Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 06, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-15781 | |
Entity Registrant Name | BERKSHIRE HILLS BANCORP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3510455 | |
Entity Address, Address Line One | 60 State Street | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02109 | |
City Area Code | 800 | |
Local Phone Number | 773-5601 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | BHLB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 50,832,036 | |
Entity Central Index Key | 0001108134 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 90,537 | $ 105,447 |
Short-term investments | 844,755 | 474,382 |
Total cash and cash equivalents | 935,292 | 579,829 |
Trading security, at fair value | 9,525 | 10,769 |
Marketable equity securities, at fair value | 31,993 | 41,556 |
Securities available for sale, at fair value | 1,575,289 | 1,311,555 |
Securities held to maturity (fair values of $356,035 and $373,277) | 330,197 | 357,979 |
Federal Home Loan Bank stock and other restricted securities | 40,520 | 48,019 |
Total securities | 1,987,524 | 1,769,878 |
Less: Allowance for credit losses on held to maturity securities | (96) | 0 |
Net securities | 1,987,428 | 1,769,878 |
Loans held for sale | 15,854 | 36,664 |
Total loans | 8,982,336 | 9,502,428 |
Less: Allowance for credit losses on loans | (134,414) | (63,575) |
Net loans | 8,847,922 | 9,438,853 |
Premises and equipment, net | 117,116 | 120,398 |
Other real estate owned | 40 | 0 |
Goodwill | 0 | 553,762 |
Other intangible assets | 40,947 | 45,615 |
Cash surrender value of bank-owned life insurance policies | 231,217 | 227,894 |
Other assets | 425,675 | 288,945 |
Assets from discontinued operations | 12,966 | 154,132 |
Total assets | 12,614,457 | 13,215,970 |
Liabilities | ||
Demand deposits | 2,585,173 | 1,884,100 |
NOW and other deposits | 1,522,289 | 1,492,569 |
Money market deposits | 2,516,168 | 2,528,656 |
Savings deposits | 952,836 | 841,283 |
Time deposits | 2,890,093 | 3,589,369 |
Total deposits | 10,466,559 | 10,335,977 |
Short-term debt | 110,000 | 125,000 |
Long-term Federal Home Loan Bank advances and other | 495,483 | 605,501 |
Subordinated borrowings | 97,223 | 97,049 |
Total borrowings | 702,706 | 827,550 |
Other liabilities | 251,220 | 267,398 |
Liabilities from discontinued operations | 14,947 | 26,481 |
Total liabilities | 11,435,432 | 11,457,406 |
Shareholders’ equity | ||
Preferred Stock (Series B non-voting convertible preferred stock - $0.01 par value; 2,000,000 shares authorized, 260,907 shares issued and outstanding in 2020; 2,000,000 shares authorized, 521,607 shares issued and outstanding in 2019) | 20,325 | 40,633 |
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 50,305,952 shares outstanding in 2020; 51,903,190 shares issued and 49,585,143 shares outstanding in 2019 | 523 | 517 |
Additional paid-in capital - common stock | 1,422,300 | 1,422,441 |
Unearned compensation | (7,526) | (8,465) |
Retained earnings (deficit) | (242,175) | 361,082 |
Accumulated other comprehensive income | 32,426 | 11,993 |
Treasury stock, at cost (1,597,238 shares in 2020 and 2,318,047 shares in 2019) | (46,848) | (69,637) |
Total shareholders’ equity | 1,179,025 | 1,758,564 |
Total liabilities and shareholders’ equity | $ 12,614,457 | $ 13,215,970 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Fair Value | $ 356,035 | $ 373,277 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 260,907 | 521,607 |
Preferred stock, shares outstanding (in shares) | 260,907 | 521,607 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 51,903,190 | 51,903,190 |
Common stock, shares outstanding (in shares) | 50,305,952 | 49,585,143 |
Treasury stock (in shares) | 1,597,238 | 2,318,047 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest and dividend income from continuing operations | ||||
Loans | $ 85,688 | $ 118,371 | $ 278,259 | $ 338,012 |
Securities and other | 12,080 | 15,354 | 39,392 | 46,060 |
Total interest and dividend income | 97,768 | 133,725 | 317,651 | 384,072 |
Interest expense from continuing operations | ||||
Deposits | 16,070 | 31,501 | 60,460 | 86,396 |
Borrowings | 4,643 | 5,353 | 16,118 | 23,751 |
Total interest expense | 20,713 | 36,854 | 76,578 | 110,147 |
Net interest income from continuing operations | 77,055 | 96,871 | 241,073 | 273,925 |
Non-interest income from continuing operations | ||||
Other, net | 1,927 | 609 | 492 | 1,363 |
(Loss)/gain on securities, net | (1,017) | 87 | (9,925) | 2,655 |
Total non-interest income | 19,963 | 21,406 | 42,980 | 60,640 |
Total net revenue from continuing operations | 97,018 | 118,277 | 284,053 | 334,565 |
Provision for credit losses | 1,200 | 22,600 | 65,878 | 30,068 |
Non-interest expense from continuing operations | ||||
Compensation and benefits | 34,809 | 37,272 | 111,121 | 105,551 |
Occupancy and equipment | 11,084 | 9,893 | 32,411 | 28,788 |
Technology and communications | 8,540 | 6,849 | 24,376 | 19,821 |
Marketing and promotion | 1,002 | 1,006 | 3,069 | 3,428 |
Professional services | 2,567 | 2,282 | 7,852 | 8,510 |
FDIC premiums and assessments | 1,518 | 0 | 4,658 | 3,390 |
Other real estate owned and foreclosures | 40 | 150 | 81 | 150 |
Amortization of intangible assets | 1,530 | 1,526 | 4,668 | 4,201 |
Goodwill impairment | 0 | 0 | 553,762 | 0 |
Acquisition, restructuring, and other expenses | 5,316 | 4,163 | 5,316 | 22,333 |
Other | 6,437 | 7,870 | 21,129 | 23,398 |
Total non-interest expense | 72,843 | 71,011 | 768,443 | 219,570 |
Income/(loss) from continuing operations before income taxes | 22,975 | 24,666 | (550,268) | 84,927 |
Income tax (benefit)/expense | (68) | 4,007 | (18,194) | 16,042 |
Net income/(loss) from continuing operations | 23,043 | 20,659 | (532,074) | 68,885 |
(Loss)/income from discontinued operations before income taxes | (2,477) | 2,747 | (21,741) | 3,975 |
Income tax (benefit)/expense | (659) | 790 | (5,789) | 1,161 |
Net (loss)/income from discontinued operations | (1,818) | 1,957 | (15,952) | 2,814 |
Net income/(loss) | 21,225 | 22,616 | (548,026) | 71,699 |
Preferred stock dividend | 58 | 240 | 313 | 720 |
Income/(loss) available to common shareholders | $ 21,167 | $ 22,376 | $ (548,339) | $ 70,979 |
Basic earnings/(loss) per common share: | ||||
Continuing operations (in dollars per share) | $ 0.46 | $ 0.40 | $ (10.58) | $ 1.41 |
Discontinued operations (in dollars per share) | (0.04) | 0.04 | (0.32) | 0.06 |
Total (in dollars per share) | 0.42 | 0.44 | (10.90) | 1.47 |
Diluted earnings/(loss) per common share: | ||||
Continuing operations (in dollars per share) | 0.46 | 0.40 | (10.58) | 1.40 |
Discontinued operations (in dollars per share) | (0.04) | 0.04 | (0.32) | 0.06 |
Total (in dollars per share) | $ 0.42 | $ 0.44 | $ (10.90) | $ 1.46 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 50,329 | 51,422 | 50,256 | 48,846 |
Diluted (in shares) | 50,329 | 51,545 | 50,256 | 48,987 |
Mortgage banking originations | ||||
Non-interest income from continuing operations | ||||
Total non-interest income | $ 2,044 | $ 292 | $ 4,647 | $ 616 |
Loan related income | ||||
Non-interest income from continuing operations | ||||
Total non-interest income | 4,988 | 6,493 | 12,007 | 17,318 |
Deposit related fees | ||||
Non-interest income from continuing operations | ||||
Total non-interest income | 7,062 | 8,705 | 20,382 | 23,088 |
Insurance commissions and fees | ||||
Non-interest income from continuing operations | ||||
Total non-interest income | 2,660 | 2,895 | 8,451 | 8,486 |
Wealth management fees | ||||
Non-interest income from continuing operations | ||||
Total non-interest income | 2,299 | 2,325 | 6,926 | 7,114 |
Total fee income | ||||
Non-interest income from continuing operations | ||||
Total non-interest income | $ 19,053 | $ 20,710 | $ 52,413 | $ 56,622 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income/(loss) | $ 21,225 | $ 22,616 | $ (548,026) | $ 71,699 |
Other comprehensive income, before tax: | ||||
Changes in unrealized gain on debt securities available-for-sale | (1,085) | 6,154 | 27,529 | 39,477 |
Income taxes related to other comprehensive income: | ||||
Changes in unrealized gain on debt securities available-for-sale | 272 | (1,575) | (7,096) | (10,127) |
Total other comprehensive income | (813) | 4,579 | 20,433 | 29,350 |
Total comprehensive income/(loss) | $ 20,412 | $ 27,195 | $ (527,593) | $ 101,049 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Preferred stock | Common stock | Additional paid-in capital | Unearned compensation | Retained earnings (deficit) | Accumulated other comprehensive income/(loss) | Treasury stock | Preferred stockPreferred stock | Common stockCommon stock | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentRetained earnings (deficit) |
Balance at beginning of period (in shares) at Dec. 31, 2018 | 522 | 45,417 | ||||||||||
Balance at beginning of period at Dec. 31, 2018 | $ 1,552,918 | $ 40,633 | $ 460 | $ 1,245,013 | $ (6,594) | $ 308,839 | $ (13,470) | $ (21,963) | ||||
Comprehensive income (loss) | ||||||||||||
Net income (loss) | 71,699 | 71,699 | ||||||||||
Other comprehensive income (loss) | 29,350 | 29,350 | ||||||||||
Total comprehensive income (loss) | 101,049 | 71,699 | 29,350 | |||||||||
Acquisition of SI Financial Group, Inc. (in shares) | 5,691 | |||||||||||
Acquisition of SI Financial Group, Inc. | 176,711 | $ 57 | 176,654 | |||||||||
Cash dividends declared on common shares | (32,756) | (32,756) | ||||||||||
Cash dividends declared on preferred shares | (720) | (720) | ||||||||||
Treasury shares repurchased (in shares) | (910) | |||||||||||
Treasury shares repurchased | (27,651) | (27,651) | ||||||||||
Forfeited shares (in shares) | (59) | |||||||||||
Forfeited shares | (234) | 1,951 | (1,717) | |||||||||
Exercise of stock options (in shares) | 6 | |||||||||||
Exercise of stock options | 69 | (89) | 158 | |||||||||
Restricted stock grants (in shares) | 284 | |||||||||||
Restricted stock grants | 869 | (8,372) | 7,503 | |||||||||
Stock-based compensation | 3,546 | 3,546 | ||||||||||
Other, net (in shares) | (35) | |||||||||||
Other, net | (942) | 51 | (2) | (991) | ||||||||
Balance at end of period (in shares) at Sep. 30, 2019 | 522 | 50,394 | ||||||||||
Balance at end of period at Sep. 30, 2019 | 1,772,224 | $ 40,633 | $ 517 | 1,422,353 | (9,469) | 346,971 | 15,880 | (44,661) | ||||
Balance at beginning of period (in shares) at Dec. 31, 2018 | 522 | 45,417 | ||||||||||
Balance at beginning of period at Dec. 31, 2018 | 1,552,918 | $ 40,633 | $ 460 | 1,245,013 | (6,594) | 308,839 | (13,470) | (21,963) | ||||
Balance at end of period (in shares) at Dec. 31, 2019 | 522 | 49,585 | ||||||||||
Balance at end of period at Dec. 31, 2019 | $ 1,758,564 | $ 40,633 | $ 517 | 1,422,441 | (8,465) | 361,082 | 11,993 | (69,637) | $ (24,380) | $ (24,380) | ||
Comprehensive income (loss) | ||||||||||||
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||
Balance at beginning of period (in shares) at Jun. 30, 2019 | 522 | 51,045 | ||||||||||
Balance at beginning of period at Jun. 30, 2019 | $ 1,779,837 | $ 40,633 | $ 517 | 1,421,461 | (6,555) | 336,542 | 11,301 | (24,062) | ||||
Comprehensive income (loss) | ||||||||||||
Net income (loss) | 22,616 | 22,616 | ||||||||||
Other comprehensive income (loss) | 4,579 | 4,579 | ||||||||||
Total comprehensive income (loss) | 27,195 | 22,616 | 4,579 | |||||||||
Cash dividends declared on common shares | (11,812) | (11,812) | ||||||||||
Cash dividends declared on preferred shares | (240) | (240) | ||||||||||
Treasury shares repurchased (in shares) | (800) | |||||||||||
Treasury shares repurchased | (24,325) | (24,325) | ||||||||||
Forfeited shares (in shares) | (8) | |||||||||||
Forfeited shares | (25) | 252 | (227) | |||||||||
Exercise of stock options (in shares) | 5 | |||||||||||
Exercise of stock options | 55 | (74) | 129 | |||||||||
Restricted stock grants (in shares) | 152 | |||||||||||
Restricted stock grants | 867 | (4,709) | 3,842 | |||||||||
Stock-based compensation | 1,543 | 1,543 | ||||||||||
Other, net (in shares) | 0 | |||||||||||
Other, net | (29) | 50 | (61) | (18) | ||||||||
Balance at end of period (in shares) at Sep. 30, 2019 | 522 | 50,394 | ||||||||||
Balance at end of period at Sep. 30, 2019 | 1,772,224 | $ 40,633 | $ 517 | 1,422,353 | (9,469) | 346,971 | 15,880 | (44,661) | ||||
Balance at beginning of period (in shares) at Dec. 31, 2019 | 522 | 49,585 | ||||||||||
Balance at beginning of period at Dec. 31, 2019 | 1,758,564 | $ 40,633 | $ 517 | 1,422,441 | (8,465) | 361,082 | 11,993 | (69,637) | $ (24,380) | $ (24,380) | ||
Comprehensive income (loss) | ||||||||||||
Net income (loss) | (548,026) | (548,026) | ||||||||||
Other comprehensive income (loss) | 20,433 | 20,433 | ||||||||||
Total comprehensive income (loss) | (527,593) | (548,026) | 20,433 | |||||||||
Conversion of preferred stock to common stock (in shares) | (261) | 522 | ||||||||||
Conversion of preferred stock to common stock | 0 | 5,391 | 14,911 | $ (20,308) | $ 6 | |||||||
Cash dividends declared on common shares | (30,143) | (30,143) | ||||||||||
Cash dividends declared on preferred shares | (313) | (313) | ||||||||||
Treasury shares repurchased (in shares) | (14) | |||||||||||
Treasury shares repurchased | (473) | (473) | ||||||||||
Forfeited shares (in shares) | (87) | |||||||||||
Forfeited shares | (1,551) | 2,648 | (1,097) | |||||||||
Exercise of stock options (in shares) | 33 | |||||||||||
Exercise of stock options | 607 | (395) | 1,002 | |||||||||
Restricted stock grants (in shares) | 306 | |||||||||||
Restricted stock grants | (3,981) | (5,159) | 9,140 | |||||||||
Stock-based compensation | 3,450 | 3,450 | ||||||||||
Other, net (in shares) | (39) | |||||||||||
Other, net | (694) | 0 | 0 | (694) | ||||||||
Balance at end of period (in shares) at Sep. 30, 2020 | 261 | 50,306 | ||||||||||
Balance at end of period at Sep. 30, 2020 | 1,179,025 | $ 20,325 | $ 523 | 1,422,300 | (7,526) | (242,175) | 32,426 | (46,848) | ||||
Balance at beginning of period (in shares) at Jun. 30, 2020 | 261 | 50,192 | ||||||||||
Balance at beginning of period at Jun. 30, 2020 | 1,164,140 | $ 20,325 | $ 523 | 1,427,728 | (8,298) | (257,352) | 33,239 | (52,025) | ||||
Comprehensive income (loss) | ||||||||||||
Net income (loss) | 21,225 | 21,225 | ||||||||||
Other comprehensive income (loss) | (813) | (813) | ||||||||||
Total comprehensive income (loss) | 20,412 | 21,225 | (813) | |||||||||
Cash dividends declared on common shares | (5,993) | (5,993) | ||||||||||
Cash dividends declared on preferred shares | (58) | (58) | ||||||||||
Forfeited shares (in shares) | (74) | |||||||||||
Forfeited shares | (1,395) | 2,163 | (768) | |||||||||
Exercise of stock options (in shares) | 0 | |||||||||||
Exercise of stock options | 0 | 0 | 0 | |||||||||
Restricted stock grants (in shares) | 198 | |||||||||||
Restricted stock grants | (4,033) | (2,026) | 6,059 | |||||||||
Stock-based compensation | 635 | 635 | ||||||||||
Other, net (in shares) | (10) | |||||||||||
Other, net | (111) | 3 | (114) | |||||||||
Balance at end of period (in shares) at Sep. 30, 2020 | 261 | 50,306 | ||||||||||
Balance at end of period at Sep. 30, 2020 | $ 1,179,025 | $ 20,325 | $ 523 | $ 1,422,300 | $ (7,526) | $ (242,175) | $ 32,426 | $ (46,848) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, cash dividends declared (in dollars per share) | $ 0.12 | $ 0.23 | $ 0.60 | $ 0.69 |
Preferred stock, cash dividends declared (in dollars per share) | $ 0.24 | $ 0.46 | $ 1.20 | $ 1.38 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||||
Net (loss)/income from continuing operations | $ 23,043 | $ 20,659 | $ (532,074) | $ 68,885 | |
Net (loss)/income from discontinued operations | (1,818) | 1,957 | (15,952) | 2,814 | |
Net income/(loss) | 21,225 | 22,616 | (548,026) | 71,699 | |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||||
Provision for credit losses | 1,200 | 22,600 | 65,878 | 30,068 | |
Net amortization of securities | 2,035 | 1,811 | |||
Change in unamortized net loan costs and premiums | 20,565 | 8,964 | |||
Premises and equipment depreciation and amortization expense | 8,944 | 7,844 | |||
Stock-based compensation expense | 3,450 | 3,546 | |||
Accretion of purchase accounting entries, net | (8,146) | (9,589) | |||
Amortization of other intangibles | 1,530 | 1,526 | 4,668 | 4,201 | |
Income from cash surrender value of bank-owned life insurance policies | (3,876) | (3,546) | |||
Securities losses (gains), net | 9,925 | (2,655) | |||
Net change in loans held-for-sale | (7,130) | (2,920) | |||
Decrease in right-of-use lease assets | 1,809 | 10,025 | |||
Decrease in lease liabilities | (1,746) | (10,189) | |||
Loss on disposition of assets | 327 | 1,615 | |||
Loss on sale of real estate | 13 | 5 | |||
Amortization of interest in tax-advantaged projects | 2,621 | 4,459 | |||
Goodwill impairment | 0 | 0 | 553,762 | 0 | |
Net change in other | (36,152) | (4,803) | |||
Net cash provided by operating activities of continuing operations | 84,873 | 107,721 | |||
Net cash provided (used) by operating activities of discontinued operations | 109,897 | (104,001) | |||
Net cash provided by operating activities | 194,770 | 3,720 | |||
Cash flows from investing activities: | |||||
Net decrease in trading security | 546 | 522 | |||
Purchases of marketable equity securities | (17,631) | (18,150) | |||
Proceeds from sales of marketable equity securities | 18,458 | 17,728 | |||
Purchases of securities available for sale | (319,200) | (14,900) | (635,194) | (30,032) | |
Proceeds from sales of securities available for sale | 64,200 | 0 | 71,844 | 82,978 | |
Proceeds from maturities, calls, and prepayments of securities available for sale | 320,010 | 151,155 | |||
Purchases of securities held to maturity | (3,200) | (5,692) | |||
Proceeds from maturities, calls, and prepayments of securities held to maturity | 29,237 | 13,822 | |||
Net change in loans | 474,707 | 395,643 | |||
Proceeds from surrender of bank-owned life insurance | 553 | 1,457 | |||
Purchase of Federal Home Loan Bank stock | (6,741) | (112,208) | |||
Proceeds from redemption of Federal Home Loan Bank stock | 14,240 | 141,424 | |||
Net investment in limited partnership tax credits | (6,499) | (3,997) | |||
Purchase of premises and equipment, net | (6,190) | (8,518) | |||
Acquisitions, net of cash acquired | 0 | 110,774 | |||
Proceeds from sales of seasoned commercial loan portfolios | 37,988 | 0 | |||
Proceeds from sale of other real estate | 171 | 150 | |||
Net investing cash flows from discontinued operations | 0 | (2) | |||
Net cash provided by investing activities | 292,299 | 737,054 | |||
Cash flows from financing activities: | |||||
Net increase in deposits | 133,031 | 109,238 | |||
Proceeds from Federal Home Loan Bank advances and other borrowings | 326,277 | 5,267,520 | |||
Repayments of Federal Home Loan Bank advances and other borrowings | (451,493) | (5,937,568) | |||
Purchase of treasury stock | (473) | (27,651) | |||
Exercise of stock options | 607 | 69 | |||
Common and preferred stock cash dividends paid | (30,456) | (33,476) | |||
Settlement of derivative contracts with financial institution counterparties | (109,099) | 0 | |||
Net cash used by financing activities | (131,606) | (621,868) | |||
Net change in cash and cash equivalents | 355,463 | 118,906 | |||
Cash and cash equivalents at beginning of period | 579,829 | 183,189 | $ 183,189 | ||
Cash and cash equivalents at end of period | 935,292 | 302,095 | 935,292 | 302,095 | 579,829 |
Supplemental cash flow information: | |||||
Interest paid on deposits | 67,119 | 87,499 | |||
Interest paid on borrowed funds | 16,961 | 27,499 | |||
Income taxes paid, net | 345 | 8,368 | |||
Assets acquired | 0 | 1,595,054 | |||
Liabilities assumed | 0 | (1,530,010) | |||
Other non-cash changes: | |||||
Other net comprehensive income | (813) | 4,579 | 20,433 | 29,350 | |
Total shareholders’ equity | (1,179,025) | (1,772,224) | (1,179,025) | (1,772,224) | $ (1,758,564) |
Reclass of seasoned loan portfolios to held-for-sale, net | 10,048 | 0 | |||
Real estate owned acquired in settlement of loans | 224 | 0 | |||
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Other non-cash changes: | |||||
Total shareholders’ equity | $ 24,380 | ||||
Retained earnings (deficit) | |||||
Cash flows from operating activities: | |||||
Net income/(loss) | 21,225 | 22,616 | (548,026) | 71,699 | |
Other non-cash changes: | |||||
Total shareholders’ equity | $ 242,175 | $ (346,971) | $ 242,175 | $ (346,971) | (361,082) |
Retained earnings (deficit) | Cumulative Effect, Period of Adoption, Adjustment | |||||
Other non-cash changes: | |||||
Total shareholders’ equity | $ 24,380 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The Consolidated Financial Statements (the “financial statements”) of Berkshire Hills Bancorp, Inc. and its subsidiaries (the “Company” or “Berkshire”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Delaware corporation, headquartered in Boston, Massachusetts, and the holding company for Berkshire Bank (the “Bank”), a Massachusetts-chartered trust company headquartered in Pittsfield, Massachusetts, and Berkshire Insurance Group, Inc. These financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Bank’s consolidated subsidiaries. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to GAAP have been omitted. The results for any interim period are not necessarily indicative of results for the full year. These consolidated financial statements should be read in conjunction with the audited financial statements and disclosures Berkshire Hills Bancorp, Inc. previously filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In management’s opinion, all adjustments necessary for a fair statement are reflected in the interim periods presented. Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. Recently Adopted Accounting Principles In January 2017, the FASB issued ASU No. 2017-04, “Intangibles: Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The ASU simplifies the test for goodwill impairment by eliminating the second step of the current two-step method. Under the new accounting guidance, entities will compare the fair value of a reporting unit with its carrying amount. If the carrying amount exceeds the reporting unit’s fair value, the entity is required to recognize an impairment charge for this amount. Current guidance requires an entity to proceed to a second step, whereby the entity would determine the fair value of its assets and liabilities. The new method applies to all reporting units. The performance of a qualitative assessment is still allowable. This accounting guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2019. The adoption of ASU No. 2017-04 did not impact the Company's Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds, and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Entities are also allowed to elect early adoption for the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. As ASU No. 2018-13 only revises disclosure requirements, it did not have a material impact on the Company’s Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU No. 2018-15 clarifies certain aspects of ASU No. 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU No. 2018-15 does not affect the accounting for the service element of a hosting arrangement that is a service contract. ASU No. 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019. The adoption did not have a material impact on the Company's Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13 As previously disclosed, the Company assembled a cross-functional working group that met regularly to oversee the implementation plan which included assessment and documentation of processes and internal controls, model development and documentation, assessing existing loan and loss data, assessing models for default and loss estimates, and conducting parallel runs and reviews through December 31, 2019. Under CECL the Company determines its allowance for credit losses on loans using pools of assets with similar risk characteristics. The Company evaluates its risk characteristics of loans based on regulatory call report code with sub-segmentation based on underlying collateral for certain loan types. Loans that no longer match the risk profile of the pool are individually assessed for credit losses. The Company’s lifetime credit loss models are based on historical data and incorporate forecasts of macroeconomic variables, expected prepayments and recoveries. Enhancements were made in the third quarter of 2020 to the Company’s economic adjustment calculation. The Company implemented segment-level loss calculations based on the equation of the fit line which replaced the previous calculation using a range. This allows the model to calculate a specific point estimate for the loss rate as compared to using a mid-point of a range. Additionally, the Company utilized actual loan runoff by segment whereas previously a calculation was utilized for the weighted average life period. The enhancements to the economic adjustment calculation were accounted for as a change in estimate and were not considered material to the overall calculation. Outside of the model, non-economic qualitative factors are applied to further refine the expected loss calculation for each portfolio. A seven quarter reasonable and supportable forecast period with a 1 year reversion period is currently used for all loan portfolios. When the risk characteristics of a loan no longer match the characteristics of the collective pool, the loan is removed from the pool and individually assessed for credit losses. Generally, non-accrual loans above a threshold deemed appropriate by management, TDRs, potential TDRs, and collateral dependent loans are individually assessed. The individual assessment for credit impairment is generally based on a discounted cash flow approach unless the asset is collateral dependent. A loan is considered collateral dependent when repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Collateral dependent loans are individually assessed and the expected credit loss is based on the fair value of the collateral. The fair value is reduced for estimated costs to sell if the value of the collateral is expected to be realized through sale. The Company has elected to present accrued interest receivable separately from the amortized cost basis on the balance sheet and is not currently estimating an allowance for credit loss on accrued interest. This election applies to loans as well as debt securities. The Company's non-accrual policies have not changed as a result of adopting CECL. The Company adopted CECL on January 1, 2020 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for the reporting periods after January 1, 2020 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. On the adoption date, the Company increased the allowance for credit losses for loans by $25.4 million and increased the allowance for credit losses for unfunded loan commitments by $8.0 million (in other liabilities). The increase related to the Company's acquired loan portfolio totaled $15.3 million. Under the previously applicable accounting guidance, any remaining unamortized loan discount on an individual loan could be used to offset a charge-off for that loan, so the allowance for loan losses needed for the acquired loans was reduced by the remaining loan discounts. The new ASU removes the ability to offset a charge-off against the remaining loan discount and requires an allowance for credit losses to be recognized in addition to the loan discount. The impact of adopting the ASU, and at each subsequent reporting period, is highly dependent on credit quality, macroeconomic forecasts and conditions, composition of our loans and available-for-sale securities portfolio, along with other management judgments. The FASB provided transition relief, allowing entities to irrevocably elect, upon adoption of CECL, the fair value option (FVO) on financial instruments that were previously recorded at amortized cost and are within the scope of ASC 326-20 if the instruments are eligible for the FVO under ASC 825-10. It is applied through a cumulative-effect adjustment to retained earnings. The Company elected the FVO for the taxi medallion portfolio resulting in a $15.3 million reduction in loan valuation. As of January 1, 2020, the Company recorded a cumulative-effect adjustment of $24.4 million decrease in retained earnings, net of deferred tax balances of $9.0 million. The Company recorded an allowance for credit losses as of January 1, 2020 on its securities held to maturity of $0.3 million. The Company adopted CECL using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired and accounted for under ASC 310-30. In accordance with the standard, Berkshire did not reassess whether PCI assets met the definition of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $15.3 million to the allowance for credit losses for loans which is net of $11.9 million adjustment for confirmed losses. The remaining noncredit discount in the amount of $3.2 million will be accreted into interest income at the effective interest rate as of January 1, 2020. The impact of the January 1, 2020, adoption entry is summarized in the table below: (in thousands) December 31, 2019 Pre-ASC 326 Adoption Impact of Adoption January 1, 2020 Post-ASC 326 Adoption Assets: Loans 9,502,428 — 9,502,428 PCD gross up — 15,326 15,326 Fair value option — (15,291) (15,291) Total loans 9,502,428 35 9,502,463 Allowance for credit losses on loans 63,575 25,434 89,009 Allowance for credit losses on securities — 309 309 Deferred tax assets, net 51,165 8,993 60,158 Liabilities and shareholders' equity: Other liabilities (ACL unfunded loan commitments) 100 7,993 8,093 Retained earnings 361,082 (24,380) 336,702 In December 2018, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In March 2020, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC announced an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period (five-year transition option). The Company is adopting the capital transition relief over the permissible five-year period. On March 27, 2020, the Coronavirus, Aid, Relief, and Economic Security ("CARES") Act, which provides relief from certain requirements under GAAP, was signed into law. Section 4013 of the CARES Act gives entities temporary relief from the accounting and disclosure requirements for troubled debt restructurings ("TDRs") under ASC 310-40 in certain situations. In addition, on April 7, 2020, certain regulatory banking agencies issued an interagency statement that offers practical expedients for evaluating whether loan modifications in response to the COVID-19 pandemic are TDRs. The interagency statement was originally issued on March 22, 2020, but was revised to address the relationship between their original TDR guidance and the guidance in Section 4013 of the CARES Act. To qualify for TDR accounting and disclosure relief under the CARES Act, the applicable loan must not have been more than 30 days past due as of December 31, 2019, and the modification must be executed during the period beginning on March 1, 2020, and ending on the earlier of December 31, 2020, or the date that is 60 days after the termination date of the national emergency declared by the president on March 13, 2020, under the National Emergencies Act related to the outbreak of COVID-19. The CARES Act applies to modifications made as a result of COVID-19, including forbearance agreements, interest rate modifications, repayment plans, and other arrangements to defer or delay payment of principal or interest. The interagency statement does not require the modification to be completed within a certain time period if it is related to COVID-19 and the loan was not more than 30 days past due as of the date of the Company’s implementation of its modification programs. Moreover, the interagency statement applies to short-term modifications including payment deferrals, fee waivers, extensions of repayment terms, or other insignificant payment delays as a result of COVID-19. The Company will apply Section 4013 of the CARES Act and the interagency statement in connection with applicable modifications. For modifications that qualify under either the CARES Act or the interagency statement, TDR accounting and reporting is suspended through the period of the modification; however, the Company will continue to apply its existing non-accrual policies including consideration of the loan's past due status which is determined on the basis of the contractual terms of the loan. Once a loan has been contractually modified, the past due status is generally based on the updated terms including payment deferrals. Future Application of Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU No. 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. As ASU No. 2018-14 only revises disclosure requirements, it will not have a material impact on the Consolidated Financial Statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU No. 2019-12 removes specific exceptions to the general principles in FASB ASC Topic 740. It eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 also improves financial statement preparers’ application of income tax-related guidance and simplifies: (1) franchise taxes that are partially based on income; (2) transactions with a government that result in a step up in the tax basis of goodwill; (3) separate financial statements of legal entities that are not subject to tax; and (4) enacted changes in tax laws in interim periods. The amendments in this ASU become effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements. In January 2020, the FASB issued ASU No. 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)”. ASU No. 2020-01 clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. In addition, this ASU provides direction that a company should not consider whether the underlying securities would be accounted for under the equity method or the fair value option when it is determining the accounting for certain forward contracts and purchased options, upon either settlement or exercise. The amendments in this ASU become effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, and the amendments are to be applied prospectively. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements. In March 2020, the FASB issued ASU No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU No. 2020-04 provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR. For instance, entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. Finally, entities can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. It is anticipated that this ASU will simplify any modifications that are executed between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than extinguishment of the old contract resulting in writing off unamortized fees/costs. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS During the first quarter of 2019, the Company reached the decision to pursue the sale of the national mortgage banking operations of First Choice Loan Services, Inc. (“FCLS”) – a subsidiary of the Bank. The decision was based on a number of strategic priorities and other factors, including the competitiveness of the mortgage industry. FCLS continued to operate and serve its customers as the Company initiated the process of identifying a buyer. As a result of these actions, the Company classified the operations of FCLS as discontinued under ASC 205-20. The Consolidated Balance Sheets, Consolidated Statements of Income, and Consolidated Statements of Cash Flows present discontinued operations retrospectively for current and prior periods. On May 7, 2020, the Company completed a transaction to sell certain assets and liabilities related to the operations of FCLS. The Company continued to wind-down the operations of FCLS through the third quarter of 2020 and intends to complete a second transaction to transfer licenses and other intellectual property by the end of the year. Operating results for the three and nine months ended September 30, 2020, include expenses related to the wind-down of operations. The following is a summary of the assets and liabilities of the discontinued operations of FCLS at September 30, 2020 and December 31, 2019: (In thousands) September 30, 2020 December 31, 2019 Assets Loans held for sale, at fair value $ 1,742 $ 132,655 Premises and equipment, net — 1,073 Other real estate owned 361 — Mortgage servicing rights, at fair value 3,855 12,299 Mortgage banking derivatives — 2,329 Right-of-use asset 1,773 3,462 Other assets 5,235 2,314 Total assets $ 12,966 $ 154,132 Liabilities Customer payments in process $ 11,698 $ 15,372 Lease liability 1,773 3,494 Other liabilities 1,476 7,615 Total liabilities $ 14,947 $ 26,481 FCLS funds its lending operations and maintains working capital through an intercompany line-of-credit with the Bank. Although the sale of FCLS will contemplate settlement of these borrowings, debt was not allocated to discontinued operations due to the intercompany nature of the borrowings. The following presents operating results of the discontinued operations of FCLS for the three and nine months ended September 30, 2020 and September 30, 2019: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Interest income $ 23 $ 1,765 $ 1,516 $ 4,627 Interest expense 3 1,030 390 2,676 Net interest income 20 735 1,126 1,951 Non-interest income (286) 15,055 (4,175) 37,114 Total net revenue (266) 15,790 (3,049) 39,065 Non-interest expense 2,211 13,043 18,692 35,090 (Loss)/income from discontinued operations before income taxes (2,477) 2,747 (21,741) 3,975 Income tax (benefit)/expense (659) 790 (5,789) 1,161 Net (loss)/income from discontinued operations $ (1,818) $ 1,957 $ (15,952) $ 2,814 |
TRADING SECURITY
TRADING SECURITY | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
TRADING SECURITY | TRADING SECURITYThe Company holds a tax-advantaged economic development bond accounted for at fair value. The security had an amortized cost of $8.8 million and $9.4 million, and a fair value of $9.5 million and $10.8 million, at September 30, 2020 and December 31, 2019, respectively. As discussed further in Note 9 - Derivative Financial Instruments and Hedging Activities, the Company entered into a swap contract to swap-out the fixed rate of the security in exchange for a variable rate. The Company does not purchase securities with the intent of selling them in the near term, and there were no other securities in the trading portfolio at September 30, 2020 or December 31, 2019. |
SECURITIES AVAILABLE FOR SALE,
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES | SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES The following is a summary of securities available for sale, held to maturity, and marketable equity securities: (In thousands) Amortized Cost Gross Gross Fair Value Allowance September 30, 2020 Securities available for sale Municipal bonds and obligations $ 97,463 $ 7,057 $ (13) $ 104,507 $ — Agency collateralized mortgage obligations 722,124 19,469 (124) 741,469 — Agency mortgage-backed securities 322,252 4,202 (437) 326,017 — Agency commercial mortgage-backed securities 263,406 10,304 (102) 273,608 — Corporate bonds 74,357 842 (222) 74,977 — Other bonds and obligations 52,958 1,762 (9) 54,711 — Total securities available for sale 1,532,560 43,636 (907) 1,575,289 — Securities held to maturity Municipal bonds and obligations 242,666 18,401 — 261,067 67 Agency collateralized mortgage obligations 68,124 6,535 — 74,659 — Agency mortgage-backed securities 5,280 208 — 5,488 — Agency commercial mortgage-backed securities 10,305 671 — 10,976 — Tax advantaged economic development bonds 3,527 32 (9) 3,550 29 Other bonds and obligations 295 — — 295 — Total securities held to maturity 330,197 25,847 (9) 356,035 96 Marketable equity securities 34,179 1,480 (3,666) 31,993 — Total $ 1,896,936 $ 70,963 $ (4,582) $ 1,963,317 $ 96 (In thousands) Amortized Cost Gross Gross Fair Value Allowance December 31, 2019 Securities available for sale Municipal bonds and obligations $ 104,325 $ 5,813 $ — $ 110,138 $ — Agency collateralized mortgage obligations 742,550 6,431 (169) 748,812 — Agency mortgage-backed securities 146,589 1,515 (360) 147,744 — Agency commercial mortgage-backed securities 148,066 176 (1,146) 147,096 — Corporate bonds 115,395 1,788 (607) 116,576 — Other bonds and obligations 40,414 780 (5) 41,189 — Total securities available for sale 1,297,339 16,503 (2,287) 1,311,555 — Securities held to maturity Municipal bonds and obligations 252,936 13,095 (5) 266,026 — Agency collateralized mortgage obligations 69,667 2,870 (50) 72,487 — Agency mortgage-backed securities 6,271 29 — 6,300 — Agency commercial mortgage-backed securities 10,353 51 — 10,404 — Tax advantaged economic development bonds 18,456 218 (910) 17,764 — Other bonds and obligations 296 — — 296 — Total securities held to maturity 357,979 16,263 (965) 373,277 — Marketable equity securities 37,138 5,147 (729) 41,556 — Total $ 1,692,456 $ 37,913 $ (3,981) $ 1,726,388 $ — The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the three and nine months ended September 30, 2020: (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at June 30, 2020 (62) (51) (113) Provision for credit losses- reversal (5) 22 17 Balance at September 30, 2020 (67) (29) (96) (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at December 31, 2019 — — — Impact of ASC 326 adoption (83) (226) (309) Provision for credit losses- reversal 16 197 213 Balance at September 30, 2020 (67) (29) (96) Credit Quality Information The Company monitors the credit quality of held to maturity securities through credit ratings from various rating agencies. Credit ratings express opinions about the credit quality of a security and are utilized by the Company to make informed decisions. Investment grade securities are rated BBB-/Baa3 or higher and generally considered by the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade are considered to have distinctively higher credit risk than investment grade securities. For securities without credit ratings, the Company utilizes other financial information indicating the financial health of the underlying municipality, agency, or organization. As of September 30, 2020, none of the Company's investment securities were delinquent or in non-accrual status. The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities segregated by contractual maturity at September 30, 2020 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable. Available for sale Held to maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Within 1 year $ 38,196 $ 38,234 $ 2,526 $ 2,528 Over 1 year to 5 years 12,714 12,610 4,006 4,022 Over 5 years to 10 years 75,351 76,403 23,066 23,897 Over 10 years 98,517 106,948 216,890 234,465 Total bonds and obligations 224,778 234,195 246,488 264,912 Mortgage-backed securities 1,307,782 1,341,094 83,709 91,123 Total $ 1,532,560 $ 1,575,289 $ 330,197 $ 356,035 During the three months ended September 30, 2020, purchases of AFS securities totaled $319.2 million and the proceeds from the sale of AFS securities totaled $64.2 million. During the nine months ended September 30, 2020, purchases of AFS securities totaled $635.2 million and the proceeds from the sale of AFS securities totaled $71.8 million. During the three months ended September 30, 2019, purchases of AFS securities totaled $14.9 million. During the three months ended September 30, 2019, there were no securities sold. During the nine months ended September 30, 2019, purchases of AFS securities totaled $30.0 million and the proceeds from the sale of AFS securities totaled $83.0 million. During the three months ended September 30, 2020, gross gains on AFS securities totaled $704.6 thousand and there were $698.6 thousand gross losses. During the nine months ended September 30, 2020, gross gains on AFS securities totaled $705.4 thousand and gross losses totaled $699.9 thousand. During the three months ended September 30,2019, gross gains on AFS securities totaled $5 thousand and gross losses totaled $1 thousand. During the nine months ended September 30, 2019, gross gains totaled $11 thousand and gross losses totaled $7 thousand. These gains and losses are included in gain/(loss) on securities, net on the consolidated statements of income. Securities available for sale and held to maturity with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows: Less Than Twelve Months Over Twelve Months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Losses Value Losses Value Losses Value September 30, 2020 Securities available for sale Municipal bonds and obligations $ 13 $ 3,451 $ — $ — $ 13 $ 3,451 Agency collateralized mortgage obligations 124 44,785 — — 124 44,785 Agency mortgage-backed securities 434 133,536 3 257 437 133,793 Agency commercial mortgage-backed securities 102 22,336 — — 102 22,336 Corporate bonds 222 10,663 — — 222 10,663 Other bonds and obligations — — 9 1,064 9 1,064 Total securities available for sale 895 214,771 12 1,321 907 216,092 Securities held to maturity Tax advantaged economic development bonds 9 1,430 — — 9 1,430 Total securities held to maturity 9 1,430 — — 9 1,430 Total $ 904 $ 216,201 $ 12 $ 1,321 $ 916 $ 217,522 December 31, 2019 Securities available for sale Agency collateralized mortgage obligations 127 52,623 42 6,267 169 58,890 Agency mortgage-backed securities 59 10,640 301 23,404 360 34,044 Agency commercial mortgage-backed securities 1,097 116,324 49 11,250 1,146 127,574 Corporate bonds — — 607 42,823 607 42,823 Other bonds and obligations 4 1,239 1 29 5 1,268 Total securities available for sale 1,287 180,826 1,000 83,773 2,287 264,599 Securities held to maturity Municipal bonds and obligations 5 800 — — 5 800 Agency collateralized mortgage obligations 50 9,778 — — 50 9,778 Tax advantaged economic development bonds — — 910 6,925 910 6,925 Total securities held to maturity 55 10,578 910 6,925 965 17,503 Total $ 1,342 $ 191,404 $ 1,910 $ 90,698 $ 3,252 $ 282,102 Debt Securities The Company expects to recover its amortized cost basis on all debt securities in its AFS and HTM portfolios. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities in an unrealized loss position as of September 30, 2020, prior to this recovery. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historically low portfolio turnover. The following summarizes, by investment security type, the basis for the conclusion that the debt securities in an unrealized loss position within the Company’s AFS and HTM portfolios were not other-than-temporarily impaired at September 30, 2020: AFS municipal bonds and obligations At September 30, 2020, 2 of the 174 securities in the Company’s portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 0.4% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company feels the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the quarter. All securities are performing. AFS collateralized mortgage obligations At September 30, 2020, 14 of the 257 securities in the Company’s portfolio of AFS collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 0.3% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”), and Government National Mortgage Association (“GNMA”) guarantee the contractual cash flows of all of the Company’s collateralized mortgage obligations. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. AFS commercial and residential mortgage-backed securities At September 30, 2020, 15 of the 122 securities in the Company’s portfolio of AFS mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 0.3% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. AFS corporate bonds At September 30, 2020, 3 of the 18 securities in the Company’s portfolio of AFS corporate bonds were in unrealized loss positions. Aggregate unrealized losses represents 10.4% of the amortized cost of bonds in unrealized loss positions. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities. AFS other bonds and obligations At September 30, 2020, 3 of the 7 securities in the Company’s portfolio of other bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 0.8% of the amortized cost of securities in unrealized loss positions. The securities are all investment grade rated, and there were no material underlying credit downgrades during the quarter. All securities are performing. HTM tax-advantaged economic development bonds At September 30, 2020, 1 of the 3 securities in the Company’s portfolio of tax-advantaged economic development bonds was in an unrealized loss position. Aggregate unrealized losses represented 0.6% of the amortized cost of the security in an unrealized loss position. The Company believes that more likely than not all the principal outstanding will be collected. All securities are performing. |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2020 | |
Credit Loss [Abstract] | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 90 Days Past Due Total Past Current Total Loans Past Due > December 31, 2019 Commercial real estate: Construction $ — $ — $ — $ — $ 382,014 $ 382,014 $ — Commercial real estate 423 89 15,623 16,135 2,398,807 2,414,942 — Total 423 89 15,623 16,135 2,780,821 2,796,956 — Commercial and industrial loans Total 2,841 2,033 10,662 15,536 1,427,081 1,442,617 122 Residential mortgages: 1-4 family 1,669 714 3,350 5,733 2,138,084 2,143,817 800 Construction — — — — 4,641 4,641 — Total 1,669 714 3,350 5,733 2,142,725 2,148,458 800 Consumer loans: Home equity 149 — 1,147 1,296 272,571 273,867 52 Auto and other 4,709 990 2,729 8,428 496,171 504,599 1 Total 4,858 990 3,876 9,724 768,742 778,466 53 Total $ 9,791 $ 3,826 $ 33,511 $ 47,128 $ 7,119,369 $ 7,166,497 $ 975 Acquired Loans (in thousands) 30-59 Days 60-89 Days >90 Days Past Due Total Past Acquired Total Loans Past Due > December 31, 2019 Commercial real estate: Construction $ — $ — $ — $ — $ 1,396 $ 47,792 $ — Commercial real estate 3,907 245 10,247 14,399 21,639 1,189,521 5,751 Total 3,907 245 10,247 14,399 23,035 1,237,313 5,751 Commercial and industrial loans Total 888 299 1,275 2,462 26,718 397,891 442 Residential mortgages: 1-4 family 745 491 932 2,168 10,840 533,536 139 Construction — — — — — 3,478 — Total 745 491 932 2,168 10,840 537,014 139 Consumer loans: Home equity 346 222 789 1,357 540 106,724 72 Auto and other 120 22 265 407 286 56,989 — Total 466 244 1,054 1,764 826 163,713 72 Total $ 6,006 $ 1,279 $ 13,508 $ 20,793 $ 61,419 $ 2,335,931 $ 6,404 The following is summary information pertaining to non-accrual loans at December 31, 2019: December 31, 2019 (In thousands) Business Activities Acquired Loans Total Commercial real estate: Construction $ — $ — $ — Other commercial real estate 15,623 4,496 20,119 Total 15,623 4,496 20,119 Commercial and industrial loans: Total 10,540 833 11,373 Residential mortgages: 1-4 family 2,550 793 3,343 Construction — — — Total 2,550 793 3,343 Consumer loans: Home equity 1,095 717 1,812 Auto and other 2,728 265 2,993 Total 3,823 982 4,805 Total non-accrual loans $ 32,536 $ 7,104 $ 39,640 Loans evaluated for impairment as of December 31, 2019 were as follows: Business Activities Loans (In thousands) Commercial Commercial Residential Consumer Total Loans receivable: Balance at end of year Individually evaluated for impairment $ 19,192 $ 9,167 $ 3,019 $ 630 $ 32,008 Collectively evaluated 2,777,764 1,433,450 2,145,439 777,836 7,134,489 Total $ 2,796,956 $ 1,442,617 $ 2,148,458 $ 778,466 $ 7,166,497 Acquired Loans (In thousands) Commercial Commercial Residential Consumer Total Loans receivable: Balance at end of year Individually evaluated for impairment $ 4,241 $ 464 $ 372 $ 575 $ 5,652 Purchased credit-impaired loans 23,035 26,718 10,840 826 61,419 Collectively evaluated 1,210,037 370,709 525,802 162,312 2,268,860 Total $ 1,237,313 $ 397,891 $ 537,014 $ 163,713 $ 2,335,931 The following is a summary of impaired loans at December 31, 2019: Business Activities Loans December 31, 2019 (In thousands) Recorded Investment (1) Unpaid Principal Related Allowance With no related allowance: Other commercial real estate loans $ 18,676 $ 37,493 $ — Commercial and industrial loans 4,805 10,104 — Residential mortgages - 1-4 family 433 699 — Consumer - home equity 32 238 — Consumer - other — — — With an allowance recorded: Other commercial real estate loans $ 550 $ 1,411 $ 20 Commercial and industrial loans 4,166 12,136 122 Residential mortgages - 1-4 family 2,615 2,924 109 Consumer - home equity 594 614 42 Consumer - other 8 8 1 Total Commercial real estate $ 19,226 $ 38,904 $ 20 Commercial and industrial loans 8,971 22,240 122 Residential mortgages 3,048 3,623 109 Consumer 634 860 43 Total impaired loans $ 31,879 $ 65,627 $ 294 (1) The Recorded Investment represents the face amount of the loan increased or decreased by applicable accrued interest, net deferred loan fees and costs, and unamortized premium or discount, and reflects direct charge-offs. This amount is a component of total loans on the Consolidated Balance Sheet. (2) The Unpaid Principal Balance represents the customer's legal obligation to the Company. Acquired Loans December 31, 2019 (In thousands) Recorded Investment (1) Unpaid Principal Related Allowance With no related allowance: Other commercial real estate loans $ 3,200 $ 6,021 $ — Other commercial and industrial loans 437 532 — Residential mortgages - 1-4 family 292 293 — Consumer - home equity 416 844 — Consumer - other — — — With an allowance recorded: Other commercial real estate loans $ 1,033 $ 1,050 $ 97 Commercial and industrial loans 28 30 1 Residential mortgages - 1-4 family 84 110 8 Consumer - home equity 121 123 6 Consumer - other 39 37 6 Total Commercial real estate $ 4,233 $ 7,071 $ 97 Commercial and industrial loans 465 562 1 Residential mortgages 376 403 8 Consumer 576 1,004 12 Total impaired loans $ 5,650 $ 9,040 $ 118 (1) The Recorded Investment represents the face amount of the loan increased or decreased by applicable accrued interest, net deferred loan fees and costs, and unamortized premium or discount, and reflects direct charge-offs. This amount is a component of total loans on the Consolidated Balance Sheet. (2) The Unpaid Principal Balance represents the customer's legal obligation to the Company. The following is a summary of the average recorded investment and interest income recognized on impaired loans as of December 31, 2019: Business Activities Loans December 31, 2019 (in thousands) Average Recorded Cash Basis Interest With no related allowance: Other commercial real estate $ 19,805 $ 586 Other commercial and industrial 3,165 523 Residential mortgages - 1-4 family 185 17 Consumer-home equity 148 3 Consumer-other — — With an allowance recorded: Other commercial real estate $ 374 $ 107 Other commercial and industrial 2,533 793 Residential mortgages - 1-4 family 2,427 150 Consumer-home equity 349 32 Consumer - other 11 1 Total Commercial real estate $ 20,179 $ 693 Commercial and industrial 5,698 1,316 Residential mortgages 2,612 167 Consumer loans 508 36 Total impaired loans $ 28,997 $ 2,212 Acquired Loans December 31, 2019 (in thousands) Average Recorded Cash Basis Interest With no related allowance: Other commercial real estate $ 1,603 $ 117 Other commercial and industrial 441 51 Residential mortgages - 1-4 family 241 11 Consumer - home equity 475 23 Consumer - other — — With an allowance recorded: Other commercial real estate $ 1,005 $ 59 Other commercial and industrial 29 2 Residential mortgages - 1-4 family 88 7 Consumer - home equity 68 6 Consumer - other 41 2 Total Commercial real estate $ 2,608 $ 176 Commercial and industrial 470 53 Residential mortgages 329 18 Consumer loans 584 31 Total impaired loans $ 3,991 $ 278 No additional funds are committed to be advanced in connection with impaired loans. The modifications for the three and nine months ended September 30, 2019 were attributable to interest rate concessions, maturity date extensions, modified payment terms, reamortization, and accelerated maturity. Modifications by Class Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial real estate — $ — $ — Commercial and industrial loans — — — Residential mortgages - 1-4 family 2 65 65 2 $ 65 $ 65 Modifications by Class Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial real estate 2 $ 145 $ 145 Commercial and industrial loans 3 475 472 Residential mortgages - 1-4 family 2 65 65 7 $ 685 $ 682 There were no TDRs that defaulted within twelve months of modifications during the three and nine months ended September 30, 2019. The following table presents the Company’s TDR activity for the three and nine months ended September 30, 2019: (In thousands) Three Months Ended September 30, 2019 Balance at beginning of year $ 25,089 Principal payments (3,876) TDR status change (1) — Other reductions (2) (1,548) Newly identified TDRs 65 Balance at end of year $ 19,730 (In thousands) Nine Months Ended September 30, 2019 Balance at beginning of year $ 27,415 Principal payments (5,664) TDR status change (1) — Other reductions (2) (2,703) Newly identified TDRs 682 Balance at end of year $ 19,730 _____________________ (1) TDR status change classification represents TDR loans with a specified interest rate equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk and the loan was on current payment status and not impaired based on the terms specified by the restructuring agreement. (2) Other reductions classification consists of transfer to other real estate owned, charge-offs to loans, and other loan sale payoffs. Allowance for Loan Losses Prior to the adoption of ASC 326 on January 1, 2020, the Company calculated allowance for loan losses using incurred losses methodology. The following tables are disclosures related to the allowance for loan losses in prior periods. Activity in the allowance for loan losses for the three and nine months ended September 30, 2019 was as follows: At or for the three months ended September 30, 2019 Business Activities Loans Commercial Commercial and Residential Consumer Total Balance at beginning of period $ 22,408 $ 18,849 $ 8,834 $ 5,341 $ 55,432 Charged-off loans 3,061 19,315 95 760 23,231 Recoveries on charged-off loans 286 469 — 53 808 Provision/(releases) for loan losses 3,815 18,929 23 420 23,187 Balance at end of period $ 23,448 $ 18,932 $ 8,762 $ 5,054 $ 56,196 At or for the nine months ended September 30, 2019 Business Activi" id="sjs-B4">LOANS AND ALLOWANCE FOR CREDIT LOSSES Upon adoption of ASC 326, the Company evaluates its risk characteristics of loans based on regulatory call report code with sub-segmentation based on underlying collateral for certain loan types. Prior to the adoption of ASC 326, under the incurred loss model, the Company evaluated its risk characteristics of loans based on purpose of the loans. The composition of loans by portfolio segment as of December 31, 2019 and January 1, 2020 follows: (In thousands) December 31, 2019 Statement Balance Impact of ASC 326 Adoption January 1, 2020 Post-ASC 326 Adoption Loans: Construction $ 448,452 $ 187 $ 448,639 Commercial multifamily 631,740 252 631,992 Commercial real estate owner occupied 673,308 3,185 676,493 Commercial real estate non-owner occupied 2,189,780 6,540 2,196,320 Commercial and industrial 1,522,059 (13,372) 1,508,687 Commercial and industrial - other 321,624 1,160 322,784 Residential real estate 2,853,385 1,868 2,855,253 Home equity 378,793 10 378,803 Consumer other 483,287 205 483,492 Total $ 9,502,428 $ 35 $ 9,502,463 Allowance: Construction $ 2,713 $ (342) $ 2,371 Commercial multifamily 4,413 (1,842) 2,571 Commercial real estate owner occupied 4,880 6,062 10,942 Commercial real estate non-owner occupied 16,344 11,201 27,545 Commercial and industrial 17,243 (2,696) 14,547 Commercial and industrial - other 2,856 507 3,363 Residential real estate 9,970 6,799 16,769 Home equity 1,470 4,884 6,354 Consumer other 3,686 861 4,547 Total $ 63,575 $ 25,434 $ 89,009 The following is a summary of total loans by regulatory call report code with sub-segmentation based on underlying collateral for certain loan types: (In thousands) September 30, 2020 December 31, 2019 Construction $ 490,111 $ 448,452 Commercial multifamily 535,936 631,740 Commercial real estate owner occupied 595,791 673,308 Commercial real estate non-owner occupied 2,258,935 2,189,780 Commercial and industrial 1,819,175 1,522,059 Commercial and industrial - other 311,505 321,624 Residential real estate 2,270,458 2,853,385 Home equity 349,274 378,793 Consumer other 351,151 483,287 Total loans $ 8,982,336 $ 9,502,428 Allowance for credit losses 134,414 63,575 Net loans $ 8,847,922 $ 9,438,853 As of September 30, 2020, loans originated under the Small Business Administration ("SBA") Paycheck Protection Program ("PPP") totaled $708.1 million. T hese loans are 100% guaranteed by the SBA and the full principal amount of the loan may qualify for forgiveness. These loans are included in commercial and industrial. Risk characteristics relevant to each portfolio segment are as follows: Construction - Loans in this segment primarily include real estate development loans for which payment is derived from sale of the property or long term financing at completion. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions Commercial real estate multifamily, owner occupied and non-owner - Loans in these segments are primarily owner-occupied or income-producing properties throughout New England and Northeastern New York. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy, which in turn, will have an effect on the credit quality in this segment. Management monitors the cash flows of these loans. Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. Repayment is expected from the cash flows of the business. Loans in this segment include asset based loans which generally have no scheduled repayment and which are closely monitored against formula based collateral advance ratios. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Commercial and industrial other loans - Loans in this segment are primarily equipment financing loans. These loans are typically term loans secured by business assets. Credit quality on these loans are impacted by a weakened economy and resultant decreased consumer spending. Residential real estate - All loans in this segment are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Home equity and other consumer loans - Loans in this segment are primarily home equity lines of credit, automobile loans and other consumer loans. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Allowance for Credit Losses for Loans The Allowance for Credit Losses for Loans (“ACLL”) is comprised of the allowance for loan losses and the allowance for unfunded commitments which is accounted for as a separate liability in other liabilities on the balance sheet. The level of the ACLL represents management’s estimate of expected credit losses over the expected life of the loans at the balance sheet date. The Company uses a static pool migration analysis method, applying expected historical loss trend and observed economic metrics. The level of the ACLL is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past and current events, utilizing a 7 quarter reasonable and supportable forecast period with a 1 year reversion period. The ACLL reserve is overlaid with qualitative factors based upon: • the existence and growth of concentrations of credit; • the volume and severity of past due financial assets, including nonaccrual assets; • the institutions lending and credit review as well as the experience and ability of relevant management and staff and; • the effect of other external factors such as regulatory, competition, regional market conditions, legal and technological environment and other events such as natural disasters; • the effect of other economic factors such as economic stimulus and customer forbearance programs. The allowance for unfunded commitments is maintained at a level by the Company to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). The Company’s activity in the allowance for credit losses for loans for the three and nine months ended September 30, 2020 was as follows: (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Three months ended September 30, 2020 Construction $ 7,779 $ — $ 7,779 $ — $ — $ (1,122) $ 6,657 Commercial multifamily 4,299 — 4,299 — — (518) 3,781 Commercial real estate owner occupied 11,552 — 11,552 (58) 38 (537) 10,995 Commercial real estate non-owner occupied 34,707 — 34,707 — 155 (2,088) 32,774 Commercial and industrial 17,779 — 17,779 (2,358) 161 1,346 16,928 Commercial and industrial - other 5,317 — 5,317 (3,610) 245 1,968 3,920 Residential real estate 39,004 — 39,004 (1,085) 842 1,130 39,891 Home equity 8,021 — 8,021 (88) 36 1,352 9,321 Consumer other 10,936 — 10,936 (577) 102 (314) 10,147 Total allowance for credit losses $ 139,394 $ — $ 139,394 $ (7,776) $ 1,579 $ 1,217 $ 134,414 (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Nine months ended September 30, 2020 Construction $ 2,713 $ (342) $ 2,371 $ — $ — $ 4,286 $ 6,657 Commercial multifamily 4,413 (1,842) 2,571 (50) — 1,260 3,781 Commercial real estate owner occupied 4,880 6,062 10,942 (8,670) 907 7,816 10,995 Commercial real estate non-owner occupied 16,344 11,201 27,545 (135) 290 5,074 32,774 Commercial and industrial 17,243 (2,696) 14,547 (7,480) 3,709 6,152 16,928 Commercial and industrial - other 2,856 507 3,363 (6,773) 316 7,014 3,920 Residential real estate 9,970 6,799 16,769 (2,212) 936 24,398 39,891 Home equity 1,470 4,884 6,354 (322) 136 3,153 9,321 Consumer other 3,686 861 4,547 (1,840) 502 6,938 10,147 Total allowance for credit losses $ 63,575 $ 25,434 $ 89,009 $ (27,482) $ 6,796 $ 66,091 $ 134,414 The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (other liability on consolidated balance sheet), with adjustments to the reserve recognized in other noninterest expense in the consolidated statement of operations. The Company’s activity in the allowance for credit losses on unfunded commitments for the three and nine months ended September 30, 2020 was as follows: (In thousands) Total Balance at June 30, 2020 $ 8,593 Expense for credit losses — Balance at September 30, 2020 $ 8,593 (In thousands) Total Balance at December 31, 2019 $ 100 Impact of adopting ASC 326 7,993 Sub-Total 8,093 Expense for credit losses 500 Balance at September 30, 2020 $ 8,593 Credit Quality Information The Company monitors the credit quality of its portfolio by using internal risk ratings that are based on regulatory guidance. Loans that are given a Pass rating are not considered a problem credit. Loans that are classified as Special Mention loans are considered to have potential weaknesses and are evaluated closely by management. Substandard, including non-accruing loans, are loans for which a definitive weakness has been identified and which may make full collection of contractual cash flows questionable. Doubtful loans are those with identified weaknesses that make full collection of contractual cash flows, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. For commercial credits, the Company assigns an internal risk rating at origination and reviews the rating annual, semiannually, or quarterly depending on the risk rating. The rating is also reassessed at any point in time when management becomes aware of information that may affect the borrower’s ability to fulfill their obligations. The Company risk rates its residential mortgages, including 1-4 family and residential construction loans, based on a three rating system: Pass, Special Mention, and Substandard. Loans that are current within 59 days are rated Pass. Residential mortgages that are 60-89 days delinquent are rated Special Mention. Loans delinquent for 90 days or greater are rated Substandard and generally placed on non-accrual status. The following table presents the Company’s loans by risk category: Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of September 30, 2020 Construction Risk rating Pass $ 35,430 $ 241,497 $ 155,695 $ 29,807 $ 17,600 $ 3,115 $ 933 $ — $ 484,077 Special Mention — — — — — — — — — Substandard — — 2,034 4,000 — — — — 6,034 Total $ 35,430 $ 241,497 $ 157,729 $ 33,807 $ 17,600 $ 3,115 $ 933 $ — $ 490,111 Commercial multifamily: Risk rating Pass $ 28,876 $ 56,630 $ 79,397 $ 72,790 $ 89,041 $ 185,276 $ 29 $ — $ 512,039 Special Mention — — — 13,595 — — — — 13,595 Substandard — — — — 47 10,108 147 — 10,302 Total $ 28,876 $ 56,630 $ 79,397 $ 86,385 $ 89,088 $ 195,384 $ 176 $ — $ 535,936 Commercial real estate owner occupied: Risk rating Pass $ 44,304 $ 90,869 $ 112,768 $ 71,574 $ 38,231 $ 205,814 $ 3,461 $ — $ 567,021 Special Mention — 2,123 1,815 — — 2,001 — — 5,939 Substandard — — 5,638 1,622 1,704 13,867 — — 22,831 Total $ 44,304 $ 92,992 $ 120,221 $ 73,196 $ 39,935 $ 221,682 $ 3,461 $ — $ 595,791 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Commercial real estate non-owner occupied: Risk rating Pass $ 133,231 $ 291,079 $ 469,033 $ 250,093 $ 314,902 $ 583,861 $ 16,967 $ — $ 2,059,166 Special Mention — 295 3,094 17,254 12,901 68,838 495 — 102,877 Substandard 7,804 6,844 3,817 11,368 2,950 63,914 195 — 96,892 Total $ 141,035 $ 298,218 $ 475,944 $ 278,715 $ 330,753 $ 716,613 $ 17,657 $ — $ 2,258,935 Commercial and industrial: Risk rating Pass $ 755,987 $ 96,675 $ 189,565 $ 121,633 $ 47,911 $ 150,299 $ 401,356 $ — $ 1,763,426 Special Mention — 1,507 5,950 693 604 — 20,614 — 29,368 Substandard 1,354 275 6,354 1,661 1,965 5,848 8,522 — 25,979 Doubtful — — — — — — 402 — 402 Total $ 757,341 $ 98,457 $ 201,869 $ 123,987 $ 50,480 $ 156,147 $ 430,894 $ — $ 1,819,175 Commercial and industrial - other: Risk rating Pass $ 34,814 $ 78,318 $ 78,149 $ 33,573 $ 7,717 $ 14,585 $ 4,614 $ — $ 251,770 Special Mention 933 1,100 1,944 741 497 64 — — 5,279 Substandard 2,543 29,372 12,006 4,542 3,286 307 2,400 — 54,456 Doubtful — — — — — — — — — Total $ 38,290 $ 108,790 $ 92,099 $ 38,856 $ 11,500 $ 14,956 $ 7,014 $ — $ 311,505 Residential real estate Risk rating Pass $ 133,186 $ 163,232 $ 373,222 $ 399,237 $ 391,953 $ 794,072 $ 3,260 $ — $ 2,258,162 Special Mention 39 — — — — 468 38 — 545 Substandard — 97 539 1,162 429 9,515 9 — 11,751 Total $ 133,225 $ 163,329 $ 373,761 $ 400,399 $ 392,382 $ 804,055 $ 3,307 $ — $ 2,270,458 For home equity and consumer other loan portfolio segments, Berkshire evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an ongoing basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost based on payment activity: Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of September 30, 2020 Home equity: Payment performance Performing $ 2,191 $ 1,995 $ 432 $ 1,990 $ 515 $ 1,954 $ 336,569 $ — $ 345,646 Nonperforming — — 2 — — — 3,626 — 3,628 Total $ 2,191 $ 1,995 $ 434 $ 1,990 $ 515 $ 1,954 $ 340,195 $ — $ 349,274 Consumer other: Payment performance Performing $ 11,381 $ 39,877 $ 121,304 $ 80,701 $ 43,513 $ 37,256 $ 11,464 $ — $ 345,496 Nonperforming 34 404 1,563 1,480 1,698 447 29 — 5,655 Total $ 11,415 $ 40,281 $ 122,867 $ 82,181 $ 45,211 $ 37,703 $ 11,493 $ — $ 351,151 The following is a summary of loans by past due status at September 30, 2020: (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans September 30, 2020 Construction $ 50 $ 46 $ 2,034 $ 2,130 $ 487,981 $ 490,111 Commercial multifamily 278 3,584 1,047 4,909 531,027 535,936 Commercial real estate owner occupied 896 948 8,470 10,314 585,477 595,791 Commercial real estate non-owner occupied 1,377 2,826 10,412 14,615 2,244,320 2,258,935 Commercial and industrial 3,832 2,592 13,743 20,167 1,799,008 1,819,175 Commercial and industrial - other 766 232 3,969 4,967 306,538 311,505 Residential real estate 4,080 999 10,865 15,944 2,254,514 2,270,458 Home equity 598 181 4,022 4,801 344,473 349,274 Consumer other 3,437 904 5,704 10,045 341,106 351,151 Total $ 15,314 $ 12,312 $ 60,266 $ 87,892 $ 8,894,444 $ 8,982,336 The following is a summary of loans on nonaccrual status and loans past due 90 days or more and still accruing as of September 30, 2020: January 1, 2020 June 30, 2020 September 30, 2020 (In thousands) Nonaccrual Amortized Cost Nonaccrual Amortized Cost Nonaccrual Amortized Cost Nonaccrual With No Related Allowance Past Due 90 Days or Greater and Accruing Interest Income Recognized on Nonaccrual Construction $ — $ — $ 2,034 $ 2,034 $ — $ — Commercial multifamily 811 753 884 598 163 — Commercial real estate owner occupied 15,389 6,513 8,291 2,429 179 — Commercial real estate non-owner occupied 1,031 2,372 3,074 2,170 7,338 — Commercial and industrial 5,465 8,103 10,300 3,869 3,443 — Commercial and industrial - other 5,753 6,173 3,969 2,959 — — Residential real estate 6,411 13,997 9,555 5,876 1,310 — Home equity 1,798 2,405 3,628 490 394 — Consumer other 2,982 4,568 5,655 49 49 — Total $ 39,640 $ 44,884 $ 47,390 $ 20,474 $ 12,876 $ — The commercial and industrial loans nonaccrual amortized cost includes medallion loans with a fair value of $2.8 million and a contractual balance of $66.4 million. A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for collateral-dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Significant quarter over quarter changes are reflective of changes in nonaccrual status and not necessarily associated with credit quality indicators like appraisal value. The following table presents the amortized cost basis of individually analyzed collateral-dependent loans by loan portfolio segment: Type of Collateral (In thousands) Real Estate Investment Securities/Cash Other September 30, 2020 Construction $ 2,389 $ — $ — Commercial multifamily 598 — — Commercial real estate owner occupied 8,956 — — Commercial real estate non-owner occupied 3,819 — — Commercial and industrial 2,506 59 245 Commercial and industrial - other — — 2,958 Residential real estate 5,290 — — Home equity 272 — — Consumer other 26 — — Total loans $ 23,856 $ 59 $ 3,203 Troubled Debt Restructuring Loans The Company’s loan portfolio also includes certain loans that have been modified in a Troubled Debt Restructuring ("TDR"), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. TDRs are evaluated individually for impairment and may result in a specific allowance amount allocated to an individual loan. The following table presents activity in TDRs for the three and nine months ended September 30, 2020: (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Three months ended September 30, 2020 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 779 (12) — — — 767 Commercial real estate owner occupied 2,919 (19) — — 18 2,918 Commercial real estate non-owner occupied 11,166 — — 1,241 194 12,601 Commercial and industrial 1,080 (12) — (2) — 1,066 Commercial and industrial - other 1,483 (115) — (56) 399 1,711 Residential real estate 1,968 (57) — — — 1,911 Home equity 275 (3) — (72) — 200 Consumer other 43 (3) — — — 40 Total $ 19,713 $ (221) $ — $ 1,111 $ 611 $ 21,214 (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Nine months ended September 30, 2020 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 793 (26) — — — 767 Commercial real estate owner occupied 13,331 (5,721) — (4,710) 18 2,918 Commercial real estate non-owner occupied 1,373 — — 1,241 9,987 12,601 Commercial and industrial 1,109 (41) — (2) — 1,066 Commercial and industrial - other 340 (157) — (58) 1,586 1,711 Residential real estate 2,045 (134) — — — 1,911 Home equity 277 (5) — (72) — 200 Consumer other 48 (8) — — — 40 Total $ 19,316 $ (6,092) $ — $ (3,601) $ 11,591 $ 21,214 The following table presents loans modified as TDRs that occurred during the three and nine months ended September 30, 2020 and 2019: (dollars in thousands) Total Three months ended September 30, 2020 TDR: Number of loans 10 Pre-modification outstanding recorded investment $ 611 Post-modification outstanding recorded investment $ 611 Three months ended September 30, 2019 TDR: Number of loans 2 Pre-modification outstanding recorded investment $ 65 Post-modification outstanding recorded investment $ 65 (dollars in thousands) Total Nine months ended September 30, 2020 TDR: Number of loans 15 Pre-modification outstanding recorded investment $ 11,591 Post-modification outstanding recorded investment $ 11,591 Nine months ended September 30, 2019 TDR: Number of loans 7 Pre-modification outstanding recorded investment $ 685 Post-modification outstanding recorded investment $ 682 There were no TDRs for which there was a payment default within twelve months following the modification during the three and nine months ended September 30, 2020 and 2019. Beginning in March 2020, the Company has offered three-month payment deferrals for customers with a current payment status who were negatively impacted by economic disruption caused by the COVID-19 pandemic. Refer to Note 11 - Other Commitments, Contingencies, and Off-Balance Sheet Activities for more information regarding these modifications. Prior to the adoption of ASC 326 on January 1, 2020, the Company calculated allowance for loan losses using incurred losses methodology. The following tables are disclosures related to loans in prior periods. The following is a summary of total loans as of December 31, 2019: December 31, 2019 (In thousands) Business Acquired Total Commercial real estate: Construction $ 382,014 $ 47,792 $ 429,806 Other commercial real estate 2,414,942 1,189,521 3,604,463 Total commercial real estate 2,796,956 1,237,313 4,034,269 Commercial and industrial loans: 1,442,617 397,891 1,840,508 Total commercial loans 4,239,573 1,635,204 5,874,777 Residential mortgages: 1-4 family 2,143,817 533,536 2,677,353 Construction 4,641 3,478 8,119 Total residential mortgages 2,148,458 537,014 2,685,472 Consumer loans: Home equity 273,867 106,724 380,591 Auto and other 504,599 56,989 561,588 Total consumer loans 778,466 163,713 942,179 Total loans $ 7,166,497 $ 2,335,931 $ 9,502,428 Total unamortized net costs and premiums included in the December 31, 2019 total loans for business activity loans were the following: (In thousands) December 31, 2019 Unamortized net loan origination costs $ 13,259 Unamortized net premium on purchased loans 2,643 Total unamortized net costs and premiums $ 15,902 The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality : (In thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Balance at beginning of period $ 5,420 $ 2,840 Acquisitions — 4,200 Accretion (2,872) (6,470) Net reclassification from nonaccretable difference 2,066 4,195 Payments received, net (196) (356) Reclassification to TDR — 9 Balance at end of period $ 4,418 $ 4,418 The following is a summary of past due loans at December 31, 2019: Business Activities Loans (in thousands) 30-59 Days 60-89 Days >90 Days Past Due Total Past Current Total Loans Past Due > December 31, 2019 Commercial real estate: Construction $ — $ — $ — $ — $ 382,014 $ 382,014 $ — Commercial real estate 423 89 15,623 16,135 2,398,807 2,414,942 — Total 423 89 15,623 16,135 2,780,821 2,796,956 — Commercial and industrial loans Total 2,841 2,033 10,662 15,536 1,427,081 1,442,617 122 Residential mortgages: 1-4 family 1,669 714 3,350 5,733 2,138,084 2,143,817 800 Construction — — — — 4,641 4,641 — Total 1,669 714 3,350 5,733 2,142,725 2,148,458 800 Consumer loans: Home equity 149 — 1,147 1,296 272,571 273,867 52 Auto and other 4,709 990 2,729 8,428 496,171 504,599 1 Total 4,858 990 3,876 9,724 768,742 778,466 53 Total $ 9,791 $ 3,826 $ 33,511 $ 47,128 $ 7,119,369 $ 7,166,497 $ 975 Acquired Loans (in thousands) 30-59 Days 60-89 Days >90 Days Past Due Total Past Acquired Total Loans Past Due > December 31, 2019 Commercial real estate: Construction $ — $ — $ — $ — $ 1,396 $ 47,792 $ — Commercial real estate 3,907 245 10,247 14,399 21,639 1,189,521 5,751 Total 3,907 245 10,247 14,399 23,035 1,237,313 5,751 Commercial and industrial loans Total 888 299 1,275 2,462 26,718 397,891 442 Residential mortgages: 1-4 family 745 491 932 2,168 10,840 533,536 139 Construction — — — — — 3,478 — Total 745 491 932 2,168 10,840 537,014 139 Consumer loans: Home equity 346 222 789 1,357 540 106,724 72 Auto and other 120 22 265 407 286 56,989 — Total 466 244 1,054 1,764 826 163,713 72 Total $ 6,006 $ 1,279 $ 13,508 $ 20,793 $ 61,419 $ 2,335,931 $ 6,404 The following is summary information pertaining to non-accrual loans at December 31, 2019: December 31, 2019 (In thousands) Business Activities Acquired Loans Total Commercial real estate: Construction $ — $ — $ — Other commercial real estate 15,623 4,496 20,119 Total 15,623 4,496 20,119 Commercial and industrial loans: Total 10,540 833 11,373 Residential mortgages: 1-4 family 2,550 793 3,343 Construction — — — Total 2,550 793 3,343 Consumer loans: Home equity 1,095 717 1,812 Auto and other 2,728 265 2,993 Total 3,823 982 4,805 Total non-accrual loans $ 32,536 $ 7,104 $ 39,640 Loans evaluated for impairment as of December 31, 2019 were as follows: Business Activities Loans (In thousands) Commercial Commercial Residential Consumer Total Loans receivable: Balance at end of year Individually evaluated for impairment $ 19,192 $ 9,167 $ 3,019 $ 630 $ 32,008 Collectively evaluated 2,777,764 1,433,450 2,145,439 777,836 7,134,489 Total $ 2,796,956 $ 1,442,617 $ 2,148,458 $ 778,466 $ 7,166,497 Acquired Loans (In thousands) Commercial Commercial Residential Consumer Total Loans receivable: Balance at end of year Individually evaluated for impairment $ 4,241 $ 464 $ 372 $ 575 $ 5,652 Purchased credit-impaired loans 23,035 26,718 10,840 826 61,419 Collectively evaluated 1,210,037 370,709 525,802 162,312 2,268,860 Total $ 1,237,313 $ 397,891 $ 537,014 $ 163,713 $ 2,335,931 The following is a summary of impaired loans at December 31, 2019: Business Activities Loans December 31, 2019 (In thousands) Recorded Investment (1) Unpaid Principal Related Allowance With no related allowance: Other commercial real estate loans $ 18,676 $ 37,493 $ — Commercial and industrial loans 4,805 10,104 — Residential mortgages - 1-4 family 433 699 — Consumer - home equity 32 238 — Consumer - other — — — With an allowance recorded: Other commercial real estate loans $ 550 $ 1,411 $ 20 Commercial and industrial loans 4,166 12,136 122 Residential mortgages - 1-4 family 2,615 2,924 109 Consumer - home equity 594 614 42 Consumer - other 8 8 1 Total Commercial real estate $ 19,226 $ 38,904 $ 20 Commercial and industrial loans 8,971 22,240 122 Residential mortgages 3,048 3,623 109 Consumer 634 860 43 Total impaired loans $ 31,879 $ 65,627 $ 294 (1) The Recorded Investment represents the face amount of the loan increased or decreased by applicable accrued interest, net deferred loan fees and costs, and unamortized premium or discount, and reflects direct charge-offs. This amount is a component of total loans on the Consolidated Balance Sheet. (2) The Unpaid Principal Balance represents the customer's legal obligation to the Company. Acquired Loans December 31, 2019 (In thousands) Recorded Investment (1) Unpaid Principal Related Allowance With no related allowance: Other commercial real estate loans $ 3,200 $ 6,021 $ — Other commercial and industrial loans 437 532 — Residential mortgages - 1-4 family 292 293 — Consumer - home equity 416 844 — Consumer - other — — — With an allowance recorded: Other commercial real estate loans $ 1,033 $ 1,050 $ 97 Commercial and industrial loans 28 30 1 Residential mortgages - 1-4 family 84 110 8 Consumer - home equity 121 123 6 Consumer - other 39 37 6 Total Commercial real estate $ 4,233 $ 7,071 $ 97 Commercial and industrial loans 465 562 1 Residential mortgages 376 403 8 Consumer 576 1,004 12 Total impaired loans $ 5,650 $ 9,040 $ 118 (1) The Recorded Investment represents the face amount of the loan increased or decreased by applicable accrued interest, net deferred loan fees and costs, and unamortized premium or discount, and reflects direct charge-offs. This amount is a component of total loans on the Consolidated Balance Sheet. (2) The Unpaid Principal Balance represents the customer's legal obligation to the Company. The following is a summary of the average recorded investment and interest income recognized on impaired loans as of December 31, 2019: Business Activities Loans December 31, 2019 (in thousands) Average Recorded Cash Basis Interest With no related allowance: Other commercial real estate $ 19,805 $ 586 Other commercial and industrial 3,165 523 Residential mortgages - 1-4 family 185 17 Consumer-home equity 148 3 Consumer-other — — With an allowance recorded: Other commercial real estate $ 374 $ 107 Other commercial and industrial 2,533 793 Residential mortgages - 1-4 family 2,427 150 Consumer-home equity 349 32 Consumer - other 11 1 Total Commercial real estate $ 20,179 $ 693 Commercial and industrial 5,698 1,316 Residential mortgages 2,612 167 Consumer loans 508 36 Total impaired loans $ 28,997 $ 2,212 Acquired Loans December 31, 2019 (in thousands) Average Recorded Cash Basis Interest With no related allowance: Other commercial real estate $ 1,603 $ 117 Other commercial and industrial 441 51 Residential mortgages - 1-4 family 241 11 Consumer - home equity 475 23 Consumer - other — — With an allowance recorded: Other commercial real estate $ 1,005 $ 59 Other commercial and industrial 29 2 Residential mortgages - 1-4 family 88 7 Consumer - home equity 68 6 Consumer - other 41 2 Total Commercial real estate $ 2,608 $ 176 Commercial and industrial 470 53 Residential mortgages 329 18 Consumer loans 584 31 Total impaired loans $ 3,991 $ 278 No additional funds are committed to be advanced in connection with impaired loans. The modifications for the three and nine months ended September 30, 2019 were attributable to interest rate concessions, maturity date extensions, modified payment terms, reamortization, and accelerated maturity. Modifications by Class Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial real estate — $ — $ — Commercial and industrial loans — — — Residential mortgages - 1-4 family 2 65 65 2 $ 65 $ 65 Modifications by Class Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial real estate 2 $ 145 $ 145 Commercial and industrial loans 3 475 472 Residential mortgages - 1-4 family 2 65 65 7 $ 685 $ 682 There were no TDRs that defaulted within twelve months of modifications during the three and nine months ended September 30, 2019. The following table presents the Company’s TDR activity for the three and nine months ended September 30, 2019: (In thousands) Three Months Ended September 30, 2019 Balance at beginning of year $ 25,089 Principal payments (3,876) TDR status change (1) — Other reductions (2) (1,548) Newly identified TDRs 65 Balance at end of year $ 19,730 (In thousands) Nine Months Ended September 30, 2019 Balance at beginning of year $ 27,415 Principal payments (5,664) TDR status change (1) — Other reductions (2) (2,703) Newly identified TDRs 682 Balance at end of year $ 19,730 _____________________ (1) TDR status change classification represents TDR loans with a specified interest rate equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk and the loan was on current payment status and not impaired based on the terms specified by the restructuring agreement. (2) Other reductions classification consists of transfer to other real estate owned, charge-offs to loans, and other loan sale payoffs. Allowance for Loan Losses Prior to the adoption of ASC 326 on January 1, 2020, the Company calculated allowance for loan losses using incurred losses methodology. The following tables are disclosures related to the allowance for loan losses in prior periods. Activity in the allowance for loan losses for the three and nine months ended September 30, 2019 was as follows: At or for the three months ended September 30, 2019 Business Activities Loans Commercial Commercial and Residential Consumer Total Balance at beginning of period $ 22,408 $ 18,849 $ 8,834 $ 5,341 $ 55,432 Charged-off loans 3,061 19,315 95 760 23,231 Recoveries on charged-off loans 286 469 — 53 808 Provision/(releases) for loan losses 3,815 18,929 23 420 23,187 Balance at end of period $ 23,448 $ 18,932 $ 8,762 $ 5,054 $ 56,196 At or for the nine months ended September 30, 2019 Business Activi |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is assessed annually for impairment and more frequently if events or changes in circumstances indicate that there may be an impairment. The Company tests goodwill impairment annually as of June 30 using second quarter data. The Company compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The fair value of the reporting unit was determined using the guideline public company method. As a result of the assessment, the Company recognized a full goodwill impairment for the nine months ended September 30, 2020. |
DEPOSITS
DEPOSITS | 9 Months Ended |
Sep. 30, 2020 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS A summary of time deposits is as follows: (In thousands) September 30, December 31, Time less than $100,000 $ 780,654 $ 905,190 Time $100,000 through $250,000 1,504,455 2,027,717 Time more than $250,000 604,984 656,462 Total time deposits $ 2,890,093 $ 3,589,369 Included in total deposits are brokered deposits of $0.8 billion and $1.2 billion at September 30, 2020 and December 31, 2019, respectively. Included in total deposits are reciprocal deposits of $128.9 million and $91.7 million at September 30, 2020 and December 31, 2019, respectively. |
BORROWED FUNDS
BORROWED FUNDS | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | BORROWED FUNDS Borrowed funds at September 30, 2020 and December 31, 2019 are summarized, as follows: September 30, 2020 December 31, 2019 Weighted Weighted Average Average (Dollars in thousands) Principal Rate Principal Rate Short-term borrowings: Advances from the FHLB $ 110,000 1.16 % $ 125,000 2.06 % Total short-term borrowings: 110,000 1.16 125,000 2.06 Long-term borrowings: Advances from the FHLB and other borrowings 494,859 1.90 605,501 2.16 Paycheck Protection Program Liquidity Facility ("PPPLF") 624 0.35 — — Subordinated borrowings 74,366 7.00 74,232 7.00 Junior subordinated borrowing - Trust I 15,464 2.11 15,464 3.76 Junior subordinated borrowing - Trust II 7,393 1.95 7,353 3.59 Total long-term borrowings: 592,706 2.55 702,550 2.72 Total $ 702,706 2.33 % $ 827,550 2.62 % Short-term debt includes Federal Home Loan Bank (“FHLB”) advances with an original maturity of less than one year and a short-term line-of-credit drawdown through a correspondent bank. The Bank also maintains a $3.0 million secured line of credit with the FHLB that bears a daily adjustable rate calculated by the FHLB. There was no outstanding balance on the FHLB line of credit for the periods ended September 30, 2020 and December 31, 2019. The Bank's available borrowing capacity with the FHLB was $1.6 billion for both the periods ended September 30, 2020 and December 31, 2019. The Bank is approved to borrow on a short-term basis from the Federal Reserve Bank of Boston as a non-member bank. The Bank has pledged certain loans and securities to the Federal Reserve Bank to support this arrangement. No borrowings with the Federal Reserve Bank under this arrangement took place for the periods ended September 30, 2020 and December 31, 2019. As a participant in the SBA Paycheck Protection Program ("PPP"), the Bank may pledge originated loans as collateral at face value to the Federal Reserve Bank of Boston for term financings. As of September 30, 2020, the Bank had pledged PPP loans of $624 thousand, which is equal to the amount borrowed. The Bank's available borrowing capacity with the Federal Reserve Bank was $870.2 million and $201.3 million for the periods ended September 30, 2020 and December 31, 2019, respectively. Long-term FHLB advances consist of advances with an original maturity of more than one year and are subject to prepayment penalties. The advances outstanding at September 30, 2020 included callable advances totaling $10.0 million and amortizing advances totaling $5.5 million. The advances outstanding at December 31, 2019 included callable advances totaling $10.0 million and amortizing advances totaling $4.4 million. All FHLB borrowings, including the line of credit, are secured by a blanket security agreement on certain qualified collateral, principally all residential first mortgage loans and certain securities. A summary of maturities of FHLB advances as of September 30, 2020 is as follows: September 30, 2020 Weighted Average (In thousands, except rates) Principal Rate Fixed rate advances maturing: 2020 $ 129,994 1.57 % 2021 395,476 1.80 2022 58,706 1.92 2023 11,170 2.19 2023 and beyond 9,513 1.61 Total FHLB advances $ 604,859 1.77 % The Company did not have variable-rate FHLB advances for the periods ended September 30, 2020 and December 31, 2019. In September 2012, the Company issued fifteen year subordinated notes in the amount of $75.0 million at a discount of 1.15%. The interest rate is fixed at 6.875% for the first ten years. After ten years, the notes become callable and convert to an interest rate of three-month LIBOR rate plus 5.113%. The subordinated note includes reduction to the note principal balance of $246 thousand and $338 thousand for unamortized debt issuance costs as of September 30, 2020 and December 31 2019, respectively. The Company holds 100% of the common stock of Berkshire Hills Capital Trust I (“Trust I”) which is included in other assets with a cost of $0.5 million. The sole asset of Trust I is $15.5 million of the Company’s junior subordinated debentures due in 2035. These debentures bear interest at a variable rate equal to LIBOR plus 1.85% and had a rate of 2.11% and 3.76% at September 30, 2020 and December 31, 2019, respectively. The Company has the right to defer payments of interest for up to five years on the debentures at any time, or from time to time, with certain limitations, including a restriction on the payment of dividends to shareholders while such interest payments on the debentures have been deferred. The Company has not exercised this right to defer payments. The Company has the right to redeem the debentures at par value. Trust I is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, Trust I is not consolidated into the Company’s financial statements. The Company holds 100% of the common stock of SI Capital Trust II (“Trust II”) which is included in other assets with a cost of $0.2 million. The sole asset of Trust II is $8.2 million of the Company’s junior subordinated debentures due in 2036. These debentures bear interest at a variable rate equal to LIBOR plus 1.70% and had a rate of 1.95% and 3.59% at September 30, 2020 and December 31, 2019, respectively. The Company has the right to defer payments of interest for up to five years on the debentures at any time, or from time to time, with certain limitations, including a restriction on the payment of dividends to shareholders while such interest payments on the debentures have been deferred. The Company has not exercised this right to defer payments. The Company has the right to redeem the debentures at par value. Trust II is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, Trust II is not consolidated into the Company’s financial statements. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES As of September 30, 2020, the Company held derivatives with a total notional amount of $3.8 billion. The Company had economic hedges totaling $3.8 billion and $75.1 million non-hedging derivatives, which are not designated as hedges for accounting purposes with changes in fair value recorded directly through earnings. Economic hedges included interest rate swaps totaling $3.4 billion, risk participation agreements with dealer banks of $0.3 billion, and $17.6 million in forward commitment contracts. Forward sale commitments and commitments to lend are included in discontinued operations. See Note 2 - Discontinued Operations for more information on assets and liabilities classified as discontinued operations. As part of the Company’s risk management strategy, the Company enters into interest rate swap agreements to mitigate the interest rate risk inherent in certain of the Company’s assets and liabilities. Interest rate swap agreements involve the risk of dealing with both Bank customers and institutional derivative counterparties and their ability to meet contractual terms. The agreements are entered into with counterparties that meet established credit standards and contain master netting and collateral provisions protecting the at-risk party. The derivatives program is overseen by the Risk Management and Capital Committee of the Company’s Board of Directors. Based on adherence to the Company’s credit standards and the presence of the netting and collateral provisions, the Company believes that the credit risk inherent in these contracts was not significant at September 30, 2020. The Company pledged collateral to derivative counterparties in the form of cash totaling $77.1 million and securities with an amortized cost of $38.6 million and a fair value of $38.9 million as of September 30, 2020. The Company does not typically require its commercial customers to post cash or securities as collateral on its program of back-to-back economic hedges. However certain language is written into the International Swaps Dealers Association, Inc. (“ISDA”) and loan documents where, in default situations, the Bank is allowed to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Company may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions. Information about derivative assets and liabilities at September 30, 2020, follows: Weighted Weighted Average Rate Estimated Notional Average Contract Fair Value Amount Maturity Received pay rate Asset (Liability) (In thousands) (In years) (In thousands) Economic hedges: Interest rate swap on tax advantaged economic development bond $ 8,843 9.2 0.52 % 5.09 % $ (1,933) Interest rate swaps on loans with commercial loan customers 1,713,149 6.0 4.28 % 1.93 % 177,731 Offsetting interest rate swaps on loans with commercial loan customers (1) 1,713,149 6.0 1.93 % 4.28 % (72,386) Risk participation agreements with dealer banks 315,936 7.0 660 Forward sale commitments (2) 17,594 0.2 397 Total economic hedges 3,768,671 104,469 Non-hedging derivatives: Commitments to lend (2) 75,090 0.2 1,498 Total non-hedging derivatives 75,090 1,498 Total $ 3,843,761 $ 105,967 (1) Fair value estimates include the impact of $109 million settled to market contract agreements. (2) Includes the impact of discontinued operations. Information about derivative assets and liabilities at December 31, 2019, follows: Weighted Weighted Average Rate Estimated Notional Average Contract Fair Value Amount Maturity Received pay rate Asset (Liability) (In thousands) (In years) (In thousands) Economic hedges: Interest rate swap on tax advantaged economic development bond $ 9,390 9.9 2.08 % 5.09 % $ (1,488) Interest rate swaps on loans with commercial loan customers 1,669,895 6.4 4.38 % 3.28 % 75,326 Offsetting interest rate swaps on loans with commercial loan customers 1,669,895 6.4 3.28 % 4.38 % (77,051) Risk participation agreements with dealer banks 315,140 7.5 320 Forward sale commitments (1) 237,412 0.2 (227) Total economic hedges 3,901,732 (3,120) Non-hedging derivatives: Commitments to lend (1) 168,997 0.2 2,628 Total non-hedging derivatives 168,997 2,628 Total $ 4,070,729 $ (492) (1) Includes the impact of discontinued operations. Economic hedges As of September 30, 2020, the Company has an interest rate swap with a $9.4 million notional amount to swap out the fixed rate of interest on an economic development bond bearing a fixed rate of 5.09%, currently within the Company’s trading portfolio under the fair value option, in exchange for a LIBOR-based floating rate. The intent of the economic hedge is to improve the Company’s asset sensitivity to changing interest rates in anticipation of favorable average floating rates of interest over the 21-year life of the bond. The fair value changes of the economic development bond are mostly offset by fair value changes of the related interest rate swap. The Company also offers certain derivative products directly to qualified commercial borrowers. The Company economically hedges derivative transactions executed with commercial borrowers by entering into mirror-image, offsetting derivatives with third-party financial institutions. The transaction allows the Company’s customer to convert a variable-rate loan to a fixed rate loan. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts mostly offset each other in earnings. Credit valuation loss adjustments arising from the difference in credit worthiness of the commercial loan and financial institution counterparties totaled $2.0 million as of September 30, 2020. The interest income and expense on these mirror image swaps exactly offset each other. The Company has risk participation agreements with dealer banks. Risk participation agreements occur when the Company participates on a loan and a swap where another bank is the lead. The Company gets paid a fee to take on the risk associated with having to make the lead bank whole on Berkshire’s portion of the pro-rated swap should the borrower default. Changes in fair value are recorded in current period earnings. The Company utilizes forward sale commitments to hedge interest rate risk and the associated effects on the fair value of interest rate lock commitments and loans originated for sale. The forward sale commitments are accounted for as derivatives with changes in fair value recorded in current period earnings. Forward sale commitments are included in discontinued operations. See Note 2 - Discontinued Operations for more information on assets and liabilities classified as discontinued operations. The Company uses the following types of forward sale commitments contracts: • Best efforts loan sales, • Mandatory delivery loan sales, and • To Be Announced (“TBA”) mortgage-backed securities sales. A best efforts contract refers to a loan sale agreement where the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. The Company may enter into a best efforts contract once the price is known, which is shortly after the potential borrower’s interest rate is locked. A mandatory delivery contract is a loan sale agreement where the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. Generally, the Company may enter into mandatory delivery contracts shortly after the loan closes with a customer. The Company may sell TBA mortgage-backed securities to hedge the changes in fair value of interest rate lock commitments and held for sale loans, which do not have corresponding best efforts or mandatory delivery contracts. These security sales transactions are closed once mandatory contracts are written. On the closing date the price of the security is locked-in, and the sale is paired-off with a purchase of the same security. Settlement of the security purchase/sale transaction is done with cash on a net-basis. Non-hedging derivatives The Company enters into interest rate lock commitments (“IRLCs”), or commitments to lend, for residential mortgage loans, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments under applicable accounting guidance. Outstanding IRLCs expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. The IRLCs are free-standing derivatives which are carried at fair value with changes recorded in discontinued operations in the Company’s consolidated statements of income. Changes in the fair value of IRLCs subsequent to inception are based on changes in the fair value of the underlying loan resulting from the fulfillment of the commitment and changes in the probability that the loan will fund within the terms of the commitment, which is affected primarily by changes in interest rates and the passage of time. Commitments to lend are included in discontinued operations. See Note 2 - Discontinued Operations for more information on assets and liabilities classified as discontinued operations. Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Economic hedges Interest rate swap on industrial revenue bond: Unrealized gain/(loss) recognized in other non-interest income $ 106 $ (120) $ (444) $ (463) Interest rate swaps on loans with commercial loan customers: Unrealized (loss)/gain recognized in other non-interest income (10,219) 26,975 104,434 91,931 Favorable/(unfavorable) change in credit valuation adjustment recognized in other non-interest income 406 (872) (2,029) (2,156) Offsetting interest rate swaps on loans with commercial loan customers: Unrealized gain/(loss) recognized in other non-interest income 10,219 (26,975) (104,434) (91,931) Risk participation agreements: Unrealized (loss)/gain recognized in other non-interest income (26) 68 339 174 Forward commitments: Unrealized (loss)/gain recognized in discontinued operations (50) 1,090 624 680 Realized gain/(loss) in discontinued operations 48 (3,343) (8,283) (9,142) Non-hedging derivatives Commitments to lend Unrealized gain/(loss) recognized in discontinued operations $ 349 $ (1,921) $ (1,130) $ 3,157 Realized gain in discontinued operations 1,563 20,476 14,532 48,189 Assets and Liabilities Subject to Enforceable Master Netting Arrangements Interest Rate Swap Agreements (“Swap Agreements”) The Company enters into swap agreements to facilitate the risk management strategies for commercial banking customers. The Company mitigates this risk by entering into equal and offsetting swap agreements with highly rated third party financial institutions. The swap agreements are free-standing derivatives and are recorded at fair value in the Company’s consolidated statements of condition. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral generally in the form of marketable securities is received or posted by the counterparty with net liability positions, respectively, in accordance with contract thresholds. The Company had net asset positions with its financial institution counterparties totaling $1.1 million and $0.6 million as of September 30, 2020 and December 31, 2019, respectively. The Company had net asset positions with its commercial banking counterparties totaling $177.7 million and $76.4 million as of September 30, 2020 and December 31, 2019, respectively. The Company had net liability positions with its financial institution counterparties totaling $74.8 million and $78.8 million as of September 30, 2020 and December 31, 2019, respectively. The Company had no net liability positions with its commercial banking counterparties as of September 30, 2020. The Company had net liability positions with its commercial banking counterparties totaling $1.1 million as of December 31, 2019. The Company has collateral pledged to cover this liability. The following table presents the assets and liabilities subject to an enforceable master netting arrangement as of September 30, 2020 and December 31, 2019: Offsetting of Financial Assets and Derivative Assets Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount September 30, 2020 Interest Rate Swap Agreements: Institutional counterparties $ 1,199 $ (92) $ 1,107 $ — $ — $ 1,107 Commercial counterparties 177,731 — 177,731 — — 177,731 Total $ 178,930 $ (92) $ 178,838 $ — $ — $ 178,838 Offsetting of Financial Liabilities and Derivative Liabilities Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount September 30, 2020 Interest Rate Swap Agreements: Institutional counterparties $ (184,018) $ 109,253 $ (74,765) $ 38,893 $ 77,075 $ 41,203 Commercial counterparties — — — — — — Total $ (184,018) $ 109,253 $ (74,765) $ 38,893 $ 77,075 $ 41,203 Offsetting of Financial Assets and Derivative Assets Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount December 31, 2019 Interest Rate Swap Agreements: Institutional counterparties $ 640 $ (54) $ 586 $ — $ — $ 586 Commercial counterparties 76,428 (22) 76,406 — — 76,406 Total $ 77,068 $ (76) $ 76,992 $ — $ — $ 76,992 Offsetting of Financial Liabilities and Derivative Liabilities Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount December 31, 2019 Interest Rate Swap Agreements: Institutional counterparties $ (80,024) $ 1,219 $ (78,805) $ 25,828 $ 96,310 $ 43,333 Commercial counterparties (1,080) — (1,080) — — (1,080) Total $ (81,104) $ 1,219 $ (79,885) $ 25,828 $ 96,310 $ 42,253 |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
LEASES | LEASES Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At September 30, 2020, lease expiration dates ranged from 1 month to 20 years. The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities: (In thousands) September 30, 2020 December 31, 2019 Lease Right-of-Use Assets Classification Operating lease right-of-use assets (1) Other assets $ 71,937 $ 76,332 Finance lease right-of-use assets Premises and equipment, net 7,328 7,720 Total Lease Right-of-Use Assets $ 79,265 $ 84,052 Lease Liabilities Operating lease liabilities (2) Other liabilities $ 76,185 $ 80,734 Finance lease liabilities Other liabilities 10,510 10,883 Total Lease Liabilities $ 86,695 $ 91,617 (1) Includes operating lease right-of-use assets classified as discontinued operations of $1.8 million and $3.5 million as of September 30, 2020 and December 31, 2019, respectively. (2) Includes operating lease liabilities classified as discontinued operations of $1.8 million and $3.5 million as of September 30, 2020 and December 31, 2019, respectively. Supplemental information related to leases was as follows: September 30, 2020 December 31, 2019 Weighted-Average Remaining Lease Term (in years) Operating leases 9.9 10.3 Finance leases 14.1 14.8 Weighted-Average Discount Rate Operating leases 3.02 % 3.36 % Finance leases 5.00 % 5.00 % The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not have any material sub-lease agreements. Lease expense for operating leases for the three months ended September 30, 2020 was $3.4 million, of which $0.2 million was related to FCLS and is reported as discontinued operations. Lease expense for operating leases for the nine months ended September 30, 2020 was $10.2 million, of which $0.9 million was related to FCLS and is reported as discontinued operations. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Lease expense for operating leases for the three months ended September 30, 2019 was $3.7 million, of which $0.7 million was related to FCLS and is reported as discontinued operations. Lease expense for operating leases for the nine months ended September 30, 2019 was $10.7 million, of which $2.2 million was related to FCLS and is reported as discontinued operations. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Supplemental cash flow information related to leases was as follows: Three Months Ended (In thousands) September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 2,441 $ 3,829 Operating cash flows from finance leases 133 159 Financing cash flows from finance leases 125 119 (1) Includes operating cash flows from operating leases related to discontinued operations of $0.2 million and $0.7 million at September 30, 2020 and September 30, 2019 respectively. Nine Months Ended (In thousands) September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 10,461 $ 10,984 Operating cash flows from finance leases 399 478 Financing cash flows from finance leases 374 315 (1) Includes operating cash flows from operating leases related to discontinued operations of $0.9 million and $2.2 million at September 30, 2020 and September 30, 2019 respectively. The following table presents a maturity analysis of the Company’s lease liability by lease classification at September 30, 2020: (In thousands) Operating Leases Finance Leases 2020 $ 3,396 $ 250 2021 12,826 1,031 2022 11,671 1,031 2023 9,738 1,037 2024 8,345 1,037 Thereafter 42,438 10,260 Total undiscounted lease payments (1) 88,414 14,646 Less amounts representing interest (1) (12,229) (4,136) Lease liability (1) $ 76,185 $ 10,510 |
LEASES | LEASES Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At September 30, 2020, lease expiration dates ranged from 1 month to 20 years. The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities: (In thousands) September 30, 2020 December 31, 2019 Lease Right-of-Use Assets Classification Operating lease right-of-use assets (1) Other assets $ 71,937 $ 76,332 Finance lease right-of-use assets Premises and equipment, net 7,328 7,720 Total Lease Right-of-Use Assets $ 79,265 $ 84,052 Lease Liabilities Operating lease liabilities (2) Other liabilities $ 76,185 $ 80,734 Finance lease liabilities Other liabilities 10,510 10,883 Total Lease Liabilities $ 86,695 $ 91,617 (1) Includes operating lease right-of-use assets classified as discontinued operations of $1.8 million and $3.5 million as of September 30, 2020 and December 31, 2019, respectively. (2) Includes operating lease liabilities classified as discontinued operations of $1.8 million and $3.5 million as of September 30, 2020 and December 31, 2019, respectively. Supplemental information related to leases was as follows: September 30, 2020 December 31, 2019 Weighted-Average Remaining Lease Term (in years) Operating leases 9.9 10.3 Finance leases 14.1 14.8 Weighted-Average Discount Rate Operating leases 3.02 % 3.36 % Finance leases 5.00 % 5.00 % The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not have any material sub-lease agreements. Lease expense for operating leases for the three months ended September 30, 2020 was $3.4 million, of which $0.2 million was related to FCLS and is reported as discontinued operations. Lease expense for operating leases for the nine months ended September 30, 2020 was $10.2 million, of which $0.9 million was related to FCLS and is reported as discontinued operations. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Lease expense for operating leases for the three months ended September 30, 2019 was $3.7 million, of which $0.7 million was related to FCLS and is reported as discontinued operations. Lease expense for operating leases for the nine months ended September 30, 2019 was $10.7 million, of which $2.2 million was related to FCLS and is reported as discontinued operations. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Supplemental cash flow information related to leases was as follows: Three Months Ended (In thousands) September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 2,441 $ 3,829 Operating cash flows from finance leases 133 159 Financing cash flows from finance leases 125 119 (1) Includes operating cash flows from operating leases related to discontinued operations of $0.2 million and $0.7 million at September 30, 2020 and September 30, 2019 respectively. Nine Months Ended (In thousands) September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 10,461 $ 10,984 Operating cash flows from finance leases 399 478 Financing cash flows from finance leases 374 315 (1) Includes operating cash flows from operating leases related to discontinued operations of $0.9 million and $2.2 million at September 30, 2020 and September 30, 2019 respectively. The following table presents a maturity analysis of the Company’s lease liability by lease classification at September 30, 2020: (In thousands) Operating Leases Finance Leases 2020 $ 3,396 $ 250 2021 12,826 1,031 2022 11,671 1,031 2023 9,738 1,037 2024 8,345 1,037 Thereafter 42,438 10,260 Total undiscounted lease payments (1) 88,414 14,646 Less amounts representing interest (1) (12,229) (4,136) Lease liability (1) $ 76,185 $ 10,510 |
OTHER COMMITMENTS, CONTINGENCIE
OTHER COMMITMENTS, CONTINGENCIES, AND OFF-BALANCE SHEET ACTIVITIES | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments, Contingencies, And Off-Balance Sheet Activities | OTHER COMMITMENTS, CONTINGENCIES, AND OFF-BALANCE SHEET ACTIVITIES In December 2019, a novel strain of coronavirus (“COVID-19”) was reported to have surfaced in China and has since spread to a number of other countries, including the United States. In March 2020, the World Health Organization declared COVID-19 a global pandemic and the United States declared a National Public Health Emergency. The impact of the COVID-19 pandemic is fluid and continues to evolve, which is adversely affecting some of the Company’s clients. The COVID-19 pandemic and its associated impacts on trade (including supply chains and export levels), travel, employee productivity, unemployment, consumer spending, and other economic activities has resulted in less economic activity, lower equity market valuations and significant volatility and disruption in financial markets and has had an adverse effect on the Company’s business, financial condition and results of operations. The ultimate extent of the impact of the COVID-19 pandemic on the Company’s business, financial condition and results of operations is currently uncertain and will depend on various developments and other factors, including, among others, the duration and scope of the pandemic, as well as governmental, regulatory and private sector responses to the pandemic, and the associated impacts on the economy, financial markets, and our clients, employees, and vendors. The Company’s business, financial condition and results of operations generally rely upon the ability of the Company’s borrowers to repay their loans, the value of collateral underlying the Company’s secured loans, and demand for loans and other products and services the Company offers, which are highly dependent on the business environment in the Company’s primary markets where it operates and in the United States as a whole. During the current year, the Company’s results of operations were negatively impacted by full impairment of the Company's goodwill, an increase in its provision for credit losses and related allowance for credit losses, a decline in the fair value of its equity portfolio, and a decline in valuation of assets accounted for pursuant to the fair value option. At this time, it is difficult to quantify the impact COVID-19 will have on the Company during the remainder of 2020. These circumstances could cause the Company to experience a material adverse effect on our business operations, asset valuations, financial condition, results of operations and prospects. Material adverse impacts may include all or a combination of valuation impairments on the Company’s intangible assets, investments, loans, loan servicing rights, deferre d tax assets, lease right-of-use assets, or counter-party risk derivatives. Beginning in March 2020, the Company has offered three-month payment deferrals for customers with a current payment status who were negatively impacted by economic disruption caused by the COVID-19 pandemic. Through September 30, 2020, the Company had modified 5,884 loans with a carrying value of $1.6 billion. As of September 30, 2020, the Company had 728 active modified loans outstanding with a carrying value of $231.7 million, which excluded loans returning to payment or awaiting evaluation for further deferral. The Company continues to accrue interest on these loans during the deferral period. In accordance with interagency guidance issued in March 2020 and Section 4013 (Temporary Relief from Troubled Debt Restructurings) of the CARES Act, these short-term deferrals are not considered troubled debt restructurings (“TDRs”) unless the borrower was previously experiencing financial difficulty. In addition, the risk-ratings on COVID-19 modified loans did not automatically change as a result of payment deferrals, and these loans will not be considered past due until after the deferral period is over and scheduled payments resume. Refer to Note 1 - Basis of Presentation for additional information regarding the Company's accounting policy regarding these modifications. |
CAPITAL RATIOS AND SHAREHOLDERS
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY | CAPITAL RATIOS AND SHAREHOLDERS’ EQUITY The actual and required capital ratios were as follows: September 30, Regulatory December 31, Regulatory Company (consolidated) Total capital to risk weighted assets 15.4 % N/A 13.7 % N/A Common equity tier 1 capital to risk weighted assets 13.2 N/A 12.1 N/A Tier 1 capital to risk weighted assets 13.4 N/A 12.3 N/A Tier 1 capital to average assets 9.2 N/A 9.3 N/A Bank Total capital to risk weighted assets 14.3 % 10.0 % 12.8 % 10.0 % Common equity tier 1 capital to risk weighted assets 13.2 6.5 12.2 6.5 Tier 1 capital to risk weighted assets 13.2 8.0 12.2 8.0 Tier 1 capital to average assets 9.0 5.0 9.1 5.0 At each date shown, the Bank met the conditions to be classified as “well capitalized” under the relevant regulatory framework. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table above. Effective January 1, 2015, the Company and the Bank became subject to the Basel III rule that requires the Company and the Bank to assess their Common equity Tier 1 capital to risk weighted assets. The Bank's Common equity Tier 1 capital to risk weighted assets exceeds the minimum to be well capitalized. In addition, the final capital rules added a requirement to maintain a minimum conservation buffer, composed of Common equity Tier 1 capital, of 2.5% of risk-weighted assets, to be phased in over three years and applied to the Common equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio, and the Total risk-based capital ratio. As of January 1, 2019, banking organizations must maintain a minimum Common equity Tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5%, and a minimum Total risk-based capital ratio of 10.5%. The final capital rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum capital conservation buffer is not met. At September 30, 2020, the capital levels of both the Company and the Bank exceeded all regulatory capital requirements and the Bank's regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The capital levels of both the Company and the Bank at September 30, 2020 also exceeded the minimum capital requirements including the currently applicable capital conservation buffer of 2.5%. Accumulated other comprehensive income Components of accumulated other comprehensive income is as follows: (In thousands) September 30, December 31, Other accumulated comprehensive income, before tax: Net unrealized holding gain on AFS securities $ 46,792 $ 19,263 Net unrealized holding (loss) on pension plans (3,023) (3,023) Income taxes related to items of accumulated other comprehensive income: Net unrealized tax (expense) on AFS securities (12,155) (5,059) Net unrealized tax benefit on pension plans 812 812 Accumulated other comprehensive income $ 32,426 $ 11,993 The following table presents the components of other comprehensive income for the three and nine months ended September 30, 2020 and 2019: (In thousands) Before Tax Tax Effect Net of Tax Three Months Ended September 30 , 2020 Net unrealized holding gain on AFS securities: x Net unrealized gains arising during the period $ (1,079) $ 270 $ (809) Less: reclassification adjustment for gains realized in net income 6 (2) 4 Net unrealized holding gain on AFS securities (1,085) 272 (813) Other comprehensive income $ (1,085) $ 272 $ (813) Three Months Ended September 30 , 2019 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 6,159 $ (1,576) $ 4,583 Less: reclassification adjustment for (losses) realized in net income 5 (1) 4 Net unrealized holding gain on AFS securities 6,154 (1,575) 4,579 Other comprehensive income $ 6,154 $ (1,575) $ 4,579 (In thousands) Before Tax Tax Effect Net of Tax Nine Months Ended September 30, 2020 Net unrealized holding gain on AFS securities: x Net unrealized gains arising during the period $ 27,534 $ (7,097) $ 20,437 Less: reclassification adjustment for (losses) realized in net income 5 (1) 4 Net unrealized holding gain on AFS securities 27,529 (7,096) 20,433 Other comprehensive income $ 27,529 $ (7,096) $ 20,433 Nine Months Ended September 30, 2019 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 39,486 $ (10,129) $ 29,357 Less: reclassification adjustment for gains realized in net income 9 (2) 7 Net unrealized holding gain on AFS securities 39,477 (10,127) 29,350 Other comprehensive income $ 39,477 $ (10,127) $ 29,350 The following table presents the changes in each component of accumulated other comprehensive income, for the three and nine ended September 30, 2020 and 2019: (In thousands) Net unrealized Net unrealized Total Three Months Ended September 30, 2020 Balance at Beginning of Period $ 35,450 $ (2,211) $ 33,239 Other comprehensive income before reclassifications (809) — (809) Less: amounts reclassified from accumulated other comprehensive income 4 — 4 Total other comprehensive income (813) — (813) Balance at End of Period $ 34,637 $ (2,211) $ 32,426 Three Months Ended September 30, 2019 Balance at Beginning of Period $ 13,318 $ (2,017) $ 11,301 Other comprehensive income before reclassifications 4,583 — 4,583 Less: amounts reclassified from accumulated other comprehensive income 4 — 4 Total other comprehensive income 4,579 — 4,579 Balance at End of Period $ 17,897 $ (2,017) $ 15,880 Nine Months Ended September 30, 2020 Balance at Beginning of Period $ 14,204 $ (2,211) $ 11,993 Other comprehensive income before reclassifications 20,437 — 20,437 Less: amounts reclassified from accumulated other comprehensive income 4 — 4 Total other comprehensive income 20,433 — 20,433 Balance at End of Period $ 34,637 $ (2,211) $ 32,426 Nine Months Ended September 30, 2019 Balance at Beginning of Period $ (11,453) $ (2,017) $ (13,470) Other comprehensive income before reclassifications 29,357 — 29,357 Less: amounts reclassified from accumulated other comprehensive income 7 — 7 Total other comprehensive income 29,350 — 29,350 Balance at End of Period $ 17,897 $ (2,017) $ 15,880 The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three and nine ended September 30, 2020 and 2019: Affected Line Item in the Three Months Ended September 30, Statement where Net Income (In thousands) 2020 2019 is Presented Realized gains on AFS securities: $ 6 $ 5 Non-interest income (2) (1) Tax expense 4 4 Net of tax Total reclassifications for the period $ 4 $ 4 Net of tax Affected Line Item in the Nine Months Ended September 30, Statement where Net Income (In thousands) 2020 2019 is Presented Realized gains on AFS securities: $ 5 $ 9 Non-interest income (1) (2) Tax expense 4 7 Net of tax Total reclassifications for the period $ 4 $ 7 Net of tax |
EARNINGS _ (LOSS) PER SHARE
EARNINGS / (LOSS) PER SHARE | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS / (LOSS) PER SHARE | EARNINGS/(LOSS) PER SHARE Earnings/(loss) per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method): Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 Income/(loss) from continuing operations $ 23,043 $ 20,659 $ (532,074) $ 68,885 (Loss)/income from discontinued operations (1,818) 1,957 (15,952) 2,814 Net income/(loss) $ 21,225 $ 22,616 $ (548,026) $ 71,699 Average number of common shares issued 51,903 51,903 51,903 49,068 Less: average number of treasury shares 1,560 1,089 1,674 855 Less: average number of unvested stock award shares 536 435 499 410 Plus: average participating preferred shares 522 1,043 526 1,043 Average number of basic shares outstanding 50,329 51,422 50,256 48,846 Plus: dilutive effect of unvested stock award shares — 87 — 109 Plus: dilutive effect of stock options outstanding — 36 — 32 Average number of diluted shares outstanding 50,329 51,545 50,256 48,987 Basic earnings/(loss) per common share: Continuing operations $ 0.46 $ 0.40 $ (10.58) $ 1.41 Discontinued operations (0.04) 0.04 (0.32) 0.06 Total $ 0.42 $ 0.44 $ (10.90) $ 1.47 Diluted earnings/(loss) per common share: Continuing operations $ 0.46 $ 0.40 $ (10.58) $ 1.40 Discontinued operations (0.04) 0.04 (0.32) 0.06 Total $ 0.42 $ 0.44 $ (10.90) $ 1.46 Due to the Company's average stock price during the period, all unvested restricted stock and options were considered anti-dilutive for the three months ended September 30, 2020. Due to the year-to-date net loss, all unvested restricted stock and options were considered anti-dilutive for the nine months ended September 30, 2020. For the three months ended September 30, 2019, 348 thousand shares of restricted stock and 125 thousand options were anti-dilutive and therefore excluded from the earnings per share calculation. For the nine months ended September 30, 2019, 296 thousand shares of restricted stock and 60 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations. |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION PLANS | STOCK-BASED COMPENSATION PLANS A combined summary of activity in the Company’s stock award and stock option plans for the nine months ended September 30, 2020 is presented in the following table: Non-Vested Stock Awards Outstanding Stock Options Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Exercise Price December 31, 2019 450 $ 32.47 153 $ 22.00 Granted 306 16.84 — — Acquired — — — — Stock options exercised — — (33) 18.38 Stock awards vested (133) 33.84 — — Forfeited (87) 30.23 — — Expired — — (1) 9.85 September 30, 2020 536 $ 28.35 119 $ 22.72 Exercisable options at September 30, 2020 119 $ 22.72 During the three ended September 30, 2020 there were no options exercised. During the nine months ended September 30, 2020, proceeds from stock option exercises totaled $607 thousand. During the three and nine months ended September 30, 2019, proceeds from stock option exercises totaled $55 thousand and $69 thousand. During the three and nine months ended September 30, 2020, there were 37 thousand and 133 thousand shares vested in connection with stock awards, respectively. During the three and nine months ended September 30, 2019, there were 3 thousand and 130 thousand shares issued in connection with vested stock awards, respectively. All of these shares were issued from available treasury stock. Stock-based compensation expense totaled $0.6 million and $1.5 million during the three months ended September 30, 2020 and 2019, respectively. Stock-based compensation expense totaled $3.5 million and $3.5 million during the nine months ended September 30, 2020 and 2019, respectively. Stock-based compensation expense is recognized over the requisite service period for all awards. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities that are carried at fair value, including assets classified as discontinued operations on the consolidated balance sheets. See Note 2 - Discontinued Operations for more information on assets and liabilities classified as discontinued operations. Recurring Fair Value Measurements The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. September 30, 2020 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 9,525 $ 9,525 Securities available for sale: Municipal bonds and obligations — 104,507 — 104,507 Agency collateralized mortgage obligations — 741,469 — 741,469 Agency residential mortgage-backed securities — 326,017 — 326,017 Agency commercial mortgage-backed securities — 273,608 — 273,608 Corporate bonds — 49,152 25,825 74,977 Other bonds and obligations — 54,711 — 54,711 Marketable equity securities 31,321 672 — 31,993 Loans held for investment at fair value — — 2,774 2,774 Loans held for sale (1) — 17,596 — 17,596 Derivative assets (1) — 177,731 1,895 179,626 Capitalized servicing rights (1) — — 3,855 3,855 Derivative liabilities (1) — 73,659 — 73,659 (1) Includes assets and liabilities classified as discontinued operations. December 31, 2019 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 10,769 $ 10,769 Securities available for sale: Municipal bonds and obligations — 110,138 — 110,138 Agency collateralized mortgage obligations — 748,812 — 748,812 Agency residential mortgage-backed securities — 147,744 — 147,744 Agency commercial mortgage-backed securities — 147,096 — 147,096 Corporate bonds — 73,610 42,966 116,576 Other bonds and obligations — 41,189 — 41,189 Marketable equity securities 40,499 1,057 — 41,556 Loans held for investment at fair value — — — — Loans held for sale (1) — 140,280 — 140,280 Derivative assets (1) — 77,562 2,628 80,190 Capitalized servicing rights (1) — — 12,229 12,229 Derivative liabilities (1) 227 80,454 — 80,681 (1) Includes assets and liabilities classified as discontinued operations. There were no transfers between levels during the three or nine months ended September 30, 2020. Trading Security at Fair Value. The Company holds one security designated as a trading security. It is a tax-advantaged economic development bond issued to the Company by a local nonprofit which provides wellness and health programs. The fair value of this security is determined based on a discounted cash flow methodology. Certain inputs to the fair value calculation are unobservable and there is little to no market activity in the security; therefore, the security meets the definition of a Level 3 security. The discount rate used in the valuation of the security is sensitive to movements in the 3-month LIBOR rate. Securities Available for Sale and Marketable Equity Securities . Marketable equity securities classified as Level 1 consist of publicly-traded equity securities for which the fair values can be obtained through quoted market prices in active exchange markets. Marketable equity securities classified as Level 2 consist of securities with infrequent trades in active exchange markets, and pricing is primarily sourced from third party pricing services. AFS securities classified as Level 2 include most of the Company’s debt securities. The pricing on Level 2 and Level 3 was primarily sourced from third party pricing services, overseen by management, and is based on models that consider standard input factors such as dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and condition, among other things. Level 3 pricing includes inputs unobservable to market participants. Loans Held for Investment. The Company’s held for investment loan portfolio includes loans originated by Company and loans acquired through business combinations. The Company intends to hold these assets until maturity as a part of its business operations. For one acquired portfolio subset, the Company previously accounted for these purchased-credit impaired loans as a pool under ASC 310, as they were determined to have common risk characteristics. These loans were recorded at fair value on acquisition date and subsequently evaluated for impairment collectively. Upon adoption of ASC 326 Aggregate Fair Value September 30, 2020 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for investment at fair value $ 2,774 $ 66,381 $ (63,607) Loans Held for Sale. The Company elected the fair value option for all loans held for sale (HFS) originated for sale on or after May 1, 2012. Loans HFS are classified as Level 2 as the fair value is based on input factors such as quoted prices for similar loans in active markets. Aggregate Fair Value September 30, 2020 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for sale - continuing operations $ 15,854 $ 15,430 $ 424 Loans held for sale - discontinued operations 1,742 1,811 (69) Total loans held for sale $ 17,596 $ 17,241 $ 355 Aggregate Fair Value December 31, 2019 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for sale - continuing operations $ 7,625 $ 7,485 $ 140 Loans held for sale - discontinued operations 132,655 129,622 3,033 Total loans held for sale $ 140,280 $ 137,107 $ 3,173 The changes in fair value of loans held for sale for the three months ended September 30, 2020, were losses of $6 thousand from continuing operations and gains of $0.9 million from discontinued operations. The changes in fair value of loans held for sale for the nine months ended September 30, 2020 were gains of $284 thousand from continuing operations and losses of $3.1 million from discontinued operations. During the three months ended September 30, 2020, originations of loans held for sale from continuing operations totaled $70.6 million and sales of loans originated for sale from continuing operations totaled $74.1 million. During the three months ended September 30, 2019, originations of loans held for sale from continuing operations totaled $22.6 million and sales of loans originated for sale from continuing operations totaled $25.1 million. During the nine months ended September 30, 2020, originations of loans held for sale from continuing operations totaled $149.5 million and sales of loans originated for sale from continuing operations totaled $141.3 million. During the nine months ended September 30, 2019, originations of loans held for sale from continuing operations totaled $51.5 million and sales of loans originated for sale from continuing operations totaled $48.6 million. Interest Rate Swaps. The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings. Although the Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of September 30, 2020, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Commitments to Lend. The Company enters into commitments to lend for residential mortgage loans intended for sale, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. The estimated fair value of commitments to originate residential mortgage loans for sale is based on quoted prices for similar loans in active markets. However, this value is adjusted by a factor which considers the likelihood that the loan in a lock position will ultimately close, and by the non-refundable costs of originating the loan. The closing ratio is derived from the Bank’s internal data and is adjusted using significant management judgment. The costs to originate are primarily based on the Company’s internal commission rates that are not observable. As such, these commitments are classified as Level 3 measurements. Commitments to lend are included in discontinued operations. See Note 2 - Discontinued Operations for more information on assets and liabilities classified as discontinued operations. Forward Sale Commitments . The Company utilizes forward sale commitments as economic hedges against potential changes in the values of the commitments to lend and loans originated for sale. To Be Announced (“TBA”) mortgage-backed securities forward commitment sales are used as the hedging instrument, are classified as Level 1, and consist of publicly-traded debt securities for which identical fair values can be obtained through quoted market prices in active exchange markets. The fair values of the Company’s best efforts and mandatory delivery loan sale commitments are determined similarly to the commitments to lend using quoted prices in the market place that are observable. However, costs to originate and closing ratios included in the calculation are internally generated and are based on management’s judgment and prior experience, which are considered factors that are not observable. As such, best efforts and mandatory forward commitments are classified as Level 3 measurements. Forward sale commitments are included in discontinued operations. See Note 2 - Discontinued Operations for more information on assets and liabilities classified as discontinued operations. Capitalized Servicing Rights. The Company accounts for certain capitalized servicing rights at fair value in its Consolidated Financial Statements, as the Company is permitted to elect the fair value option for each specific instrument. A loan servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans exceed adequate compensation for performing the servicing. The fair value of servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. Capitalized servicing rights held at fair value are included in discontinued operations on the consolidated balance sheet. See Note 2 - Discontinued Operations for more information on assets and liabilities classified as discontinued operations. The table below presents the changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis for the three and nine months ended September 30, 2020 and 2019. Assets (Liabilities) Securities Loans Capitalized Trading Available Held for Commitments Forward Servicing (In thousands) Security for Sale Investment to Lend (1) Commitments (1) Rights (1) Three Months Ended September 30, 2020 June 30, 2020 $ 9,519 $ 25,600 $ 3,140 $ 1,149 $ 447 $ 4,828 Unrealized gain/(loss), net recognized in other non-interest income 190 — 1,189 — (50) — Unrealized gain included in accumulated other comprehensive income — 225 — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 2,124 — (973) Paydown of asset (184) — (1,555) — — — Transfers to held for sale loans — — — (1,775) — — Additions to servicing rights — — — — — — September 30, 2020 $ 9,525 $ 25,825 $ 2,774 $ 1,498 $ 397 $ 3,855 Nine Months Ended September 30, 2020 December 31, 2019 $ 10,769 $ 42,966 $ — $ 2,628 $ — $ 12,299 Adoption of ASC 326 — — 7,660 — — — Maturity of AFS security — (17,000) — — — — Unrealized (loss)/gain, net recognized in other non-interest income (698) — (2,523) — 397 — Unrealized (loss) included in accumulated other comprehensive income — (141) — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 15,877 — (8,255) Transfers to Level 2 — — — — — — Paydown of asset (546) — (2,363) — — — Transfers to held for sale loans — — 0 (17,007) — — Additions to servicing rights — — 0 — — (189) September 30, 2020 $ 9,525 $ 25,825 $ 2,774 $ 1,498 $ 397 $ 3,855 Unrealized gain/(loss) relating to instruments still held at September 30, 2020 $ 682 $ (643) $ — $ 1,498 $ 397 $ — Securities Loans Capitalized Trading Available Held for Commitments Servicing (In thousands) Security for Sale Investment to Lend (1) Rights (1) Three Months Ended September 30, 2019 June 30, 2019 $ 11,210 $ — $ — $ 9,005 $ 11,206 Unrealized gain, net recognized in other non-interest income 109 — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 19,915 (1,381) Paydown of trading security (174) — — — — Transfers to held for sale loans — — — (21,836) — Additions to servicing rights — — — — 6,588 September 30, 2019 $ 11,145 $ — $ — $ 7,084 $ 16,413 Nine Months Ended September 30, 2019 December 31, 2018 $ 11,212 $ — $ — $ 3,927 $ 11,485 Unrealized gain, net recognized in other non-interest income 454 — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 48,254 (4,495) Paydown of trading security (521) — — — — Transfers to held for sale loans — — — (45,097) — Additions to servicing rights — $ — — — 9,423 September 30, 2018 $ 11,145 $ — $ — $ 7,084 $ 16,413 Unrealized gains relating to instruments still held at September 30, 2019 $ 1,576 $ — $ — $ 7,084 $ — (1) Classified as assets from discontinued operations on the consolidated balance sheets. Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows: Fair Value Significant (In thousands) September 30, 2020 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading security $ 9,525 Discounted Cash Flow Discount Rate 3.75 % AFS Securities 25,825 Indication from Market Maker Price 97% - 100% Loan held for investment 2,774 Discounted Cash Flow Discount Rate 30.00 % Collateral Value $8.8 - $26.5 Commitments to lend (1) 1,498 Historical Trend Closing Ratio 74.40 % Pricing Model Origination Costs, per loan $ 3 Forward commitments (1) 397 Historical Trend Closing Ratio 74.40 % Pricing Model Origination Costs, per loan $ 3 Capitalized servicing rights (1) 3,855 Discounted cash flow Constant Prepayment Rate (CPR) 25.35 % Discount Rate 10.00 % Total $ 43,874 (1) Classified as assets from discontinued operations on the consolidated balance sheets. Fair Value Significant (In thousands) December 31, 2019 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading security $ 10,769 Discounted Cash Flow Discount Rate 2.21 % AFS Securities 42,966 Indication from Market Maker Price 97% - 100% Commitments to lend (1) 2,628 Historical Trend Closing Ratio 77.81 % Pricing Model Origination Costs, per loan $ 3 Capitalized servicing rights (1) 12,299 Discounted Cash Flow Constant Prepayment Rate (CPR) 11.50 % Discount Rate 10.00 % Total $ 68,662 (1) Classified as assets from discontinued operations on the consolidated balance sheets. Non-Recurring Fair Value Measurements The Company is required, on a non-recurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements in accordance with GAAP. The following is a summary of applicable non-recurring fair value measurements. There are no liabilities measured at fair value on a non-recurring basis. September 30, 2020 December 31, 2019 Fair Value Measurement Date as of September 30, 2020 Level 3 Level 3 Level 3 (In thousands) Inputs Inputs Inputs Assets Individually evaluated loans $ 41,312 $ 8,831 September 2020 Capitalized servicing rights 13,694 14,152 September 2020 Other real estate owned (1) 401 — September 2020 Total $ 55,407 $ 22,983 (1) Includes discontinued operations. Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows: Fair Value (In thousands) September 30, 2020 Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Assets Individually evaluated loans $ 41,312 Fair Value of Collateral Discounted Cash Flow - Loss Severity 0.04% to 100.00% (48.31%) Appraised Value $0 to $10,972 ($8,258) Capitalized servicing rights 13,694 Discounted Cash Flow Constant Prepayment Rate (CPR) 14.98% to 22.05% (17.08%) Discount Rate 8.25% to 11.00% (9.17%) Other Real Estate Owned (2) 401 Fair Value of Collateral Appraised Value $94 - $361 Total $ 55,407 (1) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. (2) Includes discontinued operations. Fair Value (In thousands) December 31, 2019 Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Assets Impaired Loans $ 8,831 Fair Value of Collateral Discounted Cash Flow - loss severity 15.72% to 0.12% (4.50%) Appraised Value $8 to $1,548 ($736) Capitalized servicing rights 14,152 Discounted Cash Flow Constant Prepayment Rate (CPR) 9.44% to 14.12% (12.25%) Discount Rate 10.00% to 13.50% (11.78%) Other Real Estate Owned — Fair Value of Collateral Appraised Value — Total $ 22,983 (1) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. There were no Level 1 or Level 2 nonrecurring fair value measurements for the periods ended September 30, 2020 and December 31, 2019. Individually evaluated loans. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Non-recurring adjustments can also include certain impairment amounts for collateral-dependent loans calculated when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. However, the choice of observable data is subject to significant judgment, and there are often adjustments based on judgment in order to make observable data comparable and to consider the impact of time, the condition of properties, interest rates, and other market factors on current values. Additionally, commercial real estate appraisals frequently involve discounting of projected cash flows, which relies inherently on unobservable data. Therefore, nonrecurring fair value measurement adjustments that relate to real estate collateral have generally been classified as Level 3. Estimates of fair value for other collateral that supports commercial loans are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. Capitalized loan servicing rights . A loan servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans exceed adequate compensation for performing the servicing. The fair value of servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Adjustments are only recorded when the discounted cash flows derived from the valuation model are less than the carrying value of the asset. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. Summary of Estimated Fair Values of Financial Instruments The following tables summarize the estimated fair values (represents exit price), and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Certain assets and liabilities in the following disclosures include balances classified as discontinued operations. See Note 2 - Discontinued Operations for more information on these assets and liabilities. September 30, 2020 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 935,292 $ 935,292 $ 935,292 $ — $ — Trading security 9,525 9,525 — — 9,525 Marketable equity securities 31,993 31,993 31,321 672 — Securities available for sale 1,575,289 1,575,289 — 1,549,464 25,825 Securities held to maturity 330,197 356,035 — 352,485 3,550 FHLB bank stock and restricted securities 40,520 N/A N/A N/A N/A Net loans 8,847,922 9,172,009 — — 9,172,009 Loans held for sale (1) 17,596 17,596 — 17,596 — Accrued interest receivable 48,467 48,467 — 48,467 — Derivative assets (1) 179,626 179,626 — 177,731 1,895 Financial Liabilities Total deposits $ 10,466,559 $ 10,483,734 $ — $ 10,483,734 $ — Short-term debt 110,000 110,214 — 110,214 — Long-term Federal Home Loan Bank advances and other 495,483 500,933 — 500,933 — Subordinated borrowings 97,223 94,287 — 94,287 — Derivative liabilities (1) 73,659 73,659 — 73,659 — (1) Includes assets and liabilities classified as discontinued operations. December 31, 2019 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 579,829 $ 579,829 $ 579,829 $ — $ — Trading security 10,769 10,769 — — 10,769 Marketable equity securities 41,556 41,556 40,499 1,057 — Securities available for sale and other 1,311,555 1,311,555 — 1,267,573 43,982 Securities held to maturity 357,979 373,277 — 355,513 17,764 FHLB bank stock and restricted securities 48,019 N/A N/A N/A N/A Net loans 9,438,853 9,653,550 — — 9,653,550 Loans held for sale (1) 169,319 169,319 — 140,280 29,039 Accrued interest receivable 36,462 36,462 — 36,462 — Derivative assets (1) 80,190 80,190 — 77,562 2,628 Financial Liabilities Total deposits $ 10,335,977 $ 10,338,993 $ — $ 10,338,993 $ — Short-term debt 125,000 125,081 — 125,081 — Long-term Federal Home Loan Bank advances 605,501 606,381 — 606,381 — Subordinated borrowings 97,049 101,055 — 101,055 — Derivative liabilities (1) 80,681 80,681 227 80,454 — (1) Includes assets and liabilities classified as discontinued operations. |
NET INTEREST INCOME AFTER PROVI
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2020 | |
Banking and Thrift, Interest [Abstract] | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES Presented below is net interest income after provision for credit losses for the three and nine months ended September 30, 2020 and 2019, respectively. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Net interest income from continuing operations $ 77,055 $ 96,871 $ 241,073 $ 273,925 Provision for credit losses 1,200 22,600 65,878 30,068 Net interest income from continuing operations after provision for credit losses $ 75,855 $ 74,271 $ 175,195 $ 243,857 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The Consolidated Financial Statements (the “financial statements”) of Berkshire Hills Bancorp, Inc. and its subsidiaries (the “Company” or “Berkshire”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Delaware corporation, headquartered in Boston, Massachusetts, and the holding company for Berkshire Bank (the “Bank”), a Massachusetts-chartered trust company headquartered in Pittsfield, Massachusetts, and Berkshire Insurance Group, Inc. These financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Bank’s consolidated subsidiaries. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise. |
Reclassification | Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. |
Recently Adopted Accounting Principles and Future Application of Accounting Pronouncements | Recently Adopted Accounting Principles In January 2017, the FASB issued ASU No. 2017-04, “Intangibles: Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The ASU simplifies the test for goodwill impairment by eliminating the second step of the current two-step method. Under the new accounting guidance, entities will compare the fair value of a reporting unit with its carrying amount. If the carrying amount exceeds the reporting unit’s fair value, the entity is required to recognize an impairment charge for this amount. Current guidance requires an entity to proceed to a second step, whereby the entity would determine the fair value of its assets and liabilities. The new method applies to all reporting units. The performance of a qualitative assessment is still allowable. This accounting guidance is effective prospectively for interim and annual reporting periods beginning after December 15, 2019. The adoption of ASU No. 2017-04 did not impact the Company's Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds, and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Entities are also allowed to elect early adoption for the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. As ASU No. 2018-13 only revises disclosure requirements, it did not have a material impact on the Company’s Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU No. 2018-15 clarifies certain aspects of ASU No. 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU No. 2018-15 does not affect the accounting for the service element of a hosting arrangement that is a service contract. ASU No. 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019. The adoption did not have a material impact on the Company's Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13 As previously disclosed, the Company assembled a cross-functional working group that met regularly to oversee the implementation plan which included assessment and documentation of processes and internal controls, model development and documentation, assessing existing loan and loss data, assessing models for default and loss estimates, and conducting parallel runs and reviews through December 31, 2019. Under CECL the Company determines its allowance for credit losses on loans using pools of assets with similar risk characteristics. The Company evaluates its risk characteristics of loans based on regulatory call report code with sub-segmentation based on underlying collateral for certain loan types. Loans that no longer match the risk profile of the pool are individually assessed for credit losses. The Company’s lifetime credit loss models are based on historical data and incorporate forecasts of macroeconomic variables, expected prepayments and recoveries. Enhancements were made in the third quarter of 2020 to the Company’s economic adjustment calculation. The Company implemented segment-level loss calculations based on the equation of the fit line which replaced the previous calculation using a range. This allows the model to calculate a specific point estimate for the loss rate as compared to using a mid-point of a range. Additionally, the Company utilized actual loan runoff by segment whereas previously a calculation was utilized for the weighted average life period. The enhancements to the economic adjustment calculation were accounted for as a change in estimate and were not considered material to the overall calculation. Outside of the model, non-economic qualitative factors are applied to further refine the expected loss calculation for each portfolio. A seven quarter reasonable and supportable forecast period with a 1 year reversion period is currently used for all loan portfolios. When the risk characteristics of a loan no longer match the characteristics of the collective pool, the loan is removed from the pool and individually assessed for credit losses. Generally, non-accrual loans above a threshold deemed appropriate by management, TDRs, potential TDRs, and collateral dependent loans are individually assessed. The individual assessment for credit impairment is generally based on a discounted cash flow approach unless the asset is collateral dependent. A loan is considered collateral dependent when repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Collateral dependent loans are individually assessed and the expected credit loss is based on the fair value of the collateral. The fair value is reduced for estimated costs to sell if the value of the collateral is expected to be realized through sale. The Company has elected to present accrued interest receivable separately from the amortized cost basis on the balance sheet and is not currently estimating an allowance for credit loss on accrued interest. This election applies to loans as well as debt securities. The Company's non-accrual policies have not changed as a result of adopting CECL. The Company adopted CECL on January 1, 2020 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for the reporting periods after January 1, 2020 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. On the adoption date, the Company increased the allowance for credit losses for loans by $25.4 million and increased the allowance for credit losses for unfunded loan commitments by $8.0 million (in other liabilities). The increase related to the Company's acquired loan portfolio totaled $15.3 million. Under the previously applicable accounting guidance, any remaining unamortized loan discount on an individual loan could be used to offset a charge-off for that loan, so the allowance for loan losses needed for the acquired loans was reduced by the remaining loan discounts. The new ASU removes the ability to offset a charge-off against the remaining loan discount and requires an allowance for credit losses to be recognized in addition to the loan discount. The impact of adopting the ASU, and at each subsequent reporting period, is highly dependent on credit quality, macroeconomic forecasts and conditions, composition of our loans and available-for-sale securities portfolio, along with other management judgments. The FASB provided transition relief, allowing entities to irrevocably elect, upon adoption of CECL, the fair value option (FVO) on financial instruments that were previously recorded at amortized cost and are within the scope of ASC 326-20 if the instruments are eligible for the FVO under ASC 825-10. It is applied through a cumulative-effect adjustment to retained earnings. The Company elected the FVO for the taxi medallion portfolio resulting in a $15.3 million reduction in loan valuation. As of January 1, 2020, the Company recorded a cumulative-effect adjustment of $24.4 million decrease in retained earnings, net of deferred tax balances of $9.0 million. The Company recorded an allowance for credit losses as of January 1, 2020 on its securities held to maturity of $0.3 million. The Company adopted CECL using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired and accounted for under ASC 310-30. In accordance with the standard, Berkshire did not reassess whether PCI assets met the definition of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $15.3 million to the allowance for credit losses for loans which is net of $11.9 million adjustment for confirmed losses. The remaining noncredit discount in the amount of $3.2 million will be accreted into interest income at the effective interest rate as of January 1, 2020. The impact of the January 1, 2020, adoption entry is summarized in the table below: (in thousands) December 31, 2019 Pre-ASC 326 Adoption Impact of Adoption January 1, 2020 Post-ASC 326 Adoption Assets: Loans 9,502,428 — 9,502,428 PCD gross up — 15,326 15,326 Fair value option — (15,291) (15,291) Total loans 9,502,428 35 9,502,463 Allowance for credit losses on loans 63,575 25,434 89,009 Allowance for credit losses on securities — 309 309 Deferred tax assets, net 51,165 8,993 60,158 Liabilities and shareholders' equity: Other liabilities (ACL unfunded loan commitments) 100 7,993 8,093 Retained earnings 361,082 (24,380) 336,702 In December 2018, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In March 2020, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC announced an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period (five-year transition option). The Company is adopting the capital transition relief over the permissible five-year period. On March 27, 2020, the Coronavirus, Aid, Relief, and Economic Security ("CARES") Act, which provides relief from certain requirements under GAAP, was signed into law. Section 4013 of the CARES Act gives entities temporary relief from the accounting and disclosure requirements for troubled debt restructurings ("TDRs") under ASC 310-40 in certain situations. In addition, on April 7, 2020, certain regulatory banking agencies issued an interagency statement that offers practical expedients for evaluating whether loan modifications in response to the COVID-19 pandemic are TDRs. The interagency statement was originally issued on March 22, 2020, but was revised to address the relationship between their original TDR guidance and the guidance in Section 4013 of the CARES Act. To qualify for TDR accounting and disclosure relief under the CARES Act, the applicable loan must not have been more than 30 days past due as of December 31, 2019, and the modification must be executed during the period beginning on March 1, 2020, and ending on the earlier of December 31, 2020, or the date that is 60 days after the termination date of the national emergency declared by the president on March 13, 2020, under the National Emergencies Act related to the outbreak of COVID-19. The CARES Act applies to modifications made as a result of COVID-19, including forbearance agreements, interest rate modifications, repayment plans, and other arrangements to defer or delay payment of principal or interest. The interagency statement does not require the modification to be completed within a certain time period if it is related to COVID-19 and the loan was not more than 30 days past due as of the date of the Company’s implementation of its modification programs. Moreover, the interagency statement applies to short-term modifications including payment deferrals, fee waivers, extensions of repayment terms, or other insignificant payment delays as a result of COVID-19. The Company will apply Section 4013 of the CARES Act and the interagency statement in connection with applicable modifications. For modifications that qualify under either the CARES Act or the interagency statement, TDR accounting and reporting is suspended through the period of the modification; however, the Company will continue to apply its existing non-accrual policies including consideration of the loan's past due status which is determined on the basis of the contractual terms of the loan. Once a loan has been contractually modified, the past due status is generally based on the updated terms including payment deferrals. Future Application of Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU No. 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. As ASU No. 2018-14 only revises disclosure requirements, it will not have a material impact on the Consolidated Financial Statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU No. 2019-12 removes specific exceptions to the general principles in FASB ASC Topic 740. It eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 also improves financial statement preparers’ application of income tax-related guidance and simplifies: (1) franchise taxes that are partially based on income; (2) transactions with a government that result in a step up in the tax basis of goodwill; (3) separate financial statements of legal entities that are not subject to tax; and (4) enacted changes in tax laws in interim periods. The amendments in this ASU become effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements. In January 2020, the FASB issued ASU No. 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)”. ASU No. 2020-01 clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. In addition, this ASU provides direction that a company should not consider whether the underlying securities would be accounted for under the equity method or the fair value option when it is determining the accounting for certain forward contracts and purchased options, upon either settlement or exercise. The amendments in this ASU become effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, and the amendments are to be applied prospectively. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements. In March 2020, the FASB issued ASU No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU No. 2020-04 provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR. For instance, entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. Finally, entities can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. It is anticipated that this ASU will simplify any modifications that are executed between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than extinguishment of the old contract resulting in writing off unamortized fees/costs. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of the January 1, 2020, adoption entry is summarized in the table below: (in thousands) December 31, 2019 Pre-ASC 326 Adoption Impact of Adoption January 1, 2020 Post-ASC 326 Adoption Assets: Loans 9,502,428 — 9,502,428 PCD gross up — 15,326 15,326 Fair value option — (15,291) (15,291) Total loans 9,502,428 35 9,502,463 Allowance for credit losses on loans 63,575 25,434 89,009 Allowance for credit losses on securities — 309 309 Deferred tax assets, net 51,165 8,993 60,158 Liabilities and shareholders' equity: Other liabilities (ACL unfunded loan commitments) 100 7,993 8,093 Retained earnings 361,082 (24,380) 336,702 (In thousands) December 31, 2019 Statement Balance Impact of ASC 326 Adoption January 1, 2020 Post-ASC 326 Adoption Loans: Construction $ 448,452 $ 187 $ 448,639 Commercial multifamily 631,740 252 631,992 Commercial real estate owner occupied 673,308 3,185 676,493 Commercial real estate non-owner occupied 2,189,780 6,540 2,196,320 Commercial and industrial 1,522,059 (13,372) 1,508,687 Commercial and industrial - other 321,624 1,160 322,784 Residential real estate 2,853,385 1,868 2,855,253 Home equity 378,793 10 378,803 Consumer other 483,287 205 483,492 Total $ 9,502,428 $ 35 $ 9,502,463 Allowance: Construction $ 2,713 $ (342) $ 2,371 Commercial multifamily 4,413 (1,842) 2,571 Commercial real estate owner occupied 4,880 6,062 10,942 Commercial real estate non-owner occupied 16,344 11,201 27,545 Commercial and industrial 17,243 (2,696) 14,547 Commercial and industrial - other 2,856 507 3,363 Residential real estate 9,970 6,799 16,769 Home equity 1,470 4,884 6,354 Consumer other 3,686 861 4,547 Total $ 63,575 $ 25,434 $ 89,009 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations | The following is a summary of the assets and liabilities of the discontinued operations of FCLS at September 30, 2020 and December 31, 2019: (In thousands) September 30, 2020 December 31, 2019 Assets Loans held for sale, at fair value $ 1,742 $ 132,655 Premises and equipment, net — 1,073 Other real estate owned 361 — Mortgage servicing rights, at fair value 3,855 12,299 Mortgage banking derivatives — 2,329 Right-of-use asset 1,773 3,462 Other assets 5,235 2,314 Total assets $ 12,966 $ 154,132 Liabilities Customer payments in process $ 11,698 $ 15,372 Lease liability 1,773 3,494 Other liabilities 1,476 7,615 Total liabilities $ 14,947 $ 26,481 The following presents operating results of the discontinued operations of FCLS for the three and nine months ended September 30, 2020 and September 30, 2019: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Interest income $ 23 $ 1,765 $ 1,516 $ 4,627 Interest expense 3 1,030 390 2,676 Net interest income 20 735 1,126 1,951 Non-interest income (286) 15,055 (4,175) 37,114 Total net revenue (266) 15,790 (3,049) 39,065 Non-interest expense 2,211 13,043 18,692 35,090 (Loss)/income from discontinued operations before income taxes (2,477) 2,747 (21,741) 3,975 Income tax (benefit)/expense (659) 790 (5,789) 1,161 Net (loss)/income from discontinued operations $ (1,818) $ 1,957 $ (15,952) $ 2,814 |
SECURITIES AVAILABLE FOR SALE_2
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Securities Available for Sale, Held to Maturity, and Marketable Equity Securities | The following is a summary of securities available for sale, held to maturity, and marketable equity securities: (In thousands) Amortized Cost Gross Gross Fair Value Allowance September 30, 2020 Securities available for sale Municipal bonds and obligations $ 97,463 $ 7,057 $ (13) $ 104,507 $ — Agency collateralized mortgage obligations 722,124 19,469 (124) 741,469 — Agency mortgage-backed securities 322,252 4,202 (437) 326,017 — Agency commercial mortgage-backed securities 263,406 10,304 (102) 273,608 — Corporate bonds 74,357 842 (222) 74,977 — Other bonds and obligations 52,958 1,762 (9) 54,711 — Total securities available for sale 1,532,560 43,636 (907) 1,575,289 — Securities held to maturity Municipal bonds and obligations 242,666 18,401 — 261,067 67 Agency collateralized mortgage obligations 68,124 6,535 — 74,659 — Agency mortgage-backed securities 5,280 208 — 5,488 — Agency commercial mortgage-backed securities 10,305 671 — 10,976 — Tax advantaged economic development bonds 3,527 32 (9) 3,550 29 Other bonds and obligations 295 — — 295 — Total securities held to maturity 330,197 25,847 (9) 356,035 96 Marketable equity securities 34,179 1,480 (3,666) 31,993 — Total $ 1,896,936 $ 70,963 $ (4,582) $ 1,963,317 $ 96 (In thousands) Amortized Cost Gross Gross Fair Value Allowance December 31, 2019 Securities available for sale Municipal bonds and obligations $ 104,325 $ 5,813 $ — $ 110,138 $ — Agency collateralized mortgage obligations 742,550 6,431 (169) 748,812 — Agency mortgage-backed securities 146,589 1,515 (360) 147,744 — Agency commercial mortgage-backed securities 148,066 176 (1,146) 147,096 — Corporate bonds 115,395 1,788 (607) 116,576 — Other bonds and obligations 40,414 780 (5) 41,189 — Total securities available for sale 1,297,339 16,503 (2,287) 1,311,555 — Securities held to maturity Municipal bonds and obligations 252,936 13,095 (5) 266,026 — Agency collateralized mortgage obligations 69,667 2,870 (50) 72,487 — Agency mortgage-backed securities 6,271 29 — 6,300 — Agency commercial mortgage-backed securities 10,353 51 — 10,404 — Tax advantaged economic development bonds 18,456 218 (910) 17,764 — Other bonds and obligations 296 — — 296 — Total securities held to maturity 357,979 16,263 (965) 373,277 — Marketable equity securities 37,138 5,147 (729) 41,556 — Total $ 1,692,456 $ 37,913 $ (3,981) $ 1,726,388 $ — |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the three and nine months ended September 30, 2020: (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at June 30, 2020 (62) (51) (113) Provision for credit losses- reversal (5) 22 17 Balance at September 30, 2020 (67) (29) (96) (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at December 31, 2019 — — — Impact of ASC 326 adoption (83) (226) (309) Provision for credit losses- reversal 16 197 213 Balance at September 30, 2020 (67) (29) (96) |
Schedule of Estimated Fair Value of Available for Sale (“AFS”) and Held to Maturity (“HTM”) Securities Segregated by Contractual Maturity | The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities segregated by contractual maturity at September 30, 2020 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable. Available for sale Held to maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Within 1 year $ 38,196 $ 38,234 $ 2,526 $ 2,528 Over 1 year to 5 years 12,714 12,610 4,006 4,022 Over 5 years to 10 years 75,351 76,403 23,066 23,897 Over 10 years 98,517 106,948 216,890 234,465 Total bonds and obligations 224,778 234,195 246,488 264,912 Mortgage-backed securities 1,307,782 1,341,094 83,709 91,123 Total $ 1,532,560 $ 1,575,289 $ 330,197 $ 356,035 |
Schedule of Securities Available for Sale and Held to Maturity with Unrealized Losses, Segregated by Duration | Securities available for sale and held to maturity with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows: Less Than Twelve Months Over Twelve Months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Losses Value Losses Value Losses Value September 30, 2020 Securities available for sale Municipal bonds and obligations $ 13 $ 3,451 $ — $ — $ 13 $ 3,451 Agency collateralized mortgage obligations 124 44,785 — — 124 44,785 Agency mortgage-backed securities 434 133,536 3 257 437 133,793 Agency commercial mortgage-backed securities 102 22,336 — — 102 22,336 Corporate bonds 222 10,663 — — 222 10,663 Other bonds and obligations — — 9 1,064 9 1,064 Total securities available for sale 895 214,771 12 1,321 907 216,092 Securities held to maturity Tax advantaged economic development bonds 9 1,430 — — 9 1,430 Total securities held to maturity 9 1,430 — — 9 1,430 Total $ 904 $ 216,201 $ 12 $ 1,321 $ 916 $ 217,522 December 31, 2019 Securities available for sale Agency collateralized mortgage obligations 127 52,623 42 6,267 169 58,890 Agency mortgage-backed securities 59 10,640 301 23,404 360 34,044 Agency commercial mortgage-backed securities 1,097 116,324 49 11,250 1,146 127,574 Corporate bonds — — 607 42,823 607 42,823 Other bonds and obligations 4 1,239 1 29 5 1,268 Total securities available for sale 1,287 180,826 1,000 83,773 2,287 264,599 Securities held to maturity Municipal bonds and obligations 5 800 — — 5 800 Agency collateralized mortgage obligations 50 9,778 — — 50 9,778 Tax advantaged economic development bonds — — 910 6,925 910 6,925 Total securities held to maturity 55 10,578 910 6,925 965 17,503 Total $ 1,342 $ 191,404 $ 1,910 $ 90,698 $ 3,252 $ 282,102 |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Credit Loss [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of the January 1, 2020, adoption entry is summarized in the table below: (in thousands) December 31, 2019 Pre-ASC 326 Adoption Impact of Adoption January 1, 2020 Post-ASC 326 Adoption Assets: Loans 9,502,428 — 9,502,428 PCD gross up — 15,326 15,326 Fair value option — (15,291) (15,291) Total loans 9,502,428 35 9,502,463 Allowance for credit losses on loans 63,575 25,434 89,009 Allowance for credit losses on securities — 309 309 Deferred tax assets, net 51,165 8,993 60,158 Liabilities and shareholders' equity: Other liabilities (ACL unfunded loan commitments) 100 7,993 8,093 Retained earnings 361,082 (24,380) 336,702 (In thousands) December 31, 2019 Statement Balance Impact of ASC 326 Adoption January 1, 2020 Post-ASC 326 Adoption Loans: Construction $ 448,452 $ 187 $ 448,639 Commercial multifamily 631,740 252 631,992 Commercial real estate owner occupied 673,308 3,185 676,493 Commercial real estate non-owner occupied 2,189,780 6,540 2,196,320 Commercial and industrial 1,522,059 (13,372) 1,508,687 Commercial and industrial - other 321,624 1,160 322,784 Residential real estate 2,853,385 1,868 2,855,253 Home equity 378,793 10 378,803 Consumer other 483,287 205 483,492 Total $ 9,502,428 $ 35 $ 9,502,463 Allowance: Construction $ 2,713 $ (342) $ 2,371 Commercial multifamily 4,413 (1,842) 2,571 Commercial real estate owner occupied 4,880 6,062 10,942 Commercial real estate non-owner occupied 16,344 11,201 27,545 Commercial and industrial 17,243 (2,696) 14,547 Commercial and industrial - other 2,856 507 3,363 Residential real estate 9,970 6,799 16,769 Home equity 1,470 4,884 6,354 Consumer other 3,686 861 4,547 Total $ 63,575 $ 25,434 $ 89,009 |
Schedule of Loans | The following is a summary of total loans by regulatory call report code with sub-segmentation based on underlying collateral for certain loan types: (In thousands) September 30, 2020 December 31, 2019 Construction $ 490,111 $ 448,452 Commercial multifamily 535,936 631,740 Commercial real estate owner occupied 595,791 673,308 Commercial real estate non-owner occupied 2,258,935 2,189,780 Commercial and industrial 1,819,175 1,522,059 Commercial and industrial - other 311,505 321,624 Residential real estate 2,270,458 2,853,385 Home equity 349,274 378,793 Consumer other 351,151 483,287 Total loans $ 8,982,336 $ 9,502,428 Allowance for credit losses 134,414 63,575 Net loans $ 8,847,922 $ 9,438,853 The following is a summary of total loans as of December 31, 2019: December 31, 2019 (In thousands) Business Acquired Total Commercial real estate: Construction $ 382,014 $ 47,792 $ 429,806 Other commercial real estate 2,414,942 1,189,521 3,604,463 Total commercial real estate 2,796,956 1,237,313 4,034,269 Commercial and industrial loans: 1,442,617 397,891 1,840,508 Total commercial loans 4,239,573 1,635,204 5,874,777 Residential mortgages: 1-4 family 2,143,817 533,536 2,677,353 Construction 4,641 3,478 8,119 Total residential mortgages 2,148,458 537,014 2,685,472 Consumer loans: Home equity 273,867 106,724 380,591 Auto and other 504,599 56,989 561,588 Total consumer loans 778,466 163,713 942,179 Total loans $ 7,166,497 $ 2,335,931 $ 9,502,428 |
Schedule of Allowance for Credit Losses for Loans, Activity | The Company’s activity in the allowance for credit losses for loans for the three and nine months ended September 30, 2020 was as follows: (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Three months ended September 30, 2020 Construction $ 7,779 $ — $ 7,779 $ — $ — $ (1,122) $ 6,657 Commercial multifamily 4,299 — 4,299 — — (518) 3,781 Commercial real estate owner occupied 11,552 — 11,552 (58) 38 (537) 10,995 Commercial real estate non-owner occupied 34,707 — 34,707 — 155 (2,088) 32,774 Commercial and industrial 17,779 — 17,779 (2,358) 161 1,346 16,928 Commercial and industrial - other 5,317 — 5,317 (3,610) 245 1,968 3,920 Residential real estate 39,004 — 39,004 (1,085) 842 1,130 39,891 Home equity 8,021 — 8,021 (88) 36 1,352 9,321 Consumer other 10,936 — 10,936 (577) 102 (314) 10,147 Total allowance for credit losses $ 139,394 $ — $ 139,394 $ (7,776) $ 1,579 $ 1,217 $ 134,414 (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Nine months ended September 30, 2020 Construction $ 2,713 $ (342) $ 2,371 $ — $ — $ 4,286 $ 6,657 Commercial multifamily 4,413 (1,842) 2,571 (50) — 1,260 3,781 Commercial real estate owner occupied 4,880 6,062 10,942 (8,670) 907 7,816 10,995 Commercial real estate non-owner occupied 16,344 11,201 27,545 (135) 290 5,074 32,774 Commercial and industrial 17,243 (2,696) 14,547 (7,480) 3,709 6,152 16,928 Commercial and industrial - other 2,856 507 3,363 (6,773) 316 7,014 3,920 Residential real estate 9,970 6,799 16,769 (2,212) 936 24,398 39,891 Home equity 1,470 4,884 6,354 (322) 136 3,153 9,321 Consumer other 3,686 861 4,547 (1,840) 502 6,938 10,147 Total allowance for credit losses $ 63,575 $ 25,434 $ 89,009 $ (27,482) $ 6,796 $ 66,091 $ 134,414 |
Schedule of Allowance for Credit Losses on Unfunded Loan Commitments, Activity | The Company’s activity in the allowance for credit losses on unfunded commitments for the three and nine months ended September 30, 2020 was as follows: (In thousands) Total Balance at June 30, 2020 $ 8,593 Expense for credit losses — Balance at September 30, 2020 $ 8,593 (In thousands) Total Balance at December 31, 2019 $ 100 Impact of adopting ASC 326 7,993 Sub-Total 8,093 Expense for credit losses 500 Balance at September 30, 2020 $ 8,593 |
Schedule of Loans by Risk Rating | The following table presents the Company’s loans by risk category: Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of September 30, 2020 Construction Risk rating Pass $ 35,430 $ 241,497 $ 155,695 $ 29,807 $ 17,600 $ 3,115 $ 933 $ — $ 484,077 Special Mention — — — — — — — — — Substandard — — 2,034 4,000 — — — — 6,034 Total $ 35,430 $ 241,497 $ 157,729 $ 33,807 $ 17,600 $ 3,115 $ 933 $ — $ 490,111 Commercial multifamily: Risk rating Pass $ 28,876 $ 56,630 $ 79,397 $ 72,790 $ 89,041 $ 185,276 $ 29 $ — $ 512,039 Special Mention — — — 13,595 — — — — 13,595 Substandard — — — — 47 10,108 147 — 10,302 Total $ 28,876 $ 56,630 $ 79,397 $ 86,385 $ 89,088 $ 195,384 $ 176 $ — $ 535,936 Commercial real estate owner occupied: Risk rating Pass $ 44,304 $ 90,869 $ 112,768 $ 71,574 $ 38,231 $ 205,814 $ 3,461 $ — $ 567,021 Special Mention — 2,123 1,815 — — 2,001 — — 5,939 Substandard — — 5,638 1,622 1,704 13,867 — — 22,831 Total $ 44,304 $ 92,992 $ 120,221 $ 73,196 $ 39,935 $ 221,682 $ 3,461 $ — $ 595,791 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Commercial real estate non-owner occupied: Risk rating Pass $ 133,231 $ 291,079 $ 469,033 $ 250,093 $ 314,902 $ 583,861 $ 16,967 $ — $ 2,059,166 Special Mention — 295 3,094 17,254 12,901 68,838 495 — 102,877 Substandard 7,804 6,844 3,817 11,368 2,950 63,914 195 — 96,892 Total $ 141,035 $ 298,218 $ 475,944 $ 278,715 $ 330,753 $ 716,613 $ 17,657 $ — $ 2,258,935 Commercial and industrial: Risk rating Pass $ 755,987 $ 96,675 $ 189,565 $ 121,633 $ 47,911 $ 150,299 $ 401,356 $ — $ 1,763,426 Special Mention — 1,507 5,950 693 604 — 20,614 — 29,368 Substandard 1,354 275 6,354 1,661 1,965 5,848 8,522 — 25,979 Doubtful — — — — — — 402 — 402 Total $ 757,341 $ 98,457 $ 201,869 $ 123,987 $ 50,480 $ 156,147 $ 430,894 $ — $ 1,819,175 Commercial and industrial - other: Risk rating Pass $ 34,814 $ 78,318 $ 78,149 $ 33,573 $ 7,717 $ 14,585 $ 4,614 $ — $ 251,770 Special Mention 933 1,100 1,944 741 497 64 — — 5,279 Substandard 2,543 29,372 12,006 4,542 3,286 307 2,400 — 54,456 Doubtful — — — — — — — — — Total $ 38,290 $ 108,790 $ 92,099 $ 38,856 $ 11,500 $ 14,956 $ 7,014 $ — $ 311,505 Residential real estate Risk rating Pass $ 133,186 $ 163,232 $ 373,222 $ 399,237 $ 391,953 $ 794,072 $ 3,260 $ — $ 2,258,162 Special Mention 39 — — — — 468 38 — 545 Substandard — 97 539 1,162 429 9,515 9 — 11,751 Total $ 133,225 $ 163,329 $ 373,761 $ 400,399 $ 392,382 $ 804,055 $ 3,307 $ — $ 2,270,458 For home equity and consumer other loan portfolio segments, Berkshire evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an ongoing basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost based on payment activity: Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of September 30, 2020 Home equity: Payment performance Performing $ 2,191 $ 1,995 $ 432 $ 1,990 $ 515 $ 1,954 $ 336,569 $ — $ 345,646 Nonperforming — — 2 — — — 3,626 — 3,628 Total $ 2,191 $ 1,995 $ 434 $ 1,990 $ 515 $ 1,954 $ 340,195 $ — $ 349,274 Consumer other: Payment performance Performing $ 11,381 $ 39,877 $ 121,304 $ 80,701 $ 43,513 $ 37,256 $ 11,464 $ — $ 345,496 Nonperforming 34 404 1,563 1,480 1,698 447 29 — 5,655 Total $ 11,415 $ 40,281 $ 122,867 $ 82,181 $ 45,211 $ 37,703 $ 11,493 $ — $ 351,151 Business Activities Loans Commercial Real Estate Credit Risk Profile by Creditworthiness Category December 31, 2019 (In thousands) Construction Real Estate Total Commercial Real Estate Grade: Pass $ 382,014 $ 2,354,375 $ 2,736,389 Special mention — 12,167 12,167 Substandard — 48,400 48,400 Total $ 382,014 $ 2,414,942 $ 2,796,956 Commercial and Industrial Loans Credit Risk Profile by Creditworthiness Category December 31, 2019 (In thousands) Total Commercial and Industrial Loans Grade: Pass $ 1,366,342 Special mention 50,072 Substandard 24,112 Doubtful 2,091 Total $ 1,442,617 Residential Mortgages Credit Risk Profile by Internally Assigned Grade December 31, 2019 (In thousands) 1-4 Family Construction Total Residential Mortgages Grade: Pass $ 2,139,753 $ 4,641 $ 2,144,394 Special mention 714 — 714 Substandard 3,350 — 3,350 Total $ 2,143,817 $ 4,641 $ 2,148,458 Consumer Loans Credit Risk Profile Based on Payment Activity December 31, 2019 (In thousands) Home Equity Auto and Other Total Consumer Loans Performing $ 272,772 $ 501,871 $ 774,643 Nonperforming 1,095 2,728 3,823 Total $ 273,867 $ 504,599 $ 778,466 Acquired Loans Commercial Real Estate Credit Risk Profile by Creditworthiness Category December 31, 2019 (In thousands) Construction Real Estate Total Commercial Real Estate Grade: Pass $ 46,396 $ 1,130,333 $ 1,176,729 Special mention — 5,993 5,993 Substandard 1,396 53,195 54,591 Total $ 47,792 $ 1,189,521 $ 1,237,313 Commercial and Industrial Loans Credit Risk Profile by Creditworthiness Category December 31, 2019 (In thousands) Total Commercial and Industrial Loans Grade: Pass $ 373,744 Special mention 4,404 Substandard 19,743 Total $ 397,891 Residential Mortgages Credit Risk Profile by Internally Assigned Grade December 31, 2019 (In thousands) 1-4 Family Construction Total Residential Mortgages Grade: Pass $ 528,282 $ 3,478 $ 531,760 Special mention 592 — 592 Substandard 4,662 — 4,662 Total $ 533,536 $ 3,478 $ 537,014 Consumer Loans Credit Risk Profile Based on Payment Activity December 31, 2019 (In thousands) Home Equity Auto and Other Total Consumer Loans Performing $ 106,007 $ 56,724 $ 162,731 Nonperforming 717 265 982 Total $ 106,724 $ 56,989 $ 163,713 |
Summary of Past Due Loans | The following is a summary of loans by past due status at September 30, 2020: (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans September 30, 2020 Construction $ 50 $ 46 $ 2,034 $ 2,130 $ 487,981 $ 490,111 Commercial multifamily 278 3,584 1,047 4,909 531,027 535,936 Commercial real estate owner occupied 896 948 8,470 10,314 585,477 595,791 Commercial real estate non-owner occupied 1,377 2,826 10,412 14,615 2,244,320 2,258,935 Commercial and industrial 3,832 2,592 13,743 20,167 1,799,008 1,819,175 Commercial and industrial - other 766 232 3,969 4,967 306,538 311,505 Residential real estate 4,080 999 10,865 15,944 2,254,514 2,270,458 Home equity 598 181 4,022 4,801 344,473 349,274 Consumer other 3,437 904 5,704 10,045 341,106 351,151 Total $ 15,314 $ 12,312 $ 60,266 $ 87,892 $ 8,894,444 $ 8,982,336 The following is a summary of past due loans at December 31, 2019: Business Activities Loans (in thousands) 30-59 Days 60-89 Days >90 Days Past Due Total Past Current Total Loans Past Due > December 31, 2019 Commercial real estate: Construction $ — $ — $ — $ — $ 382,014 $ 382,014 $ — Commercial real estate 423 89 15,623 16,135 2,398,807 2,414,942 — Total 423 89 15,623 16,135 2,780,821 2,796,956 — Commercial and industrial loans Total 2,841 2,033 10,662 15,536 1,427,081 1,442,617 122 Residential mortgages: 1-4 family 1,669 714 3,350 5,733 2,138,084 2,143,817 800 Construction — — — — 4,641 4,641 — Total 1,669 714 3,350 5,733 2,142,725 2,148,458 800 Consumer loans: Home equity 149 — 1,147 1,296 272,571 273,867 52 Auto and other 4,709 990 2,729 8,428 496,171 504,599 1 Total 4,858 990 3,876 9,724 768,742 778,466 53 Total $ 9,791 $ 3,826 $ 33,511 $ 47,128 $ 7,119,369 $ 7,166,497 $ 975 Acquired Loans (in thousands) 30-59 Days 60-89 Days >90 Days Past Due Total Past Acquired Total Loans Past Due > December 31, 2019 Commercial real estate: Construction $ — $ — $ — $ — $ 1,396 $ 47,792 $ — Commercial real estate 3,907 245 10,247 14,399 21,639 1,189,521 5,751 Total 3,907 245 10,247 14,399 23,035 1,237,313 5,751 Commercial and industrial loans Total 888 299 1,275 2,462 26,718 397,891 442 Residential mortgages: 1-4 family 745 491 932 2,168 10,840 533,536 139 Construction — — — — — 3,478 — Total 745 491 932 2,168 10,840 537,014 139 Consumer loans: Home equity 346 222 789 1,357 540 106,724 72 Auto and other 120 22 265 407 286 56,989 — Total 466 244 1,054 1,764 826 163,713 72 Total $ 6,006 $ 1,279 $ 13,508 $ 20,793 $ 61,419 $ 2,335,931 $ 6,404 |
Summary of Loans on Nonaccrual Status and Loans Past Due | The following is a summary of loans on nonaccrual status and loans past due 90 days or more and still accruing as of September 30, 2020: January 1, 2020 June 30, 2020 September 30, 2020 (In thousands) Nonaccrual Amortized Cost Nonaccrual Amortized Cost Nonaccrual Amortized Cost Nonaccrual With No Related Allowance Past Due 90 Days or Greater and Accruing Interest Income Recognized on Nonaccrual Construction $ — $ — $ 2,034 $ 2,034 $ — $ — Commercial multifamily 811 753 884 598 163 — Commercial real estate owner occupied 15,389 6,513 8,291 2,429 179 — Commercial real estate non-owner occupied 1,031 2,372 3,074 2,170 7,338 — Commercial and industrial 5,465 8,103 10,300 3,869 3,443 — Commercial and industrial - other 5,753 6,173 3,969 2,959 — — Residential real estate 6,411 13,997 9,555 5,876 1,310 — Home equity 1,798 2,405 3,628 490 394 — Consumer other 2,982 4,568 5,655 49 49 — Total $ 39,640 $ 44,884 $ 47,390 $ 20,474 $ 12,876 $ — The following is summary information pertaining to non-accrual loans at December 31, 2019: December 31, 2019 (In thousands) Business Activities Acquired Loans Total Commercial real estate: Construction $ — $ — $ — Other commercial real estate 15,623 4,496 20,119 Total 15,623 4,496 20,119 Commercial and industrial loans: Total 10,540 833 11,373 Residential mortgages: 1-4 family 2,550 793 3,343 Construction — — — Total 2,550 793 3,343 Consumer loans: Home equity 1,095 717 1,812 Auto and other 2,728 265 2,993 Total 3,823 982 4,805 Total non-accrual loans $ 32,536 $ 7,104 $ 39,640 |
Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of individually analyzed collateral-dependent loans by loan portfolio segment: Type of Collateral (In thousands) Real Estate Investment Securities/Cash Other September 30, 2020 Construction $ 2,389 $ — $ — Commercial multifamily 598 — — Commercial real estate owner occupied 8,956 — — Commercial real estate non-owner occupied 3,819 — — Commercial and industrial 2,506 59 245 Commercial and industrial - other — — 2,958 Residential real estate 5,290 — — Home equity 272 — — Consumer other 26 — — Total loans $ 23,856 $ 59 $ 3,203 |
Schedule of Troubled Debt Restructurings, Activity | The following table presents activity in TDRs for the three and nine months ended September 30, 2020: (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Three months ended September 30, 2020 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 779 (12) — — — 767 Commercial real estate owner occupied 2,919 (19) — — 18 2,918 Commercial real estate non-owner occupied 11,166 — — 1,241 194 12,601 Commercial and industrial 1,080 (12) — (2) — 1,066 Commercial and industrial - other 1,483 (115) — (56) 399 1,711 Residential real estate 1,968 (57) — — — 1,911 Home equity 275 (3) — (72) — 200 Consumer other 43 (3) — — — 40 Total $ 19,713 $ (221) $ — $ 1,111 $ 611 $ 21,214 (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Nine months ended September 30, 2020 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 793 (26) — — — 767 Commercial real estate owner occupied 13,331 (5,721) — (4,710) 18 2,918 Commercial real estate non-owner occupied 1,373 — — 1,241 9,987 12,601 Commercial and industrial 1,109 (41) — (2) — 1,066 Commercial and industrial - other 340 (157) — (58) 1,586 1,711 Residential real estate 2,045 (134) — — — 1,911 Home equity 277 (5) — (72) — 200 Consumer other 48 (8) — — — 40 Total $ 19,316 $ (6,092) $ — $ (3,601) $ 11,591 $ 21,214 The modifications for the three and nine months ended September 30, 2019 were attributable to interest rate concessions, maturity date extensions, modified payment terms, reamortization, and accelerated maturity. Modifications by Class Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial real estate — $ — $ — Commercial and industrial loans — — — Residential mortgages - 1-4 family 2 65 65 2 $ 65 $ 65 Modifications by Class Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial real estate 2 $ 145 $ 145 Commercial and industrial loans 3 475 472 Residential mortgages - 1-4 family 2 65 65 7 $ 685 $ 682 The following table presents the Company’s TDR activity for the three and nine months ended September 30, 2019: (In thousands) Three Months Ended September 30, 2019 Balance at beginning of year $ 25,089 Principal payments (3,876) TDR status change (1) — Other reductions (2) (1,548) Newly identified TDRs 65 Balance at end of year $ 19,730 (In thousands) Nine Months Ended September 30, 2019 Balance at beginning of year $ 27,415 Principal payments (5,664) TDR status change (1) — Other reductions (2) (2,703) Newly identified TDRs 682 Balance at end of year $ 19,730 _____________________ (1) TDR status change classification represents TDR loans with a specified interest rate equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk and the loan was on current payment status and not impaired based on the terms specified by the restructuring agreement. (2) Other reductions classification consists of transfer to other real estate owned, charge-offs to loans, and other loan sale payoffs. |
Schedule of Loans Modified as TDRs | The following table presents loans modified as TDRs that occurred during the three and nine months ended September 30, 2020 and 2019: (dollars in thousands) Total Three months ended September 30, 2020 TDR: Number of loans 10 Pre-modification outstanding recorded investment $ 611 Post-modification outstanding recorded investment $ 611 Three months ended September 30, 2019 TDR: Number of loans 2 Pre-modification outstanding recorded investment $ 65 Post-modification outstanding recorded investment $ 65 (dollars in thousands) Total Nine months ended September 30, 2020 TDR: Number of loans 15 Pre-modification outstanding recorded investment $ 11,591 Post-modification outstanding recorded investment $ 11,591 Nine months ended September 30, 2019 TDR: Number of loans 7 Pre-modification outstanding recorded investment $ 685 Post-modification outstanding recorded investment $ 682 |
Schedule of Unamortized Net Costs and Premiums on Accounts Notes Loans and Financing Receivable | Total unamortized net costs and premiums included in the December 31, 2019 total loans for business activity loans were the following: (In thousands) December 31, 2019 Unamortized net loan origination costs $ 13,259 Unamortized net premium on purchased loans 2,643 Total unamortized net costs and premiums $ 15,902 |
Schedule of Activity in the Allowance for Loan Losses | Activity in the allowance for loan losses for the three and nine months ended September 30, 2019 was as follows: At or for the three months ended September 30, 2019 Business Activities Loans Commercial Commercial and Residential Consumer Total Balance at beginning of period $ 22,408 $ 18,849 $ 8,834 $ 5,341 $ 55,432 Charged-off loans 3,061 19,315 95 760 23,231 Recoveries on charged-off loans 286 469 — 53 808 Provision/(releases) for loan losses 3,815 18,929 23 420 23,187 Balance at end of period $ 23,448 $ 18,932 $ 8,762 $ 5,054 $ 56,196 At or for the nine months ended September 30, 2019 Business Activities Loans Commercial Commercial and Residential Consumer Total Balance at beginning of period $ 21,732 $ 16,504 $ 10,535 $ 7,368 $ 56,139 Charged-off loans 5,019 22,171 343 2,536 30,069 Recoveries on charged-off loans 561 895 58 186 1,700 Provision/(releases) for loan losses 6,174 23,704 (1,488) 36 28,426 Balance at end of period $ 23,448 $ 18,932 $ 8,762 $ 5,054 $ 56,196 At or for the three months ended September 30, 2019 Acquired Loans Commercial Commercial and Residential Consumer Total Balance at beginning of period $ 4,562 $ 870 $ 882 $ 410 $ 6,724 Charged-off loans 20 89 97 87 293 Recoveries on charged-off loans 36 85 52 17 190 Provision/(releases) for loan losses (648) 20 7 34 (587) Balance at end of period $ 3,930 $ 886 $ 844 $ 374 $ 6,034 At or for the nine months ended September 30, 2019 Acquired Loans Commercial Commercial and Residential Consumer Total Balance at beginning of period $ 3,153 $ 1,064 $ 630 $ 483 $ 5,330 Charged-off loans 824 460 201 515 2,000 Recoveries on charged-off loans 536 311 112 103 1,062 Provision/(releases) for loan losses 1,065 (29) 303 303 1,642 Balance at end of period $ 3,930 $ 886 $ 844 $ 374 $ 6,034 |
Schedule of Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Accretable Yield Movement | The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality : (In thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Balance at beginning of period $ 5,420 $ 2,840 Acquisitions — 4,200 Accretion (2,872) (6,470) Net reclassification from nonaccretable difference 2,066 4,195 Payments received, net (196) (356) Reclassification to TDR — 9 Balance at end of period $ 4,418 $ 4,418 |
Schedule of Loans Evaluated for Impairment | Loans evaluated for impairment as of December 31, 2019 were as follows: Business Activities Loans (In thousands) Commercial Commercial Residential Consumer Total Loans receivable: Balance at end of year Individually evaluated for impairment $ 19,192 $ 9,167 $ 3,019 $ 630 $ 32,008 Collectively evaluated 2,777,764 1,433,450 2,145,439 777,836 7,134,489 Total $ 2,796,956 $ 1,442,617 $ 2,148,458 $ 778,466 $ 7,166,497 Acquired Loans (In thousands) Commercial Commercial Residential Consumer Total Loans receivable: Balance at end of year Individually evaluated for impairment $ 4,241 $ 464 $ 372 $ 575 $ 5,652 Purchased credit-impaired loans 23,035 26,718 10,840 826 61,419 Collectively evaluated 1,210,037 370,709 525,802 162,312 2,268,860 Total $ 1,237,313 $ 397,891 $ 537,014 $ 163,713 $ 2,335,931 |
Impaired Financing Receivables | The following is a summary of impaired loans at December 31, 2019: Business Activities Loans December 31, 2019 (In thousands) Recorded Investment (1) Unpaid Principal Related Allowance With no related allowance: Other commercial real estate loans $ 18,676 $ 37,493 $ — Commercial and industrial loans 4,805 10,104 — Residential mortgages - 1-4 family 433 699 — Consumer - home equity 32 238 — Consumer - other — — — With an allowance recorded: Other commercial real estate loans $ 550 $ 1,411 $ 20 Commercial and industrial loans 4,166 12,136 122 Residential mortgages - 1-4 family 2,615 2,924 109 Consumer - home equity 594 614 42 Consumer - other 8 8 1 Total Commercial real estate $ 19,226 $ 38,904 $ 20 Commercial and industrial loans 8,971 22,240 122 Residential mortgages 3,048 3,623 109 Consumer 634 860 43 Total impaired loans $ 31,879 $ 65,627 $ 294 (1) The Recorded Investment represents the face amount of the loan increased or decreased by applicable accrued interest, net deferred loan fees and costs, and unamortized premium or discount, and reflects direct charge-offs. This amount is a component of total loans on the Consolidated Balance Sheet. (2) The Unpaid Principal Balance represents the customer's legal obligation to the Company. Acquired Loans December 31, 2019 (In thousands) Recorded Investment (1) Unpaid Principal Related Allowance With no related allowance: Other commercial real estate loans $ 3,200 $ 6,021 $ — Other commercial and industrial loans 437 532 — Residential mortgages - 1-4 family 292 293 — Consumer - home equity 416 844 — Consumer - other — — — With an allowance recorded: Other commercial real estate loans $ 1,033 $ 1,050 $ 97 Commercial and industrial loans 28 30 1 Residential mortgages - 1-4 family 84 110 8 Consumer - home equity 121 123 6 Consumer - other 39 37 6 Total Commercial real estate $ 4,233 $ 7,071 $ 97 Commercial and industrial loans 465 562 1 Residential mortgages 376 403 8 Consumer 576 1,004 12 Total impaired loans $ 5,650 $ 9,040 $ 118 (1) The Recorded Investment represents the face amount of the loan increased or decreased by applicable accrued interest, net deferred loan fees and costs, and unamortized premium or discount, and reflects direct charge-offs. This amount is a component of total loans on the Consolidated Balance Sheet. |
Impaired Financing Receivables Average Balances and Related Interest Income Recognized | The following is a summary of the average recorded investment and interest income recognized on impaired loans as of December 31, 2019: Business Activities Loans December 31, 2019 (in thousands) Average Recorded Cash Basis Interest With no related allowance: Other commercial real estate $ 19,805 $ 586 Other commercial and industrial 3,165 523 Residential mortgages - 1-4 family 185 17 Consumer-home equity 148 3 Consumer-other — — With an allowance recorded: Other commercial real estate $ 374 $ 107 Other commercial and industrial 2,533 793 Residential mortgages - 1-4 family 2,427 150 Consumer-home equity 349 32 Consumer - other 11 1 Total Commercial real estate $ 20,179 $ 693 Commercial and industrial 5,698 1,316 Residential mortgages 2,612 167 Consumer loans 508 36 Total impaired loans $ 28,997 $ 2,212 Acquired Loans December 31, 2019 (in thousands) Average Recorded Cash Basis Interest With no related allowance: Other commercial real estate $ 1,603 $ 117 Other commercial and industrial 441 51 Residential mortgages - 1-4 family 241 11 Consumer - home equity 475 23 Consumer - other — — With an allowance recorded: Other commercial real estate $ 1,005 $ 59 Other commercial and industrial 29 2 Residential mortgages - 1-4 family 88 7 Consumer - home equity 68 6 Consumer - other 41 2 Total Commercial real estate $ 2,608 $ 176 Commercial and industrial 470 53 Residential mortgages 329 18 Consumer loans 584 31 Total impaired loans $ 3,991 $ 278 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Deposits [Abstract] | |
Summary of Time Deposits | A summary of time deposits is as follows: (In thousands) September 30, December 31, Time less than $100,000 $ 780,654 $ 905,190 Time $100,000 through $250,000 1,504,455 2,027,717 Time more than $250,000 604,984 656,462 Total time deposits $ 2,890,093 $ 3,589,369 |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds | Borrowed funds at September 30, 2020 and December 31, 2019 are summarized, as follows: September 30, 2020 December 31, 2019 Weighted Weighted Average Average (Dollars in thousands) Principal Rate Principal Rate Short-term borrowings: Advances from the FHLB $ 110,000 1.16 % $ 125,000 2.06 % Total short-term borrowings: 110,000 1.16 125,000 2.06 Long-term borrowings: Advances from the FHLB and other borrowings 494,859 1.90 605,501 2.16 Paycheck Protection Program Liquidity Facility ("PPPLF") 624 0.35 — — Subordinated borrowings 74,366 7.00 74,232 7.00 Junior subordinated borrowing - Trust I 15,464 2.11 15,464 3.76 Junior subordinated borrowing - Trust II 7,393 1.95 7,353 3.59 Total long-term borrowings: 592,706 2.55 702,550 2.72 Total $ 702,706 2.33 % $ 827,550 2.62 % |
Summary of Maturities of FHLBB Advances | A summary of maturities of FHLB advances as of September 30, 2020 is as follows: September 30, 2020 Weighted Average (In thousands, except rates) Principal Rate Fixed rate advances maturing: 2020 $ 129,994 1.57 % 2021 395,476 1.80 2022 58,706 1.92 2023 11,170 2.19 2023 and beyond 9,513 1.61 Total FHLB advances $ 604,859 1.77 % |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities | Information about derivative assets and liabilities at September 30, 2020, follows: Weighted Weighted Average Rate Estimated Notional Average Contract Fair Value Amount Maturity Received pay rate Asset (Liability) (In thousands) (In years) (In thousands) Economic hedges: Interest rate swap on tax advantaged economic development bond $ 8,843 9.2 0.52 % 5.09 % $ (1,933) Interest rate swaps on loans with commercial loan customers 1,713,149 6.0 4.28 % 1.93 % 177,731 Offsetting interest rate swaps on loans with commercial loan customers (1) 1,713,149 6.0 1.93 % 4.28 % (72,386) Risk participation agreements with dealer banks 315,936 7.0 660 Forward sale commitments (2) 17,594 0.2 397 Total economic hedges 3,768,671 104,469 Non-hedging derivatives: Commitments to lend (2) 75,090 0.2 1,498 Total non-hedging derivatives 75,090 1,498 Total $ 3,843,761 $ 105,967 (1) Fair value estimates include the impact of $109 million settled to market contract agreements. (2) Includes the impact of discontinued operations. Information about derivative assets and liabilities at December 31, 2019, follows: Weighted Weighted Average Rate Estimated Notional Average Contract Fair Value Amount Maturity Received pay rate Asset (Liability) (In thousands) (In years) (In thousands) Economic hedges: Interest rate swap on tax advantaged economic development bond $ 9,390 9.9 2.08 % 5.09 % $ (1,488) Interest rate swaps on loans with commercial loan customers 1,669,895 6.4 4.38 % 3.28 % 75,326 Offsetting interest rate swaps on loans with commercial loan customers 1,669,895 6.4 3.28 % 4.38 % (77,051) Risk participation agreements with dealer banks 315,140 7.5 320 Forward sale commitments (1) 237,412 0.2 (227) Total economic hedges 3,901,732 (3,120) Non-hedging derivatives: Commitments to lend (1) 168,997 0.2 2,628 Total non-hedging derivatives 168,997 2,628 Total $ 4,070,729 $ (492) |
Schedule of Amounts Included in the Consolidated Statements of Income Related to Economic Hedges and Non-Hedging Derivatives | Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Economic hedges Interest rate swap on industrial revenue bond: Unrealized gain/(loss) recognized in other non-interest income $ 106 $ (120) $ (444) $ (463) Interest rate swaps on loans with commercial loan customers: Unrealized (loss)/gain recognized in other non-interest income (10,219) 26,975 104,434 91,931 Favorable/(unfavorable) change in credit valuation adjustment recognized in other non-interest income 406 (872) (2,029) (2,156) Offsetting interest rate swaps on loans with commercial loan customers: Unrealized gain/(loss) recognized in other non-interest income 10,219 (26,975) (104,434) (91,931) Risk participation agreements: Unrealized (loss)/gain recognized in other non-interest income (26) 68 339 174 Forward commitments: Unrealized (loss)/gain recognized in discontinued operations (50) 1,090 624 680 Realized gain/(loss) in discontinued operations 48 (3,343) (8,283) (9,142) Non-hedging derivatives Commitments to lend Unrealized gain/(loss) recognized in discontinued operations $ 349 $ (1,921) $ (1,130) $ 3,157 Realized gain in discontinued operations 1,563 20,476 14,532 48,189 |
Schedule of Assets Subject to an Enforceable Master Netting Arrangement | Offsetting of Financial Assets and Derivative Assets Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount September 30, 2020 Interest Rate Swap Agreements: Institutional counterparties $ 1,199 $ (92) $ 1,107 $ — $ — $ 1,107 Commercial counterparties 177,731 — 177,731 — — 177,731 Total $ 178,930 $ (92) $ 178,838 $ — $ — $ 178,838 Offsetting of Financial Assets and Derivative Assets Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount December 31, 2019 Interest Rate Swap Agreements: Institutional counterparties $ 640 $ (54) $ 586 $ — $ — $ 586 Commercial counterparties 76,428 (22) 76,406 — — 76,406 Total $ 77,068 $ (76) $ 76,992 $ — $ — $ 76,992 |
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement | Offsetting of Financial Liabilities and Derivative Liabilities Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount September 30, 2020 Interest Rate Swap Agreements: Institutional counterparties $ (184,018) $ 109,253 $ (74,765) $ 38,893 $ 77,075 $ 41,203 Commercial counterparties — — — — — — Total $ (184,018) $ 109,253 $ (74,765) $ 38,893 $ 77,075 $ 41,203 Offsetting of Financial Liabilities and Derivative Liabilities Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount December 31, 2019 Interest Rate Swap Agreements: Institutional counterparties $ (80,024) $ 1,219 $ (78,805) $ 25,828 $ 96,310 $ 43,333 Commercial counterparties (1,080) — (1,080) — — (1,080) Total $ (81,104) $ 1,219 $ (79,885) $ 25,828 $ 96,310 $ 42,253 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of ROU Assets and Lease Liabilities | The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities: (In thousands) September 30, 2020 December 31, 2019 Lease Right-of-Use Assets Classification Operating lease right-of-use assets (1) Other assets $ 71,937 $ 76,332 Finance lease right-of-use assets Premises and equipment, net 7,328 7,720 Total Lease Right-of-Use Assets $ 79,265 $ 84,052 Lease Liabilities Operating lease liabilities (2) Other liabilities $ 76,185 $ 80,734 Finance lease liabilities Other liabilities 10,510 10,883 Total Lease Liabilities $ 86,695 $ 91,617 (1) Includes operating lease right-of-use assets classified as discontinued operations of $1.8 million and $3.5 million as of September 30, 2020 and December 31, 2019, respectively. (2) Includes operating lease liabilities classified as discontinued operations of $1.8 million and $3.5 million as of September 30, 2020 and December 31, 2019, respectively. |
Supplemental Information Related to Leases | Supplemental information related to leases was as follows: September 30, 2020 December 31, 2019 Weighted-Average Remaining Lease Term (in years) Operating leases 9.9 10.3 Finance leases 14.1 14.8 Weighted-Average Discount Rate Operating leases 3.02 % 3.36 % Finance leases 5.00 % 5.00 % |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Three Months Ended (In thousands) September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 2,441 $ 3,829 Operating cash flows from finance leases 133 159 Financing cash flows from finance leases 125 119 (1) Includes operating cash flows from operating leases related to discontinued operations of $0.2 million and $0.7 million at September 30, 2020 and September 30, 2019 respectively. Nine Months Ended (In thousands) September 30, 2020 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 10,461 $ 10,984 Operating cash flows from finance leases 399 478 Financing cash flows from finance leases 374 315 (1) Includes operating cash flows from operating leases related to discontinued operations of $0.9 million and $2.2 million at September 30, 2020 and September 30, 2019 respectively. |
Schedule of Maturity Analysis of Operating Lease Liability | The following table presents a maturity analysis of the Company’s lease liability by lease classification at September 30, 2020: (In thousands) Operating Leases Finance Leases 2020 $ 3,396 $ 250 2021 12,826 1,031 2022 11,671 1,031 2023 9,738 1,037 2024 8,345 1,037 Thereafter 42,438 10,260 Total undiscounted lease payments (1) 88,414 14,646 Less amounts representing interest (1) (12,229) (4,136) Lease liability (1) $ 76,185 $ 10,510 |
Schedule of Maturity Analysis of Finance Lease Liability | The following table presents a maturity analysis of the Company’s lease liability by lease classification at September 30, 2020: (In thousands) Operating Leases Finance Leases 2020 $ 3,396 $ 250 2021 12,826 1,031 2022 11,671 1,031 2023 9,738 1,037 2024 8,345 1,037 Thereafter 42,438 10,260 Total undiscounted lease payments (1) 88,414 14,646 Less amounts representing interest (1) (12,229) (4,136) Lease liability (1) $ 76,185 $ 10,510 |
CAPITAL RATIOS AND SHAREHOLDE_2
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Actual and Required Capital Ratios | The actual and required capital ratios were as follows: September 30, Regulatory December 31, Regulatory Company (consolidated) Total capital to risk weighted assets 15.4 % N/A 13.7 % N/A Common equity tier 1 capital to risk weighted assets 13.2 N/A 12.1 N/A Tier 1 capital to risk weighted assets 13.4 N/A 12.3 N/A Tier 1 capital to average assets 9.2 N/A 9.3 N/A Bank Total capital to risk weighted assets 14.3 % 10.0 % 12.8 % 10.0 % Common equity tier 1 capital to risk weighted assets 13.2 6.5 12.2 6.5 Tier 1 capital to risk weighted assets 13.2 8.0 12.2 8.0 Tier 1 capital to average assets 9.0 5.0 9.1 5.0 |
Schedule of Components of Accumulated Other Comprehensive Income | Components of accumulated other comprehensive income is as follows: (In thousands) September 30, December 31, Other accumulated comprehensive income, before tax: Net unrealized holding gain on AFS securities $ 46,792 $ 19,263 Net unrealized holding (loss) on pension plans (3,023) (3,023) Income taxes related to items of accumulated other comprehensive income: Net unrealized tax (expense) on AFS securities (12,155) (5,059) Net unrealized tax benefit on pension plans 812 812 Accumulated other comprehensive income $ 32,426 $ 11,993 |
Schedule of Components of Other Comprehensive Income | The following table presents the components of other comprehensive income for the three and nine months ended September 30, 2020 and 2019: (In thousands) Before Tax Tax Effect Net of Tax Three Months Ended September 30 , 2020 Net unrealized holding gain on AFS securities: x Net unrealized gains arising during the period $ (1,079) $ 270 $ (809) Less: reclassification adjustment for gains realized in net income 6 (2) 4 Net unrealized holding gain on AFS securities (1,085) 272 (813) Other comprehensive income $ (1,085) $ 272 $ (813) Three Months Ended September 30 , 2019 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 6,159 $ (1,576) $ 4,583 Less: reclassification adjustment for (losses) realized in net income 5 (1) 4 Net unrealized holding gain on AFS securities 6,154 (1,575) 4,579 Other comprehensive income $ 6,154 $ (1,575) $ 4,579 (In thousands) Before Tax Tax Effect Net of Tax Nine Months Ended September 30, 2020 Net unrealized holding gain on AFS securities: x Net unrealized gains arising during the period $ 27,534 $ (7,097) $ 20,437 Less: reclassification adjustment for (losses) realized in net income 5 (1) 4 Net unrealized holding gain on AFS securities 27,529 (7,096) 20,433 Other comprehensive income $ 27,529 $ (7,096) $ 20,433 Nine Months Ended September 30, 2019 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 39,486 $ (10,129) $ 29,357 Less: reclassification adjustment for gains realized in net income 9 (2) 7 Net unrealized holding gain on AFS securities 39,477 (10,127) 29,350 Other comprehensive income $ 39,477 $ (10,127) $ 29,350 |
Schedule of Gross Changes in Each Component of Accumulated Other Comprehensive Income | The following table presents the changes in each component of accumulated other comprehensive income, for the three and nine ended September 30, 2020 and 2019: (In thousands) Net unrealized Net unrealized Total Three Months Ended September 30, 2020 Balance at Beginning of Period $ 35,450 $ (2,211) $ 33,239 Other comprehensive income before reclassifications (809) — (809) Less: amounts reclassified from accumulated other comprehensive income 4 — 4 Total other comprehensive income (813) — (813) Balance at End of Period $ 34,637 $ (2,211) $ 32,426 Three Months Ended September 30, 2019 Balance at Beginning of Period $ 13,318 $ (2,017) $ 11,301 Other comprehensive income before reclassifications 4,583 — 4,583 Less: amounts reclassified from accumulated other comprehensive income 4 — 4 Total other comprehensive income 4,579 — 4,579 Balance at End of Period $ 17,897 $ (2,017) $ 15,880 Nine Months Ended September 30, 2020 Balance at Beginning of Period $ 14,204 $ (2,211) $ 11,993 Other comprehensive income before reclassifications 20,437 — 20,437 Less: amounts reclassified from accumulated other comprehensive income 4 — 4 Total other comprehensive income 20,433 — 20,433 Balance at End of Period $ 34,637 $ (2,211) $ 32,426 Nine Months Ended September 30, 2019 Balance at Beginning of Period $ (11,453) $ (2,017) $ (13,470) Other comprehensive income before reclassifications 29,357 — 29,357 Less: amounts reclassified from accumulated other comprehensive income 7 — 7 Total other comprehensive income 29,350 — 29,350 Balance at End of Period $ 17,897 $ (2,017) $ 15,880 |
Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income | The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three and nine ended September 30, 2020 and 2019: Affected Line Item in the Three Months Ended September 30, Statement where Net Income (In thousands) 2020 2019 is Presented Realized gains on AFS securities: $ 6 $ 5 Non-interest income (2) (1) Tax expense 4 4 Net of tax Total reclassifications for the period $ 4 $ 4 Net of tax Affected Line Item in the Nine Months Ended September 30, Statement where Net Income (In thousands) 2020 2019 is Presented Realized gains on AFS securities: $ 5 $ 9 Non-interest income (1) (2) Tax expense 4 7 Net of tax Total reclassifications for the period $ 4 $ 7 Net of tax |
EARNINGS _ (LOSS) PER SHARE (Ta
EARNINGS / (LOSS) PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Earnings/(loss) per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method): Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 Income/(loss) from continuing operations $ 23,043 $ 20,659 $ (532,074) $ 68,885 (Loss)/income from discontinued operations (1,818) 1,957 (15,952) 2,814 Net income/(loss) $ 21,225 $ 22,616 $ (548,026) $ 71,699 Average number of common shares issued 51,903 51,903 51,903 49,068 Less: average number of treasury shares 1,560 1,089 1,674 855 Less: average number of unvested stock award shares 536 435 499 410 Plus: average participating preferred shares 522 1,043 526 1,043 Average number of basic shares outstanding 50,329 51,422 50,256 48,846 Plus: dilutive effect of unvested stock award shares — 87 — 109 Plus: dilutive effect of stock options outstanding — 36 — 32 Average number of diluted shares outstanding 50,329 51,545 50,256 48,987 Basic earnings/(loss) per common share: Continuing operations $ 0.46 $ 0.40 $ (10.58) $ 1.41 Discontinued operations (0.04) 0.04 (0.32) 0.06 Total $ 0.42 $ 0.44 $ (10.90) $ 1.47 Diluted earnings/(loss) per common share: Continuing operations $ 0.46 $ 0.40 $ (10.58) $ 1.40 Discontinued operations (0.04) 0.04 (0.32) 0.06 Total $ 0.42 $ 0.44 $ (10.90) $ 1.46 |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Activity in the Stock Award and Stock Option Plans | A combined summary of activity in the Company’s stock award and stock option plans for the nine months ended September 30, 2020 is presented in the following table: Non-Vested Stock Awards Outstanding Stock Options Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Exercise Price December 31, 2019 450 $ 32.47 153 $ 22.00 Granted 306 16.84 — — Acquired — — — — Stock options exercised — — (33) 18.38 Stock awards vested (133) 33.84 — — Forfeited (87) 30.23 — — Expired — — (1) 9.85 September 30, 2020 536 $ 28.35 119 $ 22.72 Exercisable options at September 30, 2020 119 $ 22.72 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis Segregated by the Level of the Valuation Inputs Within the Fair Value Hierarchy Utilized to Measure Fair Value | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. September 30, 2020 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 9,525 $ 9,525 Securities available for sale: Municipal bonds and obligations — 104,507 — 104,507 Agency collateralized mortgage obligations — 741,469 — 741,469 Agency residential mortgage-backed securities — 326,017 — 326,017 Agency commercial mortgage-backed securities — 273,608 — 273,608 Corporate bonds — 49,152 25,825 74,977 Other bonds and obligations — 54,711 — 54,711 Marketable equity securities 31,321 672 — 31,993 Loans held for investment at fair value — — 2,774 2,774 Loans held for sale (1) — 17,596 — 17,596 Derivative assets (1) — 177,731 1,895 179,626 Capitalized servicing rights (1) — — 3,855 3,855 Derivative liabilities (1) — 73,659 — 73,659 (1) Includes assets and liabilities classified as discontinued operations. December 31, 2019 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 10,769 $ 10,769 Securities available for sale: Municipal bonds and obligations — 110,138 — 110,138 Agency collateralized mortgage obligations — 748,812 — 748,812 Agency residential mortgage-backed securities — 147,744 — 147,744 Agency commercial mortgage-backed securities — 147,096 — 147,096 Corporate bonds — 73,610 42,966 116,576 Other bonds and obligations — 41,189 — 41,189 Marketable equity securities 40,499 1,057 — 41,556 Loans held for investment at fair value — — — — Loans held for sale (1) — 140,280 — 140,280 Derivative assets (1) — 77,562 2,628 80,190 Capitalized servicing rights (1) — — 12,229 12,229 Derivative liabilities (1) 227 80,454 — 80,681 |
Schedule of Loans Held for Sale | Aggregate Fair Value September 30, 2020 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for investment at fair value $ 2,774 $ 66,381 $ (63,607) Loans Held for Sale. The Company elected the fair value option for all loans held for sale (HFS) originated for sale on or after May 1, 2012. Loans HFS are classified as Level 2 as the fair value is based on input factors such as quoted prices for similar loans in active markets. Aggregate Fair Value September 30, 2020 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for sale - continuing operations $ 15,854 $ 15,430 $ 424 Loans held for sale - discontinued operations 1,742 1,811 (69) Total loans held for sale $ 17,596 $ 17,241 $ 355 Aggregate Fair Value December 31, 2019 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for sale - continuing operations $ 7,625 $ 7,485 $ 140 Loans held for sale - discontinued operations 132,655 129,622 3,033 Total loans held for sale $ 140,280 $ 137,107 $ 3,173 |
Schedule of Changes in Level 3 Assets and Liabilities That Were Measured at Fair Value on a Recurring Basis | The table below presents the changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis for the three and nine months ended September 30, 2020 and 2019. Assets (Liabilities) Securities Loans Capitalized Trading Available Held for Commitments Forward Servicing (In thousands) Security for Sale Investment to Lend (1) Commitments (1) Rights (1) Three Months Ended September 30, 2020 June 30, 2020 $ 9,519 $ 25,600 $ 3,140 $ 1,149 $ 447 $ 4,828 Unrealized gain/(loss), net recognized in other non-interest income 190 — 1,189 — (50) — Unrealized gain included in accumulated other comprehensive income — 225 — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 2,124 — (973) Paydown of asset (184) — (1,555) — — — Transfers to held for sale loans — — — (1,775) — — Additions to servicing rights — — — — — — September 30, 2020 $ 9,525 $ 25,825 $ 2,774 $ 1,498 $ 397 $ 3,855 Nine Months Ended September 30, 2020 December 31, 2019 $ 10,769 $ 42,966 $ — $ 2,628 $ — $ 12,299 Adoption of ASC 326 — — 7,660 — — — Maturity of AFS security — (17,000) — — — — Unrealized (loss)/gain, net recognized in other non-interest income (698) — (2,523) — 397 — Unrealized (loss) included in accumulated other comprehensive income — (141) — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 15,877 — (8,255) Transfers to Level 2 — — — — — — Paydown of asset (546) — (2,363) — — — Transfers to held for sale loans — — 0 (17,007) — — Additions to servicing rights — — 0 — — (189) September 30, 2020 $ 9,525 $ 25,825 $ 2,774 $ 1,498 $ 397 $ 3,855 Unrealized gain/(loss) relating to instruments still held at September 30, 2020 $ 682 $ (643) $ — $ 1,498 $ 397 $ — Securities Loans Capitalized Trading Available Held for Commitments Servicing (In thousands) Security for Sale Investment to Lend (1) Rights (1) Three Months Ended September 30, 2019 June 30, 2019 $ 11,210 $ — $ — $ 9,005 $ 11,206 Unrealized gain, net recognized in other non-interest income 109 — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 19,915 (1,381) Paydown of trading security (174) — — — — Transfers to held for sale loans — — — (21,836) — Additions to servicing rights — — — — 6,588 September 30, 2019 $ 11,145 $ — $ — $ 7,084 $ 16,413 Nine Months Ended September 30, 2019 December 31, 2018 $ 11,212 $ — $ — $ 3,927 $ 11,485 Unrealized gain, net recognized in other non-interest income 454 — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 48,254 (4,495) Paydown of trading security (521) — — — — Transfers to held for sale loans — — — (45,097) — Additions to servicing rights — $ — — — 9,423 September 30, 2018 $ 11,145 $ — $ — $ 7,084 $ 16,413 Unrealized gains relating to instruments still held at September 30, 2019 $ 1,576 $ — $ — $ 7,084 $ — |
Schedule of Quantitative Information About the Significant Unobservable Inputs Within Level 3 | Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows: Fair Value Significant (In thousands) September 30, 2020 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading security $ 9,525 Discounted Cash Flow Discount Rate 3.75 % AFS Securities 25,825 Indication from Market Maker Price 97% - 100% Loan held for investment 2,774 Discounted Cash Flow Discount Rate 30.00 % Collateral Value $8.8 - $26.5 Commitments to lend (1) 1,498 Historical Trend Closing Ratio 74.40 % Pricing Model Origination Costs, per loan $ 3 Forward commitments (1) 397 Historical Trend Closing Ratio 74.40 % Pricing Model Origination Costs, per loan $ 3 Capitalized servicing rights (1) 3,855 Discounted cash flow Constant Prepayment Rate (CPR) 25.35 % Discount Rate 10.00 % Total $ 43,874 (1) Classified as assets from discontinued operations on the consolidated balance sheets. Fair Value Significant (In thousands) December 31, 2019 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading security $ 10,769 Discounted Cash Flow Discount Rate 2.21 % AFS Securities 42,966 Indication from Market Maker Price 97% - 100% Commitments to lend (1) 2,628 Historical Trend Closing Ratio 77.81 % Pricing Model Origination Costs, per loan $ 3 Capitalized servicing rights (1) 12,299 Discounted Cash Flow Constant Prepayment Rate (CPR) 11.50 % Discount Rate 10.00 % Total $ 68,662 (1) Classified as assets from discontinued operations on the consolidated balance sheets. September 30, 2020 December 31, 2019 Fair Value Measurement Date as of September 30, 2020 Level 3 Level 3 Level 3 (In thousands) Inputs Inputs Inputs Assets Individually evaluated loans $ 41,312 $ 8,831 September 2020 Capitalized servicing rights 13,694 14,152 September 2020 Other real estate owned (1) 401 — September 2020 Total $ 55,407 $ 22,983 |
Summary of Applicable Non-Recurring Fair Value Measurements | Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows: Fair Value (In thousands) September 30, 2020 Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Assets Individually evaluated loans $ 41,312 Fair Value of Collateral Discounted Cash Flow - Loss Severity 0.04% to 100.00% (48.31%) Appraised Value $0 to $10,972 ($8,258) Capitalized servicing rights 13,694 Discounted Cash Flow Constant Prepayment Rate (CPR) 14.98% to 22.05% (17.08%) Discount Rate 8.25% to 11.00% (9.17%) Other Real Estate Owned (2) 401 Fair Value of Collateral Appraised Value $94 - $361 Total $ 55,407 (1) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. (2) Includes discontinued operations. Fair Value (In thousands) December 31, 2019 Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Assets Impaired Loans $ 8,831 Fair Value of Collateral Discounted Cash Flow - loss severity 15.72% to 0.12% (4.50%) Appraised Value $8 to $1,548 ($736) Capitalized servicing rights 14,152 Discounted Cash Flow Constant Prepayment Rate (CPR) 9.44% to 14.12% (12.25%) Discount Rate 10.00% to 13.50% (11.78%) Other Real Estate Owned — Fair Value of Collateral Appraised Value — Total $ 22,983 (1) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. |
Summary of Estimated Fair Values, and Related Carrying Amounts, of Financial Instruments | The following tables summarize the estimated fair values (represents exit price), and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Certain assets and liabilities in the following disclosures include balances classified as discontinued operations. See Note 2 - Discontinued Operations for more information on these assets and liabilities. September 30, 2020 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 935,292 $ 935,292 $ 935,292 $ — $ — Trading security 9,525 9,525 — — 9,525 Marketable equity securities 31,993 31,993 31,321 672 — Securities available for sale 1,575,289 1,575,289 — 1,549,464 25,825 Securities held to maturity 330,197 356,035 — 352,485 3,550 FHLB bank stock and restricted securities 40,520 N/A N/A N/A N/A Net loans 8,847,922 9,172,009 — — 9,172,009 Loans held for sale (1) 17,596 17,596 — 17,596 — Accrued interest receivable 48,467 48,467 — 48,467 — Derivative assets (1) 179,626 179,626 — 177,731 1,895 Financial Liabilities Total deposits $ 10,466,559 $ 10,483,734 $ — $ 10,483,734 $ — Short-term debt 110,000 110,214 — 110,214 — Long-term Federal Home Loan Bank advances and other 495,483 500,933 — 500,933 — Subordinated borrowings 97,223 94,287 — 94,287 — Derivative liabilities (1) 73,659 73,659 — 73,659 — (1) Includes assets and liabilities classified as discontinued operations. December 31, 2019 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 579,829 $ 579,829 $ 579,829 $ — $ — Trading security 10,769 10,769 — — 10,769 Marketable equity securities 41,556 41,556 40,499 1,057 — Securities available for sale and other 1,311,555 1,311,555 — 1,267,573 43,982 Securities held to maturity 357,979 373,277 — 355,513 17,764 FHLB bank stock and restricted securities 48,019 N/A N/A N/A N/A Net loans 9,438,853 9,653,550 — — 9,653,550 Loans held for sale (1) 169,319 169,319 — 140,280 29,039 Accrued interest receivable 36,462 36,462 — 36,462 — Derivative assets (1) 80,190 80,190 — 77,562 2,628 Financial Liabilities Total deposits $ 10,335,977 $ 10,338,993 $ — $ 10,338,993 $ — Short-term debt 125,000 125,081 — 125,081 — Long-term Federal Home Loan Bank advances 605,501 606,381 — 606,381 — Subordinated borrowings 97,049 101,055 — 101,055 — Derivative liabilities (1) 80,681 80,681 227 80,454 — (1) Includes assets and liabilities classified as discontinued operations. |
NET INTEREST INCOME AFTER PRO_2
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Net Interest Income After Provision for Loan Losses | Presented below is net interest income after provision for credit losses for the three and nine months ended September 30, 2020 and 2019, respectively. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Net interest income from continuing operations $ 77,055 $ 96,871 $ 241,073 $ 273,925 Provision for credit losses 1,200 22,600 65,878 30,068 Net interest income from continuing operations after provision for credit losses $ 75,855 $ 74,271 $ 175,195 $ 243,857 |
BASIS OF PRESENTATION - Additio
BASIS OF PRESENTATION - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total allowance | $ 63,575 | $ 134,414 | $ 139,394 | $ 63,575 |
Unfunded loan commitments | 100 | 8,593 | 8,593 | |
Retained earnings decrease | (361,082) | 242,175 | ||
Deferred tax assets, net | 51,165 | |||
Allowance for credit losses on securities | $ 0 | $ 96 | ||
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total allowance | $ 25,434 | $ 0 | ||
Unfunded loan commitments | 7,993 | |||
Fair value option reduction | 15,291 | |||
Retained earnings decrease | 24,380 | |||
Deferred tax assets, net | 8,993 | |||
Allowance for credit losses on securities | 309 | |||
Noncredit discount, amount | 3,200 | |||
Cumulative Effect, Period of Adoption, Adjustment | Financial Asset Acquired with Credit Deterioration | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total allowance | 15,300 | |||
Allowance for credit loss, confirmed losses | 11,900 | |||
Taxi Medallion Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Fair value option reduction | $ 15,300 |
BASIS OF PRESENTATION - Impact
BASIS OF PRESENTATION - Impact of Adoption (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total loans | $ 8,982,336 | $ 9,502,428 | $ 9,502,428 | |
Less: Allowance for credit losses on loans | 134,414 | $ 139,394 | 63,575 | 63,575 |
Allowance for credit losses on securities | 96 | 0 | ||
Deferred tax assets, net | 51,165 | |||
Other liabilities (ACL unfunded loan commitments) | 8,593 | 8,593 | 100 | |
Retained earnings (deficit) | $ (242,175) | 361,082 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total loans | 35 | |||
PCD gross up | 15,326 | |||
Fair value option | (15,291) | |||
Less: Allowance for credit losses on loans | 0 | 25,434 | ||
Allowance for credit losses on securities | 309 | |||
Deferred tax assets, net | 8,993 | |||
Other liabilities (ACL unfunded loan commitments) | 7,993 | |||
Retained earnings (deficit) | (24,380) | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total loans | 9,502,463 | 9,502,463 | ||
PCD gross up | 15,326 | |||
Fair value option | (15,291) | |||
Less: Allowance for credit losses on loans | $ 139,394 | $ 89,009 | 89,009 | |
Allowance for credit losses on securities | 309 | |||
Deferred tax assets, net | 60,158 | |||
Other liabilities (ACL unfunded loan commitments) | 8,093 | |||
Retained earnings (deficit) | $ 336,702 |
DISCONTINUED OPERATIONS - Asset
DISCONTINUED OPERATIONS - Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Other real estate owned | $ 0 | |
Total assets | $ 12,966 | 154,132 |
Liabilities | ||
Total liabilities | 14,947 | 26,481 |
First Choice Loan Services, Inc. | Discontinued Operations, Held-for-sale | ||
Assets | ||
Loans held for sale, at fair value | 1,742 | 132,655 |
Premises and equipment, net | 0 | 1,073 |
Other real estate owned | 361 | |
Mortgage servicing rights, at fair value | 3,855 | 12,299 |
Mortgage banking derivatives | 0 | 2,329 |
Right-of-use asset | 1,773 | 3,462 |
Other assets | 5,235 | 2,314 |
Total assets | 12,966 | 154,132 |
Liabilities | ||
Customer payments in process | 11,698 | 15,372 |
Lease liability | 1,773 | 3,494 |
Other liabilities | 1,476 | 7,615 |
Total liabilities | $ 14,947 | $ 26,481 |
DISCONTINUED OPERATIONS - Resul
DISCONTINUED OPERATIONS - Results of Discontinued Operation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss)/income from discontinued operations before income taxes | $ (2,477) | $ 2,747 | $ (21,741) | $ 3,975 |
Income tax (benefit)/expense | (659) | 790 | (5,789) | 1,161 |
Net (loss)/income from discontinued operations | (1,818) | 1,957 | (15,952) | 2,814 |
First Choice Loan Services, Inc. | Discontinued Operations, Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest income | 23 | 1,765 | 1,516 | 4,627 |
Interest expense | 3 | 1,030 | 390 | 2,676 |
Net interest income | 20 | 735 | 1,126 | 1,951 |
Non-interest income | (286) | 15,055 | (4,175) | 37,114 |
Total net revenue | (266) | 15,790 | (3,049) | 39,065 |
Non-interest expense | 2,211 | 13,043 | 18,692 | 35,090 |
(Loss)/income from discontinued operations before income taxes | (2,477) | 2,747 | (21,741) | 3,975 |
Income tax (benefit)/expense | (659) | 790 | (5,789) | 1,161 |
Net (loss)/income from discontinued operations | $ (1,818) | $ 1,957 | $ (15,952) | $ 2,814 |
TRADING SECURITY (Details)
TRADING SECURITY (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized cost | $ 8,800 | $ 9,400 |
Trading security, at fair value | $ 9,525 | $ 10,769 |
SECURITIES AVAILABLE FOR SALE_3
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES - Summary of Securities Available for Sale and Held to Maturity (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Securities available for sale | |||
Amortized Cost | $ 1,532,560 | $ 1,297,339 | |
Gross Unrealized Gains | 43,636 | 16,503 | |
Gross Unrealized Losses | (907) | (2,287) | |
Securities available for sale, at fair value | 1,575,289 | 1,311,555 | |
Allowance | 0 | 0 | |
Securities held to maturity | |||
Amortized Cost | 330,197 | 357,979 | |
Gross Unrealized Gains | 25,847 | 16,263 | |
Gross Unrealized Losses | (9) | (965) | |
Fair Value | 356,035 | 373,277 | |
Allowance | (96) | 0 | $ (113) |
Marketable equity securities, amortized cost | 34,179 | 37,138 | |
Marketable equity securities, gross unrealized gains | 1,480 | 5,147 | |
Marketable equity securities, gross unrealized losses | (3,666) | (729) | |
Marketable equity securities, fair value | 31,993 | 41,556 | |
Total, amortized cost basis | 1,896,936 | 1,692,456 | |
Total, gross unrealized gain | 70,963 | 37,913 | |
Total, gross unrealized loss | (4,582) | (3,981) | |
Total, fair value | 1,963,317 | 1,726,388 | |
Total, Allowance | 96 | 0 | |
Municipal bonds and obligations | |||
Securities available for sale | |||
Amortized Cost | 97,463 | 104,325 | |
Gross Unrealized Gains | 7,057 | 5,813 | |
Gross Unrealized Losses | (13) | 0 | |
Securities available for sale, at fair value | 104,507 | 110,138 | |
Allowance | 0 | 0 | |
Securities held to maturity | |||
Amortized Cost | 242,666 | 252,936 | |
Gross Unrealized Gains | 18,401 | 13,095 | |
Gross Unrealized Losses | 0 | (5) | |
Fair Value | 261,067 | 266,026 | |
Allowance | (67) | 0 | (62) |
Agency collateralized mortgage obligations | |||
Securities available for sale | |||
Amortized Cost | 722,124 | 742,550 | |
Gross Unrealized Gains | 19,469 | 6,431 | |
Gross Unrealized Losses | (124) | (169) | |
Securities available for sale, at fair value | 741,469 | 748,812 | |
Allowance | 0 | 0 | |
Securities held to maturity | |||
Amortized Cost | 68,124 | 69,667 | |
Gross Unrealized Gains | 6,535 | 2,870 | |
Gross Unrealized Losses | 0 | (50) | |
Fair Value | 74,659 | 72,487 | |
Allowance | 0 | 0 | |
Agency mortgage-backed securities | |||
Securities available for sale | |||
Amortized Cost | 322,252 | 146,589 | |
Gross Unrealized Gains | 4,202 | 1,515 | |
Gross Unrealized Losses | (437) | (360) | |
Securities available for sale, at fair value | 326,017 | 147,744 | |
Allowance | 0 | 0 | |
Securities held to maturity | |||
Amortized Cost | 5,280 | 6,271 | |
Gross Unrealized Gains | 208 | 29 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 5,488 | 6,300 | |
Allowance | 0 | 0 | |
Agency commercial mortgage-backed securities | |||
Securities available for sale | |||
Amortized Cost | 263,406 | 148,066 | |
Gross Unrealized Gains | 10,304 | 176 | |
Gross Unrealized Losses | (102) | (1,146) | |
Securities available for sale, at fair value | 273,608 | 147,096 | |
Allowance | 0 | 0 | |
Securities held to maturity | |||
Amortized Cost | 10,305 | 10,353 | |
Gross Unrealized Gains | 671 | 51 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 10,976 | 10,404 | |
Allowance | 0 | 0 | |
Corporate bonds | |||
Securities available for sale | |||
Amortized Cost | 74,357 | 115,395 | |
Gross Unrealized Gains | 842 | 1,788 | |
Gross Unrealized Losses | (222) | (607) | |
Securities available for sale, at fair value | 74,977 | 116,576 | |
Allowance | 0 | 0 | |
Tax advantaged economic development bonds | |||
Securities held to maturity | |||
Amortized Cost | 3,527 | 18,456 | |
Gross Unrealized Gains | 32 | 218 | |
Gross Unrealized Losses | (9) | (910) | |
Fair Value | 3,550 | 17,764 | |
Allowance | (29) | 0 | $ (51) |
Other bonds and obligations | |||
Securities available for sale | |||
Amortized Cost | 52,958 | 40,414 | |
Gross Unrealized Gains | 1,762 | 780 | |
Gross Unrealized Losses | (9) | (5) | |
Securities available for sale, at fair value | 54,711 | 41,189 | |
Allowance | 0 | 0 | |
Securities held to maturity | |||
Amortized Cost | 295 | 296 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 295 | 296 | |
Allowance | $ 0 | $ 0 |
SECURITIES AVAILABLE FOR SALE_4
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES - Debt Securities, Held to Maturity, Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Beginning balance | $ 113 | $ 0 |
Provision for credit losses- reversal | 17 | 213 |
Ending balance | 96 | 96 |
Municipal bonds and obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Beginning balance | 62 | 0 |
Provision for credit losses- reversal | (5) | 16 |
Ending balance | 67 | 67 |
Tax advantaged economic development bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Beginning balance | 51 | 0 |
Provision for credit losses- reversal | 22 | 197 |
Ending balance | $ 29 | 29 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Beginning balance | 309 | |
Cumulative Effect, Period of Adoption, Adjustment | Municipal bonds and obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Beginning balance | 83 | |
Cumulative Effect, Period of Adoption, Adjustment | Tax advantaged economic development bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Beginning balance | $ 226 |
SECURITIES AVAILABLE FOR SALE_5
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES - Schedule of Maturity of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Available for sale, Amortized Cost | ||
Within 1 year | $ 38,196 | |
Over 1 year to 5 years | 12,714 | |
Over 5 years to 10 years | 75,351 | |
Over 10 years | 98,517 | |
Total bonds and obligations | 224,778 | |
Mortgage-backed securities | 1,307,782 | |
Amortized Cost | 1,532,560 | $ 1,297,339 |
Available for sale, Fair Value | ||
Within 1 year | 38,234 | |
Over 1 year to 5 years | 12,610 | |
Over 5 years to 10 years | 76,403 | |
Over 10 years | 106,948 | |
Total bonds and obligations | 234,195 | |
Mortgage-backed securities | 1,341,094 | |
Fair Value | 1,575,289 | 1,311,555 |
Held to maturity, Amortized Cost | ||
Within 1 year | 2,526 | |
Over 1 year to 5 years | 4,006 | |
Over 5 years to 10 years | 23,066 | |
Over 10 years | 216,890 | |
Total bonds and obligations | 246,488 | |
Mortgage-backed securities | 83,709 | |
Amortized Cost | 330,197 | 357,979 |
Held to maturity, Fair Value | ||
Within 1 year | 2,528 | |
Over 1 year to 5 years | 4,022 | |
Over 5 years to 10 years | 23,897 | |
Over 10 years | 234,465 | |
Total bonds and obligations | 264,912 | |
Mortgage-backed securities | 91,123 | |
Fair Value | $ 356,035 | $ 373,277 |
SECURITIES AVAILABLE FOR SALE_6
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)security | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)security | Sep. 30, 2019USD ($) | |
Investment Holdings [Line Items] | ||||
Purchases of securities available for sale | $ | $ 319,200,000 | $ 14,900,000 | $ 635,194,000 | $ 30,032,000 |
Proceeds from sale of available-for-sale securities | $ | 64,200,000 | 0 | 71,844,000 | 82,978,000 |
Debt securities, available-for-sale, realized gain | $ | 704,600 | 5,000 | 705,400 | 11,000 |
Debt securities, available-for-sale, realized loss | $ | $ 698,600 | $ 1,000 | $ 699,900 | $ 7,000 |
Agency collateralized mortgage obligations | ||||
Investment Holdings [Line Items] | ||||
Available-for-sale, securities in unrealized loss positions | 14 | 14 | ||
Available for sale securities portfolio, number of securities | 257 | |||
Available for sale securities, continuous unrealized loss position, aggregate losses | 0.30% | |||
Municipal bonds and obligations | ||||
Investment Holdings [Line Items] | ||||
Available-for-sale, securities in unrealized loss positions | 2 | 2 | ||
Available for sale securities portfolio, number of securities | 174 | |||
Available for sale securities, continuous unrealized loss position, aggregate losses | 0.40% | |||
Mortgage-backed securities | ||||
Investment Holdings [Line Items] | ||||
Available-for-sale, securities in unrealized loss positions | 15 | 15 | ||
Available for sale securities portfolio, number of securities | 122 | |||
Available for sale securities, continuous unrealized loss position, aggregate losses | 0.30% | |||
Corporate bonds | ||||
Investment Holdings [Line Items] | ||||
Available-for-sale, securities in unrealized loss positions | 3 | 3 | ||
Available for sale securities portfolio, number of securities | 18 | |||
Available for sale securities, continuous unrealized loss position, aggregate losses | 10.40% | |||
Other bonds and obligations | ||||
Investment Holdings [Line Items] | ||||
Available-for-sale, securities in unrealized loss positions | 3 | 3 | ||
Available for sale securities portfolio, number of securities | 7 | |||
Available for sale securities, continuous unrealized loss position, aggregate losses | 0.80% | |||
Tax advantaged economic development bonds | ||||
Investment Holdings [Line Items] | ||||
Held-to-maturity, securities in unrealized loss positions | 1 | 1 | ||
Held-to-maturity securities portfolio, number of securities | 3 | 3 | ||
Held to maturity securities, continuous unrealized loss position, aggregate losses | 0.60% |
SECURITIES AVAILABLE FOR SALE_7
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES - Summary of Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | $ 895 | $ 1,287 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 12 | 1,000 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 907 | 2,287 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 214,771 | 180,826 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 1,321 | 83,773 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 216,092 | 264,599 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 9 | 55 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 910 |
Held to maturity securities, accumulated unrecognized holding loss | 9 | 965 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 1,430 | 10,578 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 6,925 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 1,430 | 17,503 |
Securities available for sale and held to maturity | ||
Held to maturity and available for sale securities continuous unrealized loss position, less than twelve months, aggregate losses | 904 | 1,342 |
Held to maturity and available for sale securities continuous unrealized loss position, less than twelve months, fair value | 216,201 | 191,404 |
Held to maturity and available for sale securities continuous unrealized loss position, over twelve months, aggregate losses | 12 | 1,910 |
Held to maturity and available for sale securities continuous unrealized loss position, over twelve months, fair value | 1,321 | 90,698 |
Held to maturity and available for sale securities continuous unrealized loss position, aggregate losses | 916 | 3,252 |
Held to maturity and available for sale securities continuous unrealized loss position, fair value | 217,522 | 282,102 |
Municipal bonds and obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 13 | |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 0 | |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 13 | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 3,451 | |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 0 | |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 3,451 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 5 | |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | |
Held to maturity securities, accumulated unrecognized holding loss | 5 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 800 | |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 800 | |
Agency collateralized mortgage obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 124 | 127 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 0 | 42 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 124 | 169 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 44,785 | 52,623 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 0 | 6,267 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 44,785 | 58,890 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 50 | |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | |
Held to maturity securities, accumulated unrecognized holding loss | 50 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 9,778 | |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 9,778 | |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 434 | 59 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 3 | 301 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 437 | 360 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 133,536 | 10,640 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 257 | 23,404 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 133,793 | 34,044 |
Agency commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 102 | 1,097 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 0 | 49 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 102 | 1,146 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 22,336 | 116,324 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 0 | 11,250 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 22,336 | 127,574 |
Corporate bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 222 | 0 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 0 | 607 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 222 | 607 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 10,663 | 0 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 0 | 42,823 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 10,663 | 42,823 |
Other bonds and obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 0 | 4 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 9 | 1 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 9 | 5 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 0 | 1,239 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 1,064 | 29 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 1,064 | 1,268 |
Tax advantaged economic development bonds | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 9 | 0 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 910 |
Held to maturity securities, accumulated unrecognized holding loss | 9 | 910 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 1,430 | 0 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 6,925 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | $ 1,430 | $ 6,925 |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES Impact of Adoption (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | $ 9,502,428 | $ 8,982,336 | $ 9,502,428 | |
Total allowance | $ 63,575 | 134,414 | $ 139,394 | 63,575 |
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | |||
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | $ 5,874,777 | |||
Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 448,452 | 490,111 | 448,452 | |
Total allowance | 2,713 | 6,657 | 7,779 | |
Commercial | Commercial multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 631,740 | 535,936 | 631,740 | |
Total allowance | 4,413 | 3,781 | 4,299 | |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 4,034,269 | |||
Commercial real estate | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 429,806 | |||
Commercial real estate | Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 673,308 | 595,791 | 673,308 | |
Total allowance | 4,880 | 10,995 | 11,552 | |
Commercial real estate | Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,189,780 | 2,258,935 | 2,189,780 | |
Total allowance | 16,344 | 32,774 | 34,707 | |
Commercial And Industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 1,522,059 | |||
Total allowance | 17,243 | |||
Commercial And Industrial | Commercial and industrial - other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 321,624 | |||
Total allowance | 2,856 | |||
Residential mortgages | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,685,472 | |||
Residential mortgages | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 8,119 | |||
Residential mortgages | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,853,385 | 2,270,458 | 2,853,385 | |
Total allowance | 9,970 | 39,891 | 39,004 | |
Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 942,179 | |||
Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 378,793 | |||
Total allowance | 1,470 | |||
Consumer loans | Consumer other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 483,287 | 351,151 | 483,287 | |
Total allowance | 3,686 | $ 10,147 | 10,936 | |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 35 | |||
Total allowance | 25,434 | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 187 | |||
Total allowance | (342) | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial | Commercial multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 252 | |||
Total allowance | (1,842) | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial real estate | Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 3,185 | |||
Total allowance | 6,062 | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial real estate | Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 6,540 | |||
Total allowance | 11,201 | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial And Industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | (13,372) | |||
Total allowance | (2,696) | |||
Cumulative Effect, Period of Adoption, Adjustment | Commercial And Industrial | Commercial and industrial - other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 1,160 | |||
Total allowance | 507 | |||
Cumulative Effect, Period of Adoption, Adjustment | Residential mortgages | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 1,868 | |||
Total allowance | 6,799 | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 10 | |||
Total allowance | 4,884 | |||
Cumulative Effect, Period of Adoption, Adjustment | Consumer loans | Consumer other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 205 | |||
Total allowance | 861 | 0 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 9,502,463 | 9,502,463 | ||
Total allowance | 89,009 | 139,394 | 89,009 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 448,639 | |||
Total allowance | 2,371 | 7,779 | 2,371 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial | Commercial multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 631,992 | |||
Total allowance | 2,571 | 4,299 | 2,571 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial real estate | Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 676,493 | |||
Total allowance | 10,942 | 11,552 | 10,942 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial real estate | Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,196,320 | |||
Total allowance | 27,545 | 34,707 | 27,545 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial And Industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 1,508,687 | |||
Total allowance | 14,547 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial And Industrial | Commercial and industrial - other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 322,784 | |||
Total allowance | 3,363 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | Residential mortgages | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,855,253 | |||
Total allowance | 16,769 | 39,004 | 16,769 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 378,803 | |||
Total allowance | 6,354 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer loans | Consumer other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 483,492 | |||
Total allowance | $ 4,547 | $ 10,936 | $ 4,547 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES Summary of Total Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | $ 8,982,336 | $ 9,502,428 | $ 9,502,428 | |
Less: Allowance for credit losses on loans | 134,414 | $ 139,394 | 63,575 | 63,575 |
Net loans | 8,847,922 | 9,438,853 | 9,438,853 | |
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 5,874,777 | |||
Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 490,111 | 448,452 | 448,452 | |
Less: Allowance for credit losses on loans | 6,657 | 7,779 | 2,713 | |
Commercial | Commercial multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 535,936 | 631,740 | 631,740 | |
Less: Allowance for credit losses on loans | 3,781 | 4,299 | 4,413 | |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 4,034,269 | |||
Commercial real estate | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 429,806 | |||
Commercial real estate | Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 595,791 | 673,308 | 673,308 | |
Less: Allowance for credit losses on loans | 10,995 | 11,552 | 4,880 | |
Commercial real estate | Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,258,935 | 2,189,780 | 2,189,780 | |
Less: Allowance for credit losses on loans | 32,774 | 34,707 | 16,344 | |
Commercial real estate | Other commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 3,604,463 | |||
Commercial and industrial loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 1,819,175 | 1,522,059 | 1,840,508 | |
Less: Allowance for credit losses on loans | 16,928 | 17,779 | 17,243 | |
Commercial and industrial loans | Commercial and industrial - other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 311,505 | 321,624 | ||
Less: Allowance for credit losses on loans | 3,920 | 5,317 | 2,856 | |
Residential mortgages | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,685,472 | |||
Residential mortgages | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 8,119 | |||
Residential mortgages | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,270,458 | 2,853,385 | 2,853,385 | |
Less: Allowance for credit losses on loans | 39,891 | 39,004 | 9,970 | |
Residential mortgages | 1 to 4 Family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,677,353 | |||
Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 942,179 | |||
Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 349,274 | 378,793 | 380,591 | |
Less: Allowance for credit losses on loans | 9,321 | 8,021 | 1,470 | |
Consumer loans | Consumer other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 351,151 | $ 483,287 | 483,287 | |
Less: Allowance for credit losses on loans | 10,147 | $ 10,936 | 3,686 | |
Business Activities Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 7,166,497 | |||
Business Activities Loans | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 4,239,573 | |||
Business Activities Loans | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,796,956 | |||
Business Activities Loans | Commercial real estate | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 382,014 | |||
Business Activities Loans | Commercial real estate | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,414,942 | |||
Business Activities Loans | Commercial real estate | Other commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,414,942 | |||
Business Activities Loans | Commercial and industrial loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 1,442,617 | |||
Business Activities Loans | Residential mortgages | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,148,458 | |||
Business Activities Loans | Residential mortgages | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 4,641 | |||
Business Activities Loans | Residential mortgages | 1 to 4 Family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,143,817 | |||
Business Activities Loans | Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 778,466 | |||
Business Activities Loans | Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 273,867 | |||
Acquired Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 2,335,931 | |||
Acquired Loans | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 1,635,204 | |||
Acquired Loans | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 1,237,313 | |||
Acquired Loans | Commercial real estate | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 47,792 | |||
Acquired Loans | Commercial real estate | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 1,189,521 | |||
Acquired Loans | Commercial real estate | Other commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 1,189,521 | |||
Acquired Loans | Commercial and industrial loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 397,891 | |||
Acquired Loans | Residential mortgages | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 537,014 | |||
Acquired Loans | Residential mortgages | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 3,478 | |||
Acquired Loans | Residential mortgages | 1 to 4 Family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 533,536 | |||
Acquired Loans | Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | 163,713 | |||
Acquired Loans | Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans | $ 106,724 | |||
Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Net loans | $ 708,100 |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | $ 139,394 | $ 63,575 | |
Charge-offs | (7,776) | (27,482) | |
Recoveries | 1,579 | 6,796 | |
Provision for Credit Losses | 1,217 | 66,091 | |
Balance at End of Period | 134,414 | 134,414 | $ 63,575 |
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | ||
Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 7,779 | 2,713 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for Credit Losses | (1,122) | 4,286 | |
Balance at End of Period | 6,657 | 6,657 | $ 2,713 |
Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 4,299 | 4,413 | |
Charge-offs | 0 | (50) | |
Recoveries | 0 | 0 | |
Provision for Credit Losses | (518) | 1,260 | |
Balance at End of Period | 3,781 | 3,781 | 4,413 |
Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 11,552 | 4,880 | |
Charge-offs | (58) | (8,670) | |
Recoveries | 38 | 907 | |
Provision for Credit Losses | (537) | 7,816 | |
Balance at End of Period | 10,995 | 10,995 | 4,880 |
Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 34,707 | 16,344 | |
Charge-offs | 0 | (135) | |
Recoveries | 155 | 290 | |
Provision for Credit Losses | (2,088) | 5,074 | |
Balance at End of Period | 32,774 | 32,774 | 16,344 |
Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 17,779 | 17,243 | |
Charge-offs | (2,358) | (7,480) | |
Recoveries | 161 | 3,709 | |
Provision for Credit Losses | 1,346 | 6,152 | |
Balance at End of Period | 16,928 | 16,928 | 17,243 |
Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 5,317 | 2,856 | |
Charge-offs | (3,610) | (6,773) | |
Recoveries | 245 | 316 | |
Provision for Credit Losses | 1,968 | 7,014 | |
Balance at End of Period | 3,920 | 3,920 | 2,856 |
Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 39,004 | 9,970 | |
Charge-offs | (1,085) | (2,212) | |
Recoveries | 842 | 936 | |
Provision for Credit Losses | 1,130 | 24,398 | |
Balance at End of Period | 39,891 | 39,891 | 9,970 |
Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 8,021 | 1,470 | |
Charge-offs | (88) | (322) | |
Recoveries | 36 | 136 | |
Provision for Credit Losses | 1,352 | 3,153 | |
Balance at End of Period | 9,321 | 9,321 | 1,470 |
Consumer loans | Consumer other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 10,936 | 3,686 | |
Charge-offs | (577) | (1,840) | |
Recoveries | 102 | 502 | |
Provision for Credit Losses | (314) | 6,938 | |
Balance at End of Period | 10,147 | 10,147 | 3,686 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 0 | 25,434 | |
Balance at End of Period | 25,434 | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 0 | (342) | |
Balance at End of Period | (342) | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 0 | (1,842) | |
Balance at End of Period | (1,842) | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 0 | 6,062 | |
Balance at End of Period | 6,062 | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 0 | 11,201 | |
Balance at End of Period | 11,201 | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 0 | (2,696) | |
Balance at End of Period | (2,696) | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 0 | 507 | |
Balance at End of Period | 507 | ||
Cumulative Effect, Period of Adoption, Adjustment | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 0 | 6,799 | |
Balance at End of Period | 6,799 | ||
Cumulative Effect, Period of Adoption, Adjustment | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 0 | 4,884 | |
Balance at End of Period | 4,884 | ||
Cumulative Effect, Period of Adoption, Adjustment | Consumer loans | Consumer other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 0 | 861 | |
Balance at End of Period | 861 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 139,394 | 89,009 | |
Balance at End of Period | 89,009 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 7,779 | 2,371 | |
Balance at End of Period | 2,371 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 4,299 | 2,571 | |
Balance at End of Period | 2,571 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 11,552 | 10,942 | |
Balance at End of Period | 10,942 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 34,707 | 27,545 | |
Balance at End of Period | 27,545 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 17,779 | 14,547 | |
Balance at End of Period | 14,547 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 5,317 | 3,363 | |
Balance at End of Period | 3,363 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 39,004 | 16,769 | |
Balance at End of Period | 16,769 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 8,021 | 6,354 | |
Balance at End of Period | 6,354 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer loans | Consumer other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | $ 10,936 | $ 4,547 | |
Balance at End of Period | $ 4,547 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Losses Activity, Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at December 31, 2019 | $ 8,593 | $ 100 | |
Expense for credit losses | 0 | 500 | |
Balance at September 30, 2020 | $ 8,593 | 8,593 | $ 100 |
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | ||
Cumulative Effect, Period of Adoption, Adjustment | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at December 31, 2019 | 7,993 | ||
Balance at September 30, 2020 | $ 7,993 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at December 31, 2019 | $ 8,093 | ||
Balance at September 30, 2020 | $ 8,093 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES Loan Risk by Category (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | $ 8,982,336 | $ 9,502,428 | $ 9,502,428 |
Consumer loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 942,179 | ||
Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 2,191 | ||
2019 | 1,995 | ||
2018 | 434 | ||
2017 | 1,990 | ||
2016 | 515 | ||
Prior | 1,954 | ||
Revolving Loans Amortized Cost Basis | 340,195 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 349,274 | 378,793 | 380,591 |
Consumer loans | Consumer other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 11,415 | ||
2019 | 40,281 | ||
2018 | 122,867 | ||
2017 | 82,181 | ||
2016 | 45,211 | ||
Prior | 37,703 | ||
Revolving Loans Amortized Cost Basis | 11,493 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 351,151 | 483,287 | 483,287 |
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 5,874,777 | ||
Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 35,430 | ||
2019 | 241,497 | ||
2018 | 157,729 | ||
2017 | 33,807 | ||
2016 | 17,600 | ||
Prior | 3,115 | ||
Revolving Loans Amortized Cost Basis | 933 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 490,111 | 448,452 | 448,452 |
Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 28,876 | ||
2019 | 56,630 | ||
2018 | 79,397 | ||
2017 | 86,385 | ||
2016 | 89,088 | ||
Prior | 195,384 | ||
Revolving Loans Amortized Cost Basis | 176 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 535,936 | 631,740 | 631,740 |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 4,034,269 | ||
Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 429,806 | ||
Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 44,304 | ||
2019 | 92,992 | ||
2018 | 120,221 | ||
2017 | 73,196 | ||
2016 | 39,935 | ||
Prior | 221,682 | ||
Revolving Loans Amortized Cost Basis | 3,461 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 595,791 | 673,308 | 673,308 |
Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 141,035 | ||
2019 | 298,218 | ||
2018 | 475,944 | ||
2017 | 278,715 | ||
2016 | 330,753 | ||
Prior | 716,613 | ||
Revolving Loans Amortized Cost Basis | 17,657 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 2,258,935 | 2,189,780 | 2,189,780 |
Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 757,341 | ||
2019 | 98,457 | ||
2018 | 201,869 | ||
2017 | 123,987 | ||
2016 | 50,480 | ||
Prior | 156,147 | ||
Revolving Loans Amortized Cost Basis | 430,894 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 1,819,175 | 1,522,059 | 1,840,508 |
Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 38,290 | ||
2019 | 108,790 | ||
2018 | 92,099 | ||
2017 | 38,856 | ||
2016 | 11,500 | ||
Prior | 14,956 | ||
Revolving Loans Amortized Cost Basis | 7,014 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 311,505 | 321,624 | |
Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 2,685,472 | ||
Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 8,119 | ||
Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 133,225 | ||
2019 | 163,329 | ||
2018 | 373,761 | ||
2017 | 400,399 | ||
2016 | 392,382 | ||
Prior | 804,055 | ||
Revolving Loans Amortized Cost Basis | 3,307 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 2,270,458 | $ 2,853,385 | 2,853,385 |
Pass | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 35,430 | ||
2019 | 241,497 | ||
2018 | 155,695 | ||
2017 | 29,807 | ||
2016 | 17,600 | ||
Prior | 3,115 | ||
Revolving Loans Amortized Cost Basis | 933 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 484,077 | ||
Pass | Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 28,876 | ||
2019 | 56,630 | ||
2018 | 79,397 | ||
2017 | 72,790 | ||
2016 | 89,041 | ||
Prior | 185,276 | ||
Revolving Loans Amortized Cost Basis | 29 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 512,039 | ||
Pass | Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 44,304 | ||
2019 | 90,869 | ||
2018 | 112,768 | ||
2017 | 71,574 | ||
2016 | 38,231 | ||
Prior | 205,814 | ||
Revolving Loans Amortized Cost Basis | 3,461 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 567,021 | ||
Pass | Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 133,231 | ||
2019 | 291,079 | ||
2018 | 469,033 | ||
2017 | 250,093 | ||
2016 | 314,902 | ||
Prior | 583,861 | ||
Revolving Loans Amortized Cost Basis | 16,967 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 2,059,166 | ||
Pass | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 755,987 | ||
2019 | 96,675 | ||
2018 | 189,565 | ||
2017 | 121,633 | ||
2016 | 47,911 | ||
Prior | 150,299 | ||
Revolving Loans Amortized Cost Basis | 401,356 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 1,763,426 | ||
Pass | Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 34,814 | ||
2019 | 78,318 | ||
2018 | 78,149 | ||
2017 | 33,573 | ||
2016 | 7,717 | ||
Prior | 14,585 | ||
Revolving Loans Amortized Cost Basis | 4,614 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 251,770 | ||
Pass | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 133,186 | ||
2019 | 163,232 | ||
2018 | 373,222 | ||
2017 | 399,237 | ||
2016 | 391,953 | ||
Prior | 794,072 | ||
Revolving Loans Amortized Cost Basis | 3,260 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 2,258,162 | ||
Special mention | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 75,284 | ||
Special mention | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 0 | ||
Special mention | Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 13,595 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 13,595 | ||
Special mention | Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 2,123 | ||
2018 | 1,815 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 2,001 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 5,939 | ||
Special mention | Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 295 | ||
2018 | 3,094 | ||
2017 | 17,254 | ||
2016 | 12,901 | ||
Prior | 68,838 | ||
Revolving Loans Amortized Cost Basis | 495 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 102,877 | ||
Special mention | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 1,507 | ||
2018 | 5,950 | ||
2017 | 693 | ||
2016 | 604 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 20,614 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 29,368 | ||
Special mention | Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 933 | ||
2019 | 1,100 | ||
2018 | 1,944 | ||
2017 | 741 | ||
2016 | 497 | ||
Prior | 64 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 5,279 | ||
Special mention | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 39 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 468 | ||
Revolving Loans Amortized Cost Basis | 38 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 545 | ||
Substandard | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | $ 122,424 | ||
Substandard | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 2,034 | ||
2017 | 4,000 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 6,034 | ||
Substandard | Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 47 | ||
Prior | 10,108 | ||
Revolving Loans Amortized Cost Basis | 147 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 10,302 | ||
Substandard | Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 5,638 | ||
2017 | 1,622 | ||
2016 | 1,704 | ||
Prior | 13,867 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 22,831 | ||
Substandard | Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 7,804 | ||
2019 | 6,844 | ||
2018 | 3,817 | ||
2017 | 11,368 | ||
2016 | 2,950 | ||
Prior | 63,914 | ||
Revolving Loans Amortized Cost Basis | 195 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 96,892 | ||
Substandard | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 1,354 | ||
2019 | 275 | ||
2018 | 6,354 | ||
2017 | 1,661 | ||
2016 | 1,965 | ||
Prior | 5,848 | ||
Revolving Loans Amortized Cost Basis | 8,522 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 25,979 | ||
Substandard | Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 2,543 | ||
2019 | 29,372 | ||
2018 | 12,006 | ||
2017 | 4,542 | ||
2016 | 3,286 | ||
Prior | 307 | ||
Revolving Loans Amortized Cost Basis | 2,400 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 54,456 | ||
Substandard | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 97 | ||
2018 | 539 | ||
2017 | 1,162 | ||
2016 | 429 | ||
Prior | 9,515 | ||
Revolving Loans Amortized Cost Basis | 9 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 11,751 | ||
Doubtful | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 402 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 402 | ||
Doubtful | Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 0 | ||
Performing | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 2,191 | ||
2019 | 1,995 | ||
2018 | 432 | ||
2017 | 1,990 | ||
2016 | 515 | ||
Prior | 1,954 | ||
Revolving Loans Amortized Cost Basis | 336,569 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 345,646 | ||
Performing | Consumer loans | Consumer other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 11,381 | ||
2019 | 39,877 | ||
2018 | 121,304 | ||
2017 | 80,701 | ||
2016 | 43,513 | ||
Prior | 37,256 | ||
Revolving Loans Amortized Cost Basis | 11,464 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 345,496 | ||
Nonperforming | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 2 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 3,626 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | 3,628 | ||
Nonperforming | Consumer loans | Consumer other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2020 | 34 | ||
2019 | 404 | ||
2018 | 1,563 | ||
2017 | 1,480 | ||
2016 | 1,698 | ||
Prior | 447 | ||
Revolving Loans Amortized Cost Basis | 29 | ||
Revolving Loans Converted to Term | 0 | ||
Total loans | $ 5,655 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Past Due (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | $ 87,892 | ||
Current | 8,894,444 | ||
Total loans | 8,982,336 | $ 9,502,428 | $ 9,502,428 |
Past Due 90 Days or Greater and Accruing | 12,876 | ||
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 5,874,777 | ||
Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 2,130 | ||
Current | 487,981 | ||
Total loans | 490,111 | 448,452 | 448,452 |
Past Due 90 Days or Greater and Accruing | 0 | ||
Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 4,909 | ||
Current | 531,027 | ||
Total loans | 535,936 | 631,740 | 631,740 |
Past Due 90 Days or Greater and Accruing | 163 | ||
Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 4,034,269 | ||
Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 429,806 | ||
Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 10,314 | ||
Current | 585,477 | ||
Total loans | 595,791 | 673,308 | 673,308 |
Past Due 90 Days or Greater and Accruing | 179 | ||
Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 14,615 | ||
Current | 2,244,320 | ||
Total loans | 2,258,935 | 2,189,780 | 2,189,780 |
Past Due 90 Days or Greater and Accruing | 7,338 | ||
Commercial real estate | Other commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 3,604,463 | ||
Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 20,167 | ||
Current | 1,799,008 | ||
Total loans | 1,819,175 | 1,522,059 | 1,840,508 |
Past Due 90 Days or Greater and Accruing | 3,443 | ||
Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 4,967 | ||
Current | 306,538 | ||
Total loans | 311,505 | 321,624 | |
Past Due 90 Days or Greater and Accruing | 0 | ||
Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 2,685,472 | ||
Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 8,119 | ||
Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 15,944 | ||
Current | 2,254,514 | ||
Total loans | 2,270,458 | 2,853,385 | 2,853,385 |
Past Due 90 Days or Greater and Accruing | 1,310 | ||
Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 2,677,353 | ||
Consumer loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 942,179 | ||
Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 4,801 | ||
Current | 344,473 | ||
Total loans | 349,274 | 378,793 | 380,591 |
Past Due 90 Days or Greater and Accruing | 394 | ||
Consumer loans | Consumer other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 10,045 | ||
Current | 341,106 | ||
Total loans | 351,151 | $ 483,287 | 483,287 |
Past Due 90 Days or Greater and Accruing | 49 | ||
Consumer loans | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 561,588 | ||
30-59 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 15,314 | ||
30-59 Days Past Due | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 50 | ||
30-59 Days Past Due | Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 278 | ||
30-59 Days Past Due | Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 896 | ||
30-59 Days Past Due | Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,377 | ||
30-59 Days Past Due | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 3,832 | ||
30-59 Days Past Due | Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 766 | ||
30-59 Days Past Due | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 4,080 | ||
30-59 Days Past Due | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 598 | ||
30-59 Days Past Due | Consumer loans | Consumer other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 3,437 | ||
60-89 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 12,312 | ||
60-89 Days Past Due | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 46 | ||
60-89 Days Past Due | Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 3,584 | ||
60-89 Days Past Due | Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 948 | ||
60-89 Days Past Due | Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 2,826 | ||
60-89 Days Past Due | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 2,592 | ||
60-89 Days Past Due | Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 232 | ||
60-89 Days Past Due | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 999 | ||
60-89 Days Past Due | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 181 | ||
60-89 Days Past Due | Consumer loans | Consumer other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 904 | ||
90 Days or Greater Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 60,266 | ||
90 Days or Greater Past Due | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 2,034 | ||
90 Days or Greater Past Due | Commercial | Commercial multifamily | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,047 | ||
90 Days or Greater Past Due | Commercial real estate | Commercial real estate owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 8,470 | ||
90 Days or Greater Past Due | Commercial real estate | Commercial real estate non-owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 10,412 | ||
90 Days or Greater Past Due | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 13,743 | ||
90 Days or Greater Past Due | Commercial and industrial loans | Commercial and industrial - other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 3,969 | ||
90 Days or Greater Past Due | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 10,865 | ||
90 Days or Greater Past Due | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 4,022 | ||
90 Days or Greater Past Due | Consumer loans | Consumer other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | $ 5,704 | ||
Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 47,128 | ||
Current | 7,119,369 | ||
Total loans | 7,166,497 | ||
Past Due 90 Days or Greater and Accruing | 975 | ||
Business Activities Loans | Commercial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 4,239,573 | ||
Business Activities Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 16,135 | ||
Current | 2,780,821 | ||
Total loans | 2,796,956 | ||
Past Due 90 Days or Greater and Accruing | 0 | ||
Business Activities Loans | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Current | 382,014 | ||
Total loans | 382,014 | ||
Past Due 90 Days or Greater and Accruing | 0 | ||
Business Activities Loans | Commercial real estate | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 2,414,942 | ||
Business Activities Loans | Commercial real estate | Other commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 16,135 | ||
Current | 2,398,807 | ||
Total loans | 2,414,942 | ||
Past Due 90 Days or Greater and Accruing | 0 | ||
Business Activities Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 15,536 | ||
Current | 1,427,081 | ||
Total loans | 1,442,617 | ||
Past Due 90 Days or Greater and Accruing | 122 | ||
Business Activities Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 5,733 | ||
Current | 2,142,725 | ||
Total loans | 2,148,458 | ||
Past Due 90 Days or Greater and Accruing | 800 | ||
Business Activities Loans | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Current | 4,641 | ||
Total loans | 4,641 | ||
Past Due 90 Days or Greater and Accruing | 0 | ||
Business Activities Loans | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 5,733 | ||
Current | 2,138,084 | ||
Total loans | 2,143,817 | ||
Past Due 90 Days or Greater and Accruing | 800 | ||
Business Activities Loans | Consumer loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 9,724 | ||
Current | 768,742 | ||
Total loans | 778,466 | ||
Past Due 90 Days or Greater and Accruing | 53 | ||
Business Activities Loans | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,296 | ||
Current | 272,571 | ||
Total loans | 273,867 | ||
Past Due 90 Days or Greater and Accruing | 52 | ||
Business Activities Loans | Consumer loans | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 8,428 | ||
Current | 496,171 | ||
Total loans | 504,599 | ||
Past Due 90 Days or Greater and Accruing | 1 | ||
Business Activities Loans | 30-59 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 9,791 | ||
Business Activities Loans | 30-59 Days Past Due | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 423 | ||
Business Activities Loans | 30-59 Days Past Due | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Business Activities Loans | 30-59 Days Past Due | Commercial real estate | Other commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 423 | ||
Business Activities Loans | 30-59 Days Past Due | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 2,841 | ||
Business Activities Loans | 30-59 Days Past Due | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,669 | ||
Business Activities Loans | 30-59 Days Past Due | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Business Activities Loans | 30-59 Days Past Due | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,669 | ||
Business Activities Loans | 30-59 Days Past Due | Consumer loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 4,858 | ||
Business Activities Loans | 30-59 Days Past Due | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 149 | ||
Business Activities Loans | 30-59 Days Past Due | Consumer loans | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 4,709 | ||
Business Activities Loans | 60-89 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 3,826 | ||
Business Activities Loans | 60-89 Days Past Due | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 89 | ||
Business Activities Loans | 60-89 Days Past Due | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Business Activities Loans | 60-89 Days Past Due | Commercial real estate | Other commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 89 | ||
Business Activities Loans | 60-89 Days Past Due | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 2,033 | ||
Business Activities Loans | 60-89 Days Past Due | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 714 | ||
Business Activities Loans | 60-89 Days Past Due | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Business Activities Loans | 60-89 Days Past Due | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 714 | ||
Business Activities Loans | 60-89 Days Past Due | Consumer loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 990 | ||
Business Activities Loans | 60-89 Days Past Due | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Business Activities Loans | 60-89 Days Past Due | Consumer loans | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 990 | ||
Business Activities Loans | 90 Days or Greater Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 33,511 | ||
Business Activities Loans | 90 Days or Greater Past Due | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 15,623 | ||
Business Activities Loans | 90 Days or Greater Past Due | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Business Activities Loans | 90 Days or Greater Past Due | Commercial real estate | Other commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 15,623 | ||
Business Activities Loans | 90 Days or Greater Past Due | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 10,662 | ||
Business Activities Loans | 90 Days or Greater Past Due | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 3,350 | ||
Business Activities Loans | 90 Days or Greater Past Due | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Business Activities Loans | 90 Days or Greater Past Due | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 3,350 | ||
Business Activities Loans | 90 Days or Greater Past Due | Consumer loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 3,876 | ||
Business Activities Loans | 90 Days or Greater Past Due | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,147 | ||
Business Activities Loans | 90 Days or Greater Past Due | Consumer loans | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 2,729 | ||
Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 20,793 | ||
Current | 61,419 | ||
Total loans | 2,335,931 | ||
Past Due 90 Days or Greater and Accruing | 6,404 | ||
Acquired Loans | Commercial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 1,635,204 | ||
Acquired Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 14,399 | ||
Current | 23,035 | ||
Total loans | 1,237,313 | ||
Past Due 90 Days or Greater and Accruing | 5,751 | ||
Acquired Loans | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Current | 1,396 | ||
Total loans | 47,792 | ||
Past Due 90 Days or Greater and Accruing | 0 | ||
Acquired Loans | Commercial real estate | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans | 1,189,521 | ||
Acquired Loans | Commercial real estate | Other commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 14,399 | ||
Current | 21,639 | ||
Total loans | 1,189,521 | ||
Past Due 90 Days or Greater and Accruing | 5,751 | ||
Acquired Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 2,462 | ||
Current | 26,718 | ||
Total loans | 397,891 | ||
Past Due 90 Days or Greater and Accruing | 442 | ||
Acquired Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 2,168 | ||
Current | 10,840 | ||
Total loans | 537,014 | ||
Past Due 90 Days or Greater and Accruing | 139 | ||
Acquired Loans | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Current | 0 | ||
Total loans | 3,478 | ||
Past Due 90 Days or Greater and Accruing | 0 | ||
Acquired Loans | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 2,168 | ||
Current | 10,840 | ||
Total loans | 533,536 | ||
Past Due 90 Days or Greater and Accruing | 139 | ||
Acquired Loans | Consumer loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,764 | ||
Current | 826 | ||
Total loans | 163,713 | ||
Past Due 90 Days or Greater and Accruing | 72 | ||
Acquired Loans | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,357 | ||
Current | 540 | ||
Total loans | 106,724 | ||
Past Due 90 Days or Greater and Accruing | 72 | ||
Acquired Loans | Consumer loans | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 407 | ||
Current | 286 | ||
Total loans | 56,989 | ||
Past Due 90 Days or Greater and Accruing | 0 | ||
Acquired Loans | 30-59 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 6,006 | ||
Acquired Loans | 30-59 Days Past Due | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 3,907 | ||
Acquired Loans | 30-59 Days Past Due | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Acquired Loans | 30-59 Days Past Due | Commercial real estate | Other commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 3,907 | ||
Acquired Loans | 30-59 Days Past Due | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 888 | ||
Acquired Loans | 30-59 Days Past Due | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 745 | ||
Acquired Loans | 30-59 Days Past Due | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Acquired Loans | 30-59 Days Past Due | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 745 | ||
Acquired Loans | 30-59 Days Past Due | Consumer loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 466 | ||
Acquired Loans | 30-59 Days Past Due | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 346 | ||
Acquired Loans | 30-59 Days Past Due | Consumer loans | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 120 | ||
Acquired Loans | 60-89 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,279 | ||
Acquired Loans | 60-89 Days Past Due | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 245 | ||
Acquired Loans | 60-89 Days Past Due | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Acquired Loans | 60-89 Days Past Due | Commercial real estate | Other commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 245 | ||
Acquired Loans | 60-89 Days Past Due | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 299 | ||
Acquired Loans | 60-89 Days Past Due | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 491 | ||
Acquired Loans | 60-89 Days Past Due | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Acquired Loans | 60-89 Days Past Due | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 491 | ||
Acquired Loans | 60-89 Days Past Due | Consumer loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 244 | ||
Acquired Loans | 60-89 Days Past Due | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 222 | ||
Acquired Loans | 60-89 Days Past Due | Consumer loans | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 22 | ||
Acquired Loans | 90 Days or Greater Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 13,508 | ||
Acquired Loans | 90 Days or Greater Past Due | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 10,247 | ||
Acquired Loans | 90 Days or Greater Past Due | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Acquired Loans | 90 Days or Greater Past Due | Commercial real estate | Other commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 10,247 | ||
Acquired Loans | 90 Days or Greater Past Due | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,275 | ||
Acquired Loans | 90 Days or Greater Past Due | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 932 | ||
Acquired Loans | 90 Days or Greater Past Due | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 0 | ||
Acquired Loans | 90 Days or Greater Past Due | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 932 | ||
Acquired Loans | 90 Days or Greater Past Due | Consumer loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 1,054 | ||
Acquired Loans | 90 Days or Greater Past Due | Consumer loans | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | 789 | ||
Acquired Loans | 90 Days or Greater Past Due | Consumer loans | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Past Due | $ 265 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES Summary of Nonaccrual Loans and Loans Past Due (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | $ 47,390 | $ 44,884 | $ 39,640 | $ 39,640 |
Nonaccrual With No Related Allowance | 20,474 | |||
Past Due 90 Days or Greater and Accruing | 12,876 | |||
Interest Income Recognized on Nonaccrual | 0 | |||
Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 2,034 | 0 | 0 | |
Nonaccrual With No Related Allowance | 2,034 | |||
Past Due 90 Days or Greater and Accruing | 0 | |||
Interest Income Recognized on Nonaccrual | 0 | |||
Commercial | Commercial multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 884 | 753 | 811 | |
Nonaccrual With No Related Allowance | 598 | |||
Past Due 90 Days or Greater and Accruing | 163 | |||
Interest Income Recognized on Nonaccrual | 0 | |||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 20,119 | |||
Commercial real estate | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial real estate | Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 8,291 | 6,513 | 15,389 | |
Nonaccrual With No Related Allowance | 2,429 | |||
Past Due 90 Days or Greater and Accruing | 179 | |||
Interest Income Recognized on Nonaccrual | 0 | |||
Commercial real estate | Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,074 | 2,372 | 1,031 | |
Nonaccrual With No Related Allowance | 2,170 | |||
Past Due 90 Days or Greater and Accruing | 7,338 | |||
Interest Income Recognized on Nonaccrual | 0 | |||
Commercial real estate | Other commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 20,119 | |||
Commercial and industrial loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 10,300 | 8,103 | 5,465 | 11,373 |
Nonaccrual With No Related Allowance | 3,869 | |||
Past Due 90 Days or Greater and Accruing | 3,443 | |||
Interest Income Recognized on Nonaccrual | 0 | |||
Financing receivable, nonaccrual, medallion loans, fair value | 2,800 | |||
Financing receivable, nonaccrual, medallion loans, contractual balance | 66,400 | |||
Commercial and industrial loans | Commercial and industrial - other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,969 | 6,173 | 5,753 | |
Nonaccrual With No Related Allowance | 2,959 | |||
Past Due 90 Days or Greater and Accruing | 0 | |||
Interest Income Recognized on Nonaccrual | 0 | |||
Residential mortgages | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,343 | |||
Residential mortgages | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Residential mortgages | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 9,555 | 13,997 | 6,411 | |
Nonaccrual With No Related Allowance | 5,876 | |||
Past Due 90 Days or Greater and Accruing | 1,310 | |||
Interest Income Recognized on Nonaccrual | 0 | |||
Residential mortgages | 1 to 4 Family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,343 | |||
Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 4,805 | |||
Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,628 | 2,405 | 1,798 | 1,812 |
Nonaccrual With No Related Allowance | 490 | |||
Past Due 90 Days or Greater and Accruing | 394 | |||
Interest Income Recognized on Nonaccrual | 0 | |||
Consumer loans | Consumer other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 5,655 | $ 4,568 | $ 2,982 | |
Nonaccrual With No Related Allowance | 49 | |||
Past Due 90 Days or Greater and Accruing | 49 | |||
Interest Income Recognized on Nonaccrual | $ 0 | |||
Consumer loans | Auto And Other Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 2,993 | |||
Business Activities Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 32,536 | |||
Past Due 90 Days or Greater and Accruing | 975 | |||
Business Activities Loans | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 15,623 | |||
Past Due 90 Days or Greater and Accruing | 0 | |||
Business Activities Loans | Commercial real estate | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Past Due 90 Days or Greater and Accruing | 0 | |||
Business Activities Loans | Commercial real estate | Other commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 15,623 | |||
Past Due 90 Days or Greater and Accruing | 0 | |||
Business Activities Loans | Commercial and industrial loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 10,540 | |||
Past Due 90 Days or Greater and Accruing | 122 | |||
Business Activities Loans | Residential mortgages | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 2,550 | |||
Past Due 90 Days or Greater and Accruing | 800 | |||
Business Activities Loans | Residential mortgages | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Past Due 90 Days or Greater and Accruing | 0 | |||
Business Activities Loans | Residential mortgages | 1 to 4 Family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 2,550 | |||
Past Due 90 Days or Greater and Accruing | 800 | |||
Business Activities Loans | Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,823 | |||
Past Due 90 Days or Greater and Accruing | 53 | |||
Business Activities Loans | Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 1,095 | |||
Past Due 90 Days or Greater and Accruing | 52 | |||
Business Activities Loans | Consumer loans | Auto And Other Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 2,728 | |||
Past Due 90 Days or Greater and Accruing | 1 | |||
Acquired Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 7,104 | |||
Past Due 90 Days or Greater and Accruing | 6,404 | |||
Acquired Loans | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 4,496 | |||
Past Due 90 Days or Greater and Accruing | 5,751 | |||
Acquired Loans | Commercial real estate | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Past Due 90 Days or Greater and Accruing | 0 | |||
Acquired Loans | Commercial real estate | Other commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 4,496 | |||
Past Due 90 Days or Greater and Accruing | 5,751 | |||
Acquired Loans | Commercial and industrial loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 833 | |||
Past Due 90 Days or Greater and Accruing | 442 | |||
Acquired Loans | Residential mortgages | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 793 | |||
Past Due 90 Days or Greater and Accruing | 139 | |||
Acquired Loans | Residential mortgages | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Past Due 90 Days or Greater and Accruing | 0 | |||
Acquired Loans | Residential mortgages | 1 to 4 Family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 793 | |||
Past Due 90 Days or Greater and Accruing | 139 | |||
Acquired Loans | Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 982 | |||
Past Due 90 Days or Greater and Accruing | 72 | |||
Acquired Loans | Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 717 | |||
Past Due 90 Days or Greater and Accruing | 72 | |||
Acquired Loans | Consumer loans | Auto And Other Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 265 | |||
Past Due 90 Days or Greater and Accruing | $ 0 |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | $ 47,390 | $ 44,884 | $ 39,640 | $ 39,640 |
Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 23,856 | |||
Investment Securities/Cash | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 59 | |||
Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,203 | |||
Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 2,034 | 0 | 0 | |
Commercial | Construction | Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 2,389 | |||
Commercial | Construction | Investment Securities/Cash | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial | Construction | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial | Commercial multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 884 | 753 | 811 | |
Commercial | Commercial multifamily | Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 598 | |||
Commercial | Commercial multifamily | Investment Securities/Cash | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial | Commercial multifamily | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 20,119 | |||
Commercial real estate | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial real estate | Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 8,291 | 6,513 | 15,389 | |
Commercial real estate | Commercial real estate owner occupied | Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 8,956 | |||
Commercial real estate | Commercial real estate owner occupied | Investment Securities/Cash | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial real estate | Commercial real estate owner occupied | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial real estate | Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,074 | 2,372 | 1,031 | |
Commercial real estate | Commercial real estate non-owner occupied | Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,819 | |||
Commercial real estate | Commercial real estate non-owner occupied | Investment Securities/Cash | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial real estate | Commercial real estate non-owner occupied | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial and industrial loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 10,300 | 8,103 | 5,465 | 11,373 |
Commercial and industrial loans | Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 2,506 | |||
Commercial and industrial loans | Investment Securities/Cash | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 59 | |||
Commercial and industrial loans | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 245 | |||
Commercial and industrial loans | Commercial and industrial - other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,969 | 6,173 | 5,753 | |
Commercial and industrial loans | Commercial and industrial - other | Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial and industrial loans | Commercial and industrial - other | Investment Securities/Cash | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Commercial and industrial loans | Commercial and industrial - other | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 2,958 | |||
Residential mortgages | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,343 | |||
Residential mortgages | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Residential mortgages | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 9,555 | 13,997 | 6,411 | |
Residential mortgages | Residential real estate | Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 5,290 | |||
Residential mortgages | Residential real estate | Investment Securities/Cash | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Residential mortgages | Residential real estate | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 4,805 | |||
Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 3,628 | 2,405 | 1,798 | $ 1,812 |
Consumer loans | Home equity | Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 272 | |||
Consumer loans | Home equity | Investment Securities/Cash | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Consumer loans | Home equity | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Consumer loans | Consumer other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 5,655 | $ 4,568 | $ 2,982 | |
Consumer loans | Consumer other | Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 26 | |||
Consumer loans | Consumer other | Investment Securities/Cash | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | 0 | |||
Consumer loans | Consumer other | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-accrual loans | $ 0 |
LOANS AND ALLOWANCE FOR CRED_11
LOANS AND ALLOWANCE FOR CREDIT LOSSES Schedule of Troubled Debt Restructurings, Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | $ 19,713 | $ 25,089 | $ 19,316 | $ 27,415 |
Principal Payments | (221) | (3,876) | (6,092) | (5,664) |
TDR Status Change | 0 | 0 | 0 | 0 |
Other reductions | 1,111 | (1,548) | (3,601) | (2,703) |
Newly identified TDRs | 611 | 65 | 11,591 | 682 |
Balance at end of the period | 21,214 | $ 19,730 | 21,214 | $ 19,730 |
Commercial | Construction | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | 0 | 0 | ||
Principal Payments | 0 | 0 | ||
TDR Status Change | 0 | 0 | ||
Other reductions | 0 | 0 | ||
Newly identified TDRs | 0 | 0 | ||
Balance at end of the period | 0 | 0 | ||
Commercial | Commercial multifamily | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | 779 | 793 | ||
Principal Payments | (12) | (26) | ||
TDR Status Change | 0 | 0 | ||
Other reductions | 0 | 0 | ||
Newly identified TDRs | 0 | 0 | ||
Balance at end of the period | 767 | 767 | ||
Commercial real estate | Commercial real estate owner occupied | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | 2,919 | 13,331 | ||
Principal Payments | (19) | (5,721) | ||
TDR Status Change | 0 | 0 | ||
Other reductions | 0 | (4,710) | ||
Newly identified TDRs | 18 | 18 | ||
Balance at end of the period | 2,918 | 2,918 | ||
Commercial real estate | Commercial real estate non-owner occupied | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | 11,166 | 1,373 | ||
Principal Payments | 0 | 0 | ||
TDR Status Change | 0 | 0 | ||
Other reductions | 1,241 | 1,241 | ||
Newly identified TDRs | 194 | 9,987 | ||
Balance at end of the period | 12,601 | 12,601 | ||
Commercial and industrial loans | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | 1,080 | 1,109 | ||
Principal Payments | (12) | (41) | ||
TDR Status Change | 0 | 0 | ||
Other reductions | (2) | (2) | ||
Newly identified TDRs | 0 | 0 | ||
Balance at end of the period | 1,066 | 1,066 | ||
Commercial and industrial loans | Commercial and industrial - other | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | 1,483 | 340 | ||
Principal Payments | (115) | (157) | ||
TDR Status Change | 0 | 0 | ||
Other reductions | (56) | (58) | ||
Newly identified TDRs | 399 | 1,586 | ||
Balance at end of the period | 1,711 | 1,711 | ||
Residential mortgages | Residential real estate | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | 1,968 | 2,045 | ||
Principal Payments | (57) | (134) | ||
TDR Status Change | 0 | 0 | ||
Other reductions | 0 | 0 | ||
Newly identified TDRs | 0 | 0 | ||
Balance at end of the period | 1,911 | 1,911 | ||
Consumer loans | Home equity | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | 275 | 277 | ||
Principal Payments | (3) | (5) | ||
TDR Status Change | 0 | 0 | ||
Other reductions | (72) | (72) | ||
Newly identified TDRs | 0 | 0 | ||
Balance at end of the period | 200 | 200 | ||
Consumer loans | Consumer other | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | 43 | 48 | ||
Principal Payments | (3) | (8) | ||
TDR Status Change | 0 | 0 | ||
Other reductions | 0 | 0 | ||
Newly identified TDRs | 0 | 0 | ||
Balance at end of the period | $ 40 | $ 40 |
LOANS AND ALLOWANCE FOR CRED_12
LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020USD ($)Loan | Sep. 30, 2019Loan | Sep. 30, 2019USD ($) | Sep. 30, 2019modification | Sep. 30, 2020USD ($)Loan | Sep. 30, 2019Loan | Sep. 30, 2019USD ($) | Sep. 30, 2019modification | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Number of Modifications | 10,000 | 2,000 | 2 | 15,000 | 7,000 | 7 | ||
Pre-Modification Outstanding Recorded Investment | $ 611 | $ 65 | $ 11,591 | $ 685 | ||||
Post-Modification Outstanding Recorded Investment | $ 611 | 65 | $ 11,591 | 682 | ||||
Commercial | Other commercial real estate | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Number of Modifications | modification | 0 | 2 | ||||||
Pre-Modification Outstanding Recorded Investment | 0 | 145 | ||||||
Post-Modification Outstanding Recorded Investment | 0 | 145 | ||||||
Commercial and industrial loans | Other commercial real estate | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Number of Modifications | modification | 0 | 3 | ||||||
Pre-Modification Outstanding Recorded Investment | 0 | 475 | ||||||
Post-Modification Outstanding Recorded Investment | 0 | 472 | ||||||
Residential mortgages | 1 to 4 Family | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Number of Modifications | modification | 2 | 2 | ||||||
Pre-Modification Outstanding Recorded Investment | 65 | 65 | ||||||
Post-Modification Outstanding Recorded Investment | $ 65 | $ 65 |
LOANS AND ALLOWANCE FOR CRED_13
LOANS AND ALLOWANCE FOR CREDIT LOSSES Unamortized Net Costs and Premiums (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Credit Loss [Abstract] | |
Unamortized net loan origination costs | $ 13,259 |
Unamortized net premium on purchased loans | 2,643 |
Total unamortized net costs and premiums | $ 15,902 |
LOANS AND ALLOWANCE FOR CRED_14
LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans and Debt Securities Acquired with Deteriorated Credit Quality (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 5,420 | $ 2,840 |
Acquisitions | 0 | 4,200 |
Accretion | (2,872) | (6,470) |
Net reclassification from nonaccretable difference | 2,066 | 4,195 |
Payments received, net | (196) | (356) |
Reclassification to TDR | 0 | 9 |
Balance at end of period | $ 4,418 | $ 4,418 |
LOANS AND ALLOWANCE FOR CRED_15
LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Evaluated For Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | $ 8,982,336 | $ 9,502,428 | $ 9,502,428 |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 4,034,269 | ||
Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | $ 1,819,175 | $ 1,522,059 | 1,840,508 |
Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,685,472 | ||
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 942,179 | ||
Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Individually evaluated for impairment | 5,652 | ||
Purchased credit-impaired loans | 61,419 | ||
Collectively evaluated | 2,268,860 | ||
Financing receivable, before allowance for credit loss | 2,335,931 | ||
Acquired Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Individually evaluated for impairment | 4,241 | ||
Purchased credit-impaired loans | 23,035 | ||
Collectively evaluated | 1,210,037 | ||
Financing receivable, before allowance for credit loss | 1,237,313 | ||
Acquired Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Individually evaluated for impairment | 464 | ||
Purchased credit-impaired loans | 26,718 | ||
Collectively evaluated | 370,709 | ||
Financing receivable, before allowance for credit loss | 397,891 | ||
Acquired Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Individually evaluated for impairment | 372 | ||
Purchased credit-impaired loans | 10,840 | ||
Collectively evaluated | 525,802 | ||
Financing receivable, before allowance for credit loss | 537,014 | ||
Acquired Loans | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Individually evaluated for impairment | 575 | ||
Purchased credit-impaired loans | 826 | ||
Collectively evaluated | 162,312 | ||
Financing receivable, before allowance for credit loss | 163,713 | ||
Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Individually evaluated for impairment | 32,008 | ||
Collectively evaluated | 7,134,489 | ||
Financing receivable, before allowance for credit loss | 7,166,497 | ||
Business Activities Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Individually evaluated for impairment | 19,192 | ||
Collectively evaluated | 2,777,764 | ||
Financing receivable, before allowance for credit loss | 2,796,956 | ||
Business Activities Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Individually evaluated for impairment | 9,167 | ||
Collectively evaluated | 1,433,450 | ||
Financing receivable, before allowance for credit loss | 1,442,617 | ||
Business Activities Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Individually evaluated for impairment | 3,019 | ||
Collectively evaluated | 2,145,439 | ||
Financing receivable, before allowance for credit loss | 2,148,458 | ||
Business Activities Loans | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Individually evaluated for impairment | 630 | ||
Collectively evaluated | 777,836 | ||
Financing receivable, before allowance for credit loss | $ 778,466 |
LOANS AND ALLOWANCE FOR CRED_16
LOANS AND ALLOWANCE FOR CREDIT LOSSES Summary of Impaired Loans (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Business Activities Loans | |
Recorded Investment | |
Total | $ 31,879 |
Unpaid Principal Balance | |
Total | 65,627 |
Related Allowance | |
With an allowance recorded | 294 |
Business Activities Loans | Commercial real estate | |
Recorded Investment | |
Total | 19,226 |
Unpaid Principal Balance | |
Total | 38,904 |
Related Allowance | |
With an allowance recorded | 20 |
Business Activities Loans | Commercial real estate | Other commercial real estate | |
Recorded Investment | |
With no related allowance | 18,676 |
With an allowance recorded | 550 |
Unpaid Principal Balance | |
With no related allowance | 37,493 |
With an allowance recorded | 1,411 |
Related Allowance | |
With an allowance recorded | 20 |
Business Activities Loans | Commercial and industrial loans | |
Recorded Investment | |
With no related allowance | 4,805 |
With an allowance recorded | 4,166 |
Total | 8,971 |
Unpaid Principal Balance | |
With no related allowance | 10,104 |
With an allowance recorded | 12,136 |
Total | 22,240 |
Related Allowance | |
With an allowance recorded | 122 |
Business Activities Loans | Residential mortgages | |
Recorded Investment | |
Total | 3,048 |
Unpaid Principal Balance | |
Total | 3,623 |
Related Allowance | |
With an allowance recorded | 109 |
Business Activities Loans | Residential mortgages | 1-4 Family | |
Recorded Investment | |
With no related allowance | 433 |
With an allowance recorded | 2,615 |
Unpaid Principal Balance | |
With no related allowance | 699 |
With an allowance recorded | 2,924 |
Related Allowance | |
With an allowance recorded | 109 |
Business Activities Loans | Consumer | |
Recorded Investment | |
Total | 634 |
Unpaid Principal Balance | |
Total | 860 |
Related Allowance | |
With an allowance recorded | 43 |
Business Activities Loans | Consumer | Other commercial real estate | |
Recorded Investment | |
With no related allowance | 0 |
With an allowance recorded | 8 |
Unpaid Principal Balance | |
With no related allowance | 0 |
With an allowance recorded | 8 |
Related Allowance | |
With an allowance recorded | 1 |
Business Activities Loans | Consumer | Home equity | |
Recorded Investment | |
With no related allowance | 32 |
With an allowance recorded | 594 |
Unpaid Principal Balance | |
With no related allowance | 238 |
With an allowance recorded | 614 |
Related Allowance | |
With an allowance recorded | 42 |
Acquired Loans | |
Recorded Investment | |
Total | 5,650 |
Unpaid Principal Balance | |
Total | 9,040 |
Related Allowance | |
With an allowance recorded | 118 |
Acquired Loans | Commercial real estate | |
Recorded Investment | |
Total | 4,233 |
Unpaid Principal Balance | |
Total | 7,071 |
Related Allowance | |
With an allowance recorded | 97 |
Acquired Loans | Commercial real estate | Other commercial real estate | |
Recorded Investment | |
With no related allowance | 3,200 |
With an allowance recorded | 1,033 |
Unpaid Principal Balance | |
With no related allowance | 6,021 |
With an allowance recorded | 1,050 |
Related Allowance | |
With an allowance recorded | 97 |
Acquired Loans | Commercial and industrial loans | |
Recorded Investment | |
With no related allowance | 437 |
With an allowance recorded | 28 |
Total | 465 |
Unpaid Principal Balance | |
With no related allowance | 532 |
With an allowance recorded | 30 |
Total | 562 |
Related Allowance | |
With an allowance recorded | 1 |
Acquired Loans | Residential mortgages | |
Recorded Investment | |
Total | 376 |
Unpaid Principal Balance | |
Total | 403 |
Related Allowance | |
With an allowance recorded | 8 |
Acquired Loans | Residential mortgages | 1-4 Family | |
Recorded Investment | |
With no related allowance | 292 |
With an allowance recorded | 84 |
Unpaid Principal Balance | |
With no related allowance | 293 |
With an allowance recorded | 110 |
Related Allowance | |
With an allowance recorded | 8 |
Acquired Loans | Consumer | |
Recorded Investment | |
Total | 576 |
Unpaid Principal Balance | |
Total | 1,004 |
Related Allowance | |
With an allowance recorded | 12 |
Acquired Loans | Consumer | Other commercial real estate | |
Recorded Investment | |
With no related allowance | 0 |
With an allowance recorded | 39 |
Unpaid Principal Balance | |
With no related allowance | 0 |
With an allowance recorded | 37 |
Related Allowance | |
With an allowance recorded | 6 |
Acquired Loans | Consumer | Home equity | |
Recorded Investment | |
With no related allowance | 416 |
With an allowance recorded | 121 |
Unpaid Principal Balance | |
With no related allowance | 844 |
With an allowance recorded | 123 |
Related Allowance | |
With an allowance recorded | $ 6 |
LOANS AND ALLOWANCE FOR CRED_17
LOANS AND ALLOWANCE FOR CREDIT LOSSES Average Recorded Investment and Interest Income Recognized on Impaired Loans (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Additional funds committed | $ 0 |
Business Activities Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, average recorded investment | 28,997,000 |
Impaired financing receivable, interest income, cash basis method | 2,212,000 |
Business Activities Loans | Commercial real estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, average recorded investment | 20,179,000 |
Impaired financing receivable, interest income, cash basis method | 693,000 |
Business Activities Loans | Commercial real estate | Other commercial real estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, with no related allowance, average recorded investment | 19,805,000 |
Impaired financing receivable, with no related allowance, interest income, cash basis method | 586,000 |
Impaired financing receivable, with related allowance, average recorded investment | 374,000 |
Impaired financing receivable, with related allowance, interest income, cash basis method | 107,000 |
Business Activities Loans | Commercial and industrial loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, average recorded investment | 5,698,000 |
Impaired financing receivable, interest income, cash basis method | 1,316,000 |
Business Activities Loans | Commercial and industrial loans | Other commercial real estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, with no related allowance, average recorded investment | 3,165,000 |
Impaired financing receivable, with no related allowance, interest income, cash basis method | 523,000 |
Impaired financing receivable, with related allowance, average recorded investment | 2,533,000 |
Impaired financing receivable, with related allowance, interest income, cash basis method | 793,000 |
Business Activities Loans | Residential mortgages | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, average recorded investment | 2,612,000 |
Impaired financing receivable, interest income, cash basis method | 167,000 |
Business Activities Loans | Residential mortgages | 1 to 4 Family | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, with no related allowance, average recorded investment | 185,000 |
Impaired financing receivable, with no related allowance, interest income, cash basis method | 17,000 |
Impaired financing receivable, with related allowance, average recorded investment | 2,427,000 |
Impaired financing receivable, with related allowance, interest income, cash basis method | 150,000 |
Business Activities Loans | Consumer loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, average recorded investment | 508,000 |
Impaired financing receivable, interest income, cash basis method | 36,000 |
Business Activities Loans | Consumer loans | Other commercial real estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, with no related allowance, average recorded investment | 0 |
Impaired financing receivable, with no related allowance, interest income, cash basis method | 0 |
Impaired financing receivable, with related allowance, average recorded investment | 11,000 |
Impaired financing receivable, with related allowance, interest income, cash basis method | 1,000 |
Business Activities Loans | Consumer loans | Home equity | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, with no related allowance, average recorded investment | 148,000 |
Impaired financing receivable, with no related allowance, interest income, cash basis method | 3,000 |
Impaired financing receivable, with related allowance, average recorded investment | 349,000 |
Impaired financing receivable, with related allowance, interest income, cash basis method | 32,000 |
Acquired Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, average recorded investment | 3,991,000 |
Impaired financing receivable, interest income, cash basis method | 278,000 |
Acquired Loans | Commercial real estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, average recorded investment | 2,608,000 |
Impaired financing receivable, interest income, cash basis method | 176,000 |
Acquired Loans | Commercial real estate | Other commercial real estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, with no related allowance, average recorded investment | 1,603,000 |
Impaired financing receivable, with no related allowance, interest income, cash basis method | 117,000 |
Impaired financing receivable, with related allowance, average recorded investment | 1,005,000 |
Impaired financing receivable, with related allowance, interest income, cash basis method | 59,000 |
Acquired Loans | Commercial and industrial loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, average recorded investment | 470,000 |
Impaired financing receivable, interest income, cash basis method | 53,000 |
Acquired Loans | Commercial and industrial loans | Other commercial real estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, with no related allowance, average recorded investment | 441,000 |
Impaired financing receivable, with no related allowance, interest income, cash basis method | 51,000 |
Impaired financing receivable, with related allowance, average recorded investment | 29,000 |
Impaired financing receivable, with related allowance, interest income, cash basis method | 2,000 |
Acquired Loans | Residential mortgages | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, average recorded investment | 329,000 |
Impaired financing receivable, interest income, cash basis method | 18,000 |
Acquired Loans | Residential mortgages | 1 to 4 Family | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, with no related allowance, average recorded investment | 241,000 |
Impaired financing receivable, with no related allowance, interest income, cash basis method | 11,000 |
Impaired financing receivable, with related allowance, average recorded investment | 88,000 |
Impaired financing receivable, with related allowance, interest income, cash basis method | 7,000 |
Acquired Loans | Consumer loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, average recorded investment | 584,000 |
Impaired financing receivable, interest income, cash basis method | 31,000 |
Acquired Loans | Consumer loans | Other commercial real estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, with no related allowance, average recorded investment | 0 |
Impaired financing receivable, with no related allowance, interest income, cash basis method | 0 |
Impaired financing receivable, with related allowance, average recorded investment | 41,000 |
Impaired financing receivable, with related allowance, interest income, cash basis method | 2,000 |
Acquired Loans | Consumer loans | Home equity | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Impaired financing receivable, with no related allowance, average recorded investment | 475,000 |
Impaired financing receivable, with no related allowance, interest income, cash basis method | 23,000 |
Impaired financing receivable, with related allowance, average recorded investment | 68,000 |
Impaired financing receivable, with related allowance, interest income, cash basis method | $ 6,000 |
LOANS AND ALLOWANCE FOR CRED_18
LOANS AND ALLOWANCE FOR CREDIT LOSSES Allowance for Loan Losses - Pre Adoption of ASC 326 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Charged-off loans | $ 7,776 | $ 27,482 | ||
Provision/(releases) for loan losses | 1,200 | $ 22,600 | 65,878 | $ 30,068 |
Commercial and industrial loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Charged-off loans | $ 2,358 | $ 7,480 | ||
Business Activities Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 55,432 | 56,139 | ||
Charged-off loans | 23,231 | 30,069 | ||
Recoveries on charged-off loans | 808 | 1,700 | ||
Provision/(releases) for loan losses | 23,187 | 28,426 | ||
Balance at end of period | 56,196 | 56,196 | ||
Business Activities Loans | Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 22,408 | 21,732 | ||
Charged-off loans | 3,061 | 5,019 | ||
Recoveries on charged-off loans | 286 | 561 | ||
Provision/(releases) for loan losses | 3,815 | 6,174 | ||
Balance at end of period | 23,448 | 23,448 | ||
Business Activities Loans | Commercial and industrial loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 18,849 | 16,504 | ||
Charged-off loans | 19,315 | 22,171 | ||
Recoveries on charged-off loans | 469 | 895 | ||
Provision/(releases) for loan losses | 18,929 | 23,704 | ||
Balance at end of period | 18,932 | 18,932 | ||
Business Activities Loans | Residential mortgages | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 8,834 | 10,535 | ||
Charged-off loans | 95 | 343 | ||
Recoveries on charged-off loans | 0 | 58 | ||
Provision/(releases) for loan losses | 23 | (1,488) | ||
Balance at end of period | 8,762 | 8,762 | ||
Business Activities Loans | Consumer loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 5,341 | 7,368 | ||
Charged-off loans | 760 | 2,536 | ||
Recoveries on charged-off loans | 53 | 186 | ||
Provision/(releases) for loan losses | 420 | 36 | ||
Balance at end of period | 5,054 | 5,054 | ||
Acquired Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 6,724 | 5,330 | ||
Charged-off loans | 293 | 2,000 | ||
Recoveries on charged-off loans | 190 | 1,062 | ||
Provision/(releases) for loan losses | (587) | 1,642 | ||
Balance at end of period | 6,034 | 6,034 | ||
Acquired Loans | Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 4,562 | 3,153 | ||
Charged-off loans | 20 | 824 | ||
Recoveries on charged-off loans | 36 | 536 | ||
Provision/(releases) for loan losses | (648) | 1,065 | ||
Balance at end of period | 3,930 | 3,930 | ||
Acquired Loans | Commercial and industrial loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 870 | 1,064 | ||
Charged-off loans | 89 | 460 | ||
Recoveries on charged-off loans | 85 | 311 | ||
Provision/(releases) for loan losses | 20 | (29) | ||
Balance at end of period | 886 | 886 | ||
Acquired Loans | Residential mortgages | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 882 | 630 | ||
Charged-off loans | 97 | 201 | ||
Recoveries on charged-off loans | 52 | 112 | ||
Provision/(releases) for loan losses | 7 | 303 | ||
Balance at end of period | 844 | 844 | ||
Acquired Loans | Consumer loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 410 | 483 | ||
Charged-off loans | 87 | 515 | ||
Recoveries on charged-off loans | 17 | 103 | ||
Provision/(releases) for loan losses | 34 | 303 | ||
Balance at end of period | $ 374 | $ 374 |
LOANS AND ALLOWANCE FOR CRED_19
LOANS AND ALLOWANCE FOR CREDIT LOSSES Credit Risk Profile by Creditworthiness Category (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | $ 8,982,336 | $ 9,502,428 | $ 9,502,428 |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 942,179 | ||
Consumer | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 349,274 | 378,793 | 380,591 |
Consumer | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 561,588 | ||
Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 1,819,175 | 1,522,059 | 1,840,508 |
Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,685,472 | ||
Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,677,353 | ||
Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 8,119 | ||
Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,270,458 | $ 2,853,385 | 2,853,385 |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 4,034,269 | ||
Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 429,806 | ||
Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 7,166,497 | ||
Business Activities Loans | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 778,466 | ||
Business Activities Loans | Consumer | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 273,867 | ||
Business Activities Loans | Consumer | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 504,599 | ||
Business Activities Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 1,442,617 | ||
Business Activities Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,148,458 | ||
Business Activities Loans | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,143,817 | ||
Business Activities Loans | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 4,641 | ||
Business Activities Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,796,956 | ||
Business Activities Loans | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 382,014 | ||
Business Activities Loans | Commercial real estate | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,414,942 | ||
Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,335,931 | ||
Acquired Loans | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 163,713 | ||
Acquired Loans | Consumer | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 106,724 | ||
Acquired Loans | Consumer | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 56,989 | ||
Acquired Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 397,891 | ||
Acquired Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 537,014 | ||
Acquired Loans | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 533,536 | ||
Acquired Loans | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 3,478 | ||
Acquired Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 1,237,313 | ||
Acquired Loans | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 47,792 | ||
Acquired Loans | Commercial real estate | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 1,189,521 | ||
Pass | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 1,763,426 | ||
Pass | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,258,162 | ||
Pass | Business Activities Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 1,366,342 | ||
Pass | Business Activities Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,144,394 | ||
Pass | Business Activities Loans | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,139,753 | ||
Pass | Business Activities Loans | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 4,641 | ||
Pass | Business Activities Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,736,389 | ||
Pass | Business Activities Loans | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 382,014 | ||
Pass | Business Activities Loans | Commercial real estate | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,354,375 | ||
Pass | Acquired Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 373,744 | ||
Pass | Acquired Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 531,760 | ||
Pass | Acquired Loans | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 528,282 | ||
Pass | Acquired Loans | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 3,478 | ||
Pass | Acquired Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 1,176,729 | ||
Pass | Acquired Loans | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 46,396 | ||
Pass | Acquired Loans | Commercial real estate | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 1,130,333 | ||
Special mention | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 75,284 | ||
Special mention | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 29,368 | ||
Special mention | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 545 | ||
Special mention | Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 63,943 | ||
Special mention | Business Activities Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 50,072 | ||
Special mention | Business Activities Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 714 | ||
Special mention | Business Activities Loans | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 714 | ||
Special mention | Business Activities Loans | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 0 | ||
Special mention | Business Activities Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 12,167 | ||
Special mention | Business Activities Loans | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 0 | ||
Special mention | Business Activities Loans | Commercial real estate | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 12,167 | ||
Special mention | Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 11,341 | ||
Special mention | Acquired Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 4,404 | ||
Special mention | Acquired Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 592 | ||
Special mention | Acquired Loans | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 592 | ||
Special mention | Acquired Loans | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 0 | ||
Special mention | Acquired Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 5,993 | ||
Special mention | Acquired Loans | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 0 | ||
Special mention | Acquired Loans | Commercial real estate | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 5,993 | ||
Substandard | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 122,424 | ||
Substandard | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 25,979 | ||
Substandard | Residential mortgages | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 11,751 | ||
Substandard | Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 49,293 | ||
Substandard | Business Activities Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 24,112 | ||
Substandard | Business Activities Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 3,350 | ||
Substandard | Business Activities Loans | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 3,350 | ||
Substandard | Business Activities Loans | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 0 | ||
Substandard | Business Activities Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 48,400 | ||
Substandard | Business Activities Loans | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 0 | ||
Substandard | Business Activities Loans | Commercial real estate | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 48,400 | ||
Substandard | Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 73,131 | ||
Substandard | Acquired Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 19,743 | ||
Substandard | Acquired Loans | Residential mortgages | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 4,662 | ||
Substandard | Acquired Loans | Residential mortgages | 1 to 4 Family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 4,662 | ||
Substandard | Acquired Loans | Residential mortgages | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 0 | ||
Substandard | Acquired Loans | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 54,591 | ||
Substandard | Acquired Loans | Commercial real estate | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 1,396 | ||
Substandard | Acquired Loans | Commercial real estate | Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 53,195 | ||
Doubtful | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 402 | ||
Doubtful | Business Activities Loans | Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,091 | ||
Performing | Consumer | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 345,646 | ||
Performing | Business Activities Loans | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 774,643 | ||
Performing | Business Activities Loans | Consumer | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 272,772 | ||
Performing | Business Activities Loans | Consumer | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 501,871 | ||
Performing | Acquired Loans | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 162,731 | ||
Performing | Acquired Loans | Consumer | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 106,007 | ||
Performing | Acquired Loans | Consumer | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 56,724 | ||
Nonperforming | Consumer | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | $ 3,628 | ||
Nonperforming | Business Activities Loans | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 3,823 | ||
Nonperforming | Business Activities Loans | Consumer | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 1,095 | ||
Nonperforming | Business Activities Loans | Consumer | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,728 | ||
Nonperforming | Acquired Loans | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 982 | ||
Nonperforming | Acquired Loans | Consumer | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 717 | ||
Nonperforming | Acquired Loans | Consumer | Auto And Other Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | $ 265 |
LOANS AND ALLOWANCE FOR CRED_20
LOANS AND ALLOWANCE FOR CREDIT LOSSES Summary of Total Loans Rated Special Mention or Lower (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | $ 8,982,336 | $ 9,502,428 | $ 9,502,428 |
Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 7,166,497 | ||
Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 2,335,931 | ||
Non-Accrual | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 39,640 | ||
Non-Accrual | Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 32,536 | ||
Non-Accrual | Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 7,104 | ||
Substandard | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 122,424 | ||
Substandard | Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 49,293 | ||
Substandard | Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 73,131 | ||
Classified | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 162,064 | ||
Classified | Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 81,829 | ||
Classified | Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 80,235 | ||
Special mention | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 75,284 | ||
Special mention | Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 63,943 | ||
Special mention | Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 11,341 | ||
Criticized | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 237,348 | ||
Criticized | Business Activities Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | 145,772 | ||
Criticized | Acquired Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, before allowance for credit loss | $ 91,576 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Time less than $100,000 | $ 780,654 | $ 905,190 |
Time $100,000 through $250,000 | 1,504,455 | 2,027,717 |
Time more than $250,000 | 604,984 | 656,462 |
Total time deposits | 2,890,093 | 3,589,369 |
Brokered time deposits | 800,000 | 1,200,000 |
Reciprocal deposits | $ 128,900 | $ 91,700 |
BORROWED FUNDS - Summary of Bor
BORROWED FUNDS - Summary of Borrowed Funds (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Principal, Short-term borrowings | $ 110,000 | $ 125,000 |
Principal, Long-term borrowings | 592,706 | 702,550 |
Total borrowings | $ 702,706 | $ 827,550 |
Weighted average rate on short-term borrowings | 1.16% | 2.06% |
Weighted average rate on long-term borrowings | 2.55% | 2.72% |
Weighted average rate | 2.33% | 2.62% |
Advances from the FHLB | ||
Debt Instrument [Line Items] | ||
Principal, Short-term borrowings | $ 110,000 | $ 125,000 |
Principal, Long-term borrowings | $ 494,859 | $ 605,501 |
Weighted average rate on short-term borrowings | 1.16% | 2.06% |
Weighted average rate on long-term borrowings | 1.90% | 2.16% |
Paycheck Protection Program Liquidity Facility ("PPPLF") | ||
Debt Instrument [Line Items] | ||
Principal, Long-term borrowings | $ 624 | $ 0 |
Weighted average rate on long-term borrowings | 0.35% | 0.00% |
Subordinated borrowings | ||
Debt Instrument [Line Items] | ||
Principal, Long-term borrowings | $ 74,366 | $ 74,232 |
Weighted average rate on long-term borrowings | 7.00% | 7.00% |
Junior subordinated borrowing - Trust I | ||
Debt Instrument [Line Items] | ||
Principal, Long-term borrowings | $ 15,464 | $ 15,464 |
Weighted average rate on long-term borrowings | 2.11% | 3.76% |
Junior subordinated borrowing - Trust II | ||
Debt Instrument [Line Items] | ||
Principal, Long-term borrowings | $ 7,393 | $ 7,353 |
Weighted average rate on long-term borrowings | 1.95% | 3.59% |
BORROWED FUNDS - Narrative (Det
BORROWED FUNDS - Narrative (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Line of credit, current | $ 3,000,000 | ||
Short-term debt | 110,000,000 | $ 125,000,000 | |
Long-term borrowings | 592,706,000 | 702,550,000 | |
Advances from the FHLB | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | 0 | 0 | |
Line of credit facility, remaining borrowing capacity | 1,600,000,000 | 1,600,000,000 | |
Short-term debt | 110,000,000 | 125,000,000 | |
Long-term borrowings | 494,859,000 | 605,501,000 | |
Federal Home Loan Bank Certificates And Obligations F H L B Callable Advances | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 10,000,000 | 10,000,000 | |
Federal Home Loan Bank Certificates And Obligations F H L B Amortizing Advances | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 5,500,000 | 4,400,000 | |
Subordinated borrowings | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 74,366,000 | 74,232,000 | |
Maturity period | 15 years | ||
Principal amount of debt issued | $ 75,000,000 | ||
Discount rate | 1.15% | ||
Fixed interest rate | 6.875% | ||
Maturity period with fixed interest rate | 10 years | ||
Subordinated borrowings | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate margin | 5.113% | ||
Unamortized debt issuance expense | $ 246,000 | $ 338,000 | |
Junior subordinated borrowing | Trust I | |||
Debt Instrument [Line Items] | |||
Common stock of trust | 100.00% | ||
Common stock of trust included in other asset | $ 500,000 | ||
Sole asset of trust in form of debt | $ 15,500,000 | ||
Variable interest rate | 2.11% | 3.76% | |
Period up to which interest payments can be deferred | 5 years | ||
Junior subordinated borrowing | Trust II | |||
Debt Instrument [Line Items] | |||
Common stock of trust | 100.00% | ||
Common stock of trust included in other asset | $ 200,000 | ||
Sole asset of trust in form of debt | $ 8,200,000 | ||
Variable interest rate | 1.95% | 3.59% | |
Period up to which interest payments can be deferred | 5 years | ||
Junior subordinated borrowing | LIBOR | Trust I | |||
Debt Instrument [Line Items] | |||
Interest rate margin | 1.85% | ||
Junior subordinated borrowing | LIBOR | Trust II | |||
Debt Instrument [Line Items] | |||
Interest rate margin | 1.70% | ||
Federal Reserve Bank Advances | |||
Debt Instrument [Line Items] | |||
Line of credit facility, remaining borrowing capacity | $ 870,200,000 | $ 201,300,000 | |
Short-term debt | 0 | $ 0 | |
Small Business Administration (SBA), CARES Act, Paycheck Protection Program | |||
Debt Instrument [Line Items] | |||
Loans pledged as collateral | $ 624,000 |
BORROWED FUNDS - Summary of Mat
BORROWED FUNDS - Summary of Maturities of FHLB (Details) - Fixed rate advances $ in Thousands | Sep. 30, 2020USD ($) |
Principal | |
2020 | $ 129,994 |
2021 | 395,476 |
2022 | 58,706 |
2023 | 11,170 |
2023 and beyond | 9,513 |
Total FHLB advances | $ 604,859 |
Weighted Average Rate | |
Weighted Average Rate | |
2020 | 1.57% |
2021 | 1.80% |
2022 | 1.92% |
2023 | 2.19% |
2023 and beyond | 1.61% |
Total FHLB advances | 1.77% |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional amount | $ 3,843,761,000 | $ 4,070,729,000 |
Cash collateral pledged | 77,100,000 | |
Amortized cost of securities pledged as collateral to derivative counterparties | 38,600,000 | |
Fair value of securities as pledged collateral to derivative counterparties | 38,900,000 | |
Commercial counterparties | ||
Derivative [Line Items] | ||
Net asset position | 1,100,000 | 600,000 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | 9,400,000 | |
Cash collateral pledged | 77,075,000 | 96,310,000 |
Interest rate swaps | Commercial counterparties | ||
Derivative [Line Items] | ||
Cash collateral pledged | 0 | 0 |
Net asset position | 177,700,000 | 76,400,000 |
Derivative liability, amount offset against collateral | 0 | 1,100,000 |
Interest rate swaps | Institutional counterparties | ||
Derivative [Line Items] | ||
Cash collateral pledged | 77,075,000 | 96,310,000 |
Derivative liability, amount offset against collateral | 74,800,000 | 78,800,000 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 75,090,000 | $ 168,997,000 |
Economic hedges | ||
Derivative [Line Items] | ||
Notional amount | 3,800,000,000 | |
Credit valuation adjustments | $ 2,000,000 | |
Economic hedges | Interest rate swap on tax advantaged economic development bond | ||
Derivative [Line Items] | ||
Fixed rate of interest | 5.09% | |
Maturity period | 21 years | |
Economic hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 3,400,000,000 | |
Economic hedges | Risk participation agreements with dealer banks | ||
Derivative [Line Items] | ||
Notional amount | 300,000,000 | |
Economic hedges | Forward sale commitments | ||
Derivative [Line Items] | ||
Notional amount | $ 17,600,000 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 3,843,761 | $ 4,070,729 |
Estimated fair value asset (liability) | 105,967 | (492) |
Impact of settled to market contracts | 109,000 | |
Interest rate swaps | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 9,400 | |
Total economic hedges | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 3,800,000 | |
Total economic hedges | Interest rate swaps | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 3,400,000 | |
Total economic hedges | Risk participation agreements with dealer banks | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 300,000 | |
Total economic hedges | Forward sale commitments | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 17,600 | |
Designated as Hedging Instrument | Total economic hedges | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 3,768,671 | 3,901,732 |
Estimated fair value asset (liability) | 104,469 | (3,120) |
Designated as Hedging Instrument | Total economic hedges | Interest rate swaps | Interest rate swap on tax advantaged economic development bond | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 8,843 | $ 9,390 |
Weighted average maturity | 9 years 2 months 12 days | 9 years 10 months 24 days |
Weighted average rate, received | 0.52% | 2.08% |
Weighted average rate, contract pay rate | 5.09% | 5.09% |
Estimated fair value asset (liability) | $ (1,933) | $ (1,488) |
Designated as Hedging Instrument | Total economic hedges | Interest rate swaps | Loans with commercial loan customers | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 1,713,149 | $ 1,669,895 |
Weighted average maturity | 6 years | 6 years 4 months 24 days |
Weighted average rate, received | 4.28% | 4.38% |
Weighted average rate, contract pay rate | 1.93% | 3.28% |
Estimated fair value asset (liability) | $ 177,731 | $ 75,326 |
Designated as Hedging Instrument | Total economic hedges | Reverse interest rate swaps | Loans with commercial loan customers | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 1,713,149 | $ 1,669,895 |
Weighted average maturity | 6 years | 6 years 4 months 24 days |
Weighted average rate, received | 1.93% | 3.28% |
Weighted average rate, contract pay rate | 4.28% | 4.38% |
Estimated fair value asset (liability) | $ (72,386) | $ (77,051) |
Designated as Hedging Instrument | Total economic hedges | Risk participation agreements with dealer banks | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 315,936 | $ 315,140 |
Weighted average maturity | 7 years | 7 years 6 months |
Estimated fair value asset (liability) | $ 660 | $ 320 |
Designated as Hedging Instrument | Total economic hedges | Forward sale commitments | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 17,594 | $ 237,412 |
Weighted average maturity | 2 months 12 days | 2 months 12 days |
Estimated fair value asset (liability) | $ 397 | $ (227) |
Not Designated as Hedging Instrument | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 75,090 | 168,997 |
Estimated fair value asset (liability) | 1,498 | 2,628 |
Not Designated as Hedging Instrument | Commitments to lend | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 75,090 | $ 168,997 |
Weighted average maturity | 2 months 12 days | 2 months 12 days |
Estimated fair value asset (liability) | $ 1,498 | $ 2,628 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Economic Hedges and Non-hedging Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest rate swaps | Economic hedges | Industrial revenue bond | ||||
Derivative [Line Items] | ||||
Unrealized (loss)/gain recognized in other non-interest income | $ 106 | $ (120) | $ (444) | $ (463) |
Interest rate swaps | Economic hedges | Loans with commercial loan customers | ||||
Derivative [Line Items] | ||||
Unrealized (loss)/gain recognized in other non-interest income | (10,219) | 26,975 | 104,434 | 91,931 |
Favorable/(unfavorable) change in credit valuation adjustment recognized in other non-interest income | 406 | (872) | (2,029) | (2,156) |
Reverse interest rate swaps | Economic hedges | Loans with commercial loan customers | ||||
Derivative [Line Items] | ||||
Unrealized (loss)/gain recognized in other non-interest income | 10,219 | (26,975) | (104,434) | (91,931) |
Risk participation agreements | Economic hedges | ||||
Derivative [Line Items] | ||||
Unrealized (loss)/gain recognized in other non-interest income | (26) | 68 | 339 | 174 |
Forward commitments | Economic hedges | ||||
Derivative [Line Items] | ||||
Unrealized (loss)/gain recognized in other non-interest income | (50) | 1,090 | 624 | 680 |
Realized gain/(loss) in discontinued operations | 48 | (3,343) | (8,283) | (9,142) |
Commitments to lend | Non-hedging derivatives | ||||
Derivative [Line Items] | ||||
Unrealized (loss)/gain recognized in other non-interest income | 349 | (1,921) | (1,130) | 3,157 |
Realized gain/(loss) in discontinued operations | $ 1,563 | $ 20,476 | $ 14,532 | $ 48,189 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Offsetting of Financial Assets and Derivative Assets (Details) - Interest rate swaps - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Offsetting of Financial Assets and Derivative Assets | ||
Gross amounts of recognized assets | $ 178,930 | $ 77,068 |
Gross amounts offset in the Statements of Condition | (92) | (76) |
Net amounts of assets presented in the Statements of Condition | 178,838 | 76,992 |
Gross amounts not offset in the Statements of Condition, financial instruments | 0 | 0 |
Gross amounts not offset in the Statements of Condition, cash collateral received | 0 | 0 |
Net Amount | 178,838 | 76,992 |
Institutional counterparties | ||
Offsetting of Financial Assets and Derivative Assets | ||
Gross amounts of recognized assets | 1,199 | 640 |
Gross amounts offset in the Statements of Condition | (92) | (54) |
Net amounts of assets presented in the Statements of Condition | 1,107 | 586 |
Gross amounts not offset in the Statements of Condition, financial instruments | 0 | 0 |
Gross amounts not offset in the Statements of Condition, cash collateral received | 0 | 0 |
Net Amount | 1,107 | 586 |
Commercial counterparties | ||
Offsetting of Financial Assets and Derivative Assets | ||
Gross amounts of recognized assets | 177,731 | 76,428 |
Gross amounts offset in the Statements of Condition | 0 | (22) |
Net amounts of assets presented in the Statements of Condition | 177,731 | 76,406 |
Gross amounts not offset in the Statements of Condition, financial instruments | 0 | 0 |
Gross amounts not offset in the Statements of Condition, cash collateral received | 0 | 0 |
Net Amount | $ 177,731 | $ 76,406 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Offsetting Financial Liabilities and Derivative Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts not offset in the Statements of Condition, cash collateral pledged | $ 77,100 | |
Interest rate swaps | ||
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts of recognized liabilities | (184,018) | $ (81,104) |
Gross amounts offset in the Statements of Condition | 109,253 | 1,219 |
Net amounts of liabilities presented in the Statements of Condition | (74,765) | (79,885) |
Gross amounts not offset in the Statements of Condition, financial instruments | 38,893 | 25,828 |
Gross amounts not offset in the Statements of Condition, cash collateral pledged | 77,075 | 96,310 |
Net Amount | 41,203 | 42,253 |
Interest rate swaps | Institutional counterparties | ||
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts of recognized liabilities | (184,018) | (80,024) |
Gross amounts offset in the Statements of Condition | 109,253 | 1,219 |
Net amounts of liabilities presented in the Statements of Condition | (74,765) | (78,805) |
Gross amounts not offset in the Statements of Condition, financial instruments | 38,893 | 25,828 |
Gross amounts not offset in the Statements of Condition, cash collateral pledged | 77,075 | 96,310 |
Net Amount | 41,203 | 43,333 |
Interest rate swaps | Commercial counterparties | ||
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts of recognized liabilities | 0 | (1,080) |
Gross amounts offset in the Statements of Condition | 0 | 0 |
Net amounts of liabilities presented in the Statements of Condition | 0 | (1,080) |
Gross amounts not offset in the Statements of Condition, financial instruments | 0 | 0 |
Gross amounts not offset in the Statements of Condition, cash collateral pledged | 0 | 0 |
Net Amount | $ 0 | $ (1,080) |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease expense | $ 3.4 | $ 3.7 | $ 10.2 | $ 10.7 |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease contract term | 1 month | 1 month | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease contract term | 20 years | 20 years | ||
Discontinued Operations | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease expense | $ 0.2 | $ 0.7 | $ 0.9 | $ 2.2 |
LEASES - Assets and Liabilities
LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Lease Right-of-Use Assets | ||
Operating lease right-of-use assets | $ 71,937 | $ 76,332 |
Finance lease right-of-use assets | 7,328 | 7,720 |
Total Lease Right-of-Use Assets | 79,265 | 84,052 |
Lease Liabilities | ||
Operating lease liabilities | 76,185 | 80,734 |
Finance lease liabilities | 10,510 | 10,883 |
Total Lease Liabilities | $ 86,695 | 91,617 |
Operating lease, right of use asset, statement of financial position | us-gaap:OtherAssets | |
Finance lease, right of use asset, statement of financial position | us-gaap:PropertyPlantAndEquipmentNet | |
Operating lease, liability, statement of financial position | us-gaap:OtherLiabilities | |
Finance lease, liability, statement of financial position | us-gaap:OtherLiabilities | |
Discontinued Operations | ||
Lease Right-of-Use Assets | ||
Operating lease right-of-use assets | $ 1,800 | 3,500 |
Lease Liabilities | ||
Operating lease liabilities | $ 1,800 | $ 3,500 |
LEASES - Supplemental Lease Inf
LEASES - Supplemental Lease Information (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term | 9 years 10 months 24 days | 10 years 3 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 14 years 1 month 6 days | 14 years 9 months 18 days |
Operating lease, weighted average discount rate, percent | 3.02% | 3.36% |
Finance lease, weighted average discount rate, percent | 5.00% | 5.00% |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 2,441 | $ 3,829 | $ 10,461 | $ 10,984 |
Operating cash flows from finance leases | 133 | 159 | 399 | 478 |
Financing cash flows from finance leases | 125 | 119 | 374 | 315 |
Discontinued Operations | ||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 200 | $ 700 | $ 900 | $ 2,200 |
LEASES - Maturity Analysis of L
LEASES - Maturity Analysis of Lease Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2020 | $ 3,396 | |
2021 | 12,826 | |
2022 | 11,671 | |
2023 | 9,738 | |
2024 | 8,345 | |
Thereafter | 42,438 | |
Total undiscounted lease payments | 88,414 | |
Less amounts representing interest | (12,229) | |
Lease liability | 76,185 | $ 80,734 |
Finance Leases | ||
2020 | 250 | |
2021 | 1,031 | |
2022 | 1,031 | |
2023 | 1,037 | |
2024 | 1,037 | |
Thereafter | 10,260 | |
Total undiscounted lease payments | 14,646 | |
Less amounts representing interest | (4,136) | |
Lease liability | 10,510 | 10,883 |
Discontinued Operations | ||
Operating Leases | ||
Lease liability | $ 1,800 | $ 3,500 |
OTHER COMMITMENTS, CONTINGENC_2
OTHER COMMITMENTS, CONTINGENCIES, AND OFF-BALANCE SHEET ACTIVITIES Narrative (Details) $ in Millions | 7 Months Ended |
Sep. 30, 2020USD ($)Loan | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of modifications | Loan | 5,884 |
Loan modifications, amount | $ | $ 1,600 |
Active modified loans | Loan | 728 |
Active modified loans, carrying value | $ | $ 231.7 |
CAPITAL RATIOS AND SHAREHOLDE_3
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Actual and Required Capital Ratios (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
Tier 1 capital to risk-weighted assets | ||
Total capital to risk weighted assets | 0.154 | 0.137 |
Common equity tier 1 capital to risk weighted assets | 13.20% | 12.10% |
Tier 1 capital to risk weighted assets | 0.134 | 0.123 |
Tier 1 capital to average assets | 0.092 | 0.093 |
Bank | ||
Tier 1 capital to risk-weighted assets | ||
Total capital to risk weighted assets | 0.143 | 0.128 |
Common equity tier 1 capital to risk weighted assets | 13.20% | 12.20% |
Tier 1 capital to risk weighted assets | 0.132 | 0.122 |
Tier 1 capital to average assets | 0.090 | 0.091 |
Regulatory minimum to be well capitalized, Total capital to risk weighted assets | 0.100 | 0.100 |
Regulatory minimum to be well capitalized, Common equity tier 1 capital to risk weighted assets | 6.50% | 6.50% |
Regulatory minimum to be well capitalized, Tier 1 capital to risk weighted assets | 0.080 | 0.080 |
Regulatory minimum to be well capitalized, Tier 1 capital to average assets | 0.050 | 0.050 |
CAPITAL RATIOS AND SHAREHOLDE_4
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Components of AOCI (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders’ equity | $ 1,179,025 | $ 1,164,140 | $ 1,758,564 | $ 1,772,224 | $ 1,779,837 | $ 1,552,918 |
Accumulated other comprehensive income | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders’ equity | 32,426 | 33,239 | 11,993 | 15,880 | 11,301 | (13,470) |
Net unrealized holding gain on AFS securities | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other accumulated comprehensive income (loss), before tax | 46,792 | 19,263 | ||||
Income taxes related to items of accumulated other comprehensive income | (12,155) | (5,059) | ||||
Total shareholders’ equity | 34,637 | 35,450 | 14,204 | 17,897 | 13,318 | (11,453) |
Net unrealized holding (loss) on pension plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other accumulated comprehensive income (loss), before tax | (3,023) | (3,023) | ||||
Income taxes related to items of accumulated other comprehensive income | 812 | 812 | ||||
Total shareholders’ equity | $ (2,211) | $ (2,211) | $ (2,211) | $ (2,017) | $ (2,017) | $ (2,017) |
CAPITAL RATIOS AND SHAREHOLDE_5
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Components of OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net unrealized gains (losses) arising during the period | ||||
Net of Tax | $ (809) | $ 4,583 | $ 20,437 | $ 29,357 |
Less: reclassification adjustment for gains realized in net income | ||||
Net of Tax | 4 | 4 | 4 | 7 |
Other comprehensive income (loss) | ||||
Before Tax | (1,085) | 6,154 | 27,529 | 39,477 |
Tax Effect | 272 | (1,575) | (7,096) | (10,127) |
Total other comprehensive income | (813) | 4,579 | 20,433 | 29,350 |
Net unrealized holding gain on AFS securities | ||||
Net unrealized gains (losses) arising during the period | ||||
Before Tax | (1,079) | 6,159 | 27,534 | 39,486 |
Tax Effect | 270 | (1,576) | (7,097) | (10,129) |
Net of Tax | (809) | 4,583 | 20,437 | 29,357 |
Less: reclassification adjustment for gains realized in net income | ||||
Before Tax | 6 | 5 | 5 | 9 |
Tax Effect | (2) | (1) | (1) | (2) |
Net of Tax | 4 | 4 | 4 | 7 |
Other comprehensive income (loss) | ||||
Before Tax | (1,085) | 6,154 | 27,529 | 39,477 |
Tax Effect | 272 | (1,575) | (7,096) | (10,127) |
Total other comprehensive income | $ (813) | $ 4,579 | $ 20,433 | $ 29,350 |
CAPITAL RATIOS AND SHAREHOLDE_6
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 1,164,140 | $ 1,779,837 | $ 1,758,564 | $ 1,552,918 |
Other comprehensive income (loss) before reclassifications | (809) | 4,583 | 20,437 | 29,357 |
Less: amounts reclassified from accumulated other comprehensive income | 4 | 4 | 4 | 7 |
Total other comprehensive income | (813) | 4,579 | 20,433 | 29,350 |
Balance at end of period | 1,179,025 | 1,772,224 | 1,179,025 | 1,772,224 |
Accumulated other comprehensive income | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 33,239 | 11,301 | 11,993 | (13,470) |
Total other comprehensive income | (813) | 4,579 | 20,433 | 29,350 |
Balance at end of period | 32,426 | 15,880 | 32,426 | 15,880 |
Net unrealized holding gain on AFS securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 35,450 | 13,318 | 14,204 | (11,453) |
Other comprehensive income (loss) before reclassifications | (809) | 4,583 | 20,437 | 29,357 |
Less: amounts reclassified from accumulated other comprehensive income | 4 | 4 | 4 | 7 |
Total other comprehensive income | (813) | 4,579 | 20,433 | 29,350 |
Balance at end of period | 34,637 | 17,897 | 34,637 | 17,897 |
Net unrealized holding (loss) on pension plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (2,211) | (2,017) | (2,211) | (2,017) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Less: amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Total other comprehensive income | 0 | 0 | 0 | 0 |
Balance at end of period | $ (2,211) | $ (2,017) | $ (2,211) | $ (2,017) |
CAPITAL RATIOS AND SHAREHOLDE_7
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Amounts reclassified out of each component of accumulated other comprehensive income | ||||
Non-interest income | $ 19,963 | $ 21,406 | $ 42,980 | $ 60,640 |
Tax expense | 68 | (4,007) | 18,194 | (16,042) |
Income/(loss) available to common shareholders | 21,167 | 22,376 | (548,339) | 70,979 |
Amount Reclassified From Accumulated Other Comprehensive Income (loss) | ||||
Amounts reclassified out of each component of accumulated other comprehensive income | ||||
Income/(loss) available to common shareholders | 4 | 4 | 4 | 7 |
Realized gains on AFS securities | Amount Reclassified From Accumulated Other Comprehensive Income (loss) | ||||
Amounts reclassified out of each component of accumulated other comprehensive income | ||||
Non-interest income | 6 | 5 | 5 | 9 |
Tax expense | (2) | (1) | (1) | (2) |
Income/(loss) available to common shareholders | $ 4 | $ 4 | $ 4 | $ 7 |
EARNINGS _ (LOSS) PER SHARE - S
EARNINGS / (LOSS) PER SHARE - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings per share | ||||
Income/(loss) from continuing operations | $ 23,043 | $ 20,659 | $ (532,074) | $ 68,885 |
(Loss)/income from discontinued operations | (1,818) | 1,957 | (15,952) | 2,814 |
Net income/(loss) | $ 21,225 | $ 22,616 | $ (548,026) | $ 71,699 |
Average number of common shares issued (in shares) | 51,903 | 51,903 | 51,903 | 49,068 |
Less: average number of treasury shares (in shares) | 1,560 | 1,089 | 1,674 | 855 |
Less: average number of unvested stock award shares (in shares) | 536 | 435 | 499 | 410 |
Plus: average participating preferred shares (in shares) | 522 | 1,043 | 526 | 1,043 |
Average number of basic common shares outstanding (in shares) | 50,329 | 51,422 | 50,256 | 48,846 |
Average number of diluted common shares outstanding (in shares) | 50,329 | 51,545 | 50,256 | 48,987 |
Basic earnings/(loss) per common share: | ||||
Continuing operations (in dollars per share) | $ 0.46 | $ 0.40 | $ (10.58) | $ 1.41 |
Discontinued operations (in dollars per share) | (0.04) | 0.04 | (0.32) | 0.06 |
Total (in dollars per share) | 0.42 | 0.44 | (10.90) | 1.47 |
Diluted earnings/(loss) per common share: | ||||
Continuing operations (in dollars per share) | 0.46 | 0.40 | (10.58) | 1.40 |
Discontinued operations (in dollars per share) | (0.04) | 0.04 | (0.32) | 0.06 |
Total (in dollars per share) | $ 0.42 | $ 0.44 | $ (10.90) | $ 1.46 |
Unvested stock award shares | ||||
Earnings per share | ||||
Plus: dilutive effect of share-based payment arrangements (in shares) | 0 | 87 | 0 | 109 |
Stock options | ||||
Earnings per share | ||||
Plus: dilutive effect of share-based payment arrangements (in shares) | 0 | 36 | 0 | 32 |
EARNINGS _ (LOSS) PER SHARE - N
EARNINGS / (LOSS) PER SHARE - Narrative (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Unvested stock award shares | ||
Anti-dilutive securities | ||
Securities excluded from the earnings per share calculations (in shares) | 348 | 296 |
Stock options | ||
Anti-dilutive securities | ||
Securities excluded from the earnings per share calculations (in shares) | 125 | 60 |
STOCK-BASED COMPENSATION PLAN_2
STOCK-BASED COMPENSATION PLANS - Summary of Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Non-Vested Stock Awards Outstanding | ||||
Non-vested Stock Awards Outstanding, Number of Shares | ||||
Balance at the beginning of the period (in shares) | 450,000 | |||
Granted (in shares) | 306,000 | |||
Stock awards vested (in shares) | (37,000) | (3,000) | (133,000) | (130,000) |
Forfeited (in shares) | (87,000) | |||
Balance at the end of the period (in shares) | 536,000 | 536,000 | ||
Non-vested Stock Awards Outstanding, Weighted-Average Grant Date Fair Value | ||||
Balance at the beginning of the period (in dollars per share) | $ 32.47 | |||
Granted (in dollars per share) | 16.84 | |||
Stock awards vested (in dollars per share) | 33.84 | |||
Forfeited (in dollars per share) | 30.23 | |||
Balance at the end of the period (in dollars per share) | $ 28.35 | $ 28.35 | ||
Stock Options Outstanding | ||||
Stock Options Outstanding, Number of Shares | ||||
Balance at the beginning of the period (in shares) | 153,000 | |||
Granted (in shares) | 0 | |||
Acquired (in shares) | 0 | |||
Stock options exercised (in shares) | 0 | (33,000) | ||
Expired (in shares) | (1,000) | |||
Balance at the end of the period (in shares) | 119,000 | 119,000 | ||
Exercisable options at the end of the period (in shares) | 119,000 | 119,000 | ||
Stock Options Outstanding, Weighted-Average Exercise Price | ||||
Balance at the beginning of the period (in dollars per share) | $ 22 | |||
Granted (in dollars per share) | 0 | |||
Acquired (in dollars per share) | 0 | |||
Stock options exercised (in dollars per share) | 18.38 | |||
Expired (in dollars per share) | 9.85 | |||
Balance at the end of the period (in dollars per share) | $ 22.72 | 22.72 | ||
Exercisable options at the end of the period (in dollars per share) | $ 22.72 | $ 22.72 |
STOCK-BASED COMPENSATION PLAN_3
STOCK-BASED COMPENSATION PLANS - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise of stock options | $ 607 | $ 69 | ||
Total compensation cost | $ 600 | $ 1,500 | 3,500 | 3,500 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise of stock options | $ 55 | $ 607 | $ 69 | |
Non-Vested Stock Awards Outstanding | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards vested (in shares) | 37 | 3 | 133 | 130 |
FAIR VALUE MEASUREMENTS - Measu
FAIR VALUE MEASUREMENTS - Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 1,575,289 | $ 1,311,555 |
Marketable equity securities | 31,993 | 41,556 |
Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 9,525 | 10,769 |
Securities available for sale | 1,575,289 | 1,311,555 |
Marketable equity securities | 31,993 | 41,556 |
Loans held for investment at fair value | 9,172,009 | 9,653,550 |
Loans held for sale | 17,596 | 169,319 |
Derivative assets | 179,626 | 80,190 |
Derivative liabilities | 73,659 | 80,681 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 0 | 0 |
Securities available for sale | 0 | 0 |
Marketable equity securities | 31,321 | 40,499 |
Loans held for investment at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 227 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 0 | 0 |
Securities available for sale | 1,549,464 | 1,267,573 |
Marketable equity securities | 672 | 1,057 |
Loans held for investment at fair value | 0 | 0 |
Loans held for sale | 17,596 | 140,280 |
Derivative assets | 177,731 | 77,562 |
Derivative liabilities | 73,659 | 80,454 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 9,525 | 10,769 |
Securities available for sale | 25,825 | 43,982 |
Marketable equity securities | 0 | 0 |
Loans held for investment at fair value | 9,172,009 | 9,653,550 |
Loans held for sale | 0 | 29,039 |
Derivative assets | 1,895 | 2,628 |
Derivative liabilities | 0 | 0 |
Recurring | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 9,525 | 10,769 |
Loans held for sale | 17,596 | 140,280 |
Derivative assets | 179,626 | 80,190 |
Capitalized servicing rights | 3,855 | 12,229 |
Derivative liabilities | 73,659 | 80,681 |
Recurring | Total Fair Value | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 104,507 | 110,138 |
Recurring | Total Fair Value | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 741,469 | 748,812 |
Recurring | Total Fair Value | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 326,017 | 147,744 |
Recurring | Total Fair Value | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 273,608 | 147,096 |
Recurring | Total Fair Value | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 74,977 | 116,576 |
Recurring | Total Fair Value | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 54,711 | 41,189 |
Recurring | Total Fair Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 31,993 | 41,556 |
Loans held for investment at fair value | 2,774 | 0 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivative assets | 0 | 0 |
Capitalized servicing rights | 0 | 0 |
Derivative liabilities | 0 | 227 |
Recurring | Level 1 | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 31,321 | 40,499 |
Loans held for investment at fair value | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 0 | 0 |
Loans held for sale | 17,596 | 140,280 |
Derivative assets | 177,731 | 77,562 |
Capitalized servicing rights | 0 | 0 |
Derivative liabilities | 73,659 | 80,454 |
Recurring | Level 2 | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 104,507 | 110,138 |
Recurring | Level 2 | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 741,469 | 748,812 |
Recurring | Level 2 | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 326,017 | 147,744 |
Recurring | Level 2 | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 273,608 | 147,096 |
Recurring | Level 2 | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 49,152 | 73,610 |
Recurring | Level 2 | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 54,711 | 41,189 |
Recurring | Level 2 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 672 | 1,057 |
Loans held for investment at fair value | 0 | 0 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 9,525 | 10,769 |
Securities available for sale | 25,825 | 42,966 |
Loans held for sale | 0 | 0 |
Derivative assets | 1,895 | 2,628 |
Capitalized servicing rights | 3,855 | 12,229 |
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 25,825 | 42,966 |
Recurring | Level 3 | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 0 | 0 |
Loans held for investment at fair value | $ 2,774 | $ 0 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)security | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Number of trading securities in the portfolio | security | 1 | |||||
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | |||||
Retained earnings write-down | $ 242,175 | $ 242,175 | $ (361,082) | |||
Continuing Operations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Payments for origination of mortgage loans held-for-sale | 70,600 | $ 22,600 | 149,500 | $ 51,500 | ||
Proceeds from sale and collection of loans held-for-sale | 74,100 | $ 25,100 | 141,300 | $ 48,600 | ||
Continuing Operations | Loans Held for Sale | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Gains (losses) in fair value of loans held for sale included in earnings | 6 | 284 | ||||
Discontinued Operations | Loans Held for Sale | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Gains (losses) in fair value of loans held for sale included in earnings | $ (900) | $ (3,100) | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Retained earnings write-down | $ 24,380 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Loans Held for Investment | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Retained earnings write-down | $ 11,200 |
FAIR VALUE MEASUREMENTS - Loans
FAIR VALUE MEASUREMENTS - Loans Held for Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from discontinued operations | $ 12,966 | $ 154,132 |
Loans Held for Investment | Continuing Operations | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loan held for investment | 2,774 | |
Assets from discontinued operations | 66,381 | |
Aggregate fair value less aggregate unpaid principal | $ (63,607) |
FAIR VALUE MEASUREMENTS - Loa_2
FAIR VALUE MEASUREMENTS - Loans Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans Held for Sale | ||
Aggregate Unpaid Principal | $ 12,966 | $ 154,132 |
Level 2 | ||
Loans Held for Sale | ||
Aggregate Fair Value | 17,596 | 140,280 |
Recurring | Level 2 | ||
Loans Held for Sale | ||
Aggregate Fair Value | 17,596 | 140,280 |
Recurring | Loans Held for Sale | Level 2 | ||
Loans Held for Sale | ||
Aggregate Fair Value | 17,596 | 140,280 |
Aggregate Unpaid Principal | 17,241 | 137,107 |
Aggregate fair value less aggregate unpaid principal | 355 | 3,173 |
Continuing Operations | Recurring | Loans Held for Sale | Level 2 | ||
Loans Held for Sale | ||
Aggregate Fair Value | 15,854 | 7,625 |
Aggregate Unpaid Principal | 15,430 | 7,485 |
Aggregate fair value less aggregate unpaid principal | 424 | 140 |
Discontinued Operations | Recurring | Loans Held for Sale | Level 2 | ||
Loans Held for Sale | ||
Aggregate Fair Value | 1,742 | 132,655 |
Aggregate Unpaid Principal | 1,811 | 129,622 |
Aggregate fair value less aggregate unpaid principal | $ (69) | $ 3,033 |
FAIR VALUE MEASUREMENTS - Chang
FAIR VALUE MEASUREMENTS - Changes in Level 3 (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Derivative Asset (Liability) | |||||
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | ||||
Commitments to lend | |||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | |||||
Unrealized gain/(loss), net recognized in other non-interest income | $ 0 | $ 0 | $ 0 | ||
Unrealized gains (losses) relating to instruments still held at the end of the period | $ 1,498,000 | 7,084,000 | 1,498,000 | 7,084,000 | |
Derivative Asset (Liability) | |||||
Beginning balance | 1,149,000 | 9,005,000 | 2,628,000 | 3,927,000 | $ 3,927,000 |
Unrealized gain/(loss), net recognized in other non-interest income | 0 | 0 | 0 | ||
Transfers to held for sale loans | (1,775,000) | (21,836,000) | (17,007,000) | (45,097,000) | |
Ending balance | 1,498,000 | 7,084,000 | 1,498,000 | 7,084,000 | 2,628,000 |
Forward Contracts | |||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | |||||
Unrealized gain/(loss), net recognized in other non-interest income | (50,000) | 397,000 | |||
Unrealized gains (losses) relating to instruments still held at the end of the period | 397,000 | 397,000 | |||
Derivative Asset (Liability) | |||||
Beginning balance | 447,000 | 0 | |||
Unrealized gain/(loss), net recognized in other non-interest income | (50,000) | 397,000 | |||
Unrealized gain included in accumulated other comprehensive income | 0 | ||||
Ending balance | 397,000 | 397,000 | 0 | ||
Trading Security | |||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | |||||
Balance at the beginning of the period | 9,519,000 | 11,210,000 | 10,769,000 | 11,212,000 | 11,212,000 |
Unrealized gain/(loss), net recognized in other non-interest income | 190,000 | 109,000 | (698,000) | 454,000 | |
Paydown of asset | (184,000) | (174,000) | (546,000) | (521,000) | |
Balance at the end of the period | 9,525,000 | 11,145,000 | 9,525,000 | 11,145,000 | 10,769,000 |
Unrealized gains (losses) relating to instruments still held at the end of the period | 682,000 | 1,576,000 | 682,000 | 1,576,000 | |
Derivative Asset (Liability) | |||||
Unrealized gain/(loss), net recognized in other non-interest income | 190,000 | 109,000 | (698,000) | 454,000 | |
Available-for-sale Securities | |||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | |||||
Balance at the beginning of the period | 25,600,000 | 0 | 42,966,000 | 0 | 0 |
Maturity of AFS security | (17,000,000) | ||||
Unrealized gain (loss) included in accumulated other comprehensive income | 225,000 | (141,000) | |||
Balance at the end of the period | 25,825,000 | 0 | 25,825,000 | 0 | 42,966,000 |
Unrealized gains (losses) relating to instruments still held at the end of the period | (643) | 0 | (643) | 0 | |
Capitalized servicing rights | |||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | |||||
Balance at the beginning of the period | 4,828,000 | 11,206,000 | 12,299,000 | 11,485,000 | 11,485,000 |
Unrealized gain/(loss), net recognized in other non-interest income | 0 | 0 | |||
Additions to servicing rights | 0 | 6,588,000 | (189,000) | 9,423,000 | |
Balance at the end of the period | 3,855,000 | 16,413,000 | 3,855,000 | 16,413,000 | 12,299,000 |
Unrealized gains (losses) relating to instruments still held at the end of the period | 0 | 0 | 0 | 0 | |
Derivative Asset (Liability) | |||||
Unrealized gain/(loss), net recognized in other non-interest income | 0 | 0 | |||
Loans Held for Investment | |||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | |||||
Balance at the beginning of the period | 3,140,000 | 0 | 0 | 0 | 0 |
Adoption of ASC 326 | 7,660,000 | ||||
Unrealized gain/(loss), net recognized in other non-interest income | 1,189,000 | (2,523,000) | |||
Paydown of asset | (1,555,000) | (2,363,000) | |||
Balance at the end of the period | 2,774,000 | 0 | 2,774,000 | 0 | $ 0 |
Unrealized gains (losses) relating to instruments still held at the end of the period | 0 | 0 | 0 | 0 | |
Derivative Asset (Liability) | |||||
Unrealized gain/(loss), net recognized in other non-interest income | 1,189,000 | (2,523,000) | |||
Discontinued Operations | Commitments to lend | |||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | |||||
Unrealized gain/(loss), net recognized in discontinued operations | 2,124,000 | 19,915,000 | 15,877,000 | 48,254,000 | |
Derivative Asset (Liability) | |||||
Unrealized gain/(loss), net recognized in discontinued operations | 2,124,000 | 19,915,000 | 15,877,000 | 48,254,000 | |
Discontinued Operations | Trading Security | |||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | |||||
Unrealized gain/(loss), net recognized in discontinued operations | 0 | 0 | |||
Derivative Asset (Liability) | |||||
Unrealized gain/(loss), net recognized in discontinued operations | 0 | 0 | |||
Discontinued Operations | Capitalized servicing rights | |||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | |||||
Unrealized gain/(loss), net recognized in discontinued operations | (973,000) | (1,381,000) | (8,255,000) | (4,495,000) | |
Derivative Asset (Liability) | |||||
Unrealized gain/(loss), net recognized in discontinued operations | $ (973,000) | $ (1,381,000) | $ (8,255,000) | $ (4,495,000) |
FAIR VALUE MEASUREMENTS - Unobs
FAIR VALUE MEASUREMENTS - Unobservable Inputs Recurring (Details) $ in Thousands | Sep. 30, 2020USD ($)uSDPerLoan | Dec. 31, 2019USD ($)uSDPerLoan |
Quantitative information about the significant unobservable inputs within Level 3 | ||
Trading security | $ 9,525 | $ 10,769 |
Securities available for sale, at fair value | 1,575,289 | 1,311,555 |
Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Securities available for sale, at fair value | 25,825 | 43,982 |
Level 3 | Recurring | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Trading security | 9,525 | 10,769 |
Securities available for sale, at fair value | 25,825 | 42,966 |
Loan held for investment | 2,774 | |
Total | $ 43,874 | $ 68,662 |
Level 3 | Recurring | Discounted Cash Flow | Discount rate | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Trading security, significant unobservable input value | 0.0375 | 0.0221 |
Loan held for investment, measurement input | 0.3000 | |
Level 3 | Recurring | Forward commitments | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset | $ 397 | |
Level 3 | Recurring | Forward commitments | Historical Trend | Closing Ratio | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset, significant unobservable input value | 0.7440 | |
Level 3 | Recurring | Forward commitments | Pricing Model | Origination Costs, per loan | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset, significant unobservable input value | uSDPerLoan | 3,000 | |
Level 3 | Recurring | Commitments to lend | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset | $ 1,498 | $ 2,628 |
Level 3 | Recurring | Commitments to lend | Historical Trend | Closing Ratio | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset, significant unobservable input value | 0.7440 | 0.7781 |
Level 3 | Recurring | Commitments to lend | Pricing Model | Origination Costs, per loan | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset, significant unobservable input value | uSDPerLoan | 3,000 | 3,000 |
Level 3 | Recurring | Capitalized servicing rights | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights | $ 3,855 | $ 12,299 |
Level 3 | Recurring | Capitalized servicing rights | Discounted Cash Flow | Discount rate | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Servicing asset, significant unobservable input value | 0.1000 | 0.1000 |
Level 3 | Recurring | Capitalized servicing rights | Discounted Cash Flow | Constant prepayment rate (CPR) | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Servicing asset, significant unobservable input value | 0.2535 | 0.1150 |
Minimum | Level 3 | Recurring | Discounted Cash Flow | Collateral Value | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Loan held for investment, measurement input | 8,800,000 | |
Minimum | AFS Securities | Level 3 | Recurring | Indication from Market Maker | Price | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Debt securities, available-for-sale, measurement input | 0.97 | 0.97 |
Maximum | Level 3 | Recurring | Discounted Cash Flow | Collateral Value | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Loan held for investment, measurement input | 26,500,000 | |
Maximum | AFS Securities | Level 3 | Recurring | Indication from Market Maker | Price | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Debt securities, available-for-sale, measurement input | 1 | 1 |
FAIR VALUE MEASUREMENTS - Mea_2
FAIR VALUE MEASUREMENTS - Measured on Non-recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other real estate owned | $ 40 | $ 0 |
Non-recurring | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated loans | 41,312 | 8,831 |
Capitalized servicing rights | 13,694 | 14,152 |
Other real estate owned | 401 | 0 |
Total | $ 55,407 | $ 22,983 |
FAIR VALUE MEASUREMENTS - Uno_2
FAIR VALUE MEASUREMENTS - Unobservable Inputs Non-recurring (Details) $ in Thousands | Sep. 30, 2020USD ($)security | Dec. 31, 2019USD ($)security |
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other Real Estate Owned (2) | $ 40 | $ 0 |
Non-recurring | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated loans | 41,312 | 8,831 |
Capitalized servicing rights | 13,694 | 14,152 |
Other Real Estate Owned (2) | 401 | 0 |
Total | 55,407 | 22,983 |
Non-recurring | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated loans | $ 41,312 | $ 8,831 |
Non-recurring | Minimum | Loss severity | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Impaired loans, significant unobservable input value | 0.0004 | 0.1572 |
Non-recurring | Minimum | Appraised value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Impaired loans, significant unobservable input value | 0 | 8 |
Non-recurring | Maximum | Loss severity | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Impaired loans, significant unobservable input value | 1 | 0.0012 |
Non-recurring | Maximum | Appraised value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Impaired loans, significant unobservable input value | 10,972 | 1,548 |
Non-recurring | Weighted Average | Loss severity | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Impaired loans, significant unobservable input value | 0.4831 | 0.0450 |
Non-recurring | Weighted Average | Appraised value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Impaired loans, significant unobservable input value | 8,258 | 736 |
Non-recurring | Capitalized servicing rights | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights | $ 13,694 | $ 14,152 |
Non-recurring | Capitalized servicing rights | Minimum | Constant prepayment rate (CPR) | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Servicing asset, significant unobservable input value | 0.1498 | 0.0944 |
Non-recurring | Capitalized servicing rights | Minimum | Discount rate | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Servicing asset, significant unobservable input value | 0.0825 | 0.1000 |
Non-recurring | Capitalized servicing rights | Maximum | Constant prepayment rate (CPR) | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Servicing asset, significant unobservable input value | 0.2205 | 0.1412 |
Non-recurring | Capitalized servicing rights | Maximum | Discount rate | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Servicing asset, significant unobservable input value | 0.1100 | 0.1350 |
Non-recurring | Capitalized servicing rights | Weighted Average | Constant prepayment rate (CPR) | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Servicing asset, significant unobservable input value | 0.1708 | 0.1225 |
Non-recurring | Capitalized servicing rights | Weighted Average | Discount rate | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Servicing asset, significant unobservable input value | 0.0917 | 0.1178 |
Other Real Estate Owned | Non-recurring | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other Real Estate Owned (2) | $ 401 | $ 0 |
Other Real Estate Owned | Non-recurring | Appraised value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other real estate owned, significant unobservable input value | security | 0 | |
Other Real Estate Owned | Non-recurring | Minimum | Appraised value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other real estate owned, significant unobservable input value | security | 94 | |
Other Real Estate Owned | Non-recurring | Maximum | Appraised value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other real estate owned, significant unobservable input value | security | 361 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Values and Carrying Amounts (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial Assets | ||
Marketable equity securities | $ 31,993 | $ 41,556 |
Securities available for sale | 1,575,289 | 1,311,555 |
Securities held to maturity | 356,035 | 373,277 |
FHLB bank stock and restricted securities | 40,520 | 48,019 |
Level 1 | ||
Financial Assets | ||
Cash and cash equivalents | 935,292 | 579,829 |
Trading security | 0 | 0 |
Marketable equity securities | 31,321 | 40,499 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Net loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 0 | 0 |
Financial Liabilities | ||
Total deposits | 0 | 0 |
Short-term debt | 0 | 0 |
Long-term Federal Home Loan Bank advances and other | 0 | 0 |
Subordinated borrowings | 0 | 0 |
Derivative liabilities | 0 | 227 |
Level 2 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Trading security | 0 | 0 |
Marketable equity securities | 672 | 1,057 |
Securities available for sale | 1,549,464 | 1,267,573 |
Securities held to maturity | 352,485 | 355,513 |
Net loans | 0 | 0 |
Loans held for sale | 17,596 | 140,280 |
Accrued interest receivable | 48,467 | 36,462 |
Derivative assets | 177,731 | 77,562 |
Financial Liabilities | ||
Total deposits | 10,483,734 | 10,338,993 |
Short-term debt | 110,214 | 125,081 |
Long-term Federal Home Loan Bank advances and other | 500,933 | 606,381 |
Subordinated borrowings | 94,287 | 101,055 |
Derivative liabilities | 73,659 | 80,454 |
Level 3 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Trading security | 9,525 | 10,769 |
Marketable equity securities | 0 | 0 |
Securities available for sale | 25,825 | 43,982 |
Securities held to maturity | 3,550 | 17,764 |
Net loans | 9,172,009 | 9,653,550 |
Loans held for sale | 0 | 29,039 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 1,895 | 2,628 |
Financial Liabilities | ||
Total deposits | 0 | 0 |
Short-term debt | 0 | 0 |
Long-term Federal Home Loan Bank advances and other | 0 | 0 |
Subordinated borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Carrying Amount | ||
Financial Assets | ||
Cash and cash equivalents | 935,292 | 579,829 |
Trading security | 9,525 | 10,769 |
Marketable equity securities | 31,993 | 41,556 |
Securities available for sale | 1,575,289 | 1,311,555 |
Securities held to maturity | 330,197 | 357,979 |
FHLB bank stock and restricted securities | 40,520 | 48,019 |
Net loans | 8,847,922 | 9,438,853 |
Loans held for sale | 17,596 | 169,319 |
Accrued interest receivable | 48,467 | 36,462 |
Derivative assets | 179,626 | 80,190 |
Financial Liabilities | ||
Total deposits | 10,466,559 | 10,335,977 |
Short-term debt | 110,000 | 125,000 |
Long-term Federal Home Loan Bank advances and other | 495,483 | 605,501 |
Subordinated borrowings | 97,223 | 97,049 |
Derivative liabilities | 73,659 | 80,681 |
Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 935,292 | 579,829 |
Trading security | 9,525 | 10,769 |
Marketable equity securities | 31,993 | 41,556 |
Securities available for sale | 1,575,289 | 1,311,555 |
Securities held to maturity | 356,035 | 373,277 |
Net loans | 9,172,009 | 9,653,550 |
Loans held for sale | 17,596 | 169,319 |
Accrued interest receivable | 48,467 | 36,462 |
Derivative assets | 179,626 | 80,190 |
Financial Liabilities | ||
Total deposits | 10,483,734 | 10,338,993 |
Short-term debt | 110,214 | 125,081 |
Long-term Federal Home Loan Bank advances and other | 500,933 | 606,381 |
Subordinated borrowings | 94,287 | 101,055 |
Derivative liabilities | $ 73,659 | $ 80,681 |
NET INTEREST INCOME AFTER PRO_3
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Banking and Thrift, Interest [Abstract] | ||||
Net interest income from continuing operations | $ 77,055 | $ 96,871 | $ 241,073 | $ 273,925 |
Provision for credit losses | 1,200 | 22,600 | 65,878 | 30,068 |
Net interest income from continuing operations after provision for credit losses | $ 75,855 | $ 74,271 | $ 175,195 | $ 243,857 |