Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 27, 2022 | |
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 | Suite 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 | Sep. 30, 2022 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
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 | 74,711,507 | |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 177,969 | $ 180,963 |
Interest-bearing deposits in other banks | 211,785 | 618,714 |
Federal funds sold | 1,188 | 2,824 |
Total cash and cash equivalents | 390,942 | 802,501 |
Securities available for sale, at fair value | 2,717,323 | 3,481,650 |
Securities held to maturity, at carrying value | 841,349 | 628,000 |
Restricted stock, at cost | 82,050 | 76,825 |
Loans held for sale, at fair value | 12,889 | 20,861 |
Loans held for investment, net of deferred fees and costs | 13,918,720 | 13,195,843 |
Less allowance for loan and lease losses | 108,009 | 99,787 |
Total loans held for investment, net | 13,810,711 | 13,096,056 |
Premises and equipment, net | 126,374 | 134,808 |
Goodwill | 925,211 | 935,560 |
Amortizable intangibles, net | 29,142 | 43,312 |
Bank owned life insurance | 437,988 | 431,517 |
Other assets | 576,252 | 413,706 |
Total assets | 19,950,231 | 20,064,796 |
LIABILITIES | ||
Noninterest-bearing demand deposits | 5,290,938 | 5,207,324 |
Interest-bearing deposits | 11,255,278 | 11,403,744 |
Total deposits | 16,546,216 | 16,611,068 |
Securities sold under agreements to repurchase | 146,182 | 117,870 |
Other short-term borrowings | 133,800 | 0 |
Long-term borrowings | 389,576 | 388,724 |
Other liabilities | 453,307 | 237,063 |
Total liabilities | 17,669,081 | 17,354,725 |
Commitments and contingencies (Note 7) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $10.00 par value | 173 | 173 |
Common stock, $1.33 par value | 98,845 | 100,101 |
Additional paid-in capital | 1,769,858 | 1,807,368 |
Retained earnings | 874,393 | 783,794 |
Accumulated other comprehensive (loss) income | (462,119) | 18,635 |
Total stockholders' equity | 2,281,150 | 2,710,071 |
Total liabilities and stockholders' equity | $ 19,950,231 | $ 20,064,796 |
Common shares outstanding | 74,703,774 | 75,663,648 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
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 (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 144,673 | $ 124,999 | $ 382,139 | $ 383,575 |
Interest on deposits in other banks | 941 | 291 | 1,229 | 454 |
Interest and dividends on securities: | ||||
Taxable | 14,750 | 11,230 | 43,110 | 32,102 |
Nontaxable | 10,792 | 9,859 | 31,889 | 28,773 |
Total interest and dividend income | 171,156 | 146,379 | 458,367 | 444,904 |
Interest expense: | ||||
Interest on deposits | 15,386 | 5,837 | 25,966 | 22,203 |
Interest on short-term borrowings | 1,229 | 22 | 1,805 | 91 |
Interest on long-term borrowings | 3,826 | 3,032 | 10,183 | 9,676 |
Total interest expense | 20,441 | 8,891 | 37,954 | 31,970 |
Net interest income | 150,715 | 137,488 | 420,413 | 412,934 |
Provision for credit losses | 6,412 | (18,850) | 12,771 | (59,888) |
Net interest income after provision for credit losses | 144,303 | 156,338 | 407,642 | 472,822 |
Noninterest income: | ||||
Service charges on deposit accounts | 6,784 | 7,198 | 22,421 | 19,314 |
Other service charges, commissions and fees | 1,770 | 1,534 | 5,134 | 4,970 |
Interchange fees | 2,461 | 2,203 | 6,539 | 6,252 |
Fiduciary and asset management fees | 4,134 | 7,029 | 18,329 | 20,323 |
Mortgage banking income | 1,390 | 4,818 | 6,707 | 17,692 |
Bank owned life insurance income | 3,445 | 2,727 | 8,858 | 8,202 |
Loan-related interest rate swap fees | 2,050 | 1,102 | 8,510 | 4,176 |
Other operating income | 3,550 | 3,327 | 17,525 | 8,459 |
Total noninterest income | 25,584 | 29,938 | 94,023 | 89,388 |
Noninterest expenses: | ||||
Salaries and benefits | 56,600 | 53,534 | 170,203 | 156,959 |
Occupancy expenses | 6,408 | 7,251 | 19,685 | 21,705 |
Furniture and equipment expenses | 3,673 | 4,040 | 10,860 | 11,919 |
Technology and data processing | 8,273 | 7,534 | 23,930 | 21,657 |
Professional services | 3,504 | 3,792 | 12,274 | 13,161 |
Marketing and advertising expense | 2,343 | 2,548 | 7,008 | 7,330 |
FDIC assessment premiums and other insurance | 3,094 | 2,172 | 8,344 | 6,798 |
Franchise and other taxes | 4,507 | 4,432 | 13,506 | 13,303 |
Loan-related expenses | 1,575 | 1,503 | 5,218 | 5,289 |
Amortization of intangible assets | 2,480 | 3,381 | 8,434 | 10,679 |
Loss on debt extinguishment | 0 | 0 | 0 | 14,695 |
Other expenses | 7,466 | 5,156 | 24,550 | 15,756 |
Total noninterest expenses | 99,923 | 95,343 | 304,012 | 299,251 |
Income from continuing operations before income taxes | 69,964 | 90,933 | 197,653 | 262,959 |
Income tax expense | 11,894 | 16,368 | 33,667 | 46,821 |
Net income | 58,070 | 74,565 | 163,986 | 216,138 |
Dividends on preferred stock | 2,967 | 2,967 | 8,901 | 8,901 |
Net Income available to common shareholders | $ 55,103 | $ 71,598 | $ 155,085 | $ 207,237 |
Basic earnings per common share | $ 0.74 | $ 0.94 | $ 2.07 | $ 2.66 |
Diluted earnings per common share | 0.74 | 0.94 | 2.07 | 2.66 |
Dividends declared per common share | $ 0.30 | $ 0.28 | $ 0.86 | $ 0.81 |
Basic weighted average number of common shares outstanding | 74,703,699 | 76,309,355 | 75,029,000 | 77,988,151 |
Diluted weighted average number of common shares outstanding | 74,705,054 | 76,322,736 | 75,034,084 | 78,007,543 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 58,070 | $ 74,565 | $ 163,986 | $ 216,138 | |
Cash flow hedges: | |||||
Change in fair value of cash flow hedges | (24,142) | (545) | (59,027) | 634 | |
Reclassification adjustment for (gains) included in net income (net of tax, $0 and $0 for the three months and $0 and $12 for the nine months ended September 30, 2022 and 2021, respectively) | [1] | 0 | 0 | 0 | (47) |
AFS securities: | |||||
Unrealized holding (losses) arising during period (net of tax, $32,388 and $6,17 for the three months and $112,226 and $11,311 for the nine months ended September 30, 2022 and 2021, respectively) | (121,841) | (23,242) | (422,183) | (42,549) | |
Reclassification adjustment for (gains) losses included in net income (net of tax, $0 and $2 for the three months and $0 and $18 for the nine months ended September 30, 2022 and 2021, respectively) | [2] | 0 | (7) | 2 | (69) |
HTM securities: | |||||
Reclassification adjustment for accretion of unrealized (gain) on AFS securities transferred to HTM (net of tax, $1 and $1 for the three months and $4 and $4 for the nine months ended September 30, 2022 and 2021, respectively) | [3] | (4) | (5) | (14) | (15) |
Bank owned life insurance: | |||||
Reclassification adjustment for losses included in net income | [4] | 151 | 150 | 468 | 454 |
Other comprehensive (loss) income | (145,836) | (23,649) | (480,754) | (41,592) | |
Comprehensive (loss) income | $ (87,766) | $ 50,916 | $ (316,768) | $ 174,546 | |
[1] The gross amounts are generally reported in the interest income and interest expense sections of the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. The gross amounts reclassified into earnings are reported as "Other operating income" on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. The gross amounts reclassified into earnings are reported within interest income on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. Reclassifications in earnings are reported in "Salaries and benefits" expense on the Company’s Consolidated Statements of Income. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax expense (benefit) on change in fair value of cash flow hedges before reclassification adjustments | $ (6,417) | $ (145) | $ (15,691) | $ 169 |
Tax expense (benefit) related to reclassification adjustment for losses included in net income | 0 | 0 | 0 | 12 |
Tax expense (benefit) related to unrealized holding gains (losses) arising during period | (32,388) | (6,178) | (112,226) | (11,311) |
Tax expense (benefit) related to gains on the sale of securities | 0 | 2 | 0 | 18 |
Tax expense (benefit) related to unrealized gain for AFS securities transferred to HTM | $ 1 | $ 1 | $ 4 | $ 4 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings | AOCI Attributable to Parent | Total |
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 (loss) (net of taxes) | (34,514) | (34,514) | ||||
Dividends on common stock | (19,700) | (19,700) | ||||
Stock purchased under stock repurchase plan | (2,967) | (2,967) | ||||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 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 |
Beginning balance at Dec. 31, 2020 | 104,169 | 173 | 1,917,081 | 616,052 | 71,015 | 2,708,490 |
Net Income | 216,138 | |||||
Other comprehensive income (loss) (net of taxes) | (41,592) | (41,592) | ||||
Ending balance at Sep. 30, 2021 | 100,062 | 173 | 1,804,617 | 760,164 | 29,423 | 2,694,439 |
Beginning balance at Mar. 31, 2021 | 104,493 | 173 | 1,918,991 | 649,574 | 36,501 | 2,709,732 |
Net Income | 85,384 | 85,384 | ||||
Other comprehensive income (loss) (net of taxes) | 16,571 | 16,571 | ||||
Dividends on common stock | (22,125) | (22,125) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Stock purchased under stock repurchase plan | (1,450) | (40,913) | (42,363) | |||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 48 | 663 | 711 | |||
Stock-based compensation expense | 2,654 | 2,654 | ||||
Ending balance at Jun. 30, 2021 | 103,091 | 173 | 1,881,395 | 709,866 | 53,072 | 2,747,597 |
Net Income | 74,565 | 74,565 | ||||
Other comprehensive income (loss) (net of taxes) | (23,649) | (23,649) | ||||
Dividends on common stock | (21,300) | (21,300) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Stock purchased under stock repurchase plan | (3,045) | (79,592) | (82,637) | |||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 16 | 175 | 191 | |||
Stock-based compensation expense | 2,639 | 2,639 | ||||
Ending balance at Sep. 30, 2021 | 100,062 | 173 | 1,804,617 | 760,164 | 29,423 | 2,694,439 |
Beginning balance at Dec. 31, 2021 | 100,101 | 173 | 1,807,368 | 783,794 | 18,635 | 2,710,071 |
Net Income | 43,690 | 43,690 | ||||
Other comprehensive income (loss) (net of taxes) | (210,118) | (210,118) | ||||
Dividends on common stock | (21,163) | (21,163) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Stock purchased under stock repurchase plan | (837) | (24,181) | (25,018) | |||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 387 | 1,044 | 1,431 | |||
Stock-based compensation expense | 2,409 | 2,409 | ||||
Ending balance at Mar. 31, 2022 | 99,651 | 173 | 1,786,640 | 803,354 | (191,483) | 2,498,335 |
Beginning balance at Dec. 31, 2021 | 100,101 | 173 | 1,807,368 | 783,794 | 18,635 | 2,710,071 |
Net Income | 163,986 | |||||
Other comprehensive income (loss) (net of taxes) | (480,754) | (480,754) | ||||
Ending balance at Sep. 30, 2022 | 98,845 | 173 | 1,769,858 | 874,393 | (462,119) | 2,281,150 |
Beginning balance at Mar. 31, 2022 | 99,651 | 173 | 1,786,640 | 803,354 | (191,483) | 2,498,335 |
Net Income | 62,226 | 62,226 | ||||
Other comprehensive income (loss) (net of taxes) | (124,800) | (124,800) | ||||
Dividends on common stock | (20,912) | (20,912) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Stock purchased under stock repurchase plan | (863) | (22,350) | (23,213) | |||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 34 | (154) | (120) | |||
Stock-based compensation expense | 2,927 | 2,927 | ||||
Ending balance at Jun. 30, 2022 | 98,822 | 173 | 1,767,063 | 841,701 | (316,283) | 2,391,476 |
Net Income | 58,070 | 58,070 | ||||
Other comprehensive income (loss) (net of taxes) | (145,836) | (145,836) | ||||
Dividends on common stock | (22,411) | (22,411) | ||||
Dividends on preferred stock | (2,967) | (2,967) | ||||
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes | 23 | 66 | 89 | |||
Stock-based compensation expense | 2,729 | 2,729 | ||||
Ending balance at Sep. 30, 2022 | $ 98,845 | $ 173 | $ 1,769,858 | $ 874,393 | $ (462,119) | $ 2,281,150 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Other comprehensive income, tax (benefit) | $ (38,806) | $ (33,214) | $ (49,701) | $ (6,181) | $ 3,672 | $ (8,835) |
Dividends on common stock (in dollars per share) | $ 0.30 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.25 |
Dividends on preferred stock (in dollars per share) | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 |
Stock purchased under stock repurchase plan, shares | 649,208 | 629,691 | 2,288,961 | 1,090,169 | ||
Issuance of common stock under Equity Compensation Plans, for services rendered, and vesting of restricted stock, shares | 17,048 | 25,955 | 291,723 | 11,953 | 35,693 | 243,884 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||
Net income | $ 163,986 | $ 216,138 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of premises and equipment | 10,652 | 11,992 |
Writedown of ROU assets, foreclosed properties, and equipment | 4,768 | 1,119 |
Amortization, net | 23,838 | 24,397 |
Amortization (accretion) related to acquisitions, net | 2,271 | (1,792) |
Provision for credit losses | 12,771 | (59,888) |
Losses (gains) on securities transactions, net | 2 | (87) |
Gain on sale of DHFB | (9,082) | 0 |
BOLI income | (8,858) | (8,202) |
Originations and purchases of loans held for sale | (263,162) | (491,895) |
Proceeds from sales of loans held for sale | 270,853 | 550,683 |
(Gains) losses on sales of foreclosed properties and former bank premises, net | (507) | 638 |
Losses on debt extinguishment | 0 | 14,695 |
Stock-based compensation expenses | 8,065 | 7,492 |
Issuance of common stock for services | 611 | 372 |
Net decrease in other assets | (6,489) | 108,590 |
Net increase (decrease) in other liabilities | 117,188 | (134,336) |
Net cash provided by operating activities | 326,905 | 240,003 |
Investing activities: | ||
Purchases of AFS securities, restricted stock, and other investments | (97,518) | (1,142,304) |
Purchases of HTM securities | (225,026) | 0 |
Proceeds from sales of AFS securities and restricted stock | 29,719 | 45,436 |
Proceeds from maturities, calls and paydowns of AFS securities | 281,542 | 392,129 |
Proceeds from maturities, calls and paydowns of HTM securities | 8,223 | 6,642 |
Net (increase) decrease in loans held for investment | (717,591) | 891,240 |
Net increase in premises and equipment | (3,054) | (9,221) |
Proceeds from BOLI settlements | 2,876 | 4,843 |
Purchases of BOLI policies | 0 | (100,000) |
Proceeds from sales of foreclosed properties and former bank premises | 5,965 | 8,632 |
Net cash (used in) provided by investing activities | (714,864) | 97,397 |
Financing activities: | ||
Net increase in noninterest-bearing deposits | 83,614 | 960,135 |
Net (decrease) in interest-bearing deposits | (148,497) | (60,716) |
Net increase (decrease) in short-term borrowings | 162,112 | (255,707) |
Repayments of long-term debt | 0 | (214,695) |
Cash dividends paid - common stock | (64,486) | (63,125) |
Cash dividends paid - preferred stock | (8,901) | (8,901) |
Repurchase of common stock | (48,231) | (125,000) |
Issuance of common stock | 3,849 | 2,955 |
Vesting of restricted stock, net of shares held for taxes | (3,060) | (2,390) |
Net cash (used in) provided by financing activities | (23,600) | 232,556 |
(Decrease) increase in cash and cash equivalents | (411,559) | 569,956 |
Cash, cash equivalents, and restricted cash at beginning of the period | 802,501 | 493,294 |
Cash, cash equivalents, and restricted cash at end of the period | 390,942 | 1,063,250 |
Cash payments for: | ||
Interest | 34,099 | 30,749 |
Income taxes | 1,224 | 1,260 |
Supplemental schedule of noncash investing and financing activities | ||
Transfers from loans to foreclosed properties | 404 | 14 |
Transfers from bank premises to OREO | $ 0 | $ 1,109 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (Nasdaq: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has 114 branches and approximately 130 ATMs located throughout Virginia, and in portions of Maryland and North Carolina as of September 30, 2022. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. Effective June 30, 2022, the Company completed the sale of DHFB, which was formerly a subsidiary of the Bank. 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. The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s 2021 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. 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. Topic 848 provides optional expedients and exceptions, subject to meeting certain criteria, for applying current GAAP to contract modifications and hedging relationships, for contracts that reference LIBOR or other reference rates 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. 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, short-term money market investments, other interest-bearing deposits, and federal funds sold. Restricted cash is disclosed in Note 7 “Commitments and Contingencies” in Part I, Item I of this Quarterly Report and is comprised of cash maintained at various correspondent banks as collateral for the Company’s derivative portfolio and is included in interest-bearing deposits in other banks in the Company’s Consolidated Balance Sheets. In addition, the Company is required to maintain reserve balances with the FRB based on the type and amount of deposits; however, on March 15, 2020 the Federal Reserve 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. The reserve requirement is still at zero percent as of September 30, 2022. 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 $48.1 million and $43.3 million on LHFI , $6.6 million and $7.0 million on HTM securities , and $13.3 million and $14.5 million on AFS securities at September 30, 2022 and December 31, 2021, respectively, and is included in “Other assets” on the Company’s Consolidated Balance Sheets. The Company’s 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 September 30, 2022 and September 30, 2021, accrued interest receivable write offs were not material to the Company’s consolidated financial statements. Segment Reporting Operating segments are components of a business where separate financial information is available and evaluated regularly by the CODMs in deciding how to allocate resources and in assessing performance. ASC Topic 280 , S egment Reporting , requires information to be reported about a company’s operating segments using a “management approach,” meaning it is based on the way management organizes segments internally to make operating decisions and assess performance. Based on this guidance, historically, the Company has had only one reportable operating segment, the Bank. However, effective for the third quarter of 2022, the Company completed system conversions that allow its CODMs to evaluate the business, establish the overall business strategy, allocate resources, and assess business performance within two reportable operating segments: Wholesale Banking and Consumer Banking, with corporate support functions such as corporate treasury and others included in Corporate Other. The application and development of management reporting methodologies is a dynamic process subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable segment may be periodically revised. Refer to Note 12 "Segment Reporting and Revenue" in Part I, Item I of this Quarterly Report for additional details on the Company’s reportable operating segments. |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2022 | |
Securities [Abstract] | |
SECURITIES | 2. SECURITIES Available for Sale The Company’s 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 September 30, 2022 and December 31, 2021. The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of September 30, 2022 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value September 30, 2022 U.S. government and agency securities $ 70,399 $ — $ (8,763) $ 61,636 Obligations of states and political subdivisions 961,722 7 (197,186) 764,543 Corporate and other bonds (1) 246,411 — (15,323) 231,088 Commercial MBS Agency 247,854 84 (36,739) 211,199 Non-agency 101,460 — (4,085) 97,375 Total commercial MBS 349,314 84 (40,824) 308,574 Residential MBS Agency 1,520,401 68 (238,966) 1,281,503 Non-agency 75,130 — (6,805) 68,325 Total residential MBS 1,595,531 68 (245,771) 1,349,828 Other securities 1,654 — — 1,654 Total AFS securities $ 3,225,031 $ 159 $ (507,867) $ 2,717,323 (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, 2021 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value December 31, 2021 U.S. government and agency securities $ 73,830 $ 179 $ (160) $ 73,849 Obligations of states and political subdivisions 971,126 39,343 (2,073) 1,008,396 Corporate and other bonds (1) 150,201 3,353 (178) 153,376 Commercial MBS Agency 361,806 6,761 (4,215) 364,352 Non-agency 107,087 139 (421) 106,805 Total commercial MBS 468,893 6,900 (4,636) 471,157 Residential MBS Agency 1,691,651 15,180 (24,337) 1,682,494 Non-agency 91,443 243 (948) 90,738 Total residential MBS 1,783,094 15,423 (25,285) 1,773,232 Other securities 1,640 — — 1,640 Total AFS securities $ 3,448,784 $ 65,198 $ (32,332) $ 3,481,650 (1) Other bonds include asset-backed securities The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses for which an ACL has not been recorded at September 30, 2022 and December 31, 2021 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). Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value (2) Losses Value Losses September 30, 2022 U.S. government and agency securities $ 58,670 $ (8,726) $ 2,896 $ (37) $ 61,566 $ (8,763) Obligations of states and political subdivisions 601,039 (120,853) 159,773 (76,333) 760,812 (197,186) Corporate and other bonds (1) 219,904 (14,111) 8,788 (1,212) 228,692 (15,323) Commercial MBS Agency 113,687 (15,734) 92,435 (21,005) 206,122 (36,739) Non-agency 76,779 (2,877) 20,596 (1,208) 97,375 (4,085) Total commercial MBS 190,466 (18,611) 113,031 (22,213) 303,497 (40,824) Residential MBS Agency 606,805 (88,065) 668,275 (150,901) 1,275,080 (238,966) Non-agency 56,490 (5,356) 11,724 (1,449) 68,214 (6,805) Total residential MBS 663,295 (93,421) 679,999 (152,350) 1,343,294 (245,771) Total AFS securities $ 1,733,374 $ (255,722) $ 964,487 $ (252,145) $ 2,697,861 $ (507,867) December 31, 2021 U.S. government and agency securities $ 64,474 $ (115) $ 3,900 $ (45) $ 68,374 $ (160) Obligations of states and political subdivisions 249,701 (2,020) 2,123 (53) 251,824 (2,073) Corporate and other bonds (1) 21,134 (177) 703 (1) 21,837 (178) Commercial MBS Agency 175,588 (4,053) 3,172 (162) 178,760 (4,215) Non-agency 33,759 (313) 11,029 (108) 44,788 (421) Total commercial MBS 209,347 (4,366) 14,201 (270) 223,548 (4,636) Residential MBS Agency 1,140,701 (21,147) 106,104 (3,190) 1,246,805 (24,337) Non-agency 48,392 (584) 12,716 (364) 61,108 (948) Total residential MBS 1,189,093 (21,731) 118,820 (3,554) 1,307,913 (25,285) Total AFS securities $ 1,733,749 $ (28,409) $ 139,747 $ (3,923) $ 1,873,496 $ (32,332) (1) Other bonds include asset-backed securities (2) Comprised of 302 and 33 individual securities as of September 30, 2022 and December 31, 2021, respectively The Company has evaluated AFS securities in an unrealized loss position for credit related impairment at September 30, 2022 and December 31, 2021 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 and increases in market interest rates, (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 “more likely than not” 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 Company’s MBS 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 September 30, 2022 and December 31, 2021 , by contractual maturity (dollars in thousands). 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. September 30, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 31,089 $ 30,799 $ 18,247 $ 18,317 Due after one year through five years 165,998 160,945 180,080 183,981 Due after five years through ten years 338,619 308,149 324,615 331,215 Due after ten years 2,689,325 2,217,430 2,925,842 2,948,137 Total AFS securities $ 3,225,031 $ 2,717,323 $ 3,448,784 $ 3,481,650 Refer to Note 7 "Commitments and Contingencies" in Part I, Item I of this Quarterly Report 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 September 30, 2022 and December 31, 2021 . Held to Maturity The Company’s HTM investment portfolio primarily consists of highly-rated municipal securities. The Company’s HTM securities were substantially all current at September 30, 2022 and December 31, 2021. The Company reports HTM securities on the Company’s Consolidated Balance Sheets at carrying value. Carrying value is amortized cost, which includes any unamortized unrealized gains and losses recognized in AOCI 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 gains or losses at the date of transfer are retained in AOCI 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. The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of September 30, 2022 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value September 30, 2022 U.S. government and agency securities $ 690 $ — $ (39) $ 651 Obligations of states and political subdivisions 724,330 176 (64,366) 660,140 Commercial Agency MBS 29,096 — (4,360) 24,736 Residential MBS Agency 43,080 — (6,732) 36,348 Non-agency 44,153 — (548) 43,605 Total residential MBS 87,233 — (7,280) 79,953 Total HTM securities $ 841,349 $ 176 $ (76,045) $ 765,480 The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2021 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value December 31, 2021 U.S. government and agency securities $ 2,604 $ — $ (29) $ 2,575 Obligations of states and political subdivisions 620,873 65,982 (121) 686,734 Commercial Agency MBS 4,523 — (58) 4,465 Total HTM securities $ 628,000 $ 65,982 $ (208) $ 693,774 Credit Quality Indicators & Allowance for Credit Losses - HTM 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 Company’s HTM securities ACL was immaterial at September 30, 2022 and December 31, 2021. The primary indicators of credit quality for the Company’s 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 majority of the Company’s HTM securities with credit risk are obligations of states and political subdivisions. The following table presents the amortized cost of HTM securities as of September 30, 2022 and December 31, 2021 by security type and credit rating (dollars in thousands): U.S. Government and Agency Obligations of states and political Mortgage-backed Total HTM securities subdivisions securities securities September 30, 2022 Credit Rating: AAA/AA/A $ — $ 700,138 $ 2,764 $ 702,902 BBB/BB/B — 1,192 — 1,192 Not Rated - Agency (1) 690 — 72,176 72,866 Not Rated - Non-Agency (2) — 23,000 41,389 64,389 Total $ 690 $ 724,330 $ 116,329 $ 841,349 December 31, 2021 Credit Rating: AAA/AA/A $ — $ 620,873 $ — $ 620,873 Not Rated - Agency (1) 2,604 — 4,523 7,127 Total $ 2,604 $ 620,873 $ 4,523 $ 628,000 (1) Generally considered not to have credit risk given the government guarantees associated with these agencies (2) Non-agency mortgage-backed and asset-backed securities have limited credit risk, supported by most receiving a 20% SSFA rating The following table presents the amortized cost and estimated fair value of HTM securities as of September 30, 2022 and December 31, 2021, by contractual maturity (dollars in thousands). 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. September 30, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Due in one year or less $ 25,025 $ 25,016 $ 3,034 $ 3,027 Due after one year through five years 35,709 35,656 5,852 6,065 Due after five years through ten years 15,798 15,587 14,019 15,984 Due after ten years 764,817 689,221 605,095 668,698 Total HTM securities $ 841,349 $ 765,480 $ 628,000 $ 693,774 Refer to Note 7 "Commitments and Contingencies" in Part I, Item I of this Quarterly Report 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 September 30, 2022 and December 31, 2021 . Restricted Stock, at cost Due to restrictions placed upon the Bank’s common stock investment in the FRB 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 Company’s Consolidated Balance Sheets. Restricted stock consists of FRB stock in the amount of $67.0 million for September 30, 2022 and December 31, 2021 and FHLB stock in the amount of $15.0 million and $ 9.8 million as of September 30, 2022 and December 31, 2021 , respectively. Realized Gains and Losses The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and nine months ended September 30, 2022 and 2021 (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Realized gains (losses) (1) : Gross realized gains $ — $ — Gross realized losses — (2) Net realized gains $ — $ (2) Proceeds from sales of securities $ 17,250 $ 29,719 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Realized gains (losses) (1) Gross realized gains $ 9 $ 147 Gross realized losses — (60) Net realized gains $ 9 $ 87 Proceeds from sales of securities $ — $ 45,436 (1) Includes gains (losses) on sales and calls of securities |
LOANS AND ALLOWANCE FOR LOAN AN
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES | 9 Months Ended |
Sep. 30, 2022 | |
Loans and Allowance for Loan Losses [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES | 3. LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES The information included below reflects the impact of the CARES Act, as amended by the CAA, and the Joint Guidance. See Note 1 “Summary of Significant Accounting Policies” in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” in the Company’s 2021 Form 10-K for information about COVID-19 and related legislative and regulatory developments. The Company’s loans are stated at their face amount, net of deferred fees and costs, and consisted of the following at September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Construction and Land Development $ 1,068,201 $ 862,236 Commercial Real Estate - Owner Occupied 1,953,872 1,995,409 Commercial Real Estate - Non-Owner Occupied 3,900,325 3,789,377 Multifamily Real Estate 774,970 778,626 Commercial & Industrial (1) 2,709,047 2,542,243 Residential 1-4 Family - Commercial 542,612 607,337 Residential 1-4 Family - Consumer 891,353 816,524 Residential 1-4 Family - Revolving 588,452 560,796 Auto 561,277 461,052 Consumer 172,776 176,992 Other Commercial (2) 755,835 605,251 Total LHFI, net of deferred fees and costs (3) 13,918,720 13,195,843 Allowance for loan and lease losses (108,009) (99,787) Total LHFI, net $ 13,810,711 $ 13,096,056 (1) Commercial & industrial loans included approximately $12.1 million and $145.3 million in loans from the PPP at September 30, 2022 and December 31, 2021, respectively. (2) There are no loans from the PPP included in other commercial loans as of September 30, 2022. As of December 31, 2021 other commercial loans included approximately $5.1 million in loans from the PPP. (3) Total loans include unamortized premiums and discounts, and unamortized deferred fees and costs totaling $45.7 million and $49.3 million as of September 30, 2022 and December 31, 2021, respectively. The following table shows the aging of the Company’s loan portfolio, by class, at September 30, 2022 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 1,067,438 $ 120 $ 107 $ 115 $ 421 $ 1,068,201 Commercial Real Estate - Owner Occupied 1,937,372 7,337 763 3,517 4,883 1,953,872 Commercial Real Estate - Non-Owner Occupied 3,897,324 — 457 621 1,923 3,900,325 Multifamily Real Estate 774,970 — — — — 774,970 Commercial & Industrial 2,702,308 796 3,128 526 2,289 2,709,047 Residential 1-4 Family - Commercial 538,835 1,410 97 308 1,962 542,612 Residential 1-4 Family - Consumer 876,980 1,123 1,449 680 11,121 891,353 Residential 1-4 Family - Revolving 581,418 1,115 1,081 1,255 3,583 588,452 Auto 558,678 1,876 257 148 318 561,277 Consumer 172,180 409 101 86 — 172,776 Other Commercial 755,740 — — 95 — 755,835 Total LHFI $ 13,863,243 $ 14,186 $ 7,440 $ 7,351 $ 26,500 $ 13,918,720 % of total loans 99.61 % 0.10 % 0.05 % 0.05 % 0.19 % 100.00 % The following table shows the aging of the Company’s loan portfolio, by class, at December 31, 2021 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 857,883 $ 1,357 $ — $ 299 $ 2,697 $ 862,236 Commercial Real Estate - Owner Occupied 1,987,133 1,230 152 1,257 5,637 1,995,409 Commercial Real Estate - Non-Owner Occupied 3,783,211 1,965 127 433 3,641 3,789,377 Multifamily Real Estate 778,429 84 — — 113 778,626 Commercial & Industrial 2,536,100 1,161 1,438 1,897 1,647 2,542,243 Residential 1-4 Family - Commercial 601,946 1,844 272 990 2,285 607,337 Residential 1-4 Family - Consumer 795,821 3,368 2,925 3,013 11,397 816,524 Residential 1-4 Family - Revolving 554,652 1,493 363 882 3,406 560,796 Auto 458,473 1,866 249 241 223 461,052 Consumer 175,943 689 186 120 54 176,992 Other Commercial 605,214 37 — — — 605,251 Total LHFI $ 13,134,805 $ 15,094 $ 5,712 $ 9,132 $ 31,100 $ 13,195,843 % of total loans 99.54 % 0.11 % 0.04 % 0.07 % 0.24 % 100.00 % The following table shows the Company’s amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of September 30, 2022 (dollars in thousands): September 30, 2022 Nonaccrual Nonaccrual With No ALLL 90 Days Past due and still Accruing Construction and Land Development $ 421 $ — $ 115 Commercial Real Estate - Owner Occupied 4,883 932 3,517 Commercial Real Estate - Non-Owner Occupied 1,923 — 621 Commercial & Industrial 2,289 1 526 Residential 1-4 Family - Commercial 1,962 — 308 Residential 1-4 Family - Consumer 11,121 — 680 Residential 1-4 Family - Revolving 3,583 — 1,255 Auto 318 — 148 Consumer — — 86 Other Commercial — — 95 Total LHFI $ 26,500 $ 933 $ 7,351 The following table shows the Company’s amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of December 31, 2021 (dollars in thousands): December 31, 2021 Nonaccrual Nonaccrual With No ALLL 90 Days Past due and still Accruing Construction and Land Development $ 2,697 $ 1,985 $ 299 Commercial Real Estate - Owner Occupied 5,637 970 1,257 Commercial Real Estate - Non-Owner Occupied 3,641 1,089 433 Multifamily Real Estate 113 — — Commercial & Industrial 1,647 1 1,897 Residential 1-4 Family - Commercial 2,285 — 990 Residential 1-4 Family - Consumer 11,397 — 3,013 Residential 1-4 Family - Revolving 3,406 — 882 Auto 223 — 241 Consumer 54 — 120 Total LHFI $ 31,100 $ 4,045 $ 9,132 There was no interest income recognized on nonaccrual loans during the three and nine months ended September 30, 2022 and 2021. See Note 1 “Summary of Significant Accounting Policies” in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” in the Company’s 2021 Form 10-K for additional information on the Company’s policies for nonaccrual loans. Troubled Debt Restructurings As of September 30, 2022, the Company had TDRs totaling $15.6 million with an estimated $569,000 of allowance for those loans. As of December 31, 2021, the Company had TDRs totaling $18.0 million with an estimated $ 859,000 of allowance for those loans. A TDR occurs when a lender, for economic or legal reasons, grants a concession to the borrower related to the borrower’s financial difficulties, that it would not otherwise consider. All loans that are considered to be TDRs are evaluated for credit losses in accordance with the Company’s ALLL methodology. For the three and nine months ended September 30, 2022 and September 30, 2021, the recorded investment in TDRs prior to modifications was not materially impacted by the modifications. The following table provides a summary, by class, of TDRs that continue to accrue interest under the terms of the applicable restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 No. of Recorded Outstanding No. of Recorded Outstanding Loans Investment Commitment Loans Investment Commitment Performing Construction and Land Development 3 $ 159 $ — 4 $ 201 $ — Commercial Real Estate - Owner Occupied 2 1,000 — 3 572 — Commercial & Industrial 1 100 — — — — Residential 1-4 Family - Commercial 1 1,334 — — — — Residential 1-4 Family - Consumer 81 7,470 — 75 9,021 — Residential 1-4 Family - Revolving 3 257 5 3 265 4 Consumer 1 13 — 2 15 — Other Commercial — — — 1 239 — Total performing 92 $ 10,333 $ 5 88 $ 10,313 $ 4 Nonperforming Commercial Real Estate - Owner Occupied 1 $ 16 $ — 2 $ 830 $ — Commercial Real Estate - Non-Owner Occupied 2 242 — 3 1,357 — Commercial & Industrial 2 481 — 3 729 — Residential 1-4 Family - Commercial 3 371 — 3 388 — Residential 1-4 Family - Consumer 24 4,092 — 24 4,239 — Residential 1-4 Family - Revolving 3 96 — 3 99 — Total nonperforming 35 $ 5,298 $ — 38 $ 7,642 $ — Total performing and nonperforming 127 $ 15,631 $ 5 126 $ 17,955 $ 4 The Company considers a default of a TDR to occur when the borrower is 90 days past due following the restructure or a foreclosure and repossession of the applicable collateral occurs. During the three and nine months ended September 30, 2022 and 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. The following table shows, by class and modification type, TDRs that occurred during the three and nine months ended September 30, 2022 and 2021 (dollars in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Recorded Recorded No. of Investment at No. of Investment at Loans Period End Loans Period End Modified to interest only, at a market rate Residential 1-4 Family - Commercial — $ — 1 $ 1,334 Total interest only at market rate of interest — $ — 1 $ 1,334 Term modification, at a market rate Commercial Real Estate - Owner Occupied — $ — 1 $ 766 Total loan term extended at a market rate — $ — 1 $ 766 Term modification, below market rate Residential 1-4 Family - Consumer 7 $ 665 17 $ 1,166 Total loan term extended at a below market rate 7 $ 665 17 $ 1,166 Total 7 $ 665 19 $ 3,266 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Recorded Recorded No. of Investment at No. of Investment at Loans Period End Loans Period End Modified to interest only, at a market rate Total interest only at market rate of interest — $ — — $ — Term modification, at a market rate Commercial Real Estate - Non-Owner Occupied 1 $ 157 1 $ 157 Residential 1-4 Family - Consumer — — 2 102 Total loan term extended at a market rate 1 $ 157 3 $ 259 Term modification, below market rate Residential 1-4 Family - Consumer — $ — 11 $ 1,813 Consumer — — 1 15 Total loan term extended at a below market rate — $ — 12 $ 1,828 Interest rate modification, below market rate Residential 1-4 Family - Commercial — $ — 1 $ 45 Total interest only at below market rate of interest — $ — 1 $ 45 Total 1 $ 157 16 $ 2,132 Allowance for Loan and Lease Losses 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. Each loan segment is further disaggregated into classes based on similar risk characteristics. The Company has identified the following classes within each loan segment: ● Commercial : Construction and Land Development, Commercial Real Estate – Owner Occupied, Commercial Real Estate – Non-Owner Occupied, Multifamily Real Estate, Commercial & Industrial, Residential 1-4 Family – Commercial, and Other Commercial ● Consumer : Residential 1-4 Family – Consumer, Residential 1-4 Family – Revolving, Auto, and Consumer The following tables show the ALLL activity by loan segment for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 77,413 $ 26,771 $ 104,184 $ 77,902 $ 21,885 $ 99,787 Loans charged-off (1,086) (715) (1,801) (2,852) (2,415) (5,267) Recoveries credited to allowance 605 609 1,214 1,723 2,022 3,745 Provision charged to operations 6,969 (2,557) 4,412 7,128 2,616 9,744 Balance at end of period $ 83,901 $ 24,108 $ 108,009 $ 83,901 $ 24,108 $ 108,009 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 89,837 $ 28,424 $ 118,261 $ 117,403 $ 43,137 $ 160,540 Loans charged-off (967) (1,299) (2,266) (3,832) (4,020) (7,852) Recoveries credited to allowance 1,281 872 2,153 3,929 2,569 6,498 Provision charged to operations (15,173) (1,177) (16,350) (42,522) (14,866) (57,388) Balance at end of period $ 74,978 $ 26,820 $ 101,798 $ 74,978 $ 26,820 $ 101,798 Credit Quality Indicators Credit quality indicators are utilized to help estimate the collectability of each loan class within the Commercial and Consumer loan 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 Company’s 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. Commercial Loans 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 ACL. 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: Pass is determined by the following criteria: ● Risk rated 0 loans have little or no risk and are with General Obligation Municipal Borrowers; ● Risk rated 1 loans have little or no risk and are generally secured by cash or cash equivalents; ● Risk rated 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety; ● Risk rated 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment; ● 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. Watch is determined by the following criteria: ● 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 borrower’s ability to repay. Special Mention is determined by the following criteria: ● 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 Company’s credit position. Substandard is determined by the following criteria: ● 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. Doubtful is determined by the following criteria: ● 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; ● 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 September 30, 2022 (dollars in thousands): September 30, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Construction and Land Development Pass $ 278,751 $ 522,332 $ 139,003 $ 16,527 $ 35,327 $ 36,153 $ 22,434 $ 1,050,527 Watch — 855 — 3,842 120 2,736 — 7,553 Special Mention 921 1,491 338 — — 174 — 2,924 Substandard 1,261 2,359 40 214 1,345 1,978 — 7,197 Total Construction and Land Development $ 280,933 $ 527,037 $ 139,381 $ 20,583 $ 36,792 $ 41,041 $ 22,434 $ 1,068,201 Commercial Real Estate - Owner Occupied Pass $ 193,743 $ 204,645 $ 256,490 $ 290,697 $ 233,459 $ 663,420 $ 15,089 $ 1,857,543 Watch 1,069 178 2,463 8,293 12,375 26,383 1,149 51,910 Special Mention 641 — — 1,479 914 18,816 42 21,892 Substandard — 2,826 — 4,370 1,610 13,256 465 22,527 Total Commercial Real Estate - Owner Occupied $ 195,453 $ 207,649 $ 258,953 $ 304,839 $ 248,358 $ 721,875 $ 16,745 $ 1,953,872 Commercial Real Estate - Non-Owner Occupied Pass $ 339,274 $ 671,073 $ 397,814 $ 508,462 $ 375,951 $ 1,392,787 $ 31,971 $ 3,717,332 Watch — 2,151 818 26,793 40,466 27,259 — 97,487 Special Mention 234 — — 6,084 2,609 18,771 — 27,698 Substandard — — 10,501 22,797 18,930 5,580 — 57,808 Total Commercial Real Estate - Non-Owner Occupied $ 339,508 $ 673,224 $ 409,133 $ 564,136 $ 437,956 $ 1,444,397 $ 31,971 $ 3,900,325 Commercial & Industrial Pass $ 529,915 $ 576,070 $ 321,669 $ 191,789 $ 86,424 $ 144,362 $ 746,107 $ 2,596,336 Watch 1,401 794 17,955 5,204 12,546 2,283 22,057 62,240 Special Mention — 182 416 2,500 373 2,031 20,174 25,676 Substandard 98 536 112 3,912 14,253 1,375 4,509 24,795 Total Commercial & Industrial $ 531,414 $ 577,582 $ 340,152 $ 203,405 $ 113,596 $ 150,051 $ 792,847 $ 2,709,047 Multifamily Real Estate Pass $ 84,683 $ 79,629 $ 216,676 $ 62,386 $ 76,761 $ 247,444 $ 2,225 $ 769,804 Watch — — — 4,209 446 423 — 5,078 Special Mention — — — — — 88 — 88 Total Multifamily Real Estate $ 84,683 $ 79,629 $ 216,676 $ 66,595 $ 77,207 $ 247,955 $ 2,225 $ 774,970 Residential 1-4 Family - Commercial Pass $ 35,383 $ 91,966 $ 79,004 $ 53,298 $ 38,421 $ 208,616 $ 949 $ 507,637 Watch — 1,344 545 8,561 2,985 5,093 114 18,642 Special Mention — — 1,495 71 4,800 2,717 — 9,083 Substandard — — — 2,464 478 4,009 299 7,250 Total Residential 1-4 Family - Commercial $ 35,383 $ 93,310 $ 81,044 $ 64,394 $ 46,684 $ 220,435 $ 1,362 $ 542,612 Other Commercial Pass $ 168,290 $ 216,249 $ 156,770 $ 118,283 $ 3,683 $ 70,833 $ 13,209 $ 747,317 Watch 5,367 — — — — 3,056 — 8,423 Substandard — — — — — — 95 95 Total Other Commercial $ 173,657 $ 216,249 $ 156,770 $ 118,283 $ 3,683 $ 73,889 $ 13,304 $ 755,835 Total Commercial Pass $ 1,630,039 $ 2,361,964 $ 1,567,426 $ 1,241,442 $ 850,026 $ 2,763,615 $ 831,984 $ 11,246,496 Watch 7,837 5,322 21,781 56,902 68,938 67,233 23,320 251,333 Special Mention 1,796 1,673 2,249 10,134 8,696 42,597 20,216 87,361 Substandard 1,359 5,721 10,653 33,757 36,616 26,198 5,368 119,672 Total Commercial $ 1,641,031 $ 2,374,680 $ 1,602,109 $ 1,342,235 $ 964,276 $ 2,899,643 $ 880,888 $ 11,704,862 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, 2021 (dollars in thousands): December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total Construction and Land Development Pass $ 430,764 $ 218,672 $ 39,937 $ 40,128 $ 11,299 $ 50,908 $ 22,996 $ 814,704 Watch 395 185 12,923 129 349 4,026 — 18,007 Special Mention — — — — — 735 — 735 Substandard 3,541 1 221 19,264 198 5,565 — 28,790 Total Construction and Land Development $ 434,700 $ 218,858 $ 53,081 $ 59,521 $ 11,846 $ 61,234 $ 22,996 $ 862,236 Commercial Real Estate - Owner Occupied Pass $ 222,079 $ 279,165 $ 321,503 $ 263,422 $ 179,994 $ 555,540 $ 19,705 $ 1,841,408 Watch 185 18 7,959 10,875 14,648 57,466 702 91,853 Special Mention — 932 11,826 610 1,052 19,480 507 34,407 Substandard 200 153 7,455 2,538 1,935 14,834 626 27,741 Total Commercial Real Estate - Owner Occupied $ 222,464 $ 280,268 $ 348,743 $ 277,445 $ 197,629 $ 647,320 $ 21,540 $ 1,995,409 Commercial Real Estate - Non-Owner Occupied Pass $ 642,386 $ 421,063 $ 520,035 $ 377,176 $ 374,949 $ 1,102,193 $ 36,568 $ 3,474,370 Watch 2,152 841 35,721 39,356 18,242 101,797 14 198,123 Special Mention — 10,609 25,691 20,119 12,741 4,775 — 73,935 Substandard — — 23,376 11,369 — 7,952 252 42,949 Total Commercial Real Estate - Non-Owner Occupied $ 644,538 $ 432,513 $ 604,823 $ 448,020 $ 405,932 $ 1,216,717 $ 36,834 $ 3,789,377 Commercial & Industrial Pass $ 770,662 $ 450,478 $ 287,926 $ 110,710 $ 38,395 $ 170,857 $ 619,583 $ 2,448,611 Watch 1,233 9,641 2,766 31,635 1,370 4,405 17,220 68,270 Special Mention 206 935 8,477 1,023 564 561 3,249 15,015 Substandard 379 575 3,636 1,965 463 1,639 1,690 10,347 Total Commercial & Industrial $ 772,480 $ 461,629 $ 302,805 $ 145,333 $ 40,792 $ 177,462 $ 641,742 $ 2,542,243 Multifamily Real Estate Pass $ 63,431 $ 187,616 $ 108,402 $ 114,077 $ 66,562 $ 228,013 $ 1,548 $ 769,649 Watch — — 359 459 — 522 — 1,340 Special Mention 44 2,248 624 4,517 — 91 — 7,524 Substandard — — — — — 113 — 113 Total Multifamily Real Estate $ 63,475 $ 189,864 $ 109,385 $ 119,053 $ 66,562 $ 228,739 $ 1,548 $ 778,626 Residential 1-4 Family - Commercial Pass $ 108,259 $ 94,184 $ 65,682 $ 46,267 $ 55,995 $ 196,052 $ 550 $ 566,989 Watch — 2,041 4,887 7,483 2,415 7,573 311 24,710 Special Mention — 96 — 436 391 4,126 — 5,049 Substandard 93 — 3,494 536 1,291 4,876 299 10,589 Total Residential 1-4 Family - Commercial $ 108,352 $ 96,321 $ 74,063 $ 54,722 $ 60,092 $ 212,627 $ 1,160 $ 607,337 Other Commercial Pass $ 226,595 $ 167,497 $ 98,848 $ 5,620 $ 25,723 $ 44,114 $ 30,445 $ 598,842 Watch — — — 581 1,246 4,341 — 6,168 Special Mention — — — — 2 — — 2 Substandard — — — — — 239 — 239 Total Other Commercial $ 226,595 $ 167,497 $ 98,848 $ 6,201 $ 26,971 $ 48,694 $ 30,445 $ 605,251 Total Commercial Pass $ 2,464,176 $ 1,818,675 $ 1,442,333 $ 957,400 $ 752,917 $ 2,347,677 $ 731,395 $ 10,514,573 Watch 3,965 12,726 64,615 90,518 38,270 180,130 18,247 408,471 Special Mention 250 14,820 46,618 26,705 14,750 29,768 3,756 136,667 Substandard 4,213 729 38,182 35,672 3,887 35,218 2,867 120,768 Total Commercial $ 2,472,604 $ 1,846,950 $ 1,591,748 $ 1,110,295 $ 809,824 $ 2,592,793 $ 756,265 $ 11,180,479 Consumer Loans 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 September 30, 2022 (dollars in thousands): September 30, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Residential 1-4 Family - Consumer Current $ 163,110 $ 250,861 $ 161,913 $ 38,668 $ 23,633 $ 238,782 $ 13 $ 876,980 30-59 Days Past Due — — 90 142 174 717 — 1,123 60-89 Days Past Due — — — 104 — 1,345 — 1,449 90+ Days Past Due — — — 45 — 635 — 680 Nonaccrual — 429 — 268 957 9,467 — 11,121 Total Residential 1-4 Family - Consumer $ 163,110 $ 251,290 $ 162,003 $ 39,227 $ 24,764 $ 250,946 $ 13 $ 891,353 Residential 1-4 Family - Revolving Current $ 58,864 $ 14,630 $ 5,825 $ 1,715 $ 826 $ 478 $ 499,080 $ 581,418 30-59 Days Past Due — — — — — — 1,115 1,115 60-89 Days Past Due — — — — — — 1,081 1,081 90+ Days Past Due — — — — — — 1,255 1,255 Nonaccrual — 149 57 — 14 — 3,363 3,583 Total Residential 1-4 Family - Revolving $ 58,864 $ 14,779 $ 5,882 $ 1,715 $ 840 $ 478 $ 505,894 $ 588,452 Auto Current $ 221,446 $ 168,008 $ 89,869 $ 49,923 $ 19,147 $ 10,285 $ — $ 558,678 30-59 Days Past Due 310 653 292 375 119 127 — 1,876 60-89 Days Past Due 3 79 78 55 — 42 — 257 90+ Days Past Due — 108 13 6 12 9 — 148 Nonaccrual — 90 107 89 8 24 — 318 Total Auto $ 221,759 $ 168,938 $ 90,359 $ 50,448 $ 19,286 $ 10,487 $ — $ 561,277 Consumer Current $ 36,208 $ 17,683 $ 12,001 $ 26,271 $ 19,195 $ 21,475 $ 39,347 $ 172,180 30-59 Days Past Due 10 6 40 150 109 51 43 409 60-89 Days Past Due — 1 19 39 39 2 1 101 90+ Days Past Due — 13 28 9 14 1 21 86 Total Consumer $ 36,218 $ 17,703 $ 12,088 $ 26,469 $ 19,357 $ 21,529 $ 39,412 $ 172,776 Total Consumer Current $ 479,628 $ 451,182 $ 269,608 $ 116,577 $ 62,801 $ 271,020 $ 538,440 $ 2,189,256 30-59 Days Past Due 320 659 422 667 402 895 1,158 4,523 60-89 Days Past Due 3 80 97 198 39 1,389 1,082 2,888 90+ Days Past Due — 121 41 60 26 645 1,276 2,169 Nonaccrual — 668 164 357 979 9,491 3,363 15,022 Total Consumer $ 479,951 $ 452,710 $ 270,332 $ 117,859 $ 64,247 $ 283,440 $ 545,319 $ 2,213,858 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, 2021 (dollars in thousands): December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total Residential 1-4 Family - Consumer Current $ 248,904 $ 174,459 $ 47,905 $ 33,809 $ 44,179 $ 246,554 $ 11 $ 795,821 30-59 Days Past Due — 157 143 807 460 1,801 — 3,368 60-89 Days Past Due — — — 624 107 2,194 — 2,925 90+ Days Past Due — — 46 20 304 2,643 — 3,013 Nonaccrual 444 — 117 884 1,330 8,622 — 11,397 Total Residential 1-4 Family - Consumer $ 249,348 $ 174,616 $ 48,211 $ 36,144 $ 46,380 $ 261,814 $ 11 $ 816,524 Residential 1-4 Family - Revolving Current $ 16,546 $ 9,511 $ 2,230 $ 1,056 $ — $ 484 $ 524,825 $ 554,652 30-59 Days Past Due — — — — — — 1,493 1,493 60-89 Days Past Due — — — — — — 363 363 90+ Days |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 4. GOODWILL AND INTANGIBLE ASSETS The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. The Company has determined that core deposit intangibles have finite lives and amortizes them over their estimated useful lives. Core deposit intangibles are being amortized over the period of expected benefit, which ranges from 4 to 10 years , using an accelerated method. Other amortizable intangible assets are being amortized over the period of expected benefit, which ranges from 4 to 10 years , using various methods. In the normal course of business, the Company routinely monitors the impact of the changes in the financial markets and includes these assessments in the Company’s impairment process. The Company concluded there was no impairment to the Company’s goodwill or intangible assets as of the balance sheet date. Effective June 30, 2022, the Company, the Bank, and CSP completed the sale of DHFB, which was formerly a subsidiary of the Bank, resulting in a reduction in both the Company’s goodwill of $10.3 million and intangible assets of $5.7 million. In the third quarter of 2022, the Company moved from one reportable operating segment, the Bank, to two reportable operating segments, Wholesale Banking and Consumer Banking, which resulted in goodwill being allocated between the two reportable operating segments based on their relative fair values. The Company determined that there was no impairment to the Bank’s goodwill prior to reallocating goodwill. The following table presents the Company’s goodwill and intangible assets by operating segment as of September 30, 2022 and December 31, 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total As of September 30, 2022 Goodwill $ 642,256 $ 282,955 $ — $ 925,211 Intangible assets — 1,704 27,438 29,142 As of December 31, 2021 Goodwill $ 642,256 $ 293,304 $ — $ 935,560 Intangible assets — 8,327 34,985 43,312 Refer to Note 12 “Segment Reporting and Revenue” in Part I, Item 1 “Financial Statements” of this Quarterly Report for more information on the Company’s reportable operating segment changes. Amortization expense of intangibles for the three months ended September 30, 2022 and 2021 totaled $2.5 million and $3.4 million, respectively. Amortization expense of intangibles for the nine months ended September 30, 2022 and 2021 totaled $8.4 million and $10.7 million, respectively. As of September 30, 2022, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands): For the remaining three months of 2022 $ 2,382 2023 8,518 2024 6,753 2025 5,154 2026 3,559 Thereafter 2,776 Total estimated amortization expense $ 29,142 |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2022 | |
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 Company’s 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 14 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. 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 September 30, 2022 and December 31, 2021, the carrying value of residual assets covered by residual value guarantees and RVI was $36.7 million and $23.0 million, respectively. 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 lessor’s 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 Company’s net investment in sales-type and direct financing leases are included in “Loans held for investment, net of deferred fees and costs” on the Company’s Consolidated Balance Sheets. Lease income is recorded in “Interest and fees on loans” on the Company’s Consolidated Statements of Income. Total net investment in sales-type and direct financing leases consists of the following (dollars in thousands): September 30, 2022 December 31, 2021 Sales-type and direct financing leases: Lease receivables, net of unearned income and deferred selling profit $ 254,773 $ 199,423 Unguaranteed residual values, net of unearned income and deferred selling profit 12,219 8,911 Total net investment in sales-type and direct financing leases $ 266,992 $ 208,334 Lessee Arrangements The Company’s 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 23 years . The Company’s 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. 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 Company’s Consolidated Balance Sheets; ROU assets within “Other assets” and lease liabilities within “Other liabilities.” ROU assets represent the Company’s right to use an underlying asset over the course of the lease term and lease liabilities represent the Company’s 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 Company’s 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 Company’s operating leases include one or more options to renew and if the Company is reasonably certain to exercise those options, it would be included in the measurement of the operating ROU assets and lease liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term and recorded in “Occupancy expenses” on the Company’s 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 expenses” on the Company’s Consolidated Statements of Income and interest expense on the finance lease liability is recorded in “Interest on long-term borrowings” on the Company’s Consolidated Statements of Income. The tables below provide information about the Company’s lessee lease portfolio and other supplemental lease information (dollars in thousands): September 30, 2022 December 31, 2021 Operating Finance Operating Finance ROU assets $ 31,821 $ 5,817 $ 40,653 $ 6,506 Lease liabilities 44,145 8,593 50,742 9,477 Lease Term and Discount Rate of Operating leases: Weighted-average remaining lease term (years) 6.44 6.33 6.75 7.08 Weighted-average discount rate (1) 2.63 % 1.17 % 2.57 % 1.17 % (1) An incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date Nine months ended September 30, 2022 2021 Cash paid for amounts included in measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 79 $ 89 Operating Cash Flows from Operating Leases 8,514 8,961 Financing Cash Flows from Finance Leases 885 851 ROU assets obtained in exchange for lease obligations: Operating leases $ 1,268 $ 2,412 Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Net Operating Lease Cost $ 2,117 $ 2,535 $ 6,658 $ 7,615 Finance Lease Cost: Amortization of right-of-use assets 230 230 689 689 Interest on lease liabilities 25 29 79 89 Total Lease Cost $ 2,372 $ 2,794 $ 7,426 $ 8,393 The maturities of lessor and lessee arrangements outstanding at September 30, 2022 are presented in the table below (dollars in thousands): September 30, 2022 Lessor Lessee Sales-type and Direct Financing Operating Finance For the remaining three months of 2022 $ 16,842 $ 2,806 $ 329 2023 65,059 10,388 1,325 2024 62,282 9,441 1,358 2025 48,508 7,297 1,392 2026 36,606 4,826 1,427 Thereafter 50,030 13,642 3,088 Total undiscounted cash flows 279,327 48,400 8,919 Less: Adjustments (1) 24,554 4,255 326 Total (2) $ 254,773 $ 44,145 $ 8,593 (1) Lessor – unearned income and unearned guaranteed residual value; Lessee – imputed interest (2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2022 | |
Borrowings [Abstract] | |
BORROWINGS | 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 securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold, advances from the FHLB, federal funds purchased (which are secured overnight borrowings from other financial institutions), and other lines of credit. Total short-term borrowings consist of the following as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, December 31, 2022 2021 Securities sold under agreements to repurchase $ 146,182 $ 117,870 FHLB Advances 133,800 — Total short-term borrowings $ 279,982 $ 117,870 Average outstanding balance during the period $ 262,782 $ 113,030 Average interest rate during the period 0.92 % 0.10 % Average interest rate at end of period 1.54 % 0.07 % The Bank maintains federal funds lines with several correspondent banks, the available balance was $1.0 billion and $997.0 million at September 30, 2022 and December 31, 2021 respectively. The Company maintains an alternate line of credit at a correspondent bank; the available balance was $25.0 million at both September 30, 2022 and December 31, 2021. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and is in compliance with these covenants as of September 30, 2022 and December 31, 2021. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $5.9 billion and $6.0 billion at September 30, 2022 and December 31, 2021 respectively. Long-term Borrowings During the fourth quarter of 2021, the Company issued the 2031 Notes. The 2031 Notes were sold at par resulting in net proceeds, after underwriting discounts and offering expenses, of approximately $246.9 million. The Company used a portion of the net proceeds from the 2031 Notes issuance to repay its outstanding $150 million of 5.00% fixed-to-floating rate subordinated notes that were due in 2026. In connection with several previous bank acquisitions, the Company issued $58.5 million and acquired $92.0 million of trust preferred capital notes. The remaining fair value discount on all acquired trust preferred capital notes was $12.7 million and $13.3 million at September 30, 2022 and December 31, 2021, respectively. Total long-term borrowings consist of the following as of September 30, 2022 (dollars in thousands): Spread to Principal 3-Month LIBOR Rate (1) Maturity Investment (2) Trust Preferred Capital Securities Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 6.50 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 5.15 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 6.48 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 6.85 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 6.85 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 6.40 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 5.25 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 5.30 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 6.60 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (3)(4) 2031 Subordinated Debt 250,000 - % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (15,583) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 389,576 (1) Rate as of September 30, 2022. 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 Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other assets" on the Company’s Consolidated Balance Sheets. (3) The remaining issuance discount as of September 30, 2022 is $2.9 million. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $12.7 million and $2.9 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. Total long-term borrowings consist of the following as of December 31, 2021 (dollars in thousands): Spread to Principal 3-Month LIBOR Rate (1) Maturity Investment (2) Trust Preferred Capital Securities Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 2.96 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 1.61 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 2.94 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 3.31 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 3.31 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 2.86 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 1.71 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 1.76 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 3.06 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (3)(4) 2031 Subordinated Debt 250,000 - % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (16,435) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 388,724 (1) Rate as of December 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 Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other assets" on the Company’s Consolidated Balance Sheets. (3) The remaining issuance discount as of December 31, 2021 is $3.1 million. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $13.3 million and $3.1 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. As of September 30, 2022, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): Trust Preferred Total Capital Subordinated Fair Value Long-term Notes Debt Discount (1) Borrowings For the remaining three months of 2022 $ — $ — $ (287) $ (287) 2023 — — (1,162) (1,162) 2024 — — (1,187) (1,187) 2025 — — (1,211) (1,211) 2026 — — (1,236) (1,236) Thereafter 155,159 250,000 (10,500) 394,659 Total long-term borrowings $ 155,159 $ 250,000 $ (15,583) $ 389,576 (1) Includes discount on issued subordinated notes. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2022 | |
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 involved in various legal and regulatory proceedings. The amount, if any, of the ultimate liability with respect to such matters cannot be determined. Despite the uncertainties of such litigation and investigations, and 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, subject to the potential outcomes of disclosed matters. There have been no material changes with respect to the Company’s previously disclosed proceedings. 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 Company’s Consolidated Balance Sheets. The contractual amounts of these instruments reflect the extent of the Company’s involvement in particular classes of financial instruments. The Company’s 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. 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 Company’s off-balance sheet commitments to extend credit. The Company also records an indemnification reserve based on historical statistics and loss rates related to mortgage loans previously sold. At both September 30, 2022 and December 31, 2021 , the Company’s RUC and indemnification reserve totaled $11.4 million and $8.4 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): September 30, 2022 December 31, 2021 Commitments with off-balance sheet risk: Commitments to extend credit (1) $ 3,411,234 $ 5,825,557 Letters of credit 150,649 152,506 Total commitments with off-balance sheet risk $ 3,561,883 $ 5,978,063 (1) Includes unfunded overdraft protection. As of September 30, 2022 , the Company had approximately $287.5 million in deposits in other financial institutions of which $237.5 million served as collateral for cash flow and loan swap derivatives. As of December 31, 2021, the Company had approximately $187.4 million in deposits in other financial institutions of which $82.3 million served as collateral for the Company’s derivative interest rate contracts. The Company had approximately $46.4 million and $102.0 million in deposits in other financial institutions that were uninsured at September 30, 2022 and December 31, 2021, respectively. At least annually, the Company’s management evaluates the loss risk of its uninsured deposits in financial counterparties. For asset/liability management purposes, the Company uses interest rate contracts to hedge various exposures or to modify the interest rate characteristics of various balance sheet accounts. For the OTC derivatives cleared with the central clearinghouses, the variation margin is treated as a settlement of the related derivatives fair values. Refer to Note 8 “Derivatives” in Part I, Item I of this Quarterly Report for additional information. The Company pledges collateral to secure various financing and other activities that occur during the normal course of business as part of the liquidity management strategy. The following tables present the types of collateral pledged at September 30, 2022 and December 31, 2021 (dollars in thousands): Pledged Assets as of September 30, 2022 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 576,066 $ 483,284 $ — $ 1,059,350 Repurchase agreements — 151,237 — — 151,237 FHLB advances — 37,188 — 2,545,915 2,583,103 Derivatives 237,546 56,593 — — 294,139 Fed Funds — — — 479,668 479,668 Other purposes — 26,667 834 — 27,501 Total pledged assets $ 237,546 $ 847,751 $ 484,118 $ 3,025,583 $ 4,594,998 Pledged Assets as of December 31, 2021 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 703,489 $ 472,243 $ — $ 1,175,732 Repurchase agreements — 130,217 — — 130,217 FHLB advances — 43,722 — 4,263,259 4,306,981 Derivatives 82,299 65,053 — — 147,352 Fed Funds — — — 392,067 392,067 Other purposes — 22,003 985 — 22,988 Total pledged assets $ 82,299 $ 964,484 $ 473,228 $ 4,655,326 $ 6,175,337 (1) Balance represents market value. (2) Balance represents book value. |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2022 | |
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 that do not qualify for hedge accounting and consist of interest rate contracts, which include loan swaps and interest rate cap agreements, as well as interest rate lock commitments. 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 Company’s exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on the Company’s Consolidated Balance Sheets, assuming no recoveries of underlying collateral. The Company clears certain OTC derivatives with central clearinghouses through FCMs due to applicable regulatory requirements, which reduces the Company’s 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. For the OTC derivatives cleared with central clearinghouses, the variation margin is treated as settlement of the related derivatives fair values. 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 Company’s 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. At September 30, 2022 and December 31, 2021, the Company had interest rate swaps designated and qualifying as cash flow hedges of the Company’s forecasted variable interest receipts on variable rate loans due to changes in the interest rate with a notional amount of $800 million and $500 million, respectively. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate. Fair Value Hedges 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 Company’s 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 September 30, 2022 and December 31, 2021, the aggregate notional amount of the related hedged items for certain long-term fixed rate loans totaled $84.8 million and $88.6 million, respectively, and the fair value of the swaps associated with the derivative related to hedged items was an unrealized gain of $11.2 million and an unrealized loss of $620,000 , respectively. AFS Securities: The Company has entered into a swap agreement to hedge the interest rate risk on a portion of its fixed rate AFS securities. At September 30, 2022 and December 31, 2021, the aggregate notional amount of the related hedged items of the AFS securities totaled $50.0 million and the fair value of the swaps associated with the derivative related to hedged items was an unrealized gain of $2.1 million and an unrealized loss of $4.1 million, respectively. The Company applies hedge accounting in accordance with ASC 815, Derivatives and Hedging , and the fair value hedge and the underlying hedged item, attributable to the risk being hedged, are recorded at fair value with unrealized gains and losses being recorded on the Company’s 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 Company’s hedges continue to be highly effective and had no material impact on the Consolidated Statements of Income. Interest Rate Contracts During the normal course of business, the Company enters into interest rate contracts with borrowers to help meet their financing needs. Upon entering into interest rate contracts, the Company enters into offsetting positions with a third party in order to minimize interest rate risk. These interest rate contracts qualify as financial derivatives with fair values as reported in “Other assets” and “Other liabilities” on the Company’s Consolidated Balance Sheets. RPAs: The Company enters into RPAs where it may either sell or assume credit risk related to a borrower’s performance under certain non-hedging interest rate derivative contracts on participated loans. The Company manages its credit risk under RPAs by monitoring the creditworthiness of the borrowers based on the Company’s normal credit review process. RPAs are carried at fair value with changes in fair value recorded in “Other operating income” on the Company’s Consolidated Statements of Income. The following table summarizes key elements of the Company’s derivative instruments as of September 30, 2022 and December 31, 2021, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): September 30, 2022 December 31, 2021 Derivative (2) Derivative (2) Notional or Notional or Contractual Contractual Amount (1) Assets Liabilities Amount (1) Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: (3) Cash flow hedges $ 800,000 $ — $ 7,735 $ 500,000 $ — $ — Fair value hedges 134,792 4,511 — 138,606 — 5,387 Derivatives not designated as accounting hedges: Interest rate contracts (3)(4) 5,500,163 72,627 242,969 5,017,574 73,696 49,051 (1) Notional amounts are not recorded on the Company’s 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. (3) The Company’s cleared derivatives are classified as a single-unit of accounting, resulting in the fair value of the designated swap being reduced by the variation margin, which is treated as settlement of the related derivatives fair value for accounting purposes. (4) Includes RPAs. The following table summarizes the carrying value of the Company’s hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Cumulative Cumulative Amount of Basis Amount of Basis Adjustments Adjustments Included in the Included in the Carrying Amount Carrying Carrying Amount Carrying of Hedged Amount of the of Hedged Amount of the Assets/(Liabilities) Hedged Assets/(Liabilities) Hedged Amount (1) Assets/(Liabilities) Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: Securities available-for-sale (1) (2) $ 94,494 $ (2,115) $ 112,562 $ 4,051 Loans 84,792 (11,179) 88,606 546 (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 September 30, 2022 and December 31, 2021, the amortized cost basis of this portfolio was $94 million and $113 million, respectively, and the cumulative basis adjustment associated with this hedge was $2.1 million and $4.1 million, respectively. The amount of the designated hedged item at September 30, 2022 and December 31, 2021 totaled $50 million. (2) Carrying value represents amortized cost. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 9. STOCKHOLDERS’ EQUITY Repurchase Programs On December 10, 2021, the Company’s Board of Directors authorized a share Repurchase Program to purchase up to $100.0 million of the Company’s common stock through December 9, 2022 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. As part of the Repurchase Program, approximately 1.3 million shares (or $48.2 million) were repurchased during the nine months ended September 30, 2022. No shares were repurchased during the third quarter of 2022. Approximately $51.8 million of share repurchases remain available under the Repurchase Program at September 30, 2022. Accumulated Other Comprehensive Income (Loss) The change in AOCI for the three and nine months ended September 30, 2022 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) Unrealized for AFS Unrealized (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total AOCI - June 30, 2022 $ (277,577) $ 25 $ (36,452) $ (2,279) $ (316,283) Other comprehensive (loss) income: Other comprehensive loss before reclassification (121,841) — (24,142) — (145,983) Amounts reclassified from AOCI into earnings — (4) — 151 147 Net current period other comprehensive (loss) income (121,841) (4) (24,142) 151 (145,836) AOCI - September 30, 2022 $ (399,418) $ 21 $ (60,594) $ (2,128) $ (462,119) Unrealized Gains (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total AOCI - December 31, 2021 $ 22,763 $ 35 $ (1,567) $ (2,596) $ 18,635 Other comprehensive (loss) income: Other comprehensive loss before reclassification (422,183) — (59,027) — (481,210) Amounts reclassified from AOCI into earnings 2 (14) — 468 456 Net current period other comprehensive (loss) income (422,181) (14) (59,027) 468 (480,754) AOCI - September 30, 2022 $ (399,418) $ 21 $ (60,594) $ (2,128) $ (462,119) The change in AOCI for the three and nine months ended September 30, 2021 is summarized as follows, net of tax (dollars in thousands): Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total AOCI - June 30, 2021 $ 54,792 $ 45 $ 1,132 $ (2,897) $ 53,072 Other comprehensive (loss) income: Other comprehensive income before reclassification (23,242) — (545) — (23,787) Amounts reclassified from AOCI into earnings (7) (5) — 150 138 Net current period other comprehensive (loss) income (23,249) (5) (545) 150 (23,649) AOCI - September 30, 2021 $ 31,543 $ 40 $ 587 $ (2,747) $ 29,423 Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total AOCI- December 31, 2020 $ 74,161 $ 55 $ — $ (3,201) $ 71,015 Other comprehensive (loss) income: Other comprehensive (loss) income before reclassification (42,549) — 634 — (41,915) Amounts reclassified from AOCI into earnings (69) (15) (47) 454 323 Net current period other comprehensive (loss) income (42,618) (15) 587 454 (41,592) AOCI - September 30, 2021 $ 31,543 $ 40 $ 587 $ (2,747) $ 29,423 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2022 | |
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 Company’s 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 Company’s 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 “Derivatives” in Part I, Item I of this Quarterly Report, 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 Company’s interest-bearing assets and liabilities, as well as to manage the Company’s exposure to credit risk related to borrower's performance under interest rate derivatives. 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 BVAL derivative pricing functions. No material differences were identified during the validation as of September 30, 2022 and December 31, 2021 . 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 September 30, 2022 and December 31, 2021 did not have a material impact on the Company’s 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 Company’s 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 vendor’s primary source for security valuation is ICE, which evaluates securities based on market data. ICE 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 BVAL, 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 September 30, 2022 and December 31, 2021 . 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 Residential loans originated for sale in the open market are carried at fair value. 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 Company’s Consolidated Statements of Income. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021 (dollars in thousands): Fair Value Measurements at September 30, 2022 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 56,073 $ 5,563 $ — $ 61,636 Obligations of states and political subdivisions — 764,543 — 764,543 Corporate and other bonds (1) — 231,088 — 231,088 MBS — 1,658,402 — 1,658,402 Other securities — 1,654 — 1,654 LHFS — 12,889 — 12,889 Derivatives: Interest rate contracts (2) — 72,627 — 72,627 Fair value hedges — 4,511 — 4,511 LIABILITIES Derivatives: Interest rate contracts (2) $ — $ 242,969 $ — $ 242,969 Cash flow hedges — 7,735 — 7,735 (1) Other bonds include asset-backed securities. (2) Includes RPAs. Fair Value Measurements at December 31, 2021 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 64,474 $ 9,375 $ — $ 73,849 Obligations of states and political subdivisions — 1,008,396 — 1,008,396 Corporate and other bonds (1) — 153,376 — 153,376 MBS — 2,244,389 — 2,244,389 Other securities — 1,640 — 1,640 LHFS — 20,861 — 20,861 Derivatives: Interest rate contracts — 73,696 — 73,696 LIABILITIES Derivatives: Interest rate contracts $ — $ 49,051 $ — $ 49,051 Fair value hedges — 5,387 — 5,387 (1) Other bonds include asset-backed securities. 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 were $6.2 million and $11.3 million during the periods ended September 30, 2022 and December 31, 2021 respectively. The nonrecurring valuation adjustments for these assets did not have a material impact on the Company’s 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 Company’s 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 vendor’s primary source for security valuation is ICE, which evaluates securities based on market data. ICE 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 BVAL, 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 September 30, 2022 and December 31, 2021 . The Company’s 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 Company’s 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 September 30, 2022 and December 31, 2021. 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. 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. The carrying values and estimated fair values of the Company’s financial instruments at September 30, 2022 and December 31, 2021 are as follows (dollars in thousands): Fair Value Measurements at September 30, 2022 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 390,942 $ 390,942 $ — $ — $ 390,942 AFS securities 2,717,323 56,073 2,661,250 — 2,717,323 HTM securities 841,349 — 762,307 3,173 765,480 Restricted stock 82,050 — 82,050 — 82,050 LHFS 12,889 — 12,889 — 12,889 Net loans 13,810,711 — — 13,330,986 13,330,986 Derivatives: Interest rate contracts (1) 72,627 — 72,627 — 72,627 Fair value hedges 4,511 — 4,511 — 4,511 Accrued interest receivable 68,747 — 68,747 — 68,747 BOLI 437,988 — 437,988 — 437,988 LIABILITIES Deposits $ 16,546,216 $ — $ 16,560,956 $ — $ 16,560,956 Borrowings 669,558 — 605,018 — 605,018 Accrued interest payable 3,910 — 3,910 — 3,910 Derivatives: Interest rate contracts (1) 242,969 — 242,969 — 242,969 Cash flow hedges 7,735 — 7,735 — 7,735 (1) Includes RPAs. Fair Value Measurements at December 31, 2021 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 802,501 $ 802,501 $ — $ — $ 802,501 AFS securities 3,481,650 64,474 3,417,176 — 3,481,650 HTM securities 628,000 — 686,733 7,041 693,774 Restricted stock 76,825 — 76,825 — 76,825 LHFS 20,861 — 20,861 — 20,861 Net loans 13,096,056 — — 12,861,274 12,861,274 Derivatives: Interest rate contracts 73,696 — 73,696 — 73,696 Accrued interest receivable 65,015 — 65,015 — 65,015 BOLI 431,517 — 431,517 — 431,517 LIABILITIES Deposits $ 16,611,068 $ — $ 16,630,087 $ — $ 16,630,087 Borrowings 506,594 — 488,796 — 488,796 Accrued interest payable 933 — 933 — 933 Derivatives: Interest rate contracts 49,051 — 49,051 — 49,051 Fair value hedges 5,387 — 5,387 — 5,387 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 Company’s financial instruments will change when market interest rates change and that change may be either favorable or unfavorable to the Company. Management seeks 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 seeks to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that are intended to mitigate the Company’s overall interest rate risk. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 11. 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 and nine months ended September 30, 2022 and 2021 (dollars in thousands except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net Income: Net Income $ 58,070 $ 74,565 $ 163,986 $ 216,138 Less: Preferred Stock Dividends 2,967 2,967 8,901 8,901 Net income available to common shareholders $ 55,103 $ 71,598 $ 155,085 $ 207,237 Weighted average shares outstanding, basic 74,704 76,309 75,029 77,989 Dilutive effect of stock awards 1 14 5 19 Weighted average shares outstanding, diluted 74,705 76,323 75,034 78,008 Earnings per common share, basic $ 0.74 $ 0.94 $ 2.07 $ 2.66 Earnings per common share, diluted $ 0.74 $ 0.94 $ 2.07 $ 2.66 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through November 3, 2022, the date the financial statements were issued. On October 27, 2022 , the Company’s Board of Directors 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 payable on December 1, 2022 to preferred shareholders of record as of November 16, 2022 . The Company’s Board of Directors also declared a quarterly dividend of $0.30 per share of common stock. The common stock dividend is payable on November 25, 2022 to common shareholders of record as of November 11, 2022 . |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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 114 branches and approximately 130 ATMs located throughout Virginia, and in portions of Maryland and North Carolina as of September 30, 2022. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. Effective June 30, 2022, the Company completed the sale of DHFB, which was formerly a subsidiary of the Bank. 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. |
Adoption of New Accounting Standards | 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. Topic 848 provides optional expedients and exceptions, subject to meeting certain criteria, for applying current GAAP to contract modifications and hedging relationships, for contracts that reference LIBOR or other reference rates 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. |
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, short-term money market investments, other interest-bearing deposits, and federal funds sold. Restricted cash is disclosed in Note 7 “Commitments and Contingencies” in Part I, Item I of this Quarterly Report and is comprised of cash maintained at various correspondent banks as collateral for the Company’s derivative portfolio and is included in interest-bearing deposits in other banks in the Company’s Consolidated Balance Sheets. In addition, the Company is required to maintain reserve balances with the FRB based on the type and amount of deposits; however, on March 15, 2020 the Federal Reserve 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. The reserve requirement is still at zero percent as of September 30, 2022. |
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 $48.1 million and $43.3 million on LHFI , $6.6 million and $7.0 million on HTM securities , and $13.3 million and $14.5 million on AFS securities at September 30, 2022 and December 31, 2021, respectively, and is included in “Other assets” on the Company’s Consolidated Balance Sheets. The Company’s 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 September 30, 2022 and September 30, 2021, accrued interest receivable write offs were not material to the Company’s consolidated financial statements. |
Segment Reporting | Segment Reporting Operating segments are components of a business where separate financial information is available and evaluated regularly by the CODMs in deciding how to allocate resources and in assessing performance. ASC Topic 280 , S egment Reporting , requires information to be reported about a company’s operating segments using a “management approach,” meaning it is based on the way management organizes segments internally to make operating decisions and assess performance. Based on this guidance, historically, the Company has had only one reportable operating segment, the Bank. However, effective for the third quarter of 2022, the Company completed system conversions that allow its CODMs to evaluate the business, establish the overall business strategy, allocate resources, and assess business performance within two reportable operating segments: Wholesale Banking and Consumer Banking, with corporate support functions such as corporate treasury and others included in Corporate Other. The application and development of management reporting methodologies is a dynamic process subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable segment may be periodically revised. Refer to Note 12 "Segment Reporting and Revenue" in Part I, Item I of this Quarterly Report for additional details on the Company’s reportable operating segments. |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Amortized Cost of HTM Securities by Security Type and Credit Rating | The following table presents the amortized cost of HTM securities as of September 30, 2022 and December 31, 2021 by security type and credit rating (dollars in thousands): U.S. Government and Agency Obligations of states and political Mortgage-backed Total HTM securities subdivisions securities securities September 30, 2022 Credit Rating: AAA/AA/A $ — $ 700,138 $ 2,764 $ 702,902 BBB/BB/B — 1,192 — 1,192 Not Rated - Agency (1) 690 — 72,176 72,866 Not Rated - Non-Agency (2) — 23,000 41,389 64,389 Total $ 690 $ 724,330 $ 116,329 $ 841,349 December 31, 2021 Credit Rating: AAA/AA/A $ — $ 620,873 $ — $ 620,873 Not Rated - Agency (1) 2,604 — 4,523 7,127 Total $ 2,604 $ 620,873 $ 4,523 $ 628,000 (1) Generally considered not to have credit risk given the government guarantees associated with these agencies (2) Non-agency mortgage-backed and asset-backed securities have limited credit risk, supported by most receiving a 20% SSFA rating |
Gross Realized Gain and Losses on the Sale of Securities | The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and nine months ended September 30, 2022 and 2021 (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Realized gains (losses) (1) : Gross realized gains $ — $ — Gross realized losses — (2) Net realized gains $ — $ (2) Proceeds from sales of securities $ 17,250 $ 29,719 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Realized gains (losses) (1) Gross realized gains $ 9 $ 147 Gross realized losses — (60) Net realized gains $ 9 $ 87 Proceeds from sales of securities $ — $ 45,436 (1) Includes gains (losses) on sales and calls of securities |
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 September 30, 2022 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value September 30, 2022 U.S. government and agency securities $ 70,399 $ — $ (8,763) $ 61,636 Obligations of states and political subdivisions 961,722 7 (197,186) 764,543 Corporate and other bonds (1) 246,411 — (15,323) 231,088 Commercial MBS Agency 247,854 84 (36,739) 211,199 Non-agency 101,460 — (4,085) 97,375 Total commercial MBS 349,314 84 (40,824) 308,574 Residential MBS Agency 1,520,401 68 (238,966) 1,281,503 Non-agency 75,130 — (6,805) 68,325 Total residential MBS 1,595,531 68 (245,771) 1,349,828 Other securities 1,654 — — 1,654 Total AFS securities $ 3,225,031 $ 159 $ (507,867) $ 2,717,323 (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, 2021 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value December 31, 2021 U.S. government and agency securities $ 73,830 $ 179 $ (160) $ 73,849 Obligations of states and political subdivisions 971,126 39,343 (2,073) 1,008,396 Corporate and other bonds (1) 150,201 3,353 (178) 153,376 Commercial MBS Agency 361,806 6,761 (4,215) 364,352 Non-agency 107,087 139 (421) 106,805 Total commercial MBS 468,893 6,900 (4,636) 471,157 Residential MBS Agency 1,691,651 15,180 (24,337) 1,682,494 Non-agency 91,443 243 (948) 90,738 Total residential MBS 1,783,094 15,423 (25,285) 1,773,232 Other securities 1,640 — — 1,640 Total AFS securities $ 3,448,784 $ 65,198 $ (32,332) $ 3,481,650 (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 Company’s AFS securities with unrealized losses for which an ACL has not been recorded at September 30, 2022 and December 31, 2021 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). Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value (2) Losses Value Losses September 30, 2022 U.S. government and agency securities $ 58,670 $ (8,726) $ 2,896 $ (37) $ 61,566 $ (8,763) Obligations of states and political subdivisions 601,039 (120,853) 159,773 (76,333) 760,812 (197,186) Corporate and other bonds (1) 219,904 (14,111) 8,788 (1,212) 228,692 (15,323) Commercial MBS Agency 113,687 (15,734) 92,435 (21,005) 206,122 (36,739) Non-agency 76,779 (2,877) 20,596 (1,208) 97,375 (4,085) Total commercial MBS 190,466 (18,611) 113,031 (22,213) 303,497 (40,824) Residential MBS Agency 606,805 (88,065) 668,275 (150,901) 1,275,080 (238,966) Non-agency 56,490 (5,356) 11,724 (1,449) 68,214 (6,805) Total residential MBS 663,295 (93,421) 679,999 (152,350) 1,343,294 (245,771) Total AFS securities $ 1,733,374 $ (255,722) $ 964,487 $ (252,145) $ 2,697,861 $ (507,867) December 31, 2021 U.S. government and agency securities $ 64,474 $ (115) $ 3,900 $ (45) $ 68,374 $ (160) Obligations of states and political subdivisions 249,701 (2,020) 2,123 (53) 251,824 (2,073) Corporate and other bonds (1) 21,134 (177) 703 (1) 21,837 (178) Commercial MBS Agency 175,588 (4,053) 3,172 (162) 178,760 (4,215) Non-agency 33,759 (313) 11,029 (108) 44,788 (421) Total commercial MBS 209,347 (4,366) 14,201 (270) 223,548 (4,636) Residential MBS Agency 1,140,701 (21,147) 106,104 (3,190) 1,246,805 (24,337) Non-agency 48,392 (584) 12,716 (364) 61,108 (948) Total residential MBS 1,189,093 (21,731) 118,820 (3,554) 1,307,913 (25,285) Total AFS securities $ 1,733,749 $ (28,409) $ 139,747 $ (3,923) $ 1,873,496 $ (32,332) (1) Other bonds include asset-backed securities (2) Comprised of 302 and 33 individual securities as of September 30, 2022 and December 31, 2021, respectively |
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 September 30, 2022 and December 31, 2021 , by contractual maturity (dollars in thousands). 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. September 30, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 31,089 $ 30,799 $ 18,247 $ 18,317 Due after one year through five years 165,998 160,945 180,080 183,981 Due after five years through ten years 338,619 308,149 324,615 331,215 Due after ten years 2,689,325 2,217,430 2,925,842 2,948,137 Total AFS securities $ 3,225,031 $ 2,717,323 $ 3,448,784 $ 3,481,650 |
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 September 30, 2022 and December 31, 2021, by contractual maturity (dollars in thousands). 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. September 30, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Due in one year or less $ 25,025 $ 25,016 $ 3,034 $ 3,027 Due after one year through five years 35,709 35,656 5,852 6,065 Due after five years through ten years 15,798 15,587 14,019 15,984 Due after ten years 764,817 689,221 605,095 668,698 Total HTM securities $ 841,349 $ 765,480 $ 628,000 $ 693,774 |
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 September 30, 2022 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value September 30, 2022 U.S. government and agency securities $ 690 $ — $ (39) $ 651 Obligations of states and political subdivisions 724,330 176 (64,366) 660,140 Commercial Agency MBS 29,096 — (4,360) 24,736 Residential MBS Agency 43,080 — (6,732) 36,348 Non-agency 44,153 — (548) 43,605 Total residential MBS 87,233 — (7,280) 79,953 Total HTM securities $ 841,349 $ 176 $ (76,045) $ 765,480 The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2021 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value December 31, 2021 U.S. government and agency securities $ 2,604 $ — $ (29) $ 2,575 Obligations of states and political subdivisions 620,873 65,982 (121) 686,734 Commercial Agency MBS 4,523 — (58) 4,465 Total HTM securities $ 628,000 $ 65,982 $ (208) $ 693,774 |
LOANS AND ALLOWANCE FOR LOAN _2
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Stated at Face Amount, Net of Unearned Income | The Company’s loans are stated at their face amount, net of deferred fees and costs, and consisted of the following at September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Construction and Land Development $ 1,068,201 $ 862,236 Commercial Real Estate - Owner Occupied 1,953,872 1,995,409 Commercial Real Estate - Non-Owner Occupied 3,900,325 3,789,377 Multifamily Real Estate 774,970 778,626 Commercial & Industrial (1) 2,709,047 2,542,243 Residential 1-4 Family - Commercial 542,612 607,337 Residential 1-4 Family - Consumer 891,353 816,524 Residential 1-4 Family - Revolving 588,452 560,796 Auto 561,277 461,052 Consumer 172,776 176,992 Other Commercial (2) 755,835 605,251 Total LHFI, net of deferred fees and costs (3) 13,918,720 13,195,843 Allowance for loan and lease losses (108,009) (99,787) Total LHFI, net $ 13,810,711 $ 13,096,056 (1) Commercial & industrial loans included approximately $12.1 million and $145.3 million in loans from the PPP at September 30, 2022 and December 31, 2021, respectively. (2) There are no loans from the PPP included in other commercial loans as of September 30, 2022. As of December 31, 2021 other commercial loans included approximately $5.1 million in loans from the PPP. (3) Total loans include unamortized premiums and discounts, and unamortized deferred fees and costs totaling $45.7 million and $49.3 million as of September 30, 2022 and December 31, 2021, respectively. |
Summary of Aging of the Loan Portfolio by Class | The following table shows the aging of the Company’s loan portfolio, by class, at September 30, 2022 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 1,067,438 $ 120 $ 107 $ 115 $ 421 $ 1,068,201 Commercial Real Estate - Owner Occupied 1,937,372 7,337 763 3,517 4,883 1,953,872 Commercial Real Estate - Non-Owner Occupied 3,897,324 — 457 621 1,923 3,900,325 Multifamily Real Estate 774,970 — — — — 774,970 Commercial & Industrial 2,702,308 796 3,128 526 2,289 2,709,047 Residential 1-4 Family - Commercial 538,835 1,410 97 308 1,962 542,612 Residential 1-4 Family - Consumer 876,980 1,123 1,449 680 11,121 891,353 Residential 1-4 Family - Revolving 581,418 1,115 1,081 1,255 3,583 588,452 Auto 558,678 1,876 257 148 318 561,277 Consumer 172,180 409 101 86 — 172,776 Other Commercial 755,740 — — 95 — 755,835 Total LHFI $ 13,863,243 $ 14,186 $ 7,440 $ 7,351 $ 26,500 $ 13,918,720 % of total loans 99.61 % 0.10 % 0.05 % 0.05 % 0.19 % 100.00 % The following table shows the aging of the Company’s loan portfolio, by class, at December 31, 2021 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Current Past Due Past Due still Accruing Nonaccrual Total Loans Construction and Land Development $ 857,883 $ 1,357 $ — $ 299 $ 2,697 $ 862,236 Commercial Real Estate - Owner Occupied 1,987,133 1,230 152 1,257 5,637 1,995,409 Commercial Real Estate - Non-Owner Occupied 3,783,211 1,965 127 433 3,641 3,789,377 Multifamily Real Estate 778,429 84 — — 113 778,626 Commercial & Industrial 2,536,100 1,161 1,438 1,897 1,647 2,542,243 Residential 1-4 Family - Commercial 601,946 1,844 272 990 2,285 607,337 Residential 1-4 Family - Consumer 795,821 3,368 2,925 3,013 11,397 816,524 Residential 1-4 Family - Revolving 554,652 1,493 363 882 3,406 560,796 Auto 458,473 1,866 249 241 223 461,052 Consumer 175,943 689 186 120 54 176,992 Other Commercial 605,214 37 — — — 605,251 Total LHFI $ 13,134,805 $ 15,094 $ 5,712 $ 9,132 $ 31,100 $ 13,195,843 % of total loans 99.54 % 0.11 % 0.04 % 0.07 % 0.24 % 100.00 % |
Summary of Loans on Nonaccrual Status | The following table shows the Company’s amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of September 30, 2022 (dollars in thousands): September 30, 2022 Nonaccrual Nonaccrual With No ALLL 90 Days Past due and still Accruing Construction and Land Development $ 421 $ — $ 115 Commercial Real Estate - Owner Occupied 4,883 932 3,517 Commercial Real Estate - Non-Owner Occupied 1,923 — 621 Commercial & Industrial 2,289 1 526 Residential 1-4 Family - Commercial 1,962 — 308 Residential 1-4 Family - Consumer 11,121 — 680 Residential 1-4 Family - Revolving 3,583 — 1,255 Auto 318 — 148 Consumer — — 86 Other Commercial — — 95 Total LHFI $ 26,500 $ 933 $ 7,351 The following table shows the Company’s amortized cost basis of loans on nonaccrual status and loans past due 90 days and still accruing as of December 31, 2021 (dollars in thousands): December 31, 2021 Nonaccrual Nonaccrual With No ALLL 90 Days Past due and still Accruing Construction and Land Development $ 2,697 $ 1,985 $ 299 Commercial Real Estate - Owner Occupied 5,637 970 1,257 Commercial Real Estate - Non-Owner Occupied 3,641 1,089 433 Multifamily Real Estate 113 — — Commercial & Industrial 1,647 1 1,897 Residential 1-4 Family - Commercial 2,285 — 990 Residential 1-4 Family - Consumer 11,397 — 3,013 Residential 1-4 Family - Revolving 3,406 — 882 Auto 223 — 241 Consumer 54 — 120 Total LHFI $ 31,100 $ 4,045 $ 9,132 |
Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement | The following table provides a summary, by class, of TDRs that continue to accrue interest under the terms of the applicable restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 No. of Recorded Outstanding No. of Recorded Outstanding Loans Investment Commitment Loans Investment Commitment Performing Construction and Land Development 3 $ 159 $ — 4 $ 201 $ — Commercial Real Estate - Owner Occupied 2 1,000 — 3 572 — Commercial & Industrial 1 100 — — — — Residential 1-4 Family - Commercial 1 1,334 — — — — Residential 1-4 Family - Consumer 81 7,470 — 75 9,021 — Residential 1-4 Family - Revolving 3 257 5 3 265 4 Consumer 1 13 — 2 15 — Other Commercial — — — 1 239 — Total performing 92 $ 10,333 $ 5 88 $ 10,313 $ 4 Nonperforming Commercial Real Estate - Owner Occupied 1 $ 16 $ — 2 $ 830 $ — Commercial Real Estate - Non-Owner Occupied 2 242 — 3 1,357 — Commercial & Industrial 2 481 — 3 729 — Residential 1-4 Family - Commercial 3 371 — 3 388 — Residential 1-4 Family - Consumer 24 4,092 — 24 4,239 — Residential 1-4 Family - Revolving 3 96 — 3 99 — Total nonperforming 35 $ 5,298 $ — 38 $ 7,642 $ — Total performing and nonperforming 127 $ 15,631 $ 5 126 $ 17,955 $ 4 |
Schedule of TDR by Class and Modification Type | The following table shows, by class and modification type, TDRs that occurred during the three and nine months ended September 30, 2022 and 2021 (dollars in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Recorded Recorded No. of Investment at No. of Investment at Loans Period End Loans Period End Modified to interest only, at a market rate Residential 1-4 Family - Commercial — $ — 1 $ 1,334 Total interest only at market rate of interest — $ — 1 $ 1,334 Term modification, at a market rate Commercial Real Estate - Owner Occupied — $ — 1 $ 766 Total loan term extended at a market rate — $ — 1 $ 766 Term modification, below market rate Residential 1-4 Family - Consumer 7 $ 665 17 $ 1,166 Total loan term extended at a below market rate 7 $ 665 17 $ 1,166 Total 7 $ 665 19 $ 3,266 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Recorded Recorded No. of Investment at No. of Investment at Loans Period End Loans Period End Modified to interest only, at a market rate Total interest only at market rate of interest — $ — — $ — Term modification, at a market rate Commercial Real Estate - Non-Owner Occupied 1 $ 157 1 $ 157 Residential 1-4 Family - Consumer — — 2 102 Total loan term extended at a market rate 1 $ 157 3 $ 259 Term modification, below market rate Residential 1-4 Family - Consumer — $ — 11 $ 1,813 Consumer — — 1 15 Total loan term extended at a below market rate — $ — 12 $ 1,828 Interest rate modification, below market rate Residential 1-4 Family - Commercial — $ — 1 $ 45 Total interest only at below market rate of interest — $ — 1 $ 45 Total 1 $ 157 16 $ 2,132 |
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 loan segment for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 77,413 $ 26,771 $ 104,184 $ 77,902 $ 21,885 $ 99,787 Loans charged-off (1,086) (715) (1,801) (2,852) (2,415) (5,267) Recoveries credited to allowance 605 609 1,214 1,723 2,022 3,745 Provision charged to operations 6,969 (2,557) 4,412 7,128 2,616 9,744 Balance at end of period $ 83,901 $ 24,108 $ 108,009 $ 83,901 $ 24,108 $ 108,009 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 89,837 $ 28,424 $ 118,261 $ 117,403 $ 43,137 $ 160,540 Loans charged-off (967) (1,299) (2,266) (3,832) (4,020) (7,852) Recoveries credited to allowance 1,281 872 2,153 3,929 2,569 6,498 Provision charged to operations (15,173) (1,177) (16,350) (42,522) (14,866) (57,388) Balance at end of period $ 74,978 $ 26,820 $ 101,798 $ 74,978 $ 26,820 $ 101,798 |
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 September 30, 2022 (dollars in thousands): September 30, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Construction and Land Development Pass $ 278,751 $ 522,332 $ 139,003 $ 16,527 $ 35,327 $ 36,153 $ 22,434 $ 1,050,527 Watch — 855 — 3,842 120 2,736 — 7,553 Special Mention 921 1,491 338 — — 174 — 2,924 Substandard 1,261 2,359 40 214 1,345 1,978 — 7,197 Total Construction and Land Development $ 280,933 $ 527,037 $ 139,381 $ 20,583 $ 36,792 $ 41,041 $ 22,434 $ 1,068,201 Commercial Real Estate - Owner Occupied Pass $ 193,743 $ 204,645 $ 256,490 $ 290,697 $ 233,459 $ 663,420 $ 15,089 $ 1,857,543 Watch 1,069 178 2,463 8,293 12,375 26,383 1,149 51,910 Special Mention 641 — — 1,479 914 18,816 42 21,892 Substandard — 2,826 — 4,370 1,610 13,256 465 22,527 Total Commercial Real Estate - Owner Occupied $ 195,453 $ 207,649 $ 258,953 $ 304,839 $ 248,358 $ 721,875 $ 16,745 $ 1,953,872 Commercial Real Estate - Non-Owner Occupied Pass $ 339,274 $ 671,073 $ 397,814 $ 508,462 $ 375,951 $ 1,392,787 $ 31,971 $ 3,717,332 Watch — 2,151 818 26,793 40,466 27,259 — 97,487 Special Mention 234 — — 6,084 2,609 18,771 — 27,698 Substandard — — 10,501 22,797 18,930 5,580 — 57,808 Total Commercial Real Estate - Non-Owner Occupied $ 339,508 $ 673,224 $ 409,133 $ 564,136 $ 437,956 $ 1,444,397 $ 31,971 $ 3,900,325 Commercial & Industrial Pass $ 529,915 $ 576,070 $ 321,669 $ 191,789 $ 86,424 $ 144,362 $ 746,107 $ 2,596,336 Watch 1,401 794 17,955 5,204 12,546 2,283 22,057 62,240 Special Mention — 182 416 2,500 373 2,031 20,174 25,676 Substandard 98 536 112 3,912 14,253 1,375 4,509 24,795 Total Commercial & Industrial $ 531,414 $ 577,582 $ 340,152 $ 203,405 $ 113,596 $ 150,051 $ 792,847 $ 2,709,047 Multifamily Real Estate Pass $ 84,683 $ 79,629 $ 216,676 $ 62,386 $ 76,761 $ 247,444 $ 2,225 $ 769,804 Watch — — — 4,209 446 423 — 5,078 Special Mention — — — — — 88 — 88 Total Multifamily Real Estate $ 84,683 $ 79,629 $ 216,676 $ 66,595 $ 77,207 $ 247,955 $ 2,225 $ 774,970 Residential 1-4 Family - Commercial Pass $ 35,383 $ 91,966 $ 79,004 $ 53,298 $ 38,421 $ 208,616 $ 949 $ 507,637 Watch — 1,344 545 8,561 2,985 5,093 114 18,642 Special Mention — — 1,495 71 4,800 2,717 — 9,083 Substandard — — — 2,464 478 4,009 299 7,250 Total Residential 1-4 Family - Commercial $ 35,383 $ 93,310 $ 81,044 $ 64,394 $ 46,684 $ 220,435 $ 1,362 $ 542,612 Other Commercial Pass $ 168,290 $ 216,249 $ 156,770 $ 118,283 $ 3,683 $ 70,833 $ 13,209 $ 747,317 Watch 5,367 — — — — 3,056 — 8,423 Substandard — — — — — — 95 95 Total Other Commercial $ 173,657 $ 216,249 $ 156,770 $ 118,283 $ 3,683 $ 73,889 $ 13,304 $ 755,835 Total Commercial Pass $ 1,630,039 $ 2,361,964 $ 1,567,426 $ 1,241,442 $ 850,026 $ 2,763,615 $ 831,984 $ 11,246,496 Watch 7,837 5,322 21,781 56,902 68,938 67,233 23,320 251,333 Special Mention 1,796 1,673 2,249 10,134 8,696 42,597 20,216 87,361 Substandard 1,359 5,721 10,653 33,757 36,616 26,198 5,368 119,672 Total Commercial $ 1,641,031 $ 2,374,680 $ 1,602,109 $ 1,342,235 $ 964,276 $ 2,899,643 $ 880,888 $ 11,704,862 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, 2021 (dollars in thousands): December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total Construction and Land Development Pass $ 430,764 $ 218,672 $ 39,937 $ 40,128 $ 11,299 $ 50,908 $ 22,996 $ 814,704 Watch 395 185 12,923 129 349 4,026 — 18,007 Special Mention — — — — — 735 — 735 Substandard 3,541 1 221 19,264 198 5,565 — 28,790 Total Construction and Land Development $ 434,700 $ 218,858 $ 53,081 $ 59,521 $ 11,846 $ 61,234 $ 22,996 $ 862,236 Commercial Real Estate - Owner Occupied Pass $ 222,079 $ 279,165 $ 321,503 $ 263,422 $ 179,994 $ 555,540 $ 19,705 $ 1,841,408 Watch 185 18 7,959 10,875 14,648 57,466 702 91,853 Special Mention — 932 11,826 610 1,052 19,480 507 34,407 Substandard 200 153 7,455 2,538 1,935 14,834 626 27,741 Total Commercial Real Estate - Owner Occupied $ 222,464 $ 280,268 $ 348,743 $ 277,445 $ 197,629 $ 647,320 $ 21,540 $ 1,995,409 Commercial Real Estate - Non-Owner Occupied Pass $ 642,386 $ 421,063 $ 520,035 $ 377,176 $ 374,949 $ 1,102,193 $ 36,568 $ 3,474,370 Watch 2,152 841 35,721 39,356 18,242 101,797 14 198,123 Special Mention — 10,609 25,691 20,119 12,741 4,775 — 73,935 Substandard — — 23,376 11,369 — 7,952 252 42,949 Total Commercial Real Estate - Non-Owner Occupied $ 644,538 $ 432,513 $ 604,823 $ 448,020 $ 405,932 $ 1,216,717 $ 36,834 $ 3,789,377 Commercial & Industrial Pass $ 770,662 $ 450,478 $ 287,926 $ 110,710 $ 38,395 $ 170,857 $ 619,583 $ 2,448,611 Watch 1,233 9,641 2,766 31,635 1,370 4,405 17,220 68,270 Special Mention 206 935 8,477 1,023 564 561 3,249 15,015 Substandard 379 575 3,636 1,965 463 1,639 1,690 10,347 Total Commercial & Industrial $ 772,480 $ 461,629 $ 302,805 $ 145,333 $ 40,792 $ 177,462 $ 641,742 $ 2,542,243 Multifamily Real Estate Pass $ 63,431 $ 187,616 $ 108,402 $ 114,077 $ 66,562 $ 228,013 $ 1,548 $ 769,649 Watch — — 359 459 — 522 — 1,340 Special Mention 44 2,248 624 4,517 — 91 — 7,524 Substandard — — — — — 113 — 113 Total Multifamily Real Estate $ 63,475 $ 189,864 $ 109,385 $ 119,053 $ 66,562 $ 228,739 $ 1,548 $ 778,626 Residential 1-4 Family - Commercial Pass $ 108,259 $ 94,184 $ 65,682 $ 46,267 $ 55,995 $ 196,052 $ 550 $ 566,989 Watch — 2,041 4,887 7,483 2,415 7,573 311 24,710 Special Mention — 96 — 436 391 4,126 — 5,049 Substandard 93 — 3,494 536 1,291 4,876 299 10,589 Total Residential 1-4 Family - Commercial $ 108,352 $ 96,321 $ 74,063 $ 54,722 $ 60,092 $ 212,627 $ 1,160 $ 607,337 Other Commercial Pass $ 226,595 $ 167,497 $ 98,848 $ 5,620 $ 25,723 $ 44,114 $ 30,445 $ 598,842 Watch — — — 581 1,246 4,341 — 6,168 Special Mention — — — — 2 — — 2 Substandard — — — — — 239 — 239 Total Other Commercial $ 226,595 $ 167,497 $ 98,848 $ 6,201 $ 26,971 $ 48,694 $ 30,445 $ 605,251 Total Commercial Pass $ 2,464,176 $ 1,818,675 $ 1,442,333 $ 957,400 $ 752,917 $ 2,347,677 $ 731,395 $ 10,514,573 Watch 3,965 12,726 64,615 90,518 38,270 180,130 18,247 408,471 Special Mention 250 14,820 46,618 26,705 14,750 29,768 3,756 136,667 Substandard 4,213 729 38,182 35,672 3,887 35,218 2,867 120,768 Total Commercial $ 2,472,604 $ 1,846,950 $ 1,591,748 $ 1,110,295 $ 809,824 $ 2,592,793 $ 756,265 $ 11,180,479 |
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 September 30, 2022 (dollars in thousands): September 30, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Residential 1-4 Family - Consumer Current $ 163,110 $ 250,861 $ 161,913 $ 38,668 $ 23,633 $ 238,782 $ 13 $ 876,980 30-59 Days Past Due — — 90 142 174 717 — 1,123 60-89 Days Past Due — — — 104 — 1,345 — 1,449 90+ Days Past Due — — — 45 — 635 — 680 Nonaccrual — 429 — 268 957 9,467 — 11,121 Total Residential 1-4 Family - Consumer $ 163,110 $ 251,290 $ 162,003 $ 39,227 $ 24,764 $ 250,946 $ 13 $ 891,353 Residential 1-4 Family - Revolving Current $ 58,864 $ 14,630 $ 5,825 $ 1,715 $ 826 $ 478 $ 499,080 $ 581,418 30-59 Days Past Due — — — — — — 1,115 1,115 60-89 Days Past Due — — — — — — 1,081 1,081 90+ Days Past Due — — — — — — 1,255 1,255 Nonaccrual — 149 57 — 14 — 3,363 3,583 Total Residential 1-4 Family - Revolving $ 58,864 $ 14,779 $ 5,882 $ 1,715 $ 840 $ 478 $ 505,894 $ 588,452 Auto Current $ 221,446 $ 168,008 $ 89,869 $ 49,923 $ 19,147 $ 10,285 $ — $ 558,678 30-59 Days Past Due 310 653 292 375 119 127 — 1,876 60-89 Days Past Due 3 79 78 55 — 42 — 257 90+ Days Past Due — 108 13 6 12 9 — 148 Nonaccrual — 90 107 89 8 24 — 318 Total Auto $ 221,759 $ 168,938 $ 90,359 $ 50,448 $ 19,286 $ 10,487 $ — $ 561,277 Consumer Current $ 36,208 $ 17,683 $ 12,001 $ 26,271 $ 19,195 $ 21,475 $ 39,347 $ 172,180 30-59 Days Past Due 10 6 40 150 109 51 43 409 60-89 Days Past Due — 1 19 39 39 2 1 101 90+ Days Past Due — 13 28 9 14 1 21 86 Total Consumer $ 36,218 $ 17,703 $ 12,088 $ 26,469 $ 19,357 $ 21,529 $ 39,412 $ 172,776 Total Consumer Current $ 479,628 $ 451,182 $ 269,608 $ 116,577 $ 62,801 $ 271,020 $ 538,440 $ 2,189,256 30-59 Days Past Due 320 659 422 667 402 895 1,158 4,523 60-89 Days Past Due 3 80 97 198 39 1,389 1,082 2,888 90+ Days Past Due — 121 41 60 26 645 1,276 2,169 Nonaccrual — 668 164 357 979 9,491 3,363 15,022 Total Consumer $ 479,951 $ 452,710 $ 270,332 $ 117,859 $ 64,247 $ 283,440 $ 545,319 $ 2,213,858 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, 2021 (dollars in thousands): December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total Residential 1-4 Family - Consumer Current $ 248,904 $ 174,459 $ 47,905 $ 33,809 $ 44,179 $ 246,554 $ 11 $ 795,821 30-59 Days Past Due — 157 143 807 460 1,801 — 3,368 60-89 Days Past Due — — — 624 107 2,194 — 2,925 90+ Days Past Due — — 46 20 304 2,643 — 3,013 Nonaccrual 444 — 117 884 1,330 8,622 — 11,397 Total Residential 1-4 Family - Consumer $ 249,348 $ 174,616 $ 48,211 $ 36,144 $ 46,380 $ 261,814 $ 11 $ 816,524 Residential 1-4 Family - Revolving Current $ 16,546 $ 9,511 $ 2,230 $ 1,056 $ — $ 484 $ 524,825 $ 554,652 30-59 Days Past Due — — — — — — 1,493 1,493 60-89 Days Past Due — — — — — — 363 363 90+ Days Past Due — — — — — — 882 882 Nonaccrual — 63 — 18 — — 3,325 3,406 Total Residential 1-4 Family - Revolving $ 16,546 $ 9,574 $ 2,230 $ 1,074 $ — $ 484 $ 530,888 $ 560,796 Auto Current $ 207,229 $ 123,848 $ 72,427 $ 31,745 $ 16,020 $ 7,204 $ — $ 458,473 30-59 Days Past Due 299 382 518 259 245 163 — 1,866 60-89 Days Past Due 45 29 95 33 36 11 — 249 90+ Days Past Due 55 101 42 20 23 — — 241 Nonaccrual — 81 55 27 27 33 — 223 Total Auto $ 207,628 $ 124,441 $ 73,137 $ 32,084 $ 16,351 $ 7,411 $ — $ 461,052 Consumer Current $ 25,084 $ 16,059 $ 38,594 $ 30,890 $ 12,853 $ 16,929 $ 35,534 $ 175,943 30-59 Days Past Due 31 94 201 186 63 26 88 689 60-89 Days Past Due 11 13 62 60 34 — 6 186 90+ Days Past Due 1 4 33 72 8 — 2 120 Nonaccrual — — — — — 54 — 54 Total Consumer $ 25,127 $ 16,170 $ 38,890 $ 31,208 $ 12,958 $ 17,009 $ 35,630 $ 176,992 Total Consumer Current $ 497,763 $ 323,877 $ 161,156 $ 97,500 $ 73,052 $ 271,171 $ 560,370 $ 1,984,889 30-59 Days Past Due 330 633 862 1,252 768 1,990 1,581 7,416 60-89 Days Past Due 56 42 157 717 177 2,205 369 3,723 90+ Days Past Due 56 105 121 112 335 2,643 884 4,256 Nonaccrual 444 144 172 929 1,357 8,709 3,325 15,080 Total Consumer $ 498,649 $ 324,801 $ 162,468 $ 100,510 $ 75,689 $ 286,718 $ 566,529 $ 2,015,364 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Remaining Amortization Expense of Intangibles | As of September 30, 2022, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands): For the remaining three months of 2022 $ 2,382 2023 8,518 2024 6,753 2025 5,154 2026 3,559 Thereafter 2,776 Total estimated amortization expense $ 29,142 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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): September 30, 2022 December 31, 2021 Sales-type and direct financing leases: Lease receivables, net of unearned income and deferred selling profit $ 254,773 $ 199,423 Unguaranteed residual values, net of unearned income and deferred selling profit 12,219 8,911 Total net investment in sales-type and direct financing leases $ 266,992 $ 208,334 |
Lessee Lease Portfolio and Other Supplemental Lease Information | The tables below provide information about the Company’s lessee lease portfolio and other supplemental lease information (dollars in thousands): September 30, 2022 December 31, 2021 Operating Finance Operating Finance ROU assets $ 31,821 $ 5,817 $ 40,653 $ 6,506 Lease liabilities 44,145 8,593 50,742 9,477 Lease Term and Discount Rate of Operating leases: Weighted-average remaining lease term (years) 6.44 6.33 6.75 7.08 Weighted-average discount rate (1) 2.63 % 1.17 % 2.57 % 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 | Nine months ended September 30, 2022 2021 Cash paid for amounts included in measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 79 $ 89 Operating Cash Flows from Operating Leases 8,514 8,961 Financing Cash Flows from Finance Leases 885 851 ROU assets obtained in exchange for lease obligations: Operating leases $ 1,268 $ 2,412 |
Lease Cost | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Net Operating Lease Cost $ 2,117 $ 2,535 $ 6,658 $ 7,615 Finance Lease Cost: Amortization of right-of-use assets 230 230 689 689 Interest on lease liabilities 25 29 79 89 Total Lease Cost $ 2,372 $ 2,794 $ 7,426 $ 8,393 |
Maturities of Lessor and Lessee Arrangements Outstanding | The maturities of lessor and lessee arrangements outstanding at September 30, 2022 are presented in the table below (dollars in thousands): September 30, 2022 Lessor Lessee Sales-type and Direct Financing Operating Finance For the remaining three months of 2022 $ 16,842 $ 2,806 $ 329 2023 65,059 10,388 1,325 2024 62,282 9,441 1,358 2025 48,508 7,297 1,392 2026 36,606 4,826 1,427 Thereafter 50,030 13,642 3,088 Total undiscounted cash flows 279,327 48,400 8,919 Less: Adjustments (1) 24,554 4,255 326 Total (2) $ 254,773 $ 44,145 $ 8,593 (1) Lessor – unearned income and unearned guaranteed residual value; Lessee – imputed interest (2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Borrowings [Abstract] | |
Short-Term Borrowings | Total short-term borrowings consist of the following as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, December 31, 2022 2021 Securities sold under agreements to repurchase $ 146,182 $ 117,870 FHLB Advances 133,800 — Total short-term borrowings $ 279,982 $ 117,870 Average outstanding balance during the period $ 262,782 $ 113,030 Average interest rate during the period 0.92 % 0.10 % Average interest rate at end of period 1.54 % 0.07 % |
Long-Term Borrowings | Total long-term borrowings consist of the following as of September 30, 2022 (dollars in thousands): Spread to Principal 3-Month LIBOR Rate (1) Maturity Investment (2) Trust Preferred Capital Securities Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 6.50 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 5.15 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 6.48 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 6.85 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 6.85 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 6.40 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 5.25 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 5.30 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 6.60 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (3)(4) 2031 Subordinated Debt 250,000 - % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (15,583) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 389,576 (1) Rate as of September 30, 2022. 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 Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other assets" on the Company’s Consolidated Balance Sheets. (3) The remaining issuance discount as of September 30, 2022 is $2.9 million. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $12.7 million and $2.9 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. Total long-term borrowings consist of the following as of December 31, 2021 (dollars in thousands): Spread to Principal 3-Month LIBOR Rate (1) Maturity Investment (2) Trust Preferred Capital Securities Trust Preferred Capital Note - Statutory Trust I $ 22,500 2.75 % 2.96 % 6/17/2034 $ 696 Trust Preferred Capital Note - Statutory Trust II 36,000 1.40 % 1.61 % 6/15/2036 1,114 VFG Limited Liability Trust I Indenture 20,000 2.73 % 2.94 % 3/18/2034 619 FNB Statutory Trust II Indenture 12,000 3.10 % 3.31 % 6/26/2033 372 Gateway Capital Statutory Trust I 8,000 3.10 % 3.31 % 9/17/2033 248 Gateway Capital Statutory Trust II 7,000 2.65 % 2.86 % 6/17/2034 217 Gateway Capital Statutory Trust III 15,000 1.50 % 1.71 % 5/30/2036 464 Gateway Capital Statutory Trust IV 25,000 1.55 % 1.76 % 7/30/2037 774 MFC Capital Trust II 5,000 2.85 % 3.06 % 1/23/2034 155 Total Trust Preferred Capital Securities $ 150,500 $ 4,659 Subordinated Debt (3)(4) 2031 Subordinated Debt 250,000 - % 2.875 % 12/15/2031 Total Subordinated Debt (5) $ 250,000 Fair Value Discount (6) (16,435) Investment in Trust Preferred Capital Securities 4,659 Total Long-term Borrowings $ 388,724 (1) Rate as of December 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 Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other assets" on the Company’s Consolidated Balance Sheets. (3) The remaining issuance discount as of December 31, 2021 is $3.1 million. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $13.3 million and $3.1 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. |
Contractual Maturities of Long-Term Debt | As of September 30, 2022, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): Trust Preferred Total Capital Subordinated Fair Value Long-term Notes Debt Discount (1) Borrowings For the remaining three months of 2022 $ — $ — $ (287) $ (287) 2023 — — (1,162) (1,162) 2024 — — (1,187) (1,187) 2025 — — (1,211) (1,211) 2026 — — (1,236) (1,236) Thereafter 155,159 250,000 (10,500) 394,659 Total long-term borrowings $ 155,159 $ 250,000 $ (15,583) $ 389,576 (1) Includes discount on issued subordinated notes. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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): September 30, 2022 December 31, 2021 Commitments with off-balance sheet risk: Commitments to extend credit (1) $ 3,411,234 $ 5,825,557 Letters of credit 150,649 152,506 Total commitments with off-balance sheet risk $ 3,561,883 $ 5,978,063 (1) Includes unfunded overdraft protection. |
Schedule of Pledged Assets, Not Separately Reported on Statement of Financial Position | The Company pledges collateral to secure various financing and other activities that occur during the normal course of business as part of the liquidity management strategy. The following tables present the types of collateral pledged at September 30, 2022 and December 31, 2021 (dollars in thousands): Pledged Assets as of September 30, 2022 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 576,066 $ 483,284 $ — $ 1,059,350 Repurchase agreements — 151,237 — — 151,237 FHLB advances — 37,188 — 2,545,915 2,583,103 Derivatives 237,546 56,593 — — 294,139 Fed Funds — — — 479,668 479,668 Other purposes — 26,667 834 — 27,501 Total pledged assets $ 237,546 $ 847,751 $ 484,118 $ 3,025,583 $ 4,594,998 Pledged Assets as of December 31, 2021 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 703,489 $ 472,243 $ — $ 1,175,732 Repurchase agreements — 130,217 — — 130,217 FHLB advances — 43,722 — 4,263,259 4,306,981 Derivatives 82,299 65,053 — — 147,352 Fed Funds — — — 392,067 392,067 Other purposes — 22,003 985 — 22,988 Total pledged assets $ 82,299 $ 964,484 $ 473,228 $ 4,655,326 $ 6,175,337 (1) Balance represents market value. (2) Balance represents book value. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Derivatives | The following table summarizes key elements of the Company’s derivative instruments as of September 30, 2022 and December 31, 2021, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): September 30, 2022 December 31, 2021 Derivative (2) Derivative (2) Notional or Notional or Contractual Contractual Amount (1) Assets Liabilities Amount (1) Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: (3) Cash flow hedges $ 800,000 $ — $ 7,735 $ 500,000 $ — $ — Fair value hedges 134,792 4,511 — 138,606 — 5,387 Derivatives not designated as accounting hedges: Interest rate contracts (3)(4) 5,500,163 72,627 242,969 5,017,574 73,696 49,051 (1) Notional amounts are not recorded on the Company’s 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. (3) The Company’s cleared derivatives are classified as a single-unit of accounting, resulting in the fair value of the designated swap being reduced by the variation margin, which is treated as settlement of the related derivatives fair value for accounting purposes. (4) Includes RPAs. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table summarizes the carrying value of the Company’s hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 December 31, 2021 Cumulative Cumulative Amount of Basis Amount of Basis Adjustments Adjustments Included in the Included in the Carrying Amount Carrying Carrying Amount Carrying of Hedged Amount of the of Hedged Amount of the Assets/(Liabilities) Hedged Assets/(Liabilities) Hedged Amount (1) Assets/(Liabilities) Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: Securities available-for-sale (1) (2) $ 94,494 $ (2,115) $ 112,562 $ 4,051 Loans 84,792 (11,179) 88,606 546 (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 September 30, 2022 and December 31, 2021, the amortized cost basis of this portfolio was $94 million and $113 million, respectively, and the cumulative basis adjustment associated with this hedge was $2.1 million and $4.1 million, respectively. The amount of the designated hedged item at September 30, 2022 and December 31, 2021 totaled $50 million. (2) Carrying value represents amortized cost. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive Income | The change in AOCI for the three and nine months ended September 30, 2022 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) Unrealized for AFS Unrealized (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total AOCI - June 30, 2022 $ (277,577) $ 25 $ (36,452) $ (2,279) $ (316,283) Other comprehensive (loss) income: Other comprehensive loss before reclassification (121,841) — (24,142) — (145,983) Amounts reclassified from AOCI into earnings — (4) — 151 147 Net current period other comprehensive (loss) income (121,841) (4) (24,142) 151 (145,836) AOCI - September 30, 2022 $ (399,418) $ 21 $ (60,594) $ (2,128) $ (462,119) Unrealized Gains (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total AOCI - December 31, 2021 $ 22,763 $ 35 $ (1,567) $ (2,596) $ 18,635 Other comprehensive (loss) income: Other comprehensive loss before reclassification (422,183) — (59,027) — (481,210) Amounts reclassified from AOCI into earnings 2 (14) — 468 456 Net current period other comprehensive (loss) income (422,181) (14) (59,027) 468 (480,754) AOCI - September 30, 2022 $ (399,418) $ 21 $ (60,594) $ (2,128) $ (462,119) The change in AOCI for the three and nine months ended September 30, 2021 is summarized as follows, net of tax (dollars in thousands): Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total AOCI - June 30, 2021 $ 54,792 $ 45 $ 1,132 $ (2,897) $ 53,072 Other comprehensive (loss) income: Other comprehensive income before reclassification (23,242) — (545) — (23,787) Amounts reclassified from AOCI into earnings (7) (5) — 150 138 Net current period other comprehensive (loss) income (23,249) (5) (545) 150 (23,649) AOCI - September 30, 2021 $ 31,543 $ 40 $ 587 $ (2,747) $ 29,423 Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total AOCI- December 31, 2020 $ 74,161 $ 55 $ — $ (3,201) $ 71,015 Other comprehensive (loss) income: Other comprehensive (loss) income before reclassification (42,549) — 634 — (41,915) Amounts reclassified from AOCI into earnings (69) (15) (47) 454 323 Net current period other comprehensive (loss) income (42,618) (15) 587 454 (41,592) AOCI - September 30, 2021 $ 31,543 $ 40 $ 587 $ (2,747) $ 29,423 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021 (dollars in thousands): Fair Value Measurements at September 30, 2022 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 56,073 $ 5,563 $ — $ 61,636 Obligations of states and political subdivisions — 764,543 — 764,543 Corporate and other bonds (1) — 231,088 — 231,088 MBS — 1,658,402 — 1,658,402 Other securities — 1,654 — 1,654 LHFS — 12,889 — 12,889 Derivatives: Interest rate contracts (2) — 72,627 — 72,627 Fair value hedges — 4,511 — 4,511 LIABILITIES Derivatives: Interest rate contracts (2) $ — $ 242,969 $ — $ 242,969 Cash flow hedges — 7,735 — 7,735 (1) Other bonds include asset-backed securities. (2) Includes RPAs. Fair Value Measurements at December 31, 2021 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ 64,474 $ 9,375 $ — $ 73,849 Obligations of states and political subdivisions — 1,008,396 — 1,008,396 Corporate and other bonds (1) — 153,376 — 153,376 MBS — 2,244,389 — 2,244,389 Other securities — 1,640 — 1,640 LHFS — 20,861 — 20,861 Derivatives: Interest rate contracts — 73,696 — 73,696 LIABILITIES Derivatives: Interest rate contracts $ — $ 49,051 $ — $ 49,051 Fair value hedges — 5,387 — 5,387 (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 Company’s financial instruments at September 30, 2022 and December 31, 2021 are as follows (dollars in thousands): Fair Value Measurements at September 30, 2022 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 390,942 $ 390,942 $ — $ — $ 390,942 AFS securities 2,717,323 56,073 2,661,250 — 2,717,323 HTM securities 841,349 — 762,307 3,173 765,480 Restricted stock 82,050 — 82,050 — 82,050 LHFS 12,889 — 12,889 — 12,889 Net loans 13,810,711 — — 13,330,986 13,330,986 Derivatives: Interest rate contracts (1) 72,627 — 72,627 — 72,627 Fair value hedges 4,511 — 4,511 — 4,511 Accrued interest receivable 68,747 — 68,747 — 68,747 BOLI 437,988 — 437,988 — 437,988 LIABILITIES Deposits $ 16,546,216 $ — $ 16,560,956 $ — $ 16,560,956 Borrowings 669,558 — 605,018 — 605,018 Accrued interest payable 3,910 — 3,910 — 3,910 Derivatives: Interest rate contracts (1) 242,969 — 242,969 — 242,969 Cash flow hedges 7,735 — 7,735 — 7,735 (1) Includes RPAs. Fair Value Measurements at December 31, 2021 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 802,501 $ 802,501 $ — $ — $ 802,501 AFS securities 3,481,650 64,474 3,417,176 — 3,481,650 HTM securities 628,000 — 686,733 7,041 693,774 Restricted stock 76,825 — 76,825 — 76,825 LHFS 20,861 — 20,861 — 20,861 Net loans 13,096,056 — — 12,861,274 12,861,274 Derivatives: Interest rate contracts 73,696 — 73,696 — 73,696 Accrued interest receivable 65,015 — 65,015 — 65,015 BOLI 431,517 — 431,517 — 431,517 LIABILITIES Deposits $ 16,611,068 $ — $ 16,630,087 $ — $ 16,630,087 Borrowings 506,594 — 488,796 — 488,796 Accrued interest payable 933 — 933 — 933 Derivatives: Interest rate contracts 49,051 — 49,051 — 49,051 Fair value hedges 5,387 — 5,387 — 5,387 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 and nine months ended September 30, 2022 and 2021 (dollars in thousands except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net Income: Net Income $ 58,070 $ 74,565 $ 163,986 $ 216,138 Less: Preferred Stock Dividends 2,967 2,967 8,901 8,901 Net income available to common shareholders $ 55,103 $ 71,598 $ 155,085 $ 207,237 Weighted average shares outstanding, basic 74,704 76,309 75,029 77,989 Dilutive effect of stock awards 1 14 5 19 Weighted average shares outstanding, diluted 74,705 76,323 75,034 78,008 Earnings per common share, basic $ 0.74 $ 0.94 $ 2.07 $ 2.66 Earnings per common share, diluted $ 0.74 $ 0.94 $ 2.07 $ 2.66 |
SEGMENT REPORTING AND REVENUE (
SEGMENT REPORTING AND REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of operating segment results | The following tables present the Company’s operating segment results for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total Three Months Ended September 30, 2022 Net interest income $ 76,109 $ 60,265 $ 14,341 $ 150,715 Provision for credit losses 8,558 (2,146) — 6,412 Net interest income after provision for credit losses 67,551 62,411 14,341 144,303 Noninterest income 5,483 14,909 5,192 25,584 Noninterest expenses 36,197 59,460 4,266 99,923 Income before income taxes $ 36,837 $ 17,860 $ 15,267 $ 69,964 Three Months Ended September 30, 2021 Net interest income $ 74,121 $ 56,536 $ 6,831 $ 137,488 Provision for credit losses (16,086) (2,764) — (18,850) Net interest income after provision for credit losses 90,207 59,300 6,831 156,338 Noninterest income 3,206 21,454 5,278 29,938 Noninterest expenses 31,333 59,824 4,186 95,343 Income before income taxes $ 62,080 $ 20,930 $ 7,923 $ 90,933 Wholesale Banking Consumer Banking Corporate Other Total Nine Months Ended September 30, 2022 Net interest income $ 217,600 $ 162,297 $ 40,516 $ 420,413 Provision for credit losses 12,833 (89) 27 12,771 Net interest income after provision for credit losses 204,767 162,386 40,489 407,642 Noninterest income 16,438 54,664 22,921 94,023 Noninterest expenses 106,120 180,020 17,872 304,012 Income before income taxes $ 115,085 $ 37,030 $ 45,538 $ 197,653 Nine Months Ended September 30, 2021 Net interest income $ 223,158 $ 169,680 $ 20,096 $ 412,934 Provision for credit losses (37,702) (22,186) — (59,888) Net interest income after provision for credit losses 260,860 191,866 20,096 472,822 Noninterest income 10,332 64,341 14,715 89,388 Noninterest expenses 94,393 175,697 29,161 299,251 Income before income taxes $ 176,799 $ 80,510 $ 5,650 $ 262,959 The following table presents the Company’s operating segment results for the the key balance sheet metrics as of September 30, 2022 and December 31, 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other Total As of September 30, 2022 LHFI, net of deferred fees and costs (1) $ 10,847,988 $ 3,089,334 $ (18,602) $ 13,918,720 Goodwill 642,256 282,955 — 925,211 Deposits 6,173,703 10,270,508 102,005 16,546,216 As of December 31, 2021 LHFI, net of deferred fees and costs (1) $ 10,242,918 $ 2,976,200 $ (23,275) $ 13,195,843 Goodwill 642,256 293,304 — 935,560 Deposits 6,114,078 10,366,792 130,198 16,611,068 (1) Corporate Other includes acquisition accounting fair value adjustments |
Schedule of Disaggregation of Revenue | Noninterest income disaggregated by major source for the three and nine months ended September 30, 2022 and 2021 , consisted of the following (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Noninterest income: Deposit Service Charges (1) Overdraft fees $ 3,831 $ 4,648 $ 14,130 $ 11,864 Maintenance fees & other 2,953 2,550 8,291 7,450 Other service charges, commissions, and fees (1) 1,770 1,534 5,134 4,970 Interchange fees (1) 2,461 2,203 6,539 6,252 Fiduciary and asset management fees (1) Trust asset management fees 3,035 3,233 9,726 9,127 Registered advisor management fees — 2,510 5,088 7,299 Brokerage management fees 1,099 1,286 3,515 3,897 Mortgage banking income 1,390 4,818 6,707 17,692 Bank owned life insurance income 3,445 2,727 8,858 8,202 Loan-related interest rate swap fees 2,050 1,102 8,510 4,176 Other operating income (2) 3,550 3,327 17,525 8,459 Total noninterest income $ 25,584 $ 29,938 $ 94,023 $ 89,388 (1) Income within scope of Topic 606. (2) Includes a $9.1 million gain related to the sale of DHFB for the nine months ended September 30, 2022. The following tables present noninterest income disaggregated by reportable operating segment for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands): Wholesale Banking Consumer Banking Corporate Other (1) Total Three Months Ended September 30, 2022 Noninterest income: Deposit service charges $ 1,775 $ 5,009 $ — $ 6,784 Other service charges and fees 511 1,259 — 1,770 Fiduciary and asset management fees — 4,134 — 4,134 Mortgage banking income — 1,390 — 1,390 Other income 3,197 3,117 5,192 11,506 Total noninterest income $ 5,483 $ 14,909 $ 5,192 $ 25,584 Three Months Ended September 30, 2021 Noninterest income: Deposit service charges $ 1,532 $ 5,666 $ — $ 7,198 Other service charges and fees 325 1,209 — 1,534 Fiduciary and asset management fees — 7,029 — 7,029 Mortgage banking income — 4,818 — 4,818 Other income 1,349 2,732 5,278 9,359 Total noninterest income $ 3,206 $ 21,454 $ 5,278 $ 29,938 Wholesale Banking Consumer Banking Corporate Other (1)(2) Total Nine Months Ended September 30, 2022 Noninterest income: Deposit service charges $ 4,966 $ 17,455 $ — $ 22,421 Other service charges and fees 1,338 3,796 — 5,134 Fiduciary and asset management fees — 18,329 — 18,329 Mortgage banking income — 6,707 — 6,707 Other income 10,134 8,377 22,921 41,432 Total noninterest income $ 16,438 $ 54,664 $ 22,921 $ 94,023 Nine Months Ended September 30, 2021 Noninterest income: Deposit service charges $ 4,493 $ 14,821 $ — $ 19,314 Other service charges and fees 1,252 3,718 — 4,970 Fiduciary and asset management fees — 20,323 — 20,323 Mortgage banking income — 17,692 — 17,692 Other income 4,587 7,787 14,715 27,089 Total noninterest income $ 10,332 $ 64,341 $ 14,715 $ 89,388 (1) Other income primarily consists of income from BOLI and equity investment income. (2) Other income includes a $9.1 million gain related to the sale of DHFB for the nine months ended September 30, 2022. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Number of bank branches | item | 114 | |
Number of ATM's | item | 130 | |
Loans held for investment, accrued interest receivable | $ 48.1 | $ 43.3 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
HTM securities, Accrued interest receivable | $ 6.6 | 7 |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
AFS securities, accrued interest receivable | $ 13.3 | $ 14.5 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets |
SECURITIES (Narrative) (Details
SECURITIES (Narrative) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | |
Schedule of Investments [Line Items] | ||
Available for sale securities past due or non-accrual | $ 0 | $ 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 252,145 | 3,923 |
AFS securities in an unrealized loss, credit related impairment | 0 | 0 |
Restricted equity securities consist of Federal Reserve Bank stock | 67,000 | 67,000 |
Federal Home Loan Bank Stock | $ 15,000 | $ 9,800 |
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 | 302 | 33 |
Non-agency collateralized mortgage obligations | ||
Schedule of Investments [Line Items] | ||
SSFA rating percentage | 20% |
SECURITIES (Amortized Cost, Gro
SECURITIES (Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | $ 3,225,031 | $ 3,448,784 |
Gross Unrealized Gains | 159 | 65,198 |
Gross Unrealized (Losses) | (507,867) | (32,332) |
Total AFS securities, Estimated Fair Value | 2,717,323 | 3,481,650 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 70,399 | 73,830 |
Gross Unrealized Gains | 0 | 179 |
Gross Unrealized (Losses) | (8,763) | (160) |
Total AFS securities, Estimated Fair Value | 61,636 | 73,849 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 961,722 | 971,126 |
Gross Unrealized Gains | 7 | 39,343 |
Gross Unrealized (Losses) | (197,186) | (2,073) |
Total AFS securities, Estimated Fair Value | 764,543 | 1,008,396 |
Corporate and other bonds | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 246,411 | 150,201 |
Gross Unrealized Gains | 0 | 3,353 |
Gross Unrealized (Losses) | (15,323) | (178) |
Total AFS securities, Estimated Fair Value | 231,088 | 153,376 |
Commercial | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 349,314 | 468,893 |
Gross Unrealized Gains | 84 | 6,900 |
Gross Unrealized (Losses) | (40,824) | (4,636) |
Total AFS securities, Estimated Fair Value | 308,574 | 471,157 |
Commercial | Agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 247,854 | 361,806 |
Gross Unrealized Gains | 84 | 6,761 |
Gross Unrealized (Losses) | (36,739) | (4,215) |
Total AFS securities, Estimated Fair Value | 211,199 | 364,352 |
Commercial | Non-agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 101,460 | 107,087 |
Gross Unrealized Gains | 0 | 139 |
Gross Unrealized (Losses) | (4,085) | (421) |
Total AFS securities, Estimated Fair Value | 97,375 | 106,805 |
Residential | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,595,531 | 1,783,094 |
Gross Unrealized Gains | 68 | 15,423 |
Gross Unrealized (Losses) | (245,771) | (25,285) |
Total AFS securities, Estimated Fair Value | 1,349,828 | 1,773,232 |
Residential | Agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,520,401 | 1,691,651 |
Gross Unrealized Gains | 68 | 15,180 |
Gross Unrealized (Losses) | (238,966) | (24,337) |
Total AFS securities, Estimated Fair Value | 1,281,503 | 1,682,494 |
Residential | Non-agency | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 75,130 | 91,443 |
Gross Unrealized Gains | 0 | 243 |
Gross Unrealized (Losses) | (6,805) | (948) |
Total AFS securities, Estimated Fair Value | 68,325 | 90,738 |
Other securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities | 1,654 | 1,640 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Total AFS securities, Estimated Fair Value | $ 1,654 | $ 1,640 |
SECURITIES (Schedule of Gross U
SECURITIES (Schedule of Gross Unrealized Losses and Fair Value of Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | $ 1,733,374 | $ 1,733,749 |
Less than 12 Months, Unrealized Losses | (255,722) | (28,409) |
More than 12 Months, Fair Value | 964,487 | 139,747 |
More than 12 Months, Unrealized Losses | (252,145) | (3,923) |
Total, Fair Value | 2,697,861 | 1,873,496 |
Unrealized Losses, Total | (507,867) | (32,332) |
U.S. government and agency securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 58,670 | 64,474 |
Less than 12 Months, Unrealized Losses | (8,726) | (115) |
More than 12 Months, Fair Value | 2,896 | 3,900 |
More than 12 Months, Unrealized Losses | (37) | (45) |
Total, Fair Value | 61,566 | 68,374 |
Unrealized Losses, Total | (8,763) | (160) |
Obligations of states and political subdivisions | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 601,039 | 249,701 |
Less than 12 Months, Unrealized Losses | (120,853) | (2,020) |
More than 12 Months, Fair Value | 159,773 | 2,123 |
More than 12 Months, Unrealized Losses | (76,333) | (53) |
Total, Fair Value | 760,812 | 251,824 |
Unrealized Losses, Total | (197,186) | (2,073) |
Corporate and other bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 219,904 | 21,134 |
Less than 12 Months, Unrealized Losses | (14,111) | (177) |
More than 12 Months, Fair Value | 8,788 | 703 |
More than 12 Months, Unrealized Losses | (1,212) | (1) |
Total, Fair Value | 228,692 | 21,837 |
Unrealized Losses, Total | (15,323) | (178) |
Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 190,466 | 209,347 |
Less than 12 Months, Unrealized Losses | (18,611) | (4,366) |
More than 12 Months, Fair Value | 113,031 | 14,201 |
More than 12 Months, Unrealized Losses | (22,213) | (270) |
Total, Fair Value | 303,497 | 223,548 |
Unrealized Losses, Total | (40,824) | (4,636) |
Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 663,295 | 1,189,093 |
Less than 12 Months, Unrealized Losses | (93,421) | (21,731) |
More than 12 Months, Fair Value | 679,999 | 118,820 |
More than 12 Months, Unrealized Losses | (152,350) | (3,554) |
Total, Fair Value | 1,343,294 | 1,307,913 |
Unrealized Losses, Total | (245,771) | (25,285) |
Agency | Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 113,687 | 175,588 |
Less than 12 Months, Unrealized Losses | (15,734) | (4,053) |
More than 12 Months, Fair Value | 92,435 | 3,172 |
More than 12 Months, Unrealized Losses | (21,005) | (162) |
Total, Fair Value | 206,122 | 178,760 |
Unrealized Losses, Total | (36,739) | (4,215) |
Agency | Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 606,805 | 1,140,701 |
Less than 12 Months, Unrealized Losses | (88,065) | (21,147) |
More than 12 Months, Fair Value | 668,275 | 106,104 |
More than 12 Months, Unrealized Losses | (150,901) | (3,190) |
Total, Fair Value | 1,275,080 | 1,246,805 |
Unrealized Losses, Total | (238,966) | (24,337) |
Non-agency | Commercial | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 76,779 | 33,759 |
Less than 12 Months, Unrealized Losses | (2,877) | (313) |
More than 12 Months, Fair Value | 20,596 | 11,029 |
More than 12 Months, Unrealized Losses | (1,208) | (108) |
Total, Fair Value | 97,375 | 44,788 |
Unrealized Losses, Total | (4,085) | (421) |
Non-agency | Residential | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 56,490 | 48,392 |
Less than 12 Months, Unrealized Losses | (5,356) | (584) |
More than 12 Months, Fair Value | 11,724 | 12,716 |
More than 12 Months, Unrealized Losses | (1,449) | (364) |
Total, Fair Value | 68,214 | 61,108 |
Unrealized Losses, Total | $ (6,805) | $ (948) |
SECURITIES (Schedule of Amortiz
SECURITIES (Schedule of Amortized Cost and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
AFS Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 31,089 | $ 18,247 |
Due in one year or less, Estimated Fair Value | 30,799 | 18,317 |
Due after one year through five years, Amortized Cost | 165,998 | 180,080 |
Due after one year through five years, Estimated Fair Value | 160,945 | 183,981 |
Due after five years through ten years, Amortized Cost | 338,619 | 324,615 |
Due after five years through ten years, Estimated Fair Value | 308,149 | 331,215 |
Due after ten years, Amortized Cost | 2,689,325 | 2,925,842 |
Due after ten years, Estimated Fair Value | 2,217,430 | 2,948,137 |
Total AFS securities | 3,225,031 | 3,448,784 |
Total AFS securities, Estimated Fair Value | 2,717,323 | 3,481,650 |
HTM Securities [Abstract] | ||
Due in one year or less, Carrying Value | 25,025 | 3,034 |
Due in one year or less, Estimated Fair Value | 25,016 | 3,027 |
Due after one year through five years, Carrying Value | 35,709 | 5,852 |
Due after one year through five years, Estimated Fair Value | 35,656 | 6,065 |
Due after five years through ten years, Carrying Value | 15,798 | 14,019 |
Due after five years through ten years, Estimated Fair Value | 15,587 | 15,984 |
Due after ten years, Carrying Value | 764,817 | 605,095 |
Due after ten years, Estimated Fair Value | 689,221 | 668,698 |
Total HTM Securities | 841,349 | 628,000 |
Total HTM securities, Estimated Fair Value | $ 765,480 | $ 693,774 |
SECURITIES (Amortized Cost of H
SECURITIES (Amortized Cost of HTM Securities by Security Type and Credit Rating) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
HTM Securities, Amortized Cost | $ 841,349 | $ 628,000 |
Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 702,902 | 620,873 |
Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 1,192 | |
Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 72,866 | 7,127 |
Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 64,389 | |
U.S. government and agency securities | ||
HTM Securities, Amortized Cost | 690 | 2,604 |
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 BBB/BB/B | ||
HTM Securities, Amortized Cost | 0 | |
U.S. government and agency securities | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 690 | 2,604 |
U.S. government and agency securities | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | 0 | |
Obligations of states and political subdivisions | ||
HTM Securities, Amortized Cost | 724,330 | 620,873 |
Obligations of states and political subdivisions | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 700,138 | 620,873 |
Obligations of states and political subdivisions | Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 1,192 | |
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 | 23,000 | |
Mortgage-backed securities | ||
HTM Securities, Amortized Cost | 116,329 | 4,523 |
Mortgage-backed securities | Moody's AAA/AA/A | ||
HTM Securities, Amortized Cost | 2,764 | 0 |
Mortgage-backed securities | Moody's BBB/BB/B | ||
HTM Securities, Amortized Cost | 0 | |
Mortgage-backed securities | Moody's Not Rated - Agency | ||
HTM Securities, Amortized Cost | 72,176 | $ 4,523 |
Mortgage-backed securities | Moody's Not Rated - Non-Agency | ||
HTM Securities, Amortized Cost | $ 41,389 |
SECURITIES (Schedule of Carryin
SECURITIES (Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | $ 841,349 | $ 628,000 |
Gross Unrealized Gains | 176 | 65,982 |
Gross Unrealized Losses | (76,045) | (208) |
Held-to-maturity Securities, Fair Value | 765,480 | 693,774 |
U.S. government and agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 690 | 2,604 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (39) | (29) |
Held-to-maturity Securities, Fair Value | 651 | 2,575 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 724,330 | 620,873 |
Gross Unrealized Gains | 176 | 65,982 |
Gross Unrealized Losses | (64,366) | (121) |
Held-to-maturity Securities, Fair Value | 660,140 | 686,734 |
Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 87,233 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (7,280) | |
Held-to-maturity Securities, Fair Value | 79,953 | |
Agency | Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 29,096 | 4,523 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4,360) | (58) |
Held-to-maturity Securities, Fair Value | 24,736 | $ 4,465 |
Agency | Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 43,080 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (6,732) | |
Held-to-maturity Securities, Fair Value | 36,348 | |
Non-agency | Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM Securities | 44,153 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (548) | |
Held-to-maturity Securities, Fair Value | $ 43,605 |
SECURITIES (Gross Realized Gain
SECURITIES (Gross Realized Gains and Losses on the Sale of Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Securities [Abstract] | ||||
Gross realized gains | $ 0 | $ 9 | $ 0 | $ 147 |
Gross realized losses | 0 | 0 | (2) | (60) |
Gains on securities transactions, net | 0 | 9 | (2) | 87 |
Proceeds from sales of securities | $ 17,250 | $ 0 | $ 29,719 | $ 45,436 |
LOANS AND ALLOWANCE FOR LOAN _3
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Loans Stated at Face Amount, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | $ 13,918,720 | $ 13,195,843 |
Total Allowance for credit losses | (108,009) | (99,787) |
Total loans held for investment, net | 13,810,711 | 13,096,056 |
Loans receivable, deferred fees and costs | 45,700 | 49,300 |
Construction and Land Development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 1,068,201 | 862,236 |
Commercial Real Estate - Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 1,953,872 | 1,995,409 |
Commercial Real Estate - Non-Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3,900,325 | 3,789,377 |
Multifamily Real Estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 774,970 | 778,626 |
Commercial and Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 2,709,047 | 2,542,243 |
Residential 1-4 Family - Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 542,612 | 607,337 |
Residential 1-4 Family - Mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 891,353 | 816,524 |
Residential 1-4 Family - Revolving | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 588,452 | 560,796 |
Auto | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 561,277 | 461,052 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 172,776 | 176,992 |
Other Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 755,835 | 605,251 |
Paycheck Protection Program (PPP) | Commercial and Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 12,100 | 145,300,000 |
Paycheck Protection Program (PPP) | Other Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | $ 0 | $ 5,100 |
LOANS AND ALLOWANCE FOR LOAN _4
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled Debt Restructurings (TDRs) | $ 15,631,000 | $ 15,631,000 | $ 17,955,000 | ||
Total Allowance for credit losses | 108,009,000 | 108,009,000 | 99,787,000 | ||
Interest income recognized on nonaccrual loans | 0 | $ 0 | 0 | $ 0 | |
Troubled Debt Restructurings [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled Debt Restructurings (TDRs) | 15,600,000 | 15,600,000 | 18,000,000 | ||
Total Allowance for credit losses | $ 569,000 | $ 569,000 | $ 859,000 |
LOANS AND ALLOWANCE FOR LOAN _5
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Summary of Aging of the Loan Portfolio by Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | $ 7,351 | $ 9,132 |
Greater than 90 Days and still Accruing, % of total loans | 0.05% | 0.07% |
Nonaccrual | $ 26,500 | $ 31,100 |
Nonaccrual, % of total loans | 0.19% | 0.24% |
Total Loans | $ 13,918,720 | $ 13,195,843 |
Total loans, % of total loans | 100% | 100% |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 13,863,243 | $ 13,134,805 |
Current, % of total loans | 99.61% | 99.54% |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 14,186 | $ 15,094 |
Past Due, % of total loans | 0.10% | 0.11% |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 7,440 | $ 5,712 |
Past Due, % of total loans | 0.05% | 0.04% |
Construction and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | $ 115 | $ 299 |
Nonaccrual | 421 | 2,697 |
Total Loans | 1,068,201 | 862,236 |
Construction and Land Development | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,067,438 | 857,883 |
Construction and Land Development | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 120 | 1,357 |
Construction and Land Development | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 107 | 0 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 3,517 | 1,257 |
Nonaccrual | 4,883 | 5,637 |
Total Loans | 1,953,872 | 1,995,409 |
Commercial Real Estate - Owner Occupied | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,937,372 | 1,987,133 |
Commercial Real Estate - Owner Occupied | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 7,337 | 1,230 |
Commercial Real Estate - Owner Occupied | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 763 | 152 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 621 | 433 |
Nonaccrual | 1,923 | 3,641 |
Total Loans | 3,900,325 | 3,789,377 |
Commercial Real Estate - Non-Owner Occupied | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 3,897,324 | 3,783,211 |
Commercial Real Estate - Non-Owner Occupied | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 0 | 1,965 |
Commercial Real Estate - Non-Owner Occupied | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 457 | 127 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 0 | 0 |
Nonaccrual | 0 | 113 |
Total Loans | 774,970 | 778,626 |
Multifamily Real Estate | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 774,970 | 778,429 |
Multifamily Real Estate | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 0 | 84 |
Multifamily Real Estate | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 526 | 1,897 |
Nonaccrual | 2,289 | 1,647 |
Total Loans | 2,709,047 | 2,542,243 |
Commercial and Industrial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 2,702,308 | 2,536,100 |
Commercial and Industrial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 796 | 1,161 |
Commercial and Industrial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 3,128 | 1,438 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 308 | 990 |
Nonaccrual | 1,962 | 2,285 |
Total Loans | 542,612 | 607,337 |
Residential 1-4 Family - Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 538,835 | 601,946 |
Residential 1-4 Family - Commercial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,410 | 1,844 |
Residential 1-4 Family - Commercial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 97 | 272 |
Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 680 | 3,013 |
Nonaccrual | 11,121 | 11,397 |
Total Loans | 891,353 | 816,524 |
Residential 1-4 Family - Mortgage | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 876,980 | 795,821 |
Total Loans | 876,980 | 795,821 |
Residential 1-4 Family - Mortgage | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,123 | 3,368 |
Total Loans | 1,123 | 3,368 |
Residential 1-4 Family - Mortgage | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,449 | 2,925 |
Total Loans | 1,449 | 2,925 |
Residential 1-4 Family - Mortgage | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 680 | 3,013 |
Residential 1-4 Family - Mortgage | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 11,121 | 11,397 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 1,255 | 882 |
Nonaccrual | 3,583 | 3,406 |
Total Loans | 588,452 | 560,796 |
Residential 1-4 Family - Revolving | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 581,418 | 554,652 |
Total Loans | 581,418 | 554,652 |
Residential 1-4 Family - Revolving | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,115 | 1,493 |
Total Loans | 1,115 | 1,493 |
Residential 1-4 Family - Revolving | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,081 | 363 |
Total Loans | 1,081 | 363 |
Residential 1-4 Family - Revolving | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,255 | 882 |
Residential 1-4 Family - Revolving | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 3,583 | 3,406 |
Auto | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 148 | 241 |
Nonaccrual | 318 | 223 |
Total Loans | 561,277 | 461,052 |
Auto | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 558,678 | 458,473 |
Total Loans | 558,678 | 458,473 |
Auto | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 1,876 | 1,866 |
Total Loans | 1,876 | 1,866 |
Auto | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 257 | 249 |
Total Loans | 257 | 249 |
Auto | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 148 | 241 |
Auto | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 318 | 223 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 86 | 120 |
Nonaccrual | 0 | 54 |
Total Loans | 172,776 | 176,992 |
Consumer | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 172,180 | 175,943 |
Total Loans | 172,180 | 175,943 |
Consumer | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 409 | 689 |
Total Loans | 409 | 689 |
Consumer | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 101 | 186 |
Total Loans | 101 | 186 |
Consumer | Greater Than 90 Days and still Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 86 | 120 |
Consumer | Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 54 | |
Other Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater Than 90 Days and Still Accruing | 95 | 0 |
Nonaccrual | 0 | 0 |
Total Loans | 755,835 | 605,251 |
Other Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 755,740 | 605,214 |
Other Commercial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | 0 | 37 |
Other Commercial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, current and past due | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _6
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Summary of Loans on Nonaccrual Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | $ 26,500 | $ 31,100 |
Nonaccrual With No ALLL | 933 | 4,045 |
Loans Past Due Over 90 Days Still Accruing | 7,351 | 9,132 |
Construction and Land Development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 421 | 2,697 |
Nonaccrual With No ALLL | 0 | 1,985 |
Loans Past Due Over 90 Days Still Accruing | 115 | 299 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 4,883 | 5,637 |
Nonaccrual With No ALLL | 932 | 970 |
Loans Past Due Over 90 Days Still Accruing | 3,517 | 1,257 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 1,923 | 3,641 |
Nonaccrual With No ALLL | 0 | 1,089 |
Loans Past Due Over 90 Days Still Accruing | 621 | 433 |
Multifamily Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 0 | 113 |
Nonaccrual With No ALLL | 0 | |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 2,289 | 1,647 |
Nonaccrual With No ALLL | 1 | 1 |
Loans Past Due Over 90 Days Still Accruing | 526 | 1,897 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 1,962 | 2,285 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 308 | 990 |
Residential 1-4 Family - Mortgage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 11,121 | 11,397 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 680 | 3,013 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 3,583 | 3,406 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 1,255 | 882 |
Auto | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 318 | 223 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 148 | 241 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 0 | 54 |
Nonaccrual With No ALLL | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 86 | 120 |
Other Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 0 | 0 |
Nonaccrual With No ALLL | 0 | |
Loans Past Due Over 90 Days Still Accruing | $ 95 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _7
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement) (Details) $ in Thousands | Sep. 30, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan |
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 127 | 126 |
Recorded Investment | $ 15,631 | $ 17,955 |
Outstanding Commitment | $ 5 | $ 4 |
Performing Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 92 | 88 |
Recorded Investment | $ 10,333 | $ 10,313 |
Outstanding Commitment | $ 5 | $ 4 |
Performing Financing Receivable | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 4 |
Recorded Investment | $ 159 | $ 201 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 3 |
Recorded Investment | $ 1,000 | $ 572 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 0 |
Recorded Investment | $ 100 | $ 0 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 0 |
Recorded Investment | $ 1,334 | $ 0 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 81 | 75 |
Recorded Investment | $ 7,470 | $ 9,021 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 3 |
Recorded Investment | $ 257 | $ 265 |
Outstanding Commitment | $ 5 | $ 4 |
Performing Financing Receivable | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 2 |
Recorded Investment | $ 13 | $ 15 |
Outstanding Commitment | $ 0 | $ 0 |
Performing Financing Receivable | Other Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 1 |
Recorded Investment | $ 0 | $ 239 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 35 | 38 |
Recorded Investment | $ 5,298 | $ 7,642 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 2 |
Recorded Investment | $ 16 | $ 830 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 3 |
Recorded Investment | $ 242 | $ 1,357 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 3 |
Recorded Investment | $ 481 | $ 729 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 3 |
Recorded Investment | $ 371 | $ 388 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 24 | 24 |
Recorded Investment | $ 4,092 | $ 4,239 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming Financing Receivable | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 3 |
Recorded Investment | $ 96 | $ 99 |
Outstanding Commitment | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _8
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Schedule of TDR by Class and Modification Type) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | |
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 7 | 1 | 19 | 16 |
Recorded Investment at Period End | $ | $ 665 | $ 157 | $ 3,266 | $ 2,132 |
Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 1 | 1 | 3 |
Recorded Investment at Period End | $ | $ 0 | $ 157 | $ 766 | $ 259 |
Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 7 | 0 | 17 | 12 |
Recorded Investment at Period End | $ | $ 665 | $ 0 | $ 1,166 | $ 1,828 |
Interest rate modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 1 | ||
Recorded Investment at Period End | $ | $ 0 | $ 45 | ||
Modified to interest only, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 0 | 1 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 | $ 1,334 | $ 0 |
Commercial Real Estate - Owner Occupied | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 1 | ||
Recorded Investment at Period End | $ | $ 0 | $ 766 | ||
Commercial Real Estate - Non-Owner Occupied | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 1 | 1 | ||
Recorded Investment at Period End | $ | $ 157 | $ 157 | ||
Residential 1-4 Family - Commercial | Interest rate modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 1 | ||
Recorded Investment at Period End | $ | $ 0 | $ 45 | ||
Residential 1-4 Family - Commercial | Modified to interest only, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 1 | ||
Recorded Investment at Period End | $ | $ 0 | $ 1,334 | ||
Residential 1-4 Family - Mortgage | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 2 | ||
Recorded Investment at Period End | $ | $ 0 | $ 102 | ||
Residential 1-4 Family - Mortgage | Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 7 | 0 | 17 | 11 |
Recorded Investment at Period End | $ | $ 665 | $ 0 | $ 1,166 | $ 1,813 |
Consumer | Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 1 | ||
Recorded Investment at Period End | $ | $ 0 | $ 15 |
LOANS AND ALLOWANCE FOR LOAN _9
LOANS AND ALLOWANCE FOR LOAN AND LEASE 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for loan losses: | ||||
Balance, beginning of period | $ 104,184 | $ 118,261 | $ 99,787 | $ 160,540 |
Loans charged off | (1,801) | (2,266) | (5,267) | (7,852) |
Recoveries credited to allowance | 1,214 | 2,153 | 3,745 | 6,498 |
Provision charged to operations | 4,412 | (16,350) | 9,744 | (57,388) |
Balance, end of period | 108,009 | 101,798 | 108,009 | 101,798 |
Commercial Portfolio | ||||
Allowance for loan losses: | ||||
Balance, beginning of period | 77,413 | 89,837 | 77,902 | 117,403 |
Loans charged off | (1,086) | (967) | (2,852) | (3,832) |
Recoveries credited to allowance | 605 | 1,281 | 1,723 | 3,929 |
Provision charged to operations | 6,969 | (15,173) | 7,128 | (42,522) |
Balance, end of period | 83,901 | 74,978 | 83,901 | 74,978 |
Consumer Portfolio | ||||
Allowance for loan losses: | ||||
Balance, beginning of period | 26,771 | 28,424 | 21,885 | 43,137 |
Loans charged off | (715) | (1,299) | (2,415) | (4,020) |
Recoveries credited to allowance | 609 | 872 | 2,022 | 2,569 |
Provision charged to operations | (2,557) | (1,177) | 2,616 | (14,866) |
Balance, end of period | $ 24,108 | $ 26,820 | $ 24,108 | $ 26,820 |
LOANS AND ALLOWANCE FOR LOAN_10
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Loans Receivables Related Risk Rating) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 13,918,720 | $ 13,195,843 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 280,933 | 434,700 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 527,037 | 218,858 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 139,381 | 53,081 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 20,583 | 59,521 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 36,792 | 11,846 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 41,041 | 61,234 |
Financing Receivable, Revolving Loans | 22,434 | 22,996 |
Loans, Total | 1,068,201 | 862,236 |
Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 278,751 | 430,764 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 522,332 | 218,672 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 139,003 | 39,937 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 16,527 | 40,128 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 35,327 | 11,299 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 36,153 | 50,908 |
Financing Receivable, Revolving Loans | 22,434 | 22,996 |
Loans, Total | 1,050,527 | 814,704 |
Construction and Land Development | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 395 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 855 | 185 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 12,923 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 3,842 | 129 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 120 | 349 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,736 | 4,026 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 7,553 | 18,007 |
Construction and Land Development | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 921 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,491 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 338 | 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 | 174 | 735 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 2,924 | 735 |
Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,261 | 3,541 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,359 | 1 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 40 | 221 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 214 | 19,264 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,345 | 198 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,978 | 5,565 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 7,197 | 28,790 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 195,453 | 222,464 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 207,649 | 280,268 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 258,953 | 348,743 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 304,839 | 277,445 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 248,358 | 197,629 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 721,875 | 647,320 |
Financing Receivable, Revolving Loans | 16,745 | 21,540 |
Loans, Total | 1,953,872 | 1,995,409 |
Commercial Real Estate - Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 193,743 | 222,079 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 204,645 | 279,165 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 256,490 | 321,503 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 290,697 | 263,422 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 233,459 | 179,994 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 663,420 | 555,540 |
Financing Receivable, Revolving Loans | 15,089 | 19,705 |
Loans, Total | 1,857,543 | 1,841,408 |
Commercial Real Estate - Owner Occupied | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,069 | 185 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 178 | 18 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 2,463 | 7,959 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 8,293 | 10,875 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 12,375 | 14,648 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 26,383 | 57,466 |
Financing Receivable, Revolving Loans | 1,149 | 702 |
Loans, Total | 51,910 | 91,853 |
Commercial Real Estate - Owner Occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 641 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 932 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 11,826 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,479 | 610 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 914 | 1,052 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 18,816 | 19,480 |
Financing Receivable, Revolving Loans | 42 | 507 |
Loans, Total | 21,892 | 34,407 |
Commercial Real Estate - Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 200 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,826 | 153 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 7,455 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 4,370 | 2,538 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 1,610 | 1,935 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 13,256 | 14,834 |
Financing Receivable, Revolving Loans | 465 | 626 |
Loans, Total | 22,527 | 27,741 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 339,508 | 644,538 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 673,224 | 432,513 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 409,133 | 604,823 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 564,136 | 448,020 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 437,956 | 405,932 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,444,397 | 1,216,717 |
Financing Receivable, Revolving Loans | 31,971 | 36,834 |
Loans, Total | 3,900,325 | 3,789,377 |
Commercial Real Estate - Non-Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 339,274 | 642,386 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 671,073 | 421,063 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 397,814 | 520,035 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 508,462 | 377,176 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 375,951 | 374,949 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,392,787 | 1,102,193 |
Financing Receivable, Revolving Loans | 31,971 | 36,568 |
Loans, Total | 3,717,332 | 3,474,370 |
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 | 2,152 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,151 | 841 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 818 | 35,721 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 26,793 | 39,356 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 40,466 | 18,242 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 27,259 | 101,797 |
Financing Receivable, Revolving Loans | 0 | 14 |
Loans, Total | 97,487 | 198,123 |
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 | 234 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 10,609 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 25,691 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 6,084 | 20,119 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 2,609 | 12,741 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 18,771 | 4,775 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 27,698 | 73,935 |
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 | 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 | 10,501 | 23,376 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 22,797 | 11,369 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 18,930 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,580 | 7,952 |
Financing Receivable, Revolving Loans | 0 | 252 |
Loans, Total | 57,808 | 42,949 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 531,414 | 772,480 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 577,582 | 461,629 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 340,152 | 302,805 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 203,405 | 145,333 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 113,596 | 40,792 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 150,051 | 177,462 |
Financing Receivable, Revolving Loans | 792,847 | 641,742 |
Loans, Total | 2,709,047 | 2,542,243 |
Commercial and Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 529,915 | 770,662 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 576,070 | 450,478 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 321,669 | 287,926 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 191,789 | 110,710 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 86,424 | 38,395 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 144,362 | 170,857 |
Financing Receivable, Revolving Loans | 746,107 | 619,583 |
Loans, Total | 2,596,336 | 2,448,611 |
Commercial and Industrial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,401 | 1,233 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 794 | 9,641 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 17,955 | 2,766 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 5,204 | 31,635 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 12,546 | 1,370 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,283 | 4,405 |
Financing Receivable, Revolving Loans | 22,057 | 17,220 |
Loans, Total | 62,240 | 68,270 |
Commercial and Industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 206 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 182 | 935 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 416 | 8,477 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 2,500 | 1,023 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 373 | 564 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,031 | 561 |
Financing Receivable, Revolving Loans | 20,174 | 3,249 |
Loans, Total | 25,676 | 15,015 |
Commercial and Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 98 | 379 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 536 | 575 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 112 | 3,636 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 3,912 | 1,965 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 14,253 | 463 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,375 | 1,639 |
Financing Receivable, Revolving Loans | 4,509 | 1,690 |
Loans, Total | 24,795 | 10,347 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 84,683 | 63,475 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 79,629 | 189,864 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 216,676 | 109,385 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 66,595 | 119,053 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 77,207 | 66,562 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 247,955 | 228,739 |
Financing Receivable, Revolving Loans | 2,225 | 1,548 |
Loans, Total | 774,970 | 778,626 |
Multifamily Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 84,683 | 63,431 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 79,629 | 187,616 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 216,676 | 108,402 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 62,386 | 114,077 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 76,761 | 66,562 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 247,444 | 228,013 |
Financing Receivable, Revolving Loans | 2,225 | 1,548 |
Loans, Total | 769,804 | 769,649 |
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 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 359 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 4,209 | 459 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 446 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 423 | 522 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 5,078 | 1,340 |
Multifamily Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 44 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | 2,248 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 624 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 4,517 |
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 | 88 | 91 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 88 | 7,524 |
Multifamily Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 113 | |
Financing Receivable, Revolving Loans | 0 | |
Loans, Total | 113 | |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 35,383 | 108,352 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 93,310 | 96,321 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 81,044 | 74,063 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 64,394 | 54,722 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 46,684 | 60,092 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 220,435 | 212,627 |
Financing Receivable, Revolving Loans | 1,362 | 1,160 |
Loans, Total | 542,612 | 607,337 |
Residential 1-4 Family - Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 35,383 | 108,259 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 91,966 | 94,184 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 79,004 | 65,682 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 53,298 | 46,267 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 38,421 | 55,995 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 208,616 | 196,052 |
Financing Receivable, Revolving Loans | 949 | 550 |
Loans, Total | 507,637 | 566,989 |
Residential 1-4 Family - 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 | 1,344 | 2,041 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 545 | 4,887 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 8,561 | 7,483 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 2,985 | 2,415 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,093 | 7,573 |
Financing Receivable, Revolving Loans | 114 | 311 |
Loans, Total | 18,642 | 24,710 |
Residential 1-4 Family - Commercial | 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 | 96 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,495 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 71 | 436 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 4,800 | 391 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,717 | 4,126 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 9,083 | 5,049 |
Residential 1-4 Family - Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 93 |
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 | 3,494 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 2,464 | 536 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 478 | 1,291 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 4,009 | 4,876 |
Financing Receivable, Revolving Loans | 299 | 299 |
Loans, Total | 7,250 | 10,589 |
Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 173,657 | 226,595 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 216,249 | 167,497 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 156,770 | 98,848 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 118,283 | 6,201 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 3,683 | 26,971 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 73,889 | 48,694 |
Financing Receivable, Revolving Loans | 13,304 | 30,445 |
Loans, Total | 755,835 | 605,251 |
Other Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 168,290 | 226,595 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 216,249 | 167,497 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 156,770 | 98,848 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 118,283 | 5,620 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 3,683 | 25,723 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 70,833 | 44,114 |
Financing Receivable, Revolving Loans | 13,209 | 30,445 |
Loans, Total | 747,317 | 598,842 |
Other Commercial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 5,367 | 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 | 581 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 1,246 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,056 | 4,341 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 8,423 | 6,168 |
Other Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 2 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Financing Receivable, Revolving Loans | 0 | |
Loans, Total | 2 | |
Other Commercial | 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 | 0 | 239 |
Financing Receivable, Revolving Loans | 95 | 0 |
Loans, Total | 95 | 239 |
Commercial Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,641,031 | 2,472,604 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,374,680 | 1,846,950 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,602,109 | 1,591,748 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,342,235 | 1,110,295 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 964,276 | 809,824 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,899,643 | 2,592,793 |
Financing Receivable, Revolving Loans | 880,888 | 756,265 |
Loans, Total | 11,704,862 | 11,180,479 |
Commercial Portfolio | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,630,039 | 2,464,176 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 2,361,964 | 1,818,675 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 1,567,426 | 1,442,333 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,241,442 | 957,400 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 850,026 | 752,917 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2,763,615 | 2,347,677 |
Financing Receivable, Revolving Loans | 831,984 | 731,395 |
Loans, Total | 11,246,496 | 10,514,573 |
Commercial Portfolio | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 7,837 | 3,965 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 5,322 | 12,726 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 21,781 | 64,615 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 56,902 | 90,518 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 68,938 | 38,270 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 67,233 | 180,130 |
Financing Receivable, Revolving Loans | 23,320 | 18,247 |
Loans, Total | 251,333 | 408,471 |
Commercial Portfolio | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,796 | 250 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1,673 | 14,820 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 2,249 | 46,618 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 10,134 | 26,705 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 8,696 | 14,750 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 42,597 | 29,768 |
Financing Receivable, Revolving Loans | 20,216 | 3,756 |
Loans, Total | 87,361 | 136,667 |
Commercial Portfolio | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 1,359 | 4,213 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 5,721 | 729 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 10,653 | 38,182 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 33,757 | 35,672 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 36,616 | 3,887 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 26,198 | 35,218 |
Financing Receivable, Revolving Loans | 5,368 | 2,867 |
Loans, Total | $ 119,672 | $ 120,768 |
LOANS AND ALLOWANCE FOR LOAN_11
LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES (Loans Receivables Based on Delinquency Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, Total | $ 13,918,720 | $ 13,195,843 |
Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 163,110 | 249,348 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 251,290 | 174,616 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 162,003 | 48,211 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 39,227 | 36,144 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 24,764 | 46,380 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 250,946 | 261,814 |
Financing Receivable, Revolving Loans | 13 | 11 |
Loans, Total | 891,353 | 816,524 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 58,864 | 16,546 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 14,779 | 9,574 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 5,882 | 2,230 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,715 | 1,074 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 840 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 478 | 484 |
Financing Receivable, Revolving Loans | 505,894 | 530,888 |
Loans, Total | 588,452 | 560,796 |
Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 221,759 | 207,628 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 168,938 | 124,441 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 90,359 | 73,137 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 50,448 | 32,084 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 19,286 | 16,351 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 10,487 | 7,411 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 561,277 | 461,052 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 36,218 | 25,127 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 17,703 | 16,170 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 12,088 | 38,890 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 26,469 | 31,208 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 19,357 | 12,958 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 21,529 | 17,009 |
Financing Receivable, Revolving Loans | 39,412 | 35,630 |
Loans, Total | 172,776 | 176,992 |
Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 479,951 | 498,649 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 452,710 | 324,801 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 270,332 | 162,468 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 117,859 | 100,510 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 64,247 | 75,689 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 283,440 | 286,718 |
Financing Receivable, Revolving Loans | 545,319 | 566,529 |
Loans, Total | 2,213,858 | 2,015,364 |
Current | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 163,110 | 248,904 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 250,861 | 174,459 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 161,913 | 47,905 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 38,668 | 33,809 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 23,633 | 44,179 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 238,782 | 246,554 |
Financing Receivable, Revolving Loans | 13 | 11 |
Loans, Total | 876,980 | 795,821 |
Current | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 58,864 | 16,546 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 14,630 | 9,511 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 5,825 | 2,230 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 1,715 | 1,056 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 826 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 478 | 484 |
Financing Receivable, Revolving Loans | 499,080 | 524,825 |
Loans, Total | 581,418 | 554,652 |
Current | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 221,446 | 207,229 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 168,008 | 123,848 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 89,869 | 72,427 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 49,923 | 31,745 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 19,147 | 16,020 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 10,285 | 7,204 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 558,678 | 458,473 |
Current | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 36,208 | 25,084 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 17,683 | 16,059 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 12,001 | 38,594 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 26,271 | 30,890 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 19,195 | 12,853 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 21,475 | 16,929 |
Financing Receivable, Revolving Loans | 39,347 | 35,534 |
Loans, Total | 172,180 | 175,943 |
Current | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 479,628 | 497,763 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 451,182 | 323,877 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 269,608 | 161,156 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 116,577 | 97,500 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 62,801 | 73,052 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 271,020 | 271,171 |
Financing Receivable, Revolving Loans | 538,440 | 560,370 |
Loans, Total | 2,189,256 | 1,984,889 |
30 to 59 Days Past Due | Residential 1-4 Family - Mortgage | ||
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 | 157 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 90 | 143 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 142 | 807 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 174 | 460 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 717 | 1,801 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 1,123 | 3,368 |
30 to 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 | 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 | 1,115 | 1,493 |
Loans, Total | 1,115 | 1,493 |
30 to 59 Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 310 | 299 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 653 | 382 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 292 | 518 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 375 | 259 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 119 | 245 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 127 | 163 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 1,876 | 1,866 |
30 to 59 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 10 | 31 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 6 | 94 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 40 | 201 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 150 | 186 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 109 | 63 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 51 | 26 |
Financing Receivable, Revolving Loans | 43 | 88 |
Loans, Total | 409 | 689 |
30 to 59 Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 320 | 330 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 659 | 633 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 422 | 862 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 667 | 1,252 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 402 | 768 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 895 | 1,990 |
Financing Receivable, Revolving Loans | 1,158 | 1,581 |
Loans, Total | 4,523 | 7,416 |
60 to 89 Days Past Due | Residential 1-4 Family - Mortgage | ||
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 | 104 | 624 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 107 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,345 | 2,194 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 1,449 | 2,925 |
60 to 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 | 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 | 1,081 | 363 |
Loans, Total | 1,081 | 363 |
60 to 89 Days Past Due | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 3 | 45 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 79 | 29 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 78 | 95 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 55 | 33 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 36 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 42 | 11 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 257 | 249 |
60 to 89 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 11 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 1 | 13 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 19 | 62 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 39 | 60 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 39 | 34 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 2 | 0 |
Financing Receivable, Revolving Loans | 1 | 6 |
Loans, Total | 101 | 186 |
60 to 89 Days Past Due | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 3 | 56 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 80 | 42 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 97 | 157 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 198 | 717 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 39 | 177 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,389 | 2,205 |
Financing Receivable, Revolving Loans | 1,082 | 369 |
Loans, Total | 2,888 | 3,723 |
Greater Than 90 Days and still Accruing | Residential 1-4 Family - Mortgage | ||
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 | 46 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 45 | 20 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | 304 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 635 | 2,643 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 680 | 3,013 |
Greater Than 90 Days and still Accruing | 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 | 1,255 | 882 |
Loans, Total | 1,255 | 882 |
Greater Than 90 Days and still Accruing | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 55 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 108 | 101 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 13 | 42 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 6 | 20 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 12 | 23 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9 | 0 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 148 | 241 |
Greater Than 90 Days and still Accruing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 1 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 13 | 4 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 28 | 33 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 9 | 72 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 14 | 8 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1 | 0 |
Financing Receivable, Revolving Loans | 21 | 2 |
Loans, Total | 86 | 120 |
Greater Than 90 Days and still Accruing | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 56 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 121 | 105 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 41 | 121 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 60 | 112 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 26 | 335 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 645 | 2,643 |
Financing Receivable, Revolving Loans | 1,276 | 884 |
Loans, Total | 2,169 | 4,256 |
Nonaccrual | Residential 1-4 Family - Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 444 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 429 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | 117 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 268 | 884 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 957 | 1,330 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,467 | 8,622 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 11,121 | 11,397 |
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 | 149 | 63 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 57 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | 18 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 14 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Financing Receivable, Revolving Loans | 3,363 | 3,325 |
Loans, Total | 3,583 | 3,406 |
Nonaccrual | Auto | ||
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 | 90 | 81 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 107 | 55 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 89 | 27 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 8 | 27 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 24 | 33 |
Financing Receivable, Revolving Loans | 0 | 0 |
Loans, Total | 318 | 223 |
Nonaccrual | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 54 | |
Financing Receivable, Revolving Loans | 0 | |
Loans, Total | 54 | |
Nonaccrual | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Fiscal Year | 0 | 444 |
Term Loans Amortized Cost Basis by Origination Year, Fiscal Year Before Current Fiscal Year | 668 | 144 |
Term Loans Amortized Cost Basis by Origination Year, Two Years Before Current Fiscal Year | 164 | 172 |
Term Loans Amortized Cost Basis by Origination Year, Three Years Before Current Fiscal Year | 357 | 929 |
Term Loans Amortized Cost Basis by Origination Year, Four Years Before Current Fiscal Year | 979 | 1,357 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,491 | 8,709 |
Financing Receivable, Revolving Loans | 3,363 | 3,325 |
Loans, Total | $ 15,022 | $ 15,080 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | Jun. 30, 2022 segment | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Number of operating segments | segment | 2 | 1 | ||||
Goodwill | $ 925,211 | $ 925,211 | $ 935,560 | |||
Impairment of goodwill or intangible assets | 0 | |||||
Intangible assets, amortization expense | 2,480 | $ 3,381 | 8,434 | $ 10,679 | ||
Wholesale Banking | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 642,256 | 642,256 | 642,256 | |||
Consumer Banking | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 282,955 | 282,955 | $ 293,304 | |||
DHFB | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill reduction | 10,300 | |||||
Intangible assets reduction | $ 5,700 | |||||
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 | Sep. 30, 2022 USD ($) |
Estimated Remaining Amortization of Intangibles | |
For the remaining three months of 2022 | $ 2,382 |
2023 | 8,518 |
2024 | 6,753 |
2025 | 5,154 |
2026 | 3,559 |
Thereafter | 2,776 |
Total estimated amortization expense | $ 29,142 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Lessor Disclosure [Abstract] | ||
Residual assets covered by residual value guarantees | $ 36.7 | $ 23 |
Minimum | ||
Lessor Disclosure [Abstract] | ||
Lessor sales-type and direct financing lease, term of contract | 14 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) | 23 years |
LEASES (Net Investment in Sales
LEASES (Net Investment in Sales-Type and Direct Financing Lease) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Lease receivables, net of unearned income and deferred selling profit | $ 254,773 | $ 199,423 |
Unguaranteed residual values, net of unearned income and deferred selling profit | 12,219 | 8,911 |
Total net investment in sales-type and direct financing leases | $ 266,992 | $ 208,334 |
LEASES (Lessee Lease Portfolio
LEASES (Lessee Lease Portfolio and Other Supplemental Lease Information) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease | ||
Right-of-use assets | $ 31,821 | $ 40,653 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Lease liabilities | $ 44,145 | $ 50,742 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Weighted average remaining lease term (years) | 6 years 5 months 8 days | 6 years 9 months |
Weighted average discount rate, percent | 2.63% | 2.57% |
Lessee, Finance Lease | ||
Right-of-use-assets | $ 5,817 | $ 6,506 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Lease liabilities | $ 8,593 | $ 9,477 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Weighted-average remaining lease term (years) | 6 years 3 months 29 days | 7 years 29 days |
Weighted-average discount rate, percent | 1.17% | 1.17% |
LEASES (Other Lease Information
LEASES (Other Lease Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||
Operating Cash Flows from Finance Leases | $ 79 | $ 89 |
Operating Cash Flows from Operating Leases | 8,514 | 8,961 |
Financing Cash Flows from Finance Leases | 885 | 851 |
Right-of-use assets obtained in exchange for lease obligations, operating lease | $ 1,268 | $ 2,412 |
LEASES (Lease Cost Information)
LEASES (Lease Cost Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Net Operating Lease Cost | $ 2,117 | $ 2,535 | $ 6,658 | $ 7,615 |
Finance Lease Cost: Amortization of right-of-use assets | 230 | 230 | 689 | 689 |
Finance Lease Cost: Interest on lease liabilities | 25 | 29 | 79 | 89 |
Total Lease Cost | $ 2,372 | $ 2,794 | $ 7,426 | $ 8,393 |
LEASES (Maturities of Lessor an
LEASES (Maturities of Lessor and Lessee Arrangements Outstanding) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Lessor - Sales-type and Direct Financing Lease Maturities | ||
For the remaining three months of 2022 | $ 16,842 | |
2023 | 65,059 | |
2024 | 62,282 | |
2025 | 48,508 | |
2026 | 36,606 | |
Thereafter | 50,030 | |
Total undiscounted cash flows | 279,327 | |
Less: Adjustments | 24,554 | |
Total | 254,773 | $ 199,423 |
Lessee - Operating Lease Maturities | ||
For the remaining three months of 2022 | 2,806 | |
2023 | 10,388 | |
2024 | 9,441 | |
2025 | 7,297 | |
2026 | 4,826 | |
Thereafter | 13,642 | |
Total undiscounted cash flows | 48,400 | |
Less: Adjustments | 4,255 | |
Total | 44,145 | 50,742 |
Lessee - Finance Lease Maturities | ||
For the remaining three months of 2022 | 329 | |
2023 | 1,325 | |
2024 | 1,358 | |
2025 | 1,392 | |
2026 | 1,427 | |
Thereafter | 3,088 | |
Total undiscounted cash flows | 8,919 | |
Less: Adjustments | 326 | |
Total | $ 8,593 | $ 9,477 |
BORROWINGS (Short-Term Borrowin
BORROWINGS (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Borrowings [Abstract] | ||
Securities sold under agreements to repurchase | $ 146,182 | $ 117,870 |
FHLB Advances | 133,800 | 0 |
Other short-term borrowings | 133,800 | 0 |
Total short-term borrowings | 279,982 | 117,870 |
Average outstanding balance during the period | $ 262,782 | $ 113,030 |
Average interest rate (during the period) | 0.92% | 0.10% |
Average interest rate at end of period | 1.54% | 0.07% |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Subordinated Borrowing [Line Items] | |||
Remaining available balance for the federal funds lines | $ 1,000,000 | $ 997,000 | |
Maximum collateral dependent line of credit with the FHLB | 5,900,000 | 6,000,000 | |
Trust Preferred Capital Securities | 150,500 | 150,500 | |
Fair value discount | 15,583 | 16,435 | |
Subordinated Debt | 250,000 | 250,000 | |
Long-term debt, early repayments | 0 | $ 214,695 | |
Remaining borrowing capacity | 25,000 | 25,000 | |
Acquired Trust Preferred Capital Notes | |||
Subordinated Borrowing [Line Items] | |||
Fair value discount | 12,700 | 13,300 | |
2026 Subordinate Debt | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debt | $ 150,000 | ||
Stated percentage on debt instrument | 5% | ||
2031 Subordinate Debt | |||
Subordinated Borrowing [Line Items] | |||
Proceeds from issuance of long-term borrowings | $ 246,900 | ||
Subordinated Debt | $ 250,000 | $ 250,000 | |
Stated percentage on debt instrument | 2.875% | 2.875% | |
Three-month LIBOR rate plus | 0% | 0% | |
Maturity date | Dec. 15, 2031 | Dec. 15, 2031 | |
Previous bank acquisitions | Trust Preferred Capital Notes | |||
Subordinated Borrowing [Line Items] | |||
Trust Preferred Capital Securities | $ 58,500 | ||
Previous bank acquisitions | Acquired Trust Preferred Capital Notes | |||
Subordinated Borrowing [Line Items] | |||
Trust Preferred Capital Securities | $ 92,000 |
BORROWINGS (Long-Term Borrowing
BORROWINGS (Long-Term Borrowings) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 150,500 | $ 150,500 |
Subordinated Debt | 250,000 | 250,000 |
Fair Value Premium (Discount) | (15,583) | (16,435) |
Investment in Trust Preferred Capital Securities | 4,659 | 4,659 |
Total Long-term Borrowings | 389,576 | 388,724 |
Trust Preferred Capital Notes | ||
Debt Instrument [Line Items] | ||
Remaining issuance discount on debt | 12,700 | 13,300 |
Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | 22,500 | 22,500 |
Investment in Trust Preferred Capital Securities | $ 696 | $ 696 |
Basis spread on variable rate | 2.75% | 2.75% |
Rate | 6.50% | 2.96% |
Maturity date | Jun. 17, 2034 | Jun. 17, 2034 |
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 |
Basis spread on variable rate | 1.40% | 1.40% |
Rate | 5.15% | 1.61% |
Maturity date | Jun. 15, 2036 | Jun. 15, 2036 |
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 |
Basis spread on variable rate | 2.73% | 2.73% |
Rate | 6.48% | 2.94% |
Maturity date | Mar. 18, 2034 | Mar. 18, 2034 |
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 |
Basis spread on variable rate | 3.10% | 3.10% |
Rate | 6.85% | 3.31% |
Maturity date | Jun. 26, 2033 | Jun. 26, 2033 |
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 |
Basis spread on variable rate | 3.10% | 3.10% |
Rate | 6.85% | 3.31% |
Maturity date | Sep. 17, 2033 | Sep. 17, 2033 |
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 |
Basis spread on variable rate | 2.65% | 2.65% |
Rate | 6.40% | 2.86% |
Maturity date | Jun. 17, 2034 | Jun. 17, 2034 |
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 |
Basis spread on variable rate | 1.50% | 1.50% |
Rate | 5.25% | 1.71% |
Maturity date | May 30, 2036 | May 30, 2036 |
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 |
Basis spread on variable rate | 1.55% | 1.55% |
Rate | 5.30% | 1.76% |
Maturity date | Jul. 30, 2037 | Jul. 30, 2037 |
MFC Capital Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Capital Securities | $ 5,000 | $ 5,000 |
Investment in Trust Preferred Capital Securities | $ 155 | $ 155 |
Basis spread on variable rate | 2.85% | 2.85% |
Rate | 6.60% | 3.06% |
Maturity date | Jan. 23, 2034 | Jan. 23, 2034 |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Remaining issuance discount on debt | $ 2,900 | $ 3,100 |
Subordinated Debt | SOFR | Scenario, Plan | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.86% | 1.86% |
2026 Subordinate Debt | ||
Debt Instrument [Line Items] | ||
Subordinated Debt | $ 150,000 | |
Rate | 5% | |
2031 Subordinate Debt | ||
Debt Instrument [Line Items] | ||
Subordinated Debt | $ 250,000 | $ 250,000 |
Basis spread on variable rate | 0% | 0% |
Rate | 2.875% | 2.875% |
Maturity date | Dec. 15, 2031 | Dec. 15, 2031 |
BORROWINGS (Contractual Maturit
BORROWINGS (Contractual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Premium (Discount) | ||
For the remaining nine months of 2021 | $ (287) | |
2023 | (1,162) | |
2024 | (1,187) | |
2025 | (1,211) | |
2026 | (1,236) | |
Thereafter | (10,500) | |
Total Long-term borrowings | (15,583) | $ (16,435) |
Total Long-term Borrowings | ||
For the remaining nine months of 2022 | (287) | |
2023 | (1,162) | |
2024 | (1,187) | |
2025 | (1,211) | |
2026 | (1,236) | |
Thereafter | 394,659 | |
Total Long-term Borrowings | 389,576 | $ 388,724 |
Trust Preferred Capital Notes | ||
Total Long-term Borrowings, Gross | ||
For the remaining three months of 2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 155,159 | |
Total Long-term borrowings | 155,159 | |
Subordinated Debt | ||
Total Long-term Borrowings, Gross | ||
For the remaining three months of 2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 250,000 | |
Total Long-term borrowings | $ 250,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits with other financial institutions | $ 287.5 | $ 187.4 |
Uninsured deposits with other financial institutions | 46.4 | 102 |
Reserve for Off-balance Sheet Activities | ||
RUC and indemnification reserve | 11.4 | 8.4 |
Cash Flow Hedging | ||
Deposits with other financial institutions serves as collateral for cash flow hedge | $ 237.5 | $ 82.3 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Balances of Commitments and Contingencies) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 3,561,883 | $ 5,978,063 |
Commitments to Extend Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 3,411,234 | 5,825,557 |
Standby Letters of Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 150,649 | $ 152,506 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Schedule of Securities Pledged as Collateral) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
AFS Securities | $ 2,717,323 | $ 3,481,650 |
HTM securities | 765,480 | 693,774 |
Loans | 13,810,711 | 13,096,056 |
Total assets | 19,950,231 | 20,064,796 |
Asset Pledged as Collateral [Member] | ||
Cash | 237,546 | 82,299 |
AFS Securities | 847,751 | 964,484 |
HTM securities | 484,118 | 473,228 |
Loans | 3,025,583 | 4,655,326 |
Total assets | 4,594,998 | 6,175,337 |
Public deposits | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 576,066 | 703,489 |
HTM securities | 483,284 | 472,243 |
Loans | 0 | 0 |
Total assets | 1,059,350 | 1,175,732 |
Repurchase agreements | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 151,237 | 130,217 |
HTM securities | 0 | 0 |
Loans | 0 | 0 |
Total assets | 151,237 | 130,217 |
FHLB advances | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 37,188 | 43,722 |
HTM securities | 0 | 0 |
Loans | 2,545,915 | 4,263,259 |
Total assets | 2,583,103 | 4,306,981 |
Derivatives | Asset Pledged as Collateral [Member] | ||
Cash | 237,546 | 82,299 |
AFS Securities | 56,593 | 65,053 |
HTM securities | 0 | 0 |
Loans | 0 | 0 |
Total assets | 294,139 | 147,352 |
Fed Funds | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 0 | 0 |
HTM securities | 0 | 0 |
Loans | 479,668 | 392,067 |
Total assets | 479,668 | 392,067 |
Other purposes | Asset Pledged as Collateral [Member] | ||
Cash | 0 | 0 |
AFS Securities | 26,667 | 22,003 |
HTM securities | 834 | 985 |
Loans | 0 | 0 |
Total assets | $ 27,501 | $ 22,988 |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
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] | ||
Derivative, amount | 800,000,000 | 500,000,000 |
Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate notional amount of the hedged items | 84,800,000 | 88,600,000 |
Loans | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 84,792,000 | 88,606,000 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | (11,179,000) | 546,000 |
Loans | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | 11,200,000 | (620,000) |
Available-for-sale Securities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | 2,100,000 | 4,100,000 |
Carrying Amount of Hedged Asset/(Liabilities) | 94,494,000 | 112,562,000 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | (2,115,000) | 4,051,000 |
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 gain (loss) | $ 2,100,000 | $ (4,100,000) |
DERIVATIVES (Summary of the Der
DERIVATIVES (Summary of the Derivatives) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Summary of the derivative designated as a cash flow hedge | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Interest Rate Contract [Member] | Not Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | $ 5,500,163 | $ 5,017,574 |
Asset | 72,627 | 73,696 |
Liabilities | 242,969 | 49,051 |
Cash Flow Hedging | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 800,000 | 500,000 |
Cash Flow Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 800,000 | 500,000 |
Asset | 0 | 0 |
Liabilities | 7,735 | 0 |
Fair Value Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 134,792 | 138,606 |
Asset | 4,511 | 0 |
Liabilities | $ 0 | $ 5,387 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000 | $ 50,000 |
Portfolio, last-of-layer, amortized cost | 94,000 | 113,000 |
Available-for-sale Securities | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 94,494 | 112,562 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | (2,115) | 4,051 |
Fair value of aggregate notional amount of the hedged items, unrealized gain (loss) | 2,100 | 4,100 |
Loans | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 84,792 | 88,606 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | $ (11,179) | $ 546 |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 10, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Preferred stock, shares authorized | 500,000 | 500,000 | 500,000 | |
Stock repurchase program, expiration date | Dec. 09, 2022 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 51.8 | $ 51.8 | ||
Stock repurchase program, number of shares repurchased | 0 | 1,300,000 | ||
Stock repurchase program, shares repurchased amount | $ 48.2 | |||
Preferred stock, shares outstanding | 17,250 | 17,250 | 17,250 | |
Maximum | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stock repurchase program, authorized amount | $ 100 | |||
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 |
STOCKHOLDERS' EQUITY (Change in
STOCKHOLDERS' EQUITY (Change in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 2,391,476 | $ 2,498,335 | $ 2,710,071 | $ 2,747,597 | $ 2,709,732 | $ 2,708,490 | $ 2,710,071 | $ 2,708,490 |
Other comprehensive (loss) income | (145,836) | (124,800) | (210,118) | (23,649) | 16,571 | (34,514) | (480,754) | (41,592) |
Ending balance | 2,281,150 | 2,391,476 | 2,498,335 | 2,694,439 | 2,747,597 | 2,709,732 | 2,281,150 | 2,694,439 |
Unrealized Gains (Losses) on AFS Securities | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (277,577) | 22,763 | 54,792 | 74,161 | 22,763 | 74,161 | ||
Other comprehensive income (loss) before reclassification | (121,841) | (23,242) | (422,183) | (42,549) | ||||
Amounts reclassified from AOCI into earnings | 0 | (7) | 2 | (69) | ||||
Other comprehensive (loss) income | (121,841) | (23,249) | (422,181) | (42,618) | ||||
Ending balance | (399,418) | (277,577) | 31,543 | 54,792 | (399,418) | 31,543 | ||
Unrealized Gains (Losses) for AFS Securities Transferred to HTM | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 25 | 35 | 45 | 55 | 35 | 55 | ||
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from AOCI into earnings | (4) | (5) | (14) | (15) | ||||
Other comprehensive (loss) income | (4) | (5) | (14) | (15) | ||||
Ending balance | 21 | 25 | 40 | 45 | 21 | 40 | ||
Change in Fair Value of Cash Flow Hedge | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (36,452) | (1,567) | 1,132 | 0 | (1,567) | 0 | ||
Other comprehensive income (loss) before reclassification | (24,142) | (545) | (59,027) | 634 | ||||
Amounts reclassified from AOCI into earnings | 0 | 0 | 0 | (47) | ||||
Other comprehensive (loss) income | (24,142) | (545) | (59,027) | 587 | ||||
Ending balance | (60,594) | (36,452) | 587 | 1,132 | (60,594) | 587 | ||
Unrealized Gains (Losses) on BOLI | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (2,279) | (2,596) | (2,897) | (3,201) | (2,596) | (3,201) | ||
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from AOCI into earnings | 151 | 150 | 468 | 454 | ||||
Other comprehensive (loss) income | 151 | 150 | 468 | 454 | ||||
Ending balance | (2,128) | (2,279) | (2,747) | (2,897) | (2,128) | (2,747) | ||
AOCI Attributable to Parent | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (316,283) | (191,483) | 18,635 | 53,072 | 36,501 | 71,015 | 18,635 | 71,015 |
Other comprehensive income (loss) before reclassification | (145,983) | (23,787) | (481,210) | (41,915) | ||||
Amounts reclassified from AOCI into earnings | 147 | 138 | 456 | 323 | ||||
Other comprehensive (loss) income | (145,836) | (124,800) | (210,118) | (23,649) | 16,571 | (34,514) | (480,754) | (41,592) |
Ending balance | $ (462,119) | $ (316,283) | $ (191,483) | $ 29,423 | $ 53,072 | $ 36,501 | $ (462,119) | $ 29,423 |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
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 | $ | $ 6.2 | $ 11.3 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Securities available for sale, at fair value | $ 2,717,323 | $ 3,481,650 |
Loans held for sale, at fair value | 12,889 | 20,861 |
Fair value hedges | 4,511 | |
LIABILITIES | ||
Cash flow hedges | 7,735 | |
Fair value hedges | 5,387 | |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 56,073 | 64,474 |
Loans held for sale, at fair value | 0 | 0 |
Fair value hedges | 0 | |
LIABILITIES | ||
Cash flow hedges | 0 | |
Fair value hedges | 0 | |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 2,661,250 | 3,417,176 |
Loans held for sale, at fair value | 12,889 | 20,861 |
Fair value hedges | 4,511 | |
LIABILITIES | ||
Cash flow hedges | 7,735 | |
Fair value hedges | 5,387 | |
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 | |
Recurring | ||
ASSETS | ||
Loans held for sale, at fair value | 12,889 | 20,861 |
Fair value hedges | 4,511 | |
LIABILITIES | ||
Cash flow hedges | 7,735 | |
Fair value hedges | 5,387 | |
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 | |
Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Loans held for sale, at fair value | 12,889 | 20,861 |
Fair value hedges | 4,511 | |
LIABILITIES | ||
Cash flow hedges | 7,735 | |
Fair value hedges | 5,387 | |
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 | |
U.S. government and agency securities | ||
ASSETS | ||
Securities available for sale, at fair value | 61,636 | 73,849 |
U.S. government and agency securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 61,636 | 73,849 |
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 | 56,073 | 64,474 |
U.S. government and agency securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 5,563 | 9,375 |
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 | 764,543 | 1,008,396 |
Obligations of states and political subdivisions | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 764,543 | 1,008,396 |
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 | 764,543 | 1,008,396 |
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 | 231,088 | 153,376 |
Corporate and other bonds | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 231,088 | 153,376 |
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 | 231,088 | 153,376 |
Corporate and other bonds | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 1,658,402 | 2,244,389 |
Mortgage-backed securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 1,658,402 | 2,244,389 |
Mortgage-backed 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 | 1,654 | 1,640 |
Other securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 1,654 | 1,640 |
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 | 1,654 | 1,640 |
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 | 72,627 | 73,696 |
LIABILITIES | ||
Interest rate swap | 242,969 | 49,051 |
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 | 72,627 | 73,696 |
LIABILITIES | ||
Interest rate swap | 242,969 | 49,051 |
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 | 72,627 | 73,696 |
LIABILITIES | ||
Interest rate swap | 242,969 | 49,051 |
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 | 72,627 | 73,696 |
LIABILITIES | ||
Interest rate swap | 242,969 | 49,051 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 390,942 | $ 802,501 |
Securities available for sale, at fair value | 2,717,323 | 3,481,650 |
HTM securities | 765,480 | 693,774 |
Restricted stock | 82,050 | 76,825 |
Loans held for sale, at fair value | 12,889 | 20,861 |
Net loans | 13,330,986 | 12,861,274 |
Derivatives: | ||
Fair value hedges | 4,511 | |
Accrued interest receivable | 68,747 | 65,015 |
Bank owned life insurance | 437,988 | 431,517 |
LIABILITIES | ||
Deposits | 16,560,956 | 16,630,087 |
Borrowings | 605,018 | 488,796 |
Accrued interest payable | 3,910 | 933 |
Derivatives: | ||
Cash flow hedges | 7,735 | |
Fair value hedges | 5,387 | |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Cash and cash equivalents | 390,942 | 802,501 |
Securities available for sale, at fair value | 56,073 | 64,474 |
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 | |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 2,661,250 | 3,417,176 |
HTM securities | 762,307 | 686,733 |
Restricted stock | 82,050 | 76,825 |
Loans held for sale, at fair value | 12,889 | 20,861 |
Net loans | 0 | 0 |
Derivatives: | ||
Fair value hedges | 4,511 | |
Accrued interest receivable | 68,747 | 65,015 |
Bank owned life insurance | 437,988 | 431,517 |
LIABILITIES | ||
Deposits | 16,560,956 | 16,630,087 |
Borrowings | 605,018 | 488,796 |
Accrued interest payable | 3,910 | 933 |
Derivatives: | ||
Cash flow hedges | 7,735 | |
Fair value hedges | 5,387 | |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
HTM securities | 3,173 | 7,041 |
Restricted stock | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Net loans | 13,330,986 | 12,861,274 |
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 | |
Interest Rate Swap | ||
Derivatives: | ||
Interest rate swap | 72,627 | 73,696 |
Derivatives: | ||
Interest rate swap | 242,969 | 49,051 |
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 | 72,627 | 73,696 |
Derivatives: | ||
Interest rate swap | 242,969 | 49,051 |
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 | 390,942 | 802,501 |
Securities available for sale, at fair value | 2,717,323 | 3,481,650 |
HTM securities | 841,349 | 628,000 |
Restricted stock | 82,050 | 76,825 |
Loans held for sale, at fair value | 12,889 | 20,861 |
Net loans | 13,810,711 | 13,096,056 |
Derivatives: | ||
Fair value hedges | 4,511 | |
Accrued interest receivable | 68,747 | 65,015 |
Bank owned life insurance | 437,988 | 431,517 |
LIABILITIES | ||
Deposits | 16,546,216 | 16,611,068 |
Borrowings | 669,558 | 506,594 |
Accrued interest payable | 3,910 | 933 |
Derivatives: | ||
Cash flow hedges | 7,735 | |
Fair value hedges | 5,387 | |
Carrying Value | Interest Rate Swap | ||
Derivatives: | ||
Interest rate swap | 72,627 | 73,696 |
Derivatives: | ||
Interest rate swap | $ 242,969 | $ 49,051 |
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 | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income: | ||||||||
Net income | $ 58,070 | $ 62,226 | $ 43,690 | $ 74,565 | $ 85,384 | $ 56,189 | $ 163,986 | $ 216,138 |
Preferred Stock Dividends | 2,967 | 2,967 | 8,901 | 8,901 | ||||
Net Income available to common shareholders | $ 55,103 | $ 71,598 | $ 155,085 | $ 207,237 | ||||
Basic weighted average number of common shares outstanding | 74,703,699 | 76,309,355 | 75,029,000 | 77,988,151 | ||||
Dilutive effect of stock awards and warrants | 1,000 | 14,000 | 5,000 | 19,000 | ||||
Weighted average shares outstanding, diluted | 74,705,054 | 76,322,736 | 75,034,084 | 78,007,543 | ||||
Basic EPS: | ||||||||
EPS available to common stockholders (dollar per share) | $ 0.74 | $ 0.94 | $ 2.07 | $ 2.66 | ||||
Diluted EPS: | ||||||||
Diluted earnings per common share | $ 0.74 | $ 0.94 | $ 2.07 | $ 2.66 |
SEGMENT REPORTING AND REVENUE_2
SEGMENT REPORTING AND REVENUE (Operating Segment Results) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | Jun. 30, 2022 segment | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Disaggregation of Revenue [Line Items] | ||||||
Number of operating segments | segment | 2 | 1 | ||||
Net interest income | $ 150,715 | $ 137,488 | $ 420,413 | $ 412,934 | ||
Provision for credit losses | 6,412 | (18,850) | 12,771 | (59,888) | ||
Net interest income after provision for credit losses | 144,303 | 156,338 | 407,642 | 472,822 | ||
Noninterest income | 25,584 | 29,938 | 94,023 | 89,388 | ||
Noninterest expenses | 99,923 | 95,343 | 304,012 | 299,251 | ||
Income before income taxes | 69,964 | 90,933 | 197,653 | 262,959 | ||
Loans held for investment, net of deferred fees and costs | 13,918,720 | 13,918,720 | $ 13,195,843 | |||
Goodwill | 925,211 | 925,211 | 935,560 | |||
Deposits | 16,546,216 | 16,546,216 | 16,611,068 | |||
Wholesale Banking | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net interest income | 76,109 | 74,121 | 217,600 | 223,158 | ||
Provision for credit losses | 8,558 | (16,086) | 12,833 | (37,702) | ||
Net interest income after provision for credit losses | 67,551 | 90,207 | 204,767 | 260,860 | ||
Noninterest income | 5,483 | 3,206 | 16,438 | 10,332 | ||
Noninterest expenses | 36,197 | 31,333 | 106,120 | 94,393 | ||
Income before income taxes | 36,837 | 62,080 | 115,085 | 176,799 | ||
Loans held for investment, net of deferred fees and costs | 10,847,988 | 10,847,988 | 10,242,918 | |||
Goodwill | 642,256 | 642,256 | 642,256 | |||
Deposits | 6,173,703 | 6,173,703 | 6,114,078 | |||
Consumer Banking | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net interest income | 60,265 | 56,536 | 162,297 | 169,680 | ||
Provision for credit losses | (2,146) | (2,764) | (89) | (22,186) | ||
Net interest income after provision for credit losses | 62,411 | 59,300 | 162,386 | 191,866 | ||
Noninterest income | 14,909 | 21,454 | 54,664 | 64,341 | ||
Noninterest expenses | 59,460 | 59,824 | 180,020 | 175,697 | ||
Income before income taxes | 17,860 | 20,930 | 37,030 | 80,510 | ||
Loans held for investment, net of deferred fees and costs | 3,089,334 | 3,089,334 | 2,976,200 | |||
Goodwill | 282,955 | 282,955 | 293,304 | |||
Deposits | 10,270,508 | 10,270,508 | 10,366,792 | |||
Corporate Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net interest income | 14,341 | 6,831 | 40,516 | 20,096 | ||
Provision for credit losses | 27 | |||||
Net interest income after provision for credit losses | 14,341 | 6,831 | 40,489 | 20,096 | ||
Noninterest income | 5,192 | 5,278 | 22,921 | 14,715 | ||
Noninterest expenses | 4,266 | 4,186 | 17,872 | 29,161 | ||
Income before income taxes | 15,267 | $ 7,923 | 45,538 | $ 5,650 | ||
Loans held for investment, net of deferred fees and costs | (18,602) | (18,602) | (23,275) | |||
Deposits | $ 102,005 | $ 102,005 | $ 130,198 |
SEGMENT REPORTING AND REVENUE_3
SEGMENT REPORTING AND REVENUE (Disaggregation of Noninterest Income by Major Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue | ||||
Deposit Service Charges | $ 6,784 | $ 7,198 | $ 22,421 | $ 19,314 |
Other service charges, commissions and fees | 1,770 | 1,534 | 5,134 | 4,970 |
Interchange fees | 2,461 | 2,203 | 6,539 | 6,252 |
Fiduciary and asset management fees | 4,134 | 7,029 | 18,329 | 20,323 |
Mortgage banking income | 1,390 | 4,818 | 6,707 | 17,692 |
Bank owned life insurance income | 3,445 | 2,727 | 8,858 | 8,202 |
Loan-related interest rate swap fees | 2,050 | 1,102 | 8,510 | 4,176 |
Other operating income | 3,550 | 3,327 | 17,525 | 8,459 |
Total noninterest income | 25,584 | 29,938 | 94,023 | 89,388 |
Gain on sale of DHFB | 9,082 | 0 | ||
Overdraft fees, net | ||||
Disaggregation of Revenue | ||||
Deposit Service Charges | 3,831 | 4,648 | 14,130 | 11,864 |
Maintenance fees & other | ||||
Disaggregation of Revenue | ||||
Deposit Service Charges | 2,953 | 2,550 | 8,291 | 7,450 |
Trust asset management fees | ||||
Disaggregation of Revenue | ||||
Fiduciary and asset management fees | 3,035 | 3,233 | 9,726 | 9,127 |
Registered advisor management fees, net | ||||
Disaggregation of Revenue | ||||
Fiduciary and asset management fees | 2,510 | 5,088 | 7,299 | |
Brokerage management fees, net | ||||
Disaggregation of Revenue | ||||
Fiduciary and asset management fees | $ 1,099 | $ 1,286 | $ 3,515 | $ 3,897 |
SEGMENT REPORTING AND REVENUE_4
SEGMENT REPORTING AND REVENUE (Disaggregation of Noninterest Income by Reportable Operating Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue | ||||
Deposit Service Charges | $ 6,784 | $ 7,198 | $ 22,421 | $ 19,314 |
Other service charges and fees | 1,770 | 1,534 | 5,134 | 4,970 |
Fiduciary and asset management fees | 4,134 | 7,029 | 18,329 | 20,323 |
Mortgage banking income | 1,390 | 4,818 | 6,707 | 17,692 |
Noninterest Income, Other | 11,506 | 9,359 | 41,432 | 27,089 |
Total noninterest income | 25,584 | 29,938 | 94,023 | 89,388 |
Wholesale Banking | ||||
Disaggregation of Revenue | ||||
Deposit Service Charges | 1,775 | 1,532 | 4,966 | 4,493 |
Other service charges and fees | 511 | 325 | 1,338 | 1,252 |
Noninterest Income, Other | 3,197 | 1,349 | 10,134 | 4,587 |
Total noninterest income | 5,483 | 3,206 | 16,438 | 10,332 |
Consumer Banking | ||||
Disaggregation of Revenue | ||||
Deposit Service Charges | 5,009 | 5,666 | 17,455 | 14,821 |
Other service charges and fees | 1,259 | 1,209 | 3,796 | 3,718 |
Fiduciary and asset management fees | 4,134 | 7,029 | 18,329 | 20,323 |
Mortgage banking income | 1,390 | 4,818 | 6,707 | 17,692 |
Noninterest Income, Other | 3,117 | 2,732 | 8,377 | 7,787 |
Total noninterest income | 14,909 | 21,454 | 54,664 | 64,341 |
Corporate Other | ||||
Disaggregation of Revenue | ||||
Noninterest Income, Other | 5,192 | 5,278 | 22,921 | 14,715 |
Total noninterest income | $ 5,192 | $ 5,278 | $ 22,921 | $ 14,715 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Oct. 27, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | |||||||||
Dividends on common stock (in dollars per share) | $ 0.30 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.25 | $ 0.86 | $ 0.81 | |
Dividends on preferred stock (in dollars per share) | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 | $ 171.88 | |||
Stock repurchase program, number of shares repurchased | 0 | 1.3 | |||||||
Stock repurchase program, shares repurchased amount | $ 48.2 | ||||||||
Common Stock, Class A | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends on common stock (in dollars per share) | $ 0.30 | ||||||||
Dividends payable, date declared | Oct. 27, 2022 | ||||||||
Dividends payable, date to be paid | Nov. 25, 2022 | ||||||||
Dividends payable, date of record | Nov. 11, 2022 | ||||||||
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 | Dec. 01, 2022 | ||||||||
Dividends payable, date of record | Nov. 16, 2022 |