Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
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 | 001-39325 | |
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 | Mar. 31, 2021 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
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 | 79,010,443 | |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 155,972 | $ 172,307 |
Interest-bearing deposits in other banks | 244,593 | 318,974 |
Federal funds sold | 315 | 2,013 |
Total cash and cash equivalents | 400,880 | 493,294 |
Securities available for sale, at fair value | 2,697,043 | 2,540,419 |
Securities held to maturity, at carrying value | 543,575 | 544,851 |
Restricted stock, at cost | 76,824 | 94,782 |
Loans held for sale, at fair value | 49,082 | 96,742 |
Total loans held for investment, net of deferred fees and costs | 14,272,280 | 14,021,314 |
Less allowance for loan and lease losses | 142,911 | 160,540 |
Total loans held for investment, net | 14,129,369 | 13,860,774 |
Premises and equipment, net | 161,478 | 163,829 |
Goodwill | 935,560 | 935,560 |
Amortizable intangibles, net | 53,471 | 57,185 |
Bank owned life insurance | 328,627 | 326,892 |
Other assets | 478,703 | 514,121 |
Total assets | 19,854,612 | 19,628,449 |
LIABILITIES | ||
Noninterest-bearing demand deposits | 5,066,399 | 4,368,703 |
Interest-bearing deposits | 11,231,618 | 11,354,062 |
Total deposits | 16,298,017 | 15,722,765 |
Securities sold under agreements to repurchase | 105,522 | 100,888 |
Other short-term borrowings | 168,000 | 250,000 |
Long-term borrowings | 290,078 | 489,829 |
Other liabilities | 283,263 | 356,477 |
Total liabilities | 17,144,880 | 16,919,959 |
Commitments and contingencies (Note 7) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $10.00 par value | 173 | 173 |
Common stock, $1.33 par value | 104,493 | 104,169 |
Additional paid-in capital | 1,918,991 | 1,917,081 |
Retained earnings | 649,574 | 616,052 |
Accumulated other comprehensive income (loss) | 36,501 | 71,015 |
Total stockholders' equity | 2,709,732 | 2,708,490 |
Total liabilities and stockholders' equity | $ 19,854,612 | $ 19,628,449 |
Common shares outstanding | 79,006,331 | 78,729,212 |
Common shares authorized | 200,000,000 | 200,000,000 |
Preferred shares outstanding | 17,250 | 17,250 |
Preferred shares authorized | 500,000 | 500,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 10 | $ 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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 128,006 | $ 151,127 |
Interest on deposits in other banks | 77 | 862 |
Interest and dividends on securities: | ||
Taxable | 10,353 | 11,627 |
Nontaxable | 9,237 | 7,709 |
Total interest and dividend income | 147,673 | 171,325 |
Interest expense: | ||
Interest on deposits | 9,128 | 28,513 |
Interest on short-term borrowings | 48 | 1,340 |
Interest on long-term borrowings | 3,599 | 6,464 |
Total interest expense | 12,775 | 36,317 |
Net interest income | 134,898 | 135,008 |
Provision for credit losses | (13,624) | 60,196 |
Net interest income after provision for credit losses | 148,522 | 74,812 |
Noninterest income: | ||
Mortgage banking income | 8,255 | 2,022 |
Gains on securities transactions | 78 | 1,936 |
Bank owned life insurance income | 2,265 | 2,049 |
Loan-related interest rate swap fees | 1,754 | 3,948 |
Other operating income | 3,101 | 2,141 |
Total noninterest income | 30,985 | 28,907 |
Noninterest expenses: | ||
Salaries and benefits | 52,660 | 50,117 |
Occupancy expenses | 7,315 | 7,133 |
Furniture and equipment expenses | 3,968 | 3,741 |
Technology and data processing | 6,904 | 6,169 |
Professional services | 4,960 | 3,307 |
Marketing and advertising expense | 2,044 | 2,739 |
FDIC assessment premiums and other insurance | 2,307 | 2,861 |
Other taxes | 4,436 | 4,120 |
Loan-related expenses | 1,877 | 2,697 |
OREO and credit-related expenses | (114) | 688 |
Amortization of intangible assets | 3,730 | 4,401 |
Loss on debt extinguishment | 14,695 | 0 |
Other expenses | 7,155 | 7,672 |
Total noninterest expenses | 111,937 | 95,645 |
Income from continuing operations before income taxes | 67,570 | 8,074 |
Income tax expense | 11,381 | 985 |
Net income | 56,189 | 7,089 |
Dividends on preferred stock | 2,967 | 0 |
Net Income available to common shareholders | $ 53,222 | $ 7,089 |
Basic earnings per common share (in dollars per share) | $ 0.67 | $ 0.09 |
Diluted earnings per common share (in dollars per share) | 0.67 | 0.09 |
Dividends declared per common share (in dollars per share) | $ 0.25 | $ 0.25 |
Weighted average shares outstanding, basic (in shares) | 78,863,468 | 79,290,352 |
Diluted weighted average number of common shares outstanding (in shares) | 78,884,235 | 79,317,382 |
Service charges on deposit accounts | ||
Noninterest income: | ||
Noninterest income | $ 5,509 | $ 7,578 |
Other service charges, commissions and fees | ||
Noninterest income: | ||
Noninterest income | 1,701 | 1,624 |
Interchange fees | ||
Noninterest income: | ||
Noninterest income | 1,847 | 1,625 |
Fiduciary and asset management fees | ||
Noninterest income: | ||
Noninterest income | $ 6,475 | $ 5,984 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 56,189 | $ 7,089 | |
Cash flow hedges: | |||
Change in fair value of cash flow hedges | (1,428) | (699) | |
Reclassification adjustment for losses (gains) included in net income (net of tax, $12 and $394 for the three months ended March 31, 2021 and 2020, respectively) | [1] | (47) | 1,481 |
AFS securities: | |||
Unrealized holding gains (losses) arising during period (net of tax, $8,806 and $3,904 for the three months ended March 31, 2021 and 2020, respectively) | (33,125) | 14,687 | |
Reclassification adjustment for gains included in net income (net of tax, $16 and $407 for the three months ended March 31, 2021 and 2020, respectively) | [2] | (62) | (1,529) |
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 ended March 31, 2021 and 2020, respectively) | [3] | (5) | (5) |
Bank owned life insurance: | |||
Unrealized holding losses arising during the period | 0 | (1,289) | |
Reclassification adjustment for losses included in net income | [4] | 153 | 108 |
Other comprehensive income (loss) | (34,514) | 12,754 | |
Comprehensive income | $ 21,675 | $ 19,843 | |
[1] | The gross amounts reclassified into earnings for the three months ended March 31, 2020 included a $1.8 million loss related to the termination of a cash flow hedge that is reported in āOther operating incomeā with the corresponding income tax effect being reflected as a component of income tax expense. The remaining gross amounts are reported in the interest income and interest expense sections of the Companyās Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. | ||
[2] | The gross amounts reclassified into earnings are reported as "Gains on securities transactions" on the Companyās Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. | ||
[3] | The gross amounts reclassified into earnings are reported within interest income on the Companyās Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. | ||
[4] | Reclassifications in earnings are reported in "Salaries and benefits" expense on the Companyās Consolidated Statements of Income. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Tax expense (benefit) related to reclassification adjustment for losses included in net income | $ 12 | $ (394) |
Tax expense (benefit) related to unrealized holding gains (losses) arising during period | (8,806) | 3,904 |
Tax expense (benefit) related to gains on the sale of securities | 16 | 407 |
Tax expense (benefit) related to unrealized gain for AFS securities transferred to HTM | (1) | (1) |
Cash Flow Hedging | ||
Unrealized gain (loss) within accumulated other comprehensive income, to be reclassified into earnings | $ 1,800 | $ (1,800) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | Total |
Beginning balance at Dec. 31, 2019 | $ 105,827 | $ 0 | $ 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) | |||||
Vesting of restricted stock, net of shares held for taxes, under Equity Compensation Plan | 244 | (1,273) | (1,029) | |||||
Stock-based compensation expense | 2,291 | 2,291 | ||||||
Ending balance at Mar. 31, 2020 | 104,086 | 0 | 1,743,429 | $ (39,053) | 529,606 | 48,329 | $ (39,053) | 2,425,450 |
Beginning balance at Dec. 31, 2020 | 104,169 | 173 | 1,917,081 | 616,052 | 71,015 | 2,708,490 | ||
Net income | 56,189 | 56,189 | ||||||
Other comprehensive income (net of taxes) | (34,514) | (34,514) | ||||||
Dividends on common stock | (19,700) | (19,700) | ||||||
Dividends on preferred stock | (2,967) | (2,967) | ||||||
Issuance of common stock under Equity Compensation Plans | 324 | (289) | 35 | |||||
Stock-based compensation expense | 2,199 | 2,199 | ||||||
Ending balance at Mar. 31, 2021 | $ 104,493 | $ 173 | $ 1,918,991 | $ 649,574 | $ 36,501 | $ 2,709,732 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Other comprehensive income, tax | $ 8,835 | $ 3,890 |
Dividends on common stock (in dollars per share) | $ 0.25 | $ 0.25 |
Dividends on preferred stock (in dollars per share) | $ 171.88 | |
Issuance of common stock under Equity Compensation Plans, shares | 243,884 | |
Stock purchased under stock repurchase plan, shares | 1,493,472 | |
Vesting of restricted stock, including tax effects, under Equity Compensation Plans, shares | 183,750 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Operating activities: | |||
Net income | $ 56,189 | $ 7,089 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation of premises and equipment | 3,969 | 3,831 | |
Write-down of foreclosed properties and former bank premises | 1,065 | 95 | |
Amortization, net | 7,904 | 6,164 | |
Accretion related to acquisitions, net | (532) | (5,262) | |
Provision for credit losses | (13,624) | 60,196 | |
Gains on securities transactions, net | (78) | (1,936) | |
BOLI income | (2,265) | (2,049) | |
Proceeds from sales of loans held for sale | 231,250 | 92,298 | |
Losses (gains) on sales of foreclosed properties and former bank premises, net | (706) | 141 | |
Loss on debt extinguishment | 14,695 | 0 | |
Stock-based compensation expenses | 2,199 | 2,291 | |
Issuance of common stock for services | 0 | 204 | |
Decrease (increase) in loans held for sale from discontinued operations, net | (185,885) | (111,008) | |
Net decrease (increase) in other assets | 42,567 | (112,493) | |
Net increase (decrease) in other liabilities | (72,375) | 110,796 | |
Net cash provided by operating activities | 84,373 | 50,357 | |
Investing activities: | |||
Purchases of AFS securities, restricted stock, and other investments | (355,992) | (208,318) | |
Proceeds from sales of AFS securities and restricted stock | 45,436 | 120,701 | |
Proceeds from maturities, calls and paydowns of AFS securities | 124,053 | 81,240 | |
Proceeds from maturities, calls and paydowns of HTM securities | 432 | 2,042 | |
Net increase in loans held for investment | (250,762) | (152,891) | |
Net increase in premises and equipment | (3,520) | (3,994) | |
Proceeds from BOLI settlements | 556 | 0 | |
Proceeds from sales of foreclosed properties and former bank premises | 2,431 | 2,095 | |
Net cash used in investing activities | (437,366) | (159,125) | |
Financing activities: | |||
Net increase in noninterest-bearing deposits | 697,696 | 97,434 | |
Net increase (decrease) in interest-bearing deposits | (122,424) | 150,670 | |
Net increase (decrease) in short-term borrowings | (77,366) | 528 | |
Repayments of long-term debt | (214,695) | 0 | $ (550,000) |
Cash dividends paid - common stock | (19,700) | (19,825) | |
Cash dividends paid - preferred stock | (2,967) | 0 | |
Repurchase of common stock | 0 | (49,879) | |
Issuance of common stock | 2,183 | 777 | |
Vesting of restricted stock, net of shares held for taxes | (2,148) | (2,010) | |
Net cash provided by financing activities | 260,579 | 177,695 | |
Increase (decrease) in cash and cash equivalents | (92,414) | 68,927 | |
Cash, cash equivalents, and restricted cash at beginning of the period | 493,294 | 436,032 | 436,032 |
Cash, cash equivalents, and restricted cash at end of the period | 400,880 | 504,959 | $ 493,294 |
Cash payments for: | |||
Interest | 11,502 | 34,755 | |
Supplemental schedule of noncash investing and financing activities | |||
Transfers from loans to foreclosed properties | 0 | 615 | |
Transfers from bank premises to OREO | 1,425 | ||
Transfers from LHFI to LHFS | $ 0 | $ 2,001 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ā 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ā The Company Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (Nasdaq: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has 129 branches and approximately 150 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Atlantic Union Bank Wealth Management 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., and Dixon, Hubard, Feinour, & Brown, Inc., which provide investment advisory services, Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. ā Effective March 1, 2021, Middleburg Financial, the Bankās wealth management division was rebranded to Atlantic Union Bank Wealth Management, and Middleburg Investment Services, LLC changed its name to Atlantic Union Financial Consultants, LLC. ā The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. 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 The unaudited consolidated financial statements should be read in conjunction with the Companyās audited consolidated financial statements and notes thereto included in the Companyās 2020 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. ā Adoption of New Accounting Standards In March 2020, the FASB issued Topic 848. This guidance provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform associated with the LIBOR transition. LIBOR and other interbank offered rates are widely used benchmark or reference rates that have been used in the valuation of loans, derivatives, and other financial contracts. Global capital markets are going to be required to move away from LIBOR and other interbank offered rates and toward rates that are more observable or transaction based and less susceptible to manipulation. Topic 848 provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. Topic 848 is intended to help stakeholders during the global market-wide reference rate transition period. The amendments are effective as of March 12, 2020 through December 31, 2022 and can be adopted at an instrument level. As of March 31, 2021, the Company utilized the expedient to assert probability of the hedged interest, regardless of any expected modification in terms related to reference rate reform for the newly executed cash flow hedges. The Company expects to incorporate other components of Topic 848 at a later date. This amendment does not have a material impact on the consolidated financial statements. On January 1, 2021, the Company adopted Topic 740. This guidance was issued to simplify accounting for income taxes by removing specific technical exceptions that often produce information difficult for users of financial statements to understand. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Companyās adoption of Topic 740 did not have a material impact on the consolidated financial statements. 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. Restricted cash is disclosed in Note 7 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. Accrued Interest Receivable The Company has elected to exclude accrued interest from the amortized cost basis in its determination of the ALLL, as well as the ACL reserve for securities. Accrued interest receivable totaled $57.4 million and $56.7 million on loans held for investment, $5.1 million and $6.8 million on HTM securities, and $11.7 million and $11.9 million on AFS securities at March 31, 2021 and December 31, 2020, respectfully, and is included in āOther Assetsā on the Companyās Consolidated Balance Sheets. The Companyās policy is to write off accrued interest receivable through reversal of interest income when it becomes probable the Company will not be able to collect the accrued interest. For the quarters ended March 31, 2021 and March 31, 2020, accrued interest receivable write offs were not material to the Companyās consolidated financial statements. |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2021 | |
Securities [Abstract] | |
SECURITIES | 2. SECURITIES 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 March 31, 2021 and December 31, 2020. ā The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of March 31, 2021 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 March 31, 2021 ā ā ā ā ā U.S. government and agency securities ā $ 11,470 ā $ 254 ā $ (47) ā $ 11,677 Obligations of states and political subdivisions ā 868,297 ā 35,757 ā (4,956) ā 899,098 Corporate and other bonds (1) ā 145,403 ā 2,448 ā (243) ā 147,608 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā Agency ā ā 316,527 ā 11,260 ā (1,615) ā ā 326,172 Non-agency ā ā 58,691 ā 79 ā (110) ā ā 58,660 Total commercial mortgage-backed securities ā ā 375,218 ā 11,339 ā (1,725) ā ā 384,832 Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 1,138,014 ā 26,812 ā (13,668) ā ā 1,151,158 Non-agency ā ā 100,036 ā 1,521 ā (512) ā ā 101,045 Total residential mortgage-backed securities ā ā 1,238,050 ā 28,333 ā (14,180) ā ā 1,252,203 Other securities ā 1,625 ā ā ā ā ā 1,625 Total AFS securities ā $ 2,640,063 ā $ 78,131 ā $ (21,151) ā $ 2,697,043 (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, 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 December 31, 2020 ā ā ā ā ā ā ā ā ā ā ā ā U.S. government and agency securities ā $ 13,009 ā $ 437 ā $ (52) ā $ 13,394 Obligations of states and political subdivisions ā ā 786,466 ā ā 50,878 ā ā (18) ā ā 837,326 Corporate and other bonds (1) ā 148,747 ā 2,430 ā (99) ā 151,078 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā Agency ā ā 321,015 ā ā 16,277 ā ā (2) ā ā 337,290 Non-agency ā ā 51,244 ā ā 167 ā ā (17) ā ā 51,394 Total commercial mortgage-backed securities ā ā 372,259 ā ā 16,444 ā ā (19) ā ā 388,684 Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 1,012,237 ā ā 31,816 ā ā (1,946) ā ā 1,042,107 Non-agency ā ā 104,904 ā ā 1,507 ā ā (206) ā ā 106,205 Total residential mortgage-backed securities ā ā 1,117,141 ā ā 33,323 ā ā (2,152) ā ā 1,148,312 Other securities ā 1,625 ā ā ā ā ā 1,625 Total AFS securities ā $ 2,439,247 ā $ 103,512 ā $ (2,340) ā $ 2,540,419 (1) Other bonds include asset-backed securities ā The following table shows the gross unrealized losses and fair value of the Companyās AFS securities with unrealized losses for which an ACL has not been recorded at March 31, 2021 and December 31, 2020 and that are not deemed to be impaired as of those dates. 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 March 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā U.S. government and agency securities ā $ ā ā $ ā ā $ 4,899 ā $ (47) ā $ 4,899 ā $ (47) Obligations of states and political subdivisions ā ā 271,172 ā ā (4,956) ā ā ā ā ā ā ā ā 271,172 ā ā (4,956) Corporate and other bonds (1) ā 42,612 ā (237) ā 4,785 ā (6) ā 47,397 ā (243) Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 65,708 ā ā (1,614) ā ā 359 ā ā (1) ā ā 66,067 ā ā (1,615) Non-agency ā ā 26,736 ā ā (110) ā ā ā ā ā ā ā ā 26,736 ā ā (110) Total commercial mortgage-backed securities ā ā 92,444 ā ā (1,724) ā ā 359 ā ā (1) ā ā 92,803 ā ā (1,725) 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 558,523 ā ā (13,650) ā ā 1,175 ā ā (18) ā ā 559,698 ā ā (13,668) Non-agency ā ā 36,031 ā ā (491) ā ā 10,070 ā ā (21) ā ā 46,101 ā ā (512) Total residential mortgage-backed securities ā ā 594,554 ā ā (14,141) ā ā 11,245 ā ā (39) ā ā 605,799 ā ā (14,180) Total AFS securities ā $ 1,000,782 ā $ (21,058) ā $ 21,288 ā $ (93) ā $ 1,022,070 ā $ (21,151) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2020 ā ā ā ā ā ā U.S. government and agency securities ā $ ā ā $ ā ā $ 5,456 ā $ (52) ā $ 5,456 ā $ (52) Obligations of states and political subdivisions ā ā 5,091 ā ā (18) ā ā ā ā ā ā ā ā 5,091 ā ā (18) Corporate and other bonds (1) ā 17,946 ā (52) ā 10,698 ā (47) ā 28,644 ā (99) Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 5,893 ā ā (2) ā ā 376 ā ā ā ā ā 6,269 ā ā (2) Non-agency ā ā 17,654 ā ā (17) ā ā ā ā ā ā ā ā 17,654 ā ā (17) Total commercial mortgage-backed securities ā ā 23,547 ā ā (19) ā ā 376 ā ā ā ā ā 23,923 ā ā (19) 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 219,388 ā ā (1,944) ā ā 1,055 ā ā (2) ā ā 220,443 ā ā (1,946) Non-agency ā ā 36,942 ā ā (206) ā ā ā ā ā ā ā ā 36,942 ā ā (206) Total residential mortgage-backed securities ā ā 256,330 ā ā (2,150) ā ā 1,055 ā ā (2) ā ā 257,385 ā ā (2,152) Total AFS securities ā $ 302,914 ā $ (2,239) ā $ 17,585 ā $ (101) ā $ 320,499 ā $ (2,340) (1) Other bonds includes asset-backed securities. ā As of March 31, 2021, there were $21.3 million, or 12 instances, of individual AFS securities that had been in a continuous loss position for more than 12 months and had an aggregate unrealized loss of $93,000 . As of December 31, 2020, there were $17.6 million, or 15 instances, of individual securities that had been in a continuous loss position for more than 12 months and had an aggregate unrealized loss of $101,000 . The Company has evaluated AFS securities in an unrealized loss position for credit related impairment at March 31, 2021 and December 31, 2020 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 and asset-backed securities generally received a 20% SSFA rating. The following table presents the amortized cost and estimated fair value of AFS securities as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 ā December 31, 2020 ā Amortized Estimated Amortized Estimated ā ā Cost ā Fair Value ā Cost ā Fair Value Due in one year or less ā $ 18,007 ā $ 18,168 ā $ 19,875 ā $ 19,997 Due after one year through five years ā 166,575 ā 172,723 ā 161,448 ā 169,103 Due after five years through ten years ā 233,566 ā 239,838 ā 235,021 ā 242,791 Due after ten years ā 2,221,915 ā 2,266,314 ā 2,022,903 ā 2,108,528 Total AFS securities ā $ 2,640,063 ā $ 2,697,043 ā $ 2,439,247 ā $ 2,540,419 ā Refer to Note 7 "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 March 31, 2021 and December 31, 2020. 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 March 31, 2021 and December 31, 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 March 31, 2021 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 March 31, 2021 ā ā ā ā ā U.S. government and agency securities ā $ 2,676 ā $ ā ā $ (31) ā $ 2,645 Obligations of states and political subdivisions ā ā 535,634 ā ā 62,880 ā ā ā ā ā 598,514 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 5,265 ā ā 1 ā ā (66) ā ā 5,200 Non-agency ā ā ā ā ā ā ā ā ā ā ā ā Total commercial mortgage-backed securities ā ā 5,265 ā ā 1 ā ā (66) ā ā 5,200 Total held-to-maturity securities ā $ 543,575 ā $ 62,881 ā $ (97) ā $ 606,359 ā The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 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) Fair Value December 31, 2020 ā ā ā ā U.S. government and agency securities ā $ 2,751 ā $ ā ā $ (18) ā $ 2,733 Obligations of states and political subdivisions ā ā 536,767 ā ā 74,978 ā ā ā ā ā 611,745 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā Agency ā ā 5,333 ā ā 4 ā ā (50) ā ā 5,287 Non-agency ā ā ā ā ā ā ā ā ā ā ā ā Total commercial mortgage-backed securities ā ā 5,333 ā ā 4 ā ā (50) ā ā 5,287 Total held-to-maturity securities ā $ 544,851 ā $ 74,982 ā $ (68) ā $ 619,765 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 March 31, 202 1 and December 31, 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 March 31, 2021 and December 31, 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 U.S. Government and Agency Obligations of states and political Mortgage-backed Total HTM ā ā securities ā subdivisions ā securities ā securities March 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā Credit Rating: ā ā ā ā ā ā ā ā ā ā AAA/AA/A ā $ ā ā $ 531,203 ā $ ā ā $ 531,203 Not Rated - Agency (1) ā ā 2,676 ā ā ā ā ā 5,265 ā ā 7,941 Not Rated - Non-Agency ā ā ā ā 4,431 ā ā ā ā ā 4,431 Total ā $ 2,676 ā $ 535,634 ā $ 5,265 ā $ 543,575 December 31, 2020 ā ā ā ā ā ā ā ā ā ā ā ā Credit Rating: ā ā ā ā ā ā ā ā ā ā AAA/AA/A ā $ ā ā $ 532,157 ā $ ā ā $ 532,157 Not Rated - Agency (1) ā ā 2,751 ā ā ā ā ā 5,333 ā ā 8,084 Not Rated - Non-Agency ā ā ā ā 4,610 ā ā ā ā ā 4,610 Total ā $ 2,751 ā $ 536,767 ā $ 5,333 ā $ 544,851 (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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 ā December 31, 2020 ā Carrying Estimated Carrying Estimated ā ā Value ā Fair Value ā Value ā Fair Value Due in one year or less ā $ 1,441 ā $ 1,449 ā $ 1,443 ā $ 1,460 Due after one year through five years ā 8,518 ā 8,786 ā 8,577 ā 8,893 Due after five years through ten years ā 1,680 ā 1,719 ā 1,744 ā 1,805 Due after ten years ā 531,936 ā 594,405 ā 533,087 ā 607,607 Total HTM securities ā $ 543,575 ā $ 606,359 ā $ 544,851 ā $ 619,765 ā Refer to Note 7 "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 March 31, 2021 and December 31, 2020. 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. The FHLB required the Bank to maintain stock in an amount equal to 3.75% and 4.25% of outstanding borrowings at March 31, 2021 and December 31, 2020, respectively, as well as 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 March 31, 2021 and December 31, 2020. Restricted equity securities consist of Federal Reserve Bank stock in the amount of $67.0 million for March 31, 2021 and December 31, 2020 and FHLB stock in the amount of $9.8 million and $ 27.8 million as of March 31, 2021 and December 31, 2020, 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 months ended March 31, 2021 and 2020 (dollars in thousands). ā ā ā ā ā ā ā ā Three Months Ended Three Months Ended ā ā March 31, 2021 ā March 31, 2020 Realized gains (losses): ā ā Gross realized gains ā $ 138 ā $ 2,164 Gross realized losses ā (60) ā (228) Net realized gains ā $ 78 ā $ 1,936 ā ā ā ā ā ā ā Proceeds from sales of securities ā $ 45,436 ā $ 120,701 ā ā |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 3 Months Ended |
Mar. 31, 2021 | |
Loans and Allowance for Loan Losses [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | 3. LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES See Note 1 āSummary of Significant Accounting Policiesā in this Quarterly Report for a summary of the Companyās impact of COVID-19. The information included below reflects the impact of the CARES Act, as amended by the CAA, and the Joint Guidance. ā The Companyās loans are stated at their face amount, net of deferred fees and costs, and consist of the following at March 31, 2021 and December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā March 31, 2021 December 31, 2020 Construction and Land Development ā $ 884,303 ā $ 925,798 Commercial Real Estate - Owner Occupied ā 2,083,155 ā 2,128,909 Commercial Real Estate - Non-Owner Occupied ā 3,671,471 ā 3,657,562 Multifamily Real Estate ā 842,906 ā 814,745 Commercial & Industrial (1) ā 3,599,884 ā 3,263,460 Residential 1-4 Family - Commercial ā 658,051 ā 671,949 Residential 1-4 Family - Consumer ā 816,916 ā 822,866 Residential 1-4 Family - Revolving ā 563,786 ā 596,996 Auto ā 406,349 ā 401,324 Consumer ā 215,711 ā 247,730 Other Commercial (2) ā 529,748 ā 489,975 Total loans held for investment, net of deferred fees and costs (3) ā ā 14,272,280 ā ā 14,021,314 Allowance for loan and lease losses ā ā (142,911) ā ā (160,540) Total loans held for investment, net ā $ 14,129,369 ā $ 13,860,774 (1) Commercial & industrial loans include approximately $1.5 billion and $1.2 b illion in loans from the PPP at March 31, 2021 and December 31, 2020, respectively. . (2) Other commercial loans include approximately $20.2 million and $11.3 million in loans from the PPP at March 31, 2021 and December 31, 2020, respectively. ā (3) Total loans include unamortized premiums and discounts, and unamortized deferred fees and costs totaling $83.8 million and $69.7 million as of March 31, 2021 and December 31, 2020, respectively. The following table shows the aging of the Companyās loan portfolio, by class, at March 31, 2021 (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 Current ā Past Due ā Past Due ā still Accruing ā Nonaccrual ā Total Loans ā Construction and Land Development ā $ 880,139 ā $ 865 ā $ 473 ā $ 189 ā $ 2,637 ā $ 884,303 ā Commercial Real Estate - Owner Occupied ā 2,069,019 ā 3,426 ā 514 ā 3,180 ā 7,016 ā 2,083,155 ā Commercial Real Estate - Non-Owner Occupied ā 3,666,228 ā 1,055 ā 1,413 ā 817 ā 1,958 ā 3,671,471 ā Multifamily Real Estate ā 842,638 ā 187 ā 81 ā ā ā ā ā 842,906 ā Commercial & Industrial ā 3,593,508 ā 3,086 ā 613 ā 654 ā 2,023 ā 3,599,884 ā Residential 1-4 Family - Commercial ā 645,684 ā 1,803 ā 798 ā 576 ā 9,190 ā 658,051 ā Residential 1-4 Family - Consumer ā 791,466 ā 6,831 ā 808 ā 3,041 ā 14,770 ā 816,916 ā Residential 1-4 Family - Revolving ā 557,335 ā 1,397 ā 284 ā 917 ā 3,853 ā 563,786 ā Auto ā 404,692 ā 1,035 ā 165 ā 154 ā 303 ā 406,349 ā Consumer ā 214,438 ā 595 ā 314 ā 248 ā 116 ā 215,711 ā Other Commercial ā ā 529,253 ā ā 407 ā ā 88 ā ā ā ā ā ā ā ā 529,748 ā Total loans held for investment ā $ 14,194,400 ā $ 20,687 ā $ 5,551 ā $ 9,776 ā $ 41,866 ā $ 14,272,280 ā % of total loans ā ā 99.45 % ā 0.15 % ā 0.04 % ā 0.07 % ā 0.29 % ā 100.00 % ā The following table shows the aging of the Companyās loan portfolio, by class, at December 31, 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 Greater than 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 $ 920,276 ā $ 1,903 ā $ 547 ā $ ā ā $ 3,072 ā $ 925,798 ā Commercial Real Estate - Owner Occupied ā 2,114,804 ā 1,870 ā 1,380 ā 3,727 ā 7,128 ā 2,128,909 ā Commercial Real Estate - Non-Owner Occupied ā 3,651,232 ā 2,144 ā 1,721 ā 148 ā 2,317 ā 3,657,562 ā Multifamily Real Estate ā 814,095 ā 617 ā ā ā ā ā 33 ā 814,745 ā Commercial & Industrial ā 3,257,201 ā 1,848 ā 1,190 ā 1,114 ā 2,107 ā 3,263,460 ā Residential 1-4 Family - Commercial ā 657,351 ā 2,227 ā 818 ā 1,560 ā 9,993 ā 671,949 ā Residential 1-4 Family - Consumer ā 792,852 ā 10,182 ā 1,533 ā 5,699 ā 12,600 ā 822,866 ā Residential 1-4 Family - Revolving ā 587,522 ā 2,975 ā 1,044 ā 826 ā 4,629 ā 596,996 ā Auto ā 398,206 ā 2,076 ā 376 ā 166 ā 500 ā 401,324 ā Consumer ā 245,551 ā 1,166 ā 550 ā 394 ā 69 ā 247,730 ā Other Commercial ā ā 489,959 ā ā 16 ā ā ā ā ā ā ā ā ā ā ā 489,975 ā Total loans held for investment ā $ 13,929,049 ā $ 27,024 ā $ 9,159 ā $ 13,634 ā $ 42,448 ā $ 14,021,314 ā % of total loans ā ā 99.34 % ā 0.19 % ā 0.07 % ā 0.10 % ā 0.30 % ā 100.00 % ā ā The following table shows the Companyās amortized cost basis of loans on nonaccrual status as of January 1, 2021, as well as amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of March 31, 2021 (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, 2021 ā March 31, 2021 ā Nonaccrual With No ALLL ā 90 Days and still Accruing Construction and Land Development ā $ 3,072 ā $ 2,637 ā $ 1,985 ā $ 189 Commercial Real Estate - Owner Occupied ā ā 7,128 ā ā 7,016 ā ā 1,994 ā ā 3,180 Commercial Real Estate - Non-Owner Occupied ā ā 2,317 ā ā 1,958 ā ā ā ā ā 817 Multifamily Real Estate ā ā 33 ā ā ā ā ā ā ā ā ā Commercial & Industrial ā ā 2,107 ā ā 2,023 ā ā 1 ā ā 654 Residential 1-4 Family - Commercial ā ā 9,993 ā ā 9,190 ā ā 6,388 ā ā 576 Residential 1-4 Family - Consumer ā ā 12,600 ā ā 14,770 ā ā 2,364 ā ā 3,041 Residential 1-4 Family - Revolving ā ā 4,629 ā ā 3,853 ā ā 60 ā ā 917 Auto ā ā 500 ā ā 303 ā ā ā ā ā 154 Consumer ā ā 69 ā ā 116 ā ā ā ā ā 248 Total loans held for investment ā $ 42,448 ā $ 41,866 ā $ 12,792 ā $ 9,776 ā 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 December 31, 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 December 31, 2020 ā Nonaccrual With No ALLL ā 90 Days and still Accruing Construction and Land Development ā $ 4,060 ā $ 3,072 ā $ 1,985 ā $ ā Commercial Real Estate - Owner Occupied ā ā 13,889 ā ā 7,128 ā ā 1,994 ā ā 3,727 Commercial Real Estate - Non-Owner Occupied ā ā 1,368 ā ā 2,317 ā ā ā ā ā 148 Multifamily Real Estate ā ā ā ā ā 33 ā ā ā ā ā ā Commercial & Industrial ā ā 3,037 ā ā 2,107 ā ā 1 ā ā 1,114 Residential 1-4 Family - Commercial ā ā 6,492 ā ā 9,993 ā ā 6,388 ā ā 1,560 Residential 1-4 Family - Consumer ā ā 13,117 ā ā 12,600 ā ā 1,069 ā ā 5,699 Residential 1-4 Family - Revolving ā ā 2,490 ā ā 4,629 ā ā 60 ā ā 826 Auto ā ā 565 ā ā 500 ā ā ā ā ā 166 Consumer ā ā 88 ā ā 69 ā ā ā ā ā 394 Other Commercial ā ā 98 ā ā ā ā ā ā ā ā ā Total loans held for investment ā $ 45,204 ā $ 42,448 ā $ 11,497 ā $ 13,634 ā There was no interest income recognized on nonaccrual loans during the three months ended March 31, 2021 and 2020. See Note 1 āSummary of Significant Accounting Policiesā in the Companyās 2020 Form 10-K for additional information on the Companyās policies for nonaccrual loans. ā ā Troubled Debt Restructurings ā The CARES Act, as amended by the CAA, permits financial institutions to suspend requirements under GAAP for loan modifications to borrowers affected by COVID-19 that would otherwise be characterized as TDRs and suspend any determination related thereto if (i) the loan modification is made between March 1, 2020 and the earlier of January 1, 2022 or 60 days after the end of the COVID-19 emergency declaration and (ii) the applicable loan was not more than 30 days past due as of December 31, 2019. 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 March 31, 2021 and December 31, 2020, the Company had approximately $ 68.1 million and $146.1 million, respectively, in loans still under their modified terms. The Companyās modification program primarily included payment deferrals and interest only modifications. In addition to the above mentioned modifications, as of March 31, 2021 , the Company has TDRs totaling $ 19.7 million with an estimated $ 1.2 million of allowance for those loans for the current period. As of December 31, 2020, the Company had TDRs totaling $20.6 million with an estimated $1.6 million of allowance for those loans. 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 ended March 31, 2021 and March 31, 2020, the recorded investment in TDRs prior to modifications was not materially impacted by the modifications. ā T he 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 March 31, 2021 and December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā December 31, 2020 ā No. of Recorded Outstanding No. of Recorded Outstanding ā ā Loans ā Investment ā Commitment ā Loans ā Investment ā Commitment Performing ā ā ā ā Construction and Land Development 4 ā $ 212 ā $ ā 4 ā $ 215 ā $ ā Commercial Real Estate - Owner Occupied 5 ā 1,827 ā ā 6 ā 2,033 ā 176 Commercial Real Estate - Non-Owner Occupied 1 ā 1,089 ā ā 1 ā 1,089 ā ā Commercial & Industrial 2 ā 446 ā ā 4 ā 727 ā ā Residential 1-4 Family - Commercial 2 ā 109 ā ā 3 ā 245 ā ā Residential 1-4 Family - Consumer 84 ā 9,271 ā ā 77 ā 8,943 ā ā Residential 1-4 Family - Revolving 3 ā 274 ā 3 3 ā 277 ā ā Consumer 4 ā 35 ā ā 3 ā 22 ā ā Other Commercial ā 1 ā ā 407 ā ā ā ā 1 ā ā 410 ā ā ā Total performing 106 ā $ 13,670 ā $ 3 102 ā $ 13,961 ā $ 176 Nonperforming ā ā ā ā Commercial Real Estate - Owner Occupied 1 ā $ 19 ā $ ā 1 ā $ 20 ā $ ā Commercial Real Estate - Non-Owner Occupied ā 1 ā ā 128 ā ā ā ā 1 ā ā 134 ā ā ā Commercial & Industrial 4 ā 427 ā ā 3 ā 237 ā ā Residential 1-4 Family - Commercial 3 ā 404 ā ā 4 ā 1,296 ā ā Residential 1-4 Family - Consumer 26 ā 4,977 ā ā 23 ā 4,865 ā ā Residential 1-4 Family - Revolving 3 ā 103 ā ā 3 ā 103 ā ā Total nonperforming 38 ā $ 6,058 ā $ ā 35 ā $ 6,655 ā $ ā Total performing and nonperforming 144 ā $ 19,728 ā $ 3 137 ā $ 20,616 ā $ 176 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 months ended March 31, 2021 , 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 months ended March 31, 2021 and 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2021 ā Three Months Ended March 31, 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 ā ā $ ā 1 ā $ 517 Residential 1-4 Family - Consumer 2 ā 105 ā ā ā Total loan term extended at a market rate 2 ā $ 105 1 ā $ 517 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 9 ā 472 10 ā 1,763 Consumer 1 ā 16 ā ā ā Total loan term extended at a below market rate 10 ā $ 488 11 ā $ 1,798 ā ā ā ā ā ā ā ā ā ā ā Interest rate modification, below market rate ā ā Residential 1-4 Family - Commercial 1 ā $ 45 ā ā $ ā Total interest only at below market rate of interest 1 ā $ 45 ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā Total 13 ā $ 638 12 ā $ 2,315 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 : Residentil 1-4 Family ā Consumer, Residential 1-4 Family ā Revolving, Auto, and Consumer The following tables show the ALLL activity by segment for the three months ended March 31, 2021 and 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2021 ā ā Commercial ā Consumer ā Total Balance at beginning of period ā $ 117,403 ā $ 43,137 ā $ 160,540 Loans charged-off ā (1,974) ā (1,667) ā (3,641) Recoveries credited to allowance ā 1,606 ā 863 ā 2,469 Provision charged to operations ā (10,603) ā (5,854) ā (16,457) Balance at end of period ā $ 106,432 ā $ 36,479 ā $ 142,911 ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2020 ā ā Commercial ā Consumer ā Total Balance at beginning of period ā $ 30,941 ā $ 11,353 ā $ 42,294 Impact of ASC 326 adoption on non-PCD loans ā 4,432 ā 40,666 ā 45,098 Impact of ASC 326 adoption on PCD loans ā 1,752 ā 634 ā 2,386 Impact of adopting ASC 326 ā 6,184 ā 41,300 ā 47,484 Loans charged-off ā (2,968) ā (4,183) ā (7,151) Recoveries credited to allowance ā 1,154 ā 1,006 ā 2,160 Provision charged to operations ā 42,532 ā 13,724 ā 56,256 Balance at end of period ā $ 77,843 ā $ 63,200 ā $ 141,043 ā 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 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 Special Mention is determined by the following criteria: 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. 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 March 31, 2021 (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 March 31, 2021 ā ā ā Term Loans Amortized Cost Basis by Origination Year ā ā ā ā ā ā ā ā 2021 ā 2020 ā 2019 ā 2018 ā 2017 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 $ 61,584 ā $ 340,066 ā $ 215,340 ā $ 77,960 ā $ 22,165 ā $ 65,264 ā $ 26,117 ā $ 808,496 Watch ā ā 13 ā ā 2,486 ā ā 23,950 ā ā 1,834 ā ā 571 ā ā 5,521 ā ā 412 ā ā 34,787 Special Mention ā ā ā ā ā ā ā ā 5,635 ā ā 135 ā ā ā ā ā 1,062 ā ā ā ā ā 6,832 Substandard ā ā ā ā ā ā ā ā ā ā ā 28,395 ā ā 8 ā ā 5,785 ā ā ā ā ā 34,188 Total Construction and Land Development ā $ 61,597 ā $ 342,552 ā $ 244,925 ā $ 108,324 ā $ 22,744 ā $ 77,632 ā $ 26,529 ā $ 884,303 ā 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 $ 34,001 ā $ 273,173 ā $ 346,684 ā $ 285,739 ā $ 216,109 ā $ 664,203 ā $ 17,023 ā $ 1,836,932 Watch ā ā ā ā ā 15,073 ā ā 16,771 ā ā 23,606 ā ā 15,970 ā ā 66,770 ā ā 932 ā ā 139,122 Special Mention ā ā ā ā ā 974 ā ā 27,269 ā ā 5,393 ā ā 4,909 ā ā 36,050 ā ā 1,841 ā ā 76,436 Substandard ā ā ā ā ā ā ā ā 4,950 ā ā 5,060 ā ā 158 ā ā 20,497 ā ā ā ā ā 30,665 Total Commercial Real Estate - Owner Occupied ā $ 34,001 ā $ 289,220 ā $ 395,674 ā $ 319,798 ā $ 237,146 ā $ 787,520 ā $ 19,796 ā $ 2,083,155 ā 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 $ 113,841 ā $ 381,511 ā $ 429,913 ā $ 401,006 ā $ 395,726 ā $ 1,183,233 ā $ 35,333 ā $ 2,940,563 Watch ā ā ā ā ā 17,458 ā ā 160,682 ā ā 81,003 ā ā 40,014 ā ā 231,751 ā ā 15,291 ā ā 546,199 Special Mention ā ā ā ā ā 698 ā ā 23,529 ā ā 30,489 ā ā 31,998 ā ā 65,303 ā ā 723 ā ā 152,740 Substandard ā ā ā ā ā 10,991 ā ā ā ā ā 13,263 ā ā ā ā ā 7,715 ā ā ā ā ā 31,969 Total Commercial Real Estate - Non-Owner Occupied ā $ 113,841 ā $ 410,658 ā $ 614,124 ā $ 525,761 ā $ 467,738 ā $ 1,488,002 ā $ 51,347 ā $ 3,671,471 ā 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 $ 587,238 ā $ 1,519,813 ā $ 334,830 ā $ 199,114 ā $ 59,668 ā $ 196,093 ā $ 564,292 ā $ 3,461,048 Watch ā ā 23 ā ā 13,018 ā ā 25,346 ā ā 14,560 ā ā 2,559 ā ā 6,048 ā ā 17,433 ā ā 78,987 Special Mention ā ā 15,235 ā ā 1,260 ā ā 6,396 ā ā 3,669 ā ā 4,630 ā ā 1,731 ā ā 11,265 ā ā 44,186 Substandard ā ā ā ā ā 527 ā ā 4,942 ā ā 1,278 ā ā 303 ā ā 2,865 ā ā 5,748 ā ā 15,663 Total Commercial & Industrial ā $ 602,496 ā $ 1,534,618 ā $ 371,514 ā $ 218,621 ā $ 67,160 ā $ 206,737 ā $ 598,738 ā $ 3,599,884 ā 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 $ 8,219 ā $ 143,295 ā $ 114,224 ā $ 166,220 ā $ 102,337 ā $ 269,062 ā $ 2,927 ā $ 806,284 Watch ā ā ā ā ā ā ā ā 4,398 ā ā 471 ā ā ā ā ā 24,243 ā ā ā ā ā 29,112 Special Mention ā ā ā ā ā 2,280 ā ā 640 ā ā 4,383 ā ā ā ā ā 94 ā ā ā ā ā 7,397 Substandard ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 113 ā ā ā ā ā 113 Total Multifamily Real Estate ā $ 8,219 ā $ 145,575 ā $ 119,262 ā $ 171,074 ā $ 102,337 ā $ 293,512 ā $ 2,927 ā $ 842,906 ā 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 $ 20,945 ā $ 106,176 ā $ 82,343 ā $ 62,283 ā $ 74,998 ā $ 254,905 ā $ 2,294 ā $ 603,944 Watch ā ā ā ā ā 659 ā ā 3,898 ā ā 8,013 ā ā 3,916 ā ā 13,632 ā ā 193 ā ā 30,311 Special Mention ā ā 165 ā ā ā ā ā 2,744 ā ā 456 ā ā 444 ā ā 6,007 ā ā ā ā ā 9,816 Substandard ā ā ā ā ā ā ā ā 773 ā ā 5,433 ā ā 1,444 ā ā 5,842 ā ā 488 ā ā 13,980 Total Residential 1-4 Family - Commercial ā $ 21,110 ā $ 106,835 ā $ 89,758 ā $ 76,185 ā $ 80,802 ā $ 280,386 ā $ 2,975 ā $ 658,051 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 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 $ 50,013 ā $ 216,949 ā $ 111,954 ā $ 8,870 ā $ 30,297 ā $ 57,341 ā $ 21,903 ā $ 497,327 Watch ā ā ā ā ā ā ā ā ā ā ā 605 ā ā 1,286 ā ā 3,835 ā ā ā ā ā 5,726 Special Mention ā ā ā ā ā ā ā ā ā ā ā ā ā ā 5 ā ā 612 ā ā 26,078 ā ā 26,695 Total Other Commercial ā $ 50,013 ā $ 216,949 ā $ 111,954 ā $ 9,475 ā $ 31,588 ā $ 61,788 ā $ 47,981 ā $ 529,748 ā 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 $ 875,841 ā $ 2,980,983 ā $ 1,635,288 ā $ 1,201,192 ā $ 901,300 ā $ 2,690,101 ā $ 669,889 ā $ 10,954,594 Watch ā ā 36 ā ā 48,694 ā ā 235,045 ā ā 130,092 ā ā 64,316 ā ā 351,800 ā ā 34,261 ā ā 864,244 Special Mention ā ā 15,400 ā ā 5,212 ā ā 66,213 ā ā 44,525 ā ā 41,986 ā ā 110,859 ā ā 39,907 ā ā 324,102 Substandard ā ā ā ā ā 11,518 ā ā 10,665 ā ā 53,429 ā ā 1,913 ā ā 42,817 ā ā 6,236 ā ā 126,578 Total Commercial ā $ 891,277 ā $ 3,046,407 ā $ 1,947,211 ā $ 1,429,238 ā $ 1,009,515 ā $ 3,195,577 ā $ 750,293 ā $ 12,269,518 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 December 31, 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 December 31, 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 $ 316,585 ā $ 277,142 ā $ 116,800 ā $ 24,770 ā $ 42,970 ā $ 54,023 ā $ 23,324 ā $ 855,614 Watch ā ā 1,873 ā ā 18,181 ā ā 8,434 ā ā 344 ā ā 2,355 ā ā 6,372 ā ā 412 ā ā 37,971 Special Mention ā ā ā ā ā 5,532 ā ā 135 ā ā ā ā ā ā ā ā 2,655 ā ā ā ā ā 8,322 Substandard ā ā ā ā ā ā ā ā 17,780 ā ā 64 ā ā 2,037 ā ā 4,010 ā ā ā ā ā 23,891 Total Construction and Land Development ā $ 318,458 ā $ 300,855 ā $ 143,149 ā $ 25,178 ā $ 47,362 ā $ 67,060 ā $ 23,736 ā $ 925,798 ā 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 $ 286,522 ā $ 375,541 ā $ 300,583 ā $ 233,359 ā $ 128,261 ā $ 570,361 ā $ 18,838 ā $ 1,913,465 Watch ā ā 1,942 ā ā 14,611 ā ā 22,224 ā ā 15,623 ā ā 24,979 ā ā 41,361 ā ā 1,648 ā ā 122,388 Special Mention ā ā 988 ā ā 6,052 ā ā 5,749 ā ā 4,198 ā ā 9,907 ā ā 30,455 ā ā 1,121 ā ā 58,470 Substandard ā ā ā ā ā 4,858 ā ā 5,159 ā ā 914 ā ā 1,555 ā ā 21,101 ā ā 999 ā ā 34,586 Total Commercial Real Estate - Owner Occupied ā $ 289,452 ā $ 401,062 ā $ 333,715 ā $ 254,094 ā $ 164,702 ā $ 663,278 ā $ 22,606 ā $ 2,128,909 ā 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 $ 381,849 ā $ 455,427 ā $ 433,183 ā $ 403,677 ā $ 336,630 ā $ 850,035 ā $ 30,421 ā $ 2,891,222 Watch ā ā 28,354 ā ā 142,279 ā ā 76,838 ā ā 59,451 ā ā 79,533 ā ā 224,944 ā ā 16,870 ā ā 628,269 Special Mention ā ā 702 ā ā 11,072 ā ā 34,905 ā ā 18,073 ā ā 40,771 ā ā 11,211 ā ā 723 ā ā 117,457 Substandard ā ā 246 ā ā ā ā ā 13,357 ā ā ā ā ā 25 ā ā 6,986 ā ā ā ā ā 20,614 Total Commercial Real Estate - Non-Owner Occupied ā $ 411,151 ā $ 608,778 ā $ 558,283 ā $ 481,201 ā $ 456,959 ā $ 1,093,176 ā $ 48,014 ā $ 3,657,562 ā 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 $ 1,730,876 ā $ 350,618 ā $ 199,489 ā $ 67,035 ā $ 71,799 ā $ 140,461 ā $ 590,701 ā $ 3,150,979 Watch ā ā 4,872 ā ā 32,028 ā ā 13,073 ā ā 6,500 ā ā 3,182 ā ā 4,906 ā ā 19,972 ā ā 84,533 Special Mention ā ā 1,009 ā ā 2,178 ā ā 3,890 ā ā 1,150 ā ā 724 ā ā 1,234 ā ā 4,755 ā ā 14,940 Substandard ā ā 534 ā ā 4,269 ā ā 1,274 ā ā 309 ā ā 560 ā ā 2,676 ā ā 3,386 ā ā 13,008 Total Commercial & Industrial ā $ 1,737,291 ā $ 389,093 ā $ 217,726 ā $ 74,994 ā $ 76,265 ā $ 149,277 ā $ 618,814 ā $ 3,263,460 ā 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 $ 144,805 ā $ 85,740 ā $ 150,724 ā $ 117,881 ā $ 67,984 ā $ 231,113 ā $ 2,311 ā $ 800,558 Watch ā ā ā ā ā 5,074 ā ā 475 ā ā ā ā ā 617 ā ā 560 ā ā ā ā ā 6,726 Special Mention ā ā 2,280 ā ā ā ā ā 4,388 ā ā ā ā ā ā ā ā 760 ā ā ā ā ā 7,428 Substandard ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 33 ā ā ā ā ā 33 Total Multifamily Real Estate ā $ 147,085 ā $ 90,814 ā $ 155,587 ā $ 117,881 ā $ 68,601 ā $ 232,466 ā $ 2,311 ā $ 814,745 ā 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 $ 104,630 ā $ 89,332 ā $ 70,310 ā $ 79,156 ā $ 68,915 ā $ 201,492 ā $ 2,236 ā $ 616,071 Watch ā ā 666 ā ā 6,665 ā ā 8,252 ā ā 4,141 ā ā 4,067 ā ā 9,307 ā ā 195 ā ā 33,293 Special Mention ā ā ā ā ā ā ā ā 601 ā ā 663 ā ā 468 ā ā 5,923 ā ā ā ā ā 7,655 Substandard ā ā 644 ā ā 793 ā ā 4,913 ā ā 1,995 ā ā 986 ā ā 5,111 ā ā 488 ā ā 14,930 Total Residential 1-4 Family - Commercial ā $ 105,940 ā $ 96,790 ā $ 84,076 ā $ 85,955 ā $ 74,436 ā $ 221,833 ā $ 2,919 ā $ 671,949 ā 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 $ 223,490 ā $ 112,045 ā $ 9,549 ā $ 30,314 ā $ 16,494 ā $ 42,158 ā $ 44,180 ā $ 478,230 Watch ā ā ā ā ā ā ā ā 613 ā ā 1,299 ā ā 1,189 ā ā 3,934 ā ā ā ā ā 7,035 Special Mention ā ā 10 ā ā ā ā ā ā ā ā 7 ā ā ā ā ā 4,591 ā ā 102 ā ā 4,710 Total Other Commercial ā $ 223,500 ā $ 112,045 ā $ 10,162 ā $ 31,620 ā $ 17,683 ā $ 50,683 ā $ 44,282 ā $ 489,975 ā 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 $ 3,188,757 ā $ 1,745,845 ā $ 1,280,638 ā $ 956,192 ā $ 733,053 ā $ 2,089,643 ā $ 712,011 ā $ 10,706,139 Watch ā ā 37,707 ā ā 218,838 ā ā 129,909 ā ā 87,358 ā ā 115,922 ā ā 291,384 ā ā 39,097 ā ā 920,215 Special Mention ā ā 4,989 ā ā 24,834 ā ā 49,668 ā ā 24,091 ā ā 51,870 ā ā 56,829 ā ā 6,701 ā ā 218,982 Substandard ā ā 1,424 ā ā 9,920 ā ā 42,483 ā ā 3,282 ā ā 5,163 ā ā 39,917 ā ā 4,873 ā ā 107,062 Total Commercial ā $ 3,232,877 ā $ 1,999,437 ā $ 1,502,698 ā $ 1,070,923 ā $ 906,008 ā $ 2,477,773 ā $ 762,682 ā $ 11,952,398 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 March 31, 2021 (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 March 31, 2021 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 2021 ā 2020 ā 2019 ā 2018 ā 2017 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 $ 59,779 ā $ 203,048 ā $ 73,588 ā $ 56,557 ā $ 58,921 ā $ 339,562 ā $ 11 ā $ 791,466 30-59 Days Past Due ā ā ā ā ā ā ā ā 1,007 ā ā 499 ā ā 1,474 ā ā 3,851 ā ā ā ā ā 6,831 60-89 Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā 108 ā ā 700 ā ā ā ā ā 808 90+ Days Past Due ā ā ā ā ā 607 ā ā 831 ā ā ā ā ā 27 ā ā 1,576 ā ā ā ā ā 3,041 Nonaccrual ā ā ā ā ā ā ā ā 109 ā ā 2,210 ā ā 903 ā ā 11,548 ā ā ā ā ā 14,770 Total Residential 1-4 Family - Consumer ā $ 59,779 ā $ 203,655 ā $ 75,535 ā $ 59,266 ā $ 61,433 ā $ 357,237 ā $ 11 ā $ 816,916 ā 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 $ 1,705 ā $ 11,472 ā $ 3,548 ā $ 1,443 ā $ ā ā $ 488 ā $ 538,679 ā $ 557,335 30-59 Days Past Due ā ā ā ā ā 43 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 1,354 ā ā 1,397 60-89 Days Past Due ā ā ā ā ā 41 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 243 ā ā 284 90+ Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 917 ā ā 917 Nonaccrual ā ā ā ā ā 76 ā ā ā ā ā 20 ā ā ā ā ā 226 ā ā 3,531 ā ā 3,853 Total Residential 1-4 Family - Revolving ā $ 1,705 ā $ 11,632 ā $ 3,548 ā $ 1,463 ā $ ā ā $ 714 ā $ 544,724 ā $ 563,786 ā 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 $ 3,126 ā $ 22,775 ā $ 58,410 ā $ 55,650 ā $ 19,059 ā $ 23,877 ā $ 31,541 ā $ 214,438 30-59 Days Past Due ā ā ā ā ā 47 ā ā 167 ā ā 238 ā ā 70 ā ā 40 ā ā 33 ā ā 595 60-89 Days Past Due ā ā ā ā ā 2 ā ā 152 ā ā 122 ā ā 24 ā ā 6 ā ā 8 ā ā 314 90+ Days Past Due ā ā ā ā ā 8 ā ā 6 ā ā 217 ā ā 10 ā ā 5 ā ā 2 ā ā 248 Nonaccrual ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 116 ā ā ā ā ā 116 Total Consumer ā $ 3,126 ā $ 22,832 ā $ 58,735 ā $ 56,227 ā $ 19,163 ā $ 24,044 ā $ 31,584 ā $ 215,711 ā 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 $ 37,040 ā $ 166,686 ā $ 104,887 ā $ 49,676 ā $ 28,220 ā $ 18,183 ā $ ā ā $ 404,692 30-59 Days Past Due ā ā 55 ā ā 89 ā ā 244 ā ā 193 ā ā 278 ā ā 176 ā ā ā ā ā 1,035 60-89 Days Past Due ā ā ā ā ā 42 ā ā 82 ā ā 16 ā ā ā ā ā 25 ā ā ā ā ā 165 90+ Days Past Due ā ā ā ā ā 55 ā ā 24 ā ā 4 ā ā 58 ā ā 13 ā ā ā ā ā 154 Nonaccrual ā ā ā ā ā 48 ā ā 28 ā ā 59 ā ā 59 ā ā 109 ā ā ā ā ā 303 Total Auto ā $ 37,095 ā $ 166,920 ā $ 105,265 ā $ 49,948 ā $ 28,615 ā $ 18,506 ā $ ā ā $ 406,349 ā 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 $ 101,650 ā $ 403,981 ā $ 240,433 ā $ 163,326 ā $ 106,200 ā $ 382,110 ā $ 570,231 ā $ 1,967,931 30-59 Days Past Due ā ā 55 ā ā 179 ā ā 1,418 ā ā 930 ā ā 1,822 ā ā 4,067 ā ā 1,387 ā ā 9,858 60-89 Days Past Due ā ā ā ā ā 85 ā ā 234 ā ā 138 ā ā 132 ā ā 731 ā ā 251 ā ā 1,571 90+ Days Past Due ā ā ā ā ā 670 ā ā 861 ā ā 221 ā ā 95 ā ā 1,594 ā ā 919 ā ā 4,360 Nonaccrual ā ā ā ā ā 124 ā ā 137 ā ā 2,289 ā ā 962 ā ā 11,999 ā ā 3,531 ā ā 19,042 Total Consumer ā $ 101,705 ā $ 405,039 ā $ 243,083 ā $ 166,904 ā $ 109,211 ā $ 400,501 ā $ 576,319 ā $ 2,002,762 ā The Company did not have any material revolving lo ans convert to term during the three months ended March 31, 2021 . ā ā ā ā 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 December 31, 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 December 31, 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 $ 213,763 ā $ 75,133 ā $ 64,299 ā $ 68,320 ā $ 102,123 ā $ 269,203 ā $ 11 ā $ 792,852 30-59 Days Past Due ā ā 678 ā |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 4. GOODWILL AND 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. The COVID-19 pandemic has disrupted and adversely impacted the economy and created significant volatility in the financial markets. The volatility in the financial markets adversely affected the Companyās expected future cash flows, due to the lower interest rate environment and other factors. The forecasted impact from COVID-19 was included in the Companyās annual goodwill impairment test 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. The Company analyzed its intangible assets at March 31, 2021 and concluded no impairment existed as of the balance sheet date. Amortization expense of intangibles for the three months ended March 31, 2021 and 2020 totaled $ 3.7 million and $4.4 million, respectively. As of March 31, 2021, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands): ā ā ā ā For the remaining nine months of 2021 $ 10,159 2022 ā ā 11,490 2023 ā ā 9,688 2024 ā ā 7,818 2025 ā ā 6,221 Thereafter ā ā 8,095 Total estimated amortization expense ā $ 53,471 ā ā ā |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
LEASES | 5. 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 months 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 material sale leaseback transactions and 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 March 31, 2021 and December 31, 2020, the carrying value of residual assets covered by residual value guarantees and RVI was $14.1 million and $14.7 million, respectively. 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. 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. Lease income is recorded within Interest Income on the Companyās Consolidated Statements of Income. There were no significant changes in the balance of the Companyās unguaranteed residual assets for the periods ending March 31, 2021and December 31, 2020. ā Total net investment in sales-type and direct financing leases consists of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā ā December 31, 2020 Sales-type and direct financing leases: ā ā ā ā ā ā ā Lease receivables, net of unearned ā $ 150.0 ā ā $ 141.2 Unguaranteed residual values, net of unearned ā ā 5.3 ā ā ā 4.8 Total net investment in sales-type and direct financing leases $ 155.3 ā ā $ 146.0 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 25 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 12 months or less are not recorded on the Consolidated Balance Sheets. The ROU Assets and lease liabilities associated with operating and finance leases greater than 12 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 and the Company is reasonably certain to exercise those options. The options to exercise are included 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 March 31, 2021 and December 31, 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 ā ā ā ā ā March 31, 2021 ā ā ā December 31, 2020 ā ā ā Operating ā ā Finance ā ā ā Operating ā ā Finance ā Right-of-use-assets ā $ 47,165 ā ā $ 7,195 ā ā ā $ 48,051 ā ā $ 7,425 ā Lease liabilities ā ā 58,084 ā ā ā 10,339 ā ā ā ā 58,901 ā ā ā 10,621 ā Lease Term and Discount Rate of Operating leases: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted-average remaining lease term (years) ā 7.11 ā ā ā 7.83 ā ā ā ā 7.27 ā ā ā 8.08 ā Weighted-average discount rate (1) ā 2.61 % ā ā 1.17 % ā ā ā 2.66 % ā ā 1.17 % (1) An incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date. ā ā ā ā ā ā ā ā ā ā Three months ended March 31, ā 2021 ā 2020 Cash paid for amounts included in measurement of lease liabilities: ā ā ā ā ā ā Operating Cash Flows from Finance Leases ā $ 30 ā $ ā Operating Cash Flows from Operating Leases ā 3,015 ā ā 3,517 Financing Cash Flows from Finance Leases ā ā 283 ā ā ā Right-of-use assets obtained in exchange for lease obligations: ā ā ā ā ā Operating leases ā 1,820 ā ā 1,216 ā ā ā ā ā ā ā ā ā ā Three months ended March 31, ā ā ā 2021 ā ā 2020 Net Operating Lease Cost ā $ 2,541 ā $ 2,918 Finance Lease Cost: ā ā ā ā ā ā Amortization of right-of-use assets ā ā 230 ā ā ā Interest on lease liabilities ā ā 30 ā ā ā Total Lease Cost ā $ 2,801 ā $ 2,918 ā The maturities of lessor and lessee arrangements outstanding at March 31, 2021 are presented in the tables below (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā ā Lessor ā Lessee ā ā ā Sales-type and Direct Financing ā Operating ā Finance For the remaining nine months of 2021 $ 24,693 ā $ 8,966 ā $ 948 2022 ā ā 34,150 ā ā 11,322 ā ā 1,292 2023 ā 32,487 ā ā 10,172 ā ā 1,325 2024 ā 30,537 ā ā 9,178 ā ā 1,358 2025 ā 22,110 ā ā 6,864 ā ā 1,392 2026 ā ā 6,630 ā ā 4,318 ā ā 1,427 Thereafter ā 11,757 ā ā 13,369 ā ā 3,088 Total undiscounted cash flows ā 162,364 ā ā 64,189 ā ā 10,830 Less: Adjustments (1) ā 12,377 ā ā 6,105 ā ā 491 Total (2) ā $ 149,987 ā $ 58,084 ā $ 10,339 (1) Lessor ā unearned income and unearned guaranteed residual value; Lessee ā imputed interest. (2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2021 | |
Borrowings [Abstract] | |
BORROWINGS | ā ā 6. 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 March 31, 2021 and December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā March 31, ā December 31, ā ā 2021 ā 2020 Securities sold under agreements to repurchase ā $ 105,522 ā $ 100,888 ā Federal Funds Purchased ā ā 168,000 ā ā 150,000 ā FHLB Advances ā ā ā 100,000 ā Total short-term borrowings ā $ 273,522 ā $ 350,888 ā ā ā ā ā ā ā ā ā Average outstanding balance during the period ā $ 149,761 ā $ 213,932 ā Average interest rate (during the period) ā 0.13 % 0.79 % Average interest rate at end of period ā 0.08 % 0.13 % ā The Bank maintains federal funds lines with several correspondent banks, the remaining available balance was $829.0 million and $847.0 million at March 31, 2021 and December 31, 2020, respectively. The Company maintains an alternate line of credit at a correspondent bank, which had an available balance of $25.0 million at both March 31, 2021 and December 31, 2020. 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 March 31, 2021 a nd December 31, 2020 . Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $5.9 billion and $6.0 billion at March 31, 2021 and December 31, 2020, respectively. Long-term Borrowings In response to the current rate environment, the Company prepaid a $200.0 million long-term FHLB advance on February 26, 2021 and $550.0 million of long-term FHLB advances in 2020, which resulted in prepayment penalties of $14.7 million and $31.2 million, respectively. In addition, on November 30, 2020, the Company redeemed $8.5 million in subordinated debt that was originally acquired as part of the Xenith acquisition. ā Total long-term borrowings consist of the following as of March 31, 2021 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā ā ā ā Principal ā 3-Month LIBOR ā Rate (1) ā Maturity ā Investment (2) Trust Preferred Capital Securities ā ā ā ā ā ā ā ā ā ā ā ā Trust Preferred Capital Note - Statutory Trust I ā $ 22,500 2.75 % 2.94 % 6/17/2034 ā $ 696 Trust Preferred Capital Note - Statutory Trust II ā 36,000 1.40 % 1.59 % 6/15/2036 ā 1,114 VFG Limited Liability Trust I Indenture ā 20,000 2.73 % 2.92 % 3/18/2034 ā 619 FNB Statutory Trust II Indenture ā 12,000 3.10 % 3.29 % 6/26/2033 ā 372 Gateway Capital Statutory Trust I ā 8,000 3.10 % 3.29 % 9/17/2033 ā 248 Gateway Capital Statutory Trust II ā 7,000 2.65 % 2.84 % 6/17/2034 ā 217 Gateway Capital Statutory Trust III ā 15,000 1.50 % 1.69 % 5/30/2036 ā 464 Gateway Capital Statutory Trust IV ā 25,000 1.55 % 1.74 % 7/30/2037 ā 774 MFC Capital Trust II ā 5,000 2.85 % 3.04 % 1/23/2034 ā 155 Total Trust Preferred Capital Securities ā $ 150,500 ā $ 4,659 Subordinated Debt (3)(4) ā ā ā ā ā ā ā ā ā ā ā ā 2026 Subordinated Debt (5) ā ā 150,000 ā - % 5.00 % 12/15/2026 ā ā ā Total Subordinated Debt ā $ 150,000 ā ā ā ā ā ā ā ā ā Fair Value Premium (Discount) (6) ā ā (15,081) ā ā ā ā ā ā ā ā ā Investment in Trust Preferred Capital Securities ā ā 4,659 ā ā ā ā ā ā ā ā ā Total Long-term Borrowings ā $ 290,078 ā ā ā ā ā ā ā ā ā (1) Rate as of March 31, 2021. Calculated using non-rounded numbers. (2) 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. (3) The remaining issuance discount as of March 31, 2021 is $1.1 million. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2021, the interest rate will change to a floating rate of LIBOR plus 3.175% through its maturity date. (6) Includes discount on issued subordinated notes. ā ā Total long-term borrowings consist of the following as of December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā ā ā ā Principal ā 3-Month LIBOR ā Rate (1) ā Maturity ā Investment (2) Trust Preferred Capital Securities ā ā ā ā ā ā ā ā ā ā ā ā Trust Preferred Capital Note - Statutory Trust I ā $ 22,500 2.75 % 2.99 % 6/17/2034 ā $ 696 Trust Preferred Capital Note - Statutory Trust II ā 36,000 1.40 % 1.64 % 6/15/2036 ā 1,114 VFG Limited Liability Trust I Indenture ā 20,000 2.73 % 2.97 % 3/18/2034 ā 619 FNB Statutory Trust II Indenture ā 12,000 3.10 % 3.34 % 6/26/2033 ā 372 Gateway Capital Statutory Trust I ā 8,000 3.10 % 3.34 % 9/17/2033 ā 248 Gateway Capital Statutory Trust II ā 7,000 2.65 % 2.89 % 6/17/2034 ā 217 Gateway Capital Statutory Trust III ā 15,000 1.50 % 1.74 % 5/30/2036 ā 464 Gateway Capital Statutory Trust IV ā 25,000 1.55 % 1.79 % 7/30/2037 ā 774 MFC Capital Trust II ā 5,000 2.85 % 3.09 % 1/23/2034 ā 155 Total Trust Preferred Capital Securities ā $ 150,500 ā $ 4,659 FHLB Advances ā ā ā ā ā ā ā ā ā ā ā ā Fixed Rate Convertible ā ā 200,000 ā - % 1.78 % 10/26/2028 ā ā ā Total FHLB Advances ā $ 200,000 ā ā ā ā ā ā ā ā ā Subordinated Debt (3)(4) ā ā ā ā ā ā ā ā ā ā ā ā 2026 Subordinated Debt (5) ā ā 150,000 ā - % 5.00 % 12/15/2026 ā ā ā Total Subordinated Debt ā $ 150,000 ā ā ā ā ā ā ā ā ā Fair Value Premium (Discount) (6) ā ā (15,330) ā ā ā ā ā ā ā ā ā Investment in Trust Preferred Capital Securities ā ā 4,659 ā ā ā ā ā ā ā ā ā Total Long-term Borrowings ā $ 489,829 ā ā ā ā ā ā ā ā ā (1) Rate as of December 31, 2020. Calculated using non-rounded numbers. (2) 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. (3) The remaining issuance discount as of December 31, 2020 is $1.2 million. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2021, the interest rate will change to a floating rate of LIBOR plus 3.175% through its maturity date. (6) Includes discount on issued subordinated notes. ā As of March 31, 2021, 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 Trust ā ā ā ā Preferred ā Fair Value Total ā Capital Subordinated Premium Long-term ā Notes Debt (Discount) (1) Borrowings For the remaining nine months of 2021 ā $ ā ā $ ā ā $ (760) ā $ (760) 2022 ā ā ā ā ā (1,030) ā (1,030) 2023 ā ā ā ā ā (1,053) ā (1,053) 2024 ā ā ā ā ā (1,078) ā (1,078) 2025 ā ā ā ā ā (1,102) ā (1,102) Thereafter ā 155,159 ā 150,000 ā (10,058) ā 295,101 Total long-term borrowings ā $ 155,159 ā $ 150,000 ā $ (15,081) ā $ 290,078 ā (1) Includes discount on issued subordinated notes. ā |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 7. 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 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 March 31, 2021 and December 31, 2020, the Companyās reserves for unfunded commitment and indemnification were $13.6 million and $ 10.8 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 as of the following dates (dollars in thousands): ā ā ā ā ā ā ā ā March 31, 2021 December 31, 2020 Commitments with off-balance sheet risk: ā ā Commitments to extend credit (1) ā $ 5,550,942 ā $ 4,722,412 Letters of credit ā 160,644 ā 161,827 Total commitments with off-balance sheet risk ā $ 5,711,586 ā $ 4,884,239 (1) Includes unfunded overdraft protection. ā ā ā ā ā ā ā As of March 31, 2021, the Company had approximately $176.5 million in deposits in other financial institutions, of which $ 153.8 million served as collateral for cash flow and loan swap derivatives. As of December 31, 2020, the Company had approximately $290.5 million in deposits in other financial institutions, of which $251.0 million served as collateral for cash flow and loan swap derivatives. The Company had approximately $ 19.7 million and $36.4 million in deposits in other financial institutions that were uninsured at March 31, 2021 and December 31, 2 020, respectively . 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 8 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 March 31, 2021 and December 31, 2020 (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 March 31, 2021 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 $ 495,680 ā $ 426,897 ā $ ā ā $ 922,577 Repurchase agreements ā ā ā 107,620 ā ā ā ā ā 107,620 FHLB advances ā ā ā 50,382 ā ā ā 4,339,460 ā 4,389,842 Derivatives ā 153,849 ā 690 ā ā ā ā ā 154,539 Fed Funds ā ā ā ā ā ā ā ā ā ā ā 367,342 ā ā 367,342 Other purposes ā ā ā ā 96,728 ā ā 979 ā ā ā ā ā 97,707 Total pledged assets ā $ 153,849 ā $ 751,100 ā $ 427,876 ā $ 4,706,802 ā $ 6,039,627 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, 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 $ 469,864 ā $ 436,449 ā $ ā ā $ 906,313 Repurchase agreements ā ā ā 116,876 ā ā ā ā ā 116,876 FHLB advances ā ā ā 52,323 ā ā ā 4,374,383 ā 4,426,706 Derivatives ā 251,047 ā 785 ā ā ā ā ā 251,832 Fed Funds ā ā ā ā ā ā ā ā ā ā ā 340,847 ā ā 340,847 Other purposes ā ā ā 123,388 ā 8,634 ā ā ā 132,022 Total pledged assets ā $ 251,047 ā $ 763,236 ā $ 445,083 ā $ 4,715,230 ā $ 6,174,596 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 |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | 8. 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. The Company clears certain OTC derivatives with central clearinghouses through FCMs due to applicable regulatory requirement, which reduces the Companyās counterparty risk. 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. For derivatives designated and qualifying as cash flow hedges, ineffectiveness is not measured or separately disclosed. Rather, as long as the hedging relationship continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recorded in OCI and recognized in earnings as the hedged transaction affects earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item. During the quarter ended March 31, 2021, the Company executed two interest rate swaps designated and qualifying as cash flow hedges of the Companyās forecasted variable interest receipts on variable rate loans due to changes in the LIBOR rate with a total notional amount of $200 million. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate. During the quarter ended March 31, 2020, the Company terminated interest rate swaps designated as cash flow hedges prior to their respective maturity dates resulting in net losses of approximately $1.8 million, which resulted in the losses being recognized immediately in earnings as the forecasted transactions will not occur. The Company did not have any derivatives designated as cash flow hedges outstanding at December 31, 2020. ā 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 March 31, 2021 and December 31, 2020, the aggregate notional amount of the related hedged items for certain long-term fixed rate loans totaled $121.3 million and $74.7 million, respectively, and the fair value of the swaps associated with the derivative related to hedged items was an unrealized loss of $672,000 and $5.1 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 March 31, 2021 and December 31, 20 20 , the aggregate notional amount of the related hedged items of the AFS securities totaled $50 million and the fair value of the swaps associated with the derivative related to hedged items was an unrealized loss of $5.1 million and $7.3 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. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows on the derivative hedging instrument with the changes in fair value or cash flows on the designated hedged item or transactions for the risk being hedged. If a hedging relationship ceases to qualify for hedge accounting, the relationship is discontinued and future changes in the fair value of the derivative instrument are recognized in current period earnings. For a discontinued or terminated fair value hedging relationship, all remaining basis adjustments to the carrying amount of the hedged item are amortized to interest income or expense over the remaining life of the hedged item consistent with the amortization of other discounts or premiums. Previous balances deferred in AOCI from discontinued or terminated cash flow hedges are reclassified to interest income or expense as the hedged transactions affect earnings or over the originally specified term of the hedging relationship. The Companyās hedges continue to be highly effective and had no material impact on the 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 March 31, 2021 and December 31, 20 20 , 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 March 31, 2021 December 31, 2020 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 $ 200,000 ā $ ā ā $ 1,808 ā $ ā ā $ ā ā $ ā Fair value hedges ā 171,323 ā 2,139 ā 7,949 ā 124,726 ā ā ā 12,483 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 2,393,919 ā 22,420 ā 84,030 ā 2,356,453 ā 212 ā 163,148 Pay floating - receive fixed interest rate swaps ā 2,393,919 ā 84,030 ā 22,420 ā 2,356,453 ā 163,148 ā 212 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 March 31, 2021 and December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā December 31, 2020 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 $ 150,545 ā $ 5,115 ā $ 166,413 ā $ 7,297 Loans ā 121,323 ā 598 ā 74,726 ā 5,088 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 March 31, 2021 and December 31, 2020, the amortized cost basis of this portfolio was $151 million and $166 million, respectively, and the cumulative basis adjustment associated with this hedge was $5.1 million and $7.3 million, respectively. The amount of the designated hedged item at March 31, 2021 and December 31, 2020 totaled $50 million. ā (2) Carrying value represents amortized cost. ā |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 9. 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 Series A preferred stock, 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. Accumulated Other Comprehensive Income (Loss) The change in accumulated other comprehensive income (loss) for the three months ended March 31, 2021 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 - December 31, 2020 ā $ 74,161 ā $ 55 ā $ ā ā $ (3,201) ā $ 71,015 Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā (33,125) ā ā ā ā ā (1,428) ā ā ā ā (34,553) Amounts reclassified from AOCI into earnings ā (62) ā ā (5) ā ā (47) ā ā 153 ā 39 Net current period other comprehensive income (loss) ā (33,187) ā (5) ā (1,475) ā 153 ā (34,514) Balance - March 31, 2021 ā $ 40,974 ā $ 50 ā $ (1,475) ā $ (3,048) ā $ 36,501 ā The change in accumulated other comprehensive income (loss) for the three months ended March 31, 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 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, 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 ā ā Other comprehensive income (loss) before reclassification ā 14,687 ā ā ā ā ā (699) ā ā (1,289) ā ā 12,699 Amounts reclassified from AOCI into earnings ā (1,529) ā ā (5) ā ā 1,481 ā ā 108 ā ā 55 Net current period other comprehensive income (loss) ā 13,158 ā (5) ā 782 ā (1,181) ā 12,754 Balance - March 31, 2020 ā $ 51,035 ā $ 70 ā $ ā ā $ (2,776) ā $ 48,329 ā |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 10. FAIR VALUE MEASUREMENTS The Company follows ASC 820 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 8 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 March 31, 2021 and December 31, 2020. 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 March 31, 2021 and December 31, 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 ICE Data Services, which evaluates securities based on market data. ICE Data Services 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 March 31, 2021 and December 31, 2020. The carrying value of restricted FRB 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 March 31, 2021 and December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at March 31, 2021 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 $ 11,677 ā $ ā ā $ 11,677 Obligations of states and political subdivisions ā ā ā 899,098 ā ā ā 899,098 Corporate and other bonds (1) ā ā ā 147,608 ā ā ā 147,608 Mortgage-backed securities ā ā ā 1,637,035 ā ā ā 1,637,035 Other securities ā ā ā 1,625 ā ā ā 1,625 Loans held for sale ā ā ā 49,082 ā ā ā 49,082 Derivatives: ā ā ā ā Interest rate swap ā ā ā 106,450 ā ā ā 106,450 Fair value hedges ā ā ā 2,139 ā ā ā 2,139 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 $ 106,450 ā $ ā ā $ 106,450 Cash flow hedges ā ā ā 1,808 ā ā ā 1,808 Fair value hedges ā ā ā 7,949 ā ā ā 7,949 (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, 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 $ 13,394 ā $ ā ā $ 13,394 Obligations of states and political subdivisions ā ā ā ā ā 837,326 ā ā ā ā ā 837,326 Corporate and other bonds (1) ā ā ā 151,078 ā ā ā 151,078 Mortgage-backed securities ā ā ā 1,536,996 ā ā ā 1,536,996 Other securities ā ā ā 1,625 ā ā ā 1,625 Loans held for sale ā ā ā ā ā 96,742 ā ā ā ā ā 96,742 Derivatives: ā ā ā ā Interest rate swap ā ā ā 163,360 ā ā ā 163,360 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 $ 163,360 ā $ ā ā $ 163,360 Fair value hedges ā ā ā 12,483 ā ā ā 12,483 (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 March 31, 2021 and December 31, 2020 was $12.2 million and $12.7 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 ICE Data Services, which evaluates securities based on market data. ICE Data Services 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 March 31, 2021 and December 31, 2020. 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 March 31, 2021 and December 31, 2020. Loans and Leases The fair value of loans and leases were estimated using an exit price, representing the amount that would be expected to be received if the Company sold the loans and leases. The fair value of performing loans and leases were estimated through use of discounted cash flows. Credit loss assumptions were based on market PD/LGD for loan and lease cohorts. The discount rate was based primarily on recent market origination rates. Fair value of loans and leases individually assessed 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 March 31, 2021 and December 31, 2020 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 March 31, 2021 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 $ 400,880 ā $ 400,880 ā $ ā ā $ ā ā $ 400,880 AFS securities ā 2,697,043 ā ā ā 2,697,043 ā ā ā 2,697,043 HTM securities ā 543,575 ā ā ā 593,589 ā 12,770 ā 606,359 Restricted stock ā 76,824 ā ā ā 76,824 ā ā ā 76,824 Loans held for sale ā 49,082 ā ā ā 49,082 ā ā ā 49,082 Net loans ā 14,129,369 ā ā ā ā ā 13,950,754 ā 13,950,754 Derivatives: ā ā ā ā ā Interest rate swap ā 106,450 ā ā ā 106,450 ā ā ā 106,450 Fair value hedges ā 2,139 ā ā ā 2,139 ā ā ā 2,139 Accrued interest receivable ā 74,603 ā ā ā 74,603 ā ā ā 74,603 BOLI ā 328,627 ā ā ā 328,627 ā ā ā 328,627 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 16,298,017 ā $ ā ā $ 16,328,962 ā $ ā ā $ 16,328,962 Borrowings ā 563,600 ā ā ā 538,488 ā ā ā 538,488 Accrued interest payable ā 3,561 ā ā ā 3,561 ā ā ā 3,561 Derivatives: ā ā ā ā ā Interest rate swap ā 106,450 ā ā ā 106,450 ā ā ā 106,450 Cash flow hedges ā 1,808 ā ā ā 1,808 ā ā ā 1,808 Fair value hedges ā 7,949 ā ā ā 7,949 ā ā ā 7,949 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2020 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 $ 493,294 ā $ 493,294 ā $ ā ā $ ā ā $ 493,294 AFS securities ā 2,540,419 ā ā ā 2,540,419 ā ā ā 2,540,419 HTM securities ā 544,851 ā ā ā 606,496 ā 13,269 ā 619,765 Restricted stock ā 94,782 ā ā ā 94,782 ā ā ā 94,782 Loans held for sale ā ā 96,742 ā ā ā ā 96,742 ā ā ā ā 96,742 Net loans ā 13,860,774 ā ā ā ā ā 13,710,640 ā 13,710,640 Derivatives: ā ā ā ā ā Interest rate swap ā 163,360 ā ā ā 163,360 ā ā ā 163,360 Accrued interest receivable ā 75,757 ā ā ā 75,757 ā ā ā 75,757 BOLI ā 326,892 ā ā ā 326,892 ā ā ā 326,892 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 15,722,765 ā $ ā ā $ 15,763,991 ā $ ā ā $ 15,763,991 Borrowings ā 840,717 ā ā ā 821,516 ā ā ā 821,516 Accrued interest payable ā 2,516 ā ā ā 2,516 ā ā ā 2,516 Derivatives: ā ā ā ā ā Interest rate swap ā 163,360 ā ā ā 163,360 ā ā ā 163,360 Fair value hedges ā 12,483 ā ā ā 12,483 ā ā ā 12,483 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 | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | 11. 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 mortgage banking 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. Mortgage banking income is earned when the originated loans are sold to an investor on the secondary market. The loans are classified as loans held for sale prior to being sold. Additionally, the changes in fair value of the loans held for sale, loan commitments, and related derivatives are included in mortgage banking income. Noninterest income disaggregated by major source, for the three months ended March 31, 2021 and 2020, consisted of the following (dollars in thousands): ā ā ā ā ā ā ā ā Three Months Ended ā ā March 31, ā March 31, ā ā 2021 ā 2020 Noninterest income: ā ā Deposit Service Charges (1) ā ā Overdraft fees ā $ 3,081 ā $ 5,765 Maintenance fees & other ā 2,428 ā 1,813 Other service charges, commissions, and fees (1) ā 1,701 ā 1,624 Interchange fees (1) ā 1,847 ā 1,625 Fiduciary and asset management fees (1) ā ā ā ā Trust asset management fees ā 2,908 ā 2,827 Registered advisor management fees ā 2,327 ā 2,088 Brokerage management fees ā 1,240 ā 1,069 Mortgage banking income ā 8,255 ā 2,022 Gains on securities transactions ā 78 ā 1,936 Bank owned life insurance income ā 2,265 ā 2,049 Loan-related interest rate swap fees ā 1,754 ā 3,948 Other operating income (2) ā 3,101 ā 2,141 Total noninterest income ā $ 30,985 ā $ 28,907 (1) Income within scope of Topic 606. (2) Includes income within the scope of Topic 606 of $1.0 million and $ 2.4 million for the three months ended March 31, 2021 and 2020, respectively. The remaining balance is outside the scope of Topic 606 and includes a $1.8 million loss related to the termination of a cash flow hedge that occurred during the three months ended March 31, 2020. ā ā |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 12. EARNINGS PER SHARE Basic EPS is computed by dividing net income available to common shareholders 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. The following table presents basic and diluted EPS calculations for the three months ended March 31, 2021 and 2020 (dollars in thousands except per share data): ā ā ā ā ā ā ā ā ā Three Months Ended ā ā March 31, ā ā 2021 ā 2020 Net Income: ā ā ā ā ā ā Net Income ā ā 56,189 ā ā 7,089 Preferred Stock Dividends ā ā 2,967 ā ā ā Net income available to common shareholders ā $ 53,222 ā $ 7,089 ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted average shares outstanding, basic ā 78,863 ā 79,290 Dilutive effect of stock awards ā 21 ā 27 Weighted average shares outstanding, diluted ā 78,884 ā 79,317 ā ā ā ā ā ā ā Earnings per common share, basic ā $ 0.67 ā $ 0.09 Earnings per common share, diluted ā $ 0.67 ā $ 0.09 ā |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 13. SEGMENT REPORTING Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision makers in deciding how to allocate resources and assessing performance. The Bank is the Companyās only reportable operating segment upon which management makes decisions regarding how to allocate resources and assess performance. While the Companyās chief operating decision makers do have some limited financial information about its various financial products and services, that information is not complete since it does not include a full allocation of revenue, costs, and capital from key corporate functions; therefore, the Company evaluates financial performance on the Company-wide basis. Management continues to evaluate these business units for separate reporting as facts and circumstances change. ā |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS ā On May 4, 2021 , the Companyās Board of Directors declared a quarterly dividend of $0.28 per share of common stock. The common stock dividend amount is an increase of $0.03 , or 12.0% from the dividend paid in the prior quarter and the second quarter of 2020 . The common stock dividend is payable on June 4, 2021 to common shareholders of record as of May 21, 2021 . 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 $171.88 per share (equivalent to $0.43 per outstanding depositary share) is consistent with the prior quarter. The preferred stock dividend is payable on June 1, 2021 to preferred shareholders of record as of May 17, 2021 . ā On May 4, 2021, the Companyās Board of Directors authorized a new share repurchase program to purchase up to $125 million worth of the Companyās common stock in open market transactions or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Exchange Act. This new share repurchase program expires on June 30, 2022 and replaces the prior repurchase program that was due to expire on June 30, 2021 . ā ā |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
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 129 branches and approximately 150 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Atlantic Union Bank Wealth Management 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., and Dixon, Hubard, Feinour, & Brown, Inc., which provide investment advisory services, Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. ā Effective March 1, 2021, Middleburg Financial, the Bankās wealth management division was rebranded to Atlantic Union Bank Wealth Management, and Middleburg Investment Services, LLC changed its name to Atlantic Union Financial Consultants, LLC. ā The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. 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 The unaudited consolidated financial statements should be read in conjunction with the Companyās audited consolidated financial statements and notes thereto included in the Companyās 2020 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. |
Adoption of New Accounting Standards | ā Adoption of New Accounting Standards In March 2020, the FASB issued Topic 848. This guidance provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform associated with the LIBOR transition. LIBOR and other interbank offered rates are widely used benchmark or reference rates that have been used in the valuation of loans, derivatives, and other financial contracts. Global capital markets are going to be required to move away from LIBOR and other interbank offered rates and toward rates that are more observable or transaction based and less susceptible to manipulation. Topic 848 provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. Topic 848 is intended to help stakeholders during the global market-wide reference rate transition period. The amendments are effective as of March 12, 2020 through December 31, 2022 and can be adopted at an instrument level. As of March 31, 2021, the Company utilized the expedient to assert probability of the hedged interest, regardless of any expected modification in terms related to reference rate reform for the newly executed cash flow hedges. The Company expects to incorporate other components of Topic 848 at a later date. This amendment does not have a material impact on the consolidated financial statements. On January 1, 2021, the Company adopted Topic 740. This guidance was issued to simplify accounting for income taxes by removing specific technical exceptions that often produce information difficult for users of financial statements to understand. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Companyās adoption of Topic 740 did not have a material impact on the consolidated financial statements. |
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. Restricted cash is disclosed in Note 7 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. |
Accrued Interest Receivable | Accrued Interest Receivable The Company has elected to exclude accrued interest from the amortized cost basis in its determination of the ALLL, as well as the ACL reserve for securities. Accrued interest receivable totaled $57.4 million and $56.7 million on loans held for investment, $5.1 million and $6.8 million on HTM securities, and $11.7 million and $11.9 million on AFS securities at March 31, 2021 and December 31, 2020, respectfully, and is included in āOther Assetsā on the Companyās Consolidated Balance Sheets. The Companyās policy is to write off accrued interest receivable through reversal of interest income when it becomes probable the Company will not be able to collect the accrued interest. For the quarters ended March 31, 2021 and March 31, 2020, accrued interest receivable write offs were not material to the Companyās consolidated financial statements. |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Amortized Cost of HTM Securities by Security Type and Credit Rating | The following table presents the amortized cost of HTM securities as of March 31, 2021 and December 31, 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 U.S. Government and Agency Obligations of states and political Mortgage-backed Total HTM ā ā securities ā subdivisions ā securities ā securities March 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā Credit Rating: ā ā ā ā ā ā ā ā ā ā AAA/AA/A ā $ ā ā $ 531,203 ā $ ā ā $ 531,203 Not Rated - Agency (1) ā ā 2,676 ā ā ā ā ā 5,265 ā ā 7,941 Not Rated - Non-Agency ā ā ā ā 4,431 ā ā ā ā ā 4,431 Total ā $ 2,676 ā $ 535,634 ā $ 5,265 ā $ 543,575 December 31, 2020 ā ā ā ā ā ā ā ā ā ā ā ā Credit Rating: ā ā ā ā ā ā ā ā ā ā AAA/AA/A ā $ ā ā $ 532,157 ā $ ā ā $ 532,157 Not Rated - Agency (1) ā ā 2,751 ā ā ā ā ā 5,333 ā ā 8,084 Not Rated - Non-Agency ā ā ā ā 4,610 ā ā ā ā ā 4,610 Total ā $ 2,751 ā $ 536,767 ā $ 5,333 ā $ 544,851 (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 months ended March 31, 2021 and 2020 (dollars in thousands). ā ā ā ā ā ā ā ā Three Months Ended Three Months Ended ā ā March 31, 2021 ā March 31, 2020 Realized gains (losses): ā ā Gross realized gains ā $ 138 ā $ 2,164 Gross realized losses ā (60) ā (228) Net realized gains ā $ 78 ā $ 1,936 ā ā ā ā ā ā ā Proceeds from sales of securities ā $ 45,436 ā $ 120,701 |
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 March 31, 2021 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 March 31, 2021 ā ā ā ā ā U.S. government and agency securities ā $ 11,470 ā $ 254 ā $ (47) ā $ 11,677 Obligations of states and political subdivisions ā 868,297 ā 35,757 ā (4,956) ā 899,098 Corporate and other bonds (1) ā 145,403 ā 2,448 ā (243) ā 147,608 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā Agency ā ā 316,527 ā 11,260 ā (1,615) ā ā 326,172 Non-agency ā ā 58,691 ā 79 ā (110) ā ā 58,660 Total commercial mortgage-backed securities ā ā 375,218 ā 11,339 ā (1,725) ā ā 384,832 Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 1,138,014 ā 26,812 ā (13,668) ā ā 1,151,158 Non-agency ā ā 100,036 ā 1,521 ā (512) ā ā 101,045 Total residential mortgage-backed securities ā ā 1,238,050 ā 28,333 ā (14,180) ā ā 1,252,203 Other securities ā 1,625 ā ā ā ā ā 1,625 Total AFS securities ā $ 2,640,063 ā $ 78,131 ā $ (21,151) ā $ 2,697,043 (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, 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 December 31, 2020 ā ā ā ā ā ā ā ā ā ā ā ā U.S. government and agency securities ā $ 13,009 ā $ 437 ā $ (52) ā $ 13,394 Obligations of states and political subdivisions ā ā 786,466 ā ā 50,878 ā ā (18) ā ā 837,326 Corporate and other bonds (1) ā 148,747 ā 2,430 ā (99) ā 151,078 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā Agency ā ā 321,015 ā ā 16,277 ā ā (2) ā ā 337,290 Non-agency ā ā 51,244 ā ā 167 ā ā (17) ā ā 51,394 Total commercial mortgage-backed securities ā ā 372,259 ā ā 16,444 ā ā (19) ā ā 388,684 Residential mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 1,012,237 ā ā 31,816 ā ā (1,946) ā ā 1,042,107 Non-agency ā ā 104,904 ā ā 1,507 ā ā (206) ā ā 106,205 Total residential mortgage-backed securities ā ā 1,117,141 ā ā 33,323 ā ā (2,152) ā ā 1,148,312 Other securities ā 1,625 ā ā ā ā ā 1,625 Total AFS securities ā $ 2,439,247 ā $ 103,512 ā $ (2,340) ā $ 2,540,419 (1) Other bonds include asset-backed securities |
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 ACL has not been recorded at March 31, 2021 and December 31, 2020 and that are not deemed to be impaired as of those dates. 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 March 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā U.S. government and agency securities ā $ ā ā $ ā ā $ 4,899 ā $ (47) ā $ 4,899 ā $ (47) Obligations of states and political subdivisions ā ā 271,172 ā ā (4,956) ā ā ā ā ā ā ā ā 271,172 ā ā (4,956) Corporate and other bonds (1) ā 42,612 ā (237) ā 4,785 ā (6) ā 47,397 ā (243) Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 65,708 ā ā (1,614) ā ā 359 ā ā (1) ā ā 66,067 ā ā (1,615) Non-agency ā ā 26,736 ā ā (110) ā ā ā ā ā ā ā ā 26,736 ā ā (110) Total commercial mortgage-backed securities ā ā 92,444 ā ā (1,724) ā ā 359 ā ā (1) ā ā 92,803 ā ā (1,725) 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 558,523 ā ā (13,650) ā ā 1,175 ā ā (18) ā ā 559,698 ā ā (13,668) Non-agency ā ā 36,031 ā ā (491) ā ā 10,070 ā ā (21) ā ā 46,101 ā ā (512) Total residential mortgage-backed securities ā ā 594,554 ā ā (14,141) ā ā 11,245 ā ā (39) ā ā 605,799 ā ā (14,180) Total AFS securities ā $ 1,000,782 ā $ (21,058) ā $ 21,288 ā $ (93) ā $ 1,022,070 ā $ (21,151) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2020 ā ā ā ā ā ā U.S. government and agency securities ā $ ā ā $ ā ā $ 5,456 ā $ (52) ā $ 5,456 ā $ (52) Obligations of states and political subdivisions ā ā 5,091 ā ā (18) ā ā ā ā ā ā ā ā 5,091 ā ā (18) Corporate and other bonds (1) ā 17,946 ā (52) ā 10,698 ā (47) ā 28,644 ā (99) Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 5,893 ā ā (2) ā ā 376 ā ā ā ā ā 6,269 ā ā (2) Non-agency ā ā 17,654 ā ā (17) ā ā ā ā ā ā ā ā 17,654 ā ā (17) Total commercial mortgage-backed securities ā ā 23,547 ā ā (19) ā ā 376 ā ā ā ā ā 23,923 ā ā (19) 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 219,388 ā ā (1,944) ā ā 1,055 ā ā (2) ā ā 220,443 ā ā (1,946) Non-agency ā ā 36,942 ā ā (206) ā ā ā ā ā ā ā ā 36,942 ā ā (206) Total residential mortgage-backed securities ā ā 256,330 ā ā (2,150) ā ā 1,055 ā ā (2) ā ā 257,385 ā ā (2,152) Total AFS securities ā $ 302,914 ā $ (2,239) ā $ 17,585 ā $ (101) ā $ 320,499 ā $ (2,340) (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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 ā December 31, 2020 ā Amortized Estimated Amortized Estimated ā ā Cost ā Fair Value ā Cost ā Fair Value Due in one year or less ā $ 18,007 ā $ 18,168 ā $ 19,875 ā $ 19,997 Due after one year through five years ā 166,575 ā 172,723 ā 161,448 ā 169,103 Due after five years through ten years ā 233,566 ā 239,838 ā 235,021 ā 242,791 Due after ten years ā 2,221,915 ā 2,266,314 ā 2,022,903 ā 2,108,528 Total AFS securities ā $ 2,640,063 ā $ 2,697,043 ā $ 2,439,247 ā $ 2,540,419 |
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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 ā December 31, 2020 ā Carrying Estimated Carrying Estimated ā ā Value ā Fair Value ā Value ā Fair Value Due in one year or less ā $ 1,441 ā $ 1,449 ā $ 1,443 ā $ 1,460 Due after one year through five years ā 8,518 ā 8,786 ā 8,577 ā 8,893 Due after five years through ten years ā 1,680 ā 1,719 ā 1,744 ā 1,805 Due after ten years ā 531,936 ā 594,405 ā 533,087 ā 607,607 Total HTM securities ā $ 543,575 ā $ 606,359 ā $ 544,851 ā $ 619,765 |
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 March 31, 2021 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 March 31, 2021 ā ā ā ā ā U.S. government and agency securities ā $ 2,676 ā $ ā ā $ (31) ā $ 2,645 Obligations of states and political subdivisions ā ā 535,634 ā ā 62,880 ā ā ā ā ā 598,514 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā ā ā Agency ā ā 5,265 ā ā 1 ā ā (66) ā ā 5,200 Non-agency ā ā ā ā ā ā ā ā ā ā ā ā Total commercial mortgage-backed securities ā ā 5,265 ā ā 1 ā ā (66) ā ā 5,200 Total held-to-maturity securities ā $ 543,575 ā $ 62,881 ā $ (97) ā $ 606,359 ā The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 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) Fair Value December 31, 2020 ā ā ā ā U.S. government and agency securities ā $ 2,751 ā $ ā ā $ (18) ā $ 2,733 Obligations of states and political subdivisions ā ā 536,767 ā ā 74,978 ā ā ā ā ā 611,745 Commercial mortgage-backed securities ā ā ā ā ā ā ā ā ā Agency ā ā 5,333 ā ā 4 ā ā (50) ā ā 5,287 Non-agency ā ā ā ā ā ā ā ā ā ā ā ā Total commercial mortgage-backed securities ā ā 5,333 ā ā 4 ā ā (50) ā ā 5,287 Total held-to-maturity securities ā $ 544,851 ā $ 74,982 ā $ (68) ā $ 619,765 |
LOANS AND ALLOWANCE FOR LOAN _2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā March 31, 2021 December 31, 2020 Construction and Land Development ā $ 884,303 ā $ 925,798 Commercial Real Estate - Owner Occupied ā 2,083,155 ā 2,128,909 Commercial Real Estate - Non-Owner Occupied ā 3,671,471 ā 3,657,562 Multifamily Real Estate ā 842,906 ā 814,745 Commercial & Industrial (1) ā 3,599,884 ā 3,263,460 Residential 1-4 Family - Commercial ā 658,051 ā 671,949 Residential 1-4 Family - Consumer ā 816,916 ā 822,866 Residential 1-4 Family - Revolving ā 563,786 ā 596,996 Auto ā 406,349 ā 401,324 Consumer ā 215,711 ā 247,730 Other Commercial (2) ā 529,748 ā 489,975 Total loans held for investment, net of deferred fees and costs (3) ā ā 14,272,280 ā ā 14,021,314 Allowance for loan and lease losses ā ā (142,911) ā ā (160,540) Total loans held for investment, net ā $ 14,129,369 ā $ 13,860,774 (1) Commercial & industrial loans include approximately $1.5 billion and $1.2 b illion in loans from the PPP at March 31, 2021 and December 31, 2020, respectively. . (2) Other commercial loans include approximately $20.2 million and $11.3 million in loans from the PPP at March 31, 2021 and December 31, 2020, respectively. ā (3) Total loans include unamortized premiums and discounts, and unamortized deferred fees and costs totaling $83.8 million and $69.7 million as of March 31, 2021 and December 31, 2020, respectively. |
Summary of Aging of the Loan Portfolio by Class | The following table shows the aging of the Companyās loan portfolio, by class, at March 31, 2021 (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 Current ā Past Due ā Past Due ā still Accruing ā Nonaccrual ā Total Loans ā Construction and Land Development ā $ 880,139 ā $ 865 ā $ 473 ā $ 189 ā $ 2,637 ā $ 884,303 ā Commercial Real Estate - Owner Occupied ā 2,069,019 ā 3,426 ā 514 ā 3,180 ā 7,016 ā 2,083,155 ā Commercial Real Estate - Non-Owner Occupied ā 3,666,228 ā 1,055 ā 1,413 ā 817 ā 1,958 ā 3,671,471 ā Multifamily Real Estate ā 842,638 ā 187 ā 81 ā ā ā ā ā 842,906 ā Commercial & Industrial ā 3,593,508 ā 3,086 ā 613 ā 654 ā 2,023 ā 3,599,884 ā Residential 1-4 Family - Commercial ā 645,684 ā 1,803 ā 798 ā 576 ā 9,190 ā 658,051 ā Residential 1-4 Family - Consumer ā 791,466 ā 6,831 ā 808 ā 3,041 ā 14,770 ā 816,916 ā Residential 1-4 Family - Revolving ā 557,335 ā 1,397 ā 284 ā 917 ā 3,853 ā 563,786 ā Auto ā 404,692 ā 1,035 ā 165 ā 154 ā 303 ā 406,349 ā Consumer ā 214,438 ā 595 ā 314 ā 248 ā 116 ā 215,711 ā Other Commercial ā ā 529,253 ā ā 407 ā ā 88 ā ā ā ā ā ā ā ā 529,748 ā Total loans held for investment ā $ 14,194,400 ā $ 20,687 ā $ 5,551 ā $ 9,776 ā $ 41,866 ā $ 14,272,280 ā % of total loans ā ā 99.45 % ā 0.15 % ā 0.04 % ā 0.07 % ā 0.29 % ā 100.00 % ā The following table shows the aging of the Companyās loan portfolio, by class, at December 31, 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 Greater than 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 $ 920,276 ā $ 1,903 ā $ 547 ā $ ā ā $ 3,072 ā $ 925,798 ā Commercial Real Estate - Owner Occupied ā 2,114,804 ā 1,870 ā 1,380 ā 3,727 ā 7,128 ā 2,128,909 ā Commercial Real Estate - Non-Owner Occupied ā 3,651,232 ā 2,144 ā 1,721 ā 148 ā 2,317 ā 3,657,562 ā Multifamily Real Estate ā 814,095 ā 617 ā ā ā ā ā 33 ā 814,745 ā Commercial & Industrial ā 3,257,201 ā 1,848 ā 1,190 ā 1,114 ā 2,107 ā 3,263,460 ā Residential 1-4 Family - Commercial ā 657,351 ā 2,227 ā 818 ā 1,560 ā 9,993 ā 671,949 ā Residential 1-4 Family - Consumer ā 792,852 ā 10,182 ā 1,533 ā 5,699 ā 12,600 ā 822,866 ā Residential 1-4 Family - Revolving ā 587,522 ā 2,975 ā 1,044 ā 826 ā 4,629 ā 596,996 ā Auto ā 398,206 ā 2,076 ā 376 ā 166 ā 500 ā 401,324 ā Consumer ā 245,551 ā 1,166 ā 550 ā 394 ā 69 ā 247,730 ā Other Commercial ā ā 489,959 ā ā 16 ā ā ā ā ā ā ā ā ā ā ā 489,975 ā Total loans held for investment ā $ 13,929,049 ā $ 27,024 ā $ 9,159 ā $ 13,634 ā $ 42,448 ā $ 14,021,314 ā % of total loans ā ā 99.34 % ā 0.19 % ā 0.07 % ā 0.10 % ā 0.30 % ā 100.00 % |
Summary of Loans on Nonaccrual Status | The following table shows the Companyās amortized cost basis of loans on nonaccrual status as of January 1, 2021, as well as amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of March 31, 2021 (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, 2021 ā March 31, 2021 ā Nonaccrual With No ALLL ā 90 Days and still Accruing Construction and Land Development ā $ 3,072 ā $ 2,637 ā $ 1,985 ā $ 189 Commercial Real Estate - Owner Occupied ā ā 7,128 ā ā 7,016 ā ā 1,994 ā ā 3,180 Commercial Real Estate - Non-Owner Occupied ā ā 2,317 ā ā 1,958 ā ā ā ā ā 817 Multifamily Real Estate ā ā 33 ā ā ā ā ā ā ā ā ā Commercial & Industrial ā ā 2,107 ā ā 2,023 ā ā 1 ā ā 654 Residential 1-4 Family - Commercial ā ā 9,993 ā ā 9,190 ā ā 6,388 ā ā 576 Residential 1-4 Family - Consumer ā ā 12,600 ā ā 14,770 ā ā 2,364 ā ā 3,041 Residential 1-4 Family - Revolving ā ā 4,629 ā ā 3,853 ā ā 60 ā ā 917 Auto ā ā 500 ā ā 303 ā ā ā ā ā 154 Consumer ā ā 69 ā ā 116 ā ā ā ā ā 248 Total loans held for investment ā $ 42,448 ā $ 41,866 ā $ 12,792 ā $ 9,776 ā 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 December 31, 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 December 31, 2020 ā Nonaccrual With No ALLL ā 90 Days and still Accruing Construction and Land Development ā $ 4,060 ā $ 3,072 ā $ 1,985 ā $ ā Commercial Real Estate - Owner Occupied ā ā 13,889 ā ā 7,128 ā ā 1,994 ā ā 3,727 Commercial Real Estate - Non-Owner Occupied ā ā 1,368 ā ā 2,317 ā ā ā ā ā 148 Multifamily Real Estate ā ā ā ā ā 33 ā ā ā ā ā ā Commercial & Industrial ā ā 3,037 ā ā 2,107 ā ā 1 ā ā 1,114 Residential 1-4 Family - Commercial ā ā 6,492 ā ā 9,993 ā ā 6,388 ā ā 1,560 Residential 1-4 Family - Consumer ā ā 13,117 ā ā 12,600 ā ā 1,069 ā ā 5,699 Residential 1-4 Family - Revolving ā ā 2,490 ā ā 4,629 ā ā 60 ā ā 826 Auto ā ā 565 ā ā 500 ā ā ā ā ā 166 Consumer ā ā 88 ā ā 69 ā ā ā ā ā 394 Other Commercial ā ā 98 ā ā ā ā ā ā ā ā ā Total loans held for investment ā $ 45,204 ā $ 42,448 ā $ 11,497 ā $ 13,634 |
Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement | T he 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 March 31, 2021 and December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā December 31, 2020 ā No. of Recorded Outstanding No. of Recorded Outstanding ā ā Loans ā Investment ā Commitment ā Loans ā Investment ā Commitment Performing ā ā ā ā Construction and Land Development 4 ā $ 212 ā $ ā 4 ā $ 215 ā $ ā Commercial Real Estate - Owner Occupied 5 ā 1,827 ā ā 6 ā 2,033 ā 176 Commercial Real Estate - Non-Owner Occupied 1 ā 1,089 ā ā 1 ā 1,089 ā ā Commercial & Industrial 2 ā 446 ā ā 4 ā 727 ā ā Residential 1-4 Family - Commercial 2 ā 109 ā ā 3 ā 245 ā ā Residential 1-4 Family - Consumer 84 ā 9,271 ā ā 77 ā 8,943 ā ā Residential 1-4 Family - Revolving 3 ā 274 ā 3 3 ā 277 ā ā Consumer 4 ā 35 ā ā 3 ā 22 ā ā Other Commercial ā 1 ā ā 407 ā ā ā ā 1 ā ā 410 ā ā ā Total performing 106 ā $ 13,670 ā $ 3 102 ā $ 13,961 ā $ 176 Nonperforming ā ā ā ā Commercial Real Estate - Owner Occupied 1 ā $ 19 ā $ ā 1 ā $ 20 ā $ ā Commercial Real Estate - Non-Owner Occupied ā 1 ā ā 128 ā ā ā ā 1 ā ā 134 ā ā ā Commercial & Industrial 4 ā 427 ā ā 3 ā 237 ā ā Residential 1-4 Family - Commercial 3 ā 404 ā ā 4 ā 1,296 ā ā Residential 1-4 Family - Consumer 26 ā 4,977 ā ā 23 ā 4,865 ā ā Residential 1-4 Family - Revolving 3 ā 103 ā ā 3 ā 103 ā ā Total nonperforming 38 ā $ 6,058 ā $ ā 35 ā $ 6,655 ā $ ā Total performing and nonperforming 144 ā $ 19,728 ā $ 3 137 ā $ 20,616 ā $ 176 |
Schedule of TDR by Class and Modification Type | The following table shows, by class and modification type, TDRs that occurred during the three months ended March 31, 2021 and 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2021 ā Three Months Ended March 31, 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 ā ā $ ā 1 ā $ 517 Residential 1-4 Family - Consumer 2 ā 105 ā ā ā Total loan term extended at a market rate 2 ā $ 105 1 ā $ 517 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 9 ā 472 10 ā 1,763 Consumer 1 ā 16 ā ā ā Total loan term extended at a below market rate 10 ā $ 488 11 ā $ 1,798 ā ā ā ā ā ā ā ā ā ā ā Interest rate modification, below market rate ā ā Residential 1-4 Family - Commercial 1 ā $ 45 ā ā $ ā Total interest only at below market rate of interest 1 ā $ 45 ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā Total 13 ā $ 638 12 ā $ 2,315 |
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 months ended March 31, 2021 and 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2021 ā ā Commercial ā Consumer ā Total Balance at beginning of period ā $ 117,403 ā $ 43,137 ā $ 160,540 Loans charged-off ā (1,974) ā (1,667) ā (3,641) Recoveries credited to allowance ā 1,606 ā 863 ā 2,469 Provision charged to operations ā (10,603) ā (5,854) ā (16,457) Balance at end of period ā $ 106,432 ā $ 36,479 ā $ 142,911 ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2020 ā ā Commercial ā Consumer ā Total Balance at beginning of period ā $ 30,941 ā $ 11,353 ā $ 42,294 Impact of ASC 326 adoption on non-PCD loans ā 4,432 ā 40,666 ā 45,098 Impact of ASC 326 adoption on PCD loans ā 1,752 ā 634 ā 2,386 Impact of adopting ASC 326 ā 6,184 ā 41,300 ā 47,484 Loans charged-off ā (2,968) ā (4,183) ā (7,151) Recoveries credited to allowance ā 1,154 ā 1,006 ā 2,160 Provision charged to operations ā 42,532 ā 13,724 ā 56,256 Balance at end of period ā $ 77,843 ā $ 63,200 ā $ 141,043 |
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 March 31, 2021 (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 March 31, 2021 ā ā ā Term Loans Amortized Cost Basis by Origination Year ā ā ā ā ā ā ā ā 2021 ā 2020 ā 2019 ā 2018 ā 2017 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 $ 61,584 ā $ 340,066 ā $ 215,340 ā $ 77,960 ā $ 22,165 ā $ 65,264 ā $ 26,117 ā $ 808,496 Watch ā ā 13 ā ā 2,486 ā ā 23,950 ā ā 1,834 ā ā 571 ā ā 5,521 ā ā 412 ā ā 34,787 Special Mention ā ā ā ā ā ā ā ā 5,635 ā ā 135 ā ā ā ā ā 1,062 ā ā ā ā ā 6,832 Substandard ā ā ā ā ā ā ā ā ā ā ā 28,395 ā ā 8 ā ā 5,785 ā ā ā ā ā 34,188 Total Construction and Land Development ā $ 61,597 ā $ 342,552 ā $ 244,925 ā $ 108,324 ā $ 22,744 ā $ 77,632 ā $ 26,529 ā $ 884,303 ā 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 $ 34,001 ā $ 273,173 ā $ 346,684 ā $ 285,739 ā $ 216,109 ā $ 664,203 ā $ 17,023 ā $ 1,836,932 Watch ā ā ā ā ā 15,073 ā ā 16,771 ā ā 23,606 ā ā 15,970 ā ā 66,770 ā ā 932 ā ā 139,122 Special Mention ā ā ā ā ā 974 ā ā 27,269 ā ā 5,393 ā ā 4,909 ā ā 36,050 ā ā 1,841 ā ā 76,436 Substandard ā ā ā ā ā ā ā ā 4,950 ā ā 5,060 ā ā 158 ā ā 20,497 ā ā ā ā ā 30,665 Total Commercial Real Estate - Owner Occupied ā $ 34,001 ā $ 289,220 ā $ 395,674 ā $ 319,798 ā $ 237,146 ā $ 787,520 ā $ 19,796 ā $ 2,083,155 ā 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 $ 113,841 ā $ 381,511 ā $ 429,913 ā $ 401,006 ā $ 395,726 ā $ 1,183,233 ā $ 35,333 ā $ 2,940,563 Watch ā ā ā ā ā 17,458 ā ā 160,682 ā ā 81,003 ā ā 40,014 ā ā 231,751 ā ā 15,291 ā ā 546,199 Special Mention ā ā ā ā ā 698 ā ā 23,529 ā ā 30,489 ā ā 31,998 ā ā 65,303 ā ā 723 ā ā 152,740 Substandard ā ā ā ā ā 10,991 ā ā ā ā ā 13,263 ā ā ā ā ā 7,715 ā ā ā ā ā 31,969 Total Commercial Real Estate - Non-Owner Occupied ā $ 113,841 ā $ 410,658 ā $ 614,124 ā $ 525,761 ā $ 467,738 ā $ 1,488,002 ā $ 51,347 ā $ 3,671,471 ā 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 $ 587,238 ā $ 1,519,813 ā $ 334,830 ā $ 199,114 ā $ 59,668 ā $ 196,093 ā $ 564,292 ā $ 3,461,048 Watch ā ā 23 ā ā 13,018 ā ā 25,346 ā ā 14,560 ā ā 2,559 ā ā 6,048 ā ā 17,433 ā ā 78,987 Special Mention ā ā 15,235 ā ā 1,260 ā ā 6,396 ā ā 3,669 ā ā 4,630 ā ā 1,731 ā ā 11,265 ā ā 44,186 Substandard ā ā ā ā ā 527 ā ā 4,942 ā ā 1,278 ā ā 303 ā ā 2,865 ā ā 5,748 ā ā 15,663 Total Commercial & Industrial ā $ 602,496 ā $ 1,534,618 ā $ 371,514 ā $ 218,621 ā $ 67,160 ā $ 206,737 ā $ 598,738 ā $ 3,599,884 ā 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 $ 8,219 ā $ 143,295 ā $ 114,224 ā $ 166,220 ā $ 102,337 ā $ 269,062 ā $ 2,927 ā $ 806,284 Watch ā ā ā ā ā ā ā ā 4,398 ā ā 471 ā ā ā ā ā 24,243 ā ā ā ā ā 29,112 Special Mention ā ā ā ā ā 2,280 ā ā 640 ā ā 4,383 ā ā ā ā ā 94 ā ā ā ā ā 7,397 Substandard ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 113 ā ā ā ā ā 113 Total Multifamily Real Estate ā $ 8,219 ā $ 145,575 ā $ 119,262 ā $ 171,074 ā $ 102,337 ā $ 293,512 ā $ 2,927 ā $ 842,906 ā 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 $ 20,945 ā $ 106,176 ā $ 82,343 ā $ 62,283 ā $ 74,998 ā $ 254,905 ā $ 2,294 ā $ 603,944 Watch ā ā ā ā ā 659 ā ā 3,898 ā ā 8,013 ā ā 3,916 ā ā 13,632 ā ā 193 ā ā 30,311 Special Mention ā ā 165 ā ā ā ā ā 2,744 ā ā 456 ā ā 444 ā ā 6,007 ā ā ā ā ā 9,816 Substandard ā ā ā ā ā ā ā ā 773 ā ā 5,433 ā ā 1,444 ā ā 5,842 ā ā 488 ā ā 13,980 Total Residential 1-4 Family - Commercial ā $ 21,110 ā $ 106,835 ā $ 89,758 ā $ 76,185 ā $ 80,802 ā $ 280,386 ā $ 2,975 ā $ 658,051 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 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 $ 50,013 ā $ 216,949 ā $ 111,954 ā $ 8,870 ā $ 30,297 ā $ 57,341 ā $ 21,903 ā $ 497,327 Watch ā ā ā ā ā ā ā ā ā ā ā 605 ā ā 1,286 ā ā 3,835 ā ā ā ā ā 5,726 Special Mention ā ā ā ā ā ā ā ā ā ā ā ā ā ā 5 ā ā 612 ā ā 26,078 ā ā 26,695 Total Other Commercial ā $ 50,013 ā $ 216,949 ā $ 111,954 ā $ 9,475 ā $ 31,588 ā $ 61,788 ā $ 47,981 ā $ 529,748 ā 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 $ 875,841 ā $ 2,980,983 ā $ 1,635,288 ā $ 1,201,192 ā $ 901,300 ā $ 2,690,101 ā $ 669,889 ā $ 10,954,594 Watch ā ā 36 ā ā 48,694 ā ā 235,045 ā ā 130,092 ā ā 64,316 ā ā 351,800 ā ā 34,261 ā ā 864,244 Special Mention ā ā 15,400 ā ā 5,212 ā ā 66,213 ā ā 44,525 ā ā 41,986 ā ā 110,859 ā ā 39,907 ā ā 324,102 Substandard ā ā ā ā ā 11,518 ā ā 10,665 ā ā 53,429 ā ā 1,913 ā ā 42,817 ā ā 6,236 ā ā 126,578 Total Commercial ā $ 891,277 ā $ 3,046,407 ā $ 1,947,211 ā $ 1,429,238 ā $ 1,009,515 ā $ 3,195,577 ā $ 750,293 ā $ 12,269,518 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 December 31, 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 December 31, 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 $ 316,585 ā $ 277,142 ā $ 116,800 ā $ 24,770 ā $ 42,970 ā $ 54,023 ā $ 23,324 ā $ 855,614 Watch ā ā 1,873 ā ā 18,181 ā ā 8,434 ā ā 344 ā ā 2,355 ā ā 6,372 ā ā 412 ā ā 37,971 Special Mention ā ā ā ā ā 5,532 ā ā 135 ā ā ā ā ā ā ā ā 2,655 ā ā ā ā ā 8,322 Substandard ā ā ā ā ā ā ā ā 17,780 ā ā 64 ā ā 2,037 ā ā 4,010 ā ā ā ā ā 23,891 Total Construction and Land Development ā $ 318,458 ā $ 300,855 ā $ 143,149 ā $ 25,178 ā $ 47,362 ā $ 67,060 ā $ 23,736 ā $ 925,798 ā 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 $ 286,522 ā $ 375,541 ā $ 300,583 ā $ 233,359 ā $ 128,261 ā $ 570,361 ā $ 18,838 ā $ 1,913,465 Watch ā ā 1,942 ā ā 14,611 ā ā 22,224 ā ā 15,623 ā ā 24,979 ā ā 41,361 ā ā 1,648 ā ā 122,388 Special Mention ā ā 988 ā ā 6,052 ā ā 5,749 ā ā 4,198 ā ā 9,907 ā ā 30,455 ā ā 1,121 ā ā 58,470 Substandard ā ā ā ā ā 4,858 ā ā 5,159 ā ā 914 ā ā 1,555 ā ā 21,101 ā ā 999 ā ā 34,586 Total Commercial Real Estate - Owner Occupied ā $ 289,452 ā $ 401,062 ā $ 333,715 ā $ 254,094 ā $ 164,702 ā $ 663,278 ā $ 22,606 ā $ 2,128,909 ā 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 $ 381,849 ā $ 455,427 ā $ 433,183 ā $ 403,677 ā $ 336,630 ā $ 850,035 ā $ 30,421 ā $ 2,891,222 Watch ā ā 28,354 ā ā 142,279 ā ā 76,838 ā ā 59,451 ā ā 79,533 ā ā 224,944 ā ā 16,870 ā ā 628,269 Special Mention ā ā 702 ā ā 11,072 ā ā 34,905 ā ā 18,073 ā ā 40,771 ā ā 11,211 ā ā 723 ā ā 117,457 Substandard ā ā 246 ā ā ā ā ā 13,357 ā ā ā ā ā 25 ā ā 6,986 ā ā ā ā ā 20,614 Total Commercial Real Estate - Non-Owner Occupied ā $ 411,151 ā $ 608,778 ā $ 558,283 ā $ 481,201 ā $ 456,959 ā $ 1,093,176 ā $ 48,014 ā $ 3,657,562 ā 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 $ 1,730,876 ā $ 350,618 ā $ 199,489 ā $ 67,035 ā $ 71,799 ā $ 140,461 ā $ 590,701 ā $ 3,150,979 Watch ā ā 4,872 ā ā 32,028 ā ā 13,073 ā ā 6,500 ā ā 3,182 ā ā 4,906 ā ā 19,972 ā ā 84,533 Special Mention ā ā 1,009 ā ā 2,178 ā ā 3,890 ā ā 1,150 ā ā 724 ā ā 1,234 ā ā 4,755 ā ā 14,940 Substandard ā ā 534 ā ā 4,269 ā ā 1,274 ā ā 309 ā ā 560 ā ā 2,676 ā ā 3,386 ā ā 13,008 Total Commercial & Industrial ā $ 1,737,291 ā $ 389,093 ā $ 217,726 ā $ 74,994 ā $ 76,265 ā $ 149,277 ā $ 618,814 ā $ 3,263,460 ā 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 $ 144,805 ā $ 85,740 ā $ 150,724 ā $ 117,881 ā $ 67,984 ā $ 231,113 ā $ 2,311 ā $ 800,558 Watch ā ā ā ā ā 5,074 ā ā 475 ā ā ā ā ā 617 ā ā 560 ā ā ā ā ā 6,726 Special Mention ā ā 2,280 ā ā ā ā ā 4,388 ā ā ā ā ā ā ā ā 760 ā ā ā ā ā 7,428 Substandard ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 33 ā ā ā ā ā 33 Total Multifamily Real Estate ā $ 147,085 ā $ 90,814 ā $ 155,587 ā $ 117,881 ā $ 68,601 ā $ 232,466 ā $ 2,311 ā $ 814,745 ā 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 $ 104,630 ā $ 89,332 ā $ 70,310 ā $ 79,156 ā $ 68,915 ā $ 201,492 ā $ 2,236 ā $ 616,071 Watch ā ā 666 ā ā 6,665 ā ā 8,252 ā ā 4,141 ā ā 4,067 ā ā 9,307 ā ā 195 ā ā 33,293 Special Mention ā ā ā ā ā ā ā ā 601 ā ā 663 ā ā 468 ā ā 5,923 ā ā ā ā ā 7,655 Substandard ā ā 644 ā ā 793 ā ā 4,913 ā ā 1,995 ā ā 986 ā ā 5,111 ā ā 488 ā ā 14,930 Total Residential 1-4 Family - Commercial ā $ 105,940 ā $ 96,790 ā $ 84,076 ā $ 85,955 ā $ 74,436 ā $ 221,833 ā $ 2,919 ā $ 671,949 ā 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 $ 223,490 ā $ 112,045 ā $ 9,549 ā $ 30,314 ā $ 16,494 ā $ 42,158 ā $ 44,180 ā $ 478,230 Watch ā ā ā ā ā ā ā ā 613 ā ā 1,299 ā ā 1,189 ā ā 3,934 ā ā ā ā ā 7,035 Special Mention ā ā 10 ā ā ā ā ā ā ā ā 7 ā ā ā ā ā 4,591 ā ā 102 ā ā 4,710 Total Other Commercial ā $ 223,500 ā $ 112,045 ā $ 10,162 ā $ 31,620 ā $ 17,683 ā $ 50,683 ā $ 44,282 ā $ 489,975 ā 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 $ 3,188,757 ā $ 1,745,845 ā $ 1,280,638 ā $ 956,192 ā $ 733,053 ā $ 2,089,643 ā $ 712,011 ā $ 10,706,139 Watch ā ā 37,707 ā ā 218,838 ā ā 129,909 ā ā 87,358 ā ā 115,922 ā ā 291,384 ā ā 39,097 ā ā 920,215 Special Mention ā ā 4,989 ā ā 24,834 ā ā 49,668 ā ā 24,091 ā ā 51,870 ā ā 56,829 ā ā 6,701 ā ā 218,982 Substandard ā ā 1,424 ā ā 9,920 ā ā 42,483 ā ā 3,282 ā ā 5,163 ā ā 39,917 ā ā 4,873 ā ā 107,062 Total Commercial ā $ 3,232,877 ā $ 1,999,437 ā $ 1,502,698 ā $ 1,070,923 ā $ 906,008 ā $ 2,477,773 ā $ 762,682 ā $ 11,952,398 |
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 March 31, 2021 (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 March 31, 2021 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 2021 ā 2020 ā 2019 ā 2018 ā 2017 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 $ 59,779 ā $ 203,048 ā $ 73,588 ā $ 56,557 ā $ 58,921 ā $ 339,562 ā $ 11 ā $ 791,466 30-59 Days Past Due ā ā ā ā ā ā ā ā 1,007 ā ā 499 ā ā 1,474 ā ā 3,851 ā ā ā ā ā 6,831 60-89 Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā 108 ā ā 700 ā ā ā ā ā 808 90+ Days Past Due ā ā ā ā ā 607 ā ā 831 ā ā ā ā ā 27 ā ā 1,576 ā ā ā ā ā 3,041 Nonaccrual ā ā ā ā ā ā ā ā 109 ā ā 2,210 ā ā 903 ā ā 11,548 ā ā ā ā ā 14,770 Total Residential 1-4 Family - Consumer ā $ 59,779 ā $ 203,655 ā $ 75,535 ā $ 59,266 ā $ 61,433 ā $ 357,237 ā $ 11 ā $ 816,916 ā 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 $ 1,705 ā $ 11,472 ā $ 3,548 ā $ 1,443 ā $ ā ā $ 488 ā $ 538,679 ā $ 557,335 30-59 Days Past Due ā ā ā ā ā 43 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 1,354 ā ā 1,397 60-89 Days Past Due ā ā ā ā ā 41 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 243 ā ā 284 90+ Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 917 ā ā 917 Nonaccrual ā ā ā ā ā 76 ā ā ā ā ā 20 ā ā ā ā ā 226 ā ā 3,531 ā ā 3,853 Total Residential 1-4 Family - Revolving ā $ 1,705 ā $ 11,632 ā $ 3,548 ā $ 1,463 ā $ ā ā $ 714 ā $ 544,724 ā $ 563,786 ā 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 $ 3,126 ā $ 22,775 ā $ 58,410 ā $ 55,650 ā $ 19,059 ā $ 23,877 ā $ 31,541 ā $ 214,438 30-59 Days Past Due ā ā ā ā ā 47 ā ā 167 ā ā 238 ā ā 70 ā ā 40 ā ā 33 ā ā 595 60-89 Days Past Due ā ā ā ā ā 2 ā ā 152 ā ā 122 ā ā 24 ā ā 6 ā ā 8 ā ā 314 90+ Days Past Due ā ā ā ā ā 8 ā ā 6 ā ā 217 ā ā 10 ā ā 5 ā ā 2 ā ā 248 Nonaccrual ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 116 ā ā ā ā ā 116 Total Consumer ā $ 3,126 ā $ 22,832 ā $ 58,735 ā $ 56,227 ā $ 19,163 ā $ 24,044 ā $ 31,584 ā $ 215,711 ā 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 $ 37,040 ā $ 166,686 ā $ 104,887 ā $ 49,676 ā $ 28,220 ā $ 18,183 ā $ ā ā $ 404,692 30-59 Days Past Due ā ā 55 ā ā 89 ā ā 244 ā ā 193 ā ā 278 ā ā 176 ā ā ā ā ā 1,035 60-89 Days Past Due ā ā ā ā ā 42 ā ā 82 ā ā 16 ā ā ā ā ā 25 ā ā ā ā ā 165 90+ Days Past Due ā ā ā ā ā 55 ā ā 24 ā ā 4 ā ā 58 ā ā 13 ā ā ā ā ā 154 Nonaccrual ā ā ā ā ā 48 ā ā 28 ā ā 59 ā ā 59 ā ā 109 ā ā ā ā ā 303 Total Auto ā $ 37,095 ā $ 166,920 ā $ 105,265 ā $ 49,948 ā $ 28,615 ā $ 18,506 ā $ ā ā $ 406,349 ā 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 $ 101,650 ā $ 403,981 ā $ 240,433 ā $ 163,326 ā $ 106,200 ā $ 382,110 ā $ 570,231 ā $ 1,967,931 30-59 Days Past Due ā ā 55 ā ā 179 ā ā 1,418 ā ā 930 ā ā 1,822 ā ā 4,067 ā ā 1,387 ā ā 9,858 60-89 Days Past Due ā ā ā ā ā 85 ā ā 234 ā ā 138 ā ā 132 ā ā 731 ā ā 251 ā ā 1,571 90+ Days Past Due ā ā ā ā ā 670 ā ā 861 ā ā 221 ā ā 95 ā ā 1,594 ā ā 919 ā ā 4,360 Nonaccrual ā ā ā ā ā 124 ā ā 137 ā ā 2,289 ā ā 962 ā ā 11,999 ā ā 3,531 ā ā 19,042 Total Consumer ā $ 101,705 ā $ 405,039 ā $ 243,083 ā $ 166,904 ā $ 109,211 ā $ 400,501 ā $ 576,319 ā $ 2,002,762 ā ā ā 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 December 31, 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 December 31, 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 $ 213,763 ā $ 75,133 ā $ 64,299 ā $ 68,320 ā $ 102,123 ā $ 269,203 ā $ 11 ā $ 792,852 30-59 Days Past Due ā ā 678 ā ā 181 ā ā 2,243 ā ā 516 ā ā 457 ā ā 6,107 ā ā ā ā ā 10,182 60-89 Days Past Due ā ā 156 ā ā ā ā ā 57 ā ā 679 ā ā ā ā ā 641 ā ā ā ā ā 1,533 90+ Days Past Due ā ā 608 ā ā 1,696 ā ā 23 ā ā ā ā ā 1,246 ā ā 2,126 ā ā ā ā ā 5,699 Nonaccrual ā ā ā ā ā ā ā ā 696 ā ā 851 ā ā 887 ā ā 10,166 ā ā ā ā ā 12,600 Total Residential 1-4 Family - Consumer ā $ 215,205 ā $ 77,010 ā $ 67,318 ā $ 70,366 ā $ 104,713 ā $ 288,243 ā $ 11 ā $ 822,866 ā 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 $ 13,217 ā $ 3,916 ā $ 1,593 ā $ 300 ā $ ā ā $ 636 ā $ 567,860 ā $ 587,522 30-59 Days Past Due ā ā 70 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2,905 ā ā 2,975 60-89 Days Past Due ā ā 53 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 991 ā ā 1,044 90+ Days Past Due ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 826 ā ā 826 Nonaccrual ā ā ā ā ā ā ā ā 21 ā ā ā ā ā ā ā ā 227 ā ā 4,381 ā ā 4,629 Total Residential 1-4 Family - Revolving ā $ 13,340 ā $ 3,916 ā $ 1,614 ā $ 300 ā $ ā ā $ 863 ā $ 576,963 ā $ 596,996 ā 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 $ 26,498 ā $ 68,208 ā $ 67,041 ā $ 22,464 ā $ 9,997 ā $ 15,893 ā $ 35,450 ā $ 245,551 30-59 Days Past Due ā ā 35 ā ā 252 ā ā 504 ā ā 98 ā ā 15 ā ā 143 ā ā 119 ā ā 1,166 60-89 Days Past Due ā ā 28 ā ā 176 ā ā 317 ā ā 23 ā ā ā ā ā 3 ā ā 3 ā ā 550 90+ Days Past Due ā ā 5 ā ā 84 ā ā 242 ā ā 4 ā ā ā ā ā 56 ā ā 3 ā ā 394 Nonaccrual ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 69 ā ā ā ā ā 69 Total Consumer ā $ 26,566 ā $ 68,720 ā $ 68,104 ā $ 22,589 ā $ 10,012 ā $ 16,164 ā $ 35,575 ā $ 247,730 ā 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 $ 171,051 ā $ 115,319 ā $ 55,886 ā $ 32,555 ā $ 17,081 ā $ 6,314 ā $ ā ā $ 398,206 30-59 Days Past Due ā ā 239 ā ā 467 ā ā 543 ā ā 478 ā ā 197 ā ā 152 ā ā ā ā ā 2,076 60-89 Days Past Due ā ā 124 ā ā 150 ā ā ā ā ā 59 ā ā 26 ā ā 17 ā ā ā ā ā 376 90+ Days Past Due ā ā 6 ā ā 23 ā ā 53 ā ā 58 ā ā 15 ā ā 11 ā ā ā ā ā 166 Nonaccrual ā ā 30 ā ā 93 ā ā 126 ā ā 101 ā ā 88 ā ā 62 ā ā ā ā ā 500 Total Auto ā $ 171,450 ā $ 116,052 ā $ 56,608 ā $ 33,251 ā $ 17,407 ā $ 6,556 ā $ ā ā $ 401,324 ā 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 $ 424,529 ā $ 262,576 ā $ 188,819 ā $ 123,639 ā $ 129,201 ā $ 292,046 ā $ 603,321 ā $ 2,024,131 30-59 Days Past Due ā ā 1,022 ā ā 900 ā ā 3,290 ā ā 1,092 ā ā 669 ā ā 6,402 ā ā 3,024 ā ā 16,399 60-89 Days Past Due ā ā 361 ā ā 326 ā ā 374 ā ā 761 ā ā 26 ā ā 661 ā ā 994 ā ā 3,503 90+ Days Past Due ā ā 619 ā ā 1,803 ā ā 318 ā ā 62 ā ā 1,261 ā ā 2,193 ā ā 829 ā ā 7,085 Nonaccrual ā ā 30 ā ā 93 ā ā 843 ā ā 952 ā ā 975 ā ā 10,524 ā ā 4,381 ā ā 17,798 Total Consumer ā $ 426,561 ā $ 265,698 ā $ 193,644 ā $ 126,506 ā $ 132,132 ā $ 311,826 ā $ 612,549 ā $ 2,068,916 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Remaining Amortization Expense of Intangibles | As of March 31, 2021, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands): ā ā ā ā For the remaining nine months of 2021 $ 10,159 2022 ā ā 11,490 2023 ā ā 9,688 2024 ā ā 7,818 2025 ā ā 6,221 Thereafter ā ā 8,095 Total estimated amortization expense ā $ 53,471 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Net Investment in Sales-Type and Direct Financing Lease | Total net investment in sales-type and direct financing leases consists of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā ā December 31, 2020 Sales-type and direct financing leases: ā ā ā ā ā ā ā Lease receivables, net of unearned ā $ 150.0 ā ā $ 141.2 Unguaranteed residual values, net of unearned ā ā 5.3 ā ā ā 4.8 Total net investment in sales-type and direct financing leases $ 155.3 ā ā $ 146.0 |
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 ā ā ā ā ā March 31, 2021 ā ā ā December 31, 2020 ā ā ā Operating ā ā Finance ā ā ā Operating ā ā Finance ā Right-of-use-assets ā $ 47,165 ā ā $ 7,195 ā ā ā $ 48,051 ā ā $ 7,425 ā Lease liabilities ā ā 58,084 ā ā ā 10,339 ā ā ā ā 58,901 ā ā ā 10,621 ā Lease Term and Discount Rate of Operating leases: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted-average remaining lease term (years) ā 7.11 ā ā ā 7.83 ā ā ā ā 7.27 ā ā ā 8.08 ā Weighted-average discount rate (1) ā 2.61 % ā ā 1.17 % ā ā ā 2.66 % ā ā 1.17 % (1) An incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date. |
Other Lease Information | ā ā ā ā ā ā ā ā ā ā Three months ended March 31, ā 2021 ā 2020 Cash paid for amounts included in measurement of lease liabilities: ā ā ā ā ā ā Operating Cash Flows from Finance Leases ā $ 30 ā $ ā Operating Cash Flows from Operating Leases ā 3,015 ā ā 3,517 Financing Cash Flows from Finance Leases ā ā 283 ā ā ā Right-of-use assets obtained in exchange for lease obligations: ā ā ā ā ā Operating leases ā 1,820 ā ā 1,216 |
Lease Cost | ā ā ā ā ā ā ā ā ā ā Three months ended March 31, ā ā ā 2021 ā ā 2020 Net Operating Lease Cost ā $ 2,541 ā $ 2,918 Finance Lease Cost: ā ā ā ā ā ā Amortization of right-of-use assets ā ā 230 ā ā ā Interest on lease liabilities ā ā 30 ā ā ā Total Lease Cost ā $ 2,801 ā $ 2,918 |
Maturities of Lessor and Lessee Arrangements Outstanding | The maturities of lessor and lessee arrangements outstanding at March 31, 2021 are presented in the tables below (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā ā Lessor ā Lessee ā ā ā Sales-type and Direct Financing ā Operating ā Finance For the remaining nine months of 2021 $ 24,693 ā $ 8,966 ā $ 948 2022 ā ā 34,150 ā ā 11,322 ā ā 1,292 2023 ā 32,487 ā ā 10,172 ā ā 1,325 2024 ā 30,537 ā ā 9,178 ā ā 1,358 2025 ā 22,110 ā ā 6,864 ā ā 1,392 2026 ā ā 6,630 ā ā 4,318 ā ā 1,427 Thereafter ā 11,757 ā ā 13,369 ā ā 3,088 Total undiscounted cash flows ā 162,364 ā ā 64,189 ā ā 10,830 Less: Adjustments (1) ā 12,377 ā ā 6,105 ā ā 491 Total (2) ā $ 149,987 ā $ 58,084 ā $ 10,339 (1) Lessor ā unearned income and unearned guaranteed residual value; Lessee ā imputed interest. (2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Borrowings [Abstract] | |
Short-Term Borrowings | Total short-term borrowings consist of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā March 31, ā December 31, ā ā 2021 ā 2020 Securities sold under agreements to repurchase ā $ 105,522 ā $ 100,888 ā Federal Funds Purchased ā ā 168,000 ā ā 150,000 ā FHLB Advances ā ā ā 100,000 ā Total short-term borrowings ā $ 273,522 ā $ 350,888 ā ā ā ā ā ā ā ā ā Average outstanding balance during the period ā $ 149,761 ā $ 213,932 ā Average interest rate (during the period) ā 0.13 % 0.79 % Average interest rate at end of period ā 0.08 % 0.13 % |
Long-Term Borrowings | ā Total long-term borrowings consist of the following as of March 31, 2021 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā ā ā ā Principal ā 3-Month LIBOR ā Rate (1) ā Maturity ā Investment (2) Trust Preferred Capital Securities ā ā ā ā ā ā ā ā ā ā ā ā Trust Preferred Capital Note - Statutory Trust I ā $ 22,500 2.75 % 2.94 % 6/17/2034 ā $ 696 Trust Preferred Capital Note - Statutory Trust II ā 36,000 1.40 % 1.59 % 6/15/2036 ā 1,114 VFG Limited Liability Trust I Indenture ā 20,000 2.73 % 2.92 % 3/18/2034 ā 619 FNB Statutory Trust II Indenture ā 12,000 3.10 % 3.29 % 6/26/2033 ā 372 Gateway Capital Statutory Trust I ā 8,000 3.10 % 3.29 % 9/17/2033 ā 248 Gateway Capital Statutory Trust II ā 7,000 2.65 % 2.84 % 6/17/2034 ā 217 Gateway Capital Statutory Trust III ā 15,000 1.50 % 1.69 % 5/30/2036 ā 464 Gateway Capital Statutory Trust IV ā 25,000 1.55 % 1.74 % 7/30/2037 ā 774 MFC Capital Trust II ā 5,000 2.85 % 3.04 % 1/23/2034 ā 155 Total Trust Preferred Capital Securities ā $ 150,500 ā $ 4,659 Subordinated Debt (3)(4) ā ā ā ā ā ā ā ā ā ā ā ā 2026 Subordinated Debt (5) ā ā 150,000 ā - % 5.00 % 12/15/2026 ā ā ā Total Subordinated Debt ā $ 150,000 ā ā ā ā ā ā ā ā ā Fair Value Premium (Discount) (6) ā ā (15,081) ā ā ā ā ā ā ā ā ā Investment in Trust Preferred Capital Securities ā ā 4,659 ā ā ā ā ā ā ā ā ā Total Long-term Borrowings ā $ 290,078 ā ā ā ā ā ā ā ā ā (1) Rate as of March 31, 2021. Calculated using non-rounded numbers. (2) 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. (3) The remaining issuance discount as of March 31, 2021 is $1.1 million. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2021, the interest rate will change to a floating rate of LIBOR plus 3.175% through its maturity date. (6) Includes discount on issued subordinated notes. ā ā Total long-term borrowings consist of the following as of December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā ā ā ā Principal ā 3-Month LIBOR ā Rate (1) ā Maturity ā Investment (2) Trust Preferred Capital Securities ā ā ā ā ā ā ā ā ā ā ā ā Trust Preferred Capital Note - Statutory Trust I ā $ 22,500 2.75 % 2.99 % 6/17/2034 ā $ 696 Trust Preferred Capital Note - Statutory Trust II ā 36,000 1.40 % 1.64 % 6/15/2036 ā 1,114 VFG Limited Liability Trust I Indenture ā 20,000 2.73 % 2.97 % 3/18/2034 ā 619 FNB Statutory Trust II Indenture ā 12,000 3.10 % 3.34 % 6/26/2033 ā 372 Gateway Capital Statutory Trust I ā 8,000 3.10 % 3.34 % 9/17/2033 ā 248 Gateway Capital Statutory Trust II ā 7,000 2.65 % 2.89 % 6/17/2034 ā 217 Gateway Capital Statutory Trust III ā 15,000 1.50 % 1.74 % 5/30/2036 ā 464 Gateway Capital Statutory Trust IV ā 25,000 1.55 % 1.79 % 7/30/2037 ā 774 MFC Capital Trust II ā 5,000 2.85 % 3.09 % 1/23/2034 ā 155 Total Trust Preferred Capital Securities ā $ 150,500 ā $ 4,659 FHLB Advances ā ā ā ā ā ā ā ā ā ā ā ā Fixed Rate Convertible ā ā 200,000 ā - % 1.78 % 10/26/2028 ā ā ā Total FHLB Advances ā $ 200,000 ā ā ā ā ā ā ā ā ā Subordinated Debt (3)(4) ā ā ā ā ā ā ā ā ā ā ā ā 2026 Subordinated Debt (5) ā ā 150,000 ā - % 5.00 % 12/15/2026 ā ā ā Total Subordinated Debt ā $ 150,000 ā ā ā ā ā ā ā ā ā Fair Value Premium (Discount) (6) ā ā (15,330) ā ā ā ā ā ā ā ā ā Investment in Trust Preferred Capital Securities ā ā 4,659 ā ā ā ā ā ā ā ā ā Total Long-term Borrowings ā $ 489,829 ā ā ā ā ā ā ā ā ā (1) Rate as of December 31, 2020. Calculated using non-rounded numbers. (2) 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. (3) The remaining issuance discount as of December 31, 2020 is $1.2 million. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2021, the interest rate will change to a floating rate of LIBOR plus 3.175% through its maturity date. (6) Includes discount on issued subordinated notes. |
Contractual Maturities of Long-Term Debt | As of March 31, 2021, 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 Trust ā ā ā ā Preferred ā Fair Value Total ā Capital Subordinated Premium Long-term ā Notes Debt (Discount) (1) Borrowings For the remaining nine months of 2021 ā $ ā ā $ ā ā $ (760) ā $ (760) 2022 ā ā ā ā ā (1,030) ā (1,030) 2023 ā ā ā ā ā (1,053) ā (1,053) 2024 ā ā ā ā ā (1,078) ā (1,078) 2025 ā ā ā ā ā (1,102) ā (1,102) Thereafter ā 155,159 ā 150,000 ā (10,058) ā 295,101 Total long-term borrowings ā $ 155,159 ā $ 150,000 ā $ (15,081) ā $ 290,078 ā (1) Includes discount on issued subordinated notes. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Balances of Commitments and Contingencies | The following table presents the balances of commitments and contingencies as of the following dates (dollars in thousands): ā ā ā ā ā ā ā ā March 31, 2021 December 31, 2020 Commitments with off-balance sheet risk: ā ā Commitments to extend credit (1) ā $ 5,550,942 ā $ 4,722,412 Letters of credit ā 160,644 ā 161,827 Total commitments with off-balance sheet risk ā $ 5,711,586 ā $ 4,884,239 (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 March 31, 2021 and December 31, 2020 (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 March 31, 2021 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 $ 495,680 ā $ 426,897 ā $ ā ā $ 922,577 Repurchase agreements ā ā ā 107,620 ā ā ā ā ā 107,620 FHLB advances ā ā ā 50,382 ā ā ā 4,339,460 ā 4,389,842 Derivatives ā 153,849 ā 690 ā ā ā ā ā 154,539 Fed Funds ā ā ā ā ā ā ā ā ā ā ā 367,342 ā ā 367,342 Other purposes ā ā ā ā 96,728 ā ā 979 ā ā ā ā ā 97,707 Total pledged assets ā $ 153,849 ā $ 751,100 ā $ 427,876 ā $ 4,706,802 ā $ 6,039,627 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, 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 $ 469,864 ā $ 436,449 ā $ ā ā $ 906,313 Repurchase agreements ā ā ā 116,876 ā ā ā ā ā 116,876 FHLB advances ā ā ā 52,323 ā ā ā 4,374,383 ā 4,426,706 Derivatives ā 251,047 ā 785 ā ā ā ā ā 251,832 Fed Funds ā ā ā ā ā ā ā ā ā ā ā 340,847 ā ā 340,847 Other purposes ā ā ā 123,388 ā 8,634 ā ā ā 132,022 Total pledged assets ā $ 251,047 ā $ 763,236 ā $ 445,083 ā $ 4,715,230 ā $ 6,174,596 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 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Derivatives | The following table summarizes key elements of the Companyās derivative instruments as of March 31, 2021 and December 31, 20 20 , 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 March 31, 2021 December 31, 2020 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 $ 200,000 ā $ ā ā $ 1,808 ā $ ā ā $ ā ā $ ā Fair value hedges ā 171,323 ā 2,139 ā 7,949 ā 124,726 ā ā ā 12,483 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 2,393,919 ā 22,420 ā 84,030 ā 2,356,453 ā 212 ā 163,148 Pay floating - receive fixed interest rate swaps ā 2,393,919 ā 84,030 ā 22,420 ā 2,356,453 ā 163,148 ā 212 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 March 31, 2021 and December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā December 31, 2020 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 $ 150,545 ā $ 5,115 ā $ 166,413 ā $ 7,297 Loans ā 121,323 ā 598 ā 74,726 ā 5,088 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 March 31, 2021 and December 31, 2020, the amortized cost basis of this portfolio was $151 million and $166 million, respectively, and the cumulative basis adjustment associated with this hedge was $5.1 million and $7.3 million, respectively. The amount of the designated hedged item at March 31, 2021 and December 31, 2020 totaled $50 million. ā (2) Carrying value represents amortized cost. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive Income | The change in accumulated other comprehensive income (loss) for the three months ended March 31, 2021 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 - December 31, 2020 ā $ 74,161 ā $ 55 ā $ ā ā $ (3,201) ā $ 71,015 Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā (33,125) ā ā ā ā ā (1,428) ā ā ā ā (34,553) Amounts reclassified from AOCI into earnings ā (62) ā ā (5) ā ā (47) ā ā 153 ā 39 Net current period other comprehensive income (loss) ā (33,187) ā (5) ā (1,475) ā 153 ā (34,514) Balance - March 31, 2021 ā $ 40,974 ā $ 50 ā $ (1,475) ā $ (3,048) ā $ 36,501 ā The change in accumulated other comprehensive income (loss) for the three months ended March 31, 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 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, 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 ā ā Other comprehensive income (loss) before reclassification ā 14,687 ā ā ā ā ā (699) ā ā (1,289) ā ā 12,699 Amounts reclassified from AOCI into earnings ā (1,529) ā ā (5) ā ā 1,481 ā ā 108 ā ā 55 Net current period other comprehensive income (loss) ā 13,158 ā (5) ā 782 ā (1,181) ā 12,754 Balance - March 31, 2020 ā $ 51,035 ā $ 70 ā $ ā ā $ (2,776) ā $ 48,329 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at March 31, 2021 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 $ 11,677 ā $ ā ā $ 11,677 Obligations of states and political subdivisions ā ā ā 899,098 ā ā ā 899,098 Corporate and other bonds (1) ā ā ā 147,608 ā ā ā 147,608 Mortgage-backed securities ā ā ā 1,637,035 ā ā ā 1,637,035 Other securities ā ā ā 1,625 ā ā ā 1,625 Loans held for sale ā ā ā 49,082 ā ā ā 49,082 Derivatives: ā ā ā ā Interest rate swap ā ā ā 106,450 ā ā ā 106,450 Fair value hedges ā ā ā 2,139 ā ā ā 2,139 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 $ 106,450 ā $ ā ā $ 106,450 Cash flow hedges ā ā ā 1,808 ā ā ā 1,808 Fair value hedges ā ā ā 7,949 ā ā ā 7,949 (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, 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 $ 13,394 ā $ ā ā $ 13,394 Obligations of states and political subdivisions ā ā ā ā ā 837,326 ā ā ā ā ā 837,326 Corporate and other bonds (1) ā ā ā 151,078 ā ā ā 151,078 Mortgage-backed securities ā ā ā 1,536,996 ā ā ā 1,536,996 Other securities ā ā ā 1,625 ā ā ā 1,625 Loans held for sale ā ā ā ā ā 96,742 ā ā ā ā ā 96,742 Derivatives: ā ā ā ā Interest rate swap ā ā ā 163,360 ā ā ā 163,360 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 $ 163,360 ā $ ā ā $ 163,360 Fair value hedges ā ā ā 12,483 ā ā ā 12,483 (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 March 31, 2021 and December 31, 2020 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 March 31, 2021 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 $ 400,880 ā $ 400,880 ā $ ā ā $ ā ā $ 400,880 AFS securities ā 2,697,043 ā ā ā 2,697,043 ā ā ā 2,697,043 HTM securities ā 543,575 ā ā ā 593,589 ā 12,770 ā 606,359 Restricted stock ā 76,824 ā ā ā 76,824 ā ā ā 76,824 Loans held for sale ā 49,082 ā ā ā 49,082 ā ā ā 49,082 Net loans ā 14,129,369 ā ā ā ā ā 13,950,754 ā 13,950,754 Derivatives: ā ā ā ā ā Interest rate swap ā 106,450 ā ā ā 106,450 ā ā ā 106,450 Fair value hedges ā 2,139 ā ā ā 2,139 ā ā ā 2,139 Accrued interest receivable ā 74,603 ā ā ā 74,603 ā ā ā 74,603 BOLI ā 328,627 ā ā ā 328,627 ā ā ā 328,627 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 16,298,017 ā $ ā ā $ 16,328,962 ā $ ā ā $ 16,328,962 Borrowings ā 563,600 ā ā ā 538,488 ā ā ā 538,488 Accrued interest payable ā 3,561 ā ā ā 3,561 ā ā ā 3,561 Derivatives: ā ā ā ā ā Interest rate swap ā 106,450 ā ā ā 106,450 ā ā ā 106,450 Cash flow hedges ā 1,808 ā ā ā 1,808 ā ā ā 1,808 Fair value hedges ā 7,949 ā ā ā 7,949 ā ā ā 7,949 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2020 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 $ 493,294 ā $ 493,294 ā $ ā ā $ ā ā $ 493,294 AFS securities ā 2,540,419 ā ā ā 2,540,419 ā ā ā 2,540,419 HTM securities ā 544,851 ā ā ā 606,496 ā 13,269 ā 619,765 Restricted stock ā 94,782 ā ā ā 94,782 ā ā ā 94,782 Loans held for sale ā ā 96,742 ā ā ā ā 96,742 ā ā ā ā 96,742 Net loans ā 13,860,774 ā ā ā ā ā 13,710,640 ā 13,710,640 Derivatives: ā ā ā ā ā Interest rate swap ā 163,360 ā ā ā 163,360 ā ā ā 163,360 Accrued interest receivable ā 75,757 ā ā ā 75,757 ā ā ā 75,757 BOLI ā 326,892 ā ā ā 326,892 ā ā ā 326,892 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 15,722,765 ā $ ā ā $ 15,763,991 ā $ ā ā $ 15,763,991 Borrowings ā 840,717 ā ā ā 821,516 ā ā ā 821,516 Accrued interest payable ā 2,516 ā ā ā 2,516 ā ā ā 2,516 Derivatives: ā ā ā ā ā Interest rate swap ā 163,360 ā ā ā 163,360 ā ā ā 163,360 Fair value hedges ā 12,483 ā ā ā 12,483 ā ā ā 12,483 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Noninterest income disaggregated by major source, for the three months ended March 31, 2021 and 2020, consisted of the following (dollars in thousands): ā ā ā ā ā ā ā ā Three Months Ended ā ā March 31, ā March 31, ā ā 2021 ā 2020 Noninterest income: ā ā Deposit Service Charges (1) ā ā Overdraft fees ā $ 3,081 ā $ 5,765 Maintenance fees & other ā 2,428 ā 1,813 Other service charges, commissions, and fees (1) ā 1,701 ā 1,624 Interchange fees (1) ā 1,847 ā 1,625 Fiduciary and asset management fees (1) ā ā ā ā Trust asset management fees ā 2,908 ā 2,827 Registered advisor management fees ā 2,327 ā 2,088 Brokerage management fees ā 1,240 ā 1,069 Mortgage banking income ā 8,255 ā 2,022 Gains on securities transactions ā 78 ā 1,936 Bank owned life insurance income ā 2,265 ā 2,049 Loan-related interest rate swap fees ā 1,754 ā 3,948 Other operating income (2) ā 3,101 ā 2,141 Total noninterest income ā $ 30,985 ā $ 28,907 (1) Income within scope of Topic 606. (2) Includes income within the scope of Topic 606 of $1.0 million and $ 2.4 million for the three months ended March 31, 2021 and 2020, respectively. The remaining balance is outside the scope of Topic 606 and includes a $1.8 million loss related to the termination of a cash flow hedge that occurred during the three months ended March 31, 2020. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Denominators of the Basic and Diluted EPS Computations | The following table presents basic and diluted EPS calculations for the three months ended March 31, 2021 and 2020 (dollars in thousands except per share data): ā ā ā ā ā ā ā ā ā Three Months Ended ā ā March 31, ā ā 2021 ā 2020 Net Income: ā ā ā ā ā ā Net Income ā ā 56,189 ā ā 7,089 Preferred Stock Dividends ā ā 2,967 ā ā ā Net income available to common shareholders ā $ 53,222 ā $ 7,089 ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted average shares outstanding, basic ā 78,863 ā 79,290 Dilutive effect of stock awards ā 21 ā 27 Weighted average shares outstanding, diluted ā 78,884 ā 79,317 ā ā ā ā ā ā ā Earnings per common share, basic ā $ 0.67 ā $ 0.09 Earnings per common share, diluted ā $ 0.67 ā $ 0.09 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | |
Accounting Policies [Line Items] | ||
Number of bank branches | item | 129 | |
Number of ATM's | item | 150 | |
Goodwill | $ 935,560 | $ 935,560 |
Accrued interest receivable | 57,400 | 56,700 |
Available-for-sale Securities | ||
Accounting Policies [Line Items] | ||
Accrued interest receivable | 11,700 | 11,900 |
Held-to-maturity Securities | ||
Accounting Policies [Line Items] | ||
Accrued interest receivable | $ 5,100 | $ 6,800 |
SECURITIES (Narrative) (Details
SECURITIES (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security | |
Schedule of Investments [Line Items] | ||
Available for sale securities that had been in a continuous loss position for more than 12 months | $ 21,300,000 | $ 17,600,000 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 93,000 | 101,000 |
AFS securities in an unrealized loss, credit related impairment | 0 | 0 |
Available for sale securities past due or non-accrual | 0 | $ 0 |
Held to maturity securities, past due | $ 0 | |
Federal Home Loan Bank requires Bank to maintain percentage of stock equal to outstanding borrowings | 3.75% | 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 | $ 9,800,000 | $ 27,800,000 |
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 | 12 | 15 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | $ 2,640,063 | $ 2,439,247 |
Gross Unrealized Gains | 78,131 | 103,512 |
Gross Unrealized (Losses) | (21,151) | (2,340) |
Total AFS securities, Estimated Fair Value | 2,697,043 | 2,540,419 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 11,470 | 13,009 |
Gross Unrealized Gains | 254 | 437 |
Gross Unrealized (Losses) | (47) | (52) |
Total AFS securities, Estimated Fair Value | 11,677 | 13,394 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 868,297 | 786,466 |
Gross Unrealized Gains | 35,757 | 50,878 |
Gross Unrealized (Losses) | (4,956) | (18) |
Total AFS securities, Estimated Fair Value | 899,098 | 837,326 |
Corporate and other bonds | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 145,403 | 148,747 |
Gross Unrealized Gains | 2,448 | 2,430 |
Gross Unrealized (Losses) | (243) | (99) |
Total AFS securities, Estimated Fair Value | 147,608 | 151,078 |
Commercial | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 375,218 | 372,259 |
Gross Unrealized Gains | 11,339 | 16,444 |
Gross Unrealized (Losses) | (1,725) | (19) |
Total AFS securities, Estimated Fair Value | 384,832 | 388,684 |
Commercial | Agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 316,527 | 321,015 |
Gross Unrealized Gains | 11,260 | 16,277 |
Gross Unrealized (Losses) | (1,615) | (2) |
Total AFS securities, Estimated Fair Value | 326,172 | 337,290 |
Commercial | Non-agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 58,691 | 51,244 |
Gross Unrealized Gains | 79 | 167 |
Gross Unrealized (Losses) | (110) | (17) |
Total AFS securities, Estimated Fair Value | 58,660 | 51,394 |
Residential | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,238,050 | 1,117,141 |
Gross Unrealized Gains | 28,333 | 33,323 |
Gross Unrealized (Losses) | (14,180) | (2,152) |
Total AFS securities, Estimated Fair Value | 1,252,203 | 1,148,312 |
Residential | Agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,138,014 | 1,012,237 |
Gross Unrealized Gains | 26,812 | 31,816 |
Gross Unrealized (Losses) | (13,668) | (1,946) |
Total AFS securities, Estimated Fair Value | 1,151,158 | 1,042,107 |
Residential | Non-agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 100,036 | 104,904 |
Gross Unrealized Gains | 1,521 | 1,507 |
Gross Unrealized (Losses) | (512) | (206) |
Total AFS securities, Estimated Fair Value | 101,045 | 106,205 |
Other securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,625 | 1,625 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Total AFS securities, Estimated Fair Value | $ 1,625 | $ 1,625 |
SECURITIES (Schedule of Gross U
SECURITIES (Schedule of Gross Unrealized Losses and Fair Value of Investments) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | $ 1,000,782,000 | $ 302,914,000 |
Less than 12 Months, Unrealized Losses | (21,058,000) | (2,239,000) |
More than 12 Months, Fair Value | 21,288,000 | 17,585,000 |
More than 12 Months, Unrealized Losses | (93,000) | (101,000) |
Total, Fair Value | 1,022,070,000 | 320,499,000 |
Unrealized Losses, Total | (21,151,000) | (2,340,000) |
U.S. government and agency securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
More than 12 Months, Fair Value | 4,899,000 | 5,456,000 |
More than 12 Months, Unrealized Losses | (47,000) | (52,000) |
Total, Fair Value | 4,899,000 | 5,456,000 |
Unrealized Losses, Total | (47,000) | (52,000) |
Obligations of states and political subdivisions | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 271,172,000 | 5,091,000 |
Less than 12 Months, Unrealized Losses | (4,956,000) | (18,000) |
More than 12 Months, Fair Value | 0 | 0 |
More than 12 Months, Unrealized Losses | 0 | 0 |
Total, Fair Value | 271,172,000 | 5,091,000 |
Unrealized Losses, Total | (4,956,000) | (18,000) |
Corporate and other bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 42,612,000 | 17,946,000 |
Less than 12 Months, Unrealized Losses | (237,000) | (52,000) |
More than 12 Months, Fair Value | 4,785,000 | 10,698,000 |
More than 12 Months, Unrealized Losses | (6,000) | (47,000) |
Total, Fair Value | 47,397,000 | 28,644,000 |
Unrealized Losses, Total | (243,000) | (99,000) |
Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 92,444,000 | 23,547,000 |
Less than 12 Months, Unrealized Losses | (1,724,000) | (19,000) |
More than 12 Months, Fair Value | 359,000 | 376,000 |
More than 12 Months, Unrealized Losses | (1,000) | 0 |
Total, Fair Value | 92,803,000 | 23,923,000 |
Unrealized Losses, Total | (1,725,000) | (19,000) |
Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 594,554,000 | 256,330,000 |
Less than 12 Months, Unrealized Losses | (14,141,000) | (2,150,000) |
More than 12 Months, Fair Value | 11,245,000 | 1,055,000 |
More than 12 Months, Unrealized Losses | (39,000) | (2,000) |
Total, Fair Value | 605,799,000 | 257,385,000 |
Unrealized Losses, Total | (14,180,000) | (2,152,000) |
Agency | Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 65,708,000 | 5,893,000 |
Less than 12 Months, Unrealized Losses | (1,614,000) | (2,000) |
More than 12 Months, Fair Value | 359,000 | 376,000 |
More than 12 Months, Unrealized Losses | (1,000) | 0 |
Total, Fair Value | 66,067,000 | 6,269,000 |
Unrealized Losses, Total | (1,615,000) | (2,000) |
Agency | Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 558,523,000 | 219,388,000 |
Less than 12 Months, Unrealized Losses | (13,650,000) | (1,944,000) |
More than 12 Months, Fair Value | 1,175,000 | 1,055,000 |
More than 12 Months, Unrealized Losses | (18,000) | (2,000) |
Total, Fair Value | 559,698,000 | 220,443,000 |
Unrealized Losses, Total | (13,668,000) | (1,946,000) |
Non-agency | Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 26,736,000 | 17,654,000 |
Less than 12 Months, Unrealized Losses | (110,000) | (17,000) |
More than 12 Months, Fair Value | 0 | 0 |
More than 12 Months, Unrealized Losses | 0 | 0 |
Total, Fair Value | 26,736,000 | 17,654,000 |
Unrealized Losses, Total | (110,000) | (17,000) |
Non-agency | Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 36,031,000 | 36,942,000 |
Less than 12 Months, Unrealized Losses | (491,000) | (206,000) |
More than 12 Months, Fair Value | 10,070,000 | 0 |
More than 12 Months, Unrealized Losses | (21,000) | 0 |
Total, Fair Value | 46,101,000 | 36,942,000 |
Unrealized Losses, Total | $ (512,000) | $ (206,000) |
SECURITIES (Schedule of Amortiz
SECURITIES (Schedule of Amortized Cost and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
AFS Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 18,007 | $ 19,875 |
Due in one year or less, Estimated Fair Value | 18,168 | 19,997 |
Due after one year through five years, Amortized Cost | 166,575 | 161,448 |
Due after one year through five years, Estimated Fair Value | 172,723 | 169,103 |
Due after five years through ten years, Amortized Cost | 233,566 | 235,021 |
Due after five years through ten years, Estimated Fair Value | 239,838 | 242,791 |
Due after ten years, Amortized Cost | 2,221,915 | 2,022,903 |
Due after ten years, Estimated Fair Value | 2,266,314 | 2,108,528 |
Total AFS securities | 2,640,063 | 2,439,247 |
Total AFS securities, Estimated Fair Value | 2,697,043 | 2,540,419 |
HTM Securities [Abstract] | ||
Due in one year or less, Carrying Value | 1,441 | 1,443 |
Due in one year or less, Estimated Fair Value | 1,449 | 1,460 |
Due after one year through five years, Carrying Value | 8,518 | 8,577 |
Due after one year through five years, Estimated Fair Value | 8,786 | 8,893 |
Due after five years through ten years, Carrying Value | 1,680 | 1,744 |
Due after five years through ten years, Estimated Fair Value | 1,719 | 1,805 |
Due after ten years, Carrying Value | 531,936 | 533,087 |
Due after ten years, Estimated Fair Value | 594,405 | 607,607 |
Total HTM Securities | 543,575 | 544,851 |
Total HTM securities, Estimated Fair Value | $ 606,359 | $ 619,765 |
SECURITIES (Amortized Cost of H
SECURITIES (Amortized Cost of HTM Securities by Security Type and Credit Rating) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
HTM Securities, Amortized Cost | $ 543,575 | $ 544,851 |
Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 531,203 | 532,157 |
Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 7,941 | 8,084 |
Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 4,431 | 4,610 |
U.S. government and agency securities | ||
HTM Securities, Amortized Cost | 2,676 | 2,751 |
U.S. government and agency securities | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 0 | 0 |
U.S. government and agency securities | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 2,676 | 2,751 |
U.S. government and agency securities | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 0 | 0 |
Obligations of states and political subdivisions | ||
HTM Securities, Amortized Cost | 535,634 | 536,767 |
Obligations of states and political subdivisions | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 531,203 | 532,157 |
Obligations of states and political subdivisions | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 0 | 0 |
Obligations of states and political subdivisions | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 4,431 | 4,610 |
Total mortgage-back securities | ||
HTM Securities, Amortized Cost | 5,265 | 5,333 |
Total mortgage-back securities | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 0 | 0 |
Total mortgage-back securities | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 5,265 | 5,333 |
Total mortgage-back securities | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | $ 0 | $ 0 |
SECURITIES (Schedule of Carryin
SECURITIES (Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | $ 543,575 | $ 544,851 |
Gross Unrealized Gains | 62,881 | 74,982 |
Gross Unrealized Losses | (97) | (68) |
Held-to-maturity Securities, Fair Value | 606,359 | 619,765 |
U.S. government and agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 2,676 | 2,751 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (31) | (18) |
Held-to-maturity Securities, Fair Value | 2,645 | 2,733 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 535,634 | 536,767 |
Gross Unrealized Gains | 62,880 | 74,978 |
Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 598,514 | 611,745 |
Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 5,265 | 5,333 |
Gross Unrealized Gains | 1 | 4 |
Gross Unrealized Losses | (66) | (50) |
Held-to-maturity Securities, Fair Value | 5,200 | 5,287 |
Agency | Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 5,265 | 5,333 |
Gross Unrealized Gains | 1 | 4 |
Gross Unrealized Losses | (66) | (50) |
Held-to-maturity Securities, Fair Value | 5,200 | 5,287 |
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 (Gross Realized Gain
SECURITIES (Gross Realized Gains and Losses on the Sale of Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Securities [Abstract] | ||
Gross realized gains | $ 138 | $ 2,164 |
Gross realized losses | (60) | (228) |
Gains on securities transactions, net | 78 | 1,936 |
Proceeds from sales of securities | $ 45,436 | $ 120,701 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | $ 14,272,280 | $ 14,021,314 |
Total Allowance for credit losses | (142,911) | (160,540) |
Total loans held for investment, net | 14,129,369 | 13,860,774 |
Loans receivable, deferred fees and costs | 83,800 | 69,700 |
Construction and Land Development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 884,303 | 925,798 |
Commercial Real Estate - Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 2,083,155 | 2,128,909 |
Commercial Real Estate - Non-Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 3,671,471 | 3,657,562 |
Multifamily Real Estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 842,906 | 814,745 |
Commercial and Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 3,599,884 | 3,263,460 |
Residential 1-4 Family - Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 658,051 | 671,949 |
Residential 1-4 Family - Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 816,916 | 822,866 |
Residential 1-4 Family - Revolving | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 563,786 | 596,996 |
Auto | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 406,349 | 401,324 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 215,711 | 247,730 |
Other Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net of deferred fees and costs | 529,748 | 489,975 |
Paycheck Protection Program (PPP) | Commercial and Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 1,500,000 | 1,200,000 |
Paycheck Protection Program (PPP) | Other Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | $ 20,200 | $ 11,300 |
LOANS AND ALLOWANCE FOR LOAN _4
LOANS AND ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans, interest income | $ 0 | $ 0 | |
Troubled Debt Restructurings (TDRs) | 19,728 | $ 20,616 | |
Total Allowance for credit losses | 142,911 | 160,540 | |
Loans, recorded investment under the Cares Act | 14,129,369 | 13,860,774 | |
Troubled Debt Restructurings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled Debt Restructurings (TDRs) | 19,700 | 20,600 | |
Total Allowance for credit losses | 1,200 | 1,600 | |
Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans under modified terms | $ 68,100 | $ 146,100 |
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 | Mar. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | $ 14,194,400 | $ 13,929,049 | ||
Current, % of total loans | 99.45% | 99.34% | ||
Greater Than 90 Days and Still Accruing | $ 9,776 | $ 13,634 | ||
Greater than 90 Days and still Accruing, % of total loans | 0.07% | 0.10% | ||
Nonaccrual | $ 41,866 | $ 42,448 | $ 42,448 | $ 45,204 |
Nonaccrual, % of total loans | 0.29% | 0.30% | ||
Total Loans | $ 14,272,280 | $ 14,021,314 | ||
Total loans, % of total loans | 100.00% | 100.00% | ||
30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | $ 20,687 | $ 27,024 | ||
Past Due, % of total loans | 0.15% | 0.19% | ||
60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | $ 5,551 | $ 9,159 | ||
Past Due, % of total loans | 0.04% | 0.07% | ||
Construction and Land Development | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | $ 880,139 | $ 920,276 | ||
Greater Than 90 Days and Still Accruing | 189 | 0 | ||
Nonaccrual | 2,637 | 3,072 | 3,072 | 4,060 |
Total Loans | 884,303 | 925,798 | ||
Construction and Land Development | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 865 | 1,903 | ||
Construction and Land Development | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 473 | 547 | ||
Commercial Real Estate - Owner Occupied | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 2,069,019 | 2,114,804 | ||
Greater Than 90 Days and Still Accruing | 3,180 | 3,727 | ||
Nonaccrual | 7,016 | 7,128 | 7,128 | 13,889 |
Total Loans | 2,083,155 | 2,128,909 | ||
Commercial Real Estate - Owner Occupied | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 3,426 | 1,870 | ||
Commercial Real Estate - Owner Occupied | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 514 | 1,380 | ||
Commercial Real Estate - Non-Owner Occupied | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 3,666,228 | 3,651,232 | ||
Greater Than 90 Days and Still Accruing | 817 | 148 | ||
Nonaccrual | 1,958 | 2,317 | 2,317 | 1,368 |
Total Loans | 3,671,471 | 3,657,562 | ||
Commercial Real Estate - Non-Owner Occupied | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 1,055 | 2,144 | ||
Commercial Real Estate - Non-Owner Occupied | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 1,413 | 1,721 | ||
Multifamily Real Estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 842,638 | 814,095 | ||
Greater Than 90 Days and Still Accruing | 0 | 0 | ||
Nonaccrual | 0 | 33 | 33 | 0 |
Total Loans | 842,906 | 814,745 | ||
Multifamily Real Estate | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 187 | 617 | ||
Multifamily Real Estate | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 81 | 0 | ||
Commercial and Industrial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 3,593,508 | 3,257,201 | ||
Greater Than 90 Days and Still Accruing | 654 | 1,114 | ||
Nonaccrual | 2,023 | 2,107 | 2,107 | 3,037 |
Total Loans | 3,599,884 | 3,263,460 | ||
Commercial and Industrial | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 3,086 | 1,848 | ||
Commercial and Industrial | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 613 | 1,190 | ||
Residential 1-4 Family - Commercial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 645,684 | 657,351 | ||
Greater Than 90 Days and Still Accruing | 576 | 1,560 | ||
Nonaccrual | 9,190 | 9,993 | 9,993 | 6,492 |
Total Loans | 658,051 | 671,949 | ||
Residential 1-4 Family - Commercial | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 1,803 | 2,227 | ||
Residential 1-4 Family - Commercial | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 798 | 818 | ||
Residential 1-4 Family - Consumer | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 791,466 | 792,852 | ||
Greater Than 90 Days and Still Accruing | 3,041 | 5,699 | ||
Nonaccrual | 14,770 | 12,600 | 12,600 | 13,117 |
Total Loans | 816,916 | 822,866 | ||
Residential 1-4 Family - Consumer | Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 791,466 | 792,852 | ||
Residential 1-4 Family - Consumer | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 6,831 | 10,182 | ||
Total Loans | 6,831 | 10,182 | ||
Residential 1-4 Family - Consumer | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 808 | 1,533 | ||
Total Loans | 808 | 1,533 | ||
Residential 1-4 Family - Consumer | 90+ Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 3,041 | 5,699 | ||
Residential 1-4 Family - Consumer | Nonaccrual | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 14,770 | 12,600 | ||
Residential 1-4 Family - Revolving | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 557,335 | 587,522 | ||
Greater Than 90 Days and Still Accruing | 917 | 826 | ||
Nonaccrual | 3,853 | 4,629 | 4,629 | 2,490 |
Total Loans | 563,786 | 596,996 | ||
Residential 1-4 Family - Revolving | Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 557,335 | 587,522 | ||
Residential 1-4 Family - Revolving | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 1,397 | 2,975 | ||
Total Loans | 1,397 | 2,975 | ||
Residential 1-4 Family - Revolving | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 284 | 1,044 | ||
Total Loans | 284 | 1,044 | ||
Residential 1-4 Family - Revolving | 90+ Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 917 | 826 | ||
Residential 1-4 Family - Revolving | Nonaccrual | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 3,853 | 4,629 | ||
Auto | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 404,692 | 398,206 | ||
Greater Than 90 Days and Still Accruing | 154 | 166 | ||
Nonaccrual | 303 | 500 | 500 | 565 |
Total Loans | 406,349 | 401,324 | ||
Auto | Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 404,692 | 398,206 | ||
Auto | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 1,035 | 2,076 | ||
Total Loans | 1,035 | 2,076 | ||
Auto | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 165 | 376 | ||
Total Loans | 165 | 376 | ||
Auto | 90+ Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 154 | 166 | ||
Auto | Nonaccrual | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 303 | 500 | ||
Consumer | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 214,438 | 245,551 | ||
Greater Than 90 Days and Still Accruing | 248 | 394 | ||
Nonaccrual | 116 | $ 69 | 69 | 88 |
Total Loans | 215,711 | 247,730 | ||
Consumer | Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 214,438 | 245,551 | ||
Consumer | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 595 | 1,166 | ||
Total Loans | 595 | 1,166 | ||
Consumer | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 314 | 550 | ||
Total Loans | 314 | 550 | ||
Consumer | 90+ Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 248 | 394 | ||
Consumer | Nonaccrual | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 116 | 69 | ||
Other Commercial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 529,253 | 489,959 | ||
Greater Than 90 Days and Still Accruing | 0 | 0 | ||
Nonaccrual | 0 | 0 | $ 98 | |
Total Loans | 529,748 | 489,975 | ||
Other Commercial | 30-59 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 407 | 16 | ||
Other Commercial | 60-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | $ 88 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _6
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Loans on Nonaccrual Status) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | $ 41,866 | $ 42,448 | $ 42,448 | $ 45,204 |
Nonaccrual With No ALLL | 12,792 | 11,497 | ||
Loans Past Due Over 90 Days Still Accruing | 9,776 | 13,634 | ||
Construction and Land Development | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 2,637 | 3,072 | 3,072 | 4,060 |
Nonaccrual With No ALLL | 1,985 | 1,985 | ||
Loans Past Due Over 90 Days Still Accruing | 189 | 0 | ||
Commercial Real Estate - Owner Occupied | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 7,016 | 7,128 | 7,128 | 13,889 |
Nonaccrual With No ALLL | 1,994 | 1,994 | ||
Loans Past Due Over 90 Days Still Accruing | 3,180 | 3,727 | ||
Commercial Real Estate - Non-Owner Occupied | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 1,958 | 2,317 | 2,317 | 1,368 |
Nonaccrual With No ALLL | 0 | 0 | ||
Loans Past Due Over 90 Days Still Accruing | 817 | 148 | ||
Multifamily Real Estate | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 0 | 33 | 33 | 0 |
Nonaccrual With No ALLL | 0 | 0 | ||
Loans Past Due Over 90 Days Still Accruing | 0 | 0 | ||
Commercial and Industrial | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 2,023 | 2,107 | 2,107 | 3,037 |
Nonaccrual With No ALLL | 1 | 1 | ||
Loans Past Due Over 90 Days Still Accruing | 654 | 1,114 | ||
Residential 1-4 Family - Commercial | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 9,190 | 9,993 | 9,993 | 6,492 |
Nonaccrual With No ALLL | 6,388 | 6,388 | ||
Loans Past Due Over 90 Days Still Accruing | 576 | 1,560 | ||
Residential 1-4 Family - Consumer | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 14,770 | 12,600 | 12,600 | 13,117 |
Nonaccrual With No ALLL | 2,364 | 1,069 | ||
Loans Past Due Over 90 Days Still Accruing | 3,041 | 5,699 | ||
Residential 1-4 Family - Revolving | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 3,853 | 4,629 | 4,629 | 2,490 |
Nonaccrual With No ALLL | 60 | 60 | ||
Loans Past Due Over 90 Days Still Accruing | 917 | 826 | ||
Auto | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 303 | 500 | 500 | 565 |
Nonaccrual With No ALLL | 0 | 0 | ||
Loans Past Due Over 90 Days Still Accruing | 154 | 166 | ||
Consumer | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 116 | $ 69 | 69 | 88 |
Nonaccrual With No ALLL | 0 | 0 | ||
Loans Past Due Over 90 Days Still Accruing | 248 | 394 | ||
Other Commercial | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Nonaccrual | 0 | 0 | $ 98 | |
Nonaccrual With No ALLL | 0 | |||
Loans Past Due Over 90 Days Still Accruing | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _7
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement) (Details) $ in Thousands | Mar. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan |
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 144 | 137 |
Recorded Investment | $ 19,728 | $ 20,616 |
Outstanding Commitment | $ 3 | $ 176 |
Performing | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 106 | 102 |
Recorded Investment | $ 13,670 | $ 13,961 |
Outstanding Commitment | $ 3 | $ 176 |
Performing | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 4 | 4 |
Recorded Investment | $ 212 | $ 215 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 5 | 6 |
Recorded Investment | $ 1,827 | $ 2,033 |
Outstanding Commitment | $ 0 | $ 176 |
Performing | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 1,089 | $ 1,089 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 4 |
Recorded Investment | $ 446 | $ 727 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 3 |
Recorded Investment | $ 109 | $ 245 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 84 | 77 |
Recorded Investment | $ 9,271 | $ 8,943 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 3 |
Recorded Investment | $ 274 | $ 277 |
Outstanding Commitment | $ 3 | $ 0 |
Performing | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 4 | 3 |
Recorded Investment | $ 35 | $ 22 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Other Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 407 | $ 410 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 38 | 35 |
Recorded Investment | $ 6,058 | $ 6,655 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 19 | $ 20 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 128 | $ 134 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 4 | 3 |
Recorded Investment | $ 427 | $ 237 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 4 |
Recorded Investment | $ 404 | $ 1,296 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 26 | 23 |
Recorded Investment | $ 4,977 | $ 4,865 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 3 |
Recorded Investment | $ 103 | $ 103 |
Outstanding Commitment | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _8
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of TDR by Class and Modification Type) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 13 | 12 |
Recorded Investment at Period End | $ | $ 638 | $ 2,315 |
Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 1 |
Recorded Investment at Period End | $ | $ 105 | $ 517 |
Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 10 | 11 |
Recorded Investment at Period End | $ | $ 488 | $ 1,798 |
Interest rate modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 0 |
Recorded Investment at Period End | $ | $ 45 | $ 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 | 0 | 1 |
Recorded Investment at Period End | $ | $ 0 | $ 517 |
Residential 1-4 Family - Commercial | Interest rate modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 0 |
Recorded Investment at Period End | $ | $ 45 | $ 0 |
Residential 1-4 Family - Consumer | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 0 |
Recorded Investment at Period End | $ | $ 105 | $ 0 |
Residential 1-4 Family - Consumer | Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 9 | 10 |
Recorded Investment at Period End | $ | $ 472 | $ 1,763 |
Consumer | Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 0 |
Recorded Investment at Period End | $ | $ 16 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _9
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Allowance for loan losses: | ||
Balance, beginning of period | $ 160,540 | $ 42,294 |
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 | (3,641) | (7,151) |
Recoveries credited to allowance | 2,469 | 2,160 |
Provision charged to operations | (16,457) | 56,256 |
Balance, end of period | 142,911 | 141,043 |
Commercial Portfolio | ||
Allowance for loan losses: | ||
Balance, beginning of period | 117,403 | 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 | (1,974) | (2,968) |
Recoveries credited to allowance | 1,606 | 1,154 |
Provision charged to operations | (10,603) | 42,532 |
Balance, end of period | 106,432 | 77,843 |
Consumer Portfolio | ||
Allowance for loan losses: | ||
Balance, beginning of period | 43,137 | 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 | (1,667) | (4,183) |
Recoveries credited to allowance | 863 | 1,006 |
Provision charged to operations | (5,854) | 13,724 |
Balance, end of period | $ 36,479 | $ 63,200 |
LOANS AND ALLOWANCE FOR LOAN_10
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Related Risk Rating) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 14,272,280 | $ 14,021,314 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 61,597 | 318,458 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 342,552 | 300,855 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 244,925 | 143,149 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 108,324 | 25,178 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 22,744 | 47,362 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 77,632 | 67,060 |
Financing Receivable, Revolving Loans | 26,529 | 23,736 |
Loans, Total | 884,303 | 925,798 |
Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 61,584 | 316,585 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 340,066 | 277,142 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 215,340 | 116,800 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 77,960 | 24,770 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 22,165 | 42,970 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 65,264 | 54,023 |
Financing Receivable, Revolving Loans | 26,117 | 23,324 |
Loans, Total | 808,496 | 855,614 |
Construction and Land Development | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 13 | 1,873 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,486 | 18,181 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 23,950 | 8,434 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,834 | 344 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 571 | 2,355 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,521 | 6,372 |
Financing Receivable, Revolving Loans | 412 | 412 |
Loans, Total | 34,787 | 37,971 |
Construction and Land Development | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 5,532 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 5,635 | 135 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 135 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,062 | 2,655 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 6,832 | 8,322 |
Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 17,780 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 28,395 | 64 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 8 | 2,037 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,785 | 4,010 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 34,188 | 23,891 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 34,001 | 289,452 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 289,220 | 401,062 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 395,674 | 333,715 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 319,798 | 254,094 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 237,146 | 164,702 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 787,520 | 663,278 |
Financing Receivable, Revolving Loans | 19,796 | 22,606 |
Loans, Total | 2,083,155 | 2,128,909 |
Commercial Real Estate - Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 34,001 | 286,522 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 273,173 | 375,541 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 346,684 | 300,583 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 285,739 | 233,359 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 216,109 | 128,261 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 664,203 | 570,361 |
Financing Receivable, Revolving Loans | 17,023 | 18,838 |
Loans, Total | 1,836,932 | 1,913,465 |
Commercial Real Estate - Owner Occupied | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 1,942 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 15,073 | 14,611 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 16,771 | 22,224 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 23,606 | 15,623 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 15,970 | 24,979 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 66,770 | 41,361 |
Financing Receivable, Revolving Loans | 932 | 1,648 |
Loans, Total | 139,122 | 122,388 |
Commercial Real Estate - Owner Occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 988 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 974 | 6,052 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 27,269 | 5,749 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 5,393 | 4,198 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 4,909 | 9,907 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 36,050 | 30,455 |
Financing Receivable, Revolving Loans | 1,841 | 1,121 |
Loans, Total | 76,436 | 58,470 |
Commercial Real Estate - Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 4,858 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 4,950 | 5,159 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 5,060 | 914 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 158 | 1,555 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 20,497 | 21,101 |
Financing Receivable, Revolving Loans | 0 | 999 |
Loans, Total | 30,665 | 34,586 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 113,841 | 411,151 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 410,658 | 608,778 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 614,124 | 558,283 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 525,761 | 481,201 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 467,738 | 456,959 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,488,002 | 1,093,176 |
Financing Receivable, Revolving Loans | 51,347 | 48,014 |
Loans, Total | 3,671,471 | 3,657,562 |
Commercial Real Estate - Non-Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 113,841 | 381,849 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 381,511 | 455,427 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 429,913 | 433,183 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 401,006 | 403,677 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 395,726 | 336,630 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,183,233 | 850,035 |
Financing Receivable, Revolving Loans | 35,333 | 30,421 |
Loans, Total | 2,940,563 | 2,891,222 |
Commercial Real Estate - Non-Owner Occupied | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 28,354 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 17,458 | 142,279 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 160,682 | 76,838 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 81,003 | 59,451 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 40,014 | 79,533 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 231,751 | 224,944 |
Financing Receivable, Revolving Loans | 15,291 | 16,870 |
Loans, Total | 546,199 | 628,269 |
Commercial Real Estate - Non-Owner Occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 702 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 698 | 11,072 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 23,529 | 34,905 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 30,489 | 18,073 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 31,998 | 40,771 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 65,303 | 11,211 |
Financing Receivable, Revolving Loans | 723 | 723 |
Loans, Total | 152,740 | 117,457 |
Commercial Real Estate - Non-Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 246 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 10,991 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 13,357 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 13,263 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 25 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,715 | 6,986 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 31,969 | 20,614 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 602,496 | 1,737,291 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,534,618 | 389,093 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 371,514 | 217,726 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 218,621 | 74,994 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 67,160 | 76,265 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 206,737 | 149,277 |
Financing Receivable, Revolving Loans | 598,738 | 618,814 |
Loans, Total | 3,599,884 | 3,263,460 |
Commercial and Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 587,238 | 1,730,876 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,519,813 | 350,618 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 334,830 | 199,489 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 199,114 | 67,035 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 59,668 | 71,799 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 196,093 | 140,461 |
Financing Receivable, Revolving Loans | 564,292 | 590,701 |
Loans, Total | 3,461,048 | 3,150,979 |
Commercial and Industrial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 23 | 4,872 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 13,018 | 32,028 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 25,346 | 13,073 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 14,560 | 6,500 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 2,559 | 3,182 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 6,048 | 4,906 |
Financing Receivable, Revolving Loans | 17,433 | 19,972 |
Loans, Total | 78,987 | 84,533 |
Commercial and Industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 15,235 | 1,009 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,260 | 2,178 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 6,396 | 3,890 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 3,669 | 1,150 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 4,630 | 724 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,731 | 1,234 |
Financing Receivable, Revolving Loans | 11,265 | 4,755 |
Loans, Total | 44,186 | 14,940 |
Commercial and Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 534 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 527 | 4,269 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 4,942 | 1,274 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,278 | 309 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 303 | 560 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,865 | 2,676 |
Financing Receivable, Revolving Loans | 5,748 | 3,386 |
Loans, Total | 15,663 | 13,008 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 8,219 | 147,085 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 145,575 | 90,814 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 119,262 | 155,587 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 171,074 | 117,881 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 102,337 | 68,601 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 293,512 | 232,466 |
Financing Receivable, Revolving Loans | 2,927 | 2,311 |
Loans, Total | 842,906 | 814,745 |
Multifamily Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 8,219 | 144,805 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 143,295 | 85,740 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 114,224 | 150,724 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 166,220 | 117,881 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 102,337 | 67,984 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 269,062 | 231,113 |
Financing Receivable, Revolving Loans | 2,927 | 2,311 |
Loans, Total | 806,284 | 800,558 |
Multifamily Real Estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 5,074 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 4,398 | 475 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 471 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 617 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 24,243 | 560 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 29,112 | 6,726 |
Multifamily Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 2,280 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,280 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 640 | 4,388 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 4,383 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 94 | 760 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 7,397 | 7,428 |
Multifamily Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 113 | 33 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 113 | 33 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 21,110 | 105,940 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 106,835 | 96,790 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 89,758 | 84,076 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 76,185 | 85,955 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 80,802 | 74,436 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 280,386 | 221,833 |
Financing Receivable, Revolving Loans | 2,975 | 2,919 |
Loans, Total | 658,051 | 671,949 |
Residential 1-4 Family - Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 20,945 | 104,630 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 106,176 | 89,332 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 82,343 | 70,310 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 62,283 | 79,156 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 74,998 | 68,915 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 254,905 | 201,492 |
Financing Receivable, Revolving Loans | 2,294 | 2,236 |
Loans, Total | 603,944 | 616,071 |
Residential 1-4 Family - Commercial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 666 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 659 | 6,665 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 3,898 | 8,252 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 8,013 | 4,141 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 3,916 | 4,067 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 13,632 | 9,307 |
Financing Receivable, Revolving Loans | 193 | 195 |
Loans, Total | 30,311 | 33,293 |
Residential 1-4 Family - Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 165 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 2,744 | 601 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 456 | 663 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 444 | 468 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 6,007 | 5,923 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 9,816 | 7,655 |
Residential 1-4 Family - Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 644 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 793 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 773 | 4,913 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 5,433 | 1,995 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,444 | 986 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,842 | 5,111 |
Financing Receivable, Revolving Loans | 488 | 488 |
Loans, Total | 13,980 | 14,930 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,705 | 13,340 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 11,632 | 3,916 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 3,548 | 1,614 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,463 | 300 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 714 | 863 |
Financing Receivable, Revolving Loans | 544,724 | 576,963 |
Loans, Total | 563,786 | 596,996 |
Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 50,013 | 223,500 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 216,949 | 112,045 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 111,954 | 10,162 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 9,475 | 31,620 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 31,588 | 17,683 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 61,788 | 50,683 |
Financing Receivable, Revolving Loans | 47,981 | 44,282 |
Loans, Total | 529,748 | 489,975 |
Other Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 50,013 | 223,490 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 216,949 | 112,045 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 111,954 | 9,549 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 8,870 | 30,314 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 30,297 | 16,494 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 57,341 | 42,158 |
Financing Receivable, Revolving Loans | 21,903 | 44,180 |
Loans, Total | 497,327 | 478,230 |
Other Commercial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 613 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 605 | 1,299 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,286 | 1,189 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,835 | 3,934 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 5,726 | 7,035 |
Other Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 10 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 7 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 5 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 612 | 4,591 |
Financing Receivable, Revolving Loans | 26,078 | 102 |
Loans, Total | 26,695 | 4,710 |
Commercial Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 891,277 | 3,232,877 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 3,046,407 | 1,999,437 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,947,211 | 1,502,698 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,429,238 | 1,070,923 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,009,515 | 906,008 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,195,577 | 2,477,773 |
Financing Receivable, Revolving Loans | 750,293 | 762,682 |
Loans, Total | 12,269,518 | 11,952,398 |
Commercial Portfolio | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 875,841 | 3,188,757 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,980,983 | 1,745,845 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,635,288 | 1,280,638 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,201,192 | 956,192 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 901,300 | 733,053 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,690,101 | 2,089,643 |
Financing Receivable, Revolving Loans | 669,889 | 712,011 |
Loans, Total | 10,954,594 | 10,706,139 |
Commercial Portfolio | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 36 | 37,707 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 48,694 | 218,838 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 235,045 | 129,909 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 130,092 | 87,358 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 64,316 | 115,922 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 351,800 | 291,384 |
Financing Receivable, Revolving Loans | 34,261 | 39,097 |
Loans, Total | 864,244 | 920,215 |
Commercial Portfolio | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 15,400 | 4,989 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 5,212 | 24,834 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 66,213 | 49,668 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 44,525 | 24,091 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 41,986 | 51,870 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 110,859 | 56,829 |
Financing Receivable, Revolving Loans | 39,907 | 6,701 |
Loans, Total | 324,102 | 218,982 |
Commercial Portfolio | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 1,424 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 11,518 | 9,920 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 10,665 | 42,483 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 53,429 | 3,282 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,913 | 5,163 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 42,817 | 39,917 |
Financing Receivable, Revolving Loans | 6,236 | 4,873 |
Loans, Total | $ 126,578 | $ 107,062 |
LOANS AND ALLOWANCE FOR LOAN_11
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Based on Delinquency Status) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 14,272,280 | $ 14,021,314 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 61,597 | 318,458 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 342,552 | 300,855 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 244,925 | 143,149 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 108,324 | 25,178 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 22,744 | 47,362 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 77,632 | 67,060 |
Financing Receivable, Revolving Loans | 26,529 | 23,736 |
Loans, Total | 884,303 | 925,798 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 34,001 | 289,452 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 289,220 | 401,062 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 395,674 | 333,715 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 319,798 | 254,094 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 237,146 | 164,702 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 787,520 | 663,278 |
Financing Receivable, Revolving Loans | 19,796 | 22,606 |
Loans, Total | 2,083,155 | 2,128,909 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 113,841 | 411,151 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 410,658 | 608,778 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 614,124 | 558,283 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 525,761 | 481,201 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 467,738 | 456,959 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,488,002 | 1,093,176 |
Financing Receivable, Revolving Loans | 51,347 | 48,014 |
Loans, Total | 3,671,471 | 3,657,562 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 8,219 | 147,085 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 145,575 | 90,814 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 119,262 | 155,587 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 171,074 | 117,881 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 102,337 | 68,601 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 293,512 | 232,466 |
Financing Receivable, Revolving Loans | 2,927 | 2,311 |
Loans, Total | 842,906 | 814,745 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 602,496 | 1,737,291 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,534,618 | 389,093 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 371,514 | 217,726 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 218,621 | 74,994 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 67,160 | 76,265 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 206,737 | 149,277 |
Financing Receivable, Revolving Loans | 598,738 | 618,814 |
Loans, Total | 3,599,884 | 3,263,460 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 21,110 | 105,940 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 106,835 | 96,790 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 89,758 | 84,076 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 76,185 | 85,955 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 80,802 | 74,436 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 280,386 | 221,833 |
Financing Receivable, Revolving Loans | 2,975 | 2,919 |
Loans, Total | 658,051 | 671,949 |
Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 59,779 | 215,205 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 203,655 | 77,010 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 75,535 | 67,318 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 59,266 | 70,366 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 61,433 | 104,713 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 357,237 | 288,243 |
Financing Receivable, Revolving Loans | 11 | 11 |
Loans, Total | 816,916 | 822,866 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,705 | 13,340 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 11,632 | 3,916 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 3,548 | 1,614 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,463 | 300 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 714 | 863 |
Financing Receivable, Revolving Loans | 544,724 | 576,963 |
Loans, Total | 563,786 | 596,996 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 3,126 | 26,566 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 22,832 | 68,720 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 58,735 | 68,104 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 56,227 | 22,589 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 19,163 | 10,012 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 24,044 | 16,164 |
Financing Receivable, Revolving Loans | 31,584 | 35,575 |
Loans, Total | 215,711 | 247,730 |
Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 37,095 | 171,450 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 166,920 | 116,052 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 105,265 | 56,608 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 49,948 | 33,251 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 28,615 | 17,407 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 18,506 | 6,556 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 406,349 | 401,324 |
Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 101,705 | 426,561 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 405,039 | 265,698 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 243,083 | 193,644 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 166,904 | 126,506 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 109,211 | 132,132 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 400,501 | 311,826 |
Financing Receivable, Revolving Loans | 576,319 | 612,549 |
Loans, Total | 2,002,762 | 2,068,916 |
Current | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 59,779 | 213,763 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 203,048 | 75,133 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 73,588 | 64,299 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 56,557 | 68,320 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 58,921 | 102,123 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 339,562 | 269,203 |
Financing Receivable, Revolving Loans | 11 | 11 |
Loans, Total | 791,466 | 792,852 |
Current | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,705 | 13,217 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 11,472 | 3,916 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 3,548 | 1,593 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,443 | 300 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 488 | 636 |
Financing Receivable, Revolving Loans | 538,679 | 567,860 |
Loans, Total | 557,335 | 587,522 |
Current | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 3,126 | 26,498 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 22,775 | 68,208 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 58,410 | 67,041 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 55,650 | 22,464 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 19,059 | 9,997 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 23,877 | 15,893 |
Financing Receivable, Revolving Loans | 31,541 | 35,450 |
Loans, Total | 214,438 | 245,551 |
Current | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 37,040 | 171,051 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 166,686 | 115,319 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 104,887 | 55,886 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 49,676 | 32,555 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 28,220 | 17,081 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 18,183 | 6,314 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 404,692 | 398,206 |
Current | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 101,650 | 424,529 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 403,981 | 262,576 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 240,433 | 188,819 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 163,326 | 123,639 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 106,200 | 129,201 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 382,110 | 292,046 |
Financing Receivable, Revolving Loans | 570,231 | 603,321 |
Loans, Total | 1,967,931 | 2,024,131 |
30-59 Days Past Due | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 678 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 181 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,007 | 2,243 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 499 | 516 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,474 | 457 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,851 | 6,107 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 6,831 | 10,182 |
30-59 Days Past Due | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 70 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 43 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 1,354 | 2,905 |
Loans, Total | 1,397 | 2,975 |
30-59 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 35 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 47 | 252 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 167 | 504 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 238 | 98 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 70 | 15 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 40 | 143 |
Financing Receivable, Revolving Loans | 33 | 119 |
Loans, Total | 595 | 1,166 |
30-59 Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 55 | 239 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 89 | 467 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 244 | 543 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 193 | 478 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 278 | 197 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 176 | 152 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 1,035 | 2,076 |
30-59 Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 55 | 1,022 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 179 | 900 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,418 | 3,290 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 930 | 1,092 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,822 | 669 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 4,067 | 6,402 |
Financing Receivable, Revolving Loans | 1,387 | 3,024 |
Loans, Total | 9,858 | 16,399 |
60-89 Days Past Due | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 156 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 57 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 679 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 108 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 700 | 641 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 808 | 1,533 |
60-89 Days Past Due | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 53 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 41 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 243 | 991 |
Loans, Total | 284 | 1,044 |
60-89 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 28 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2 | 176 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 152 | 317 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 122 | 23 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 24 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 6 | 3 |
Financing Receivable, Revolving Loans | 8 | 3 |
Loans, Total | 314 | 550 |
60-89 Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 124 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 42 | 150 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 82 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 16 | 59 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 26 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 25 | 17 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 165 | 376 |
60-89 Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 361 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 85 | 326 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 234 | 374 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 138 | 761 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 132 | 26 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 731 | 661 |
Financing Receivable, Revolving Loans | 251 | 994 |
Loans, Total | 1,571 | 3,503 |
90+ Days Past Due | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 608 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 607 | 1,696 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 831 | 23 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 27 | 1,246 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,576 | 2,126 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 3,041 | 5,699 |
90+ Days Past Due | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 917 | 826 |
Loans, Total | 917 | 826 |
90+ Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 5 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 8 | 84 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 6 | 242 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 217 | 4 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 10 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5 | 56 |
Financing Receivable, Revolving Loans | 2 | 3 |
Loans, Total | 248 | 394 |
90+ Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 6 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 55 | 23 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 24 | 53 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 4 | 58 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 58 | 15 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 13 | 11 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 154 | 166 |
90+ Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 619 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 670 | 1,803 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 861 | 318 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 221 | 62 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 95 | 1,261 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,594 | 2,193 |
Financing Receivable, Revolving Loans | 919 | 829 |
Loans, Total | 4,360 | 7,085 |
Nonaccrual | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 109 | 696 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 2,210 | 851 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 903 | 887 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 11,548 | 10,166 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 14,770 | 12,600 |
Nonaccrual | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 76 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 21 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 20 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 226 | 227 |
Financing Receivable, Revolving Loans | 3,531 | 4,381 |
Loans, Total | 3,853 | 4,629 |
Nonaccrual | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 116 | 69 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 116 | 69 |
Nonaccrual | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 30 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 48 | 93 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 28 | 126 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 59 | 101 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 59 | 88 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 109 | 62 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 303 | 500 |
Nonaccrual | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 30 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 124 | 93 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 137 | 843 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 2,289 | 952 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 962 | 975 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 11,999 | 10,524 |
Financing Receivable, Revolving Loans | 3,531 | 4,381 |
Loans, Total | $ 19,042 | $ 17,798 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of goodwill or intangible assets | $ 0 | $ 0 | |
Intangible assets, amortization expense | $ 3,730 | $ 4,401 | |
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 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Estimated Remaining Amortization Expense of Intangibles) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Estimated Remaining Amortization of Intangibles | |
For the remaining nine months of 2021 | $ 10,159 |
2022 | 11,490 |
2023 | 9,688 |
2024 | 7,818 |
2025 | 6,221 |
Thereafter | 8,095 |
Total estimated amortization expense | $ 53,471 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)lease | Dec. 31, 2020USD ($)lease | |
Lessor Disclosure [Abstract] | ||
Residual assets covered by residual value guarantees | $ 14.1 | $ 14.7 |
Lessor, lease transactions with related parties | 0 | |
Lessee Disclosure [Abstract] | ||
Lessee, operating lease, lease not yet commenced, amount | $ 0 | $ 0 |
Sale leaseback transaction, number of transactions (transaction) | lease | 0 | 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) | 25 years |
LEASES (Net Investment in Sales
LEASES (Net Investment in Sales-Type and Direct Financing Lease) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Sales-type and direct financing leases, lease receivables | $ 149,987 | $ 141,200 |
Unguaranteed residual values, net of unearned | 5,300 | 4,800 |
Total net investment in sales-type and direct financing leases | $ 155,300 | $ 146,000 |
LEASES (Lessee Lease Portfolio
LEASES (Lessee Lease Portfolio and Other Supplemental Lease Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease | ||
Right-of-use assets | $ 47,165 | $ 48,051 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Lease liabilities | $ 58,084 | $ 58,901 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Weighted average remaining lease term (years) | 7 years 1 month 9 days | 7 years 3 months 7 days |
Weighted average discount rate, percent | 2.61% | 2.66% |
Lessee, Finance Lease | ||
Right-of-use-assets | $ 7,195 | $ 7,425 |
Lease liabilities | $ 10,339 | $ 10,621 |
Weighted-average remaining lease term (years) | 7 years 9 months 29 days | 8 years 29 days |
Weighted-average discount rate, percent | 1.17% | 1.17% |
LEASES (Other Lease Information
LEASES (Other Lease Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating Cash Flows from Finance Leases | $ 30 | $ 0 |
Operating Cash Flows from Operating Leases | 3,015 | 3,517 |
Financing Cash Flows from Finance Leases | 283 | 0 |
Right-of-use assets obtained in exchange for lease obligations, operating lease | $ 1,820 | $ 1,216 |
LEASES (Lease Cost Information)
LEASES (Lease Cost Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Net Operating Lease Cost | $ 2,541 | $ 2,918 |
Finance Lease Cost: Amortization of right-of-use assets | 230 | 0 |
Finance Lease Cost: Interest on lease liabilities | 30 | 0 |
Total Lease Cost | $ 2,801 | $ 2,918 |
LEASES (Maturities of Lessor an
LEASES (Maturities of Lessor and Lessee Arrangements Outstanding) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Lessor - Sales-type and Direct Financing Lease Maturities | ||
For the remaining nine months of 2021 | $ 24,693 | |
2022 | 34,150 | |
2023 | 32,487 | |
2024 | 30,537 | |
2025 | 22,110 | |
2026 | 6,630 | |
Thereafter | 11,757 | |
Total undiscounted cash flows | 162,364 | |
Less: Adjustments | 12,377 | |
Total | 149,987 | $ 141,200 |
Lessee - Operating Lease Maturities | ||
For the remaining nine months of 2021 | 8,966 | |
2022 | 11,322 | |
2023 | 10,172 | |
2024 | 9,178 | |
2025 | 6,864 | |
2026 | 4,318 | |
Thereafter | 13,369 | |
Total undiscounted cash flows | 64,189 | |
Less: Adjustments | 6,105 | |
Total | 58,084 | 58,901 |
Lessee - Finance Lease Maturities | ||
For the remaining nine months of 2021 | 948 | |
2022 | 1,292 | |
2023 | 1,325 | |
2024 | 1,358 | |
2025 | 1,392 | |
2026 | 1,427 | |
Thereafter | 3,088 | |
Total undiscounted cash flows | 10,830 | |
Less: Adjustments | 491 | |
Total | $ 10,339 | $ 10,621 |
BORROWINGS (Short-Term Borrowin
BORROWINGS (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Borrowings [Abstract] | ||
Securities sold under agreements to repurchase | $ 105,522 | $ 100,888 |
Federal Funds Purchased | 168,000 | 150,000 |
FHLB Advances | 0 | 100,000 |
Total short-term borrowings | 273,522 | 350,888 |
Average outstanding balance during the period | $ 149,761 | $ 213,932 |
Average interest rate (during the period) | 0.13% | 0.79% |
Average interest rate at end of period | 0.08% | 0.13% |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands | Feb. 26, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Nov. 30, 2020 |
Subordinated Borrowing [Line Items] | |||||
Remaining available balance for the federal funds lines | $ 829,000 | $ 847,000 | |||
Maximum collateral dependent line of credit with the FHLB | 5,900,000 | 6,000,000 | |||
Long-term debt, early repayments | $ 200,000 | 214,695 | $ 0 | 550,000 | |
Long-term debt, prepayment penalties | $ 14,700 | 31,200 | |||
Subordinated debt redeemed | $ 8,500 | ||||
Remaining borrowing capacity | $ 25,000 | $ 25,000 |
BORROWINGS (Long-Term Borrowing
BORROWINGS (Long-Term Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 150,500 | $ 150,500 |
FHLB Advances | 200,000 | |
Subordinated Debt | 150,000 | 150,000 |
Fair Value Premium (Discount) | (15,081) | (15,330) |
Investment in Trust Preferred Capital Securities | 4,659 | 4,659 |
Total Long-term Borrowings | 290,078 | 489,829 |
Remaining borrowing capacity | 25,000 | 25,000 |
Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | 22,500 | 22,500 |
Investment in Trust Preferred Capital Securities | $ 696 | $ 696 |
Rate | 2.94% | 2.99% |
Maturity date | Jun. 17, 2034 | Jun. 17, 2034 |
Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.75% | 2.75% |
Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 36,000 | $ 36,000 |
Investment in Trust Preferred Capital Securities | $ 1,114 | $ 1,114 |
Rate | 1.59% | 1.64% |
Maturity date | Jun. 15, 2036 | Jun. 15, 2036 |
Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 1.40% | 1.40% |
VFG Limited Liability Trust I Indenture | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 20,000 | $ 20,000 |
Investment in Trust Preferred Capital Securities | $ 619 | $ 619 |
Rate | 2.92% | 2.97% |
Maturity date | Mar. 18, 2034 | Mar. 18, 2034 |
VFG Limited Liability Trust I Indenture | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.73% | 2.73% |
FNB Statutory Trust II Indenture | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 12,000 | $ 12,000 |
Investment in Trust Preferred Capital Securities | $ 372 | $ 372 |
Rate | 3.29% | 3.34% |
Maturity date | Jun. 26, 2033 | Jun. 26, 2033 |
FNB Statutory Trust II Indenture | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 3.10% | 3.10% |
Gateway Capital Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 8,000 | $ 8,000 |
Investment in Trust Preferred Capital Securities | $ 248 | $ 248 |
Rate | 3.29% | 3.34% |
Maturity date | Sep. 17, 2033 | Sep. 17, 2033 |
Gateway Capital Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 3.10% | 3.10% |
Gateway Capital Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 7,000 | $ 7,000 |
Investment in Trust Preferred Capital Securities | $ 217 | $ 217 |
Rate | 2.84% | 2.89% |
Maturity date | Jun. 17, 2034 | Jun. 17, 2034 |
Gateway Capital Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.65% | 2.65% |
Gateway Capital Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 15,000 | $ 15,000 |
Investment in Trust Preferred Capital Securities | $ 464 | $ 464 |
Rate | 1.69% | 1.74% |
Maturity date | May 30, 2036 | May 30, 2036 |
Gateway Capital Statutory Trust III | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 1.50% | 1.50% |
Gateway Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 25,000 | $ 25,000 |
Investment in Trust Preferred Capital Securities | $ 774 | $ 774 |
Rate | 1.74% | 1.79% |
Maturity date | Jul. 30, 2037 | Jul. 30, 2037 |
Gateway Capital Statutory Trust IV | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 1.55% | 1.55% |
MFC Capital Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 5,000 | $ 5,000 |
Investment in Trust Preferred Capital Securities | $ 155 | $ 155 |
Rate | 3.04% | 3.09% |
Maturity date | Jan. 23, 2034 | Jan. 23, 2034 |
MFC Capital Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.85% | 2.85% |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Remaining issuance discount on debt | $ 1,100 | $ 1,200 |
2026 Subordinate Debt | ||
Debt Instrument [Line Items] | ||
Subordinated Debt | $ 150,000 | $ 150,000 |
Rate | 5.00% | 5.00% |
Maturity date | Dec. 15, 2026 | Dec. 15, 2026 |
2026 Subordinate Debt | LIBOR | Scenario, Plan | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 3.175% | 3.175% |
Fixed Rate Convertible | ||
Debt Instrument [Line Items] | ||
FHLB Advances | $ 200,000 | |
Rate | 1.78% | |
Maturity date | Oct. 26, 2028 |
BORROWINGS (Contractual Maturit
BORROWINGS (Contractual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Premium (Discount) | ||
For the remaining nine months of 2021 | $ (760) | |
2022 | (1,030) | |
2023 | (1,053) | |
2024 | (1,078) | |
2025 | (1,102) | |
Thereafter | (10,058) | |
Total Long-term borrowings | (15,081) | $ (15,330) |
Total Long-term Borrowings | ||
For the remaining nine months of 2021 | (760) | |
2022 | (1,030) | |
2023 | (1,053) | |
2024 | (1,078) | |
2025 | (1,102) | |
Thereafter | 295,101 | |
Total Long-term Borrowings | 290,078 | $ 489,829 |
Trust Preferred Capital Notes | ||
Total Long-term Borrowings, Gross | ||
For the remaining nine months of 2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 155,159 | |
Total Long-term borrowings | 155,159 | |
Subordinated Debt | ||
Total Long-term Borrowings, Gross | ||
For the remaining nine months of 2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 150,000 | |
Total Long-term borrowings | $ 150,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Deposits with other financial institutions | $ 176.5 | $ 290.5 |
Uninsured deposits with other financial institutions | 19.7 | 36.4 |
Reserve for Off-balance Sheet Activities | ||
Off-balance sheet credit risks, amount, liability | 13.6 | 10.8 |
Cash Flow Hedging | ||
Deposits with other financial institutions serves as collateral for cash flow hedge | $ 153.8 | $ 251 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Balances of Commitments and Contingencies) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 5,711,586 | $ 4,884,239 |
Commitments to Extend Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 5,550,942 | 4,722,412 |
Standby Letters of Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 160,644 | $ 161,827 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Schedule of Securities Pledged as Collateral) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | $ 153,849 | $ 251,047 |
Loans | 4,706,802 | 4,715,230 |
Total pledged assets | 6,039,627 | 6,174,596 |
Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 751,100 | 763,236 |
Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 427,876 | 445,083 |
Public deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 922,577 | 906,313 |
Public deposits | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 495,680 | 469,864 |
Public deposits | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 426,897 | 436,449 |
Repurchase agreements | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 107,620 | 116,876 |
Repurchase agreements | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 107,620 | 116,876 |
Repurchase agreements | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
FHLB Advances | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 4,339,460 | 4,374,383 |
Total pledged assets | 4,389,842 | 4,426,706 |
FHLB Advances | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 50,382 | 52,323 |
FHLB Advances | 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 | 153,849 | 251,047 |
Loans | 0 | 0 |
Total pledged assets | 154,539 | 251,832 |
Derivatives | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 690 | 785 |
Derivatives | 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 | 367,342 | 340,847 |
Total pledged assets | 367,342 | 340,847 |
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 |
Other purposes | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 97,707 | 132,022 |
Other purposes | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 96,728 | 123,388 |
Other purposes | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | $ 979 | $ 8,634 |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000,000 | $ 50,000,000 | |
Cash Flow Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Unrealized gain (loss) within accumulated other comprehensive income, to be reclassified into earnings | 1,800,000 | $ (1,800,000) | |
Derivative, amount | 200,000,000 | ||
Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | 121,300,000 | 74,700,000 | |
Fair value of aggregate notional amount of the hedged items, unrealized loss | 672,000 | 5,100,000 | |
Loans | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Amount of Hedged Asset/(Liabilities) | 121,323,000 | 74,726,000 | |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 598,000 | 5,088,000 | |
Available-for-sale Securities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of aggregate notional amount of the hedged items, unrealized loss | 5,100,000 | 7,300,000 | |
Carrying Amount of Hedged Asset/(Liabilities) | 150,545,000 | 166,413,000 | |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 5,115,000 | 7,297,000 | |
Available-for-sale Securities | Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | 50,000,000 | 50,000,000 | |
Fair value of aggregate notional amount of the hedged items, unrealized loss | $ 5,100,000 | $ 7,300,000 |
DERIVATIVES (Summary of the Der
DERIVATIVES (Summary of the Derivatives) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Pay Fixed - Receive Floating Interest Rate Swaps | Not Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | $ 2,393,919 | $ 2,356,453 |
Asset | 22,420 | 212 |
Liabilities | 84,030 | 163,148 |
Pay Floating - Receive Fixed Interest Rate Swaps | Not Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 2,393,919 | 2,356,453 |
Asset | 84,030 | 163,148 |
Liabilities | 22,420 | 212 |
Cash Flow Hedging | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 200,000 | |
Cash Flow Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 200,000 | 0 |
Asset | 0 | 0 |
Liabilities | 1,808 | 0 |
Fair Value Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 171,323 | 124,726 |
Asset | 2,139 | |
Liabilities | $ 7,949 | $ 12,483 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000 | $ 50,000 |
Portfolio, last-of-layer, amortized cost | 151,000 | 166,000 |
Available-for-sale Securities | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 150,545 | 166,413 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 5,115 | 7,297 |
Fair value of aggregate notional amount of the hedged items, unrealized loss | 5,100 | 7,300 |
Loans | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 121,323 | 74,726 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | $ 598 | $ 5,088 |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 09, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, shares authorized | 500,000 | 500,000 | |
Preferred stock, shares outstanding | 17,250 | 17,250 | |
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 | $ 166.4 |
STOCKHOLDERS' EQUITY (Change in
STOCKHOLDERS' EQUITY (Change in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 2,708,490 | $ 2,513,102 |
Other comprehensive income (loss) | (34,514) | 12,754 |
Ending balance | 2,709,732 | 2,425,450 |
Unrealized Gains (Losses) on AFS Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 74,161 | 37,877 |
Other comprehensive income (loss) before reclassification | (33,125) | 14,687 |
Amounts reclassified from AOCI into earnings | (62) | (1,529) |
Other comprehensive income (loss) | (33,187) | 13,158 |
Ending balance | 40,974 | 51,035 |
Unrealized Gains (Losses) for AFS Securities Transferred to HTM | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 55 | 75 |
Other comprehensive income (loss) before reclassification | 0 | 0 |
Amounts reclassified from AOCI into earnings | (5) | (5) |
Other comprehensive income (loss) | (5) | (5) |
Ending balance | 50 | 70 |
Change in Fair Value of Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 0 | (782) |
Other comprehensive income (loss) before reclassification | (1,428) | (699) |
Amounts reclassified from AOCI into earnings | (47) | 1,481 |
Other comprehensive income (loss) | (1,475) | 782 |
Ending balance | (1,475) | 0 |
Unrealized Gains (Losses) on BOLI | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (3,201) | (1,595) |
Other comprehensive income (loss) before reclassification | 0 | (1,289) |
Amounts reclassified from AOCI into earnings | 153 | 108 |
Other comprehensive income (loss) | 153 | (1,181) |
Ending balance | (3,048) | (2,776) |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 71,015 | 35,575 |
Other comprehensive income (loss) before reclassification | (34,553) | 12,699 |
Amounts reclassified from AOCI into earnings | 39 | 55 |
Other comprehensive income (loss) | (34,514) | 12,754 |
Ending balance | $ 36,501 | 48,329 |
Cumulative Effect, Period of Adoption, Adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Ending balance | $ (39,053) |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Minimum number of market participants | item | 4,000 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ | $ 12.2 | $ 12.7 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Securities available for sale, at fair value | $ 2,697,043 | $ 2,540,419 |
Loans held for sale, at fair value | 49,082 | 96,742 |
Fair value hedges | 2,139 | |
LIABILITIES | ||
Cash flow hedges | 1,808 | |
Fair value hedges | 7,949 | 12,483 |
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 | 2,697,043 | 2,540,419 |
Loans held for sale, at fair value | 49,082 | 96,742 |
Fair value hedges | 2,139 | |
LIABILITIES | ||
Cash flow hedges | 1,808 | |
Fair value hedges | 7,949 | 12,483 |
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 | 49,082 | 96,742 |
Fair value hedges | 2,139 | |
LIABILITIES | ||
Cash flow hedges | 1,808 | |
Fair value hedges | 7,949 | 12,483 |
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 | 49,082 | 96,742 |
Fair value hedges | 2,139 | |
LIABILITIES | ||
Cash flow hedges | 1,808 | |
Fair value hedges | 7,949 | 12,483 |
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 | 11,677 | 13,394 |
U.S. government and agency securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 11,677 | 13,394 |
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 | 0 |
U.S. government and agency securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 11,677 | 13,394 |
U.S. government and agency securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Obligations of states and political subdivisions | ||
ASSETS | ||
Securities available for sale, at fair value | 899,098 | 837,326 |
Obligations of states and political subdivisions | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 899,098 | 837,326 |
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 | 899,098 | 837,326 |
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 | 147,608 | 151,078 |
Corporate and other bonds | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 147,608 | 151,078 |
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 | 147,608 | 151,078 |
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 | 1,637,035 | 1,536,996 |
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 | 1,637,035 | 1,536,996 |
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 | 1,625 | 1,625 |
Other securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 1,625 | 1,625 |
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 | 1,625 | 1,625 |
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 | 106,450 | 163,360 |
LIABILITIES | ||
Interest rate swap | 106,450 | 163,360 |
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 | 106,450 | 163,360 |
LIABILITIES | ||
Interest rate swap | 106,450 | 163,360 |
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 | 106,450 | 163,360 |
LIABILITIES | ||
Interest rate swap | 106,450 | 163,360 |
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 | 106,450 | 163,360 |
LIABILITIES | ||
Interest rate swap | 106,450 | 163,360 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 400,880 | $ 493,294 |
Securities available for sale, at fair value | 2,697,043 | 2,540,419 |
HTM securities | 606,359 | 619,765 |
Restricted stock | 76,824 | 94,782 |
Loans held for sale, at fair value | 49,082 | 96,742 |
Net loans | 13,950,754 | 13,710,640 |
Derivatives: | ||
Fair value hedges | 2,139 | |
Accrued interest receivable | 74,603 | 75,757 |
Bank owned life insurance | 328,627 | 326,892 |
LIABILITIES | ||
Deposits | 16,328,962 | 15,763,991 |
Borrowings | 538,488 | 821,516 |
Accrued interest payable | 3,561 | 2,516 |
Derivatives: | ||
Cash flow hedges | 1,808 | |
Fair value hedges | 7,949 | 12,483 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Cash and cash equivalents | 400,880 | 493,294 |
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 | 2,697,043 | 2,540,419 |
HTM securities | 593,589 | 606,496 |
Restricted stock | 76,824 | 94,782 |
Loans held for sale, at fair value | 49,082 | 96,742 |
Net loans | 0 | 0 |
Derivatives: | ||
Fair value hedges | 2,139 | |
Accrued interest receivable | 74,603 | 75,757 |
Bank owned life insurance | 328,627 | 326,892 |
LIABILITIES | ||
Deposits | 16,328,962 | 15,763,991 |
Borrowings | 538,488 | 821,516 |
Accrued interest payable | 3,561 | 2,516 |
Derivatives: | ||
Cash flow hedges | 1,808 | |
Fair value hedges | 7,949 | 12,483 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
HTM securities | 12,770 | 13,269 |
Restricted stock | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Net loans | 13,950,754 | 13,710,640 |
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 | 106,450 | 163,360 |
Derivatives: | ||
Interest rate swap | 106,450 | 163,360 |
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 | 106,450 | 163,360 |
Derivatives: | ||
Interest rate swap | 106,450 | 163,360 |
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 | 400,880 | 493,294 |
Securities available for sale, at fair value | 2,697,043 | 2,540,419 |
HTM securities | 543,575 | 544,851 |
Restricted stock | 76,824 | 94,782 |
Loans held for sale, at fair value | 49,082 | 96,742 |
Net loans | 14,129,369 | 13,860,774 |
Derivatives: | ||
Fair value hedges | 2,139 | |
Accrued interest receivable | 74,603 | 75,757 |
Bank owned life insurance | 328,627 | 326,892 |
LIABILITIES | ||
Deposits | 16,298,017 | 15,722,765 |
Borrowings | 563,600 | 840,717 |
Accrued interest payable | 3,561 | 2,516 |
Derivatives: | ||
Cash flow hedges | 1,808 | |
Fair value hedges | 7,949 | 12,483 |
Carrying Value | Interest Rate Swap | ||
Derivatives: | ||
Interest rate swap | 106,450 | 163,360 |
Derivatives: | ||
Interest rate swap | $ 106,450 | $ 163,360 |
REVENUE (Disaggregation of Reve
REVENUE (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue | ||
Mortgage banking income | $ 8,255 | $ 2,022 |
Gains on securities transactions | 78 | 1,936 |
Bank owned life insurance income | 2,265 | 2,049 |
Loan-related interest rate swap fees | 1,754 | 3,948 |
Other operating income | 3,101 | 2,141 |
Total noninterest income | 30,985 | 28,907 |
Noninterest income in Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Other operating income | 1,000 | 2,400 |
Overdraft fees | Noninterest income in Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Revenue from contract with customer | 3,081 | 5,765 |
Maintenance fees & other | Noninterest income in Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Revenue from contract with customer | 2,428 | 1,813 |
Other service charges, commissions and fees | Noninterest income in Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Revenue from contract with customer | 1,701 | 1,624 |
Interchange fees | Noninterest income in Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Revenue from contract with customer | 1,847 | 1,625 |
Trust asset management fees | Noninterest income in Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Revenue from contract with customer | 2,908 | 2,827 |
Registered advisor management fees | Noninterest income in Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Revenue from contract with customer | 2,327 | 2,088 |
Brokerage management fees | Noninterest income in Scope of Topic 606 | ||
Disaggregation of Revenue | ||
Revenue from contract with customer | $ 1,240 | $ 1,069 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Income: | ||
Net income | $ 56,189 | $ 7,089 |
Preferred Stock Dividends | 2,967 | 0 |
Net Income available to common shareholders | $ 53,222 | $ 7,089 |
Weighted average shares outstanding, basic (in shares) | 78,863,468 | 79,290,352 |
Dilutive effect of stock awards and warrants | 21,000 | 27,000 |
Weighted average shares outstanding, diluted | 78,884,235 | 79,317,382 |
Basic EPS: | ||
EPS available to common stockholders (dollar per share) | $ 0.67 | $ 0.09 |
Diluted EPS: | ||
EPS available to common stockholders (dollar per share) | $ 0.67 | $ 0.09 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 1 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | May 04, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Subsequent Event [Line Items] | |||
Dividends on common stock (in dollars per share) | $ 0.25 | $ 0.25 | |
Dividends on preferred stock (in dollars per share) | $ 171.88 | ||
Stock repurchase program, expiration date | Jun. 30, 2021 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Common stock dividend increase in amount per share | $ 0.03 | ||
Common stock dividend percentage of increase in amount per share | 12.00% | ||
Dividends payable, date declared | May 4, 2021 | ||
Stock repurchase program, expiration date | Jun. 30, 2022 | ||
Subsequent Event | Maximum | |||
Subsequent Event [Line Items] | |||
Stock repurchase program, authorized amount | $ 125 | ||
Common Stock, Class A | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends on common stock (in dollars per share) | $ 0.28 | ||
Dividends payable, date to be paid | Jun. 4, 2021 | ||
Dividends payable, date of record | May 21, 2021 | ||
Depositary Shares | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends on preferred stock (in dollars per share) | $ 0.43 | ||
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) | $ 171.88 | ||
Dividends payable, date to be paid | Jun. 1, 2021 | ||
Dividends payable, date of record | May 17, 2021 |