā Securities available-for-sale (1) (2) ā $ 191,589 ā $ 8,309 ā $ 206,799 ā $ 4,072 Loans ā 77,172 ā 6,131 ā 83,078 ā 1,972 ā (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At June 30, 2020 and December 31, 2019, the amortized cost basis of this portfolio was $ 192 million and $ 207 million, respectively and the cumulative basis adjustment associated with this hedge was $8.3 million and $4.1 million, respectively. The amount of the designated hedged item was $50 million. (2) Carrying value represents amortized cost. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The change in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2020 is summarized as follows, net of tax (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized Gains ā ā ā ā ā ā ā ā ā ā ā (Losses) ā ā ā ā ā ā ā ā ā ā ā Unrealized ā for AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred to ā Value of Cash ā (Losses) on ā ā ā ā ā Securities ā HTM ā Flow Hedge ā BOLI ā Total Balance - March 31, 2020 ā $ 51,035 ā $ 70 ā $ ā ā $ (2,776) ā $ 48,329 Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā 21,019 ā ā ā ā ā ā ā ā ā ā 21,019 Amounts reclassified from AOCI into earnings ā (8,168) ā ā (5) ā ā ā ā ā 129 ā (8,044) Net current period other comprehensive income (loss) ā 12,851 ā (5) ā ā ā 129 ā 12,975 Balance - June 30, 2020 ā $ 63,886 ā $ 65 ā $ ā ā $ (2,647) ā $ 61,304 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized Gains ā ā ā ā ā ā ā ā ā ā ā (Losses) ā ā ā ā ā ā ā ā ā ā ā Unrealized ā for AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred to ā Value of Cash ā (Losses) on ā ā ā ā ā Securities ā HTM ā Flow Hedge ā BOLI ā Total Balance - December 31, 2019 ā $ 37,877 ā $ 75 ā $ (782) ā $ (1,595) ā $ 35,575 Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā 35,706 ā ā ā ā ā (699) ā ā (1,289) ā 33,718 Amounts reclassified from AOCI into earnings ā (9,697) ā ā (10) ā ā 1,481 ā ā 237 ā (7,989) Net current period other comprehensive income (loss) ā 26,009 ā (10) ā 782 ā (1,052) ā 25,729 Balance - June 30, 2020 ā $ 63,886 ā $ 65 ā $ ā ā $ (2,647) ā $ 61,304 ā ā The change in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2019 is summarized as follows, net of tax (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized Gain ā ā ā ā ā ā ā ā ā ā ā (Losses) ā ā ā ā ā ā ā ā ā ā ā Unrealized ā for AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred to ā Value of Cash ā (Losses) ā ā ā ā ā Securities ā HTM ā Flow Hedge ā on BOLI ā Total Balance - March 31, 2019 ā $ 14,047 ā $ 90 ā $ (4,733) ā $ (1,007) ā $ 8,397 Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā 22,151 ā ā ā ā ā (2,595) ā ā ā ā ā 19,556 Amounts reclassified from AOCI into earnings ā (73) ā ā (5) ā ā 173 ā ā 19 ā ā 114 Net current period other comprehensive income (loss) ā 22,078 ā (5) ā (2,422) ā 19 ā 19,670 Balance - June 30, 2019 ā $ 36,125 ā $ 85 ā $ (7,155) ā $ (988) ā $ 28,067 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized Gain ā ā ā ā ā ā ā ā ā ā ā (Losses) ā ā ā ā ā ā ā ā ā ā ā Unrealized ā for AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred to ā Value of Cash ā (Losses) ā ā ā ā ā Securities ā HTM ā Flow Hedge ā on BOLI ā Total Balance - December 31, 2018 ā $ (5,949) ā $ 95 ā $ (3,393) ā $ (1,026) ā $ (10,273) Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā 42,233 ā ā ā ā ā (4,055) ā ā ā ā ā 38,178 Amounts reclassified from AOCI into earnings ā (159) ā ā (10) ā ā 293 ā ā 38 ā ā 162 Net current period other comprehensive income (loss) ā 42,074 ā (10) ā (3,762) ā 38 ā 38,340 Balance - June 30, 2019 ā $ 36,125 ā $ 85 ā $ (7,155) ā $ (988) ā $ 28,067 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at June 30, 2020 and December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at June 30, 2020 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā AFS securities: ā ā ā ā ā U.S. government and agency securities ā $ ā ā $ 14,646 ā $ ā ā $ 14,646 Obligations of states and political subdivisions ā ā ā 539,527 ā ā ā 539,527 Corporate and other bonds (1) ā ā ā 131,350 ā ā ā 131,350 Mortgage-backed securities ā ā ā 1,330,542 ā ā ā 1,330,542 Other securities ā ā ā 3,099 ā ā ā 3,099 Loans held for sale ā ā ā 55,067 ā ā ā 55,067 Derivatives: ā ā ā ā Interest rate swap ā ā ā 194,707 ā ā ā 194,707 ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā Derivatives: ā ā ā ā Interest rate swap ā $ ā ā $ 194,707 ā $ ā ā $ 194,707 Fair value hedges ā ā ā 14,530 ā ā ā 14,530 (1) Other bonds include asset-backed securities. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2019 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā AFS securities: ā ā ā ā ā U.S. government and agency securities ā $ ā ā $ 21,320 ā $ ā ā $ 21,320 Obligations of states and political subdivisions ā ā ā ā ā 447,091 ā ā ā ā ā 447,091 Corporate and other bonds (1) ā ā ā 135,959 ā ā ā 135,959 Mortgage-backed securities ā ā ā 1,337,996 ā ā ā 1,337,996 Other securities ā ā ā 3,079 ā ā ā 3,079 Loans held for sale ā ā ā ā ā 55,405 ā ā ā ā ā 55,405 Derivatives: ā ā ā ā Interest rate swap ā ā ā 54,345 ā ā ā 54,345 Fair value hedges ā ā ā 182 ā ā ā 182 ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā Derivatives: ā ā ā ā Interest rate swap ā $ ā ā $ 54,345 ā $ ā ā $ 54,345 Cash flow hedges ā ā ā 1,147 ā ā ā 1,147 Fair value hedges ā ā ā 6,256 ā ā ā 6,256 (1) Other bonds include asset-backed securities. |
Carrying Values and Estimated Fair Values of the Company's Financial Instruments | The carrying values and estimated fair values of the Companyās financial instruments at June 30, 2020 and December 31, 2019 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at June 30, 2020 using ā ā ā Quoted Prices Significant ā ā ā ā ā ā ā ā ā in Active ā Other ā Significant ā ā ā ā ā ā ā ā Markets for ā Observable ā Unobservable ā Total Fair ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā Value ā ā Carrying ā ā ā ā ā ā ā ā ā ā ā ā ā Value ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Cash and cash equivalents ā $ 842,020 ā $ 842,020 ā $ ā ā $ ā ā $ 842,020 AFS securities ā 2,019,164 ā ā ā 2,019,164 ā ā ā 2,019,164 HTM securities ā 547,561 ā ā ā 600,146 ā 13,283 ā 613,429 Restricted stock ā 105,832 ā ā ā 105,832 ā ā ā 105,832 Loans held for sale ā 55,067 ā ā ā 55,067 ā ā ā 55,067 Net loans ā 14,138,669 ā ā ā ā ā 13,970,248 ā 13,970,248 Derivatives: ā ā ā ā ā Interest rate swap ā 194,707 ā ā ā 194,707 ā ā ā 194,707 Accrued interest receivable ā 62,330 ā ā ā 62,330 ā ā ā 62,330 BOLI ā 327,075 ā ā ā 327,075 ā ā ā 327,075 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 15,605,139 ā $ ā ā $ 15,653,360 ā $ ā ā $ 15,653,360 Borrowings ā 1,125,030 ā ā ā 1,093,558 ā ā ā 1,093,558 Accrued interest payable ā 4,495 ā ā ā 4,495 ā ā ā 4,495 Derivatives: ā ā ā ā ā Interest rate swap ā 194,707 ā ā ā 194,707 ā ā ā 194,707 Fair value hedges ā 14,530 ā ā ā 14,530 ā ā ā 14,530 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2019 using ā ā ā ā ā Quoted Prices ā Significant ā ā ā ā ā ā ā ā ā ā ā in Active ā Other ā Significant ā ā ā ā ā ā ā ā Markets for ā Observable ā Unobservable ā Total Fair ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā Value ā ā Carrying ā ā ā ā ā ā ā ā ā ā ā ā ā ā Value ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Cash and cash equivalents ā $ 436,032 ā $ 436,032 ā $ ā ā $ ā ā $ 436,032 AFS securities ā 1,945,445 ā ā ā 1,945,445 ā ā ā 1,945,445 HTM securities ā 555,144 ā ā ā 585,820 ā 17,683 ā 603,503 Restricted stock ā 130,848 ā ā ā 130,848 ā ā ā 130,848 Loans held for sale ā ā 55,405 ā ā ā ā 55,405 ā ā ā ā 55,405 Net loans ā 12,568,642 ā ā ā ā ā 12,449,505 ā 12,449,505 Derivatives: ā ā ā ā ā Interest rate swap ā 54,345 ā ā ā 54,345 ā ā ā 54,345 Fair value hedges ā 182 ā ā ā 182 ā ā ā 182 Accrued interest receivable ā 52,721 ā ā ā 52,721 ā ā ā 52,721 BOLI ā 322,917 ā ā ā 322,917 ā ā ā 322,917 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 13,304,981 ā $ ā ā $ 13,349,943 ā $ ā ā $ 13,349,943 Borrowings ā 1,513,748 ā ā ā 1,479,606 ā ā ā 1,479,606 Accrued interest payable ā 6,108 ā ā ā 6,108 ā ā ā 6,108 Derivatives: ā ā ā ā ā Interest rate swap ā 54,345 ā ā ā 54,345 ā ā ā 54,345 Cash flow hedges ā 1,147 ā ā ā 1,147 ā ā ā 1,147 Fair value hedges ā 6,256 ā ā ā 6,256 ā ā ā 6,256 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Noninterest income disaggregated by major source, for the three and six months ended June 30, 2020 and 2019, consisted of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended Six Months Ended ā ā June 30, ā June 30, June 30, ā June 30, ā ā 2020 ā 2019 2020 ā 2019 Noninterest income: ā ā ā ā ā Deposit Service Charges (1) ā ā ā ā ā Overdraft fees ā $ 3,245 ā $ 6,045 ā $ 9,010 ā $ 11,827 Maintenance fees & other ā 1,685 ā 1,454 ā 3,498 ā 2,829 Other service charges, commissions, and fees (1) ā 1,354 ā 1,702 ā 2,978 ā 3,367 Interchange fees (1) ā 1,697 ā 5,612 ā 3,321 ā 10,656 Fiduciary and asset management fees (1) ā ā ā ā ā ā ā ā Trust asset management fees ā 2,470 ā 1,976 ā 5,298 ā 3,315 Registered advisor management fees ā 2,091 ā 2,825 ā 4,178 ā 5,701 Brokerage management fees ā 954 ā 897 ā 2,023 ā 1,736 Mortgage banking income ā 5,826 ā 2,785 ā 7,847 ā 4,240 Gains (losses) on securities transactions ā 10,339 ā 51 ā 12,275 ā 202 Bank owned life insurance income ā 2,027 ā 2,075 ā 4,076 ā 4,129 Loan-related interest rate swap fees ā 5,484 ā 3,716 ā 9,432 ā 5,176 Other operating income (2) ā (1,240) ā 1,440 ā 902 ā 2,337 Total noninterest income (3) ā $ 35,932 ā $ 30,578 ā $ 64,838 ā $ 55,515 (1) Income within scope of Topic 606. (2) Includes income within the scope of Topic 606 of $645,000 and $1.1 million for the three months ended June 30, 2020 and 2019, respectively, and $1.2 million and $1.9 million for the six months ended June 30, 2020 and 2019, respectively. The remaining balance is outside the scope of Topic 606. (3) Noninterest income for the discontinued mortgage segment is reported in Note 14 "Segment Reporting & Discontinued Operations." |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Denominators of the Basic and Diluted EPS Computations | The following table presents EPS from continuing operations, discontinued operations and total net income available to common shareholders for the three and six months ended June 30, 2020 and 2019 (dollars in thousands except per share data): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended ā Six Months Ended ā ā June 30, ā June 30, ā ā 2020 ā 2019 ā 2020 ā 2019 Net Income: ā ā ā ā ā ā ā ā ā ā ā ā Income from continuing operations ā $ 30,709 ā $ 48,908 ā $ 37,798 ā $ 84,623 Income (loss) from discontinued operations ā ā ā (85) ā ā ā (170) Net income available to common shareholders ā $ 30,709 ā $ 48,823 ā $ 37,798 ā $ 84,453 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted average shares outstanding, basic ā 78,712 ā 82,062 ā 79,001 ā 79,283 Dilutive effect of stock awards and warrants ā 11 ā 63 ā 19 ā 62 Weighted average shares outstanding, diluted ā 78,723 ā 82,125 ā 79,020 ā 79,345 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Basic EPS: ā ā ā ā EPS from continuing operations ā $ 0.39 ā $ 0.59 ā $ 0.48 ā $ 1.06 EPS from discontinued operations ā ā ā ā ā ā ā ā EPS available to common shareholders ā $ 0.39 ā $ 0.59 ā $ 0.48 ā $ 1.06 ā ā ā ā ā ā ā ā ā ā ā ā ā Diluted EPS: ā ā ā ā EPS from continuing operations ā $ 0.39 ā $ 0.59 ā $ 0.48 ā $ 1.06 EPS from discontinued operations ā ā ā ā ā ā ā ā EPS available to common shareholders ā $ 0.39 ā $ 0.59 ā $ 0.48 ā $ 1.06 |
SEGMENT REPORTING & DISCONTIN_2
SEGMENT REPORTING & DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Information About Reportable Segments and Reconciliation | The following table presents summarized operating results of the discontinued mortgage segment for the three and six months ended June 30, 2019 (dollars in thousands): ā ā ā ā ā ā ā Three Months Ended ā Six Months Ended ā June 30, 2019 June 30, 2019 Net interest income $ ā ā $ ā Provision for credit losses ā ā ā ā ā Net interest income after provision for credit losses ā ā ā ā ā Noninterest income ā ā ā ā 1 Noninterest expenses ā 114 ā ā 230 Income before income taxes ā (114) ā ā (229) Income tax expense (benefit) ā (29) ā ā (59) Net income (loss) on discontinued operations $ (85) ā $ (170) |
ACCOUNTING POLICIES (Narrative)
ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands | Jun. 09, 2020USD ($) | Feb. 01, 2019USD ($)shares | Jun. 30, 2020USD ($)loan | Jun. 30, 2020USD ($)item | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Accounting Policies [Line Items] | ||||||
Number of bank branches | item | 149 | |||||
Number of ATM's | item | 170 | |||||
Goodwill | $ 935,560 | $ 935,560 | $ 935,560 | |||
Cash paid in acquisition | 0 | $ 12 | ||||
Issuance of preferred stock | 173 | 173 | $ 0 | |||
Net proceeds from issuance of preferred stock | 166,363 | $ 0 | ||||
Available-for-sale Securities | ||||||
Accounting Policies [Line Items] | ||||||
Accrued interest receivable | 45,700 | 45,700 | ||||
Held-to-maturity Securities | ||||||
Accounting Policies [Line Items] | ||||||
Accrued interest receivable | 6,800 | 6,800 | ||||
Access National Bank | ||||||
Accounting Policies [Line Items] | ||||||
Number of shares equivalent to each share of acquired entity | shares | 0.75 | |||||
Company's common shares issued | shares | 15,842,026 | |||||
Cash paid in acquisition | $ 12 | |||||
Paycheck Protection Program (PPP) | ||||||
Accounting Policies [Line Items] | ||||||
Total value loans approved by SBA under the CARES Act | 1,800,000 | 1,800,000 | ||||
Loans issued under the CARES Act | 1,700,000 | 1,700,000 | ||||
Loans, recorded investment under the CARES Act | 1,600,000 | $ 1,600,000 | ||||
Loan origination fees Under the CARES Act | $ 50,200 | |||||
Paycheck Protection Program (PPP) | Minimum | ||||||
Accounting Policies [Line Items] | ||||||
Number of loans processed under the CARES Act | loan | 11,000 | |||||
Series A Preferred Stock | ||||||
Accounting Policies [Line Items] | ||||||
Net proceeds from issuance of preferred stock | $ 166,400 |
ACCOUNTING POLICIES - New Accou
ACCOUNTING POLICIES - New Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Mar. 31, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | $ 169,977 | $ 141,043 | $ 89,778 | $ 42,294 | $ 42,463 | $ 41,045 | |
Impact of adoption of new guidance | $ (1,133) | ||||||
Increase in allowance for credit losses on Purchased with Credit Deterioration (PCD) assets | 2,386 | ||||||
Accounting Standards Update 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses | 2,400 | ||||||
Impact of adoption of new guidance | $ (39,100) | ||||||
Restatement Adjustment | Accounting Standards Update 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | $ 47,484 |
ACCOUNTING POLICIES - New Acc_2
ACCOUNTING POLICIES - New Accounting Standards (Illustration of the Impact of ASC 326) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Item Effected [Line Items] | ||||||
Allowance for credit losses on loans | $ 169,977 | $ 141,043 | $ 89,778 | $ 42,294 | $ 42,463 | $ 41,045 |
Total Allowance for credit losses | 169,977 | 94,838 | 42,294 | |||
Previous Accounting Guidance | ||||||
Item Effected [Line Items] | ||||||
Allowance for credit losses on loans | 42,294 | |||||
Total Allowance for credit losses | 43,194 | |||||
Accounting Standards Update 2016-13 | Restatement Adjustment | ||||||
Item Effected [Line Items] | ||||||
Allowance for credit losses on loans | 47,484 | |||||
Total Allowance for credit losses | 51,644 | |||||
Commercial Portfolio | ||||||
Item Effected [Line Items] | ||||||
Allowance for credit losses on loans | 111,954 | 77,843 | 37,125 | 30,941 | ||
Commercial Portfolio | Previous Accounting Guidance | ||||||
Item Effected [Line Items] | ||||||
Allowance for credit losses on loans | 30,941 | |||||
Commercial Portfolio | Accounting Standards Update 2016-13 | Restatement Adjustment | ||||||
Item Effected [Line Items] | ||||||
Allowance for credit losses on loans | 6,184 | |||||
Consumer Portfolio | ||||||
Item Effected [Line Items] | ||||||
Allowance for credit losses on loans | $ 58,023 | $ 63,200 | 52,653 | 11,353 | ||
Consumer Portfolio | Previous Accounting Guidance | ||||||
Item Effected [Line Items] | ||||||
Allowance for credit losses on loans | 11,353 | |||||
Consumer Portfolio | Accounting Standards Update 2016-13 | Restatement Adjustment | ||||||
Item Effected [Line Items] | ||||||
Allowance for credit losses on loans | 41,300 | |||||
Unfunded Commitments | ||||||
Item Effected [Line Items] | ||||||
Total Allowance for credit losses | 5,060 | |||||
Unfunded Commitments | Previous Accounting Guidance | ||||||
Item Effected [Line Items] | ||||||
Total Allowance for credit losses | $ 900 | |||||
Unfunded Commitments | Accounting Standards Update 2016-13 | Restatement Adjustment | ||||||
Item Effected [Line Items] | ||||||
Total Allowance for credit losses | $ 4,160 |
ACQUISITIONS (Narrative) (Detai
ACQUISITIONS (Narrative) (Details) - USD ($) $ in Thousands | Feb. 01, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Business Acquisition [Line Items] | |||||
Cash paid in acquisition | $ 0 | $ 12 | |||
Merger-related costs | $ 0 | $ 6,371 | 0 | 24,493 | |
Access National Bank | |||||
Business Acquisition [Line Items] | |||||
Number of shares equivalent to each share of acquired entity | 0.75 | ||||
Company's common shares issued | 15,842,026 | ||||
Consideration transferred, fair value | $ 500,000 | ||||
Cash paid in acquisition | $ 12 | ||||
Merger-related costs | $ 5,800 | $ 0 | $ 23,600 |
SECURITIES (Narrative) (Details
SECURITIES (Narrative) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)security | Dec. 31, 2019USD ($)security | |
Schedule of Investments [Line Items] | ||
Available for sale securities that had been in a continuous loss position for more than 12 months | $ 31,700,000 | $ 75,000,000 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 576,000 | 696,000 |
AFS securities in an unrealized loss, credit related impairment | 0 | $ 0 |
Available for sale securities past due or non-accrual | 0 | |
HTM securities, additional reserve for allowance for credit losses | 0 | |
Held to maturity securities, past due | $ 0 | |
Federal Home Loan Bank requires Bank to maintain percentage of stock equal to outstanding borrowings | 4.25% | 4.25% |
Percentage of Federal Reserve Bank of Richmond reserve | 6.00% | 6.00% |
Restricted equity securities consist of Federal Reserve Bank stock | $ 67,000,000 | $ 67,000,000 |
Federal Home Loan Bank Stock | $ 38,800,000 | $ 63,900,000 |
Available-for-sale Securities | ||
Schedule of Investments [Line Items] | ||
Available for sale securities that had been in a continuous loss position for more than 12 months, Number of issues | security | 14 | 47 |
Non-agency collateralized mortgage obligations | ||
Schedule of Investments [Line Items] | ||
SSFA rating percentage | 20.00% |
SECURITIES (Amortized Cost, Gro
SECURITIES (Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | $ 1,929,987 | $ 1,893,427 |
Gross Unrealized Gains | 93,394 | 53,918 |
Gross Unrealized (Losses) | (4,217) | (1,900) |
Total AFS securities, Estimated Fair Value | 2,019,164 | 1,945,445 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 14,198 | 21,149 |
Gross Unrealized Gains | 505 | 209 |
Gross Unrealized (Losses) | (57) | (38) |
Total AFS securities, Estimated Fair Value | 14,646 | 21,320 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 504,866 | 421,344 |
Gross Unrealized Gains | 34,968 | 25,776 |
Gross Unrealized (Losses) | (307) | (29) |
Total AFS securities, Estimated Fair Value | 539,527 | 447,091 |
Corporate and other bonds | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 132,489 | 134,342 |
Gross Unrealized Gains | 1,122 | 1,991 |
Gross Unrealized (Losses) | (2,261) | (374) |
Total AFS securities, Estimated Fair Value | 131,350 | 135,959 |
Commercial | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 357,974 | 416,904 |
Gross Unrealized Gains | 18,662 | 8,786 |
Gross Unrealized (Losses) | (88) | (643) |
Total AFS securities, Estimated Fair Value | 376,548 | 425,047 |
Commercial | Agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 337,721 | 405,731 |
Gross Unrealized Gains | 18,600 | 8,786 |
Gross Unrealized (Losses) | (88) | (619) |
Total AFS securities, Estimated Fair Value | 356,233 | 413,898 |
Commercial | Non-agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 20,253 | 11,173 |
Gross Unrealized Gains | 62 | |
Gross Unrealized (Losses) | (24) | |
Total AFS securities, Estimated Fair Value | 20,315 | 11,149 |
Residential | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 917,361 | 896,609 |
Gross Unrealized Gains | 38,137 | 17,156 |
Gross Unrealized (Losses) | (1,504) | (816) |
Total AFS securities, Estimated Fair Value | 953,994 | 912,949 |
Residential | Agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 841,571 | 852,300 |
Gross Unrealized Gains | 37,643 | 16,680 |
Gross Unrealized (Losses) | (415) | (816) |
Total AFS securities, Estimated Fair Value | 878,799 | 868,164 |
Residential | Non-agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 75,790 | 44,309 |
Gross Unrealized Gains | 494 | 476 |
Gross Unrealized (Losses) | (1,089) | |
Total AFS securities, Estimated Fair Value | 75,195 | 44,785 |
Other securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 3,099 | 3,079 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Total AFS securities, Estimated Fair Value | $ 3,099 | $ 3,079 |
SECURITIES (Schedule of Gross U
SECURITIES (Schedule of Gross Unrealized Losses and Fair Value of Investments) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | $ 226,851,000 | $ 198,348,000 |
Less than 12 Months, Unrealized Losses | (3,641,000) | (1,204,000) |
More than 12 Months, Fair Value | 31,703,000 | 75,035,000 |
More than 12 Months, Unrealized Losses | (576,000) | (696,000) |
Total, Fair Value | 258,554,000 | 273,383,000 |
Unrealized Losses, Total | (4,217,000) | (1,900,000) |
U.S. government and agency securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 3,771,000 | 7,638,000 |
Less than 12 Months, Unrealized Losses | (28,000) | (38,000) |
More than 12 Months, Fair Value | 2,444,000 | 0 |
More than 12 Months, Unrealized Losses | (29,000) | 0 |
Total, Fair Value | 6,215,000 | 7,638,000 |
Unrealized Losses, Total | (57,000) | (38,000) |
Obligations of states and political subdivisions | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 48,653,000 | 4,526,000 |
Less than 12 Months, Unrealized Losses | (307,000) | (29,000) |
More than 12 Months, Fair Value | 0 | 0 |
More than 12 Months, Unrealized Losses | 0 | 0 |
Total, Fair Value | 48,653,000 | 4,526,000 |
Unrealized Losses, Total | (307,000) | (29,000) |
Corporate and other bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 76,760,000 | 17,323,000 |
Less than 12 Months, Unrealized Losses | (1,739,000) | (83,000) |
More than 12 Months, Fair Value | 19,515,000 | 19,901,000 |
More than 12 Months, Unrealized Losses | (522,000) | (291,000) |
Total, Fair Value | 96,275,000 | 37,224,000 |
Unrealized Losses, Total | (2,261,000) | (374,000) |
Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 11,086,000 | 54,714,000 |
Less than 12 Months, Unrealized Losses | (88,000) | (554,000) |
More than 12 Months, Fair Value | 0 | 14,966,000 |
More than 12 Months, Unrealized Losses | 0 | (89,000) |
Total, Fair Value | 11,086,000 | 69,680,000 |
Unrealized Losses, Total | (88,000) | (643,000) |
Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 86,581,000 | 114,147,000 |
Less than 12 Months, Unrealized Losses | (1,479,000) | (500,000) |
More than 12 Months, Fair Value | 9,744,000 | 40,168,000 |
More than 12 Months, Unrealized Losses | (25,000) | (316,000) |
Total, Fair Value | 96,325,000 | 154,315,000 |
Unrealized Losses, Total | (1,504,000) | (816,000) |
Agency | Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 11,086,000 | 43,552,000 |
Less than 12 Months, Unrealized Losses | (88,000) | (530,000) |
More than 12 Months, Fair Value | 0 | 14,966,000 |
More than 12 Months, Unrealized Losses | 0 | (89,000) |
Total, Fair Value | 11,086,000 | 58,518,000 |
Unrealized Losses, Total | (88,000) | (619,000) |
Agency | Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 40,939,000 | 114,147,000 |
Less than 12 Months, Unrealized Losses | (390,000) | (500,000) |
More than 12 Months, Fair Value | 9,744,000 | 40,168,000 |
More than 12 Months, Unrealized Losses | (25,000) | (316,000) |
Total, Fair Value | 50,683,000 | 154,315,000 |
Unrealized Losses, Total | (415,000) | (816,000) |
Non-agency | Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 0 | 11,162,000 |
Less than 12 Months, Unrealized Losses | 0 | (24,000) |
More than 12 Months, Fair Value | 0 | 0 |
More than 12 Months, Unrealized Losses | 0 | 0 |
Total, Fair Value | 0 | 11,162,000 |
Unrealized Losses, Total | 0 | (24,000) |
Non-agency | Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 45,642,000 | 0 |
Less than 12 Months, Unrealized Losses | (1,089,000) | 0 |
More than 12 Months, Fair Value | 0 | 0 |
More than 12 Months, Unrealized Losses | 0 | 0 |
Total, Fair Value | 45,642,000 | 0 |
Unrealized Losses, Total | $ (1,089,000) | $ 0 |
SECURITIES (Amortized Cost of A
SECURITIES (Amortized Cost of AFS Securities by Security Type and Credit Rating) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
AFS Securities, Amortized Cost | $ 1,929,987 | $ 1,893,427 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
AFS Securities, Amortized Cost | 14,198 | 21,149 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
AFS Securities, Amortized Cost | 504,866 | 421,344 |
Corporate and other bonds | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
AFS Securities, Amortized Cost | 132,489 | 134,342 |
Other securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
AFS Securities, Amortized Cost | $ 3,099 | $ 3,079 |
SECURITIES (Schedule of Amortiz
SECURITIES (Schedule of Amortized Cost and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
AFS Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 27,404 | $ 35,177 |
Due in one year or less, Estimated Fair Value | 27,621 | 35,329 |
Due after one year through five years, Amortized Cost | 148,289 | 164,605 |
Due after one year through five years, Estimated Fair Value | 155,504 | 166,873 |
Due after five years through ten years, Amortized Cost | 233,029 | 249,713 |
Due after five years through ten years, Estimated Fair Value | 237,974 | 254,790 |
Due after ten years, Amortized Cost | 1,521,265 | 1,443,932 |
Due after ten years, Estimated Fair Value | 1,598,065 | 1,488,453 |
Total AFS securities | 1,929,987 | 1,893,427 |
Total AFS securities, Estimated Fair Value | 2,019,164 | 1,945,445 |
HTM Securities [Abstract] | ||
Due in one year or less, Carrying Value | 1,007 | 502 |
Due in one year or less, Estimated Fair Value | 1,028 | 504 |
Due after one year through five years, Carrying Value | 9,133 | 10,258 |
Due after one year through five years, Estimated Fair Value | 9,490 | 10,539 |
Due after five years through ten years, Carrying Value | 1,754 | 1,768 |
Due after five years through ten years, Estimated Fair Value | 1,777 | 1,800 |
Due after ten years, Carrying Value | 535,667 | 542,616 |
Due after ten years, Estimated Fair Value | 601,134 | 590,660 |
Total HTM Securities | 547,561 | 555,144 |
Total HTM securities, Estimated Fair Value | $ 613,429 | $ 603,503 |
SECURITIES (Schedule of Carryin
SECURITIES (Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | $ 547,561 | $ 555,144 |
Gross Unrealized Gains | 65,945 | 48,359 |
Gross Unrealized Losses | (77) | 0 |
Held-to-maturity Securities, Fair Value | 613,429 | 603,503 |
U.S. government and agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 2,781 | 2,813 |
Gross Unrealized Gains | 0 | 26 |
Gross Unrealized Losses | (27) | 0 |
Held-to-maturity Securities, Fair Value | 2,754 | 2,839 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 539,187 | 545,148 |
Gross Unrealized Gains | 65,944 | 48,274 |
Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 605,131 | 593,422 |
Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 5,593 | 7,183 |
Gross Unrealized Gains | 1 | 59 |
Gross Unrealized Losses | (50) | 0 |
Held-to-maturity Securities, Fair Value | 5,544 | 7,242 |
Agency | Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 5,593 | 7,183 |
Gross Unrealized Gains | 1 | 59 |
Gross Unrealized Losses | (50) | 0 |
Held-to-maturity Securities, Fair Value | 5,544 | 7,242 |
Non-agency | Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | $ 0 | $ 0 |
SECURITIES (Amortized Cost of H
SECURITIES (Amortized Cost of HTM Securities by Security Type and Credit Rating) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
HTM Securities, Amortized Cost | $ 547,561 |
Moody's AAA/AA/A | Standard & Poor's AAA/AA/A | |
HTM Securities, Amortized Cost | 534,577 |
Moody's Not Rated - Agency [Member] | Standard Poors Not Rated - Agency [Member] | |
HTM Securities, Amortized Cost | 8,374 |
Moody's Not Rated - Non-Agency [Member] | Standard Poors Not Rated - Non-Agency [Member] | |
HTM Securities, Amortized Cost | 4,610 |
U.S. government and agency securities | |
HTM Securities, Amortized Cost | 2,781 |
U.S. government and agency securities | Moody's AAA/AA/A | Standard & Poor's AAA/AA/A | |
HTM Securities, Amortized Cost | 0 |
U.S. government and agency securities | Moody's Not Rated - Agency [Member] | Standard Poors Not Rated - Agency [Member] | |
HTM Securities, Amortized Cost | 2,781 |
U.S. government and agency securities | Moody's Not Rated - Non-Agency [Member] | Standard Poors Not Rated - Non-Agency [Member] | |
HTM Securities, Amortized Cost | 0 |
Obligations of states and political subdivisions | |
HTM Securities, Amortized Cost | 539,187 |
Obligations of states and political subdivisions | Moody's AAA/AA/A | Standard & Poor's AAA/AA/A | |
HTM Securities, Amortized Cost | 534,577 |
Obligations of states and political subdivisions | Moody's Not Rated - Agency [Member] | Standard Poors Not Rated - Agency [Member] | |
HTM Securities, Amortized Cost | 0 |
Obligations of states and political subdivisions | Moody's Not Rated - Non-Agency [Member] | Standard Poors Not Rated - Non-Agency [Member] | |
HTM Securities, Amortized Cost | 4,610 |
Total mortgage-back securities | |
HTM Securities, Amortized Cost | 5,593 |
Total mortgage-back securities | Moody's AAA/AA/A | Standard & Poor's AAA/AA/A | |
HTM Securities, Amortized Cost | 0 |
Total mortgage-back securities | Moody's Not Rated - Agency [Member] | Standard Poors Not Rated - Agency [Member] | |
HTM Securities, Amortized Cost | 5,593 |
Total mortgage-back securities | Moody's Not Rated - Non-Agency [Member] | Standard Poors Not Rated - Non-Agency [Member] | |
HTM Securities, Amortized Cost | $ 0 |
SECURITIES (Gross Realized Gain
SECURITIES (Gross Realized Gains and Losses on the Sale of Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Securities [Abstract] | ||||
Gross realized gains | $ 10,339 | $ 844 | $ 12,503 | $ 2,057 |
Gross realized losses | 0 | (793) | (228) | (1,855) |
Gains on securities transactions, net | 10,339 | 51 | 12,275 | 202 |
Proceeds from sales of securities | $ 107,570 | $ 179,701 | $ 228,271 | $ 387,950 |
LOANS AND ALLOWANCE FOR LOAN _3
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Stated at Face Amount, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | $ 14,308,646 | $ 12,610,936 | |
Total Allowance for credit losses | (169,977) | $ (94,838) | (42,294) |
Total loans held for investment, net | 14,138,669 | 12,568,642 | |
Loans, recorded investment under the Cares Act | 14,138,669 | 12,568,642 | |
Construction and Land Development | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 1,247,939 | 1,250,924 | |
Commercial Real Estate - Owner Occupied | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 2,067,087 | 2,041,243 | |
Commercial Real Estate - Non-Owner Occupied | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 3,455,125 | 3,286,098 | |
Multifamily Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 717,719 | 633,743 | |
Commercial and Industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 3,555,971 | 2,114,033 | |
Residential 1-4 Family - Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 715,384 | 724,337 | |
Residential 1-4 Family - Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 841,051 | 890,503 | |
Residential 1-4 Family - Revolving | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 627,765 | 659,504 | |
Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 380,053 | 350,419 | |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 311,362 | 372,853 | |
Other Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment, net of deferred fees and costs | 389,190 | $ 287,279 | |
Paycheck Protection Program (PPP) | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 1,600,000 | ||
Loans, recorded investment under the Cares Act | 1,600,000 | ||
Paycheck Protection Program (PPP) | Commercial and Industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 1,600,000 | ||
Loans, recorded investment under the Cares Act | 1,600,000 | ||
Paycheck Protection Program (PPP) | Other Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans held for investment, net | 20,300 | ||
Loans, recorded investment under the Cares Act | $ 20,300 |
LOANS AND ALLOWANCE FOR LOAN _4
LOANS AND ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Nonaccrual loans | $ 39,624 | $ 39,624 | $ 45,204 | $ 28,232 | |||
Nonaccrual interest income | 0 | $ 0 | |||||
Period for restructured loan to be considered default | 90 days | ||||||
Acquired performing loan portfolio | 14,308,646 | $ 14,308,646 | 12,610,936 | ||||
Allowance for credit losses on loans | 169,977 | 169,977 | $ 141,043 | 89,778 | 42,294 | $ 42,463 | $ 41,045 |
Troubled Debt Restructurings (TDRs) | 20,345 | 20,345 | 19,496 | ||||
Total Allowance for credit losses | 169,977 | 169,977 | $ 94,838 | 42,294 | |||
Loans, recorded investment under the Cares Act | 14,138,669 | 14,138,669 | 12,568,642 | ||||
Troubled Debt Restructurings [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Troubled Debt Restructurings (TDRs) | 20,300 | 20,300 | |||||
Total Allowance for credit losses | 1,900 | 1,900 | |||||
Acquired Performing Loan Portfolio | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Acquired performing loan portfolio | 3,000,000 | ||||||
Remaining discount on acquired loans | 50,100 | ||||||
Purchased Impaired | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Acquired performing loan portfolio | 73,200 | 73,200 | 86,681 | ||||
Allowance for credit losses on loans | 4,500 | 4,500 | 217 | ||||
Purchased impaired loans (gross) | $ 104,900 | ||||||
Paycheck Protection Program (PPP) | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans, recorded investment under the Cares Act | $ 1,600,000 | $ 1,600,000 |
LOANS AND ALLOWANCE FOR LOAN _5
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Aging of the Loan Portfolio by Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 14,228,554 | $ 12,419,378 | |
Greater Than 90 Days and Still Accruing | 19,255 | 13,396 | |
Nonaccrual | 39,624 | $ 45,204 | 28,232 |
Total Loans | 14,308,646 | 12,610,936 | |
30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 12,003 | 50,453 | |
60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 9,210 | 12,796 | |
Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 70,267 | ||
Total Loans | 73,200 | 86,681 | |
Purchased Impaired | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 3,221 | ||
Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 13,193 | ||
Construction and Land Development | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,241,512 | 1,231,043 | |
Greater Than 90 Days and Still Accruing | 473 | 189 | |
Nonaccrual | 3,977 | 4,060 | 3,703 |
Total Loans | 1,247,939 | 1,250,924 | |
Construction and Land Development | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,683 | 4,563 | |
Construction and Land Development | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 294 | 482 | |
Construction and Land Development | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 10,465 | ||
Total Loans | 10,944 | ||
Construction and Land Development | Purchased Impaired | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 136 | ||
Construction and Land Development | Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 343 | ||
Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 2,048,203 | 2,001,074 | |
Greater Than 90 Days and Still Accruing | 7,851 | 1,062 | |
Nonaccrual | 8,924 | 13,889 | 6,003 |
Total Loans | 2,067,087 | 2,041,243 | |
Commercial Real Estate - Owner Occupied | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,679 | 3,482 | |
Commercial Real Estate - Owner Occupied | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 430 | 2,184 | |
Commercial Real Estate - Owner Occupied | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 20,074 | ||
Total Loans | 27,438 | ||
Commercial Real Estate - Owner Occupied | Purchased Impaired | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 480 | ||
Commercial Real Estate - Owner Occupied | Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 6,884 | ||
Commercial Real Estate - Non-Owner Occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 3,451,071 | 3,269,244 | |
Greater Than 90 Days and Still Accruing | 878 | 1,451 | |
Nonaccrual | 1,877 | 1,368 | 381 |
Total Loans | 3,455,125 | 3,286,098 | |
Commercial Real Estate - Non-Owner Occupied | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 930 | 457 | |
Commercial Real Estate - Non-Owner Occupied | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 369 | 0 | |
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 12,730 | ||
Total Loans | 14,565 | ||
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 848 | ||
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 987 | ||
Multifamily Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 717,320 | 632,952 | |
Greater Than 90 Days and Still Accruing | 366 | 474 | |
Nonaccrual | 33 | 0 | 0 |
Total Loans | 717,719 | 633,743 | |
Multifamily Real Estate | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 223 | ||
Multifamily Real Estate | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | ||
Multifamily Real Estate | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 94 | ||
Total Loans | 94 | ||
Multifamily Real Estate | Purchased Impaired | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | ||
Multifamily Real Estate | Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | ||
Commercial and Industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 3,551,187 | 2,099,974 | |
Greater Than 90 Days and Still Accruing | 178 | 449 | |
Nonaccrual | 2,708 | 3,037 | 1,735 |
Total Loans | 3,555,971 | 2,114,033 | |
Commercial and Industrial | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,602 | 8,698 | |
Commercial and Industrial | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 296 | 1,598 | |
Commercial and Industrial | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 590 | ||
Total Loans | 1,579 | ||
Commercial and Industrial | Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 989 | ||
Residential 1-4 Family - Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 706,437 | 703,471 | |
Greater Than 90 Days and Still Accruing | 578 | 674 | |
Nonaccrual | 5,784 | 6,492 | 4,301 |
Total Loans | 715,384 | 724,337 | |
Residential 1-4 Family - Commercial | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 480 | 1,479 | |
Residential 1-4 Family - Commercial | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,105 | 2,207 | |
Residential 1-4 Family - Commercial | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 9,667 | ||
Total Loans | 12,205 | ||
Residential 1-4 Family - Commercial | Purchased Impaired | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 543 | ||
Residential 1-4 Family - Commercial | Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,995 | ||
Residential 1-4 Family - Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 818,877 | 842,667 | |
Greater Than 90 Days and Still Accruing | 5,099 | 4,515 | |
Nonaccrual | 12,029 | 13,117 | 9,292 |
Total Loans | 841,051 | 890,503 | |
Residential 1-4 Family - Consumer | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,229 | 16,244 | |
Total Loans | 1,229 | ||
Residential 1-4 Family - Consumer | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 3,817 | 3,072 | |
Total Loans | 3,817 | ||
Residential 1-4 Family - Consumer | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 5,099 | ||
Residential 1-4 Family - Consumer | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 12,005 | ||
Total Loans | 14,713 | ||
Residential 1-4 Family - Consumer | Purchased Impaired | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 927 | ||
Residential 1-4 Family - Consumer | Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,781 | ||
Residential 1-4 Family - Revolving | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 619,172 | 637,966 | |
Greater Than 90 Days and Still Accruing | 1,995 | 3,357 | |
Nonaccrual | 3,626 | 2,490 | 2,080 |
Total Loans | 627,765 | 659,504 | |
Residential 1-4 Family - Revolving | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,924 | 10,190 | |
Total Loans | 1,924 | ||
Residential 1-4 Family - Revolving | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,048 | 1,784 | |
Total Loans | 1,048 | ||
Residential 1-4 Family - Revolving | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 1,995 | ||
Residential 1-4 Family - Revolving | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 3,635 | ||
Total Loans | 4,127 | ||
Residential 1-4 Family - Revolving | Purchased Impaired | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 287 | ||
Residential 1-4 Family - Revolving | Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 205 | ||
Auto | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 377,822 | 346,819 | |
Greater Than 90 Days and Still Accruing | 181 | 272 | |
Nonaccrual | 584 | 565 | 563 |
Total Loans | 380,053 | 350,419 | |
Auto | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,176 | 2,525 | |
Total Loans | 1,176 | ||
Auto | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 290 | 236 | |
Total Loans | 290 | ||
Auto | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 181 | ||
Auto | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 4 | ||
Total Loans | 4 | ||
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 308,719 | 367,794 | |
Greater Than 90 Days and Still Accruing | 1,157 | 953 | |
Nonaccrual | 81 | 88 | 77 |
Total Loans | 311,362 | 372,853 | |
Consumer | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 844 | 2,128 | |
Total Loans | 844 | ||
Consumer | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 561 | 1,233 | |
Total Loans | 561 | ||
Consumer | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 1,157 | ||
Consumer | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 659 | ||
Total Loans | 668 | ||
Consumer | Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 9 | ||
Other Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 388,234 | 286,374 | |
Greater Than 90 Days and Still Accruing | 499 | 0 | |
Nonaccrual | 1 | $ 98 | 97 |
Total Loans | 389,190 | 287,279 | |
Other Commercial | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 456 | 464 | |
Other Commercial | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | ||
Other Commercial | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 344 | ||
Total Loans | 344 | ||
Other Commercial | Purchased Impaired | 30-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | ||
Other Commercial | Purchased Impaired | 90+ Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _6
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Loans on Nonaccrual Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | $ 39,624 | $ 45,204 | $ 28,232 |
Nonaccrual With No Allowance For Credit Losses | 6,844 | ||
Loans Past Due Over 89 Days Still Accruing | 19,255 | 13,396 | |
Construction and Land Development | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 3,977 | 4,060 | 3,703 |
Nonaccrual With No Allowance For Credit Losses | 1,987 | ||
Loans Past Due Over 89 Days Still Accruing | 473 | 189 | |
Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 8,924 | 13,889 | 6,003 |
Nonaccrual With No Allowance For Credit Losses | 1,990 | ||
Loans Past Due Over 89 Days Still Accruing | 7,851 | 1,062 | |
Commercial Real Estate - Non-Owner Occupied | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 1,877 | 1,368 | 381 |
Nonaccrual With No Allowance For Credit Losses | 0 | ||
Loans Past Due Over 89 Days Still Accruing | 878 | 1,451 | |
Multifamily Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 33 | 0 | 0 |
Nonaccrual With No Allowance For Credit Losses | 0 | ||
Loans Past Due Over 89 Days Still Accruing | 366 | 474 | |
Commercial and Industrial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 2,708 | 3,037 | 1,735 |
Nonaccrual With No Allowance For Credit Losses | 0 | ||
Loans Past Due Over 89 Days Still Accruing | 178 | 449 | |
Residential 1-4 Family - Commercial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 5,784 | 6,492 | 4,301 |
Nonaccrual With No Allowance For Credit Losses | 1,738 | ||
Loans Past Due Over 89 Days Still Accruing | 578 | 674 | |
Residential 1-4 Family - Consumer | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 12,029 | 13,117 | 9,292 |
Nonaccrual With No Allowance For Credit Losses | 1,069 | ||
Loans Past Due Over 89 Days Still Accruing | 5,099 | 4,515 | |
Residential 1-4 Family - Revolving | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 3,626 | 2,490 | 2,080 |
Nonaccrual With No Allowance For Credit Losses | 60 | ||
Loans Past Due Over 89 Days Still Accruing | 1,995 | 3,357 | |
Auto | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 584 | 565 | 563 |
Nonaccrual With No Allowance For Credit Losses | 0 | ||
Loans Past Due Over 89 Days Still Accruing | 181 | 272 | |
Consumer | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 81 | 88 | 77 |
Nonaccrual With No Allowance For Credit Losses | 0 | ||
Loans Past Due Over 89 Days Still Accruing | 1,157 | 953 | |
Other Commercial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 1 | $ 98 | 97 |
Nonaccrual With No Allowance For Credit Losses | 0 | ||
Loans Past Due Over 89 Days Still Accruing | $ 499 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _7
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impaired Loans Individually Evaluated for Impairment by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | |
Recorded Investment | |||
Loans without a specific allowance | $ 35,185 | ||
Loans with a specific allowance | 23,938 | ||
Total impaired loans | 59,123 | ||
Unpaid Principal Balance | |||
Loans without a specific allowance | 38,655 | ||
Loans with a specific allowance | 25,738 | ||
Total impaired loans | 64,393 | ||
Related Allowance | 3,027 | ||
Average Investment | $ 60,489 | $ 60,813 | |
Interest Income Recognized | 317 | 772 | |
Construction and Land Development | |||
Recorded Investment | |||
Loans without a specific allowance | 5,877 | ||
Loans with a specific allowance | 984 | ||
Unpaid Principal Balance | |||
Loans without a specific allowance | 7,174 | ||
Loans with a specific allowance | 1,032 | ||
Related Allowance | 49 | ||
Average Investment | 7,811 | 8,167 | |
Interest Income Recognized | 13 | 54 | |
Commercial Real Estate - Owner Occupied | |||
Recorded Investment | |||
Loans without a specific allowance | 8,801 | ||
Loans with a specific allowance | 2,820 | ||
Unpaid Principal Balance | |||
Loans without a specific allowance | 9,296 | ||
Loans with a specific allowance | 3,093 | ||
Related Allowance | 146 | ||
Average Investment | 12,002 | 12,030 | |
Interest Income Recognized | 91 | 200 | |
Commercial Real Estate - Non-Owner Occupied | |||
Recorded Investment | |||
Loans without a specific allowance | 3,510 | ||
Loans with a specific allowance | 335 | ||
Unpaid Principal Balance | |||
Loans without a specific allowance | 4,059 | ||
Loans with a specific allowance | 383 | ||
Related Allowance | 2 | ||
Average Investment | 6,931 | 6,944 | |
Interest Income Recognized | 60 | 119 | |
Commercial and Industrial | |||
Recorded Investment | |||
Loans without a specific allowance | 3,668 | ||
Loans with a specific allowance | 2,568 | ||
Unpaid Principal Balance | |||
Loans without a specific allowance | 3,933 | ||
Loans with a specific allowance | 2,590 | ||
Related Allowance | 619 | ||
Average Investment | 3,038 | 3,081 | |
Interest Income Recognized | 27 | 59 | |
Residential 1-4 Family - Commercial | |||
Recorded Investment | |||
Loans without a specific allowance | 4,047 | ||
Loans with a specific allowance | 1,726 | ||
Unpaid Principal Balance | |||
Loans without a specific allowance | 4,310 | ||
Loans with a specific allowance | 1,819 | ||
Related Allowance | 162 | ||
Average Investment | 6,125 | 5,848 | |
Interest Income Recognized | 29 | 56 | |
Residential 1-4 Family - Consumer | |||
Recorded Investment | |||
Loans without a specific allowance | 8,420 | ||
Loans with a specific allowance | 12,026 | ||
Unpaid Principal Balance | |||
Loans without a specific allowance | 9,018 | ||
Loans with a specific allowance | 12,670 | ||
Related Allowance | 1,242 | ||
Average Investment | 19,830 | 19,939 | |
Interest Income Recognized | 50 | 187 | |
Residential 1-4 Family - Revolving | |||
Recorded Investment | |||
Loans without a specific allowance | 862 | ||
Loans with a specific allowance | 2,186 | ||
Unpaid Principal Balance | |||
Loans without a specific allowance | 865 | ||
Loans with a specific allowance | 2,369 | ||
Related Allowance | 510 | ||
Average Investment | 493 | 520 | |
Interest Income Recognized | 1 | ||
Auto | |||
Recorded Investment | |||
Loans with a specific allowance | 563 | ||
Unpaid Principal Balance | |||
Loans with a specific allowance | 879 | ||
Related Allowance | 221 | ||
Average Investment | 3,489 | 3,506 | |
Interest Income Recognized | 38 | 78 | |
Consumer | |||
Recorded Investment | |||
Loans with a specific allowance | 168 | ||
Unpaid Principal Balance | |||
Loans with a specific allowance | 336 | ||
Related Allowance | 46 | ||
Average Investment | 191 | 195 | |
Interest Income Recognized | 2 | 3 | |
Other Commercial | |||
Recorded Investment | |||
Loans with a specific allowance | 562 | ||
Unpaid Principal Balance | |||
Loans with a specific allowance | 567 | ||
Related Allowance | $ 30 | ||
Average Investment | 579 | 583 | |
Interest Income Recognized | $ 7 | $ 15 |
LOANS AND ALLOWANCE FOR LOAN _8
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement) (Details) $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($)loan |
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 136 | 120 |
Recorded Investment | $ 20,345 | $ 19,496 |
Outstanding Commitment | $ 26 | $ 26 |
Performing | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 107 | 96 |
Recorded Investment | $ 15,303 | $ 15,686 |
Outstanding Commitment | $ 26 | $ 26 |
Performing | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 4 | 4 |
Recorded Investment | $ 222 | $ 1,114 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 6 | 6 |
Recorded Investment | $ 2,218 | $ 2,228 |
Outstanding Commitment | $ 26 | $ 26 |
Performing | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 1 | 1 |
Recorded Investment | $ 1,089 | $ 1,089 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 5 | 4 |
Recorded Investment | $ 1,129 | $ 1,020 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 4 | 5 |
Recorded Investment | $ 214 | $ 290 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 79 | 69 |
Recorded Investment | $ 9,886 | $ 9,396 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 2 | 2 |
Recorded Investment | $ 55 | $ 56 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 5 | 4 |
Recorded Investment | $ 34 | $ 29 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Other Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 1 | 1 |
Recorded Investment | $ 456 | $ 464 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 29 | 24 |
Recorded Investment | $ 5,042 | $ 3,810 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 2 | 2 |
Recorded Investment | $ 165 | $ 176 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 2 | 1 |
Recorded Investment | $ 128 | $ 55 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 1 | |
Recorded Investment | $ 71 | |
Outstanding Commitment | $ 0 | |
Nonperforming | Residential 1-4 Family - Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 21 | 19 |
Recorded Investment | $ 4,572 | $ 3,522 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | 3 | 2 |
Recorded Investment | $ 106 | $ 57 |
Outstanding Commitment | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _9
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of TDR by Class and Modification Type) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2020USD ($)loan | Jun. 30, 2019USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 12 | 10 | 23 | 20 |
Recorded Investment at Period End | $ | $ 913 | $ 526 | $ 2,713 | $ 1,798 |
Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 8 | 1 | 8 | 5 |
Recorded Investment at Period End | $ | $ 689 | $ 43 | $ 689 | $ 382 |
Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 4 | 9 | 15 | 15 |
Recorded Investment at Period End | $ | $ 224 | $ 483 | $ 2,024 | $ 1,416 |
Interest rate modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 0 | ||
Recorded Investment at Period End | $ | $ 0 | $ 0 | ||
Modified to interest only, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 0 | ||
Recorded Investment at Period End | $ | $ 0 | $ 0 | ||
Construction and Land Development | Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 1 | ||
Recorded Investment at Period End | $ | $ 0 | $ 35 | ||
Commercial and Industrial | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 4 | 4 | ||
Recorded Investment at Period End | $ | $ 353 | $ 353 | ||
Residential 1-4 Family - Commercial | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 1 | |||
Recorded Investment at Period End | $ | $ 74 | |||
Residential 1-4 Family - Consumer | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 3 | 1 | 3 | 3 |
Recorded Investment at Period End | $ | $ 326 | $ 43 | $ 326 | $ 299 |
Residential 1-4 Family - Consumer | Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 3 | 9 | 13 | 14 |
Recorded Investment at Period End | $ | $ 172 | $ 483 | $ 1,937 | $ 1,410 |
Residential 1-4 Family - Revolving | Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 1 | 1 | ||
Recorded Investment at Period End | $ | $ 52 | $ 52 | ||
Consumer | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 1 | 1 | 1 | |
Recorded Investment at Period End | $ | $ 10 | $ 10 | $ 9 | |
Consumer | Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 1 | |||
Recorded Investment at Period End | $ | $ 6 |
LOANS AND ALLOWANCE FOR LOAN_10
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Allowance for loan losses: | ||||||
Balance, beginning of the year | $ 141,043 | $ 42,294 | $ 41,045 | |||
Impact of ASC 326 adoption on non-PCD loans | $ 45,098 | |||||
Impact of ASC 326 adoption on PCD loans | 2,386 | |||||
Impact of ASC 326 adoption | 47,484 | |||||
Loans charged off | (4,677) | (11,828) | (11,873) | |||
Recoveries credited to allowance | 1,411 | 3,571 | 3,366 | |||
Provision charged to operations | 32,200 | 88,456 | 9,925 | |||
Balance, end of period | 169,977 | 169,977 | 42,463 | |||
Loans: | ||||||
Loans individually evaluated for impairment | $ 59,123 | |||||
ALLL individually evaluated for impairment | 3,027 | |||||
Loans collectively evaluated for impairment | 12,465,132 | |||||
ALLL collectively evaluated for impairment | 39,050 | |||||
Total Loans | 14,308,646 | 12,610,936 | ||||
Total ALLL | 169,977 | 169,977 | 42,463 | 169,977 | $ 89,778 | 42,294 |
Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 217 | |||||
Balance, end of period | 4,500 | 4,500 | ||||
Loans: | ||||||
Total Loans | 73,200 | 86,681 | ||||
Total ALLL | 4,500 | 217 | 4,500 | 217 | ||
Construction and Land Development | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 5,758 | 6,803 | ||||
Loans charged off | (800) | |||||
Recoveries credited to allowance | 97 | |||||
Provision charged to operations | (101) | |||||
Balance, end of period | 5,999 | |||||
Loans: | ||||||
Loans individually evaluated for impairment | 6,861 | |||||
ALLL individually evaluated for impairment | 49 | |||||
Loans collectively evaluated for impairment | 1,233,119 | |||||
ALLL collectively evaluated for impairment | 5,709 | |||||
Total Loans | 1,247,939 | 1,250,924 | ||||
Total ALLL | 5,758 | 5,999 | 5,758 | |||
Construction and Land Development | Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 0 | |||||
Loans: | ||||||
Total Loans | 10,944 | |||||
Total ALLL | 0 | 0 | ||||
Commercial Real Estate - Owner Occupied | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 3,919 | 4,023 | ||||
Loans charged off | (231) | |||||
Recoveries credited to allowance | 54 | |||||
Provision charged to operations | 235 | |||||
Balance, end of period | 4,081 | |||||
Loans: | ||||||
Loans individually evaluated for impairment | 11,621 | |||||
ALLL individually evaluated for impairment | 146 | |||||
Loans collectively evaluated for impairment | 2,002,184 | |||||
ALLL collectively evaluated for impairment | 3,773 | |||||
Total Loans | 2,067,087 | 2,041,243 | ||||
Total ALLL | 3,919 | 4,081 | 3,919 | |||
Commercial Real Estate - Owner Occupied | Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 0 | |||||
Loans: | ||||||
Total Loans | 27,438 | |||||
Total ALLL | 0 | 0 | ||||
Commercial Real Estate - Non-Owner Occupied | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 9,543 | 8,865 | ||||
Loans charged off | 0 | |||||
Recoveries credited to allowance | 92 | |||||
Provision charged to operations | 654 | |||||
Balance, end of period | 9,611 | |||||
Loans: | ||||||
Loans individually evaluated for impairment | 3,845 | |||||
ALLL individually evaluated for impairment | 2 | |||||
Loans collectively evaluated for impairment | 3,267,688 | |||||
ALLL collectively evaluated for impairment | 9,541 | |||||
Total Loans | 3,455,125 | 3,286,098 | ||||
Total ALLL | 9,543 | 9,611 | 9,543 | |||
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 0 | |||||
Loans: | ||||||
Total Loans | 14,565 | |||||
Total ALLL | 0 | 0 | ||||
Multifamily Real Estate | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 632 | 649 | ||||
Loans charged off | 0 | |||||
Recoveries credited to allowance | 85 | |||||
Provision charged to operations | (70) | |||||
Balance, end of period | 664 | |||||
Loans: | ||||||
Loans individually evaluated for impairment | 0 | |||||
ALLL individually evaluated for impairment | 0 | |||||
Loans collectively evaluated for impairment | 633,649 | |||||
ALLL collectively evaluated for impairment | 632 | |||||
Total Loans | 717,719 | 633,743 | ||||
Total ALLL | 632 | 664 | 632 | |||
Multifamily Real Estate | Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 0 | |||||
Loans: | ||||||
Total Loans | 94 | |||||
Total ALLL | 0 | 0 | ||||
Commercial and Industrial | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 8,604 | 7,636 | ||||
Loans charged off | (1,858) | |||||
Recoveries credited to allowance | 681 | |||||
Provision charged to operations | 1,237 | |||||
Balance, end of period | 7,696 | |||||
Loans: | ||||||
Loans individually evaluated for impairment | 6,236 | |||||
ALLL individually evaluated for impairment | 619 | |||||
Loans collectively evaluated for impairment | 2,106,218 | |||||
ALLL collectively evaluated for impairment | 7,768 | |||||
Total Loans | 3,555,971 | 2,114,033 | ||||
Total ALLL | 8,604 | 7,696 | 8,604 | |||
Commercial and Industrial | Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 217 | |||||
Loans: | ||||||
Total Loans | 1,579 | |||||
Total ALLL | 217 | 217 | ||||
Residential 1-4 Family - Commercial | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 1,365 | 1,692 | ||||
Loans charged off | (267) | |||||
Recoveries credited to allowance | 127 | |||||
Provision charged to operations | 66 | |||||
Balance, end of period | 1,618 | |||||
Loans: | ||||||
Loans individually evaluated for impairment | 5,773 | |||||
ALLL individually evaluated for impairment | 162 | |||||
Loans collectively evaluated for impairment | 706,359 | |||||
ALLL collectively evaluated for impairment | 1,203 | |||||
Total Loans | 715,384 | 724,337 | ||||
Total ALLL | 1,365 | 1,618 | 1,365 | |||
Residential 1-4 Family - Commercial | Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 0 | |||||
Loans: | ||||||
Total Loans | 12,205 | |||||
Total ALLL | 0 | 0 | ||||
Residential 1-4 Family - Consumer | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 2,013 | 1,492 | ||||
Loans charged off | (37) | |||||
Recoveries credited to allowance | 219 | |||||
Provision charged to operations | 218 | |||||
Balance, end of period | 1,892 | |||||
Loans: | ||||||
Loans individually evaluated for impairment | 20,446 | |||||
ALLL individually evaluated for impairment | 1,242 | |||||
Loans collectively evaluated for impairment | 855,344 | |||||
ALLL collectively evaluated for impairment | 771 | |||||
Total Loans | 841,051 | 890,503 | ||||
Total ALLL | 2,013 | 1,892 | 2,013 | |||
Residential 1-4 Family - Consumer | Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 0 | |||||
Loans: | ||||||
Total Loans | 14,713 | |||||
Total ALLL | 0 | 0 | ||||
Auto | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 1,453 | 1,443 | ||||
Loans charged off | (703) | |||||
Recoveries credited to allowance | 339 | |||||
Provision charged to operations | 334 | |||||
Balance, end of period | 1,413 | |||||
Loans: | ||||||
Loans individually evaluated for impairment | 563 | |||||
ALLL individually evaluated for impairment | 221 | |||||
Loans collectively evaluated for impairment | 349,852 | |||||
ALLL collectively evaluated for impairment | 1,232 | |||||
Total Loans | 380,053 | 350,419 | ||||
Total ALLL | 1,453 | 1,413 | 1,453 | |||
Auto | Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 0 | |||||
Loans: | ||||||
Total Loans | 4 | |||||
Total ALLL | 0 | 0 | ||||
Commercial Portfolio | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 77,843 | 30,941 | ||||
Impact of ASC 326 adoption on non-PCD loans | 4,432 | |||||
Impact of ASC 326 adoption on PCD loans | 1,752 | |||||
Impact of ASC 326 adoption | 6,184 | |||||
Loans charged off | (1,590) | (4,558) | ||||
Recoveries credited to allowance | 708 | 1,862 | ||||
Provision charged to operations | 34,993 | 77,525 | ||||
Balance, end of period | 111,954 | 111,954 | ||||
Loans: | ||||||
Total Loans | 12,148,415 | |||||
Total ALLL | 111,954 | 111,954 | 111,954 | 37,125 | 30,941 | |
Commercial Portfolio | Purchased Impaired | ||||||
Loans: | ||||||
Total Loans | 86,681 | |||||
Consumer | ||||||
Loans: | ||||||
Total Loans | 311,362 | 372,853 | ||||
Consumer | Purchased Impaired | ||||||
Loans: | ||||||
Total Loans | 668 | |||||
Consumer Portfolio | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 63,200 | 11,353 | ||||
Impact of ASC 326 adoption on non-PCD loans | 40,666 | |||||
Impact of ASC 326 adoption on PCD loans | 634 | |||||
Impact of ASC 326 adoption | 41,300 | |||||
Loans charged off | (3,087) | (7,270) | ||||
Recoveries credited to allowance | 703 | 1,709 | ||||
Provision charged to operations | (2,793) | 10,931 | ||||
Balance, end of period | 58,023 | 58,023 | ||||
Loans: | ||||||
Total Loans | 2,160,231 | |||||
Total ALLL | $ 58,023 | 58,023 | 58,023 | $ 52,653 | 11,353 | |
Consumer and all other | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 7,684 | 7,145 | ||||
Loans charged off | (7,454) | |||||
Recoveries credited to allowance | 1,238 | |||||
Provision charged to operations | 7,305 | |||||
Balance, end of period | 8,234 | |||||
Loans: | ||||||
Loans individually evaluated for impairment | 730 | |||||
ALLL individually evaluated for impairment | 76 | |||||
Loans collectively evaluated for impairment | 658,390 | |||||
ALLL collectively evaluated for impairment | 7,608 | |||||
Total Loans | 660,132 | |||||
Total ALLL | 7,684 | 8,234 | 7,684 | |||
Consumer and all other | Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 0 | |||||
Loans: | ||||||
Total Loans | 1,012 | |||||
Total ALLL | 0 | 0 | ||||
Residential 1-4 Family - Revolving | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 1,323 | 1,297 | ||||
Loans charged off | (523) | |||||
Recoveries credited to allowance | 434 | |||||
Provision charged to operations | 47 | |||||
Balance, end of period | 1,255 | |||||
Loans: | ||||||
Loans individually evaluated for impairment | 3,048 | |||||
ALLL individually evaluated for impairment | 510 | |||||
Loans collectively evaluated for impairment | 652,329 | |||||
ALLL collectively evaluated for impairment | 813 | |||||
Total Loans | $ 627,765 | 659,504 | ||||
Total ALLL | 1,323 | $ 1,255 | 1,323 | |||
Residential 1-4 Family - Revolving | Purchased Impaired | ||||||
Allowance for loan losses: | ||||||
Balance, beginning of the year | 0 | |||||
Loans: | ||||||
Total Loans | 4,127 | |||||
Total ALLL | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN_11
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Related Risk Rating) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 14,308,646 | $ 12,610,936 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 142,473 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 460,639 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 397,055 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 65,841 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 56,209 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 94,153 | |
Financing Receivable, Revolving | 31,569 | |
Loans, Total | 1,247,939 | 1,250,924 |
Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 137,981 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 453,779 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 395,935 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 64,529 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 47,982 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 70,524 | |
Financing Receivable, Revolving | 29,060 | |
Loans, Total | 1,199,790 | |
Construction and Land Development | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 4,492 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 6,859 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 1,061 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 350 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 5,759 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 16,202 | |
Financing Receivable, Revolving | 2,509 | |
Loans, Total | 37,232 | |
Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 1 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 59 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 962 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 2,468 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,427 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 10,917 | |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 144,263 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 395,556 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 316,602 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 274,359 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 177,384 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 732,300 | |
Financing Receivable, Revolving | 26,623 | |
Loans, Total | 2,067,087 | 2,041,243 |
Commercial Real Estate - Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 144,263 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 384,862 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 290,813 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 258,877 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 147,657 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 658,853 | |
Financing Receivable, Revolving | 23,773 | |
Loans, Total | 1,909,098 | |
Commercial Real Estate - Owner Occupied | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 10,694 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 24,683 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 15,082 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 28,604 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 57,783 | |
Financing Receivable, Revolving | 2,475 | |
Loans, Total | 139,321 | |
Commercial Real Estate - Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 1,106 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 400 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 1,123 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 15,664 | |
Financing Receivable, Revolving | 375 | |
Loans, Total | 18,668 | |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 215,605 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 532,216 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 503,708 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 515,047 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 476,069 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,161,176 | |
Financing Receivable, Revolving | 51,304 | |
Loans, Total | 3,455,125 | 3,286,098 |
Commercial Real Estate - Non-Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 214,340 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 515,046 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 488,913 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 498,462 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 455,214 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,121,284 | |
Financing Receivable, Revolving | 50,855 | |
Loans, Total | 3,344,114 | |
Commercial Real Estate - Non-Owner Occupied | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 1,265 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 17,170 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 14,631 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 16,585 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 20,830 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 33,911 | |
Financing Receivable, Revolving | 249 | |
Loans, Total | 104,641 | |
Commercial Real Estate - Non-Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 164 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 25 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,981 | |
Financing Receivable, Revolving | 200 | |
Loans, Total | 6,370 | |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 79,312 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 80,711 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 74,560 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 152,447 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 72,080 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 251,705 | |
Financing Receivable, Revolving | 6,904 | |
Loans, Total | 717,719 | 633,743 |
Multifamily Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 79,312 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 80,058 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 70,145 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 144,193 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 70,943 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 245,687 | |
Financing Receivable, Revolving | 6,904 | |
Loans, Total | 697,242 | |
Multifamily Real Estate | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 653 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 4,415 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 8,254 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 1,137 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,619 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 20,078 | |
Multifamily Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 399 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 399 | |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 1,869,921 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 445,045 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 253,192 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 88,247 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 88,663 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 177,598 | |
Financing Receivable, Revolving | 633,305 | |
Loans, Total | 3,555,971 | 2,114,033 |
Commercial and Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 1,868,291 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 439,598 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 241,038 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 85,126 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 82,301 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 169,136 | |
Financing Receivable, Revolving | 601,547 | |
Loans, Total | 3,487,037 | |
Commercial and Industrial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 1,630 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 4,963 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 11,326 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 2,963 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 5,536 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,656 | |
Financing Receivable, Revolving | 27,680 | |
Loans, Total | 59,754 | |
Commercial and Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 484 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 828 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 158 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 826 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,806 | |
Financing Receivable, Revolving | 4,078 | |
Loans, Total | 9,180 | |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 59,436 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 111,090 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 87,469 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 103,305 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 85,640 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 266,235 | |
Financing Receivable, Revolving | 2,209 | |
Loans, Total | 715,384 | 724,337 |
Residential 1-4 Family - Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 58,222 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 105,249 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 78,610 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 97,653 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 82,407 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 244,579 | |
Financing Receivable, Revolving | 1,721 | |
Loans, Total | 668,441 | |
Residential 1-4 Family - Commercial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 1,214 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 5,356 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 8,535 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 5,022 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 2,053 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 14,874 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 37,054 | |
Residential 1-4 Family - Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 485 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 324 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 630 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 1,180 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 6,782 | |
Financing Receivable, Revolving | 488 | |
Loans, Total | 9,889 | |
Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 91,268 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 88,929 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 91,966 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 91,059 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 121,860 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 355,957 | |
Financing Receivable, Revolving | 12 | |
Loans, Total | 841,051 | 890,503 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 9,667 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 4,666 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 2,167 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 18 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 967 | |
Financing Receivable, Revolving | 610,280 | |
Loans, Total | 627,765 | 659,504 |
Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 89,132 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 139,066 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 70,898 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 43,851 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 24,976 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 12,130 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 380,053 | 350,419 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 24,840 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 92,263 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 95,358 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 30,359 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 13,299 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 19,226 | |
Financing Receivable, Revolving | 36,017 | |
Loans, Total | 311,362 | 372,853 |
Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 121,097 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 114,883 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 11,005 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 41,501 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 17,846 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 64,228 | |
Financing Receivable, Revolving | 18,630 | |
Loans, Total | 389,190 | 287,279 |
Other Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 121,097 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 114,883 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 10,376 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 40,118 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 16,919 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 60,477 | |
Financing Receivable, Revolving | 18,630 | |
Loans, Total | 382,500 | |
Other Commercial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 629 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 1,324 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 927 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,251 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 6,131 | |
Other Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 59 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 500 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 559 | |
Commercial Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 2,632,107 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 2,140,140 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 1,643,591 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 1,240,747 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 973,891 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,747,395 | |
Financing Receivable, Revolving | 770,544 | |
Loans, Total | 12,148,415 | |
Commercial Portfolio | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 2,623,506 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 2,093,475 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 1,575,830 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 1,188,958 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 903,423 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,570,540 | |
Financing Receivable, Revolving | 732,490 | |
Loans, Total | 11,688,222 | |
Commercial Portfolio | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 8,601 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 45,695 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 65,280 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 49,580 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 64,846 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 137,296 | |
Financing Receivable, Revolving | 32,913 | |
Loans, Total | 404,211 | |
Commercial Portfolio | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 970 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 2,481 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 2,209 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 5,622 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 39,559 | |
Financing Receivable, Revolving | 5,141 | |
Loans, Total | 55,982 | |
Excluding Purchased Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 12,524,255 | |
Excluding Purchased Impaired | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 12,142,328 | |
Excluding Purchased Impaired | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 316,317 | |
Excluding Purchased Impaired | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 65,252 | |
Excluding Purchased Impaired | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 358 | |
Excluding Purchased Impaired | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,239,980 | |
Excluding Purchased Impaired | Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,197,066 | |
Excluding Purchased Impaired | Construction and Land Development | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 37,182 | |
Excluding Purchased Impaired | Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 5,732 | |
Excluding Purchased Impaired | Construction and Land Development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 2,013,805 | |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,916,492 | |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 87,004 | |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 10,309 | |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 3,271,533 | |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 3,205,463 | |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 62,368 | |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 3,608 | |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 94 | |
Excluding Purchased Impaired | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 633,649 | |
Excluding Purchased Impaired | Multifamily Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 613,844 | |
Excluding Purchased Impaired | Multifamily Real Estate | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 19,396 | |
Excluding Purchased Impaired | Multifamily Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 409 | |
Excluding Purchased Impaired | Multifamily Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Excluding Purchased Impaired | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 2,112,454 | |
Excluding Purchased Impaired | Commercial and Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 2,043,903 | |
Excluding Purchased Impaired | Commercial and Industrial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 60,495 | |
Excluding Purchased Impaired | Commercial and Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 8,048 | |
Excluding Purchased Impaired | Commercial and Industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 8 | |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 712,132 | |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 680,894 | |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 24,864 | |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 6,374 | |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 875,790 | |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 841,408 | |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 13,592 | |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 20,534 | |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 256 | |
Excluding Purchased Impaired | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 655,377 | |
Excluding Purchased Impaired | Residential 1-4 Family - Revolving | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 641,069 | |
Excluding Purchased Impaired | Residential 1-4 Family - Revolving | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 6,373 | |
Excluding Purchased Impaired | Residential 1-4 Family - Revolving | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 7,935 | |
Excluding Purchased Impaired | Residential 1-4 Family - Revolving | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Excluding Purchased Impaired | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 350,415 | |
Excluding Purchased Impaired | Auto | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 345,960 | |
Excluding Purchased Impaired | Auto | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 2,630 | |
Excluding Purchased Impaired | Auto | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,825 | |
Excluding Purchased Impaired | Auto | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Excluding Purchased Impaired | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 372,185 | |
Excluding Purchased Impaired | Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 371,315 | |
Excluding Purchased Impaired | Consumer | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 550 | |
Excluding Purchased Impaired | Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 320 | |
Excluding Purchased Impaired | Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Excluding Purchased Impaired | Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 286,935 | |
Excluding Purchased Impaired | Other Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 284,914 | |
Excluding Purchased Impaired | Other Commercial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,863 | |
Excluding Purchased Impaired | Other Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 158 | |
Excluding Purchased Impaired | Other Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 73,200 | 86,681 |
Purchased Impaired | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 10,944 | |
Purchased Impaired | Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,092 | |
Purchased Impaired | Construction and Land Development | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 3,692 | |
Purchased Impaired | Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 6,160 | |
Purchased Impaired | Construction and Land Development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 27,438 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 8,264 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 10,524 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 8,650 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 14,565 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 3,826 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 9,415 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,324 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 94 | |
Purchased Impaired | Multifamily Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Multifamily Real Estate | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 94 | |
Purchased Impaired | Multifamily Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Multifamily Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,579 | |
Purchased Impaired | Commercial and Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 127 | |
Purchased Impaired | Commercial and Industrial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 25 | |
Purchased Impaired | Commercial and Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,427 | |
Purchased Impaired | Commercial and Industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 12,205 | |
Purchased Impaired | Residential 1-4 Family - Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 6,000 | |
Purchased Impaired | Residential 1-4 Family - Commercial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 2,693 | |
Purchased Impaired | Residential 1-4 Family - Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 3,512 | |
Purchased Impaired | Residential 1-4 Family - Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 14,713 | |
Purchased Impaired | Residential 1-4 Family - Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 9,947 | |
Purchased Impaired | Residential 1-4 Family - Consumer | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 557 | |
Purchased Impaired | Residential 1-4 Family - Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 4,209 | |
Purchased Impaired | Residential 1-4 Family - Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 4,127 | |
Purchased Impaired | Residential 1-4 Family - Revolving | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 2,887 | |
Purchased Impaired | Residential 1-4 Family - Revolving | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 707 | |
Purchased Impaired | Residential 1-4 Family - Revolving | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 533 | |
Purchased Impaired | Residential 1-4 Family - Revolving | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 4 | |
Purchased Impaired | Auto | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 2 | |
Purchased Impaired | Auto | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Auto | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 2 | |
Purchased Impaired | Auto | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 668 | |
Purchased Impaired | Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 657 | |
Purchased Impaired | Consumer | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 11 | |
Purchased Impaired | Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 344 | |
Purchased Impaired | Other Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 120 | |
Purchased Impaired | Other Commercial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 224 | |
Purchased Impaired | Other Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Other Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 0 | |
Purchased Impaired | Commercial Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 86,681 | |
Purchased Impaired | Commercial Portfolio | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 32,922 | |
Purchased Impaired | Commercial Portfolio | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 27,931 | |
Purchased Impaired | Commercial Portfolio | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 25,828 | |
Purchased Impaired | Commercial Portfolio | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 0 |
LOANS AND ALLOWANCE FOR LOAN_12
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Based on Delinquency Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 14,308,646 | $ 12,610,936 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 142,473 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 460,639 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 397,055 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 65,841 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 56,209 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 94,153 | |
Financing Receivable, Revolving | 31,569 | |
Loans, Total | 1,247,939 | 1,250,924 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 144,263 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 395,556 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 316,602 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 274,359 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 177,384 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 732,300 | |
Financing Receivable, Revolving | 26,623 | |
Loans, Total | 2,067,087 | 2,041,243 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 215,605 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 532,216 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 503,708 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 515,047 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 476,069 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,161,176 | |
Financing Receivable, Revolving | 51,304 | |
Loans, Total | 3,455,125 | 3,286,098 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 79,312 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 80,711 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 74,560 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 152,447 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 72,080 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 251,705 | |
Financing Receivable, Revolving | 6,904 | |
Loans, Total | 717,719 | 633,743 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 1,869,921 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 445,045 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 253,192 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 88,247 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 88,663 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 177,598 | |
Financing Receivable, Revolving | 633,305 | |
Loans, Total | 3,555,971 | 2,114,033 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 59,436 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 111,090 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 87,469 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 103,305 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 85,640 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 266,235 | |
Financing Receivable, Revolving | 2,209 | |
Loans, Total | 715,384 | 724,337 |
Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 91,268 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 88,929 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 91,966 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 91,059 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 121,860 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 355,957 | |
Financing Receivable, Revolving | 12 | |
Loans, Total | 841,051 | 890,503 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 9,667 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 4,666 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 2,167 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 18 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 967 | |
Financing Receivable, Revolving | 610,280 | |
Loans, Total | 627,765 | 659,504 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 24,840 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 92,263 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 95,358 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 30,359 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 13,299 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 19,226 | |
Financing Receivable, Revolving | 36,017 | |
Loans, Total | 311,362 | 372,853 |
Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 89,132 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 139,066 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 70,898 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 43,851 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 24,976 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 12,130 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 380,053 | 350,419 |
Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 214,907 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 324,924 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 260,389 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 165,287 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 160,135 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 388,280 | |
Financing Receivable, Revolving | 646,309 | |
Loans, Total | 2,160,231 | |
Purchased Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 73,200 | 86,681 |
Purchased Impaired | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 10,944 | |
Purchased Impaired | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 27,438 | |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 14,565 | |
Purchased Impaired | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 94 | |
Purchased Impaired | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 1,579 | |
Purchased Impaired | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 12,205 | |
Purchased Impaired | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 14,713 | |
Purchased Impaired | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 4,127 | |
Purchased Impaired | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | 668 | |
Purchased Impaired | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 4 | |
Current | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 91,069 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 86,537 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 90,968 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 87,658 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 120,412 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 342,221 | |
Financing Receivable, Revolving | 12 | |
Loans, Total | 818,877 | |
Current | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 9,667 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 4,666 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 2,167 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 18 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 653 | |
Financing Receivable, Revolving | 602,001 | |
Loans, Total | 619,172 | |
Current | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 24,807 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 91,712 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 94,273 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 30,170 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 13,211 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 18,930 | |
Financing Receivable, Revolving | 35,616 | |
Loans, Total | 308,719 | |
Current | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 89,044 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 138,532 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 70,484 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 43,386 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 24,536 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 11,840 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 377,822 | |
Current | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 214,587 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 321,447 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 257,892 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 161,232 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 158,159 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 373,644 | |
Financing Receivable, Revolving | 637,629 | |
Loans, Total | 2,124,590 | |
30-59 Days Past Due | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 37 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 20 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 90 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 185 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 897 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 1,229 | |
30-59 Days Past Due | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Financing Receivable, Revolving | 1,924 | |
Loans, Total | 1,924 | |
30-59 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 14 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 261 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 407 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 74 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 61 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2 | |
Financing Receivable, Revolving | 25 | |
Loans, Total | 844 | |
30-59 Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 88 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 291 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 247 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 254 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 186 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 110 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 1,176 | |
30-59 Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 139 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 552 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 674 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 418 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 432 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,009 | |
Financing Receivable, Revolving | 1,949 | |
Loans, Total | 5,173 | |
60-89 Days Past Due | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 636 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 109 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 1,986 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 250 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 836 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 3,817 | |
60-89 Days Past Due | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Financing Receivable, Revolving | 1,048 | |
Loans, Total | 1,048 | |
60-89 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 19 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 198 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 296 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 30 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 6 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Financing Receivable, Revolving | 12 | |
Loans, Total | 561 | |
60-89 Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 90 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 21 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 41 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 84 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 54 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 290 | |
60-89 Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 19 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 924 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 426 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 2,057 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 340 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 890 | |
Financing Receivable, Revolving | 1,060 | |
Loans, Total | 5,716 | |
90+ Days Past Due | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 162 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 1,756 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 151 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 446 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 223 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,361 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 5,099 | |
90+ Days Past Due | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Financing Receivable, Revolving | 1,995 | |
Loans, Total | 1,995 | |
90+ Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 92 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 382 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 85 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 19 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 215 | |
Financing Receivable, Revolving | 364 | |
Loans, Total | 1,157 | |
90+ Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 11 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 62 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 58 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 9 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 41 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 181 | |
90+ Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 162 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 1,859 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 595 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 589 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 251 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,617 | |
Financing Receivable, Revolving | 2,359 | |
Loans, Total | 8,432 | |
Nonaccrual | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 718 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 879 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 790 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,642 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 12,029 | |
Nonaccrual | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 314 | |
Financing Receivable, Revolving | 3,312 | |
Loans, Total | 3,626 | |
Nonaccrual | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 2 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 79 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 81 | |
Nonaccrual | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 142 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 84 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 112 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 161 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 85 | |
Financing Receivable, Revolving | 0 | |
Loans, Total | 584 | |
Nonaccrual | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 142 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 802 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 991 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 953 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 10,120 | |
Financing Receivable, Revolving | 3,312 | |
Loans, Total | $ 16,320 |
LOANS AND ALLOWANCE FOR LOAN_13
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Acquired Loan Portfolio and Accretable Yield) (Details) - Purchased Impaired $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Accretable Yield | |
Balance at beginning of period | $ 31,201 |
Additions | 2,432 |
Accretion | (6,510) |
Reclass of nonaccretable difference due to improvement in expected cash flows | 716 |
Measurement period adjustment | 2,629 |
Other, net | 2,182 |
Balance at end of period | $ 32,650 |
INTANGIBLE ASSETS (Narrative) (
INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of goodwill or intangible assets | $ 0 | |||
Intangible assets, amortization expense | 4,223 | $ 4,937 | $ 8,624 | $ 9,154 |
Core Deposits | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, amortization period (years) | 4 years | |||
Core Deposits | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, amortization period (years) | 10 years | |||
Other Amortizable Intangibles | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, amortization period (years) | 4 years | |||
Other Amortizable Intangibles | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, amortization period (years) | 10 years | |||
Core Deposits and Other Intangible Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, amortization expense | $ 4,200 | $ 4,900 | $ 8,600 | $ 9,200 |
INTANGIBLE ASSETS (Estimated Re
INTANGIBLE ASSETS (Estimated Remaining Amortization Expense of Intangibles) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Estimated Remaining Amortization of Intangibles | |
For the remaining six months of 2020 | $ 7,920 |
2021 | 13,874 |
2022 | 11,490 |
2023 | 9,687 |
2024 | 7,818 |
Thereafter | 14,316 |
Total estimated amortization expense | $ 65,105 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)lease | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Lessor Disclosure [Abstract] | |||||
Residual assets covered by residual value guarantees | $ 7,500,000 | $ 7,500,000 | |||
Net Investment in Lease | 81,300,000 | 81,300,000 | |||
Sales-type and direct financing leases, lease receivables | 78,698,000 | 78,698,000 | |||
Sales-type and direct financing leases, unguaranteed residuals | 2,600,000 | 2,600,000 | |||
Sales-type and direct financing leases, lease income | 290,000 | $ 0 | 340,000 | $ 0 | |
Lessee Disclosure [Abstract] | |||||
Operating lease, right-of-use asset | 53,208,000 | 53,208,000 | $ 54,941,000 | ||
Lease liabilities | 63,523,000 | 63,523,000 | $ 66,052,000 | ||
Lessee, operating lease, lease not yet commenced, amount | $ 0 | $ 0 | |||
Sale leaseback transaction, number of transactions (transaction) | lease | 0 | ||||
Minimum | |||||
Lessor Disclosure [Abstract] | |||||
Lessor sales-type and direct financing lease, term of contract | 31 months | ||||
Maximum | |||||
Lessor Disclosure [Abstract] | |||||
Lessor sales-type and direct financing lease, term of contract | 125 months | ||||
Lessee Disclosure [Abstract] | |||||
Lessee, operating lease, remaining lease term (years) | 14 years |
LEASES (Lessee Lease Portfolio
LEASES (Lessee Lease Portfolio and Other Supplemental Lease Information) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease | ||
Right-of-use assets | $ 53,208 | $ 54,941 |
Lease liabilities | $ 63,523 | $ 66,052 |
Weighted average remaining lease term (years) | 7 years | 7 years 4 months 9 days |
Weighted average discount rate, percent | 2.43% | 2.69% |
Lessee, Finance Lease | ||
Right-of-use-assets | $ 7,884 | |
Lease liabilities | $ 10,559 | |
Weighted-average remaining lease term (years) | 8 years 6 months 29 days | |
Weighted-average discount rate, percent | 1.17% |
LEASES (Other Lease Information
LEASES (Other Lease Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating Cash Flows from Finance Leases | $ 10 | |
Operating Cash Flows from Operating Leases | 6,893 | $ 6,880 |
Right-of-use assets obtained in exchange for lease obligations, operating lease | 3,183 | $ 3,619 |
Right-of-use assets obtained in exchange for lease obligations, finance leases | $ 10,549 |
LEASES (Lease Cost Information)
LEASES (Lease Cost Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Net Operating Lease Cost | $ 2,928 | $ 3,134 | $ 5,847 | $ 6,136 |
Finance Lease Cost: Amortization of right-of-use assets | 77 | 77 | ||
Finance Lease Cost: Interest on lease liabilities | 10 | 10 | ||
Total Lease Cost | $ 3,015 | $ 3,134 | $ 5,934 | $ 6,136 |
LEASES (Maturities of Lessor an
LEASES (Maturities of Lessor and Lessee Arrangements Outstanding) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Lessor - Sales-type and Direct Financing Lease Maturities | ||
For the remaining six months of 2020 | $ 7,894 | |
2021 | 16,216 | |
2022 | 17,093 | |
2023 | 15,503 | |
2024 | 13,130 | |
2025 | 4,310 | |
Thereafter | 10,548 | |
Total undiscounted cash flows | 84,694 | |
Less: Adjustments | 5,996 | |
Total | 78,698 | |
Lessee - Operating Lease Maturities | ||
For the remaining six months of 2020 | 6,526 | |
2021 | 12,182 | |
2022 | 10,920 | |
2023 | 9,958 | |
2024 | 8,640 | |
2025 | 6,296 | |
Thereafter | 15,088 | |
Total undiscounted cash flows | 69,610 | |
Less: Adjustments | 6,087 | |
Total | 63,523 | $ 66,052 |
Lessee - Finance Lease Maturities | ||
For the remaining six months of 2020 | 0 | |
2021 | 1,261 | |
2022 | 1,292 | |
2023 | 1,325 | |
2024 | 1,358 | |
2025 | 1,392 | |
Thereafter | 4,515 | |
Total undiscounted cash flows | 11,143 | |
Less: Adjustments | 584 | |
Total | $ 10,559 |
BORROWINGS (Short-Term Borrowin
BORROWINGS (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | ||
Securities sold under agreements to repurchase | $ 77,216 | $ 66,053 |
FHLB Advances | 370,200 | |
Total short-term borrowings | 77,216 | 436,253 |
Average outstanding balance during the period | $ 272,470 | $ 673,116 |
Average interest rate (during the period) | 1.13% | 2.30% |
Average interest rate at end of period | 0.32% | 1.52% |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) | Feb. 01, 2019 | Aug. 23, 2012 | Jun. 30, 2019 | Dec. 31, 2016 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jan. 01, 2018 |
Subordinated Borrowing [Line Items] | ||||||||
Remaining available balance for the federal funds lines | $ 972,000,000 | $ 682,000,000 | ||||||
Maximum collateral dependent line of credit with the FHLB | 5,300,000,000 | 5,200,000,000 | ||||||
Subordinated debt | $ 150,000,000 | 158,500,000 | ||||||
Prepayment penalty | $ 19,600,000 | |||||||
Amortization expense included as a component of interest expense | $ 502,000 | $ 994,000 | ||||||
Remaining borrowing capacity | 25,000,000 | 25,000,000 | ||||||
Trust Preferred Capital Notes | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Trust preferred capital notes principal balance | 150,500,000 | |||||||
Remaining fair value discount on acquired notes | 14,500,000 | |||||||
Long-term debt borrowings | 155,159,000 | |||||||
Subordinated Debt | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Remaining fair value discount on acquired notes | $ 1,300,000 | $ 1,400,000 | ||||||
Stated percentage on debt instrument | 5.00% | |||||||
Debt maturity date | Dec. 15, 2021 | Dec. 15, 2026 | ||||||
Long-term debt borrowings | $ 158,500,000 | |||||||
PPPLF Advances | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Stated percentage on debt instrument | 0.35% | |||||||
Long-term debt borrowings | $ 189,941,000 | |||||||
Remaining borrowing capacity | $ 1,500,000,000 | |||||||
LIBOR | Subordinated Debt | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Three-month LIBOR rate plus | 3.175% | |||||||
StellarOne Bank and Xenith [Member] | Trust Preferred Capital Notes | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Trust preferred capital notes principal balance | $ 58,500,000 | |||||||
Trust preferred securities acquired | $ 87,000,000 | |||||||
Xenith | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Subordinated debt | $ 8,500,000 | |||||||
Xenith | Subordinated Debt | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Remaining fair value discount on acquired notes | $ 259,000 | |||||||
Stated percentage on debt instrument | 6.75% | |||||||
Access National Bank | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Trust preferred capital notes principal balance | $ 5,000,000 |
BORROWINGS (Trust Preferred Cap
BORROWINGS (Trust Preferred Capital Notes Qualify for Tier 1 Capital) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Investment | $ 551,943 | $ 378,255 |
Trust Preferred Capital Notes | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | 150,500 | |
Investment | 4,659 | |
Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | 22,500 | |
Investment | $ 696 | |
Rate | 3.05% | |
Debt maturity date | Jun. 17, 2034 | |
Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.75% | |
Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 36,000 | |
Investment | $ 1,114 | |
Rate | 1.70% | |
Debt maturity date | Jun. 15, 2036 | |
Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.40% | |
VFG Limited Liability Trust I Indenture | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 20,000 | |
Investment | $ 619 | |
Rate | 3.03% | |
Debt maturity date | Mar. 18, 2034 | |
VFG Limited Liability Trust I Indenture | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.73% | |
FNB Statutory Trust II Indenture | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 12,000 | |
Investment | $ 372 | |
Rate | 3.40% | |
Debt maturity date | Jun. 26, 2033 | |
FNB Statutory Trust II Indenture | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 3.10% | |
Gateway Capital Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 8,000 | |
Investment | $ 248 | |
Rate | 3.40% | |
Debt maturity date | Sep. 17, 2033 | |
Gateway Capital Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 3.10% | |
Gateway Capital Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 7,000 | |
Investment | $ 217 | |
Rate | 2.95% | |
Debt maturity date | Jun. 17, 2034 | |
Gateway Capital Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.65% | |
Gateway Capital Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 15,000 | |
Investment | $ 464 | |
Rate | 1.80% | |
Debt maturity date | May 30, 2036 | |
Gateway Capital Statutory Trust III | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.50% | |
Gateway Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 25,000 | |
Investment | $ 774 | |
Rate | 1.85% | |
Debt maturity date | Jul. 30, 2037 | |
Gateway Capital Statutory Trust IV | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.55% | |
MFC Capital Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 5,000 | |
Investment | $ 155 | |
Rate | 3.15% | |
Debt maturity date | Jan. 23, 2034 | |
MFC Capital Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.85% |
BORROWINGS (Advances from the F
BORROWINGS (Advances from the FHLB) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Advances from the FHLB | ||
Advance Amount | $ 560,000 | $ 780,000 |
Interest Rate Floor [Member] | ||
Advances from the FHLB | ||
Interest Rate | 0.00% | 0.00% |
Adjustable Rate Credit One | ||
Advances from the FHLB | ||
Interest Rate | 1.16% | |
Maturity Date | Aug. 17, 2029 | Aug. 17, 2029 |
Advance Amount | $ 50,000 | $ 50,000 |
Adjustable Rate Credit Two | ||
Advances from the FHLB | ||
Interest Rate | 1.41% | |
Maturity Date | May 15, 2024 | |
Advance Amount | $ 200,000 | |
Adjustable Rate Credit Three | ||
Advances from the FHLB | ||
Interest Rate | 1.16% | |
Maturity Date | May 22, 2029 | May 22, 2029 |
Advance Amount | $ 150,000 | $ 150,000 |
Adjustable Rate Credit Four | ||
Advances from the FHLB | ||
Interest Rate | 1.16% | |
Maturity Date | May 30, 2029 | May 30, 2029 |
Advance Amount | $ 50,000 | $ 50,000 |
Adjustable Rate Credit Five | ||
Advances from the FHLB | ||
Interest Rate | 1.16% | |
Maturity Date | Jun. 21, 2029 | Jun. 21, 2029 |
Advance Amount | $ 100,000 | $ 100,000 |
Fixed Rate Convertible | ||
Advances from the FHLB | ||
Interest Rate | 1.78% | 1.78% |
Maturity Date | Oct. 26, 2028 | Oct. 26, 2028 |
Advance Amount | $ 200,000 | $ 200,000 |
Fixed Rate Hybrid One | ||
Advances from the FHLB | ||
Interest Rate | 1.58% | |
Maturity Date | May 18, 2020 | |
Advance Amount | $ 20,000 | |
Fixed Rate Credit | ||
Advances from the FHLB | ||
Interest Rate | 1.54% | 1.54% |
Maturity Date | Oct. 2, 2020 | Oct. 2, 2020 |
Advance Amount | $ 10,000 | $ 10,000 |
LIBOR | Adjustable Rate Credit One | ||
Advances from the FHLB | ||
Spread on LIBOR | (0.75%) | (0.75%) |
LIBOR | Adjustable Rate Credit Two | ||
Advances from the FHLB | ||
Spread on LIBOR | (0.50%) | |
LIBOR | Adjustable Rate Credit Three | ||
Advances from the FHLB | ||
Spread on LIBOR | (0.75%) | (0.75%) |
LIBOR | Adjustable Rate Credit Four | ||
Advances from the FHLB | ||
Spread on LIBOR | (0.75%) | (0.75%) |
LIBOR | Adjustable Rate Credit Five | ||
Advances from the FHLB | ||
Spread on LIBOR | (0.75%) | (0.75%) |
BORROWINGS (Contractual Maturit
BORROWINGS (Contractual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Premium (Discount) | ||
For the remaining six months of 2020 | $ (456) | |
2021 | (1,008) | |
2022 | (1,030) | |
2023 | (1,053) | |
2024 | (1,078) | |
Thereafter | (11,161) | |
Total Long-term borrowings | (15,786) | |
Total Long-term Borrowings | ||
For the remaining six months of 2020 | 9,544 | |
2021 | (1,008) | |
2022 | 188,911 | |
2023 | (1,053) | |
2024 | (1,078) | |
Thereafter | 852,498 | |
Long-term Debt | 1,047,814 | $ 1,077,495 |
Trust Preferred Capital Notes | ||
Total Long-term Borrowings, Gross | ||
For the remaining six months of 2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 155,159 | |
Total Long-term borrowings | 155,159 | |
Subordinated Debt | ||
Total Long-term Borrowings, Gross | ||
For the remaining six months of 2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 158,500 | |
Total Long-term borrowings | 158,500 | |
PPPLF Advances | ||
Total Long-term Borrowings, Gross | ||
2022 | 189,941 | |
Total Long-term borrowings | 189,941 | |
FHLB Advances | ||
Total Long-term Borrowings, Gross | ||
For the remaining six months of 2020 | 10,000 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 550,000 | |
Total Long-term borrowings | $ 560,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Deposits with other financial institutions | $ 342.9 | |
Uninsured deposits with other financial institutions | 68.2 | |
Reserve for Off-balance Sheet Activities | ||
Off-balance sheet credit risks, amount, liability | 12.9 | $ 2.6 |
Cash Flow Hedging | ||
Deposits with other financial institutions serves as collateral for cash flow hedge | $ 271.6 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Balances of Commitments and Contingencies) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 5,130,868 | $ 4,900,930 |
Commitments to Extend Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 4,968,910 | 4,691,272 |
Standby Letters of Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 161,958 | $ 209,658 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Schedule of Securities Pledged as Collateral) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | $ 271,551 | $ 116,839 |
Loans | 4,702,389 | 4,139,672 |
Total pledged assets | 6,149,386 | 5,300,858 |
Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 734,235 | 733,995 |
Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 441,211 | 310,352 |
Public deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 887,043 | 759,362 |
Public deposits | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 454,733 | 467,266 |
Public deposits | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 432,310 | 292,096 |
Repurchase agreements | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 93,551 | 86,901 |
Repurchase agreements | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 93,551 | 79,299 |
Repurchase agreements | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 7,602 |
FHLB Advances | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 4,193,380 | 3,846,934 |
Total pledged assets | 4,250,914 | 3,910,746 |
FHLB Advances | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 57,534 | 63,812 |
FHLB Advances | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
Fed Funds | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 319,068 | 292,738 |
Total pledged assets | 319,068 | 292,738 |
Fed Funds | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
Fed Funds | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
Derivatives | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 271,551 | 116,839 |
Loans | 0 | 0 |
Total pledged assets | 272,584 | 118,099 |
Derivatives | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 1,033 | 1,260 |
Derivatives | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
Other purposes | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 136,285 | 133,012 |
Other purposes | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 127,384 | 122,358 |
Other purposes | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 8,901 | $ 10,654 |
PPPLF Advances | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | |
Loans | 189,941 | |
Total pledged assets | 189,941 | |
PPPLF Advances | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | |
PPPLF Advances | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | $ 0 |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000 | |
Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized gain within accumulated other comprehensive income, to be reclassified into earnings | 1,800 | |
Derivative, amount | 0 | |
Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate notional amount of the hedged items | 77,200 | $ 83,100 |
Fair value of aggregate notional amount of the hedged items, unrealized loss | 6,200 | 2,000 |
Loans | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 77,172 | 83,078 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 6,131 | 1,972 |
Available-for-sale Securities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of aggregate notional amount of the hedged items, unrealized loss | 8,300 | 4,100 |
Carrying Amount of Hedged Asset/(Liabilities) | 191,589 | 206,799 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 8,309 | 4,072 |
Available-for-sale Securities | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate notional amount of the hedged items | 50,000 | 50,000 |
Fair value of aggregate notional amount of the hedged items, unrealized loss | $ 8,300 | $ 4,100 |
DERIVATIVES (Summary of the Der
DERIVATIVES (Summary of the Derivatives) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Pay Fixed - Receive Floating Interest Rate Swaps | Not Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | $ 2,064,653 | $ 1,575,149 |
Asset | 753 | |
Liabilities | 194,707 | 53,592 |
Pay Floating - Receive Fixed Interest Rate Swaps | Not Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 2,064,653 | 1,575,149 |
Asset | 194,707 | 53,592 |
Liabilities | 753 | |
Cash Flow Hedging | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 0 | |
Cash Flow Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 0 | 100,000 |
Asset | 0 | 0 |
Liabilities | 0 | 1,147 |
Fair Value Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 127,172 | 133,078 |
Asset | 182 | |
Liabilities | $ 14,530 | $ 6,256 |
DERIVATIVES (Summary of the Car
DERIVATIVES (Summary of the Carrying Value of the Company's Hedged Assets in Fair Value Hedges) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000 | |
Portfolio, last-of-layer, amortized cost | 192,000 | $ 207,000 |
Fair Value Hedging | ||
Derivative [Line Items] | ||
Fair value of aggregate notional amount of the hedged items, unrealized loss | 6,200 | 2,000 |
Available-for-sale Securities | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 191,589 | 206,799 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 8,309 | 4,072 |
Fair value of aggregate notional amount of the hedged items, unrealized loss | 8,300 | 4,100 |
Available-for-sale Securities | Fair Value Hedging | ||
Derivative [Line Items] | ||
Fair value of aggregate notional amount of the hedged items, unrealized loss | 8,300 | 4,100 |
Loans | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 77,172 | 83,078 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | $ 6,131 | $ 1,972 |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 09, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Preferred stock, shares authorized | 500,000 | 500,000 | 500,000 | |||
Shares issued and sold | 17,250 | |||||
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 | ||||
Preferred stock, shares outstanding | 17,250 | 17,250 | 0 | |||
Net proceeds from issuance of preferred stock | $ 166,363 | $ 0 | ||||
Reclassifications of unrealized gains (losses) on AFS | $ 10,339 | $ 51 | $ 12,275 | $ 202 | ||
Depositary Shares | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shares issued and sold | 6,900,000 | |||||
Number of shares to be purchased upon the exercise of options | 900,000 | |||||
Preferred stock, liquidation preference (usd per share) | $ 25 | |||||
Series A Preferred Stock | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of preferred stock represented by each depositary share | The Series A preferred stock is represented by depositary shares, each representing a 1/400th ownership interest in a share of Series A preferred stock | |||||
Preferred stock, liquidation preference (usd per share) | $ 10,000 | |||||
Net proceeds from issuance of preferred stock | $ 166,400 |
STOCKHOLDERS' EQUITY (Change in
STOCKHOLDERS' EQUITY (Change in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 2,425,450 | $ 2,513,102 | $ 2,459,465 | $ 1,924,581 | $ 2,513,102 | $ 1,924,581 |
Other comprehensive income (loss) | 12,975 | 12,754 | 19,670 | 18,670 | 25,729 | 38,340 |
Ending balance | 2,618,226 | 2,425,450 | 2,512,295 | 2,459,465 | 2,618,226 | 2,512,295 |
Unrealized Gains (Losses) on AFS Securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 51,035 | 37,877 | 14,047 | (5,949) | 37,877 | (5,949) |
Other comprehensive income (loss) before reclassification | 21,019 | 22,151 | 35,706 | 42,233 | ||
Amounts reclassified from AOCI into earnings | (8,168) | (73) | (9,697) | (159) | ||
Other comprehensive income (loss) | 12,851 | 22,078 | 26,009 | 42,074 | ||
Ending balance | 63,886 | 51,035 | 36,125 | 14,047 | 63,886 | 36,125 |
Unrealized Gains (Losses) for AFS Securities Transferred to HTM | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 70 | 75 | 90 | 95 | 75 | 95 |
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | 0 | ||
Amounts reclassified from AOCI into earnings | (5) | (5) | (10) | (10) | ||
Other comprehensive income (loss) | (5) | (5) | (10) | (10) | ||
Ending balance | 65 | 70 | 85 | 90 | 65 | 85 |
Change in Fair Value of Cash Flow Hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 0 | (782) | (4,733) | (3,393) | (782) | (3,393) |
Other comprehensive income (loss) before reclassification | 0 | (2,595) | (699) | (4,055) | ||
Amounts reclassified from AOCI into earnings | 0 | 173 | 1,481 | 293 | ||
Other comprehensive income (loss) | 0 | (2,422) | 782 | (3,762) | ||
Ending balance | 0 | 0 | (7,155) | (4,733) | 0 | (7,155) |
Unrealized Gains (Losses) on BOLI | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (2,776) | (1,595) | (1,007) | (1,026) | (1,595) | (1,026) |
Other comprehensive income (loss) before reclassification | 0 | 0 | (1,289) | 0 | ||
Amounts reclassified from AOCI into earnings | 129 | 19 | 237 | 38 | ||
Other comprehensive income (loss) | 129 | 19 | (1,052) | 38 | ||
Ending balance | (2,647) | (2,776) | (988) | (1,007) | (2,647) | (988) |
Accumulated Other Comprehensive Income (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 48,329 | 35,575 | 8,397 | (10,273) | 35,575 | (10,273) |
Other comprehensive income (loss) before reclassification | 21,019 | 19,556 | 33,718 | 38,178 | ||
Amounts reclassified from AOCI into earnings | (8,044) | 114 | (7,989) | 162 | ||
Other comprehensive income (loss) | 12,975 | 12,754 | 19,670 | 18,670 | 25,729 | 38,340 |
Ending balance | $ 61,304 | $ 48,329 | $ 28,067 | $ 8,397 | $ 61,304 | $ 28,067 |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) item in Thousands, $ in Millions | 6 Months Ended | |
Jun. 30, 2020USD ($)item | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Minimum number of market participants | item | 4 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ | $ 6.4 | $ 11.9 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Securities available for sale, at fair value | $ 2,019,164 | $ 1,945,445 |
Loans held for sale, at fair value | 55,067 | 55,405 |
Fair value hedges | 182 | |
LIABILITIES | ||
Cash flow hedges | 1,147 | |
Fair value hedges | 14,530 | 6,256 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Fair value hedges | 0 | |
LIABILITIES | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 2,019,164 | 1,945,445 |
Loans held for sale, at fair value | 55,067 | 55,405 |
Fair value hedges | 182 | |
LIABILITIES | ||
Cash flow hedges | 1,147 | |
Fair value hedges | 14,530 | 6,256 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Fair value hedges | 0 | |
LIABILITIES | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Recurring | ||
ASSETS | ||
Loans held for sale, at fair value | 55,067 | 55,405 |
Fair value hedges | 182 | |
LIABILITIES | ||
Cash flow hedges | 1,147 | |
Fair value hedges | 14,530 | 6,256 |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Loans held for sale, at fair value | 0 | 0 |
Fair value hedges | 0 | |
LIABILITIES | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Loans held for sale, at fair value | 55,067 | 55,405 |
Fair value hedges | 182 | |
LIABILITIES | ||
Cash flow hedges | 1,147 | |
Fair value hedges | 14,530 | 6,256 |
Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Loans held for sale, at fair value | 0 | 0 |
Fair value hedges | 0 | |
LIABILITIES | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
U.S. government and agency securities | ||
ASSETS | ||
Securities available for sale, at fair value | 14,646 | 21,320 |
U.S. government and agency securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 14,646 | 21,320 |
U.S. government and agency securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | |
U.S. government and agency securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 14,646 | 21,320 |
U.S. government and agency securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | |
Obligations of states and political subdivisions | ||
ASSETS | ||
Securities available for sale, at fair value | 539,527 | 447,091 |
Obligations of states and political subdivisions | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 539,527 | 447,091 |
Obligations of states and political subdivisions | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Obligations of states and political subdivisions | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 539,527 | 447,091 |
Obligations of states and political subdivisions | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate and other bonds | ||
ASSETS | ||
Securities available for sale, at fair value | 131,350 | 135,959 |
Corporate and other bonds | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 131,350 | 135,959 |
Corporate and other bonds | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate and other bonds | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 131,350 | 135,959 |
Corporate and other bonds | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Total mortgage-back securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 1,330,542 | 1,337,996 |
Total mortgage-back securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Total mortgage-back securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 1,330,542 | 1,337,996 |
Total mortgage-back securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Other securities | ||
ASSETS | ||
Securities available for sale, at fair value | 3,099 | 3,079 |
Other securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 3,099 | 3,079 |
Other securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Other securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 3,099 | 3,079 |
Other securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Interest Rate Swap | ||
ASSETS | ||
Interest rate swap | 194,707 | 54,345 |
LIABILITIES | ||
Interest rate swap | 194,707 | 54,345 |
Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Interest rate swap | 0 | 0 |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Interest Rate Swap | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Interest rate swap | 194,707 | 54,345 |
LIABILITIES | ||
Interest rate swap | 194,707 | 54,345 |
Interest Rate Swap | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Interest rate swap | 0 | 0 |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Interest Rate Swap | Recurring | ||
ASSETS | ||
Interest rate swap | 194,707 | 54,345 |
LIABILITIES | ||
Interest rate swap | 194,707 | 54,345 |
Interest Rate Swap | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Interest rate swap | 0 | 0 |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Interest Rate Swap | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Interest rate swap | 194,707 | 54,345 |
LIABILITIES | ||
Interest rate swap | 194,707 | 54,345 |
Interest Rate Swap | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Interest rate swap | 0 | 0 |
LIABILITIES | ||
Interest rate swap | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Carryi
FAIR VALUE MEASUREMENTS (Carrying Values and Estimated Fair Values of the Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 842,020 | $ 436,032 |
Securities available for sale, at fair value | 2,019,164 | 1,945,445 |
HTM securities | 613,429 | 603,503 |
Restricted stock | 105,832 | 130,848 |
Loans held for sale, at fair value | 55,067 | 55,405 |
Net loans | 13,970,248 | 12,449,505 |
Derivatives: | ||
Fair value hedges | 182 | |
Accrued interest receivable | 62,330 | 52,721 |
Bank owned life insurance | 327,075 | 322,917 |
LIABILITIES | ||
Deposits | 15,653,360 | 13,349,943 |
Borrowings | 1,093,558 | 1,479,606 |
Accrued interest payable | 4,495 | 6,108 |
Derivatives: | ||
Cash flow hedges | 1,147 | |
Fair value hedges | 14,530 | 6,256 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Cash and cash equivalents | 842,020 | 436,032 |
Securities available for sale, at fair value | 0 | 0 |
HTM securities | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Net loans | 0 | 0 |
Derivatives: | ||
Fair value hedges | 0 | |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivatives: | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 2,019,164 | 1,945,445 |
HTM securities | 600,146 | 585,820 |
Restricted stock | 105,832 | 130,848 |
Loans held for sale, at fair value | 55,067 | 55,405 |
Net loans | 0 | 0 |
Derivatives: | ||
Fair value hedges | 182 | |
Accrued interest receivable | 62,330 | 52,721 |
Bank owned life insurance | 327,075 | 322,917 |
LIABILITIES | ||
Deposits | 15,653,360 | 13,349,943 |
Borrowings | 1,093,558 | 1,479,606 |
Accrued interest payable | 4,495 | 6,108 |
Derivatives: | ||
Cash flow hedges | 1,147 | |
Fair value hedges | 14,530 | 6,256 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
HTM securities | 13,283 | 17,683 |
Restricted stock | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Net loans | 13,970,248 | 12,449,505 |
Derivatives: | ||
Fair value hedges | 0 | |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivatives: | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | 0 |
Interest Rate Swap | ||
Derivatives: | ||
Interest rate swap | 194,707 | 54,345 |
Derivatives: | ||
Interest rate swap | 194,707 | 54,345 |
Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Derivatives: | ||
Interest rate swap | 0 | 0 |
Derivatives: | ||
Interest rate swap | 0 | 0 |
Interest Rate Swap | Significant Other Observable Inputs Level 2 | ||
Derivatives: | ||
Interest rate swap | 194,707 | 54,345 |
Derivatives: | ||
Interest rate swap | 194,707 | 54,345 |
Interest Rate Swap | Significant Unobservable Inputs Level 3 | ||
Derivatives: | ||
Interest rate swap | 0 | 0 |
Derivatives: | ||
Interest rate swap | 0 | 0 |
Carrying Value | ||
ASSETS | ||
Cash and cash equivalents | 842,020 | 436,032 |
Securities available for sale, at fair value | 2,019,164 | 1,945,445 |
HTM securities | 547,561 | 555,144 |
Restricted stock | 105,832 | 130,848 |
Loans held for sale, at fair value | 55,067 | 55,405 |
Net loans | 14,138,669 | 12,568,642 |
Derivatives: | ||
Fair value hedges | 182 | |
Accrued interest receivable | 62,330 | 52,721 |
Bank owned life insurance | 327,075 | 322,917 |
LIABILITIES | ||
Deposits | 15,605,139 | 13,304,981 |
Borrowings | 1,125,030 | 1,513,748 |
Accrued interest payable | 4,495 | 6,108 |
Derivatives: | ||
Cash flow hedges | 1,147 | |
Fair value hedges | 14,530 | 6,256 |
Carrying Value | Interest Rate Swap | ||
Derivatives: | ||
Interest rate swap | 194,707 | 54,345 |
Derivatives: | ||
Interest rate swap | $ 194,707 | $ 54,345 |
REVENUE (Disaggregation of Reve
REVENUE (Disaggregation of Revenue) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue | ||||
Mortgage banking income | $ 5,826,000 | $ 2,785,000 | $ 7,847,000 | $ 4,240,000 |
Gains on securities transactions | 10,339,000 | 51,000 | 12,275,000 | 202,000 |
Bank owned life insurance income | 2,027,000 | 2,075,000 | 4,076,000 | 4,129,000 |
Loan-related interest rate swap fees | 5,484,000 | 3,716,000 | 9,432,000 | 5,176,000 |
Other operating income | (1,240,000) | 1,440,000 | 902,000 | 2,337,000 |
Total noninterest income | 35,932,000 | 30,578,000 | 64,838,000 | 55,515,000 |
Noninterest income in Scope of Topic 606 | ||||
Disaggregation of Revenue | ||||
Other operating income | 645,000 | 1,100,000 | 1,200,000 | 1,900,000 |
Overdraft fees | Noninterest income in Scope of Topic 606 | ||||
Disaggregation of Revenue | ||||
Revenue from contract with customer | 3,245,000 | 6,045,000 | 9,010,000 | 11,827,000 |
Maintenance fees & other | Noninterest income in Scope of Topic 606 | ||||
Disaggregation of Revenue | ||||
Revenue from contract with customer | 1,685,000 | 1,454,000 | 3,498,000 | 2,829,000 |
Other service charges, commissions and fees | Noninterest income in Scope of Topic 606 | ||||
Disaggregation of Revenue | ||||
Revenue from contract with customer | 1,354,000 | 1,702,000 | 2,978,000 | 3,367,000 |
Interchange fees | Noninterest income in Scope of Topic 606 | ||||
Disaggregation of Revenue | ||||
Revenue from contract with customer | 1,697,000 | 5,612,000 | 3,321,000 | 10,656,000 |
Trust asset management fees | Noninterest income in Scope of Topic 606 | ||||
Disaggregation of Revenue | ||||
Revenue from contract with customer | 2,470,000 | 1,976,000 | 5,298,000 | 3,315,000 |
Registered advisor management fees | Noninterest income in Scope of Topic 606 | ||||
Disaggregation of Revenue | ||||
Revenue from contract with customer | 2,091,000 | 2,825,000 | 4,178,000 | 5,701,000 |
Brokerage management fees | Noninterest income in Scope of Topic 606 | ||||
Disaggregation of Revenue | ||||
Revenue from contract with customer | $ 954,000 | $ 897,000 | $ 2,023,000 | $ 1,736,000 |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Earnings Per Share [Abstract] | |
Issuance of preferred stock | $ 166,363 |
EARNINGS PER SHARE (Reconciliat
EARNINGS PER SHARE (Reconciliation of the Denominators of the Basic and Diluted EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net Income: | ||||
Income from continuing operations | $ 30,709 | $ 48,908 | $ 37,798 | $ 84,623 |
Income (loss) from discontinued operations | 0 | (85) | 0 | (170) |
Net Income available to common shareholders | $ 30,709 | $ 48,823 | $ 37,798 | $ 84,453 |
Weighted average shares outstanding, basic (in shares) | 78,711,765 | 82,062,585 | 79,001,058 | 79,282,830 |
Dilutive effect of stock awards and warrants | 11,000 | 63,000 | 19,000 | 62,000 |
Weighted average shares outstanding, diluted | 78,722,690 | 82,125,194 | 79,020,036 | 79,344,573 |
Basic EPS: | ||||
EPS from continuing operations (dollar per share) | $ 0.39 | $ 0.59 | $ 0.48 | $ 1.06 |
EPS from discontinued operations (dollar per share) | 0 | 0 | 0 | 0 |
EPS available to common stockholders (dollar per share) | 0.39 | 0.59 | 0.48 | 1.06 |
Diluted EPS: | ||||
EPS from continuing operations (dollar per share) | 0.39 | 0.59 | 0.48 | 1.06 |
EPS from discontinued operations (dollar per share) | 0 | 0 | 0 | 0 |
EPS available to common stockholders (dollar per share) | $ 0.39 | $ 0.59 | $ 0.48 | $ 1.06 |
SEGMENT REPORTING & DISCONTIN_3
SEGMENT REPORTING & DISCONTINUED OPERATIONS (Narrative) (Details) | Dec. 31, 2019USD ($) |
Segment Reporting [Abstract] | |
Assets of discontinued operations | $ 668,000 |
Liabilities of discontinued operations | $ 640,000 |
SEGMENT REPORTING & DISCONTIN_4
SEGMENT REPORTING & DISCONTINUED OPERATIONS (Information About Reportable Segments and Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 137,305 | $ 138,594 | $ 272,313 | $ 266,141 |
Provision for credit losses | 34,200 | 5,300 | 94,396 | 9,092 |
Net interest income after provision for credit losses | 103,105 | 133,294 | 177,917 | 257,049 |
Noninterest income | 35,932 | 30,578 | 64,838 | 55,515 |
Noninterest expenses | 102,814 | 105,608 | 198,459 | 212,335 |
Income before income taxes | 0 | (114) | 0 | (229) |
Income tax expense (benefit) | 0 | (29) | 0 | (59) |
Income (loss) on discontinued operations | $ 0 | (85) | $ 0 | (170) |
Mortgage | Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 0 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Net interest income after provision for credit losses | 0 | 0 | ||
Noninterest income | 0 | 1 | ||
Noninterest expenses | 114 | 230 | ||
Income before income taxes | (114) | (229) | ||
Income tax expense (benefit) | (29) | (59) | ||
Income (loss) on discontinued operations | $ (85) | $ (170) |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - $ / shares | Jul. 24, 2020 | Jun. 09, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Subsequent Event [Line Items] | ||||||||
Dividends on common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.23 | $ 0.23 | $ 0.50 | $ 0.46 | ||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends payable, date declared | Jul. 24, 2020 | |||||||
Common Stock, Class A | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends on common stock (in dollars per share) | $ 0.25 | |||||||
Dividends payable, date to be paid | Aug. 21, 2020 | |||||||
Dividends payable, date of record | Aug. 7, 2020 | |||||||
Depositary Shares | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends on preferred stock (in dollars per share) | $ 0.39 | |||||||
Series A Preferred Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of preferred stock represented by each depositary share | The Series A preferred stock is represented by depositary shares, each representing a 1/400th ownership interest in a share of Series A preferred stock | |||||||
Series A Preferred Stock | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends on preferred stock (in dollars per share) | $ 156.60 | |||||||
Dividends payable, date to be paid | Sep. 1, 2020 | |||||||
Dividends payable, date of record | Aug. 14, 2020 |