Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2020 | May 05, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 0-10967 | |
Entity Registrant Name | First Midwest Bancorp, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-3161078 | |
Entity Address, Address Line One | 8750 West Bryn Mawr Avenue | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60631-3655 | |
City Area Code | 708 | |
Local Phone Number | 831-7483 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | FMBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 114,259,086 | |
Amendment Flag | false | |
Entity Central Index Key | 0000702325 | |
Document Period End Date | Mar. 31, 2020 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 252,138 | $ 214,894 |
Interest-bearing deposits in other banks | 229,474 | 84,327 |
Equity securities, at fair value | 40,098 | 42,136 |
Securities available-for-sale, at fair value | 3,382,865 | 2,873,386 |
Securities held-to-maturity, at amortized cost, net | 19,825 | 21,997 |
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stock, at cost | 154,357 | 115,409 |
Loans | 13,965,017 | 12,840,330 |
Allowance for loan losses | (219,948) | (108,022) |
Net loans | 13,745,069 | 12,732,308 |
Other real estate owned ("OREO") | 9,814 | 8,750 |
Premises, furniture, and equipment, net | 145,844 | 147,996 |
Investment in bank-owned life insurance ("BOLI") | 298,827 | 296,351 |
Goodwill and other intangible assets | 935,241 | 875,262 |
Accrued interest receivable and other assets | 539,748 | 437,581 |
Total assets | 19,753,300 | 17,850,397 |
Liabilities | ||
Noninterest-bearing deposits | 4,222,523 | 3,802,422 |
Interest-bearing deposits | 9,876,427 | 9,448,856 |
Total deposits | 14,098,950 | 13,251,278 |
Short-term Debt | 2,648,210 | 1,658,758 |
Senior and subordinated debt | 234,153 | 233,948 |
Accrued interest payable and other liabilities | 336,280 | 335,620 |
Total liabilities | 17,317,593 | 15,479,604 |
Stockholders' Equity | ||
Common stock | 1,253 | 1,204 |
Additional paid-in capital | 1,274,935 | 1,211,274 |
Retained earnings | 1,357,395 | 1,380,612 |
Accumulated other comprehensive income (loss), net of tax | 35,323 | (1,954) |
Treasury stock, at cost | (233,199) | (220,343) |
Total stockholders' equity | 2,435,707 | 2,370,793 |
Total liabilities and stockholders' equity | $ 19,753,300 | $ 17,850,397 |
Stockholders' Equity, Number of Shares, Par Value, and Other Disclosures | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 125,349,000 | 120,415,000 |
Common stock, shares outstanding (in shares) | 114,213,000 | 109,972,000 |
Treasury stock, shares (in shares) | 11,136,000 | 10,443,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Income | ||
Loans | $ 147,786,000 | $ 144,804,000 |
Investment securities | 20,238,000 | 16,006,000 |
Other short-term investments | 2,203,000 | 1,680,000 |
Total interest income | 170,227,000 | 162,490,000 |
Interest Expense | ||
Deposits | 17,117,000 | 16,602,000 |
Borrowed funds | 5,841,000 | 3,551,000 |
Senior and subordinated debt | 3,694,000 | 3,313,000 |
Total interest expense | 26,652,000 | 23,466,000 |
Net interest income | 143,575,000 | 139,024,000 |
Provision for loan losses | 39,532,000 | 10,444,000 |
Net interest income after provision for loan losses | 104,043,000 | 128,580,000 |
Noninterest Income | ||
Wealth management fees | 12,361,000 | 11,600,000 |
Service charges on deposit accounts | 11,781,000 | 11,540,000 |
Capital market products income | 4,722,000 | 1,279,000 |
Card-based fees | 3,968,000 | 4,378,000 |
Mortgage banking income | 1,788,000 | 1,004,000 |
Other service charges, commissions, and fees | 2,682,000 | 2,611,000 |
Net securities losses | 1,005,000 | 0 |
Other income | 3,065,000 | 2,494,000 |
Total noninterest income | 39,362,000 | 34,906,000 |
Noninterest Expense | ||
Salaries and employee benefits | 62,859,000 | 57,373,000 |
Net occupancy and equipment expense | 14,227,000 | 13,797,000 |
Professional services | 10,390,000 | 7,087,000 |
Technology and related costs | 8,548,000 | 6,270,000 |
Net OREO expense | 420,000 | 681,000 |
Other expenses | 15,415,000 | 12,953,000 |
Acquisition and integration related expenses | 5,472,000 | 3,691,000 |
Delivering Excellence implementation costs | 0 | 258,000 |
Total noninterest expense | 117,331,000 | 102,110,000 |
Income before income tax expense | 26,074,000 | 61,376,000 |
Income tax expense | 6,468,000 | 15,318,000 |
Net income | $ 19,606,000 | $ 46,058,000 |
Per Common Share Data | ||
Basic earnings per common share (in dollars per share) | $ 0.18 | $ 0.43 |
Diluted earnings per common share (in dollars per share) | 0.18 | 0.43 |
Dividends declared per common share (in dollars per share) | $ 0.14 | $ 0.12 |
Weighted-average common shares outstanding (in Shares) | 109,922 | 105,770 |
Weighted-average diluted common shares outstanding (in Shares) | 110,365 | 105,770 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 19,606 | $ 46,058 |
Unrealized holding gains: | ||
Before tax | 62,554 | 26,752 |
Tax effect | (17,297) | (7,451) |
Net of tax | 45,257 | 19,301 |
Reclassification of net losses included in net income: | ||
Before tax | 1,005 | 0 |
Tax effect | (282) | 0 |
Net of tax | 723 | 0 |
Net unrealized holding gains | 44,534 | 19,301 |
Derivative Instruments | ||
Before tax | (10,040) | 1,458 |
Tax effect | 2,783 | (406) |
Net of tax | (7,257) | 1,052 |
Total other comprehensive income | 37,277 | 20,353 |
Total comprehensive income | $ 56,883 | $ 66,411 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income - AOCI - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 2,370,793 | $ 2,054,998 |
Ending balance | 2,435,707 | 2,159,471 |
Accumulated Unrealized (Loss) Gain on Securities Available- for-Sale | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 15,808 | (28,792) |
Other comprehensive income (loss) | 44,534 | 19,301 |
Ending balance | 60,342 | (9,491) |
Accumulated Unrealized (Loss) Gain on Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 819 | (2,550) |
Other comprehensive income (loss) | (7,257) | 1,052 |
Ending balance | (6,438) | (1,498) |
Unrecognized Net Pension Costs | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (18,581) | (21,170) |
Other comprehensive income (loss) | 0 | 0 |
Ending balance | (18,581) | (21,170) |
Total Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (1,954) | (52,512) |
Other comprehensive income (loss) | 37,277 | 20,353 |
Ending balance | $ 35,323 | $ (32,159) |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2018 | 106,375,000 | |||||
Beginning balance at Dec. 31, 2018 | $ 2,054,998 | $ 1,157 | $ 1,114,580 | $ 1,192,767 | $ (52,512) | $ (200,994) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 46,058 | 46,058 | ||||
Other comprehensive income (loss) | 20,353 | 20,353 | ||||
Common dividends declared | (12,837) | (12,837) | ||||
Acquisitions, net of issuance costs (in shares) | 150,000 | |||||
Acquisition, net of issuance costs | 3,284 | (814) | 4,098 | |||
Common stock issued (in shares) | 27,000 | |||||
Common stock issued | 537 | (137) | 674 | |||
Restricted stock activity (in shares) | 352,000 | |||||
Restricted stock activity | (3,775) | (13,313) | 9,538 | |||
Treasury stock issued to benefit plans (in shares) | (4,000) | |||||
Treasury stock issued to benefit plans | (83) | (4) | (79) | |||
Share-based compensation expense | 3,679 | 3,679 | ||||
Ending balance (in shares) at Mar. 31, 2019 | 106,900,000 | |||||
Ending balance at Mar. 31, 2019 | $ 2,159,471 | $ 1,157 | 1,103,991 | 1,273,245 | (32,159) | (186,763) |
Beginning balance (in shares) at Dec. 31, 2019 | 109,972,000 | 109,972,000 | ||||
Beginning balance at Dec. 31, 2019 | $ 2,370,793 | $ 1,204 | 1,211,274 | 1,380,612 | (1,954) | (220,343) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 19,606 | 19,606 | ||||
Other comprehensive income (loss) | 37,277 | 37,277 | ||||
Common dividends declared | (16,002) | (16,002) | ||||
Repurchases of common stock (in shares) | (1,171,000) | |||||
Repurchases of common stock | (22,557) | (22,557) | ||||
Acquisitions, net of issuance costs (in shares) | 4,930,000 | |||||
Acquisition, net of issuance costs | 71,883 | $ 49 | 71,834 | |||
Common stock issued (in shares) | 37,000 | |||||
Common stock issued | 851 | 172 | 679 | |||
Restricted stock activity (in shares) | 449,000 | |||||
Restricted stock activity | (3,166) | (12,268) | 9,102 | |||
Treasury stock issued to benefit plans (in shares) | (4,000) | |||||
Treasury stock issued to benefit plans | (79) | 1 | (80) | |||
Share-based compensation expense | $ 3,922 | 3,922 | ||||
Ending balance (in shares) at Mar. 31, 2020 | 114,213,000 | 114,213,000 | ||||
Ending balance at Mar. 31, 2020 | $ 2,435,707 | $ 1,253 | $ 1,274,935 | $ 1,357,395 | $ 35,323 | $ (233,199) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per common share (in dollars per share) | $ 0.14 | $ 0.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net income | $ 19,606,000 | $ 46,058,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 39,532,000 | 10,444,000 |
Depreciation of premises, furniture, and equipment | 4,169,000 | 4,050,000 |
Net amortization of premium on securities | 5,727,000 | 2,672,000 |
Net securities losses | 1,005,000 | 0 |
Gains on sales of 1-4 family mortgages and corporate loans held-for-sale | (2,629,000) | (1,410,000) |
Net losses (gains) on sales and valuation adjustments of OREO | 128,000 | (792,000) |
Amortization of the FDIC indemnification asset | 302,000 | 302,000 |
Net losses on sales and valuation adjustments of premises, furniture, and equipment | 105,000 | 391,000 |
BOLI income | (1,982,000) | (1,826,000) |
Share-based compensation expense | 3,922,000 | 3,679,000 |
Tax benefit related to share-based compensation | 62,000 | 55,000 |
Amortization of other intangible assets | 2,770,000 | 2,363,000 |
Originations of mortgage loans held-for-sale | (104,694,000) | (62,895,000) |
Proceeds from sales of mortgage loans held-for-sale | 119,159,000 | 58,783,000 |
Net decrease (increase) in equity securities | 2,038,000 | (2,498,000) |
Net (increase) decrease in accrued interest receivable and other assets | (114,028,000) | 27,948,000 |
Net decrease in accrued interest payables and other liabilities | (40,870,000) | (37,870,000) |
Net cash (used in) provided by operating activities | (65,678,000) | 49,454,000 |
Investing Activities | ||
Proceeds from maturities, repayments, and calls of securities available-for-sale | 229,391,000 | 77,601,000 |
Proceeds from sales of securities available-for-sale | 39,095,000 | 0 |
Purchases of securities available-for-sale | (586,292,000) | (131,707,000) |
Proceeds from maturities, repayments, and calls of securities held-to-maturity | 2,268,000 | 162,000 |
Purchases of securities held-to-maturity | (16,000) | (2,828,000) |
Net purchases of FHLB stock | (38,948,000) | (5,488,000) |
Net increase in loans | (373,138,000) | (131,221,000) |
Premiums paid on BOLI, net of proceeds from claims | 2,003,000 | 2,660,000 |
Proceeds from sales of OREO | 230,000 | 2,795,000 |
Proceeds from sales of premises, furniture, and equipment | 0 | 557,000 |
Purchases of premises, furniture, and equipment | (3,168,000) | (5,081,000) |
Net cash received from (paid for) acquisition | 142,282,000 | (11,489,000) |
Net cash used in investing activities | (586,293,000) | (204,039,000) |
Financing Activities | ||
Net (decrease) increase in deposit accounts | (102,404,000) | 76,870,000 |
Net increase in borrowed funds | 977,920,000 | 67,773,000 |
Repurchases of common stock | (22,557,000) | 0 |
Cash dividends paid | (15,431,000) | (12,782,000) |
Restricted stock activity | (3,166,000) | (3,775,000) |
Net cash provided by financing activities | 834,362,000 | 128,086,000 |
Net increase (decrease) in cash and cash equivalents | 182,391,000 | (26,499,000) |
Cash and cash equivalents at beginning of period | 299,221,000 | 289,258,000 |
Cash and cash equivalents at end of period | 481,612,000 | 262,759,000 |
Supplemental Disclosures of Cash Flow Information: | ||
Income taxes paid | 1,029,000 | 321,000 |
Interest paid to depositors and creditors | 28,285,000 | 23,707,000 |
Dividends declared, but unpaid | 15,854,000 | 12,728,000 |
Stock issued for acquisitions, net of issuance costs | 71,883,000 | 3,284,000 |
Non-cash transfers of loans to OREO | 121,000 | 0 |
Non-cash transfers of loans held-for-investment to loans held-for-sale | 3,155,000 | 2,630,000 |
Non-cash recognition of right-of-use asset/liability | $ 0 | $ 143,561,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation â The accompanying unaudited condensed consolidated interim financial statements ("consolidated financial statements") of First Midwest Bancorp, Inc. (the "Company"), a Delaware corporation, were prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q and reflect all adjustments that management deems necessary for the fair presentation of the financial position and results of operations for the periods presented. The results of operations for the quarter ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. The accompanying consolidated financial statements do not include certain information and note disclosures required by GAAP for complete annual financial statements. Therefore, these financial statements should be read in conjunction with the Company's 2019 Annual Report on Form 10-K ("2019 10-K"). The Company uses the accrual basis of accounting for financial reporting purposes. Certain reclassifications were made to prior year amounts to conform to the current year presentation. Use of Estimates â The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates and assumptions are based on the best available information, actual results could differ from those estimates. Principles of Consolidation â The accompanying consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. Assets held in a fiduciary or agency capacity are not assets of the Company or its subsidiaries and are not included in the consolidated financial statements. The accounting policies related to business combinations, loans, the allowance for credit losses, lease obligations, and derivative financial instruments are presented below. For a summary of all other significant accounting policies, see Note 1, "Summary of Significant Accounting Policies," in the Company's 2019 10-K. Business Combinations â Business combinations are accounted for under the acquisition method of accounting. Assets acquired and liabilities assumed are recorded at their estimated fair values as of the date of acquisition, with any excess of the purchase price of the acquisition over the fair value of the identifiable net tangible and intangible assets acquired recorded as goodwill. Alternatively, a gain is recorded if the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. The results of operations of the acquired business are included in the Condensed Consolidated Statements of Income from the effective date of the acquisition. Allowance for Securities Held-to-Maturity â The Company maintains an allowance for securities held-to-maturity for the risk of loss inherent in these financial assets, which reflects the difference between the carrying value and the discounted expected future cash flows of these assets and is included in securities held-to-maturity, at amortized cost, net in the Consolidated Statements of Financial Condition. Loans â Loans held-for-investment are loans that the Company intends to hold until they are paid in full and are carried at the principal amount outstanding, including certain net deferred loan origination fees. Loan origination fees, commitment fees, and certain direct loan origination costs are deferred, and the net amount is amortized as a yield adjustment over the contractual life of the related loans or commitments and included in interest income. Fees related to letters of credit are amortized into fee income over the contractual life of the commitment. Other credit-related fees are recognized as fee income when earned. The Company's net investment in direct financing leases is included in loans and consists of future minimum lease payments and estimated residual values, net of unearned income. Interest income on loans is accrued based on principal amounts outstanding. Loans held-for-sale are carried at the lower of aggregate cost or fair value and included in other assets in the Consolidated Statements of Financial Condition. Acquired Loans â Acquired loans consist of all loans that were acquired in business combinations, including loans which are covered by Federal Deposit Insurance Corporation ("FDIC") Agreements. Acquired loans are included within loans held-for-investment. Acquired loans are separated into (i) non-purchased credit deteriorated ("non-PCD") loans and (ii) purchased credit deteriorated ("PCD") loans. Non-PCD loans include loans that did not have evidence of more-than-insignificant credit deterioration since origination at the acquisition date. PCD loans include loans that had evidence of more-than-insignificant credit deterioration since origination. Evidence of credit deterioration was evaluated using various indicators, such as past due and non-accrual status. Leases and revolving loans do not qualify to be accounted for as PCD loans and are accounted for as non-PCD loans. The acquisition adjustment related to non-PCD loans is amortized into interest income over the contractual life of the related loans. If an acquired non-PCD loan is renewed subsequent to the acquisition date, any remaining acquisition adjustment is accreted into interest income and the loan is considered a new loan that is no longer classified as an acquired loan. PCD loans are generally accounted for based on estimates of expected future cash flows. The Company uses a discounted cash flow analysis involving significant unobservable inputs and assumptions to measure the fair value of PCD loans. The significant assumptions utilized in the cash flow analysis include the probability of default ("PD"), loss given default ("LGD"), and discount rate. PCD loans are recorded at fair value, excluding credit-related adjustments, for which an allowance for loan losses is established at the acquisition date through purchase accounting adjustments. Expected future cash flows in excess of the fair value of loans at the purchase date ("accretable yield") are recorded as interest income over the life of the loans if the timing and amount of the expected future cash flows can be reasonably estimated. Subsequent to the acquisition date, the allowance for loan losses on PCD loans is estimated as are the allowances for all other loans in the portfolio. Prior to the adoption of the current expected credit losses ("CECL") accounting guidance on January 1, 2020, acquired loans were separated into (i) non-purchased credit impaired ("non-PCI") loans and (ii) purchased credit impaired ("PCI") loans. The significant accounting policies related to non-PCI and PCI acquired loans are presented in Note 1, "Summary of Significant Accounting Policies" to the Consolidated Financial Statements in the Company's 2019 10-K. 90-Days Past Due Loans â The Company's accrual of interest on loans is generally discontinued at the time the loan is 90 days past due unless the credit is sufficiently collateralized and in the process of renewal or collection. Non-accrual Loans â Generally, corporate loans are placed on non-accrual status (i) when either principal or interest payments become 90 days or more past due unless the credit is sufficiently collateralized and in the process of renewal or collection, or (ii) when an individual analysis of a borrower's creditworthiness warrants a downgrade to non-accrual regardless of past due status. When a loan is placed on non-accrual status, unpaid interest credited to income in the current year is reversed, and unpaid interest accrued in prior years is charged against the allowance for loan losses. After the loan is placed on non-accrual status, all debt service payments are applied to the principal on the loan. Future interest income may only be recorded on a cash basis after recovery of principal is reasonably assured. Non-accrual loans are returned to accrual status when the financial position of the borrower and other relevant factors indicate that the Company will collect all principal and interest. Non-accrual loans with balances under a specified threshold are not individually evaluated for impairment. For all other non-accrual loans, impairment is measured by comparing the estimated value of the loan to the recorded book value. The value of collateral-dependent loans is based on the fair value of the underlying collateral, less costs to sell. The value of other loans is measured using the present value of expected future cash flows discounted at the loan's effective interest rate. Commercial loans and loans secured by real estate are charged-off when deemed uncollectible. A loss is recorded if the net realizable value of the underlying collateral is less than the outstanding principal and interest. Consumer loans that are not secured by real estate are subject to mandatory charge-off at a specified delinquency date and are usually not classified as non-accrual prior to being charged-off. Closed-end consumer loans, which include installment, automobile, and single payment loans, are usually charged-off no later than the end of the month in which the loan becomes 120 days past due. Troubled Debt Restructurings ( " TDR s" ) â A restructuring is considered a TDR when (i) the borrower is experiencing financial difficulties, and (ii) the creditor grants a concession, such as forgiveness of principal, reduction of the interest rate, changes in payments, or extension of the maturity date. Loans are not classified as TDRs when the modification is short-term or results in an insignificant delay in payments. The Company's TDRs are determined on a case-by-case basis. The Company does not accrue interest on a TDR unless it believes collection of all principal and interest under the modified terms is reasonably assured. For a TDR to begin accruing interest, the borrower must demonstrate some level of past performance and the future capacity to perform under the modified terms. Generally, six months of consecutive payment performance under the restructured terms is required before a TDR is returned to accrual status. However, the period could vary depending on the individual facts and circumstances of the loan. An evaluation of the borrower's current creditworthiness is used to assess the borrower's capacity to repay the loan under the modified terms. This evaluation includes an estimate of expected future cash flows, evidence of strong financial position, and estimates of the value of collateral, if applicable. For TDRs to be removed from TDR status in the calendar year after the restructuring, the loans must (i) have an interest rate and terms that reflect market conditions at the time of restructuring, and (ii) be in compliance with the modified terms. If the loan was restructured at below market rates and terms, it continues to be separately reported as restructured until it is paid in full or charged-off. Allowance for Credit Losses â The allowance for credit losses is comprised of the allowance for loan losses and the allowance for unfunded commitments and is maintained by management at a level believed adequate to absorb current expected credit losses in the existing loan portfolio. Determination of the allowance for credit losses is subjective since it requires significant estimates and management judgment, including the amounts and timing of expected future cash flows, actual loss experience, consideration of current national, regional, and local economic trends and conditions, reasonable and supportable forecasts about the future, changes in interest rates and property values, various internal and external qualitative factors, and other factors. Loans deemed to be uncollectible are charged-off against the allowance for loan losses, while recoveries of amounts previously charged-off are credited to the allowance for loan losses. Additions to the allowance for loan losses are charged to expense through the provision for loan losses. The amount of provision depends on a number of factors, including net charge-off levels, loan growth, changes in the composition of the loan portfolio, and the Company's assessment of the allowance for loan losses based on the methodology discussed below. Allowance for Loan Losses â The allowance for loan losses consists of (i) specific allowance for individual loans where the recorded investment exceeds the value, (ii) an allowance based on historical credit loss experience with consideration of reasonable and supportable forecasts of economic conditions for each loan category, and (iii) an allowance based on other internal and external qualitative factors. The allowance for individual loans is based on a periodic analysis of non-accrual loans individually exceeding a specific dollar amount. If the estimated value of a non-accrual loan is less than its recorded book value, the Company either (i) provides an allowance in the amount of the excess of the book value over the estimated value of the related loan or, (ii) if the loss is confirmed, charges off the loss. The allowance by loan category is based on a discounted cash flows analysis as future cash flows are discounted at an effective rate of return. In addition, estimates of losses on future cash flows is forecasted by applying probability of default and loss given default factors as well as prepayment and curtailment assumptions to cash flows that are adjusted to a present value. This discounted cash flow analysis is updated quarterly, primarily using actual loss experience adjusted for current reasonable and supportable forecasts of economic conditions over a one-year forecast period. After the one-year forecast period, a one-year reversion period adjusts loss experience to the historical average on a straight-line basis. These forecasts consider multiple scenarios of key assumptions including national unemployment rates, housing price indices, and gross domestic product. This general allowance component is then adjusted based on management's consideration of many internal and external qualitative factors, including: ⢠Changes in the composition of the loan portfolio, trends in the volume of loans, and trends in delinquent and non-accrual loans that could indicate that historical trends do not reflect current conditions. ⢠Changes in credit policies and procedures, such as underwriting standards and collection, charge-off, and recovery practices. ⢠Changes in the experience, ability, and depth of credit management and other relevant staff. ⢠Changes in the quality of the Company's loan review system and Board of Directors oversight. ⢠The effect of any concentration of credit and changes in the level of concentrations, such as loan type or risk rating. ⢠Changes in the value of the underlying collateral for collateral-dependent loans. ⢠Changes in the national, regional, and local economy that affect the collectability of various segments of the portfolio. ⢠The effect of other external factors, such as competition and legal and regulatory requirements, on the Company's loan portfolio. The allowance for loan losses also includes an allowance on acquired non-PCD and PCD loans. An allowance for loan losses is recorded on acquired PCD loans at the acquisition date through purchase accounting adjustments. Subsequent to the acquisition date, the allowance for loan losses on PCD loans is estimated as are the allowances for all other loans in the portfolio. No allowance for loan losses is recorded on acquired non-PCD loans at the acquisition date through purchase accounting. Instead, an allowance is established on acquired non-PCD loans at the acquisition date in-line with all other loans in the portfolio as if the loans were originated at the acquisition date. On a periodic basis, the adequacy of this allowance is determined using either a PD/LGD methodology or a specific review methodology. Allowance for Unfunded Commitments â The Company also maintains an allowance for unfunded commitments, including letters of credit, for the risk of loss inherent in these arrangements. The allowance for unfunded commitments is estimated using the historical credit loss experience with consideration of reasonable and supportable forecasts of economic conditions for each loan category. The allowance for unfunded commitments is included in other liabilities in the Consolidated Statements of Financial Condition. The establishment of the allowance for credit losses involves a high degree of judgment and estimation given the difficulty of assessing the factors impacting loan repayment and estimating the timing and amount of losses. While management utilizes its best judgment and information available, the adequacy of the allowance for credit losses depends on a variety of factors beyond the Company's control, including the performance of its loan portfolio, current national, regional, and local economic trends, reasonable and supportable forecasts about the future, changes in interest rates and property values, the amounts and timing of expected future cash flows on non-accrual loans, estimated losses on pools of homogenous loans, the interpretation of loan risk classifications by regulatory authorities, various internal and external qualitative factors, and other factors. Lease Obligations â The Company leases certain premises under non-cancelable operating leases in the normal course of business operations. These lease obligations result in the recognition of right-of-use assets and associated lease liabilities. The amount of right-of-use assets and associated lease liabilities recorded is based on the present value of future minimum lease payments. Right-of-use assets are amortized on a straight-line basis over the estimated useful lives of the related premises, and interest associated with the net present value of future minimum lease payments is included in net occupancy and equipment expense in the consolidated financial statements. Derivative Financial Instruments â To provide derivative products to customers and in the ordinary course of business, the Company enters into derivative transactions as part of its overall interest rate risk management strategy to minimize significant unplanned fluctuations in earnings and expected future cash flows caused by interest rate volatility. All derivative instruments are recorded at fair value as either other assets or other liabilities in the Consolidated Statements of Financial Condition. Subsequent changes in a derivative's fair value are recognized in earnings unless specific hedge accounting criteria are met. On the date the Company enters into a derivative contract, the derivative is designated as a fair value hedge, a cash flow hedge, or a non-hedge derivative instrument. Fair value hedges are designed to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk. Cash flow hedges are designed to mitigate exposure to variability in expected future cash flows to be received or paid related to an asset, liability, or other type of forecasted transaction. The Company formally documents all relationships between hedging instruments and hedged items, including its risk management objective and strategy at inception. At the hedge's inception, a formal assessment is performed to determine the effectiveness of the derivative in offsetting changes in the fair values or expected future cash flows of the hedged items in the current period and prospectively. If a derivative instrument designated as a hedge is terminated or ceases to be highly effective, hedge accounting is discontinued prospectively, and the gain or loss is amortized into earnings. For fair value hedges, the gain or loss is amortized over the remaining life of the hedged asset or liability. For cash flow hedges, the gain or loss is amortized over the same period that the forecasted hedged transactions impact earnings. If the hedged item is disposed of, any fair value adjustments are included in the gain or loss from the disposition of the hedged item. If the forecasted transaction is no longer probable, the gain or loss is included in earnings immediately. For fair value hedges, changes in the fair value of the derivative instruments, as well as changes in the fair value of the hedged item, are recognized in earnings in the same income statement line item as the earnings effect of the hedged item. For cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of accumulated other comprehensive loss and is reclassified to earnings when the hedged transaction is reflected in earnings. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Other Guidance | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements and Other Guidance | RECENT ACCOUNTING PRONOUNCEMENTS AND OTHER GUIDANCE Adopted Accounting Pronouncements Measurement of Credit Losses on Financial Instruments: In June of 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2016-13 that requires entities to present financial assets measured at amortized cost at the net amount expected to be collected, considering an entity's current estimate of all expected credit losses. In addition, credit losses relating to available-for-sale debt securities are required to be recorded through an allowance for credit losses, with changes in credit loss estimates recognized through current earnings. This guidance is effective for annual and interim periods beginning after December 15, 2019. The Company adopted this guidance on January 1, 2020, which resulted in the recognition of $76.0 million of allowance for credit losses which includes $26.0 million attributable to loans, $5.6 million attributable to unfunded commitments, $35.7 million attributable to PCD loans, $8.5 million attributable to non-PCD acquired loans, and $220,000 attributable to securities held-to-maturity. The portion of the allowance for credit losses attributable to PCD loans did not have an impact on equity as the credit-related portion of acquisition adjustments on loans previously classified as PCI transitioned to PCD accounting treatment upon adoption. The amount of allowance for credit losses recognized upon adoption was based on the composition of the loan portfolio, as well as the economic conditions and forecasts as of the adoption date. The Company adopted this guidance using the modified retrospective approach which resulted in the recognition of a $26.8 million after-tax reduction to retained earnings as a cumulative-effect adjustment on January 1, 2020. Prior period amounts continue to be reported in accordance with previously applicable standards and the accounting policies described in the Company's 2019 10-K. The Company has made the following elections upon adoption of ASU 2016-13: ⢠When determining the allowance and net carrying value amount for financial assets in which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, the Company will use the fair value of collateral at the reporting date. ⢠The Company writes off uncollectible accrued interest in a timely manner and, therefore, will not measure an allowance for credit losses for accrued interest receivable. ⢠The Company uses a discounted cash flow approach for the majority of its applicable instruments. The change in the present value from one reporting period to the next may result from the passage of time, in addition to changes in estimates of the timing of the cash flows. The Company will report the entire change in the present value as provision for loan losses (or reversal of provision for loan losses) versus reporting the change related to the passage of time as interest income. For additional discussion of the allowance for credit losses, see Note 7 "Past Due Loans, Allowance for Credit Losses, Non-Accrual Loans, and TDRs." Accounting for Goodwill Impairment: In January of 2017, the FASB issued ASU 2017-04 that simplifies the accounting for goodwill impairment for all entities. The new guidance eliminates the requirement to calculate the implied fair value of goodwill using the second step of the quantitative two-step goodwill impairment model prescribed under current accounting guidance. Under the new guidance, if a reporting unit's carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. This guidance is effective for annual and interim goodwill impairment testing dates beginning after December 15, 2019. The adoption of this guidance on January 1, 2020 did not materially impact the Company's financial condition, results of operations, or liquidity. Changes to the Disclosure Requirements for Fair Value Measurement: In August of 2018, the FASB issued ASU 2018-13 that eliminates, modifies, and adds to certain fair value measurement disclosure requirements associated with the three-tiered fair value hierarchy. This guidance is effective for annual and interim periods beginning after December 15, 2019. The adoption of this guidance on January 1, 2020 did not materially impact the Company's financial condition, results of operations, or liquidity. Loan Modifications Due to COVID-19: In March of 2020, the CARES Act was enacted by the U.S. government in response to the economic disruption caused by the COVID-19 pandemic. The Company's banking regulators issued a statement titled the "Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus" that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, the CARES Act provides that a qualified loan modification is exempt by law from classification as a TDR as defined by GAAP, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 pandemic declared by the President of the United States terminates. Accordingly, the Company is offering short-term modifications made in response to COVID-19 to borrowers who are current and otherwise not past due. These include short-term modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. The modifications completed in the three months ended March 31, 2020 were immaterial. Regulatory Capital Delay of CECL Impact: In February of 2019, the federal bank regulatory agencies issued a final rule, the 2019 CECL Rule, that revised certain capital regulations to account for changes to credit loss accounting under U.S. GAAP. The 2019 CECL Rule included a transition option that allows banking organizations to phase in, over a three-year period, the day-one adverse effects of CECL on their regulatory capital ratios (three-year transition option). In March of 2020, the federal bank regulatory agencies issued an interim final rule that maintains the three year transition option of the 2019 CECL Rule and also provides banking organizations that were required under GAAP (as of January 2020) to implement CECL before the end of 2020 the option to delay for two years an estimate of the effect of CECL 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 elected to adopt the five-year transition option. This election of the transition option is applicable only to regulatory capital computations under federal banking regulations and does not otherwise impact the financial statements prepared in accordance with GAAP. Accounting Pronouncements Pending Adoption Changes to the Disclosure Requirements for Defined Benefit Plans: In August of 2018, the FASB issued ASU 2018-14 that makes minor changes and clarifications to the disclosure requirements for entities that sponsor defined benefit plans. This guidance is effective for annual and interim periods beginning after December 15, 2020. Early adoption is permitted. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. Income Taxes : In December of 2019, the FASB issued ASU 2019-12 that removes certain exceptions to the general principles of accounting for income taxes. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. Reference Rate Reform : In March of 2020, the FASB issued ASU 2020-04 that provides optional expedients and exceptions for applying GAAP to contracts and other transactions affected by reference rate reform, if certain criteria are met. This guidance is effective as of March 12, 2020 through December 31, 2022. Management is in the process of determining the impact on the Company's financial condition, results of operations, and liquidity. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Completed Acquisitions Park Bank On March 9, 2020, the Company completed its acquisition of Bankmanagers Corp. ("Bankmanagers"), the holding company for Park Bank, based in Milwaukee Wisconsin. At closing, the Company acquired $1.2 billion of assets, $1.0 billion of deposits, and $691.7 million of loans, net of fair value adjustments. Under the terms of the merger agreement, on March 9, 2020, each outstanding share of Bankmanagers common stock was exchanged for 29.9675 shares of Company common stock, plus $623.02 of cash (of which $346.00 per share was paid by Bankmanagers to its shareholders by a special cash dividend immediately prior to closing). This resulted in merger consideration of $174.4 million, which consisted of 4.9 million shares of Company common stock and $102.5 million of cash. Goodwill of $57.2 million associated with the acquisition was recorded by the Company. Park Bank will be merged into First Midwest Bank and all operating systems are expected to be converted to the Company's operating platform in the second quarter of 2020. The fair value adjustments, including goodwill, associated with the transaction remain preliminary and may change as the Company continues to finalize the fair value of the assets and liabilities acquired. Bridgeview Bank Group On May 9, 2019, the Company completed its acquisition of Bridgeview Bancorp, Inc. ("Bridgeview"), the holding company for Bridgeview Bank Group. At closing, the Company acquired $1.2 billion of assets, $1.0 billion of deposits, and $710.3 million of loans, net of fair value adjustments. Under the terms of the merger agreement, on May 9, 2019, each outstanding share of Bridgeview common stock was exchanged for 0.2767 shares of Company common stock, plus $1.66 of cash. In addition, each outstanding Bridgeview stock option was exchanged for the right to receive cash. This resulted in merger consideration of $135.4 million, which consisted of 4.7 million shares of Company common stock and $37.1 million of cash. Goodwill of $60.7 million associated with the acquisition was recorded by the Company. All Bridgeview operating systems were converted to the Company's operating platform during the second quarter of 2019. The fair value adjustments, including goodwill, associated with this transaction remain preliminary and may change as the Company continues to finalize the fair value of the assets and liabilities acquired. During the first quarter of 2020, the Company updated the fair value adjustments associated with the Bridgeview transaction. The adjustments were recognized in the current period in accordance with accounting guidance applicable to business combinations. Northern Oak Wealth Management, Inc. On January 16, 2019, the Company completed its acquisition of Northern Oak Wealth Management, Inc., a registered investment adviser based in Milwaukee, Wisconsin with approximately $800.0 million of assets under management at closing. During the first quarter of 2020, the Company finalized the fair value adjustments associated with the Northern Oak transaction, which required a measurement period adjustment to goodwill. This adjustment was recognized in the current period in accordance with accounting guidance applicable to business combinations. The following table presents the assets acquired and liabilities assumed, net of the fair value adjustments, in the Park Bank and Bridgeview transactions as of the acquisition date. The assets acquired and liabilities assumed, both intangible and tangible, were recorded at their estimated fair values as of the acquisition date and have been accounted for under the acquisition method of accounting. Acquisition Activity (Dollar amounts in thousands, except share and per share data) Park Bank Bridgeview March 9, 2020 May 9, 2019 Assets Cash and due from banks and interest-bearing deposits in other banks $ 244,781 $ 35,097 Equity securities â 6,966 Securities available-for-sale 136,856 263,090 Securities held-to-maturity 300 13,426 FHLB and FRB stock â 1,481 Loans 691,667 710,302 OREO 1,868 5,436 Goodwill 57,174 60,729 Other intangible assets 3,068 15,603 Premises, furniture, and equipment 2,759 15,905 Accrued interest receivable and other assets 11,891 37,098 Total assets $ 1,150,364 $ 1,165,133 Liabilities Noninterest-bearing deposits $ 356,050 $ 179,267 Interest-bearing deposits 594,026 807,487 Total deposits 950,076 986,754 Borrowed funds 11,532 1,746 Senior and subordinated debt â 29,360 Accrued interest payable and other liabilities 14,374 11,921 Total liabilities 975,982 1,029,781 Consideration Paid Common stock (2020 â 4,930,231, shares issued at $14.58 per share, 2019 â 4,728,541, shares issued at $20.77 per share), net of issuance costs 71,883 98,212 Cash paid 102,499 37,140 Total consideration paid 174,382 135,352 $ 1,150,364 $ 1,165,133 Expenses related to the acquisition and integration of completed and pending transactions totaled $5.5 million and $3.7 million during the quarters ended March 31, 2020 and 2019, respectively, and are reported as a separate component within noninterest expense in the Condensed Consolidated Statements of Income. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | SECURITIES The significant accounting policies related to securities are presented in Note 1, "Summary of Significant Accounting Policies" to the Consolidated Financial Statements in the Company's 2019 10-K. A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Amortized Cost Gross Unrealized Fair Amortized Cost Gross Unrealized Fair Gains Losses Gains Losses Securities Available-for-Sale U.S. treasury securities $ 32,954 $ 355 $ â $ 33,309 $ 33,939 $ 137 $ (1) $ 34,075 U.S. agency securities 616,469 3,940 (2,417) 617,992 249,502 758 (1,836) 248,424 Collateralized mortgage obligations 1,640,928 59,820 (736) 1,700,012 1,547,805 14,893 (5,027) 1,557,671 Other mortgage-backed securities 662,529 24,836 (94) 687,271 678,804 7,728 (1,848) 684,684 Municipal securities 228,744 5,972 (157) 234,559 228,632 5,898 (99) 234,431 Corporate debt securities 117,785 394 (8,457) 109,722 112,797 1,791 (487) 114,101 Total securities available-for-sale $ 3,299,409 $ 95,317 $ (11,861) $ 3,382,865 $ 2,851,479 $ 31,205 $ (9,298) $ 2,873,386 Securities Held-to-Maturity Municipal securities $ 20,045 $ 17 $ â $ 20,062 $ 21,997 $ â $ (763) $ 21,234 Allowance for securities held-to- maturity (1) (220) $ (220) Total securities held-to-maturity, $ 19,825 $ 17 $ â $ 19,842 Equity Securities $ 40,098 $ 42,136 (1) The allowance for securities held-to-maturity was established upon adoption of CECL on January 1, 2020. Accrued interest receivable on the securities portfolio totaled $12.3 million and $11.3 million as of March 31, 2020 and December 31, 2019, respectively, and is included in accrued interest receivable and other assets in the Consolidated Statements of Financial Condition. Accounting guidance requires that the credit portion of a decline in fair value be recognized as an allowance for credit losses, established as a charge to expense through income. If a decline in fair value below carrying value is not attributable to credit deterioration and the Company does not intend to sell the security or believe it would not be more likely than not required to sell the security prior to recovery, the Company records the non-credit related portion of the decline in fair value in other comprehensive income (loss). In determining whether a decline in fair value of a security is credit related, the Company considers adverse conditions specific to the security, deterioration in economic conditions or market environment that may affect the value of the securities and related collateral, if any, events of default, changes to the credit rating of the security by a rating agency, and guarantees applicable to the security, among other factors. Remaining Contractual Maturity of Securities (Dollar amounts in thousands) As of March 31, 2020 Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair One year or less $ 326,292 $ 326,171 $ 8,111 $ 8,118 After one year to five years 178,785 178,718 5,573 5,578 After five years to ten years 490,875 490,693 3,349 3,352 After ten years â â 2,792 2,794 Securities that do not have a single contractual maturity date 2,303,457 2,387,283 â â Total $ 3,299,409 $ 3,382,865 $ 19,825 $ 19,842 The carrying value of securities available-for-sale that were pledged to secure deposits or for other purposes as permitted or required by law totaled $1.4 billion as of March 31, 2020 and $1.3 billion as of December 31, 2019. No securities held-to-maturity were pledged as of March 31, 2020 or December 31, 2019. There were realized losses of $1.0 million and no realized gains (losses) on securities available-for-sale for the quarters ended March 31, 2020 and 2019, respectively. The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of March 31, 2020 and December 31, 2019. Securities in an Unrealized Loss Position (Dollar amounts in thousands) Less Than 12 Months 12 Months or Longer Total Number of Fair Unrealized Fair Unrealized Fair Unrealized As of March 31, 2020 Securities Available-for-Sale U.S. agency securities 24 $ 164,368 $ 2,177 $ 15,635 $ 240 $ 180,003 $ 2,417 CMOs 12 27,840 422 17,505 314 45,345 736 MBSs 11 4,809 70 6,294 24 11,103 94 Municipal securities 22 6,607 148 5,510 9 12,117 157 Corporate debt securities 11 9,615 385 76,384 8,072 85,999 8,457 Total 80 $ 213,239 $ 3,202 $ 121,328 $ 8,659 $ 334,567 $ 11,861 As of December 31, 2019 Securities Available-for-Sale U.S. treasury securities 5 $ 4,966 $ 1 $ â $ â $ 4,966 $ 1 U.S. agency securities 52 97,729 1,200 49,387 636 147,116 1,836 CMOs 148 187,470 2,177 412,083 2,850 599,553 5,027 MBSs 59 66,340 996 121,861 852 188,201 1,848 Municipal securities 16 9,384 89 3,104 10 12,488 99 Corporate debt securities 6 9,719 281 21,955 206 31,674 487 Total 286 $ 375,608 $ 4,744 $ 608,390 $ 4,554 $ 983,998 $ 9,298 Substantially all of the Company's CMOs and other MBSs are either backed by U.S. government-owned agencies or issued by U.S. government-sponsored enterprises. Municipal securities are issued by municipal authorities, and the majority are supported by third-party insurance or some other form of credit enhancement. Management does not believe any of these securities with unrealized losses as of March 31, 2020 represent impairment related to credit deterioration. These unrealized losses are attributed to changes in interest rates and temporary market movements. The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be at maturity. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | LOANS Loans Held-for-Investment The following table presents the Company's loans held-for-investment by class. Loan Portfolio (Dollar amounts in thousands) As of March 31, December 31, Commercial and industrial $ 5,051,154 $ 4,481,525 Agricultural 393,138 405,616 Commercial real estate: Office, retail, and industrial 2,279,068 1,848,718 Multi-family 906,281 856,553 Construction 562,689 593,093 Other commercial real estate 1,349,812 1,383,708 Total commercial real estate 5,097,850 4,682,072 Total corporate loans 10,542,142 9,569,213 Home equity 965,771 851,454 1-4 family mortgages 1,968,589 1,927,078 Installment 488,515 492,585 Total consumer loans 3,422,875 3,271,117 Total loans $ 13,965,017 $ 12,840,330 Deferred loan fees included in total loans $ 8,264 $ 7,972 Overdrawn demand deposits included in total loans 7,126 10,675 Accrued interest receivable on the loan portfolio totaled $49.1 million and $48.4 million as of March 31, 2020 and December 31, 2019, respectively and is included in accrued interest receivable and other assets in the Consolidated Statements of Financial Condition. The Company primarily lends to community-based and mid-sized businesses, commercial real estate customers, and consumers in its markets. Within these areas, the Company diversifies its loan portfolio by loan type, industry, and borrower. It is the Company's policy to review each prospective credit to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Company seeks recovery in compliance with state lending laws, the Company's lending standards, and credit monitoring and remediation procedures. A discussion of risk characteristics relevant to each portfolio segment is presented in Note 5, "Loans" to the Consolidated Financial Statements in the Company's 2019 10-K. Loan Sales The following table presents loan sales and purchases for the quarters ended March 31, 2020 and 2019. Loan Sales and Purchases (Dollar amounts in thousands) Quarters Ended 2020 2019 Corporate loan sales Proceeds from sales $ 4,303 $ 3,198 Less book value of loans sold 4,188 3,116 Net gains on corporate loan sales (1) 115 82 1-4 family mortgage loan sales Proceeds from sales 119,159 58,783 Less book value of loans sold 116,645 57,455 Net gains on 1-4 family mortgage loan sales (2) 2,514 1,328 Total net gains on loan sales $ 2,629 $ 1,410 Corporate loan purchases (3) Commercial and industrial $ 145,822 $ 52,719 Construction 639 834 Other commercial real estate â 3,986 Total corporate loan purchases $ 146,461 $ 57,539 Consumer loan purchases Home equity $ 144,967 $ 38,252 1-4 family mortgages 70,175 72,930 Total consumer loan purchases $ 215,142 $ 111,182 (1) Net gains on corporate loan sales are included in other service charges, commissions, and fees in the Condensed Consolidated Statements of Income. (2) Net gains on 1-4 family mortgage loan sales are included in mortgage banking income in the Condensed Consolidated Statements of Income. (3) Consists of the Company's portion of loan participations purchased. The Company retained servicing responsibilities for a portion of the 1-4 family mortgage loans sold and collects servicing fees equal to a percentage of the outstanding principal balance. For additional disclosure related to the Company's obligations resulting from the sale of certain 1-4 family mortgage loans, see Note 13, "Commitments, Guarantees, and Contingent Liabilities." |
Acquired Loans
Acquired Loans | 3 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Acquired Loans | ACQUIRED LOANS The significant accounting policies related to acquired loans, which are classified as PCD and non-PCD at March 31, 2020, are presented in Note 1, "Summary of Significant Accounting Policies." The following table presents the carrying amount of acquired loans as of March 31, 2020 and December 31, 2019. Acquired Loans (1)(2) (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 PCD Non-PCD Total PCI Non-PCI Total Acquired loans $ 275,172 $ 1,706,402 $ 1,981,574 $ 167,183 $ 1,216,133 $ 1,383,316 (1) Included in loans in the Consolidated Statements of Financial Condition. (2) Prior to the adoption of CECL on January 1, 2020, loans that had evidence of credit deterioration since origination and for which it was probable at acquisition that the Company would not collect all contractually required principal and interest payments were classified as PCI. The outstanding balance of PCD loans was $315.5 million as of March 31, 2020 and the outstanding balance of PCI loans was $243.0 million as of December 31, 2019. |
Past Due Loans, Allowance For C
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS | 3 Months Ended |
Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS | PAST DUE LOANS, ALLOWANCE FOR CREDIT LOSSES, NON-ACCRUAL LOANS, AND TDRS Past Due and Non-accrual Loans The following table presents an aging analysis of the Company's past due loans as of March 31, 2020 and December 31, 2019 with balances presented on an amortized cost basis. The aging is determined without regard to accrual status. The table also presents non-performing loans, consisting of non-accrual loans (the majority of which are past due) and loans 90 days or more past due and still accruing interest, as of each balance sheet date. Aging Analysis of Past Due Loans and Non-performing Loans by Class (1) (Dollar amounts in thousands) Aging Analysis (Accruing and Non-accrual) Non-performing Loans Current 30-89 Days 90 Days or Total Total Non- 90 Days or More Past Due, Still Accruing Interest As of March 31, 2020 Commercial and industrial $ 5,005,589 $ 23,166 $ 22,399 $ 45,565 $ 5,051,154 $ 34,012 $ 2,912 Agricultural 382,440 5,420 5,278 10,698 393,138 5,823 146 Commercial real estate: Office, retail, and industrial 2,229,685 16,590 32,793 49,383 2,279,068 44,625 â Multi-family 897,392 5,697 3,192 8,889 906,281 2,869 558 Construction 532,427 1,342 28,920 30,262 562,689 28,920 â Other commercial real estate 1,320,169 25,052 4,591 29,643 1,349,812 11,851 22 Total commercial real estate 4,979,673 48,681 69,496 118,177 5,097,850 88,265 580 Total corporate loans 10,367,702 77,267 97,173 174,440 10,542,142 128,100 3,638 Home equity 956,764 4,548 4,459 9,007 965,771 9,503 360 1-4 family mortgages 1,957,289 5,314 5,986 11,300 1,968,589 8,996 â Installment 483,504 3,957 1,054 5,011 488,515 â 1,054 Total consumer loans 3,397,557 13,819 11,499 25,318 3,422,875 18,499 1,414 Total loans $ 13,765,259 $ 91,086 $ 108,672 $ 199,758 $ 13,965,017 $ 146,599 $ 5,052 As of December 31, 2019 Commercial and industrial $ 4,455,381 $ 11,468 $ 14,676 $ 26,144 $ 4,481,525 $ 29,995 $ 2,207 Agricultural 398,676 850 6,090 6,940 405,616 5,954 358 Commercial real estate: Office, retail, and industrial 1,830,321 2,943 15,454 18,397 1,848,718 25,857 546 Multi-family 853,762 211 2,580 2,791 856,553 2,697 â Construction 588,065 4,876 152 5,028 593,093 152 â Other commercial real estate 1,377,678 3,233 2,797 6,030 1,383,708 4,729 529 Total commercial real estate 4,649,826 11,263 20,983 32,246 4,682,072 33,435 1,075 Total corporate loans 9,503,883 23,581 41,749 65,330 9,569,213 69,384 3,640 Home equity 841,908 4,992 4,554 9,546 851,454 8,443 146 1-4 family mortgages 1,917,648 5,452 3,978 9,430 1,927,078 4,442 1,203 Installment 491,406 1,167 12 1,179 492,585 â 12 Total consumer loans 3,250,962 11,611 8,544 20,155 3,271,117 12,885 1,361 Total loans $ 12,754,845 $ 35,192 $ 50,293 $ 85,485 $ 12,840,330 $ 82,269 $ 5,001 (1) Prior to the adoption of CECL on January 1, 2020, PCI loans with an accretable yield were considered current and were not included in past due loan totals. In addition, PCI loans with an accretable yield were excluded from non-accrual loans. Subsequent to adoption, PCD loans, including those previously classified as PCI, are included in past due and non-accrual loan totals. In addition, an allowance for credit losses is established as of the acquisition date or upon the adoption of CECL for loans previously classified as PCI, as PCD loans are no longer recorded net of a credit-related acquisition adjustment. Allowance for Credit Losses The Company maintains an allowance for credit losses at a level deemed adequate by management to absorb estimated losses inherent in the existing loan portfolio. See Note 1, "Summary of Significant Accounting Policies," for the accounting policy for the allowance for credit losses. A rollforward of the allowance for credit losses by portfolio segment for the quarters ended March 31, 2020 and 2019 is presented in the table below. Allowance for Credit Losses by Portfolio Segment (Dollar amounts in thousands) Commercial, Office, Multi- Construction Other Consumer Allowance for Total Quarter Ended March 31, 2020 Beginning balance $ 62,830 $ 7,580 $ 2,950 $ 1,697 $ 6,408 $ 26,557 $ 1,200 $ 109,222 Adjustment to apply recent accounting pronouncements (1) 20,159 11,686 397 10,300 11,427 16,235 5,553 75,757 Allowance established 12,262 2,003 â â â 39 â 14,304 Charge-offs (7,066) (338) (10) (1,808) (308) (4,400) â (13,930) Recoveries 1,159 9 5 â 144 499 â 1,816 Net charge-offs (5,907) (329) (5) (1,808) (164) (3,901) â (12,114) Provision for loan 24,389 4,916 347 1,108 883 7,889 â 39,532 Ending balance $ 113,733 $ 25,856 $ 3,689 $ 11,297 $ 18,554 $ 46,819 $ 6,753 $ 226,701 Quarter Ended March 31, 2019 Beginning balance $ 63,276 $ 7,900 $ 2,464 $ 2,173 $ 4,934 $ 21,472 $ 1,200 $ 103,419 Charge-offs (6,451) (628) (340) (6) (210) (3,142) â (10,777) Recoveries 1,301 10 1 6 21 354 â 1,693 Net charge-offs (5,150) (618) (339) â (189) (2,788) â (9,084) Provision for loan 6,559 397 91 (42) 185 3,254 â 10,444 Ending balance $ 64,685 $ 7,679 $ 2,216 $ 2,131 $ 4,930 $ 21,938 $ 1,200 $ 104,779 (1) As a result of accounting guidance adopted in the first quarter of 2020, the increase in allowance for credit losses, net of tax, was recognized as a cumulative-effect adjustment to retained earnings as of January 1, 2020. For further discussion of this guidance, see Note 2, "Recent Accounting Pronouncements and Other Guidance." The allowance for credit losses increased from December 31, 2019 primarily due to the adoption of CECL and the estimated impact of the COVID-19 pandemic on the allowance for credit losses, which considers multiple macroeconomic scenarios of stressed GDP, unemployment, and housing price index, detailed portfolio reviews of elevated risk sectors, and the effects of governmental responses to the COVID-19 pandemic. The table below provides a breakdown of loans and the related allowance for credit losses by portfolio segment as of March 31, 2020 and December 31, 2019. Loans and Related Allowance for Credit Losses by Portfolio Segment (Dollar amounts in thousands) Loans Allowance for Credit Losses Individually Collectively PCD/PCI (1) Total Individually Collectively PCD/PCI (1) Total As of March 31, 2020 Commercial, industrial, and $ 28,682 $ 5,299,373 $ 116,237 $ 5,444,292 $ 1,821 $ 91,604 $ 20,308 $ 113,733 Commercial real estate: Office, retail, and industrial 25,092 2,192,942 61,034 2,279,068 986 13,257 11,613 25,856 Multi-family 2,338 900,583 3,360 906,281 â 3,642 47 3,689 Construction 18,734 522,832 21,123 562,689 â 3,678 7,619 11,297 Other commercial real estate 3,467 1,297,591 48,754 1,349,812 â 8,422 10,132 18,554 Total commercial real estate 49,631 4,913,948 134,271 5,097,850 986 28,999 29,411 59,396 Total corporate loans 78,313 10,213,321 250,508 10,542,142 2,807 120,603 49,719 173,129 Consumer â 3,398,211 24,664 3,422,875 â 46,315 504 46,819 Allowance for unfunded â â â â â 6,753 â 6,753 Total loans $ 78,313 $ 13,611,532 $ 275,172 $ 13,965,017 $ 2,807 $ 173,671 $ 50,223 $ 226,701 As of December 31, 2019 Commercial, industrial, and $ 34,142 $ 4,807,114 $ 45,885 $ 4,887,141 $ 3,414 $ 59,108 $ 308 $ 62,830 Commercial real estate: Office, retail, and industrial 24,820 1,795,557 28,341 1,848,718 578 6,899 103 7,580 Multi-family 1,995 851,857 2,701 856,553 â 2,854 96 2,950 Construction 123 581,747 11,223 593,093 â 1,681 16 1,697 Other commercial real estate 3,241 1,323,635 56,832 1,383,708 â 4,867 1,541 6,408 Total commercial real estate 30,179 4,552,796 99,097 4,682,072 578 16,301 1,756 18,635 Total corporate loans 64,321 9,359,910 144,982 9,569,213 3,992 75,409 2,064 81,465 Consumer â 3,248,916 22,201 3,271,117 â 25,424 1,133 26,557 Allowance for unfunded â â â â â 1,200 â 1,200 Total loans $ 64,321 $ 12,608,826 $ 167,183 $ 12,840,330 $ 3,992 $ 102,033 $ 3,197 $ 109,222 (1) Prior to the adoption of CECL on January 1, 2020, loans that had evidence of credit deterioration since origination and for which it was probable at acquisition that the Company would not collect all contractually required principal and interest payments were classified as PCI. The following table presents collateral-dependent loans, including PCD loans, without regard to accrual status by primary collateral type and non-accrual loans with no related allowance as of March 31, 2020. Collateral-dependent Loans and Non-accrual Loans With No Related Allowance by Class (Dollar amounts in thousands) Type of Collateral Non-accrual Loans Real Blanket Equipment Commercial and industrial $ 7,292 $ 60,475 $ 2,055 $ 9,497 Agricultural 4,755 2,043 â 5,610 Commercial real estate: Office, retail, and industrial 55,176 â â 17,674 Multi-family 2,338 â â 2,338 Construction 29,502 â â 19,185 Other commercial real estate 27,589 â â 9,310 Total commercial real estate 114,605 â â 48,507 Total corporate loans 126,652 62,518 2,055 63,614 Home equity 1,506 â â 266 1-4 family mortgages 96 â â 1,942 Installment â â â â Total consumer loans 1,602 â â 2,208 Total loans $ 128,254 $ 62,518 $ 2,055 $ 65,822 Loans Individually Evaluated The following table presents loans individually evaluated by class of loan as of March 31, 2020 and December 31, 2019. PCD and PCI loans are excluded from this disclosure. Loans Individually Evaluated by Class (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Recorded Investment In Recorded Investment In Loans with Loans with Unpaid Specific Loans with Loans with Unpaid Specific Commercial and industrial $ 6,876 $ 16,196 $ 47,302 $ 1,821 $ 12,885 $ 15,516 $ 52,559 $ 2,456 Agricultural 5,610 â 10,389 â 1,889 3,852 9,293 958 Commercial real estate: Office, retail, and industrial 14,250 10,842 37,317 986 14,111 10,709 37,007 578 Multi-family 2,338 â 2,338 â 1,995 â 1,995 â Construction 18,734 â 18,734 â 123 â 123 â Other commercial real estate 3,467 â 3,755 â 3,241 â 3,495 â Total commercial real estate 38,789 10,842 62,144 986 19,470 10,709 42,620 578 Total non-accrual loans $ 51,275 $ 27,038 $ 119,835 $ 2,807 $ 34,244 $ 30,077 $ 104,472 $ 3,992 Interest income recognized on non-accrual loans using the cash basis of accounting totaled $278,000 and $79,000 for the quarters ended March 31, 2020 and 2019, respectively. Credit Quality Indicators Corporate loans and commitments are assessed for credit risk and assigned ratings based on various characteristics, such as the borrower's cash flow, leverage, and collateral. Ratings for commercial credits are reviewed at least annually or more often if events or circumstances arise that could impact the rating. The following tables present credit quality indicators for corporate and consumer loans on an amortized cost basis as of March 31, 2020. Corporate Loan Portfolio by Origination Year (Dollar amounts in thousands) 2020 (1) 2019 2018 2017 2016 Prior Revolving Loans Total Commercial, industrial, Pass $ 347,347 $ 886,843 $ 969,223 $ 536,226 $ 254,029 $ 496,992 $ 1,684,205 $ 5,174,865 Special Mention (2) 4,155 10,109 11,814 4,424 10,296 14,678 65,270 120,746 Substandard (3) 523 3,256 25,569 17,947 14,907 15,875 30,769 108,846 Non-accrual (4) â 130 2,199 10,969 5,300 6,129 15,108 39,835 Total commercial, $ 352,025 $ 900,338 $ 1,008,805 $ 569,566 $ 284,532 $ 533,674 $ 1,795,352 $ 5,444,292 Commercial, industrial, $ â $ 1 $ 533 $ 196 $ 398 $ 1,612 $ 3,167 $ 5,907 Office, retail, and Pass $ 91,286 $ 261,537 $ 269,725 $ 369,944 $ 336,235 $ 730,037 $ 97,171 $ 2,155,935 Special Mention (2) 790 3,170 1,888 5,127 20,430 12,494 â 43,899 Substandard (3) â â â 374 626 33,609 â 34,609 Non-accrual (4) â â 132 2,166 11,878 30,018 431 44,625 Total office, retail, $ 92,076 $ 264,707 $ 271,745 $ 377,611 $ 369,169 $ 806,158 $ 97,602 $ 2,279,068 Office, retail, and $ â $ 333 $ â $ â $ 4 $ (8) $ â $ 329 Multi-family: Pass $ 64,735 $ 204,728 $ 112,066 $ 103,257 $ 108,573 $ 263,163 $ 33,223 $ 889,745 Special Mention (2) â â â â â 7,754 â 7,754 Substandard (3) â â 389 84 â 5,440 â 5,913 Non-accrual (4) â â â 2,339 237 293 â 2,869 Total multi-family $ 64,735 $ 204,728 $ 112,455 $ 105,680 $ 108,810 $ 276,650 $ 33,223 $ 906,281 Multi-family net loan $ â $ 4 $ â $ 1 $ â $ â $ â $ 5 Construction: Pass $ 6,359 $ 124,887 $ 125,846 $ 89,101 $ 66,763 $ 64,836 $ 31,327 $ 509,119 Special Mention (2) â â â 2,621 13,494 1,258 â 17,373 Substandard (3) â â â â â 7,277 â 7,277 Non-accrual (4) â â â 1,282 â 25,915 1,723 28,920 Total construction $ 6,359 $ 124,887 $ 125,846 $ 93,004 $ 80,257 $ 99,286 $ 33,050 $ 562,689 Construction net loan $ â $ 118 $ â $ â $ â $ 1,690 $ â $ 1,808 Other commercial real Pass $ 14,525 $ 166,652 $ 241,391 $ 202,227 $ 105,808 $ 488,295 $ 27,508 $ 1,246,406 Special Mention (2) â 1,506 6,523 22,233 7,204 12,288 1,300 51,054 Substandard (3) â â â 1,409 2,926 36,166 â 40,501 Non-accrual (4) â â 228 481 326 10,238 578 11,851 Total other $ 14,525 $ 168,158 $ 248,142 $ 226,350 $ 116,264 $ 546,987 $ 29,386 $ 1,349,812 Other commercial real $ â $ 38 $ 1 $ â $ 183 $ (58) $ â $ 164 (1) Represents year-to-date loans originated during 2020. (2) Loans categorized as special mention exhibit potential weaknesses that require the close attention of management since these potential weaknesses may result in the deterioration of repayment prospects in the future. (3) Loans categorized as substandard exhibit well-defined weaknesses that may jeopardize the liquidation of the debt. These loans continue to accrue interest because they are well-secured, and collection of principal and interest is expected within a reasonable time. (4) Loans categorized as non-accrual exhibit well-defined weaknesses that may jeopardize the liquidation of the debt or result in a loss if the deficiencies are not corrected. Consumer Loan Portfolio by Origination Year (Dollar amounts in thousands) 2020 (1) 2019 2018 2017 2016 Prior Revolving Loans Total Home equity: Performing $ 6,977 $ 12,504 $ 17,504 $ 13,646 $ 12,349 $ 60,561 $ 832,727 $ 956,268 Non-accrual â 22 110 265 494 7,159 1,453 9,503 Total home equity $ 6,977 $ 12,526 $ 17,614 $ 13,911 $ 12,843 $ 67,720 $ 834,180 $ 965,771 Home equity net $ â $ â $ 1 $ â $ 1 $ 51 $ (7) $ 46 1-4 family mortgages: Performing $ 134,450 $ 798,396 $ 378,397 $ 181,443 $ 196,581 $ 269,883 $ 443 $ 1,959,593 Non-accrual â â 422 83 63 8,428 â 8,996 Total 1-4 family $ 134,450 $ 798,396 $ 378,819 $ 181,526 $ 196,644 $ 278,311 $ 443 $ 1,968,589 1-4 family mortgages $ â $ â $ 4 $ â $ 4 $ 81 $ â $ 89 Installment: Performing $ 42,072 $ 204,697 $ 120,799 $ 53,601 $ 21,380 $ 23,003 $ 22,963 $ 488,515 Non-accrual â â â â â â â â Total installment $ 42,072 $ 204,697 $ 120,799 $ 53,601 $ 21,380 $ 23,003 $ 22,963 $ 488,515 Installment net loan $ â $ 1,685 $ 1,183 $ 455 $ 52 $ 391 $ â $ 3,766 (1) Represents year-to-date loans originated during 2020. During the quarter ended March 31, 2020, $7.0 million of revolving loans converted to term loans. The following tables present credit quality indicators by class for corporate and consumer loans on an amortized cost basis as of December 31, 2019. Corporate Credit Quality Indicators by Class (Dollar amounts in thousands) Pass Special Mention (1) Substandard (2) Non-accrual (3) Total As of December 31, 2019 Commercial and industrial $ 4,324,709 $ 47,665 $ 79,156 $ 29,995 $ 4,481,525 Agricultural 350,827 32,764 16,071 5,954 405,616 Commercial real estate: Office, retail, and industrial 1,747,287 42,230 33,344 25,857 1,848,718 Multi-family 839,615 8,279 5,962 2,697 856,553 Construction 564,495 17,977 10,469 152 593,093 Other commercial real estate 1,295,155 39,788 44,036 4,729 1,383,708 Total commercial real estate 4,446,552 108,274 93,811 33,435 4,682,072 Total corporate loans $ 9,122,088 $ 188,703 $ 189,038 $ 69,384 $ 9,569,213 (1) Loans categorized as special mention exhibit potential weaknesses that require the close attention of management since these potential weaknesses may result in the deterioration of repayment prospects in the future. (2) Loans categorized as substandard exhibit a well-defined weakness that may jeopardize the liquidation of the debt. These loans continue to accrue interest because they are well-secured and collection of principal and interest is expected within a reasonable time. (3) Loans categorized as non-accrual exhibit a well-defined weakness that may jeopardize the liquidation of the debt or result in a loss if the deficiencies are not corrected. Consumer Credit Quality Indicators by Class (Dollar amounts in thousands) Performing Non-accrual Total As of December 31, 2019 Home equity $ 843,011 $ 8,443 $ 851,454 1-4 family mortgages 1,922,636 4,442 1,927,078 Installment 492,585 â 492,585 Total consumer loans $ 3,258,232 $ 12,885 $ 3,271,117 TDRs TDRs are generally performed at the request of the individual borrower and may include forgiveness of principal, reduction in interest rates, changes in payments, and maturity date extensions. The table below presents TDRs by class as of March 31, 2020 and December 31, 2019. See Note 1, "Summary of Significant Accounting Policies," for the accounting policy for TDRs. TDRs by Class (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Accruing Non-accrual (1) Total Accruing Non-accrual (1) Total Commercial and industrial $ 223 $ 12,905 $ 13,128 $ 227 $ 16,420 $ 16,647 Agricultural â â â â â â Commercial real estate: Office, retail, and industrial â 4,410 4,410 â 3,600 3,600 Multi-family 161 â 161 163 â 163 Construction â â â â â â Other commercial real estate 167 â 167 170 â 170 Total commercial real estate 328 4,410 4,738 333 3,600 3,933 Total corporate loans 551 17,315 17,866 560 20,020 20,580 Home equity 35 354 389 36 240 276 1-4 family mortgages 630 248 878 637 â 637 Installment â â â â 252 252 Total consumer loans 665 602 1,267 673 492 1,165 Total loans $ 1,216 $ 17,917 $ 19,133 $ 1,233 $ 20,512 $ 21,745 (1) These TDRs are included in non-accrual loans in the preceding tables. TDRs are included in the calculation of the allowance for credit losses in the same manner as non-accrual loans. As of March 31, 2020 and December 31, 2019, there were $1.9 million and $2.2 million of specific allowances, respectively, related to TDRs. There were no material restructurings during the quarters ended March 31, 2020 and 2019. Accruing TDRs that do not perform in accordance with their modified terms are transferred to non-accrual. There were no material TDRs that defaulted within twelve months of the restructure date during the quarters ended March 31, 2020 and 2019. A rollforward of the carrying value of TDRs for the quarters ended March 31, 2020 and 2019 is presented in the following table. TDR Rollforward (Dollar amounts in thousands) Quarters Ended 2020 2019 Accruing Beginning balance $ 1,233 $ 1,866 Additions â 12 Net payments (17) (34) Net transfers to non-accrual â â Ending balance 1,216 1,844 Non-accrual Beginning balance 20,514 6,612 Additions 934 â Net (payments) advances (658) 2,921 Charge-offs (2,873) (158) Net transfers from accruing â â Ending balance 17,917 9,375 Total TDRs $ 19,133 $ 11,219 There were $813,000 and $530,000 of commitments to lend additional funds to borrowers with TDRs as of March 31, 2020 and December 31, 2019, respectively. |
Lease Obligations
Lease Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease Obligations | LEASE OBLIGATIONS The Company has the right to utilize certain premises under non-cancelable operating leases with varying maturity dates through the year ending December 31, 2059. As of March 31, 2020, the weighted-average remaining lease term on these leases was 10.98 years. Various leases contain renewal or termination options controlled by the Company or options to purchase the leased property during or at the expiration of the lease period at specific prices. Some leases contain escalation clauses calling for rentals to be adjusted for increased real estate taxes and other operating expenses or proportionately adjusted for increases in consumer or other price indices. Variable payments for real estate taxes and other operating expenses are considered to be non-lease components and are excluded from the determination of the lease liability. In addition, the Company leases or subleases certain real estate to third-parties. The following summary reflects the future minimum payments by year required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year and a reconciliation of those payments to the Company's lease liability as of March 31, 2020. Lease Liability (Dollar amounts in thousands) As of Year Ending December 31, 2020 $ 14,167 2021 18,773 2022 18,657 2023 18,756 2024 18,458 2025 and thereafter 105,945 Total minimum lease payments 194,756 Discount (1) (30,101) Lease liability (2) $ 164,655 (1) Represents the net present value adjustment related to minimum lease payments. (2) Included in accrued interest payable and other liabilities in the Consolidated Statements of Financial Condition. The discount rate for the Company's operating leases is the rate implicit in the lease and, if that rate cannot be readily determined, the Company's incremental borrowing rate. The weighted-average discount rate on the Company's operating leases was 3.01% as of March 31, 2020. As of March 31, 2020, right-of-use assets of $144.2 million associated with lease liabilities were included in accrued interest receivable and other assets in the Consolidated Statements of Financial Condition. The following table presents net operating lease expense for the quarters ended March 31, 2020 and 2019. Net Operating Lease Expense (Dollar amounts in thousands) Quarters Ended 2020 2019 Lease expense charged to operations $ 4,675 $ 4,060 Rental income from premises leased to others (1) (215) (157) Net operating lease expense $ 4,460 $ 3,903 (1) Included as reductions to net occupancy and equipment expense in the Condensed Consolidated Statements of Income. During 2016, the Bank completed a sale-leaseback transaction, whereby the Bank sold to a third-party 55 branches and concurrently entered into triple net lease agreements with certain affiliates of the third-party for each of the branches sold. The sale-leaseback transaction resulted in a pre-tax gain of $88.0 million, net of transaction related expenses, of which $5.5 million was immediately recognized in earnings. Remaining deferred pre-tax gains were $65.5 million as of December 31, 2018. Upon adoption of new lease guidance on January 1, 2019, the remaining after-tax gain of $47.3 million was recognized as a cumulative-effect adjustment to equity in the Consolidated Statements of Financial Condition. |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | BORROWED FUNDS The following table summarizes the Company's borrowed funds by funding source. Summary of Borrowed Funds (Dollar amounts in thousands) As of March 31, December 31, Securities sold under agreements to repurchase $ 127,682 $ 103,515 Federal funds purchased 245,000 160,000 FHLB advances 2,275,528 1,395,243 Total borrowed funds $ 2,648,210 $ 1,658,758 Securities sold under agreements to repurchase are treated as financings and the obligations to repurchase securities sold are included as a liability in the Consolidated Statements of Financial Condition. Repurchase agreements are secured by U.S. treasury and agency securities which are held in third-party pledge accounts if required. The securities underlying the agreements remain in the respective asset accounts. As of March 31, 2020, the Company did not have amounts at risk under repurchase agreements with any individual counterparty or group of counterparties that exceeded 10% of stockholders' equity. The Bank is a member of the FHLB and has access to term financing from the FHLB. These advances are secured by designated assets that may include qualifying commercial real estate, residential and multi-family mortgages, home equity loans, and certain municipal and mortgage-backed securities. As of March 31, 2020, the Company held various short-term FHLB advances with fixed interest rates that range from 0.00% to 1.73% and maturity dates that range from April 1, 2020 to March 4, 2030. The Company hedges interest rates on borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. See Note 12 "Derivative Instruments and Hedging Activities" for a detailed discussion of interest rate swaps. The following table presents short-term credit lines available for use, for which the Company did not have an outstanding balance as of March 31, 2020 and December 31, 2019. Short-Term Credit Lines Available for Use (Dollar amounts in thousands) As of March 31, December 31, FRB's Discount Window Primary Credit Program $ 908,271 $ 874,256 Available federal funds lines 633,000 718,000 Correspondent bank line of credit 50,000 50,000 On September 27, 2016, the Company entered into a loan agreement with U.S. Bank National Association providing for a $50.0 million short-term, unsecured revolving credit facility. On September 26, 2019, the Company entered into a third amendment to this credit facility, which extends the maturity to September 26, 2020. Advances will bear interest at a rate equal to one-month LIBOR plus 1.75%, adjusted on a monthly basis, and the Company must pay an unused facility fee equal to 0.35% per annum on a quarterly basis. Management expects to use this line of credit for general corporate purposes. As of March 31, 2020, no amount was outstanding under the facility. A discussion of terms relevant to senior and subordinated debt is presented in Note 13, "Senior and Subordinated Debt" to the Consolidated Financial Statements in the Company's 2019 10-K. |
Material Transactions Affecting
Material Transactions Affecting Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Material Transactions Affecting Stockholders' Equity | MATERIAL TRANSACTIONS AFFECTING STOCKHOLDERS' EQUITY Issued Common Stock On March 9, 2020, the Company issued 4.9 million shares of its common stock with a market value of $14.58 per share at issuance as part of the consideration in the Park Bank acquisition. Additional information regarding the Park Bank acquisition is presented in Note 3, "Acquisitions". Stock Repurchases On March 19, 2019, the Company announced a stock repurchase program that authorized the Company to repurchase up to $180 million of its common stock from time to time on the open market or in privately negotiated transactions, at the discretion of the Company. On February 26, 2020, the Company announced a new stock repurchase program authorizing the discretionary repurchase of up to $200 million of its outstanding common stock through December 31, 2021. This program replaced the Company's prior $180 million stock repurchase program, which was set to expire in March 2020. The Company suspended repurchases in March as it shifted its capital deployment strategy in response to the COVID-19 pandemic. Prior to the suspension, the Company repurchased 1.2 million shares of its common stock at a total cost of $22.6 million during the quarter ended March 31, 2020. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | EARNINGS PER COMMON SHARE The table below displays the calculation of basic and diluted earnings per common share ("EPS"). Basic and Diluted EPS (Amounts in thousands, except per share data) Quarters Ended 2020 2019 Net income $ 19,606 $ 46,058 Net income applicable to unvested restricted shares (192) (403) Net income applicable to common shares $ 19,414 $ 45,655 Weighted-average common shares outstanding: Weighted-average common shares outstanding (basic) 109,922 105,770 Dilutive effect of common stock equivalents 443 â Weighted-average diluted common shares outstanding 110,365 105,770 Basic EPS $ 0.18 $ 0.43 Diluted EPS $ 0.18 $ 0.43 Anti-dilutive shares not included in the computation of diluted EPS â â |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the ordinary course of business, the Company enters into derivative transactions as part of its overall interest rate risk management strategy. The significant accounting policies related to derivative instruments and hedging activities are presented in Note 1, "Summary of Significant Accounting Policies." Cash Flow Hedges As of March 31, 2020, the Company hedged $630.0 million of certain corporate variable rate loans using interest rate swaps through which the Company receives fixed amounts and pays variable amounts. The Company also hedged $1.4 billion of borrowed funds using forward starting interest rate swaps through which the Company receives variable amounts and pays fixed amounts. These transactions allow the Company to add stability to net interest income and manage its exposure to interest rate movements. Forward starting interest rate swaps totaling $920.0 million began on various dates between May of 2018 and March of 2020 and mature between May of 2020 and March of 2023. The remaining forward starting interest rate swaps totaling $485.0 million begin at various dates between July of 2020 and February of 2023 and mature between February of 2021 and August of 2024. The weighted-average fixed interest rate to be paid on these interest rate swaps that have not yet begun was 1.86% as of March 31, 2020. These derivative contracts are designated as cash flow hedges. Cash Flow Hedges (Dollar amounts in thousands) As of March 31, 2020 December 31, 2019 Gross notional amount outstanding $ 2,035,000 $ 1,905,000 Derivative asset fair value in other assets (1) 6,850 727 Derivative liability fair value in other liabilities (1) (631) (119) Weighted-average interest rate received 1.73 % 1.88 % Weighted-average interest rate paid 1.30 % 1.74 % Weighted-average maturity (in years) 1.85 1.18 (1) Certain cash flow hedges are transacted through a clearinghouse ("centrally cleared") and their change in fair value is settled by the counterparties to the transaction, which results in no fair value. Changes in the fair value of cash flow hedges are recorded in accumulated other comprehensive income (loss) on an after-tax basis and are subsequently reclassified to interest income or expense in the period that the forecasted hedged item impacts earnings. As of March 31, 2020, the Company estimates that $586,000 will be reclassified from accumulated other comprehensive income (loss) as an increase to interest income over the next twelve months. Other Derivative Instruments The Company also enters into derivative transactions through capital market products with its commercial customers and simultaneously enters into an offsetting interest rate derivative transaction with third-parties. This transaction allows the Company's customers to effectively convert a variable rate loan into a fixed rate loan. Due to the offsetting nature of these transactions, the Company does not apply hedge accounting treatment. The Company's credit exposure on these derivative transactions results primarily from counterparty credit risk. The credit valuation adjustment ("CVA") is a fair value adjustment to the derivative to account for this risk. As of March 31, 2020 and December 31, 2019, the Company's credit exposure was fully secured by the underlying collateral on customer loans and mitigated through netting arrangements with third-parties; therefore, no CVA was recorded. Capital market products income related to commercial customer derivative instruments totaled $4.7 million and $1.3 million for the quarters ended March 31, 2020 and 2019, respectively. Other Derivative Instruments (Dollar amounts in thousands) As of March 31, 2020 December 31, 2019 Gross notional amount outstanding $ 4,563,930 $ 4,340,384 Derivative asset fair value in other assets (1) 175,903 61,709 Derivative liability fair value in other liabilities (1) (53,246) (18,416) Fair value of derivative (2) 53,820 18,856 (1) Certain other derivative instruments are centrally cleared and their change in fair value is settled by the counterparties to the transaction, which results in no fair value. (2) This amount represents the fair value if credit risk related contingent features were triggered. The Company occasionally enters into risk participation agreements with counterparty banks to transfer or assume a portion of the credit risk related to customer transactions. The amounts of these instruments were not material for any periods presented. The Company had no other derivative instruments as of March 31, 2020 and December 31, 2019. The Company does not enter into derivative transactions for purely speculative purposes. The following table presents the impact of derivative instruments on comprehensive income and the reclassification of gains (losses) from accumulated other comprehensive loss to net interest income for the quarters ended March 31, 2020 and 2019. Cash Flow Hedge Accounting on AOCI (Dollar amounts in thousands) Quarters Ended 2020 2019 Gains (losses) recognized in other comprehensive income Interest rate swaps in interest income $ 22,004 $ 3,353 Interest rate swaps in interest expense (12,409) (4,180) Reclassification of gains (losses) included in net income Interest rate swaps in interest income $ 445 $ 1,393 Interest rate swaps in interest expense â (2,024) The following table presents the impact of derivative instruments on net interest income for the quarters ended March 31, 2020 and 2019. Hedge Income (Dollar amounts in thousands) Quarters Ended 2020 2019 Cash Flow Hedges Interest rate swaps in interest income $ 445 $ 1,393 Interest rate swaps in interest expense â (2,024) Total cash flow hedges $ 445 $ (631) Credit Risk Derivative instruments are inherently subject to credit risk, which represents the Company's risk of loss when the counterparty to a derivative contract fails to perform according to the terms of the agreement. Credit risk is managed by limiting and collateralizing the aggregate amount of net unrealized losses by transaction, monitoring the size and the maturity structure of the derivatives, and applying uniform credit standards. Company policy establishes limits on credit exposure to any single counterparty. In addition, the Company established bilateral collateral agreements with derivative counterparties that provide for exchanges of marketable securities or cash to collateralize either party's net losses above a stated minimum threshold. As of March 31, 2020 and December 31, 2019, these collateral agreements covered 100% of the fair value of the Company's outstanding derivatives. Derivative assets and liabilities are presented gross, rather than net, of pledged collateral amounts. Certain derivative instruments are subject to master netting agreements with counterparties. The Company records these transactions at their gross fair values and does not offset derivative assets and liabilities in the Consolidated Statements of Financial Condition. The following table presents the fair value of the Company's derivatives and offsetting positions as of March 31, 2020 and December 31, 2019. Fair Value of Offsetting Derivatives (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Assets Liabilities Assets Liabilities Gross amounts recognized $ 182,753 $ 53,877 $ 62,436 $ 18,535 Less: amounts offset in the Consolidated Statements of â â â â Net amount presented in the Consolidated Statements of Financial Condition (1) 182,753 53,877 62,436 18,535 Gross amounts not offset in the Consolidated Statements of Offsetting derivative positions (8,062) (8,062) (2,674) (2,674) Cash collateral pledged â (44,798) â (15,861) Net credit exposure $ 174,691 $ 1,017 $ 59,762 $ â (1) Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. As of March 31, 2020 and December 31, 2019, the Company's derivative instruments generally contained provisions that require the Company's debt to remain above a certain credit rating by each of the major credit rating agencies or that the Company maintain certain capital levels. If the Company's debt were to fall below that credit rating or the Company's capital were to fall below the required levels, it would be in violation of those provisions, and the counterparties to the derivative instruments could terminate the swap transaction and demand cash settlement of the derivative instrument in an amount equal to the derivative liability fair value. As of March 31, 2020 and December 31, 2019 the Company was in compliance with these provisions. |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees, and Contingent Liabilities | COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES Credit Commitments and Guarantees In the normal course of business, the Company enters into a variety of financial instruments with off-balance sheet risk to meet the financing needs of its customers and to conduct lending activities, including commitments to extend credit as well as standby and commercial letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. Contractual or Notional Amounts of Financial Instruments (Dollar amounts in thousands) As of March 31, 2020 December 31, 2019 Commitments to extend credit: Commercial, industrial, and agricultural $ 2,011,047 $ 1,852,040 Commercial real estate 325,291 296,053 Home equity 596,402 576,956 Other commitments (1) 246,644 251,093 Total commitments to extend credit $ 3,179,384 $ 2,976,142 Letters of credit $ 122,592 $ 103,684 (1) Other commitments includes installment and overdraft protection program commitments. Commitments to extend credit are agreements to lend funds to a customer, subject to contractual terms and covenants. Commitments generally have fixed expiration dates or other termination clauses, variable interest rates, and fee requirements, when applicable. Since many of the commitments are expected to expire without being drawn, the total commitment amounts do not necessarily represent future cash flow requirements. In the event of a customer's non-performance, the Company's credit loss exposure is equal to the contractual amount of the commitments. The credit risk is essentially the same as extending loans to customers for the full contractual amount. The Company uses the same credit policies for credit commitments as its loans and minimizes exposure to credit loss through various collateral requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. Letters of credit generally are contingent on the failure of the customer to perform according to the terms of the contract with the third-party and are often issued in favor of a municipality where construction is taking place to ensure the borrower adequately completes the construction. Commercial letters of credit are issued to facilitate transactions between a customer and a third-party based on agreed upon terms. The maximum potential future payments guaranteed by the Company under letters of credit arrangements are equal to the contractual amount of the commitment. If a commitment is funded, the Company may seek recourse through the liquidation of the underlying collateral, including real estate, production plants and property, marketable securities, or receipt of cash. As a result of the sale of certain 1-4 family mortgage loans, the Company is contractually obligated to repurchase early payment default loans or loans that do not meet underwriting requirements at recorded value. In accordance with the sales agreements, there is no limitation to the maximum potential future payments or expiration of the Company's recourse obligation. There were no material loan repurchases during the quarters ended March 31, 2020 and 2019. Legal Proceedings |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. In accordance with fair value accounting guidance, the Company measures, records, and reports various types of assets and liabilities at fair value on either a recurring or non-recurring basis in the Consolidated Statements of Financial Condition. Those assets and liabilities are presented below in the sections titled "Assets and Liabilities Required to be Measured at Fair Value on a Recurring Basis" and "Assets and Liabilities Required to be Measured at Fair Value on a Non-Recurring Basis." Other assets and liabilities are not required to be measured at fair value in the Consolidated Statements of Financial Condition, but must be disclosed at fair value. See the "Fair Value Measurements of Other Financial Instruments" section of this note. Any aggregation of the estimated fair values presented in this note does not represent the value of the Company. Depending on the nature of the asset or liability, the Company uses various valuation methodologies and assumptions to estimate fair value. GAAP provides a three-tiered fair value hierarchy based on the inputs used to measure fair value. The hierarchy is defined as follows: ⢠Level 1 â Quoted prices in active markets for identical assets or liabilities. ⢠Level 2 â Observable inputs other than level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. ⢠Level 3 â Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs require significant management judgment or estimation, some of which use model-based techniques and may be internally developed. Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or liabilities required to be measured at fair value on a recurring basis between levels of the fair value hierarchy during the periods presented. Assets and Liabilities Required to be Measured at Fair Value on a Recurring Basis The following table provides the fair value for assets and liabilities required to be measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Recurring Fair Value Measurements (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Equity securities $ 21,505 $ 13,593 $ â $ 23,703 $ 13,400 $ â Securities available-for-sale U.S. treasury securities 33,309 â â 34,075 â â U.S. agency securities â 617,992 â â 248,424 â CMOs â 1,700,012 â â 1,557,671 â MBSs â 687,271 â â 684,684 â Municipal securities â 234,559 â â 234,431 â Corporate debt securities â 109,722 â â 114,101 â Total securities available-for-sale 33,309 3,349,556 â 34,075 2,839,311 â Mortgage servicing rights ("MSRs") (1) â â 4,874 â â 5,858 Derivative assets (1) â 182,753 â â 62,436 â Liabilities Derivative liabilities (2) $ â $ 53,877 $ â $ â $ 18,535 $ â (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in other liabilities in the Consolidated Statements of Financial Condition. The following sections describe the specific valuation techniques and inputs used to measure financial assets and liabilities at fair value. Equity Securities The Company's equity securities consist primarily of community development investments and certain diversified investment securities held in a grantor trust for participants in the Company's nonqualified deferred compensation plan that are invested in money market and mutual funds. The fair value of certain community development investments is based on quoted prices in active markets or market prices for similar securities obtained from external pricing services or dealer market participants and is classified in level 2 of the fair value hierarchy. As of March 31, 2020, the fair value of certain community development investments totaling $5.0 million was based on the net asset value per share ("NAV") practical expedient and can be redeemed at any month end with 30 days notice. Since these investments are measured at fair value using the NAV practical expedient, they are not classified in the fair value hierarchy. The fair value of the money market and mutual funds is based on quoted market prices in active exchange markets and is classified in level 1 of the fair value hierarchy. Securities Available-for-Sale The Company's securities available-for-sale are primarily fixed income instruments that are not quoted on an exchange but may be traded in active markets. The fair values for these securities are based on quoted prices in active markets or market prices for similar securities obtained from external pricing services or dealer market participants and are classified in level 2 of the fair value hierarchy. The fair value of U.S. treasury securities is based on quoted market prices in active exchange markets and is classified in level 1 of the fair value hierarchy. Quarterly, the Company evaluates the methodologies used by its external pricing services to estimate the fair value of these securities in order to determine whether the valuations represent an exit price in the Company's principal markets. MSRs The Company services loans for others totaling $641.1 million and $653.7 million as of March 31, 2020 and December 31, 2019, respectively. These loans are owned by third-parties and are not included in the Consolidated Statements of Financial Condition. The Company determines the fair value of MSRs by estimating the present value of expected future cash flows associated with the mortgage loans being serviced and classifies them in level 3 of the fair value hierarchy. The following table presents the ranges of significant, unobservable inputs used by the Company to determine the fair value of MSRs as of March 31, 2020 and December 31, 2019. Significant Unobservable Inputs Used in the Valuation of MSRs As of March 31, 2020 December 31, 2019 Prepayment speed 8.2 % - 12.9% 6.7 % - 12.0% Maturity (months) 17 - 88 18 - 94 Discount rate 9.3 % - 12.0% 9.3 % - 12.0% The impact of changes in these key inputs could result in a significantly higher or lower fair value measurement for MSRs. Significant increases in expected prepayment speeds and discount rates have negative impacts on the valuation. Higher maturity assumptions have a favorable effect on the estimated fair value. A rollforward of the carrying value of MSRs for the quarters ended March 31, 2020 and 2019 is presented in the following table. Carrying Value of MSRs (Dollar amounts in thousands) Quarters Ended 2020 2019 Beginning balance $ 5,858 $ 6,730 New MSRs 156 253 Total gains (losses) included in earnings (1) : Changes in valuation inputs and assumptions (908) (600) Other changes in fair value (2) (232) (155) Ending balance (3) $ 4,874 $ 6,228 Contractual servicing fees earned (1) $ 403 $ 381 (1) Included in mortgage banking income in the Condensed Consolidated Statements of Income and related to assets held as of March 31, 2020 and 2019. (2) Primarily represents changes in expected future cash flows due to payoffs and paydowns. (3) Included in other assets in the Consolidated Statements of Financial Condition. Derivative Assets and Derivative Liabilities The Company enters into interest rate swaps and derivative transactions with commercial customers. These derivative transactions are executed in the dealer market, and pricing is based on market quotes obtained from the counterparties. The market quotes were developed using market observable inputs, which primarily include LIBOR. Therefore, derivatives are classified in level 2 of the fair value hierarchy. For its derivative assets and liabilities, the Company also considers non-performance risk, including the likelihood of default by itself and its counterparties, when evaluating whether the market quotes from the counterparty are representative of an exit price. Assets and Liabilities Required to be Measured at Fair Value on a Non-Recurring Basis The following table provides the fair value for each class of assets and liabilities required to be measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Non-Recurring Fair Value Measurements (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collateral-dependent non-accrual loans (1) $ â $ â $ 57,739 $ â $ â $ 41,326 OREO (2) â â 530 â â 3,325 Loans held-for-sale (3) â â 23,048 â â 36,032 Assets held-for-sale (4) â â 5,043 â â 6,824 (1) Includes non-accrual loans with charge-offs and non-accrual loans with a specific allowance during the periods presented. (2) Includes OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. (3) Included in other assets in the Consolidated Statements of Financial Condition. (4) Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. Collateral-Dependent Non-accrual Loans Certain collateral-dependent non-accrual loans are subject to fair value adjustments to reflect the difference between the carrying value of the loan and the fair value of the underlying collateral. The fair values of collateral-dependent non-accrual loans are primarily determined by current appraised values of the underlying collateral. Based on the age and/or type, appraisals may be adjusted in the range of 0% to 15%. In certain cases, an internal valuation may be used when the underlying collateral is located in areas where comparable sales data is limited or unavailable. Accordingly, collateral-dependent non-accrual loans are classified in level 3 of the fair value hierarchy. Collateral-dependent non-accrual loans for which the fair value is greater than the recorded investment are not measured at fair value in the Consolidated Statements of Financial Condition and are not included in this disclosure. OREO The fair value of OREO is measured using the current appraised value of the properties. In certain circumstances, a current appraisal may not be available or may not represent an accurate measurement of the property's fair value due to outdated market information or other factors. In these cases, the fair value is determined based on the lower of the (i) most recent appraised value, (ii) broker price opinion, (iii) current listing price, or (iv) signed sales contract, all less estimated costs to sell. Given these valuation methods, OREO is classified in level 3 of the fair value hierarchy. Loans Held-for-Sale As of March 31, 2020 and December 31, 2019, loans held-for-sale consists of 1-4 family mortgage loans, which were originated with the intent to sell. These loans were recorded in the held-for-sale category at the contract price and, accordingly, are classified in level 3 of the fair value hierarchy. Assets Held-for-Sale Assets held-for-sale as of March 31, 2020 and December 31, 2019 consists of former branches that are no longer in operation and parcels of land previously purchased for expansion. These properties are being actively marketed and were transferred into the held-for-sale category at their fair value as determined by current appraisals. Based on these valuation methods, they are classified in level 3 of the fair value hierarchy. Financial Instruments Not Required to be Measured at Fair Value For certain financial instruments that are not required to be measured at fair value in the Consolidated Statements of Financial Condition, the Company must disclose the estimated fair values and the level within the fair value hierarchy as shown in the following table. Fair Value Measurements of Other Financial Instruments (Dollar amounts in thousands) As of March 31, 2020 December 31, 2019 Fair Value Hierarchy Carrying Fair Value Carrying Fair Value Assets Cash and due from banks 1 $ 252,138 $ 252,138 $ 214,894 $ 214,894 Interest-bearing deposits in other banks 2 229,474 229,474 84,327 84,327 Securities held-to-maturity 2 19,825 19,842 21,997 21,234 FHLB and FRB stock 2 154,357 154,357 115,409 115,409 Loans 3 13,745,659 13,749,883 12,733,200 12,535,848 Investment in BOLI 3 298,827 298,827 296,351 296,351 Accrued interest receivable 3 61,333 61,333 59,716 59,716 Liabilities Deposits 2 $ 14,098,950 $ 14,104,641 $ 13,251,278 $ 13,247,871 Borrowed funds 2 2,648,210 2,648,210 1,658,758 1,658,758 Senior and subordinated debt 2 234,153 261,970 233,948 277,203 Accrued interest payable 2 8,869 8,869 10,502 10,502 Management uses various methodologies and assumptions to determine the estimated fair values of the financial instruments in the table above. The fair value estimates are made at a discrete point in time based on relevant market information and consider management's judgments regarding future expected economic conditions, loss experience, and specific risk characteristics of the financial instruments. Loans include the FDIC indemnification asset and net loans, which consists of loans held-for-investment, acquired loans, and the allowance for loan losses. As of both March 31, 2020 and December 31, 2019, the Company estimated the fair value of lending commitments outstanding to be immaterial. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation â The accompanying unaudited condensed consolidated interim financial statements ("consolidated financial statements") of First Midwest Bancorp, Inc. (the "Company"), a Delaware corporation, were prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q and reflect all adjustments that management deems necessary for the fair presentation of the financial position and results of operations for the periods presented. The results of operations for the quarter ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. |
Reclassification | Certain reclassifications were made to prior year amounts to conform to the current year presentation. |
Use of Estimates | Use of Estimates â The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates and assumptions are based on the best available information, actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation â The accompanying consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. Assets held in a fiduciary or agency capacity are not assets of the Company or its subsidiaries and are not included in the consolidated financial statements. |
Business Combinations | Business Combinations â Business combinations are accounted for under the acquisition method of accounting. Assets acquired and liabilities assumed are recorded at their estimated fair values as of the date of acquisition, with any excess of the purchase price of the acquisition over the fair value of the identifiable net tangible and intangible assets acquired recorded as goodwill. Alternatively, a gain is recorded if the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. The results of operations of the acquired business are included in the Condensed Consolidated Statements of Income from the effective date of the acquisition. |
Allowance for Securities Held-to-Maturity | Allowance for Securities Held-to-Maturity â The Company maintains an allowance for securities held-to-maturity for the risk of loss inherent in these financial assets, which reflects the difference between the carrying value and the discounted expected future cash flows of these assets and is included in securities held-to-maturity, at amortized cost, net in the Consolidated Statements of Financial Condition. |
Loans | Loans â Loans held-for-investment are loans that the Company intends to hold until they are paid in full and are carried at the principal amount outstanding, including certain net deferred loan origination fees. Loan origination fees, commitment fees, and certain direct loan origination costs are deferred, and the net amount is amortized as a yield adjustment over the contractual life of the related loans or commitments and included in interest income. Fees related to letters of credit are amortized into fee income over the contractual life of the commitment. Other credit-related fees are recognized as fee income when earned. The Company's net investment in direct financing leases is included in loans and consists of future minimum lease payments and estimated residual values, net of unearned income. Interest income on loans is accrued based on principal amounts outstanding. Loans held-for-sale are carried at the lower of aggregate cost or fair value and included in other assets in the Consolidated Statements of Financial Condition. |
Acquired and Covered Loans | Acquired Loans â Acquired loans consist of all loans that were acquired in business combinations, including loans which are covered by Federal Deposit Insurance Corporation ("FDIC") Agreements. Acquired loans are included within loans held-for-investment. Acquired loans are separated into (i) non-purchased credit deteriorated ("non-PCD") loans and (ii) purchased credit deteriorated ("PCD") loans. Non-PCD loans include loans that did not have evidence of more-than-insignificant credit deterioration since origination at the acquisition date. PCD loans include loans that had evidence of more-than-insignificant credit deterioration since origination. Evidence of credit deterioration was evaluated using various indicators, such as past due and non-accrual status. Leases and revolving loans do not qualify to be accounted for as PCD loans and are accounted for as non-PCD loans. The acquisition adjustment related to non-PCD loans is amortized into interest income over the contractual life of the related loans. If an acquired non-PCD loan is renewed subsequent to the acquisition date, any remaining acquisition adjustment is accreted into interest income and the loan is considered a new loan that is no longer classified as an acquired loan. PCD loans are generally accounted for based on estimates of expected future cash flows. The Company uses a discounted cash flow analysis involving significant unobservable inputs and assumptions to measure the fair value of PCD loans. The significant assumptions utilized in the cash flow analysis include the probability of default ("PD"), loss given default ("LGD"), and discount rate. PCD loans are recorded at fair value, excluding credit-related adjustments, for which an allowance for loan losses is established at the acquisition date through purchase accounting adjustments. Expected future cash flows in excess of the fair value of loans at the purchase date ("accretable yield") are recorded as interest income over the life of the loans if the timing and amount of the expected future cash flows can be reasonably estimated. Subsequent to the acquisition date, the allowance for loan losses on PCD loans is estimated as are the allowances for all other loans in the portfolio. Prior to the adoption of the current expected credit losses ("CECL") accounting guidance on January 1, 2020, acquired loans were separated into (i) non-purchased credit impaired ("non-PCI") loans and (ii) purchased credit impaired ("PCI") loans. The significant accounting policies related to non-PCI and PCI acquired loans are presented in Note 1, "Summary of Significant Accounting Policies" to the Consolidated Financial Statements in the Company's 2019 10-K. |
90-Days Past Due Loans | 90-Days Past Due Loans â The Company's accrual of interest on loans is generally discontinued at the time the loan is 90 days past due unless the credit is sufficiently collateralized and in the process of renewal or collection. |
Non-accrual Loans | Non-accrual Loans â Generally, corporate loans are placed on non-accrual status (i) when either principal or interest payments become 90 days or more past due unless the credit is sufficiently collateralized and in the process of renewal or collection, or (ii) when an individual analysis of a borrower's creditworthiness warrants a downgrade to non-accrual regardless of past due status. When a loan is placed on non-accrual status, unpaid interest credited to income in the current year is reversed, and unpaid interest accrued in prior years is charged against the allowance for loan losses. After the loan is placed on non-accrual status, all debt service payments are applied to the principal on the loan. Future interest income may only be recorded on a cash basis after recovery of principal is reasonably assured. Non-accrual loans are returned to accrual status when the financial position of the borrower and other relevant factors indicate that the Company will collect all principal and interest. Non-accrual loans with balances under a specified threshold are not individually evaluated for impairment. For all other non-accrual loans, impairment is measured by comparing the estimated value of the loan to the recorded book value. The value of collateral-dependent loans is based on the fair value of the underlying collateral, less costs to sell. The value of other loans is measured using the present value of expected future cash flows discounted at the loan's effective interest rate. Commercial loans and loans secured by real estate are charged-off when deemed uncollectible. A loss is recorded if the net realizable value of the underlying collateral is less than the outstanding principal and interest. Consumer loans that are not secured by real estate are subject to mandatory charge-off at a specified delinquency date and are usually not classified as non-accrual prior to being charged-off. Closed-end consumer loans, which include installment, automobile, and single payment loans, are usually charged-off no later than the end of the month in which the loan becomes 120 days past due. |
Troubled Debt Restructurings (âTDRsâ) | Troubled Debt Restructurings ( " TDR s" ) â A restructuring is considered a TDR when (i) the borrower is experiencing financial difficulties, and (ii) the creditor grants a concession, such as forgiveness of principal, reduction of the interest rate, changes in payments, or extension of the maturity date. Loans are not classified as TDRs when the modification is short-term or results in an insignificant delay in payments. The Company's TDRs are determined on a case-by-case basis. The Company does not accrue interest on a TDR unless it believes collection of all principal and interest under the modified terms is reasonably assured. For a TDR to begin accruing interest, the borrower must demonstrate some level of past performance and the future capacity to perform under the modified terms. Generally, six months of consecutive payment performance under the restructured terms is required before a TDR is returned to accrual status. However, the period could vary depending on the individual facts and circumstances of the loan. An evaluation of the borrower's current creditworthiness is used to assess the borrower's capacity to repay the loan under the modified terms. This evaluation includes an estimate of expected future cash flows, evidence of strong financial position, and estimates of the value of collateral, if applicable. For TDRs to be removed from TDR status in the calendar year after the restructuring, the loans must (i) have an interest rate and terms that reflect market conditions at the time of restructuring, and (ii) be in compliance with the modified terms. If the loan was restructured at below market rates and terms, it continues to be separately reported as restructured until it is paid in full or charged-off. |
Allowance for Credit/Loan Losses and Reserve for Unfunded Commitments | Allowance for Credit Losses â The allowance for credit losses is comprised of the allowance for loan losses and the allowance for unfunded commitments and is maintained by management at a level believed adequate to absorb current expected credit losses in the existing loan portfolio. Determination of the allowance for credit losses is subjective since it requires significant estimates and management judgment, including the amounts and timing of expected future cash flows, actual loss experience, consideration of current national, regional, and local economic trends and conditions, reasonable and supportable forecasts about the future, changes in interest rates and property values, various internal and external qualitative factors, and other factors. Loans deemed to be uncollectible are charged-off against the allowance for loan losses, while recoveries of amounts previously charged-off are credited to the allowance for loan losses. Additions to the allowance for loan losses are charged to expense through the provision for loan losses. The amount of provision depends on a number of factors, including net charge-off levels, loan growth, changes in the composition of the loan portfolio, and the Company's assessment of the allowance for loan losses based on the methodology discussed below. Allowance for Loan Losses â The allowance for loan losses consists of (i) specific allowance for individual loans where the recorded investment exceeds the value, (ii) an allowance based on historical credit loss experience with consideration of reasonable and supportable forecasts of economic conditions for each loan category, and (iii) an allowance based on other internal and external qualitative factors. The allowance for individual loans is based on a periodic analysis of non-accrual loans individually exceeding a specific dollar amount. If the estimated value of a non-accrual loan is less than its recorded book value, the Company either (i) provides an allowance in the amount of the excess of the book value over the estimated value of the related loan or, (ii) if the loss is confirmed, charges off the loss. The allowance by loan category is based on a discounted cash flows analysis as future cash flows are discounted at an effective rate of return. In addition, estimates of losses on future cash flows is forecasted by applying probability of default and loss given default factors as well as prepayment and curtailment assumptions to cash flows that are adjusted to a present value. This discounted cash flow analysis is updated quarterly, primarily using actual loss experience adjusted for current reasonable and supportable forecasts of economic conditions over a one-year forecast period. After the one-year forecast period, a one-year reversion period adjusts loss experience to the historical average on a straight-line basis. These forecasts consider multiple scenarios of key assumptions including national unemployment rates, housing price indices, and gross domestic product. This general allowance component is then adjusted based on management's consideration of many internal and external qualitative factors, including: ⢠Changes in the composition of the loan portfolio, trends in the volume of loans, and trends in delinquent and non-accrual loans that could indicate that historical trends do not reflect current conditions. ⢠Changes in credit policies and procedures, such as underwriting standards and collection, charge-off, and recovery practices. ⢠Changes in the experience, ability, and depth of credit management and other relevant staff. ⢠Changes in the quality of the Company's loan review system and Board of Directors oversight. ⢠The effect of any concentration of credit and changes in the level of concentrations, such as loan type or risk rating. ⢠Changes in the value of the underlying collateral for collateral-dependent loans. ⢠Changes in the national, regional, and local economy that affect the collectability of various segments of the portfolio. ⢠The effect of other external factors, such as competition and legal and regulatory requirements, on the Company's loan portfolio. The allowance for loan losses also includes an allowance on acquired non-PCD and PCD loans. An allowance for loan losses is recorded on acquired PCD loans at the acquisition date through purchase accounting adjustments. Subsequent to the acquisition date, the allowance for loan losses on PCD loans is estimated as are the allowances for all other loans in the portfolio. No allowance for loan losses is recorded on acquired non-PCD loans at the acquisition date through purchase accounting. Instead, an allowance is established on acquired non-PCD loans at the acquisition date in-line with all other loans in the portfolio as if the loans were originated at the acquisition date. On a periodic basis, the adequacy of this allowance is determined using either a PD/LGD methodology or a specific review methodology. Allowance for Unfunded Commitments â The Company also maintains an allowance for unfunded commitments, including letters of credit, for the risk of loss inherent in these arrangements. The allowance for unfunded commitments is estimated using the historical credit loss experience with consideration of reasonable and supportable forecasts of economic conditions for each loan category. The allowance for unfunded commitments is included in other liabilities in the Consolidated Statements of Financial Condition. |
Lease Obligations | Lease Obligations â The Company leases certain premises under non-cancelable operating leases in the normal course of business operations. These lease obligations result in the recognition of right-of-use assets and associated lease liabilities. The amount of right-of-use assets and associated lease liabilities recorded is based on the present value of future minimum lease payments. Right-of-use assets are amortized on a straight-line basis over the estimated useful lives of the related premises, and interest associated with the net present value of future minimum lease payments is included in net occupancy and equipment expense in the consolidated financial statements. |
Derivative Financial Instruments | Derivative Financial Instruments â To provide derivative products to customers and in the ordinary course of business, the Company enters into derivative transactions as part of its overall interest rate risk management strategy to minimize significant unplanned fluctuations in earnings and expected future cash flows caused by interest rate volatility. All derivative instruments are recorded at fair value as either other assets or other liabilities in the Consolidated Statements of Financial Condition. Subsequent changes in a derivative's fair value are recognized in earnings unless specific hedge accounting criteria are met. On the date the Company enters into a derivative contract, the derivative is designated as a fair value hedge, a cash flow hedge, or a non-hedge derivative instrument. Fair value hedges are designed to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk. Cash flow hedges are designed to mitigate exposure to variability in expected future cash flows to be received or paid related to an asset, liability, or other type of forecasted transaction. The Company formally documents all relationships between hedging instruments and hedged items, including its risk management objective and strategy at inception. At the hedge's inception, a formal assessment is performed to determine the effectiveness of the derivative in offsetting changes in the fair values or expected future cash flows of the hedged items in the current period and prospectively. If a derivative instrument designated as a hedge is terminated or ceases to be highly effective, hedge accounting is discontinued prospectively, and the gain or loss is amortized into earnings. For fair value hedges, the gain or loss is amortized over the remaining life of the hedged asset or liability. For cash flow hedges, the gain or loss is amortized over the same period that the forecasted hedged transactions impact earnings. If the hedged item is disposed of, any fair value adjustments are included in the gain or loss from the disposition of the hedged item. If the forecasted transaction is no longer probable, the gain or loss is included in earnings immediately. For fair value hedges, changes in the fair value of the derivative instruments, as well as changes in the fair value of the hedged item, are recognized in earnings in the same income statement line item as the earnings effect of the hedged item. For cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of accumulated other comprehensive loss and is reclassified to earnings when the hedged transaction is reflected in earnings. |
Recent Accounting Pronouncements | Adopted Accounting Pronouncements Measurement of Credit Losses on Financial Instruments: In June of 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2016-13 that requires entities to present financial assets measured at amortized cost at the net amount expected to be collected, considering an entity's current estimate of all expected credit losses. In addition, credit losses relating to available-for-sale debt securities are required to be recorded through an allowance for credit losses, with changes in credit loss estimates recognized through current earnings. This guidance is effective for annual and interim periods beginning after December 15, 2019. The Company adopted this guidance on January 1, 2020, which resulted in the recognition of $76.0 million of allowance for credit losses which includes $26.0 million attributable to loans, $5.6 million attributable to unfunded commitments, $35.7 million attributable to PCD loans, $8.5 million attributable to non-PCD acquired loans, and $220,000 attributable to securities held-to-maturity. The portion of the allowance for credit losses attributable to PCD loans did not have an impact on equity as the credit-related portion of acquisition adjustments on loans previously classified as PCI transitioned to PCD accounting treatment upon adoption. The amount of allowance for credit losses recognized upon adoption was based on the composition of the loan portfolio, as well as the economic conditions and forecasts as of the adoption date. The Company adopted this guidance using the modified retrospective approach which resulted in the recognition of a $26.8 million after-tax reduction to retained earnings as a cumulative-effect adjustment on January 1, 2020. Prior period amounts continue to be reported in accordance with previously applicable standards and the accounting policies described in the Company's 2019 10-K. The Company has made the following elections upon adoption of ASU 2016-13: ⢠When determining the allowance and net carrying value amount for financial assets in which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, the Company will use the fair value of collateral at the reporting date. ⢠The Company writes off uncollectible accrued interest in a timely manner and, therefore, will not measure an allowance for credit losses for accrued interest receivable. ⢠The Company uses a discounted cash flow approach for the majority of its applicable instruments. The change in the present value from one reporting period to the next may result from the passage of time, in addition to changes in estimates of the timing of the cash flows. The Company will report the entire change in the present value as provision for loan losses (or reversal of provision for loan losses) versus reporting the change related to the passage of time as interest income. For additional discussion of the allowance for credit losses, see Note 7 "Past Due Loans, Allowance for Credit Losses, Non-Accrual Loans, and TDRs." Accounting for Goodwill Impairment: In January of 2017, the FASB issued ASU 2017-04 that simplifies the accounting for goodwill impairment for all entities. The new guidance eliminates the requirement to calculate the implied fair value of goodwill using the second step of the quantitative two-step goodwill impairment model prescribed under current accounting guidance. Under the new guidance, if a reporting unit's carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. This guidance is effective for annual and interim goodwill impairment testing dates beginning after December 15, 2019. The adoption of this guidance on January 1, 2020 did not materially impact the Company's financial condition, results of operations, or liquidity. Changes to the Disclosure Requirements for Fair Value Measurement: In August of 2018, the FASB issued ASU 2018-13 that eliminates, modifies, and adds to certain fair value measurement disclosure requirements associated with the three-tiered fair value hierarchy. This guidance is effective for annual and interim periods beginning after December 15, 2019. The adoption of this guidance on January 1, 2020 did not materially impact the Company's financial condition, results of operations, or liquidity. Loan Modifications Due to COVID-19: In March of 2020, the CARES Act was enacted by the U.S. government in response to the economic disruption caused by the COVID-19 pandemic. The Company's banking regulators issued a statement titled the "Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus" that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, the CARES Act provides that a qualified loan modification is exempt by law from classification as a TDR as defined by GAAP, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 pandemic declared by the President of the United States terminates. Accordingly, the Company is offering short-term modifications made in response to COVID-19 to borrowers who are current and otherwise not past due. These include short-term modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. The modifications completed in the three months ended March 31, 2020 were immaterial. Regulatory Capital Delay of CECL Impact: In February of 2019, the federal bank regulatory agencies issued a final rule, the 2019 CECL Rule, that revised certain capital regulations to account for changes to credit loss accounting under U.S. GAAP. The 2019 CECL Rule included a transition option that allows banking organizations to phase in, over a three-year period, the day-one adverse effects of CECL on their regulatory capital ratios (three-year transition option). In March of 2020, the federal bank regulatory agencies issued an interim final rule that maintains the three year transition option of the 2019 CECL Rule and also provides banking organizations that were required under GAAP (as of January 2020) to implement CECL before the end of 2020 the option to delay for two years an estimate of the effect of CECL 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 elected to adopt the five-year transition option. This election of the transition option is applicable only to regulatory capital computations under federal banking regulations and does not otherwise impact the financial statements prepared in accordance with GAAP. Accounting Pronouncements Pending Adoption Changes to the Disclosure Requirements for Defined Benefit Plans: In August of 2018, the FASB issued ASU 2018-14 that makes minor changes and clarifications to the disclosure requirements for entities that sponsor defined benefit plans. This guidance is effective for annual and interim periods beginning after December 15, 2020. Early adoption is permitted. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. Income Taxes : In December of 2019, the FASB issued ASU 2019-12 that removes certain exceptions to the general principles of accounting for income taxes. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. Reference Rate Reform : In March of 2020, the FASB issued ASU 2020-04 that provides optional expedients and exceptions for applying GAAP to contracts and other transactions affected by reference rate reform, if certain criteria are met. This guidance is effective as of March 12, 2020 through December 31, 2022. Management is in the process of determining the impact on the Company's financial condition, results of operations, and liquidity. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Acquisition Activity | The following table presents the assets acquired and liabilities assumed, net of the fair value adjustments, in the Park Bank and Bridgeview transactions as of the acquisition date. The assets acquired and liabilities assumed, both intangible and tangible, were recorded at their estimated fair values as of the acquisition date and have been accounted for under the acquisition method of accounting. Acquisition Activity (Dollar amounts in thousands, except share and per share data) Park Bank Bridgeview March 9, 2020 May 9, 2019 Assets Cash and due from banks and interest-bearing deposits in other banks $ 244,781 $ 35,097 Equity securities â 6,966 Securities available-for-sale 136,856 263,090 Securities held-to-maturity 300 13,426 FHLB and FRB stock â 1,481 Loans 691,667 710,302 OREO 1,868 5,436 Goodwill 57,174 60,729 Other intangible assets 3,068 15,603 Premises, furniture, and equipment 2,759 15,905 Accrued interest receivable and other assets 11,891 37,098 Total assets $ 1,150,364 $ 1,165,133 Liabilities Noninterest-bearing deposits $ 356,050 $ 179,267 Interest-bearing deposits 594,026 807,487 Total deposits 950,076 986,754 Borrowed funds 11,532 1,746 Senior and subordinated debt â 29,360 Accrued interest payable and other liabilities 14,374 11,921 Total liabilities 975,982 1,029,781 Consideration Paid Common stock (2020 â 4,930,231, shares issued at $14.58 per share, 2019 â 4,728,541, shares issued at $20.77 per share), net of issuance costs 71,883 98,212 Cash paid 102,499 37,140 Total consideration paid 174,382 135,352 $ 1,150,364 $ 1,165,133 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available-for-Sale | A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Amortized Cost Gross Unrealized Fair Amortized Cost Gross Unrealized Fair Gains Losses Gains Losses Securities Available-for-Sale U.S. treasury securities $ 32,954 $ 355 $ â $ 33,309 $ 33,939 $ 137 $ (1) $ 34,075 U.S. agency securities 616,469 3,940 (2,417) 617,992 249,502 758 (1,836) 248,424 Collateralized mortgage obligations 1,640,928 59,820 (736) 1,700,012 1,547,805 14,893 (5,027) 1,557,671 Other mortgage-backed securities 662,529 24,836 (94) 687,271 678,804 7,728 (1,848) 684,684 Municipal securities 228,744 5,972 (157) 234,559 228,632 5,898 (99) 234,431 Corporate debt securities 117,785 394 (8,457) 109,722 112,797 1,791 (487) 114,101 Total securities available-for-sale $ 3,299,409 $ 95,317 $ (11,861) $ 3,382,865 $ 2,851,479 $ 31,205 $ (9,298) $ 2,873,386 Securities Held-to-Maturity Municipal securities $ 20,045 $ 17 $ â $ 20,062 $ 21,997 $ â $ (763) $ 21,234 Allowance for securities held-to- maturity (1) (220) $ (220) Total securities held-to-maturity, $ 19,825 $ 17 $ â $ 19,842 Equity Securities $ 40,098 $ 42,136 |
Securities Held-to-Maturity | A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Amortized Cost Gross Unrealized Fair Amortized Cost Gross Unrealized Fair Gains Losses Gains Losses Securities Available-for-Sale U.S. treasury securities $ 32,954 $ 355 $ â $ 33,309 $ 33,939 $ 137 $ (1) $ 34,075 U.S. agency securities 616,469 3,940 (2,417) 617,992 249,502 758 (1,836) 248,424 Collateralized mortgage obligations 1,640,928 59,820 (736) 1,700,012 1,547,805 14,893 (5,027) 1,557,671 Other mortgage-backed securities 662,529 24,836 (94) 687,271 678,804 7,728 (1,848) 684,684 Municipal securities 228,744 5,972 (157) 234,559 228,632 5,898 (99) 234,431 Corporate debt securities 117,785 394 (8,457) 109,722 112,797 1,791 (487) 114,101 Total securities available-for-sale $ 3,299,409 $ 95,317 $ (11,861) $ 3,382,865 $ 2,851,479 $ 31,205 $ (9,298) $ 2,873,386 Securities Held-to-Maturity Municipal securities $ 20,045 $ 17 $ â $ 20,062 $ 21,997 $ â $ (763) $ 21,234 Allowance for securities held-to- maturity (1) (220) $ (220) Total securities held-to-maturity, $ 19,825 $ 17 $ â $ 19,842 Equity Securities $ 40,098 $ 42,136 |
Equity Securities | A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Amortized Cost Gross Unrealized Fair Amortized Cost Gross Unrealized Fair Gains Losses Gains Losses Securities Available-for-Sale U.S. treasury securities $ 32,954 $ 355 $ â $ 33,309 $ 33,939 $ 137 $ (1) $ 34,075 U.S. agency securities 616,469 3,940 (2,417) 617,992 249,502 758 (1,836) 248,424 Collateralized mortgage obligations 1,640,928 59,820 (736) 1,700,012 1,547,805 14,893 (5,027) 1,557,671 Other mortgage-backed securities 662,529 24,836 (94) 687,271 678,804 7,728 (1,848) 684,684 Municipal securities 228,744 5,972 (157) 234,559 228,632 5,898 (99) 234,431 Corporate debt securities 117,785 394 (8,457) 109,722 112,797 1,791 (487) 114,101 Total securities available-for-sale $ 3,299,409 $ 95,317 $ (11,861) $ 3,382,865 $ 2,851,479 $ 31,205 $ (9,298) $ 2,873,386 Securities Held-to-Maturity Municipal securities $ 20,045 $ 17 $ â $ 20,062 $ 21,997 $ â $ (763) $ 21,234 Allowance for securities held-to- maturity (1) (220) $ (220) Total securities held-to-maturity, $ 19,825 $ 17 $ â $ 19,842 Equity Securities $ 40,098 $ 42,136 |
Remaining Contractual Maturity of Securities | Remaining Contractual Maturity of Securities (Dollar amounts in thousands) As of March 31, 2020 Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair One year or less $ 326,292 $ 326,171 $ 8,111 $ 8,118 After one year to five years 178,785 178,718 5,573 5,578 After five years to ten years 490,875 490,693 3,349 3,352 After ten years â â 2,792 2,794 Securities that do not have a single contractual maturity date 2,303,457 2,387,283 â â Total $ 3,299,409 $ 3,382,865 $ 19,825 $ 19,842 |
Securities in an Unrealized Loss Position | The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of March 31, 2020 and December 31, 2019. Securities in an Unrealized Loss Position (Dollar amounts in thousands) Less Than 12 Months 12 Months or Longer Total Number of Fair Unrealized Fair Unrealized Fair Unrealized As of March 31, 2020 Securities Available-for-Sale U.S. agency securities 24 $ 164,368 $ 2,177 $ 15,635 $ 240 $ 180,003 $ 2,417 CMOs 12 27,840 422 17,505 314 45,345 736 MBSs 11 4,809 70 6,294 24 11,103 94 Municipal securities 22 6,607 148 5,510 9 12,117 157 Corporate debt securities 11 9,615 385 76,384 8,072 85,999 8,457 Total 80 $ 213,239 $ 3,202 $ 121,328 $ 8,659 $ 334,567 $ 11,861 As of December 31, 2019 Securities Available-for-Sale U.S. treasury securities 5 $ 4,966 $ 1 $ â $ â $ 4,966 $ 1 U.S. agency securities 52 97,729 1,200 49,387 636 147,116 1,836 CMOs 148 187,470 2,177 412,083 2,850 599,553 5,027 MBSs 59 66,340 996 121,861 852 188,201 1,848 Municipal securities 16 9,384 89 3,104 10 12,488 99 Corporate debt securities 6 9,719 281 21,955 206 31,674 487 Total 286 $ 375,608 $ 4,744 $ 608,390 $ 4,554 $ 983,998 $ 9,298 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Composition Of Loan Portfolio | The following table presents the Company's loans held-for-investment by class. Loan Portfolio (Dollar amounts in thousands) As of March 31, December 31, Commercial and industrial $ 5,051,154 $ 4,481,525 Agricultural 393,138 405,616 Commercial real estate: Office, retail, and industrial 2,279,068 1,848,718 Multi-family 906,281 856,553 Construction 562,689 593,093 Other commercial real estate 1,349,812 1,383,708 Total commercial real estate 5,097,850 4,682,072 Total corporate loans 10,542,142 9,569,213 Home equity 965,771 851,454 1-4 family mortgages 1,968,589 1,927,078 Installment 488,515 492,585 Total consumer loans 3,422,875 3,271,117 Total loans $ 13,965,017 $ 12,840,330 Deferred loan fees included in total loans $ 8,264 $ 7,972 Overdrawn demand deposits included in total loans 7,126 10,675 |
Schedule Of Loans Sold | The following table presents loan sales and purchases for the quarters ended March 31, 2020 and 2019. Loan Sales and Purchases (Dollar amounts in thousands) Quarters Ended 2020 2019 Corporate loan sales Proceeds from sales $ 4,303 $ 3,198 Less book value of loans sold 4,188 3,116 Net gains on corporate loan sales (1) 115 82 1-4 family mortgage loan sales Proceeds from sales 119,159 58,783 Less book value of loans sold 116,645 57,455 Net gains on 1-4 family mortgage loan sales (2) 2,514 1,328 Total net gains on loan sales $ 2,629 $ 1,410 Corporate loan purchases (3) Commercial and industrial $ 145,822 $ 52,719 Construction 639 834 Other commercial real estate â 3,986 Total corporate loan purchases $ 146,461 $ 57,539 Consumer loan purchases Home equity $ 144,967 $ 38,252 1-4 family mortgages 70,175 72,930 Total consumer loan purchases $ 215,142 $ 111,182 (1) Net gains on corporate loan sales are included in other service charges, commissions, and fees in the Condensed Consolidated Statements of Income. (2) Net gains on 1-4 family mortgage loan sales are included in mortgage banking income in the Condensed Consolidated Statements of Income. (3) Consists of the Company's portion of loan participations purchased. |
Acquired Loans (Tables)
Acquired Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Schedule of Acquired Loans | The following table presents the carrying amount of acquired loans as of March 31, 2020 and December 31, 2019. Acquired Loans (1)(2) (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 PCD Non-PCD Total PCI Non-PCI Total Acquired loans $ 275,172 $ 1,706,402 $ 1,981,574 $ 167,183 $ 1,216,133 $ 1,383,316 (1) Included in loans in the Consolidated Statements of Financial Condition. (2) Prior to the adoption of CECL on January 1, 2020, loans that had evidence of credit deterioration since origination and for which it was probable at acquisition that the Company would not collect all contractually required principal and interest payments were classified as PCI. |
Past Due Loans, Allowance For_2
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Past Due Financing Receivables | The following table presents an aging analysis of the Company's past due loans as of March 31, 2020 and December 31, 2019 with balances presented on an amortized cost basis. The aging is determined without regard to accrual status. The table also presents non-performing loans, consisting of non-accrual loans (the majority of which are past due) and loans 90 days or more past due and still accruing interest, as of each balance sheet date. Aging Analysis of Past Due Loans and Non-performing Loans by Class (1) (Dollar amounts in thousands) Aging Analysis (Accruing and Non-accrual) Non-performing Loans Current 30-89 Days 90 Days or Total Total Non- 90 Days or More Past Due, Still Accruing Interest As of March 31, 2020 Commercial and industrial $ 5,005,589 $ 23,166 $ 22,399 $ 45,565 $ 5,051,154 $ 34,012 $ 2,912 Agricultural 382,440 5,420 5,278 10,698 393,138 5,823 146 Commercial real estate: Office, retail, and industrial 2,229,685 16,590 32,793 49,383 2,279,068 44,625 â Multi-family 897,392 5,697 3,192 8,889 906,281 2,869 558 Construction 532,427 1,342 28,920 30,262 562,689 28,920 â Other commercial real estate 1,320,169 25,052 4,591 29,643 1,349,812 11,851 22 Total commercial real estate 4,979,673 48,681 69,496 118,177 5,097,850 88,265 580 Total corporate loans 10,367,702 77,267 97,173 174,440 10,542,142 128,100 3,638 Home equity 956,764 4,548 4,459 9,007 965,771 9,503 360 1-4 family mortgages 1,957,289 5,314 5,986 11,300 1,968,589 8,996 â Installment 483,504 3,957 1,054 5,011 488,515 â 1,054 Total consumer loans 3,397,557 13,819 11,499 25,318 3,422,875 18,499 1,414 Total loans $ 13,765,259 $ 91,086 $ 108,672 $ 199,758 $ 13,965,017 $ 146,599 $ 5,052 As of December 31, 2019 Commercial and industrial $ 4,455,381 $ 11,468 $ 14,676 $ 26,144 $ 4,481,525 $ 29,995 $ 2,207 Agricultural 398,676 850 6,090 6,940 405,616 5,954 358 Commercial real estate: Office, retail, and industrial 1,830,321 2,943 15,454 18,397 1,848,718 25,857 546 Multi-family 853,762 211 2,580 2,791 856,553 2,697 â Construction 588,065 4,876 152 5,028 593,093 152 â Other commercial real estate 1,377,678 3,233 2,797 6,030 1,383,708 4,729 529 Total commercial real estate 4,649,826 11,263 20,983 32,246 4,682,072 33,435 1,075 Total corporate loans 9,503,883 23,581 41,749 65,330 9,569,213 69,384 3,640 Home equity 841,908 4,992 4,554 9,546 851,454 8,443 146 1-4 family mortgages 1,917,648 5,452 3,978 9,430 1,927,078 4,442 1,203 Installment 491,406 1,167 12 1,179 492,585 â 12 Total consumer loans 3,250,962 11,611 8,544 20,155 3,271,117 12,885 1,361 Total loans $ 12,754,845 $ 35,192 $ 50,293 $ 85,485 $ 12,840,330 $ 82,269 $ 5,001 (1) Prior to the adoption of CECL on January 1, 2020, PCI loans with an accretable yield were considered current and were not included in past due loan totals. In addition, PCI loans with an accretable yield were excluded from non-accrual loans. Subsequent to adoption, PCD loans, including those previously classified as PCI, are included in past due and non-accrual loan totals. In addition, an allowance for credit losses is established as of the acquisition date or upon the adoption of CECL for loans previously classified as PCI, as PCD loans are no longer recorded net of a credit-related acquisition adjustment. |
Allowance for Credit Losses on Financing Receivables | A rollforward of the allowance for credit losses by portfolio segment for the quarters ended March 31, 2020 and 2019 is presented in the table below. Allowance for Credit Losses by Portfolio Segment (Dollar amounts in thousands) Commercial, Office, Multi- Construction Other Consumer Allowance for Total Quarter Ended March 31, 2020 Beginning balance $ 62,830 $ 7,580 $ 2,950 $ 1,697 $ 6,408 $ 26,557 $ 1,200 $ 109,222 Adjustment to apply recent accounting pronouncements (1) 20,159 11,686 397 10,300 11,427 16,235 5,553 75,757 Allowance established 12,262 2,003 â â â 39 â 14,304 Charge-offs (7,066) (338) (10) (1,808) (308) (4,400) â (13,930) Recoveries 1,159 9 5 â 144 499 â 1,816 Net charge-offs (5,907) (329) (5) (1,808) (164) (3,901) â (12,114) Provision for loan 24,389 4,916 347 1,108 883 7,889 â 39,532 Ending balance $ 113,733 $ 25,856 $ 3,689 $ 11,297 $ 18,554 $ 46,819 $ 6,753 $ 226,701 Quarter Ended March 31, 2019 Beginning balance $ 63,276 $ 7,900 $ 2,464 $ 2,173 $ 4,934 $ 21,472 $ 1,200 $ 103,419 Charge-offs (6,451) (628) (340) (6) (210) (3,142) â (10,777) Recoveries 1,301 10 1 6 21 354 â 1,693 Net charge-offs (5,150) (618) (339) â (189) (2,788) â (9,084) Provision for loan 6,559 397 91 (42) 185 3,254 â 10,444 Ending balance $ 64,685 $ 7,679 $ 2,216 $ 2,131 $ 4,930 $ 21,938 $ 1,200 $ 104,779 (1) As a result of accounting guidance adopted in the first quarter of 2020, the increase in allowance for credit losses, net of tax, was recognized as a cumulative-effect adjustment to retained earnings as of January 1, 2020. For further discussion of this guidance, see Note 2, "Recent Accounting Pronouncements and Other Guidance." |
Schedule of Loans and The Related Allowance For Credit Losses | The table below provides a breakdown of loans and the related allowance for credit losses by portfolio segment as of March 31, 2020 and December 31, 2019. Loans and Related Allowance for Credit Losses by Portfolio Segment (Dollar amounts in thousands) Loans Allowance for Credit Losses Individually Collectively PCD/PCI (1) Total Individually Collectively PCD/PCI (1) Total As of March 31, 2020 Commercial, industrial, and $ 28,682 $ 5,299,373 $ 116,237 $ 5,444,292 $ 1,821 $ 91,604 $ 20,308 $ 113,733 Commercial real estate: Office, retail, and industrial 25,092 2,192,942 61,034 2,279,068 986 13,257 11,613 25,856 Multi-family 2,338 900,583 3,360 906,281 â 3,642 47 3,689 Construction 18,734 522,832 21,123 562,689 â 3,678 7,619 11,297 Other commercial real estate 3,467 1,297,591 48,754 1,349,812 â 8,422 10,132 18,554 Total commercial real estate 49,631 4,913,948 134,271 5,097,850 986 28,999 29,411 59,396 Total corporate loans 78,313 10,213,321 250,508 10,542,142 2,807 120,603 49,719 173,129 Consumer â 3,398,211 24,664 3,422,875 â 46,315 504 46,819 Allowance for unfunded â â â â â 6,753 â 6,753 Total loans $ 78,313 $ 13,611,532 $ 275,172 $ 13,965,017 $ 2,807 $ 173,671 $ 50,223 $ 226,701 As of December 31, 2019 Commercial, industrial, and $ 34,142 $ 4,807,114 $ 45,885 $ 4,887,141 $ 3,414 $ 59,108 $ 308 $ 62,830 Commercial real estate: Office, retail, and industrial 24,820 1,795,557 28,341 1,848,718 578 6,899 103 7,580 Multi-family 1,995 851,857 2,701 856,553 â 2,854 96 2,950 Construction 123 581,747 11,223 593,093 â 1,681 16 1,697 Other commercial real estate 3,241 1,323,635 56,832 1,383,708 â 4,867 1,541 6,408 Total commercial real estate 30,179 4,552,796 99,097 4,682,072 578 16,301 1,756 18,635 Total corporate loans 64,321 9,359,910 144,982 9,569,213 3,992 75,409 2,064 81,465 Consumer â 3,248,916 22,201 3,271,117 â 25,424 1,133 26,557 Allowance for unfunded â â â â â 1,200 â 1,200 Total loans $ 64,321 $ 12,608,826 $ 167,183 $ 12,840,330 $ 3,992 $ 102,033 $ 3,197 $ 109,222 (1) Prior to the adoption of CECL on January 1, 2020, loans that had evidence of credit deterioration since origination and for which it was probable at acquisition that the Company would not collect all contractually required principal and interest payments were classified as PCI. |
Impaired Financing Receivables | The following table presents collateral-dependent loans, including PCD loans, without regard to accrual status by primary collateral type and non-accrual loans with no related allowance as of March 31, 2020. Collateral-dependent Loans and Non-accrual Loans With No Related Allowance by Class (Dollar amounts in thousands) Type of Collateral Non-accrual Loans Real Blanket Equipment Commercial and industrial $ 7,292 $ 60,475 $ 2,055 $ 9,497 Agricultural 4,755 2,043 â 5,610 Commercial real estate: Office, retail, and industrial 55,176 â â 17,674 Multi-family 2,338 â â 2,338 Construction 29,502 â â 19,185 Other commercial real estate 27,589 â â 9,310 Total commercial real estate 114,605 â â 48,507 Total corporate loans 126,652 62,518 2,055 63,614 Home equity 1,506 â â 266 1-4 family mortgages 96 â â 1,942 Installment â â â â Total consumer loans 1,602 â â 2,208 Total loans $ 128,254 $ 62,518 $ 2,055 $ 65,822 Loans Individually Evaluated The following table presents loans individually evaluated by class of loan as of March 31, 2020 and December 31, 2019. PCD and PCI loans are excluded from this disclosure. Loans Individually Evaluated by Class (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Recorded Investment In Recorded Investment In Loans with Loans with Unpaid Specific Loans with Loans with Unpaid Specific Commercial and industrial $ 6,876 $ 16,196 $ 47,302 $ 1,821 $ 12,885 $ 15,516 $ 52,559 $ 2,456 Agricultural 5,610 â 10,389 â 1,889 3,852 9,293 958 Commercial real estate: Office, retail, and industrial 14,250 10,842 37,317 986 14,111 10,709 37,007 578 Multi-family 2,338 â 2,338 â 1,995 â 1,995 â Construction 18,734 â 18,734 â 123 â 123 â Other commercial real estate 3,467 â 3,755 â 3,241 â 3,495 â Total commercial real estate 38,789 10,842 62,144 986 19,470 10,709 42,620 578 Total non-accrual loans $ 51,275 $ 27,038 $ 119,835 $ 2,807 $ 34,244 $ 30,077 $ 104,472 $ 3,992 |
Financing Receivable Credit Quality Indicators | The following tables present credit quality indicators for corporate and consumer loans on an amortized cost basis as of March 31, 2020. Corporate Loan Portfolio by Origination Year (Dollar amounts in thousands) 2020 (1) 2019 2018 2017 2016 Prior Revolving Loans Total Commercial, industrial, Pass $ 347,347 $ 886,843 $ 969,223 $ 536,226 $ 254,029 $ 496,992 $ 1,684,205 $ 5,174,865 Special Mention (2) 4,155 10,109 11,814 4,424 10,296 14,678 65,270 120,746 Substandard (3) 523 3,256 25,569 17,947 14,907 15,875 30,769 108,846 Non-accrual (4) â 130 2,199 10,969 5,300 6,129 15,108 39,835 Total commercial, $ 352,025 $ 900,338 $ 1,008,805 $ 569,566 $ 284,532 $ 533,674 $ 1,795,352 $ 5,444,292 Commercial, industrial, $ â $ 1 $ 533 $ 196 $ 398 $ 1,612 $ 3,167 $ 5,907 Office, retail, and Pass $ 91,286 $ 261,537 $ 269,725 $ 369,944 $ 336,235 $ 730,037 $ 97,171 $ 2,155,935 Special Mention (2) 790 3,170 1,888 5,127 20,430 12,494 â 43,899 Substandard (3) â â â 374 626 33,609 â 34,609 Non-accrual (4) â â 132 2,166 11,878 30,018 431 44,625 Total office, retail, $ 92,076 $ 264,707 $ 271,745 $ 377,611 $ 369,169 $ 806,158 $ 97,602 $ 2,279,068 Office, retail, and $ â $ 333 $ â $ â $ 4 $ (8) $ â $ 329 Multi-family: Pass $ 64,735 $ 204,728 $ 112,066 $ 103,257 $ 108,573 $ 263,163 $ 33,223 $ 889,745 Special Mention (2) â â â â â 7,754 â 7,754 Substandard (3) â â 389 84 â 5,440 â 5,913 Non-accrual (4) â â â 2,339 237 293 â 2,869 Total multi-family $ 64,735 $ 204,728 $ 112,455 $ 105,680 $ 108,810 $ 276,650 $ 33,223 $ 906,281 Multi-family net loan $ â $ 4 $ â $ 1 $ â $ â $ â $ 5 Construction: Pass $ 6,359 $ 124,887 $ 125,846 $ 89,101 $ 66,763 $ 64,836 $ 31,327 $ 509,119 Special Mention (2) â â â 2,621 13,494 1,258 â 17,373 Substandard (3) â â â â â 7,277 â 7,277 Non-accrual (4) â â â 1,282 â 25,915 1,723 28,920 Total construction $ 6,359 $ 124,887 $ 125,846 $ 93,004 $ 80,257 $ 99,286 $ 33,050 $ 562,689 Construction net loan $ â $ 118 $ â $ â $ â $ 1,690 $ â $ 1,808 Other commercial real Pass $ 14,525 $ 166,652 $ 241,391 $ 202,227 $ 105,808 $ 488,295 $ 27,508 $ 1,246,406 Special Mention (2) â 1,506 6,523 22,233 7,204 12,288 1,300 51,054 Substandard (3) â â â 1,409 2,926 36,166 â 40,501 Non-accrual (4) â â 228 481 326 10,238 578 11,851 Total other $ 14,525 $ 168,158 $ 248,142 $ 226,350 $ 116,264 $ 546,987 $ 29,386 $ 1,349,812 Other commercial real $ â $ 38 $ 1 $ â $ 183 $ (58) $ â $ 164 (1) Represents year-to-date loans originated during 2020. (2) Loans categorized as special mention exhibit potential weaknesses that require the close attention of management since these potential weaknesses may result in the deterioration of repayment prospects in the future. (3) Loans categorized as substandard exhibit well-defined weaknesses that may jeopardize the liquidation of the debt. These loans continue to accrue interest because they are well-secured, and collection of principal and interest is expected within a reasonable time. (4) Loans categorized as non-accrual exhibit well-defined weaknesses that may jeopardize the liquidation of the debt or result in a loss if the deficiencies are not corrected. Consumer Loan Portfolio by Origination Year (Dollar amounts in thousands) 2020 (1) 2019 2018 2017 2016 Prior Revolving Loans Total Home equity: Performing $ 6,977 $ 12,504 $ 17,504 $ 13,646 $ 12,349 $ 60,561 $ 832,727 $ 956,268 Non-accrual â 22 110 265 494 7,159 1,453 9,503 Total home equity $ 6,977 $ 12,526 $ 17,614 $ 13,911 $ 12,843 $ 67,720 $ 834,180 $ 965,771 Home equity net $ â $ â $ 1 $ â $ 1 $ 51 $ (7) $ 46 1-4 family mortgages: Performing $ 134,450 $ 798,396 $ 378,397 $ 181,443 $ 196,581 $ 269,883 $ 443 $ 1,959,593 Non-accrual â â 422 83 63 8,428 â 8,996 Total 1-4 family $ 134,450 $ 798,396 $ 378,819 $ 181,526 $ 196,644 $ 278,311 $ 443 $ 1,968,589 1-4 family mortgages $ â $ â $ 4 $ â $ 4 $ 81 $ â $ 89 Installment: Performing $ 42,072 $ 204,697 $ 120,799 $ 53,601 $ 21,380 $ 23,003 $ 22,963 $ 488,515 Non-accrual â â â â â â â â Total installment $ 42,072 $ 204,697 $ 120,799 $ 53,601 $ 21,380 $ 23,003 $ 22,963 $ 488,515 Installment net loan $ â $ 1,685 $ 1,183 $ 455 $ 52 $ 391 $ â $ 3,766 (1) Represents year-to-date loans originated during 2020. During the quarter ended March 31, 2020, $7.0 million of revolving loans converted to term loans. The following tables present credit quality indicators by class for corporate and consumer loans on an amortized cost basis as of December 31, 2019. Corporate Credit Quality Indicators by Class (Dollar amounts in thousands) Pass Special Mention (1) Substandard (2) Non-accrual (3) Total As of December 31, 2019 Commercial and industrial $ 4,324,709 $ 47,665 $ 79,156 $ 29,995 $ 4,481,525 Agricultural 350,827 32,764 16,071 5,954 405,616 Commercial real estate: Office, retail, and industrial 1,747,287 42,230 33,344 25,857 1,848,718 Multi-family 839,615 8,279 5,962 2,697 856,553 Construction 564,495 17,977 10,469 152 593,093 Other commercial real estate 1,295,155 39,788 44,036 4,729 1,383,708 Total commercial real estate 4,446,552 108,274 93,811 33,435 4,682,072 Total corporate loans $ 9,122,088 $ 188,703 $ 189,038 $ 69,384 $ 9,569,213 (1) Loans categorized as special mention exhibit potential weaknesses that require the close attention of management since these potential weaknesses may result in the deterioration of repayment prospects in the future. (2) Loans categorized as substandard exhibit a well-defined weakness that may jeopardize the liquidation of the debt. These loans continue to accrue interest because they are well-secured and collection of principal and interest is expected within a reasonable time. (3) Loans categorized as non-accrual exhibit a well-defined weakness that may jeopardize the liquidation of the debt or result in a loss if the deficiencies are not corrected. Consumer Credit Quality Indicators by Class (Dollar amounts in thousands) Performing Non-accrual Total As of December 31, 2019 Home equity $ 843,011 $ 8,443 $ 851,454 1-4 family mortgages 1,922,636 4,442 1,927,078 Installment 492,585 â 492,585 Total consumer loans $ 3,258,232 $ 12,885 $ 3,271,117 |
Troubled Debt Restructuring Activity Rollforward | The table below presents TDRs by class as of March 31, 2020 and December 31, 2019. See Note 1, "Summary of Significant Accounting Policies," for the accounting policy for TDRs. TDRs by Class (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Accruing Non-accrual (1) Total Accruing Non-accrual (1) Total Commercial and industrial $ 223 $ 12,905 $ 13,128 $ 227 $ 16,420 $ 16,647 Agricultural â â â â â â Commercial real estate: Office, retail, and industrial â 4,410 4,410 â 3,600 3,600 Multi-family 161 â 161 163 â 163 Construction â â â â â â Other commercial real estate 167 â 167 170 â 170 Total commercial real estate 328 4,410 4,738 333 3,600 3,933 Total corporate loans 551 17,315 17,866 560 20,020 20,580 Home equity 35 354 389 36 240 276 1-4 family mortgages 630 248 878 637 â 637 Installment â â â â 252 252 Total consumer loans 665 602 1,267 673 492 1,165 Total loans $ 1,216 $ 17,917 $ 19,133 $ 1,233 $ 20,512 $ 21,745 (1) These TDRs are included in non-accrual loans in the preceding tables. A rollforward of the carrying value of TDRs for the quarters ended March 31, 2020 and 2019 is presented in the following table. TDR Rollforward (Dollar amounts in thousands) Quarters Ended 2020 2019 Accruing Beginning balance $ 1,233 $ 1,866 Additions â 12 Net payments (17) (34) Net transfers to non-accrual â â Ending balance 1,216 1,844 Non-accrual Beginning balance 20,514 6,612 Additions 934 â Net (payments) advances (658) 2,921 Charge-offs (2,873) (158) Net transfers from accruing â â Ending balance 17,917 9,375 Total TDRs $ 19,133 $ 11,219 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Liability | The following summary reflects the future minimum payments by year required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year and a reconciliation of those payments to the Company's lease liability as of March 31, 2020. Lease Liability (Dollar amounts in thousands) As of Year Ending December 31, 2020 $ 14,167 2021 18,773 2022 18,657 2023 18,756 2024 18,458 2025 and thereafter 105,945 Total minimum lease payments 194,756 Discount (1) (30,101) Lease liability (2) $ 164,655 (1) Represents the net present value adjustment related to minimum lease payments. (2) Included in accrued interest payable and other liabilities in the Consolidated Statements of Financial Condition. |
Schedule of Net Operating Lease Expense | The following table presents net operating lease expense for the quarters ended March 31, 2020 and 2019. Net Operating Lease Expense (Dollar amounts in thousands) Quarters Ended 2020 2019 Lease expense charged to operations $ 4,675 $ 4,060 Rental income from premises leased to others (1) (215) (157) Net operating lease expense $ 4,460 $ 3,903 (1) Included as reductions to net occupancy and equipment expense in the Condensed Consolidated Statements of Income. |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Borrowed Funds | The following table summarizes the Company's borrowed funds by funding source. Summary of Borrowed Funds (Dollar amounts in thousands) As of March 31, December 31, Securities sold under agreements to repurchase $ 127,682 $ 103,515 Federal funds purchased 245,000 160,000 FHLB advances 2,275,528 1,395,243 Total borrowed funds $ 2,648,210 $ 1,658,758 |
Short Term Credit Lines Available For Use | The following table presents short-term credit lines available for use, for which the Company did not have an outstanding balance as of March 31, 2020 and December 31, 2019. Short-Term Credit Lines Available for Use (Dollar amounts in thousands) As of March 31, December 31, FRB's Discount Window Primary Credit Program $ 908,271 $ 874,256 Available federal funds lines 633,000 718,000 Correspondent bank line of credit 50,000 50,000 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The table below displays the calculation of basic and diluted earnings per common share ("EPS"). Basic and Diluted EPS (Amounts in thousands, except per share data) Quarters Ended 2020 2019 Net income $ 19,606 $ 46,058 Net income applicable to unvested restricted shares (192) (403) Net income applicable to common shares $ 19,414 $ 45,655 Weighted-average common shares outstanding: Weighted-average common shares outstanding (basic) 109,922 105,770 Dilutive effect of common stock equivalents 443 â Weighted-average diluted common shares outstanding 110,365 105,770 Basic EPS $ 0.18 $ 0.43 Diluted EPS $ 0.18 $ 0.43 Anti-dilutive shares not included in the computation of diluted EPS â â |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | Cash Flow Hedges (Dollar amounts in thousands) As of March 31, 2020 December 31, 2019 Gross notional amount outstanding $ 2,035,000 $ 1,905,000 Derivative asset fair value in other assets (1) 6,850 727 Derivative liability fair value in other liabilities (1) (631) (119) Weighted-average interest rate received 1.73 % 1.88 % Weighted-average interest rate paid 1.30 % 1.74 % Weighted-average maturity (in years) 1.85 1.18 (1) Certain cash flow hedges are transacted through a clearinghouse ("centrally cleared") and their change in fair value is settled by the counterparties to the transaction, which results in no fair value. The following table presents the impact of derivative instruments on net interest income for the quarters ended March 31, 2020 and 2019. Hedge Income (Dollar amounts in thousands) Quarters Ended 2020 2019 Cash Flow Hedges Interest rate swaps in interest income $ 445 $ 1,393 Interest rate swaps in interest expense â (2,024) Total cash flow hedges $ 445 $ (631) |
Schedule of Derivative Instruments | Other Derivative Instruments (Dollar amounts in thousands) As of March 31, 2020 December 31, 2019 Gross notional amount outstanding $ 4,563,930 $ 4,340,384 Derivative asset fair value in other assets (1) 175,903 61,709 Derivative liability fair value in other liabilities (1) (53,246) (18,416) Fair value of derivative (2) 53,820 18,856 (1) Certain other derivative instruments are centrally cleared and their change in fair value is settled by the counterparties to the transaction, which results in no fair value. (2) This amount represents the fair value if credit risk related contingent features were triggered. |
Cash Flow Hedge Accounting on AOCI | The following table presents the impact of derivative instruments on comprehensive income and the reclassification of gains (losses) from accumulated other comprehensive loss to net interest income for the quarters ended March 31, 2020 and 2019. Cash Flow Hedge Accounting on AOCI (Dollar amounts in thousands) Quarters Ended 2020 2019 Gains (losses) recognized in other comprehensive income Interest rate swaps in interest income $ 22,004 $ 3,353 Interest rate swaps in interest expense (12,409) (4,180) Reclassification of gains (losses) included in net income Interest rate swaps in interest income $ 445 $ 1,393 Interest rate swaps in interest expense â (2,024) |
Offsetting Assets | The following table presents the fair value of the Company's derivatives and offsetting positions as of March 31, 2020 and December 31, 2019. Fair Value of Offsetting Derivatives (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Assets Liabilities Assets Liabilities Gross amounts recognized $ 182,753 $ 53,877 $ 62,436 $ 18,535 Less: amounts offset in the Consolidated Statements of â â â â Net amount presented in the Consolidated Statements of Financial Condition (1) 182,753 53,877 62,436 18,535 Gross amounts not offset in the Consolidated Statements of Offsetting derivative positions (8,062) (8,062) (2,674) (2,674) Cash collateral pledged â (44,798) â (15,861) Net credit exposure $ 174,691 $ 1,017 $ 59,762 $ â (1) Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. |
Offsetting Liabilities | The following table presents the fair value of the Company's derivatives and offsetting positions as of March 31, 2020 and December 31, 2019. Fair Value of Offsetting Derivatives (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Assets Liabilities Assets Liabilities Gross amounts recognized $ 182,753 $ 53,877 $ 62,436 $ 18,535 Less: amounts offset in the Consolidated Statements of â â â â Net amount presented in the Consolidated Statements of Financial Condition (1) 182,753 53,877 62,436 18,535 Gross amounts not offset in the Consolidated Statements of Offsetting derivative positions (8,062) (8,062) (2,674) (2,674) Cash collateral pledged â (44,798) â (15,861) Net credit exposure $ 174,691 $ 1,017 $ 59,762 $ â (1) Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. |
Commitments, Guarantees, and _2
Commitments, Guarantees, and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual or Notional Amounts of Financial Instruments | Contractual or Notional Amounts of Financial Instruments (Dollar amounts in thousands) As of March 31, 2020 December 31, 2019 Commitments to extend credit: Commercial, industrial, and agricultural $ 2,011,047 $ 1,852,040 Commercial real estate 325,291 296,053 Home equity 596,402 576,956 Other commitments (1) 246,644 251,093 Total commitments to extend credit $ 3,179,384 $ 2,976,142 Letters of credit $ 122,592 $ 103,684 (1) Other commitments includes installment and overdraft protection program commitments. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table provides the fair value for assets and liabilities required to be measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Recurring Fair Value Measurements (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Equity securities $ 21,505 $ 13,593 $ â $ 23,703 $ 13,400 $ â Securities available-for-sale U.S. treasury securities 33,309 â â 34,075 â â U.S. agency securities â 617,992 â â 248,424 â CMOs â 1,700,012 â â 1,557,671 â MBSs â 687,271 â â 684,684 â Municipal securities â 234,559 â â 234,431 â Corporate debt securities â 109,722 â â 114,101 â Total securities available-for-sale 33,309 3,349,556 â 34,075 2,839,311 â Mortgage servicing rights ("MSRs") (1) â â 4,874 â â 5,858 Derivative assets (1) â 182,753 â â 62,436 â Liabilities Derivative liabilities (2) $ â $ 53,877 $ â $ â $ 18,535 $ â (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in other liabilities in the Consolidated Statements of Financial Condition. |
Significant Unobservable Inputs Used in the Valuation of MSRs | The following table presents the ranges of significant, unobservable inputs used by the Company to determine the fair value of MSRs as of March 31, 2020 and December 31, 2019. Significant Unobservable Inputs Used in the Valuation of MSRs As of March 31, 2020 December 31, 2019 Prepayment speed 8.2 % - 12.9% 6.7 % - 12.0% Maturity (months) 17 - 88 18 - 94 Discount rate 9.3 % - 12.0% 9.3 % - 12.0% |
Schedule of Servicing Assets at Fair Value | A rollforward of the carrying value of MSRs for the quarters ended March 31, 2020 and 2019 is presented in the following table. Carrying Value of MSRs (Dollar amounts in thousands) Quarters Ended 2020 2019 Beginning balance $ 5,858 $ 6,730 New MSRs 156 253 Total gains (losses) included in earnings (1) : Changes in valuation inputs and assumptions (908) (600) Other changes in fair value (2) (232) (155) Ending balance (3) $ 4,874 $ 6,228 Contractual servicing fees earned (1) $ 403 $ 381 (1) Included in mortgage banking income in the Condensed Consolidated Statements of Income and related to assets held as of March 31, 2020 and 2019. (2) Primarily represents changes in expected future cash flows due to payoffs and paydowns. (3) Included in other assets in the Consolidated Statements of Financial Condition. |
Fair Value Measurements, Nonrecurring | The following table provides the fair value for each class of assets and liabilities required to be measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Non-Recurring Fair Value Measurements (Dollar amounts in thousands) As of March 31, 2020 As of December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collateral-dependent non-accrual loans (1) $ â $ â $ 57,739 $ â $ â $ 41,326 OREO (2) â â 530 â â 3,325 Loans held-for-sale (3) â â 23,048 â â 36,032 Assets held-for-sale (4) â â 5,043 â â 6,824 (1) Includes non-accrual loans with charge-offs and non-accrual loans with a specific allowance during the periods presented. (2) Includes OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. (3) Included in other assets in the Consolidated Statements of Financial Condition. (4) Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. |
Fair Value, by Balance Sheet Grouping | For certain financial instruments that are not required to be measured at fair value in the Consolidated Statements of Financial Condition, the Company must disclose the estimated fair values and the level within the fair value hierarchy as shown in the following table. Fair Value Measurements of Other Financial Instruments (Dollar amounts in thousands) As of March 31, 2020 December 31, 2019 Fair Value Hierarchy Carrying Fair Value Carrying Fair Value Assets Cash and due from banks 1 $ 252,138 $ 252,138 $ 214,894 $ 214,894 Interest-bearing deposits in other banks 2 229,474 229,474 84,327 84,327 Securities held-to-maturity 2 19,825 19,842 21,997 21,234 FHLB and FRB stock 2 154,357 154,357 115,409 115,409 Loans 3 13,745,659 13,749,883 12,733,200 12,535,848 Investment in BOLI 3 298,827 298,827 296,351 296,351 Accrued interest receivable 3 61,333 61,333 59,716 59,716 Liabilities Deposits 2 $ 14,098,950 $ 14,104,641 $ 13,251,278 $ 13,247,871 Borrowed funds 2 2,648,210 2,648,210 1,658,758 1,658,758 Senior and subordinated debt 2 234,153 261,970 233,948 277,203 Accrued interest payable 2 8,869 8,869 10,502 10,502 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Other Guidance (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Allowance for credit loss | $ 226,701 | $ 76,000 | $ 109,222 | $ 104,779 | $ 103,419 | ||||
Allowance for securities held-to-maturity | (220) | 220 | |||||||
Adjustments to apply recent accounting pronouncements | [1] | (26,821) | [2] | $ 47,257 | |||||
Unfunded Loan Commitments | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Allowance for credit loss | 5,600 | ||||||||
PCD | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Allowance for credit loss | $ 50,223 | 35,700 | $ 3,197 | ||||||
Non-PCD | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Allowance for credit loss | 8,500 | ||||||||
Loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Allowance for credit loss | 26,000 | ||||||||
Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Adjustments to apply recent accounting pronouncements | [1] | $ (26,821) | $ 47,257 | [2] | |||||
[1] | As a result of accounting guidance adopted in the first quarter of 2019, the remaining deferred gain on a sale-leaseback transaction was recognized as a cumulative-effect adjustment to retained earnings as of January 1, 2019. | ||||||||
[2] | As a result of accounting guidance adopted in the first quarter of 2020, a portion of the increase in allowance for credit losses, net of tax, was recognized as a cumulative-effect adjustment to retained earnings as of January 1, 2020. For further discussion of this guidance, see Note 2, "Recent Accounting Pronouncements and Other Guidance." |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 09, 2020 | May 09, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 16, 2019 |
Business Acquisition [Line Items] | |||||
Acquisition and integration related expenses | $ 5,472 | $ 3,691 | |||
Bankmanagers Corporation | |||||
Business Acquisition [Line Items] | |||||
Total assets | $ 1,150,364 | ||||
Total deposits | 950,076 | ||||
Loans | $ 691,667 | ||||
Fixed exchange ratio (in shares) | 29.9675 | ||||
Cash paid per share (in dollars per share) | $ 623.02 | ||||
Special dividends paid (in dollars per share) | $ 346 | ||||
Consideration transferred | $ 174,382 | ||||
Common stock, shares issued (in shares) | 4,930,231 | ||||
Cash paid | $ 102,499 | ||||
Goodwill | $ 57,174 | ||||
Bridgeview Bancorp, Inc. | |||||
Business Acquisition [Line Items] | |||||
Total assets | $ 1,165,133 | ||||
Total deposits | 986,754 | ||||
Loans | $ 710,302 | ||||
Fixed exchange ratio (in shares) | 0.2767 | ||||
Cash paid per share (in dollars per share) | $ 1.66 | ||||
Consideration transferred | $ 135,352 | ||||
Common stock, shares issued (in shares) | 4,728,541 | ||||
Cash paid | $ 37,140 | ||||
Goodwill | $ 60,729 | ||||
Northern Oak Wealth Management, Inc. | |||||
Business Acquisition [Line Items] | |||||
Assets under management acquired | $ 800,000 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquisition Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 09, 2020 | May 09, 2019 |
Bankmanagers Corporation | ||
Assets | ||
Cash and due from banks and interest-bearing deposits in other banks | $ 244,781 | |
Equity securities | 0 | |
Securities available-for-sale | 136,856 | |
Securities held-to-maturity | 300 | |
FHLB and FRB stock | 0 | |
Loans | 691,667 | |
OREO | 1,868 | |
Goodwill | 57,174 | |
Other intangible assets | 3,068 | |
Premises, furniture, and equipment | 2,759 | |
Accrued interest receivable and other assets | 11,891 | |
Total assets | 1,150,364 | |
Liabilities | ||
Noninterest-bearing deposits | 356,050 | |
Interest-bearing deposits | 594,026 | |
Total deposits | 950,076 | |
Borrowed funds | 11,532 | |
Senior and subordinated debt | 0 | |
Accrued interest payable and other liabilities | 14,374 | |
Total liabilities | 975,982 | |
Consideration Paid | ||
Common stock (2020 â 4,930,231, shares issued at $14.58 per share, 2019 â 4,728,541, shares issued at $20.77 per share), net of issuance costs | 71,883 | |
Cash paid | 102,499 | |
Total consideration paid | $ 174,382 | |
Common stock, shares issued (in shares) | 4,930,231 | |
Shares issued (in dollars per share) | $ 14.58 | |
Bridgeview Bancorp, Inc. | ||
Assets | ||
Cash and due from banks and interest-bearing deposits in other banks | $ 35,097 | |
Equity securities | 6,966 | |
Securities available-for-sale | 263,090 | |
Securities held-to-maturity | 13,426 | |
FHLB and FRB stock | 1,481 | |
Loans | 710,302 | |
OREO | 5,436 | |
Goodwill | 60,729 | |
Other intangible assets | 15,603 | |
Premises, furniture, and equipment | 15,905 | |
Accrued interest receivable and other assets | 37,098 | |
Total assets | 1,165,133 | |
Liabilities | ||
Noninterest-bearing deposits | 179,267 | |
Interest-bearing deposits | 807,487 | |
Total deposits | 986,754 | |
Borrowed funds | 1,746 | |
Senior and subordinated debt | 29,360 | |
Accrued interest payable and other liabilities | 11,921 | |
Total liabilities | 1,029,781 | |
Consideration Paid | ||
Common stock (2020 â 4,930,231, shares issued at $14.58 per share, 2019 â 4,728,541, shares issued at $20.77 per share), net of issuance costs | 98,212 | |
Cash paid | 37,140 | |
Total consideration paid | $ 135,352 | |
Common stock, shares issued (in shares) | 4,728,541 | |
Shares issued (in dollars per share) | $ 20.77 |
Securities - Securities Portfol
Securities - Securities Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity securities | $ 40,098 | $ 42,136 | |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 3,299,409 | 2,851,479 | |
Gross Unrealized Gains | 95,317 | 31,205 | |
Gross Unrealized Losses | (11,861) | (9,298) | |
Fair Value | 3,382,865 | 2,873,386 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 19,825 | ||
Gross Unrealized Gains | 17 | ||
Gross Unrealized Losses | 0 | ||
Fair Value | 19,842 | ||
Allowance for securities held-to-maturity | (220) | $ 220 | |
Securities held-to-maturity, at amortized cost, net | 19,825 | 21,997 | |
Fair value, net of allowance | 19,842 | ||
U.S. treasury securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 32,954 | 33,939 | |
Gross Unrealized Gains | 355 | 137 | |
Gross Unrealized Losses | 0 | (1) | |
Fair Value | 33,309 | 34,075 | |
U.S. agency securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 616,469 | 249,502 | |
Gross Unrealized Gains | 3,940 | 758 | |
Gross Unrealized Losses | (2,417) | (1,836) | |
Fair Value | 617,992 | 248,424 | |
Collateralized mortgage obligations ("CMOs") | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 1,640,928 | 1,547,805 | |
Gross Unrealized Gains | 59,820 | 14,893 | |
Gross Unrealized Losses | (736) | (5,027) | |
Fair Value | 1,700,012 | 1,557,671 | |
Other mortgage-backed securities ("MBSs") | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 662,529 | 678,804 | |
Gross Unrealized Gains | 24,836 | 7,728 | |
Gross Unrealized Losses | (94) | (1,848) | |
Fair Value | 687,271 | 684,684 | |
Municipal securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 228,744 | 228,632 | |
Gross Unrealized Gains | 5,972 | 5,898 | |
Gross Unrealized Losses | (157) | (99) | |
Fair Value | 234,559 | 234,431 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 20,045 | 21,997 | |
Gross Unrealized Gains | 17 | 0 | |
Gross Unrealized Losses | 0 | (763) | |
Fair Value | 20,062 | 21,234 | |
Corporate debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 117,785 | 112,797 | |
Gross Unrealized Gains | 394 | 1,791 | |
Gross Unrealized Losses | (8,457) | (487) | |
Fair Value | 109,722 | 114,101 | |
Equity securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity securities | $ 40,098 | $ 42,136 |
Securities - Remaining Contract
Securities - Remaining Contractual Maturity of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-sale Securities, Amortized Cost [Abstract] | ||
One year or less | $ 326,292 | |
After one year to five years | 178,785 | |
After five years to ten years | 490,875 | |
After ten years | 0 | |
Securities that do not have a single contractual maturity date | 2,303,457 | |
Amortized Cost | 3,299,409 | $ 2,851,479 |
Fair Value | ||
One year or less | 326,171 | |
After one year to five years | 178,718 | |
After five years to ten years | 490,693 | |
After ten years | 0 | |
Securities that do not have a single contractual maturity date | 2,387,283 | |
Fair Value | 3,382,865 | $ 2,873,386 |
Held-to-maturity Securities, Amortized Cost [Abstract] | ||
One year or less | 8,111 | |
After one year to five years | 5,573 | |
After five years to ten years | 3,349 | |
After ten years | 2,792 | |
Securities that do not have a single contractual maturity date | 0 | |
Amortized Cost | 19,825 | |
Held-to-maturity Securities, Fair Value [Abstract] | ||
One year or less | 8,118 | |
After one year to five years | 5,578 | |
After five years to ten years | 3,352 | |
After ten years | 2,794 | |
Securities that do not have a single contractual maturity date | 0 | |
Fair Value | $ 19,842 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-sale securities pledged | $ 1,400,000,000 | $ 1,300,000,000 | |
Held-to-maturity securities pledged as collateral | 0 | 0 | |
Realized gains (losses) on securities | $ 1,005,000 | $ 0 | |
Interest receivable on securities | $ 12,300,000 | $ 11,300,000 |
Securities - Securities In An U
Securities - Securities In An Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2020USD ($)security | Dec. 31, 2019USD ($)security |
Securities Available-for-Sale | ||
Number of Securities | security | 80 | 286 |
Fair Value | ||
Less Than 12 Months | $ 213,239 | $ 375,608 |
12 Months or Longer | 121,328 | 608,390 |
Total | 334,567 | 983,998 |
Unrealized Losses | ||
Less Than 12 Months | 3,202 | 4,744 |
12 Months or Longer | 8,659 | 4,554 |
Total | $ 11,861 | $ 9,298 |
U.S. treasury securities | ||
Securities Available-for-Sale | ||
Number of Securities | security | 5 | |
Fair Value | ||
Less Than 12 Months | $ 4,966 | |
12 Months or Longer | 0 | |
Total | 4,966 | |
Unrealized Losses | ||
Less Than 12 Months | 1 | |
12 Months or Longer | 0 | |
Total | $ 1 | |
U.S. agency securities | ||
Securities Available-for-Sale | ||
Number of Securities | security | 24 | 52 |
Fair Value | ||
Less Than 12 Months | $ 164,368 | $ 97,729 |
12 Months or Longer | 15,635 | 49,387 |
Total | 180,003 | 147,116 |
Unrealized Losses | ||
Less Than 12 Months | 2,177 | 1,200 |
12 Months or Longer | 240 | 636 |
Total | $ 2,417 | $ 1,836 |
CMOs | ||
Securities Available-for-Sale | ||
Number of Securities | security | 12 | 148 |
Fair Value | ||
Less Than 12 Months | $ 27,840 | $ 187,470 |
12 Months or Longer | 17,505 | 412,083 |
Total | 45,345 | 599,553 |
Unrealized Losses | ||
Less Than 12 Months | 422 | 2,177 |
12 Months or Longer | 314 | 2,850 |
Total | $ 736 | $ 5,027 |
MBSs | ||
Securities Available-for-Sale | ||
Number of Securities | security | 11 | 59 |
Fair Value | ||
Less Than 12 Months | $ 4,809 | $ 66,340 |
12 Months or Longer | 6,294 | 121,861 |
Total | 11,103 | 188,201 |
Unrealized Losses | ||
Less Than 12 Months | 70 | 996 |
12 Months or Longer | 24 | 852 |
Total | $ 94 | $ 1,848 |
Municipal securities | ||
Securities Available-for-Sale | ||
Number of Securities | security | 22 | 16 |
Fair Value | ||
Less Than 12 Months | $ 6,607 | $ 9,384 |
12 Months or Longer | 5,510 | 3,104 |
Total | 12,117 | 12,488 |
Unrealized Losses | ||
Less Than 12 Months | 148 | 89 |
12 Months or Longer | 9 | 10 |
Total | $ 157 | $ 99 |
Corporate debt securities | ||
Securities Available-for-Sale | ||
Number of Securities | security | 11 | 6 |
Fair Value | ||
Less Than 12 Months | $ 9,615 | $ 9,719 |
12 Months or Longer | 76,384 | 21,955 |
Total | 85,999 | 31,674 |
Unrealized Losses | ||
Less Than 12 Months | 385 | 281 |
12 Months or Longer | 8,072 | 206 |
Total | $ 8,457 | $ 487 |
Loans - Loan Portfolio (Details
Loans - Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 13,965,017 | $ 12,840,330 |
Deferred loan fees included in total loans | 8,264 | 7,972 |
Overdrawn demand deposits included in total loans | 7,126 | 10,675 |
Interest receivable on loan portfolio | 49,100 | 48,400 |
Commercial Industrial And Agricultural | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,051,154 | 4,481,525 |
Commercial Industrial And Agricultural | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 393,138 | 405,616 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,097,850 | 4,682,072 |
Commercial real estate | Office, retail, and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,279,068 | 1,848,718 |
Commercial real estate | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 906,281 | 856,553 |
Commercial real estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 562,689 | 593,093 |
Commercial real estate | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,349,812 | 1,383,708 |
Total corporate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,542,142 | 9,569,213 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,422,875 | 3,271,117 |
Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 965,771 | 851,454 |
Consumer loans | 1-4 family mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,968,589 | 1,927,078 |
Consumer loans | Installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 488,515 | $ 492,585 |
Loans - Loans Sales (Details)
Loans - Loans Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total net gains on loan sales | $ 2,629 | $ 1,410 | |
Corporate Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments for loan purchases | 146,461 | 57,539 | |
Consumer Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments for loan purchases | 215,142 | 111,182 | |
Corporate loan sales | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds from sales | 4,303 | 3,198 | |
Less book value of loans sold | 4,188 | 3,116 | |
Total net gains on loan sales | [1] | 115 | 82 |
1-4 family mortgage loan sales | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds from sales | 119,159 | 58,783 | |
Less book value of loans sold | 116,645 | 57,455 | |
Total net gains on loan sales | [2] | 2,514 | 1,328 |
1-4 family mortgage loan sales | Consumer Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments for loan purchases | 70,175 | 72,930 | |
Commercial and industrial | Corporate Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments for loan purchases | 145,822 | 52,719 | |
Construction | Corporate Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments for loan purchases | 639 | 834 | |
Other commercial real estate | Corporate Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments for loan purchases | 0 | 3,986 | |
Home equity | Consumer Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments for loan purchases | $ 144,967 | $ 38,252 | |
[1] | Net gains on corporate loan sales are included in other service charges, commissions, and fees in the Condensed Consolidated Statements of Income. | ||
[2] | Net gains on 1-4 family mortgage loan sales are included in mortgage banking income in the Condensed Consolidated Statements of Income. (3) Consists of the Company's portion of loan participations purchased. |
Acquired Loans - Schedule of Ac
Acquired Loans - Schedule of Acquired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Acquired loans | |||
Acquired Loans (Details) - Acquired Loans [Line Items] | |||
Non-PCD | [1] | $ 1,706,402 | $ 1,216,133 |
Total | [1] | 1,981,574 | 1,383,316 |
Receivables acquired with deteriorated credit quality | |||
Acquired Loans (Details) - Acquired Loans [Line Items] | |||
PCD | 275,172 | 167,183 | |
Receivables acquired with deteriorated credit quality | Acquired loans | |||
Acquired Loans (Details) - Acquired Loans [Line Items] | |||
PCD | [1] | $ 275,172 | $ 167,183 |
[1] | Included in loans in the Consolidated Statements of Financial Condition. (2) Prior to the adoption of CECL on January 1, 2020, loans that had evidence of credit deterioration since origination and for which it was probable at acquisition that the Company would not collect all contractually required principal and interest payments were classified as PCI. |
Acquired Loans - Additional Inf
Acquired Loans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items] | |||
Outstanding balance of PCI loans | $ 315.5 | $ 243 | |
Acquired and covered receivables | |||
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items] | |||
Accretion on acquired loans | $ 6.9 | $ 6.4 |
Past Due Loans, Allowance For_3
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Aging Analysis of Past Due Loans and Non-Performing Loans by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Current | $ 13,765,259 | $ 12,754,845 |
Total Past Due | 199,758 | 85,485 |
Total Loans | 13,965,017 | 12,840,330 |
Non-accrual | 146,599 | 82,269 |
90 Days or More Past Due, Still Accruing Interest | 5,052 | 5,001 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 91,086 | 35,192 |
90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 108,672 | 50,293 |
Commercial, Industrial, and Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 5,444,292 | 4,887,141 |
Commercial, Industrial, and Agricultural | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 5,005,589 | 4,455,381 |
Total Past Due | 45,565 | 26,144 |
Total Loans | 5,051,154 | 4,481,525 |
Non-accrual | 34,012 | 29,995 |
90 Days or More Past Due, Still Accruing Interest | 2,912 | 2,207 |
Commercial, Industrial, and Agricultural | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 382,440 | 398,676 |
Total Past Due | 10,698 | 6,940 |
Total Loans | 393,138 | 405,616 |
Non-accrual | 5,823 | 5,954 |
90 Days or More Past Due, Still Accruing Interest | 146 | 358 |
Commercial, Industrial, and Agricultural | 30-89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 23,166 | 11,468 |
Commercial, Industrial, and Agricultural | 30-89 Days Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,420 | 850 |
Commercial, Industrial, and Agricultural | 90 Days or More Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 22,399 | 14,676 |
Commercial, Industrial, and Agricultural | 90 Days or More Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,278 | 6,090 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 4,979,673 | 4,649,826 |
Total Past Due | 118,177 | 32,246 |
Total Loans | 5,097,850 | 4,682,072 |
Non-accrual | 88,265 | 33,435 |
90 Days or More Past Due, Still Accruing Interest | 580 | 1,075 |
Commercial real estate | Office, retail, and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 2,229,685 | 1,830,321 |
Total Past Due | 49,383 | 18,397 |
Total Loans | 2,279,068 | 1,848,718 |
Non-accrual | 44,625 | 25,857 |
90 Days or More Past Due, Still Accruing Interest | 0 | 546 |
Commercial real estate | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 897,392 | 853,762 |
Total Past Due | 8,889 | 2,791 |
Total Loans | 906,281 | 856,553 |
Non-accrual | 2,869 | 2,697 |
90 Days or More Past Due, Still Accruing Interest | 558 | 0 |
Commercial real estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 532,427 | 588,065 |
Total Past Due | 30,262 | 5,028 |
Total Loans | 562,689 | 593,093 |
Non-accrual | 28,920 | 152 |
90 Days or More Past Due, Still Accruing Interest | 0 | 0 |
Commercial real estate | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,320,169 | 1,377,678 |
Total Past Due | 29,643 | 6,030 |
Total Loans | 1,349,812 | 1,383,708 |
Non-accrual | 11,851 | 4,729 |
90 Days or More Past Due, Still Accruing Interest | 22 | 529 |
Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 48,681 | 11,263 |
Commercial real estate | 30-89 Days Past Due | Office, retail, and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 16,590 | 2,943 |
Commercial real estate | 30-89 Days Past Due | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,697 | 211 |
Commercial real estate | 30-89 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,342 | 4,876 |
Commercial real estate | 30-89 Days Past Due | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 25,052 | 3,233 |
Commercial real estate | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 69,496 | 20,983 |
Commercial real estate | 90 Days or More Past Due | Office, retail, and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 32,793 | 15,454 |
Commercial real estate | 90 Days or More Past Due | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,192 | 2,580 |
Commercial real estate | 90 Days or More Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 28,920 | 152 |
Commercial real estate | 90 Days or More Past Due | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,591 | 2,797 |
Total corporate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 10,367,702 | 9,503,883 |
Total Past Due | 174,440 | 65,330 |
Total Loans | 10,542,142 | 9,569,213 |
Non-accrual | 128,100 | 69,384 |
90 Days or More Past Due, Still Accruing Interest | 3,638 | 3,640 |
Total corporate loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 77,267 | 23,581 |
Total corporate loans | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 97,173 | 41,749 |
Consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 3,397,557 | 3,250,962 |
Total Past Due | 25,318 | 20,155 |
Total Loans | 3,422,875 | 3,271,117 |
Non-accrual | 18,499 | 12,885 |
90 Days or More Past Due, Still Accruing Interest | 1,414 | 1,361 |
Consumer loans | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 956,764 | 841,908 |
Total Past Due | 9,007 | 9,546 |
Total Loans | 965,771 | 851,454 |
Non-accrual | 9,503 | 8,443 |
90 Days or More Past Due, Still Accruing Interest | 360 | 146 |
Consumer loans | 1-4 family mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,957,289 | 1,917,648 |
Total Past Due | 11,300 | 9,430 |
Total Loans | 1,968,589 | 1,927,078 |
Non-accrual | 8,996 | 4,442 |
90 Days or More Past Due, Still Accruing Interest | 0 | 1,203 |
Consumer loans | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 483,504 | 491,406 |
Total Past Due | 5,011 | 1,179 |
Total Loans | 488,515 | 492,585 |
Non-accrual | 0 | 0 |
90 Days or More Past Due, Still Accruing Interest | 1,054 | 12 |
Consumer loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 13,819 | 11,611 |
Consumer loans | 30-89 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,548 | 4,992 |
Consumer loans | 30-89 Days Past Due | 1-4 family mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,314 | 5,452 |
Consumer loans | 30-89 Days Past Due | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,957 | 1,167 |
Consumer loans | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 11,499 | 8,544 |
Consumer loans | 90 Days or More Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,459 | 4,554 |
Consumer loans | 90 Days or More Past Due | 1-4 family mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,986 | 3,978 |
Consumer loans | 90 Days or More Past Due | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 1,054 | $ 12 |
Past Due Loans, Allowance For_4
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | $ 109,222 | $ 103,419 |
Allowance established for acquired PCD loans | 14,304 | |
Charge-offs | (13,930) | (10,777) |
Recoveries | 1,816 | 1,693 |
Net charge-offs | (12,114) | (9,084) |
Provision for loan losses and other | 39,532 | 10,444 |
Ending balance | 226,701 | 104,779 |
Allowance for Unfunded Commitments | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 1,200 | 1,200 |
Allowance established for acquired PCD loans | 0 | |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Provision for loan losses and other | 0 | 0 |
Ending balance | 6,753 | 1,200 |
Commercial, Industrial, and Agricultural | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 62,830 | 63,276 |
Allowance established for acquired PCD loans | 12,262 | |
Charge-offs | (7,066) | (6,451) |
Recoveries | 1,159 | 1,301 |
Net charge-offs | (5,907) | (5,150) |
Provision for loan losses and other | 24,389 | 6,559 |
Ending balance | 113,733 | 64,685 |
Commercial Real Estate | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 18,635 | |
Ending balance | 59,396 | |
Commercial Real Estate | Office, Retail, and Industrial | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 7,580 | 7,900 |
Allowance established for acquired PCD loans | 2,003 | |
Charge-offs | (338) | (628) |
Recoveries | 9 | 10 |
Net charge-offs | (329) | (618) |
Provision for loan losses and other | 4,916 | 397 |
Ending balance | 25,856 | 7,679 |
Commercial Real Estate | Multi-family | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 2,950 | 2,464 |
Allowance established for acquired PCD loans | 0 | |
Charge-offs | (10) | (340) |
Recoveries | 5 | 1 |
Net charge-offs | (5) | (339) |
Provision for loan losses and other | 347 | 91 |
Ending balance | 3,689 | 2,216 |
Commercial Real Estate | Construction | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 1,697 | 2,173 |
Allowance established for acquired PCD loans | 0 | |
Charge-offs | (1,808) | (6) |
Recoveries | 0 | 6 |
Net charge-offs | (1,808) | 0 |
Provision for loan losses and other | 1,108 | (42) |
Ending balance | 11,297 | 2,131 |
Commercial Real Estate | Other Commercial Real Estate | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 6,408 | 4,934 |
Allowance established for acquired PCD loans | 0 | |
Charge-offs | (308) | (210) |
Recoveries | 144 | 21 |
Net charge-offs | (164) | (189) |
Provision for loan losses and other | 883 | 185 |
Ending balance | 18,554 | 4,930 |
Consumer | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 26,557 | |
Ending balance | 46,819 | |
Consumer | Consumer | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 26,557 | 21,472 |
Allowance established for acquired PCD loans | 39 | |
Charge-offs | (4,400) | (3,142) |
Recoveries | 499 | 354 |
Net charge-offs | (3,901) | (2,788) |
Provision for loan losses and other | 7,889 | 3,254 |
Ending balance | 46,819 | $ 21,938 |
Cumulative Effect, Period Of Adoption, Adjustment | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 75,757 | |
Cumulative Effect, Period Of Adoption, Adjustment | Allowance for Unfunded Commitments | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 5,553 | |
Cumulative Effect, Period Of Adoption, Adjustment | Commercial, Industrial, and Agricultural | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 20,159 | |
Cumulative Effect, Period Of Adoption, Adjustment | Commercial Real Estate | Office, Retail, and Industrial | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 11,686 | |
Cumulative Effect, Period Of Adoption, Adjustment | Commercial Real Estate | Multi-family | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 397 | |
Cumulative Effect, Period Of Adoption, Adjustment | Commercial Real Estate | Construction | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 10,300 | |
Cumulative Effect, Period Of Adoption, Adjustment | Commercial Real Estate | Other Commercial Real Estate | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | 11,427 | |
Cumulative Effect, Period Of Adoption, Adjustment | Consumer | Consumer | ||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||
Beginning balance | $ 16,235 |
Past Due Loans, Allowance For_5
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Loans and Related Allowance for Credit Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans, Individually Evaluated for Impairment | $ 78,313 | $ 64,321 | |||
Loans, Collectively Evaluated for Impairment | 13,611,532 | 12,608,826 | |||
Loans | 13,965,017 | 12,840,330 | |||
Allowance for Credit Losses Individually Evaluated for Impairment | 2,807 | 3,992 | |||
Allowance for Credit Losses Collectively Evaluated for Impairment | 173,671 | 102,033 | |||
Total Allowance for Credit Losses | 226,701 | $ 76,000 | 109,222 | $ 104,779 | $ 103,419 |
PCD | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
PCD | 275,172 | 167,183 | |||
Total Allowance for Credit Losses | 50,223 | $ 35,700 | 3,197 | ||
Commercial Industrial And Agricultural | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans, Individually Evaluated for Impairment | 28,682 | 34,142 | |||
Loans, Collectively Evaluated for Impairment | 5,299,373 | 4,807,114 | |||
Loans | 5,444,292 | 4,887,141 | |||
Allowance for Credit Losses Individually Evaluated for Impairment | 1,821 | 3,414 | |||
Allowance for Credit Losses Collectively Evaluated for Impairment | 91,604 | 59,108 | |||
Total Allowance for Credit Losses | 113,733 | 62,830 | 64,685 | 63,276 | |
Commercial Industrial And Agricultural | PCD | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
PCD | 116,237 | 45,885 | |||
Total Allowance for Credit Losses | 20,308 | 308 | |||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans, Individually Evaluated for Impairment | 49,631 | 30,179 | |||
Loans, Collectively Evaluated for Impairment | 4,913,948 | 4,552,796 | |||
Loans | 5,097,850 | 4,682,072 | |||
Allowance for Credit Losses Individually Evaluated for Impairment | 986 | 578 | |||
Allowance for Credit Losses Collectively Evaluated for Impairment | 28,999 | 16,301 | |||
Total Allowance for Credit Losses | 59,396 | 18,635 | |||
Commercial real estate | PCD | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
PCD | 134,271 | 99,097 | |||
Total Allowance for Credit Losses | 29,411 | 1,756 | |||
Total corporate loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans, Individually Evaluated for Impairment | 78,313 | 64,321 | |||
Loans, Collectively Evaluated for Impairment | 10,213,321 | 9,359,910 | |||
Loans | 10,542,142 | 9,569,213 | |||
Allowance for Credit Losses Individually Evaluated for Impairment | 2,807 | 3,992 | |||
Allowance for Credit Losses Collectively Evaluated for Impairment | 120,603 | 75,409 | |||
Total Allowance for Credit Losses | 173,129 | 81,465 | |||
Total corporate loans | PCD | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
PCD | 250,508 | 144,982 | |||
Total Allowance for Credit Losses | 49,719 | 2,064 | |||
Consumer loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans, Individually Evaluated for Impairment | 0 | 0 | |||
Loans, Collectively Evaluated for Impairment | 3,398,211 | 3,248,916 | |||
Loans | 3,422,875 | 3,271,117 | |||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | |||
Allowance for Credit Losses Collectively Evaluated for Impairment | 46,315 | 25,424 | |||
Total Allowance for Credit Losses | 46,819 | 26,557 | |||
Consumer loans | PCD | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
PCD | 24,664 | 22,201 | |||
Total Allowance for Credit Losses | 504 | 1,133 | |||
Office, retail, and industrial | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans, Individually Evaluated for Impairment | 25,092 | 24,820 | |||
Loans, Collectively Evaluated for Impairment | 2,192,942 | 1,795,557 | |||
Loans | 2,279,068 | 1,848,718 | |||
Allowance for Credit Losses Individually Evaluated for Impairment | 986 | 578 | |||
Allowance for Credit Losses Collectively Evaluated for Impairment | 13,257 | 6,899 | |||
Total Allowance for Credit Losses | 25,856 | 7,580 | 7,679 | 7,900 | |
Office, retail, and industrial | Commercial real estate | PCD | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
PCD | 61,034 | 28,341 | |||
Total Allowance for Credit Losses | 11,613 | 103 | |||
Multi-family | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans, Individually Evaluated for Impairment | 2,338 | 1,995 | |||
Loans, Collectively Evaluated for Impairment | 900,583 | 851,857 | |||
Loans | 906,281 | 856,553 | |||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | |||
Allowance for Credit Losses Collectively Evaluated for Impairment | 3,642 | 2,854 | |||
Total Allowance for Credit Losses | 3,689 | 2,950 | 2,216 | 2,464 | |
Multi-family | Commercial real estate | PCD | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
PCD | 3,360 | 2,701 | |||
Total Allowance for Credit Losses | 47 | 96 | |||
Construction | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans, Individually Evaluated for Impairment | 18,734 | 123 | |||
Loans, Collectively Evaluated for Impairment | 522,832 | 581,747 | |||
Loans | 562,689 | 593,093 | |||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | |||
Allowance for Credit Losses Collectively Evaluated for Impairment | 3,678 | 1,681 | |||
Total Allowance for Credit Losses | 11,297 | 1,697 | 2,131 | 2,173 | |
Construction | Commercial real estate | PCD | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
PCD | 21,123 | 11,223 | |||
Total Allowance for Credit Losses | 7,619 | 16 | |||
Other commercial real estate | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans, Individually Evaluated for Impairment | 3,467 | 3,241 | |||
Loans, Collectively Evaluated for Impairment | 1,297,591 | 1,323,635 | |||
Loans | 1,349,812 | 1,383,708 | |||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | |||
Allowance for Credit Losses Collectively Evaluated for Impairment | 8,422 | 4,867 | |||
Total Allowance for Credit Losses | 18,554 | 6,408 | 4,930 | 4,934 | |
Other commercial real estate | Commercial real estate | PCD | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
PCD | 48,754 | 56,832 | |||
Total Allowance for Credit Losses | 10,132 | 1,541 | |||
Allowance for unfunded commitments | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans, Individually Evaluated for Impairment | 0 | 0 | |||
Loans, Collectively Evaluated for Impairment | 0 | 0 | |||
Loans | 0 | 0 | |||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | |||
Allowance for Credit Losses Collectively Evaluated for Impairment | 6,753 | 1,200 | |||
Total Allowance for Credit Losses | 6,753 | 1,200 | $ 1,200 | $ 1,200 | |
Allowance for unfunded commitments | PCD | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
PCD | 0 | 0 | |||
Total Allowance for Credit Losses | $ 0 | $ 0 |
Past Due Loans, Allowance For_6
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Collateral-dependent Loans and Non-accrual Loans With No Related Allowance by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | $ 146,599 | $ 82,269 | |
Non-accrual Loans With No Related Allowance | 65,822 | ||
Interest income on non-accrual loans | 278 | $ 79 | |
Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 128,254 | ||
Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 62,518 | ||
Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 2,055 | ||
Commercial Industrial And Agricultural | Commercial and industrial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 34,012 | 29,995 | |
Non-accrual Loans With No Related Allowance | 9,497 | ||
Commercial Industrial And Agricultural | Commercial and industrial | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 7,292 | ||
Commercial Industrial And Agricultural | Commercial and industrial | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 60,475 | ||
Commercial Industrial And Agricultural | Commercial and industrial | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 2,055 | ||
Commercial Industrial And Agricultural | Agricultural | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 5,823 | 5,954 | |
Non-accrual Loans With No Related Allowance | 5,610 | ||
Commercial Industrial And Agricultural | Agricultural | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 4,755 | ||
Commercial Industrial And Agricultural | Agricultural | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 2,043 | ||
Commercial Industrial And Agricultural | Agricultural | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Commercial Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 88,265 | 33,435 | |
Non-accrual Loans With No Related Allowance | 48,507 | ||
Commercial Real Estate | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 114,605 | ||
Commercial Real Estate | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Commercial Real Estate | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Commercial Real Estate | Office, retail, and industrial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 44,625 | 25,857 | |
Non-accrual Loans With No Related Allowance | 17,674 | ||
Commercial Real Estate | Office, retail, and industrial | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 55,176 | ||
Commercial Real Estate | Office, retail, and industrial | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Commercial Real Estate | Office, retail, and industrial | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Commercial Real Estate | Multi-family | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 2,869 | 2,697 | |
Non-accrual Loans With No Related Allowance | 2,338 | ||
Commercial Real Estate | Multi-family | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 2,338 | ||
Commercial Real Estate | Multi-family | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Commercial Real Estate | Multi-family | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Commercial Real Estate | Construction | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 28,920 | 152 | |
Non-accrual Loans With No Related Allowance | 19,185 | ||
Commercial Real Estate | Construction | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 29,502 | ||
Commercial Real Estate | Construction | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Commercial Real Estate | Construction | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Commercial Real Estate | Other commercial real estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 11,851 | 4,729 | |
Non-accrual Loans With No Related Allowance | 9,310 | ||
Commercial Real Estate | Other commercial real estate | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 27,589 | ||
Commercial Real Estate | Other commercial real estate | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Commercial Real Estate | Other commercial real estate | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Total corporate loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 128,100 | 69,384 | |
Non-accrual Loans With No Related Allowance | 63,614 | ||
Total corporate loans | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 126,652 | ||
Total corporate loans | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 62,518 | ||
Total corporate loans | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 2,055 | ||
Consumer loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 18,499 | 12,885 | |
Non-accrual Loans With No Related Allowance | 2,208 | ||
Consumer loans | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 1,602 | ||
Consumer loans | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Consumer loans | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Consumer loans | Home equity | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 9,503 | 8,443 | |
Non-accrual Loans With No Related Allowance | 266 | ||
Consumer loans | Home equity | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 1,506 | ||
Consumer loans | Home equity | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Consumer loans | Home equity | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Consumer loans | 1-4 family mortgages | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 8,996 | 4,442 | |
Non-accrual Loans With No Related Allowance | 1,942 | ||
Consumer loans | 1-4 family mortgages | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 96 | ||
Consumer loans | 1-4 family mortgages | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Consumer loans | 1-4 family mortgages | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Consumer loans | Installment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | $ 0 | |
Non-accrual Loans With No Related Allowance | 0 | ||
Consumer loans | Installment | Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Consumer loans | Installment | Blanket Lien | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | ||
Consumer loans | Installment | Equipment | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | $ 0 |
Past Due Loans, Allowance For_7
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Impaired Loans Individually Evaluated by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment in Loans with No Specific Reserve | $ 51,275 | $ 34,244 |
Recorded Investment in Loans with a Specific Reserve | 27,038 | 30,077 |
Unpaid Principal Balance | 119,835 | 104,472 |
Specific Allowance | 2,807 | 3,992 |
Commercial Industrial And Agricultural | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment in Loans with No Specific Reserve | 6,876 | 12,885 |
Recorded Investment in Loans with a Specific Reserve | 16,196 | 15,516 |
Unpaid Principal Balance | 47,302 | 52,559 |
Specific Allowance | 1,821 | 2,456 |
Commercial Industrial And Agricultural | Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment in Loans with No Specific Reserve | 5,610 | 1,889 |
Recorded Investment in Loans with a Specific Reserve | 0 | 3,852 |
Unpaid Principal Balance | 10,389 | 9,293 |
Specific Allowance | 0 | 958 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment in Loans with No Specific Reserve | 38,789 | 19,470 |
Recorded Investment in Loans with a Specific Reserve | 10,842 | 10,709 |
Unpaid Principal Balance | 62,144 | 42,620 |
Specific Allowance | 986 | 578 |
Commercial real estate | Office, retail, and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment in Loans with No Specific Reserve | 14,250 | 14,111 |
Recorded Investment in Loans with a Specific Reserve | 10,842 | 10,709 |
Unpaid Principal Balance | 37,317 | 37,007 |
Specific Allowance | 986 | 578 |
Commercial real estate | Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment in Loans with No Specific Reserve | 2,338 | 1,995 |
Recorded Investment in Loans with a Specific Reserve | 0 | 0 |
Unpaid Principal Balance | 2,338 | 1,995 |
Specific Allowance | 0 | 0 |
Commercial real estate | Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment in Loans with No Specific Reserve | 18,734 | 123 |
Recorded Investment in Loans with a Specific Reserve | 0 | 0 |
Unpaid Principal Balance | 18,734 | 123 |
Specific Allowance | 0 | 0 |
Commercial real estate | Other commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment in Loans with No Specific Reserve | 3,467 | 3,241 |
Recorded Investment in Loans with a Specific Reserve | 0 | 0 |
Unpaid Principal Balance | 3,755 | 3,495 |
Specific Allowance | $ 0 | $ 0 |
Past Due Loans, Allowance For_8
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Corporate Loans Portfolio Segment By Origination Year (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | $ 7,000 | |
Corporate Loan | Commercial Industrial And Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 352,025 | |
2019 | 900,338 | |
2018 | 1,008,805 | |
2017 | 569,566 | |
2016 | 284,532 | |
Prior | 533,674 | |
Revolving Loans | 1,795,352 | |
Total | 5,444,292 | |
Corporate Loan | Commercial Industrial And Agricultural | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 347,347 | |
2019 | 886,843 | |
2018 | 969,223 | |
2017 | 536,226 | |
2016 | 254,029 | |
Prior | 496,992 | |
Revolving Loans | 1,684,205 | |
Total | 5,174,865 | |
Corporate Loan | Commercial Industrial And Agricultural | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,155 | |
2019 | 10,109 | |
2018 | 11,814 | |
2017 | 4,424 | |
2016 | 10,296 | |
Prior | 14,678 | |
Revolving Loans | 65,270 | |
Total | 120,746 | |
Corporate Loan | Commercial Industrial And Agricultural | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 523 | |
2019 | 3,256 | |
2018 | 25,569 | |
2017 | 17,947 | |
2016 | 14,907 | |
Prior | 15,875 | |
Revolving Loans | 30,769 | |
Total | 108,846 | |
Corporate Loan | Commercial Industrial And Agricultural | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 130 | |
2018 | 2,199 | |
2017 | 10,969 | |
2016 | 5,300 | |
Prior | 6,129 | |
Revolving Loans | 15,108 | |
Total | 39,835 | |
Corporate Loan | Commercial Industrial And Agricultural | Net Loan Charge Offs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 1 | |
2018 | 533 | |
2017 | 196 | |
2016 | 398 | |
Prior | 1,612 | |
Revolving Loans | 3,167 | |
Total | 5,907 | |
Corporate Loan | Office, retail, and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 92,076 | |
2019 | 264,707 | |
2018 | 271,745 | |
2017 | 377,611 | |
2016 | 369,169 | |
Prior | 806,158 | |
Revolving Loans | 97,602 | |
Total | 2,279,068 | |
Corporate Loan | Office, retail, and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 91,286 | |
2019 | 261,537 | |
2018 | 269,725 | |
2017 | 369,944 | |
2016 | 336,235 | |
Prior | 730,037 | |
Revolving Loans | 97,171 | |
Total | 2,155,935 | |
Corporate Loan | Office, retail, and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 790 | |
2019 | 3,170 | |
2018 | 1,888 | |
2017 | 5,127 | |
2016 | 20,430 | |
Prior | 12,494 | |
Revolving Loans | 0 | |
Total | 43,899 | |
Corporate Loan | Office, retail, and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 374 | |
2016 | 626 | |
Prior | 33,609 | |
Revolving Loans | 0 | |
Total | 34,609 | |
Corporate Loan | Office, retail, and industrial | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 132 | |
2017 | 2,166 | |
2016 | 11,878 | |
Prior | 30,018 | |
Revolving Loans | 431 | |
Total | 44,625 | |
Corporate Loan | Office, retail, and industrial | Net Loan Charge Offs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 333 | |
2018 | 0 | |
2017 | 0 | |
2016 | 4 | |
Prior | (8) | |
Revolving Loans | 0 | |
Total | 329 | |
Corporate Loan | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 64,735 | |
2019 | 204,728 | |
2018 | 112,455 | |
2017 | 105,680 | |
2016 | 108,810 | |
Prior | 276,650 | |
Revolving Loans | 33,223 | |
Total | 906,281 | |
Corporate Loan | Multi-family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 64,735 | |
2019 | 204,728 | |
2018 | 112,066 | |
2017 | 103,257 | |
2016 | 108,573 | |
Prior | 263,163 | |
Revolving Loans | 33,223 | |
Total | 889,745 | |
Corporate Loan | Multi-family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 7,754 | |
Revolving Loans | 0 | |
Total | 7,754 | |
Corporate Loan | Multi-family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 389 | |
2017 | 84 | |
2016 | 0 | |
Prior | 5,440 | |
Revolving Loans | 0 | |
Total | 5,913 | |
Corporate Loan | Multi-family | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 2,339 | |
2016 | 237 | |
Prior | 293 | |
Revolving Loans | 0 | |
Total | 2,869 | |
Corporate Loan | Multi-family | Net Loan Charge Offs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 4 | |
2018 | 0 | |
2017 | 1 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 5 | |
Corporate Loan | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 6,359 | |
2019 | 124,887 | |
2018 | 125,846 | |
2017 | 93,004 | |
2016 | 80,257 | |
Prior | 99,286 | |
Revolving Loans | 33,050 | |
Total | 562,689 | |
Corporate Loan | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 6,359 | |
2019 | 124,887 | |
2018 | 125,846 | |
2017 | 89,101 | |
2016 | 66,763 | |
Prior | 64,836 | |
Revolving Loans | 31,327 | |
Total | 509,119 | |
Corporate Loan | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 2,621 | |
2016 | 13,494 | |
Prior | 1,258 | |
Revolving Loans | 0 | |
Total | 17,373 | |
Corporate Loan | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 7,277 | |
Revolving Loans | 0 | |
Total | 7,277 | |
Corporate Loan | Construction | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,282 | |
2016 | 0 | |
Prior | 25,915 | |
Revolving Loans | 1,723 | |
Total | 28,920 | |
Corporate Loan | Construction | Net Loan Charge Offs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 118 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 1,690 | |
Revolving Loans | 0 | |
Total | 1,808 | |
Corporate Loan | Other commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 14,525 | |
2019 | 168,158 | |
2018 | 248,142 | |
2017 | 226,350 | |
2016 | 116,264 | |
Prior | 546,987 | |
Revolving Loans | 29,386 | |
Total | 1,349,812 | |
Corporate Loan | Other commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 14,525 | |
2019 | 166,652 | |
2018 | 241,391 | |
2017 | 202,227 | |
2016 | 105,808 | |
Prior | 488,295 | |
Revolving Loans | 27,508 | |
Total | 1,246,406 | |
Corporate Loan | Other commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 1,506 | |
2018 | 6,523 | |
2017 | 22,233 | |
2016 | 7,204 | |
Prior | 12,288 | |
Revolving Loans | 1,300 | |
Total | 51,054 | |
Corporate Loan | Other commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,409 | |
2016 | 2,926 | |
Prior | 36,166 | |
Revolving Loans | 0 | |
Total | 40,501 | |
Corporate Loan | Other commercial real estate | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 228 | |
2017 | 481 | |
2016 | 326 | |
Prior | 10,238 | |
Revolving Loans | 578 | |
Total | 11,851 | |
Corporate Loan | Other commercial real estate | Net Loan Charge Offs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 38 | |
2018 | 1 | |
2017 | 0 | |
2016 | 183 | |
Prior | (58) | |
Revolving Loans | 0 | |
Total | 164 | |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 3,271,117 | |
Consumer loans | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 6,977 | |
2019 | 12,526 | |
2018 | 17,614 | |
2017 | 13,911 | |
2016 | 12,843 | |
Prior | 67,720 | |
Revolving Loans | 834,180 | |
Total | 965,771 | 851,454 |
Consumer loans | Home equity | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 22 | |
2018 | 110 | |
2017 | 265 | |
2016 | 494 | |
Prior | 7,159 | |
Revolving Loans | 1,453 | |
Total | 9,503 | |
Consumer loans | Home equity | Net Loan Charge Offs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 1 | |
2017 | 0 | |
2016 | 1 | |
Prior | 51 | |
Revolving Loans | (7) | |
Total | 46 | |
Consumer loans | Home equity | Performing Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 6,977 | |
2019 | 12,504 | |
2018 | 17,504 | |
2017 | 13,646 | |
2016 | 12,349 | |
Prior | 60,561 | |
Revolving Loans | 832,727 | |
Total | 956,268 | |
Consumer loans | 1-4 Family Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 134,450 | |
2019 | 798,396 | |
2018 | 378,819 | |
2017 | 181,526 | |
2016 | 196,644 | |
Prior | 278,311 | |
Revolving Loans | 443 | |
Total | 1,968,589 | |
Consumer loans | 1-4 Family Mortgages | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 422 | |
2017 | 83 | |
2016 | 63 | |
Prior | 8,428 | |
Revolving Loans | 0 | |
Total | 8,996 | |
Consumer loans | 1-4 Family Mortgages | Net Loan Charge Offs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 4 | |
2017 | 0 | |
2016 | 4 | |
Prior | 81 | |
Revolving Loans | 0 | |
Total | 89 | |
Consumer loans | 1-4 Family Mortgages | Performing Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 134,450 | |
2019 | 798,396 | |
2018 | 378,397 | |
2017 | 181,443 | |
2016 | 196,581 | |
Prior | 269,883 | |
Revolving Loans | 443 | |
Total | 1,959,593 | |
Consumer loans | Installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 42,072 | |
2019 | 204,697 | |
2018 | 120,799 | |
2017 | 53,601 | |
2016 | 21,380 | |
Prior | 23,003 | |
Revolving Loans | 22,963 | |
Total | 488,515 | $ 492,585 |
Consumer loans | Installment | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Consumer loans | Installment | Net Loan Charge Offs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 1,685 | |
2018 | 1,183 | |
2017 | 455 | |
2016 | 52 | |
Prior | 391 | |
Revolving Loans | 0 | |
Total | 3,766 | |
Consumer loans | Installment | Performing Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 42,072 | |
2019 | 204,697 | |
2018 | 120,799 | |
2017 | 53,601 | |
2016 | 21,380 | |
Prior | 23,003 | |
Revolving Loans | 22,963 | |
Total | $ 488,515 |
Past Due Loans, Allowance For_9
Past Due Loans, Allowance For Credit Losses, Impaired Loans, and TDRS - Credit Quality Indicators by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Commercial Industrial And Agricultural | Commercial and industrial | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | $ 4,481,525 | |
Commercial Industrial And Agricultural | Commercial and industrial | Pass | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 4,324,709 | |
Commercial Industrial And Agricultural | Commercial and industrial | Special Mention | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 47,665 | |
Commercial Industrial And Agricultural | Commercial and industrial | Substandard | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 79,156 | |
Commercial Industrial And Agricultural | Commercial and industrial | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 29,995 | |
Commercial Industrial And Agricultural | Agricultural | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 405,616 | |
Commercial Industrial And Agricultural | Agricultural | Pass | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 350,827 | |
Commercial Industrial And Agricultural | Agricultural | Special Mention | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 32,764 | |
Commercial Industrial And Agricultural | Agricultural | Substandard | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 16,071 | |
Commercial Industrial And Agricultural | Agricultural | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 5,954 | |
Commercial Real Estate | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 4,682,072 | |
Commercial Real Estate | Pass | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 4,446,552 | |
Commercial Real Estate | Special Mention | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 108,274 | |
Commercial Real Estate | Substandard | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 93,811 | |
Commercial Real Estate | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 33,435 | |
Commercial Real Estate | Office, retail, and industrial | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 1,848,718 | |
Commercial Real Estate | Office, retail, and industrial | Pass | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 1,747,287 | |
Commercial Real Estate | Office, retail, and industrial | Special Mention | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 42,230 | |
Commercial Real Estate | Office, retail, and industrial | Substandard | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 33,344 | |
Commercial Real Estate | Office, retail, and industrial | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 25,857 | |
Commercial Real Estate | Multi-family | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 856,553 | |
Commercial Real Estate | Multi-family | Pass | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 839,615 | |
Commercial Real Estate | Multi-family | Special Mention | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 8,279 | |
Commercial Real Estate | Multi-family | Substandard | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 5,962 | |
Commercial Real Estate | Multi-family | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 2,697 | |
Commercial Real Estate | Construction | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 593,093 | |
Commercial Real Estate | Construction | Pass | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 564,495 | |
Commercial Real Estate | Construction | Special Mention | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 17,977 | |
Commercial Real Estate | Construction | Substandard | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 10,469 | |
Commercial Real Estate | Construction | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 152 | |
Commercial Real Estate | Other commercial real estate | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 1,383,708 | |
Commercial Real Estate | Other commercial real estate | Pass | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 1,295,155 | |
Commercial Real Estate | Other commercial real estate | Special Mention | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 39,788 | |
Commercial Real Estate | Other commercial real estate | Substandard | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 44,036 | |
Commercial Real Estate | Other commercial real estate | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 4,729 | |
Total corporate loans | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 9,569,213 | |
Total corporate loans | Pass | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 9,122,088 | |
Total corporate loans | Special Mention | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 188,703 | |
Total corporate loans | Substandard | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 189,038 | |
Total corporate loans | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 69,384 | |
Consumer loans | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 3,271,117 | |
Consumer loans | Performing | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 3,258,232 | |
Consumer loans | Nonperforming | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 12,885 | |
Consumer loans | Home equity | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | $ 965,771 | 851,454 |
Consumer loans | Home equity | Performing | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 843,011 | |
Consumer loans | Home equity | Nonperforming | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 8,443 | |
Consumer loans | 1-4 family mortgages | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 1,927,078 | |
Consumer loans | 1-4 family mortgages | Performing | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 1,922,636 | |
Consumer loans | 1-4 family mortgages | Nonperforming | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 4,442 | |
Consumer loans | Installment | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | $ 488,515 | 492,585 |
Consumer loans | Installment | Performing | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | 492,585 | |
Consumer loans | Installment | Nonperforming | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Financing receivable | $ 0 |
Past Due Loans, Allowance Fo_10
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - TDRs By Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | $ 1,216 | $ 1,233 | ||
Non-accrual | [1] | 17,917 | 20,512 | |
Total | 19,133 | 21,745 | $ 11,219 | |
Specific reserves related to TDRs | 1,900 | 2,200 | ||
Commercial Industrial And Agricultural | Commercial and industrial | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 223 | 227 | ||
Non-accrual | [1] | 12,905 | 16,420 | |
Total | 13,128 | 16,647 | ||
Commercial Industrial And Agricultural | Agricultural | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 0 | 0 | ||
Non-accrual | [1] | 0 | 0 | |
Total | 0 | 0 | ||
Commercial real estate | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 328 | 333 | ||
Non-accrual | [1] | 4,410 | 3,600 | |
Total | 4,738 | 3,933 | ||
Commercial real estate | Office, retail, and industrial | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 0 | 0 | ||
Non-accrual | [1] | 4,410 | 3,600 | |
Total | 4,410 | 3,600 | ||
Commercial real estate | Multi-family | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 161 | 163 | ||
Non-accrual | [1] | 0 | 0 | |
Total | 161 | 163 | ||
Commercial real estate | Construction | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 0 | 0 | ||
Non-accrual | [1] | 0 | 0 | |
Total | 0 | 0 | ||
Commercial real estate | Other commercial real estate | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 167 | 170 | ||
Non-accrual | [1] | 0 | 0 | |
Total | 167 | 170 | ||
Total corporate loans | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 551 | 560 | ||
Non-accrual | [1] | 17,315 | 20,020 | |
Total | 17,866 | 20,580 | ||
Consumer loans | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 665 | 673 | ||
Non-accrual | [1] | 602 | 492 | |
Total | 1,267 | 1,165 | ||
Consumer loans | Home equity | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 35 | 36 | ||
Non-accrual | [1] | 354 | 240 | |
Total | 389 | 276 | ||
Consumer loans | 1-4 family mortgages | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 630 | 637 | ||
Non-accrual | [1] | 248 | 0 | |
Total | 878 | 637 | ||
Consumer loans | Installment | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing TDRs | 0 | 0 | ||
Non-accrual | [1] | 0 | 252 | |
Total | $ 0 | $ 252 | ||
[1] | These TDRs are included in non-accrual loans in the preceding tables. |
Past Due Loans, Allowance Fo_11
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - TDR Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Troubled Debt Restructuring Activity Rollforward [Roll Forward] | |||
Beginning balance | $ 21,745 | ||
Ending balance | 19,133 | $ 11,219 | |
Material commitments to lend additional funds to borrowers with TDRs | 813 | $ 530 | |
Accruing | |||
Troubled Debt Restructuring Activity Rollforward [Roll Forward] | |||
Beginning balance | 1,233 | 1,866 | |
Additions | 0 | 12 | |
Net payments | (17) | (34) | |
Net transfers to non-accrual | 0 | 0 | |
Ending balance | 1,216 | 1,844 | |
Non-accrual | |||
Troubled Debt Restructuring Activity Rollforward [Roll Forward] | |||
Beginning balance | 20,514 | 6,612 | |
Additions | 934 | 0 | |
Net payments | (658) | 2,921 | |
Charge-offs | (2,873) | (158) | |
Net transfers from accruing | 0 | 0 | |
Ending balance | $ 17,917 | $ 9,375 |
Lease Obligations - Narrative (
Lease Obligations - Narrative (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($)branch | Mar. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Jan. 01, 2019USD ($) | ||||
Leases [Abstract] | ||||||||
Operating lease, weighted average remaining lease term | 10 years 11 months 23 days | |||||||
Operating lease, weighted average discount rate (as a percent) | 3.01% | |||||||
Operating lease, right-of-use asset | $ 144,200 | |||||||
Lessee, Lease, Description [Line Items] | ||||||||
Sale and leaseback transaction, number of branches sold | branch | 55 | |||||||
Sale and leaseback transaction, pre-tax gain | $ 65,500 | $ 88,000 | ||||||
Sale and leaseback transaction related expenses | $ 5,500 | |||||||
Adjustments to apply recent accounting pronouncements | [1] | $ (26,821) | [2] | $ 47,257 | ||||
Retained Earnings | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Adjustments to apply recent accounting pronouncements | [1] | $ (26,821) | $ 47,257 | [2] | ||||
[1] | As a result of accounting guidance adopted in the first quarter of 2019, the remaining deferred gain on a sale-leaseback transaction was recognized as a cumulative-effect adjustment to retained earnings as of January 1, 2019. | |||||||
[2] | As a result of accounting guidance adopted in the first quarter of 2020, a portion of the increase in allowance for credit losses, net of tax, was recognized as a cumulative-effect adjustment to retained earnings as of January 1, 2020. For further discussion of this guidance, see Note 2, "Recent Accounting Pronouncements and Other Guidance." |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Lease Liability (Details) $ in Thousands | Mar. 31, 2020USD ($) | |
Leases [Abstract] | ||
2020 | $ 14,167 | |
2021 | 18,773 | |
2022 | 18,657 | |
2023 | 18,756 | |
2024 | 18,458 | |
2025 and thereafter | 105,945 | |
Total minimum lease payments | 194,756 | |
Discount | (30,101) | [1] |
Lease liability | $ 164,655 | [2] |
[1] | Represents the net present value adjustment related to minimum lease payments. | |
[2] | Included in accrued interest payable and other liabilities in the Consolidated Statements of Financial Condition. |
Lease Obligations - Schedule _2
Lease Obligations - Schedule of Net Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Leases [Abstract] | |||
Lease expense charged to operations | $ 4,675 | $ 4,060 | |
Rental income from premises leased to others | [1] | (215) | (157) |
Net operating lease expense | $ 4,460 | $ 3,903 | |
[1] | Included as reductions to net occupancy and equipment expense in the Condensed Consolidated Statements of Income. |
Borrowed Funds - Summary of Bor
Borrowed Funds - Summary of Borrowed Funds (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Securities sold under agreements to repurchase | $ 127,682 | $ 103,515 |
Federal funds purchased | 245,000 | 160,000 |
FHLB advances | 2,275,528 | 1,395,243 |
Total borrowed funds | $ 2,648,210 | $ 1,658,758 |
Borrowed Funds - Narrative (Det
Borrowed Funds - Narrative (Details) - USD ($) | Sep. 27, 2016 | Mar. 31, 2020 |
Short-term Debt [Line Items] | ||
Line of credit maximum borrowing capacity | $ 50,000,000 | |
Commitment fee (as a percent) | 0.35% | |
Amount outstanding under facility | $ 0 | |
One-month LIBOR plus 1.75% | ||
Short-term Debt [Line Items] | ||
Line of credit interest rate spread (as a percent) | 1.75% | |
Federal Home Loan Bank Advances | Minimum | ||
Short-term Debt [Line Items] | ||
FHLB fixed interest rate (as a percent) | 0.00% | |
Federal Home Loan Bank Advances | Maximum | ||
Short-term Debt [Line Items] | ||
FHLB fixed interest rate (as a percent) | 1.73% |
Borrowed Funds - Short-Term Cre
Borrowed Funds - Short-Term Credit Lines Available for Use (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
FRB's Discount Window Primary Credit Program | ||
Line of Credit Facility [Line Items] | ||
Credit lines available for use | $ 908,271 | $ 874,256 |
Available federal funds lines | ||
Line of Credit Facility [Line Items] | ||
Credit lines available for use | 633,000 | 718,000 |
Correspondent bank line of credit | ||
Line of Credit Facility [Line Items] | ||
Credit lines available for use | $ 50,000 | $ 50,000 |
Material Transactions Affecti_2
Material Transactions Affecting Stockholders' Equity (Details) - USD ($) | Mar. 09, 2020 | Mar. 31, 2020 | Mar. 19, 2020 | Feb. 26, 2020 | Feb. 25, 2020 |
Class of Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 180,000,000 | $ 200,000,000 | $ 180,000,000 | ||
Common stock repurchased (in shares) | 1,200,000 | ||||
Total cost of common stock repurchased | $ 22,600,000 | ||||
Bankmanagers Corporation | |||||
Class of Stock [Line Items] | |||||
Acquisitions, net of issuance costs (in shares) | 4,930,231 | ||||
Shares issued (in dollars per share) | $ 14.58 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income | $ 19,606 | $ 46,058 |
Net income applicable to unvested restricted shares | (192) | (403) |
Net income applicable to common shares | $ 19,414 | $ 45,655 |
Weighted-average common shares outstanding: | ||
Weighted-average common shares outstanding (basic) (in Shares) | 109,922 | 105,770 |
Dilutive effect of common stock equivalents (in Shares) | 443 | 0 |
Weighted-average diluted common shares outstanding (in Shares) | 110,365 | 105,770 |
Basic EPS (in dollars per share) | $ 0.18 | $ 0.43 |
Diluted EPS (in dollars per share) | $ 0.18 | $ 0.43 |
Anti-dilutive shares not included in the computation of diluted EPS (in Shares) | 0 | 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Sep. 03, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Amount of variable rate loans hedged using interest rate swaps | $ 630,000 | |||
Amount hedged of borrowed funds using forward starting interest rate swaps | 1,400,000 | $ 920,000 | ||
Amount to be hedged of borrowed funds using forward starting interest rate swaps | $ 485,000 | |||
Weighted-average interest rate to be paid | 1.86% | |||
Interest rate cash flow hedge loss to be reclassified during next 12 months, net | $ (586) | |||
Capital market products income | $ 4,722 | $ 1,279 | ||
Portion of fair value of outstanding interest rate swaps covered by collateral agreements (percent) | 100.00% | 100.00% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gross notional amount outstanding | $ 2,035,000 | $ 1,905,000 | |
Derivative asset fair value in other assets | [1] | 6,850 | 727 |
Derivative liability fair value in other liabilities | [1] | $ (631) | $ (119) |
Weighted-average interest rate received | 1.73% | 1.88% | |
Weighted-average interest rate paid | 1.30% | 1.74% | |
Weighted-average maturity (in years) | 1 year 10 months 6 days | 1 year 2 months 4 days | |
[1] | Certain cash flow hedges are transacted through a clearinghouse ("centrally cleared") and their change in fair value is settled by the counterparties to the transaction, which results in no fair value. |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Other Derivative Instruments (Details) - Other Derivative Instruments - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Gross notional amount outstanding | $ 4,563,930 | $ 4,340,384 | |
Derivative asset fair value in other assets | [1] | 175,903 | 61,709 |
Derivative liability fair value in other liabilities | [1] | (53,246) | (18,416) |
Fair value of derivative | [2] | $ 53,820 | $ 18,856 |
[1] | Certain other derivative instruments are centrally cleared and their change in fair value is settled by the counterparties to the transaction, which results in no fair value. | ||
[2] | This amount represents the fair value if credit risk related contingent features were triggered. |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Cash Flow Hedge Accounting on AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) recognized in other comprehensive income | $ (10,040) | $ 1,458 |
Interest Income | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) recognized in other comprehensive income | 22,004 | 3,353 |
Reclassification of gains (losses) included in net income | 445 | 1,393 |
Interest Expense | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) recognized in other comprehensive income | (12,409) | (4,180) |
Reclassification of gains (losses) included in net income | $ 0 | $ (2,024) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Effect Of Derivatives On Interest Income (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) on derivative, net | $ 445 | $ (631) |
Interest Income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) on derivative, net | 445 | 1,393 |
Interest Expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) on derivative, net | $ 0 | $ (2,024) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Gross amounts recognized | $ 182,753 | $ 62,436 | |
Less: amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 | |
Net amount presented in the Consolidated Statements of Financial Condition | [1] | 182,753 | 62,436 |
Offsetting derivative positions | (8,062) | (2,674) | |
Cash collateral pledged | 0 | 0 | |
Net credit exposure | 174,691 | 59,762 | |
Liabilities | |||
Gross amounts recognized | 53,877 | 18,535 | |
Less: amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 | |
Net amount presented in the Consolidated Statements of Financial Condition | [1] | 53,877 | 18,535 |
Offsetting derivative positions | (8,062) | (2,674) | |
Cash collateral pledged | (44,798) | (15,861) | |
Net credit exposure | $ 1,017 | $ 0 | |
[1] | Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. |
Commitments, Guarantees, and _3
Commitments, Guarantees, and Contingent Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Other Commitments [Line Items] | |||
Letters of credit | $ 122,592 | $ 103,684 | |
Commitments to extend credit | |||
Other Commitments [Line Items] | |||
Commercial, industrial, and agricultural | 2,011,047 | 1,852,040 | |
Commercial real estate | 325,291 | 296,053 | |
Home equity | 596,402 | 576,956 | |
Other commitments | [1] | 246,644 | 251,093 |
Total commitments to extend credit | $ 3,179,384 | $ 2,976,142 | |
[1] | Other commitments includes installment and overdraft protection program commitments. |
Fair Value - Recurring Fair Val
Fair Value - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | [1] | Dec. 31, 2018 | ||
Assets | |||||||
Equity securities | $ 40,098 | $ 42,136 | |||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 3,382,865 | 2,873,386 | |||||
Mortgage servicing rights (MSRs) | 4,874 | [1] | 5,858 | $ 6,228 | $ 6,730 | ||
U.S. treasury securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 33,309 | 34,075 | |||||
U.S. agency securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 617,992 | 248,424 | |||||
CMOs | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 1,700,012 | 1,557,671 | |||||
MBSs | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 687,271 | 684,684 | |||||
Municipal securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 234,559 | 234,431 | |||||
Corporate debt securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 109,722 | 114,101 | |||||
Recurring | Level 1 | |||||||
Assets | |||||||
Equity securities | 21,505 | 23,703 | |||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 33,309 | 34,075 | |||||
Mortgage servicing rights (MSRs) | [2] | 0 | 0 | ||||
Derivative assets | [2] | 0 | 0 | ||||
Liabilities | |||||||
Derivative liabilities | [3] | 0 | 0 | ||||
Recurring | Level 1 | U.S. treasury securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 33,309 | 34,075 | |||||
Recurring | Level 1 | U.S. agency securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 1 | CMOs | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 1 | MBSs | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 1 | Municipal securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 1 | Corporate debt securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 2 | |||||||
Assets | |||||||
Equity securities | 13,593 | 13,400 | |||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 3,349,556 | 2,839,311 | |||||
Mortgage servicing rights (MSRs) | [2] | 0 | 0 | ||||
Derivative assets | [2] | 182,753 | 62,436 | ||||
Liabilities | |||||||
Derivative liabilities | [3] | 53,877 | 18,535 | ||||
Recurring | Level 2 | U.S. treasury securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 2 | U.S. agency securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 617,992 | 248,424 | |||||
Recurring | Level 2 | CMOs | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 1,700,012 | 1,557,671 | |||||
Recurring | Level 2 | MBSs | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 687,271 | 684,684 | |||||
Recurring | Level 2 | Municipal securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 234,559 | 234,431 | |||||
Recurring | Level 2 | Corporate debt securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 109,722 | 114,101 | |||||
Recurring | Level 3 | |||||||
Assets | |||||||
Equity securities | 0 | 0 | |||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Mortgage servicing rights (MSRs) | [2] | 4,874 | 5,858 | ||||
Derivative assets | [2] | 0 | 0 | ||||
Liabilities | |||||||
Derivative liabilities | [3] | 0 | 0 | ||||
Recurring | Level 3 | U.S. treasury securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 3 | U.S. agency securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 3 | CMOs | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 3 | MBSs | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 3 | Municipal securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | 0 | 0 | |||||
Recurring | Level 3 | Corporate debt securities | |||||||
Securities Available-for-Sale | |||||||
Securities available-for-sale, at fair value | $ 0 | $ 0 | |||||
[1] | Included in other assets in the Consolidated Statements of Financial Condition. | ||||||
[2] | Included in other assets in the Consolidated Statements of Financial Condition. | ||||||
[3] | Included in other liabilities in the Consolidated Statements of Financial Condition. |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value (Details) [Line Items] | ||
Equity securities, at fair value | $ 40,098 | $ 42,136 |
Minimum | ||
Fair Value (Details) [Line Items] | ||
Appraisal adjustment (percent) | 0.00% | |
Maximum | ||
Fair Value (Details) [Line Items] | ||
Appraisal adjustment (percent) | 15.00% | |
Recurring | Level 2 | ||
Fair Value (Details) [Line Items] | ||
Equity securities, at fair value | $ 13,593 | $ 13,400 |
Community Development Investments | Recurring | Level 2 | ||
Fair Value (Details) [Line Items] | ||
Equity securities, at fair value | $ 5,000 |
Fair Value - Significant Unobse
Fair Value - Significant Unobservable Inputs Used In the Valuation of MSRs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Total amount of loans being serviced for the benefit of others at the end of the period | $ 641.1 | $ 653.7 |
Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed | 8.20% | 6.70% |
Maturity (months) | 17 months | 18 months |
Discount rate | 9.30% | 9.30% |
Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed | 12.90% | 12.00% |
Maturity (months) | 88 months | 94 months |
Discount rate | 12.00% | 12.00% |
Fair Value - Carrying Value of
Fair Value - Carrying Value of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Beginning balance | $ 5,858 | $ 6,730 | |
New MSRs | 156 | 253 | |
Total gains (losses) included in earnings: | |||
Changes in valuation inputs and assumptions | [1] | (908) | (600) |
Other changes in fair value | [1],[2] | (232) | (155) |
Ending balance | [3] | 4,874 | 6,228 |
Contractually servicing fees earned | [1] | $ 403 | $ 381 |
[1] | Included in mortgage banking income in the Condensed Consolidated Statements of Income and related to assets held as of March 31, 2020 and 2019. | ||
[2] | Primarily represents changes in expected future cash flows due to payoffs and paydowns. | ||
[3] | Included in other assets in the Consolidated Statements of Financial Condition. |
Fair Value - Assets Measured At
Fair Value - Assets Measured At Fair Value On A Non-Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
OREO | $ 9,814 | $ 8,750 | |
Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral-dependent impaired loans | [1] | 0 | 0 |
OREO | [2] | 0 | 0 |
Loans held-for-sale | [3] | 0 | 0 |
Assets held-for-sale | [4] | 0 | 0 |
Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral-dependent impaired loans | [1] | 0 | 0 |
OREO | [2] | 0 | 0 |
Loans held-for-sale | [3] | 0 | 0 |
Assets held-for-sale | [4] | 0 | 0 |
Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral-dependent impaired loans | [1] | 57,739 | 41,326 |
OREO | [2] | 530 | 3,325 |
Loans held-for-sale | [3] | 23,048 | 36,032 |
Assets held-for-sale | [4] | $ 5,043 | $ 6,824 |
[1] | Includes non-accrual loans with charge-offs and non-accrual loans with a specific allowance during the periods presented. | ||
[2] | Includes OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. | ||
[3] | Included in other assets in the Consolidated Statements of Financial Condition. | ||
[4] | Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. |
Fair Value - Fair Value Measure
Fair Value - Fair Value Measurements of Other Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 252,138 | $ 214,894 |
Interest-bearing deposits in other banks | 229,474 | 84,327 |
Securities held-to-maturity | 19,825 | |
FHLB and FRB stock | 154,357 | 115,409 |
Loans | 13,745,069 | 12,732,308 |
Investment in BOLI | 298,827 | 296,351 |
Liabilities | ||
Deposits | 14,098,950 | 13,251,278 |
Borrowed funds | 2,648,210 | 1,658,758 |
Senior and subordinated debt | 234,153 | 233,948 |
Carrying Amount | Level 1 | ||
Assets | ||
Cash and due from banks | 252,138 | 214,894 |
Carrying Amount | Level 2 | ||
Assets | ||
Interest-bearing deposits in other banks | 229,474 | 84,327 |
Securities held-to-maturity | 19,825 | 21,997 |
FHLB and FRB stock | 154,357 | 115,409 |
Liabilities | ||
Deposits | 14,098,950 | 13,251,278 |
Borrowed funds | 2,648,210 | 1,658,758 |
Senior and subordinated debt | 234,153 | 233,948 |
Accrued interest payable | 8,869 | 10,502 |
Carrying Amount | Level 3 | ||
Assets | ||
Loans | 13,745,659 | 12,733,200 |
Investment in BOLI | 298,827 | 296,351 |
Accrued interest receivable | 61,333 | 59,716 |
Fair Value | Level 1 | ||
Assets | ||
Cash and due from banks | 252,138 | 214,894 |
Fair Value | Level 2 | ||
Assets | ||
Interest-bearing deposits in other banks | 229,474 | 84,327 |
Securities held-to-maturity | 19,842 | 21,234 |
FHLB and FRB stock | 154,357 | 115,409 |
Liabilities | ||
Deposits | 14,104,641 | 13,247,871 |
Borrowed funds | 2,648,210 | 1,658,758 |
Senior and subordinated debt | 261,970 | 277,203 |
Accrued interest payable | 8,869 | 10,502 |
Fair Value | Level 3 | ||
Assets | ||
Loans | 13,749,883 | 12,535,848 |
Investment in BOLI | 298,827 | 296,351 |
Accrued interest receivable | $ 61,333 | $ 59,716 |