Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 07, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-34762 | |
Entity Registrant Name | FIRST FINANCIAL BANCORP /OH/ | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-1042001 | |
Entity Address, Address Line One | 255 East Fifth Street, Suite 800 | |
Entity Address, City or Town | Cincinnati, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45202 | |
City Area Code | 877 | |
Local Phone Number | 322-9530 | |
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 | 97,964,165 | |
Entity Central Index Key | 0000708955 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common stock, No par value | |
Trading Symbol | FFBC | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable, Net of Deferred Income | $ 9,307,819 | $ 9,201,665 |
ASSETS | ||
Cash and due from banks | 261,892 | 200,691 |
Interest-bearing deposits with other banks | 71,071 | 56,948 |
Investment securities available-for-sale, at fair value (amortized cost $2,857,355 at March 31, 2020 and $2,798,298 at December 31, 2019) | 2,908,688 | 2,852,084 |
Investment securities held-to-maturity (fair value $140,065 at March 31, 2020 and $142,821 at December 31, 2019) | 136,744 | 142,862 |
Other investments | 143,581 | 125,020 |
Loans held for sale | 27,334 | 13,680 |
Loans | ||
Total loans and leases | 9,307,819 | 9,201,665 |
Loans and Leases Receivable, Allowance | 143,885 | 57,650 |
Net loans and leases | 9,163,934 | 9,144,015 |
Premises and equipment | 212,787 | 214,506 |
Goodwill | 937,771 | 937,771 |
Other Finite-Lived Intangible Assets, Gross | 73,258 | 76,201 |
Accrued interest and other assets | 1,120,507 | 747,847 |
Total assets | 15,057,567 | 14,511,625 |
Deposits | ||
Interest-bearing | 2,498,109 | 2,364,881 |
Savings | 2,978,250 | 2,960,979 |
Time | 2,435,858 | 2,240,441 |
Total interest-bearing deposits | 7,912,217 | 7,566,301 |
Noninterest-bearing | 2,723,341 | 2,643,928 |
Total deposits | 10,635,558 | 10,210,229 |
Federal funds purchased and securities sold under agreements to repurchase | 215,824 | 165,181 |
FHLB short-term borrowings | 1,181,900 | 1,151,000 |
Total short-term borrowings | 1,397,724 | 1,316,181 |
Long-term debt | 325,566 | 414,376 |
Total borrowed funds | 1,723,290 | 1,730,557 |
Accrued interest and other liabilities | 519,336 | 323,134 |
Total liabilities | 12,878,184 | 12,263,920 |
SHAREHOLDERS' EQUITY | ||
Common stock - no par value Authorized - 160,000,000 shares Issued - 104,281,794 shares in 2018 and 68,730,731 shares in 2017 | 1,633,950 | 1,640,771 |
Retained earnings | 660,653 | 711,249 |
Accumulated other comprehensive loss | 11,788 | 13,323 |
Treasury stock, at cost, 6,312,836 shares in 2020 and 5,790,796 shares in 2019 | (127,008) | (117,638) |
Total shareholders' equity | 2,179,383 | 2,247,705 |
Total liabilities and shareholders' equity | 15,057,567 | 14,511,625 |
Commercial real estate | ||
Loans and Leases Receivable, Net of Deferred Income | 4,278,257 | 4,194,651 |
Loans | ||
Total loans and leases | 4,278,257 | 4,194,651 |
Construction real estate | ||
Loans and Leases Receivable, Net of Deferred Income | 500,311 | 493,182 |
Loans | ||
Total loans and leases | 500,311 | 493,182 |
Commercial | ||
Loans and Leases Receivable, Net of Deferred Income | 2,477,773 | 2,465,877 |
Loans | ||
Total loans and leases | 2,477,773 | 2,465,877 |
Lease financing | ||
Loans and Leases Receivable, Net of Deferred Income | 82,602 | 88,364 |
Loans | ||
Total loans and leases | 82,602 | 88,364 |
Residential real estate | ||
Loans and Leases Receivable, Net of Deferred Income | 1,061,792 | 1,055,949 |
Loans | ||
Total loans and leases | 1,061,792 | 1,055,949 |
Home equity | ||
Loans and Leases Receivable, Net of Deferred Income | 781,243 | 771,869 |
Loans | ||
Total loans and leases | 781,243 | 771,869 |
Installment | ||
Loans and Leases Receivable, Net of Deferred Income | 80,085 | 82,589 |
Loans | ||
Total loans and leases | 80,085 | 82,589 |
Credit card | ||
Loans and Leases Receivable, Net of Deferred Income | 45,756 | 49,184 |
Loans | ||
Total loans and leases | $ 45,756 | $ 49,184 |
CONSOLIDATED BALANCE SHEETS CON
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 2,857,355 | $ 2,798,298 |
Debt Securities, Held-to-maturity, Fair Value | $ 140,065 | $ 142,821 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 160,000,000 | 160,000,000 |
Common Stock, Shares, Issued | 104,281,794 | 104,281,794 |
Treasury Stock, Shares | 6,312,836 | 5,790,796 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Document Period End Date | Mar. 31, 2020 | |
Interest income | ||
Loans, including fees | $ 115,775 | $ 123,056 |
Investment securities | ||
Taxable | 19,005 | 24,235 |
Tax-exempt | 4,582 | 4,258 |
Total interest on investment securities | 23,587 | 28,493 |
Other earning assets | 142 | 210 |
Total interest income | 139,504 | 151,759 |
Interest expense | ||
Deposits | 16,365 | 19,243 |
Short-term borrowings | 5,087 | 5,960 |
Long-term borrowings | 3,770 | 5,041 |
Total interest expense | 25,222 | 30,244 |
Net interest income | 114,282 | 121,515 |
Provision for Credit Losses | 23,880 | 14,083 |
Provision for credit losses | 1,568 | 6 |
Net interest income after provision for loan and lease losses | 88,834 | 107,426 |
Noninterest income | ||
Service Charges on Deposit Accounts | 8,435 | 8,903 |
Trust and wealth management fees | 4,469 | 4,070 |
Bankcard income | 2,698 | 5,586 |
Client derivative fees | 3,105 | 1,704 |
Foreign exchange income | 9,966 | 0 |
Net gain from sales of loans | 2,831 | 1,890 |
Net gain (loss) on sales/transfers of investment securities | (59) | (178) |
Other | 3,939 | 4,852 |
Total noninterest income | 35,384 | 26,827 |
Noninterest expenses | ||
Salaries and employee benefits | 54,822 | 47,912 |
Net occupancy | 6,104 | 6,630 |
Furniture and equipment | 4,053 | 3,416 |
Data processing | 6,389 | 5,127 |
Marketing | 1,220 | 1,606 |
Communication | 890 | 728 |
Professional services | 2,275 | 2,252 |
State intangible tax | 1,516 | 1,310 |
FDIC assessments | 1,405 | 950 |
Intangible assets amortization | 2,792 | 2,045 |
Other | 8,200 | 6,517 |
Total noninterest expenses | 89,666 | 78,493 |
Income before income taxes | 34,552 | 55,760 |
Income tax expense | 5,924 | 9,921 |
Net income | $ 28,628 | $ 45,839 |
Earnings per common share | ||
Basic | $ 0.29 | $ 0.47 |
Diluted | 0.29 | 0.47 |
Cash dividends declared per share | $ 0.23 | $ 0.22 |
Average common shares outstanding - basic | 97,736,690 | 97,926,088 |
Average common shares outstanding - diluted | 98,356,214 | 98,436,311 |
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 | $ 28,628 | $ 45,839 |
Other comprehensive (loss) income, net of tax | ||
Unrealized gain (loss) on debt securities arising during the period | (1,863) | 23,505 |
Change in retirement obligation | 328 | 290 |
Unrealized gain (loss) on derivatives | 0 | 72 |
Other comprehensive income (loss) | (1,535) | 23,867 |
Comprehensive income | $ 27,093 | $ 69,706 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock |
Beginning Balances (in shares) at Dec. 31, 2018 | 104,281,794 | (6,387,508) | |||
Beginning Balances at Dec. 31, 2018 | $ 2,078,249 | $ 1,633,256 | $ 600,014 | $ (44,408) | $ (110,613) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 45,839 | 45,839 | |||
Other comprehensive income (loss) | 23,867 | 23,867 | |||
Cash dividends declared : | |||||
Common stock at $0.23 per share in 2020 and $0.22 per share in 2019 | (21,666) | (21,666) | |||
Stock Issued During Period, Shares, Other | 452,134 | ||||
Adjustments to Additional Paid in Capital, Other | 0 | (7,830) | $ 7,830 | ||
Exercise of stock options, net of shares purchased (in shares) | 20,424 | ||||
Exercise of stock options, net of shares purchased | (90) | (264) | $ (354) | ||
Restricted stock awards, net of forfeitures (in shares) | 247,028 | ||||
Restricted stock awards, net of forfeitures | (2,083) | (5,604) | $ 3,521 | ||
Share-based compensation expense | 2,996 | $ 2,996 | |||
Ending Balances (in shares) at Mar. 31, 2019 | 104,281,794 | (5,667,922) | |||
Ending Balances at Mar. 31, 2019 | 2,130,419 | $ 1,622,554 | 626,408 | (19,635) | $ (98,908) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 3,127 | 2,221 | 906 | ||
Beginning Balances (in shares) at Dec. 31, 2019 | 104,281,794 | (5,790,796) | |||
Beginning Balances at Dec. 31, 2019 | 2,247,705 | $ 1,640,771 | 711,249 | 13,323 | $ (117,638) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 28,628 | 28,628 | |||
Other comprehensive income (loss) | (1,535) | (1,535) | |||
Cash dividends declared : | |||||
Common stock at $0.23 per share in 2020 and $0.22 per share in 2019 | (22,342) | (22,342) | |||
Treasury Stock, Shares, Acquired | (880,000) | ||||
Treasury Stock, Value, Acquired, Cost Method | (16,686) | $ (16,686) | |||
Exercise of stock options, net of shares purchased (in shares) | 10,405 | ||||
Exercise of stock options, net of shares purchased | (72) | (140) | $ (212) | ||
Restricted stock awards, net of forfeitures (in shares) | 347,555 | ||||
Restricted stock awards, net of forfeitures | (1,114) | (8,218) | $ 7,104 | ||
Share-based compensation expense | 1,537 | $ 1,537 | |||
Ending Balances (in shares) at Mar. 31, 2020 | 104,281,794 | (6,312,836) | |||
Ending Balances at Mar. 31, 2020 | 2,179,383 | $ 1,633,950 | 660,653 | $ 11,788 | $ (127,008) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (56,882) | $ (56,882) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Common Stock, Dividends, Per Share, Declared | $ 0.23 | $ 0.22 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net income | $ 28,628 | $ 45,839 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 25,448 | 14,083 |
Depreciation and amortization | 8,464 | 6,489 |
Stock-based compensation expense | 1,537 | 2,996 |
Pension expense (income) | 400 | 375 |
Net amortization (accretion) on investment securities | 3,981 | 2,649 |
Net (gain) loss on sales of investment securities | 59 | 178 |
Originations of loans held for sale | (111,112) | (41,227) |
Net gains from sales of loans held for sale | (2,831) | (1,890) |
Proceeds from sales of loans held for sale | 100,288 | 39,273 |
Deferred income taxes | 2,975 | 12,625 |
Amortization of operating leases | 2,020 | 1,826 |
Payments for operating leases | (1,288) | (1,823) |
Decrease (increase) cash surrender value of life insurance | 198 | 1,534 |
Decrease (increase) in interest receivable | (878) | (3,109) |
(Decrease) increase in interest payable | (2,197) | 322 |
Decrease (increase) in other assets | (362,619) | (30,168) |
(Decrease) increase in other liabilities | 181,099 | (8,908) |
Net cash provided by (used in) operating activities | (126,224) | 37,996 |
Investing activities | ||
Proceeds from sales of securities available-for-sale | 29,922 | 0 |
Proceeds from calls, paydowns and maturities of securities available-for-sale | 151,629 | 95,114 |
Purchases of securities available-for-sale | (234,589) | (143,290) |
Proceeds from calls, paydowns and maturities of securities held-to-maturity | 6,186 | 2,398 |
Payments to Acquire Other Investments | 18,659 | 0 |
Net decrease (increase) in interest-bearing deposits with other banks | (14,123) | (12,486) |
Net decrease (increase) in loans and leases | (105,697) | 438 |
Proceeds from disposal of other real estate owned | 900 | 183 |
Purchases of premises and equipment | (5,805) | (1,268) |
Net cash provided by (used in) investing activities | (190,236) | (58,911) |
Financing activities | ||
Net (decrease) increase in total deposits | 425,329 | (6,379) |
Net (decrease) increase in short-term borrowings | 81,543 | 6,724 |
Payments of long-term debt | 90,066 | 25,187 |
Cash dividends paid on common stock | (22,531) | (21,550) |
Treasury stock purchase | 16,686 | 0 |
Proceeds from exercise of stock options | 72 | 90 |
Net cash provided by (used in) financing activities | 377,661 | (46,302) |
Cash and due from banks: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 61,201 | (67,217) |
Cash and due from banks at beginning of period | 200,691 | 236,221 |
Cash and due from banks at end of period | $ 261,892 | $ 169,004 |
ORGANIZATION, CONSOLIDATION AND
ORGANIZATION, CONSOLIDATION AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION, CONSOLIDATION, AND PRESENTATION OF FINANCIAL STATEMENTS | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation. The Consolidated Financial Statements of First Financial Bancorp., a financial holding company principally serving Ohio, Indiana, Kentucky and Illinois, include the accounts and operations of First Financial and its wholly-owned subsidiary, First Financial Bank. All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and accompanying notes necessary to constitute a complete set of financial statements required by GAAP and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . Management believes these unaudited consolidated financial statements reflect all adjustments of a normal recurring nature which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The Consolidated Balance Sheet as of December 31, 2019 has been derived from the audited financial statements in the Company’s 2019 Form 10-K. Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. These estimates, assumptions and judgments are inherently subjective and may be susceptible to significant change. Actual realized amounts could differ materially from these estimates. COVID-19. In the first quarter of 2020, First Financial's operations and financial results were significantly impacted by the COVID-19 pandemic. The spread of COVID-19 has caused significant economic disruption throughout the United States as state and local governments issued stay at home orders and temporarily closed non-essential businesses. The potential financial impact from the pandemic is unknown at this time, however prolonged disruption may adversely impact several industries within the Company's geographic footprint and impair the ability of First Financial's customers to fulfill their contractual obligations to the Company. This could cause First Financial to experience a material adverse effect on business operations, asset valuations, financial condition and results of operations. Material adverse impacts may include all or a combination of valuation impairments on First Financial's intangible assets, investments, loans, mortgage servicing rights or counter-party risk derivatives. Investment securities. First Financial classifies debt securities into three categories: HTM, trading and AFS. Management classifies investment securities into the appropriate category at the time of purchase and re-evaluates that classification as deemed appropriate. Investment securities are classified as HTM when First Financial has the positive intent and ability to hold the securities to maturity. HTM securities are recorded at amortized cost. Investment securities classified as trading are held principally for resale in the near-term and are recorded at fair value. Fair value is determined using quoted market prices. Gains or losses on trading securities, both realized and unrealized, are reported in noninterest income. Investment securities not classified as either HTM or trading are classified as AFS. AFS securities are recorded at fair value, with the unrealized gains and losses, net of tax, reported as a separate component of accumulated other comprehensive income (loss) in shareholders' equity. The amortized cost of investment securities classified as either HTM or AFS is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and accretion are considered an adjustment to the yield on the security and included in interest income from investments. Interest and dividends are also included in interest income from investment securities in the Consolidated Statements of Income. Realized gains and losses are based on the amortized cost of the security sold using the specific identification method. Allowance for credit losses - held-to-maturity securities . Management measures expected credit losses on held-to-maturity debt securities on a collective basis by security type. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: Mortgage-backed, CMOs and Obligations of state and other political subdivisions. Nearly all of the HTM securities held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The remainder of the Company's HTM securities are non-agency collateralized mortgage obligations and obligations of state and other political subdivisions which currently carry ratings no lower than A+. Accrued interest receivable on held-to maturity debt securities, which totaled $0.3 million as of March 31, 2020 , is excluded from the estimate of credit losses. Allowance for credit losses - available-for-sale securities. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities, which totaled $12.7 million as of March 31, 2020 , is excluded from the estimate of credit losses. Allowance for credit losses - loans and leases. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Management's determination of the adequacy of the ACL is based on an assessment of the expected credit losses on loan and leases over the expected life of the loan. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Loans are charged off when management believes that the collection of the princ ipal amount owed in full, either through payments from the borrower or a guarantor or from the liquidation of collateral, is unlikely. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Any interest that is accrued bu t not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan. Accrued interest receivable on loans and leases is excluded from the estimate of credit losses. Management estimates the allowance balance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. First Financial quantitatively models expected credit loss using Probability of Default (“PD”), Loss Given Default (“LGD”), and Exposure at Default (“EAD”) over the Reasonable and Supportable ("R&S") forecast period, reversion and post-reversion periods. Utilizing third-party software, the Bank forecasts PD by using a parameterized transition matrix approach. Average transition matrices are calculated over the Through the Cycle ("TTC") period, which was defined as the period from December 2007 to December 2016. TTC transition matrices are adjusted under forward-looking macroeconomic expectations to obtain R&S forecasts. First Financial is not required to develop forecasts over full the contractual term of the financial asset or group of financial assets. Rather, for periods beyond which the entity is able to make or obtain R&S forecasts of expected credit losses, the Company reverts in a straight line manner over a one year period to an average TTC loss level that is reflective of the prepayment adjusted contractual term of the financial asset or group of financial assets. The R&S period, elected by the bank to be two years, is forecasted using econometric data sourced from Moody's, an industry-leading independent third party. FFB utilizes the non-parametric loss curve approach embedded within the third-party software for estimating LGD. The PD multiplied by LGD produces an expected loss rate that, when calculating the ACL, is applied to contractual loan cash flows, adjusted for expected future rates of principal prepayments. The Company adjusts its quantitative model for certain qualitative factors to reflect the extent to which management expects current conditions and R&S forecasts to differ from the conditions that existed for the period over which historical information was evaluated. The Qualitative Framework reflects changes related to relevant data, such as changes in asset quality trends, portfolio growth and composition, national and local economic factors, credit policy and administration and other factors not considered in the base model. Loans that do not share risk characteristics are evaluated on an individual basis. First Financial will typically evaluate on an individual basis any loans that are on nonaccrual, designated as a TDR, or reasonably expected to be designated as a TDR. When management determines that foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of underlying collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs. For loans evaluated on an individual basis that are not determined to be collateral dependent, a discounted cash flow analysis is performed to determine expected credit losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Credit card receivables do not have stated maturities. In determining the estimated life of a credit card receivable, management first estimates the future cash flows expected to be received and then applies those expected future cash flows to the credit card balance. Allowance for credit losses - unfunded commitments. Effective January 1, 2020, First Financial adopted ASC 326, at which time First Financial estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. A djustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. Prior to the adoption of ASC 326, First Financial maintained its reserve to absorb probable losses incurred in standby letters of credit and outstanding loan commitments. First Financial determined the adequacy of this reserve based upon an evaluation of the unfunded credit facilities, which included consideration of historical commitment utilization experience, credit risk ratings and historical loss rates, consistent with the Company's ALLL methodology at the time. |
RECENTLY ADOPTED AND ISSUED ACC
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS | 3 Months Ended |
Mar. 31, 2020 | |
Recently Adopted and Issued Accounting Standards [Abstract] | |
Recently Adopted and Issued Accounting Standards Disclosure [Text Block] | ACCOUNTING STANDARDS RECENTLY ADOPTED OR ISSUED Standards Adopted in 2020 On January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet (OBS) credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earning s of $56.9 million as of January 1, 2020 for the cumulative effect of adopting ASC 326. As detailed in the following table, the transition adjustment included a $61.5 million increase to ACL, a $12.2 million increase in the ACL for unfunded commitments and a $16.8 million decrease in Deferred tax liability. The Company adopted CECL using the prospective transition approach for financial assets purchased with credit deterioration that were previously classified as purchased credit impaired and accounted for under ASC 310-30. In accordance with the standard, First Financial did not reassess whether PCI assets met the definition of PCD assets as of the date of adoption. The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In March 2020, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC announced an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. First Financial is adopting the capital transition relief over the five year permissible period. January 1, 2020 (dollars in thousands) As Reported under ASC 326 Pre-ASC 326 Impact of ASC 326 Adoption Assets Loans Commercial and industrial $ 28,485 $ 18,584 $ 9,901 Lease financing 1,089 971 118 Construction real estate 13,960 2,381 11,579 Commercial real estate 47,697 23,579 24,118 Residential real estate 10,789 5,299 5,490 Home equity 13,217 4,787 8,430 Installment 1,193 392 801 Credit card 2,725 1,657 1,068 Allowance for credit losses on loans $ 119,155 $ 57,650 $ 61,505 Liabilities Deferred tax liability $ 16,252 $ 33,030 $ (16,778 ) Allowance for credit losses on OBS credit exposures 12,740 585 12,155 For more information on the calculation of the ACL, please refer to Note 1 - Summary of Significant Accounting Policies and Note 5 - Allowance for Credit Losses. During the first quarter of 2020, the Company adopted ASU No. 2018-13, Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Under the changes, entities are no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but must disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. This update did not have a material impact on the Company’s Consolidated Financial Statements. |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS For the three months ended March 31, 2020 , there were sales of $29.9 million of AFS securities with no gross realized gains and $0.1 million gross realized losses. For the three months ended March 31, 2019 , there were no sales of AFS securities and therefore no associated gains or losses. In conjunction with the adoption of ASU 2017-12 in the first quarter of 2019, First Financial reclassified $268.7 million of HTM securities to AFS resulting in a $0.2 million realized loss recorded in the Consolidated Statement of Income. The following is a summary of HTM and AFS investment securities as of March 31, 2020 : Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized loss Fair Amortized cost Unrealized gain Unrealized loss Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 99 $ 5 $ 0 $ 104 Securities of U.S. government agencies and corporations 0 0 0 0 116 2 0 118 Mortgage-backed securities - residential 19,832 1,046 0 20,878 419,423 19,215 (219 ) 438,419 Mortgage-backed securities - commercial 97,073 1,671 (375 ) 98,369 506,343 7,034 (9,082 ) 504,295 Collateralized mortgage obligations 9,043 149 0 9,192 745,649 28,845 (2,479 ) 772,015 Obligations of state and other political subdivisions 10,796 830 0 11,626 723,470 30,576 (152 ) 753,894 Asset-backed securities 0 0 0 0 382,415 225 (18,841 ) 363,799 Other securities 0 0 0 0 79,840 90 (3,886 ) 76,044 Total $ 136,744 $ 3,696 $ (375 ) $ 140,065 $ 2,857,355 $ 85,992 $ (34,659 ) $ 2,908,688 The following is a summary of HTM and AFS investment securities as of December 31, 2019 : Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 99 $ 1 $ 0 $ 100 Securities of U.S. government agencies and corporations 0 0 0 0 156 2 0 158 Mortgage-backed securities - residential 20,818 122 (174 ) 20,766 421,945 9,709 (99 ) 431,555 Mortgage-backed securities - commercial 101,267 571 (1,225 ) 100,613 474,174 4,988 (2,644 ) 476,518 Collateralized mortgage obligations 9,763 0 (108 ) 9,655 769,076 16,753 (385 ) 785,444 Obligations of state and other political subdivisions 11,014 804 (31 ) 11,787 652,986 23,729 (462 ) 676,253 Asset-backed securities 0 0 0 0 400,081 1,414 (1,064 ) 400,431 Other securities 0 0 0 0 79,781 1,959 (115 ) 81,625 Total $ 142,862 $ 1,497 $ (1,538 ) $ 142,821 $ 2,798,298 $ 58,555 $ (4,769 ) $ 2,852,084 The following table provides a summary of investment securities by contractual maturity as of March 31, 2020 , except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments. Held-to-maturity Available-for-sale (Dollars in thousands) Amortized cost Fair value Amortized cost Fair value By Contractual Maturity: Due in one year or less $ 0 $ 0 $ 5,138 $ 5,157 Due after one year through five years 0 0 55,648 56,434 Due after five years through ten years 4,797 5,476 148,614 147,686 Due after ten years 5,999 6,150 594,125 620,883 Mortgage-backed securities - residential 19,832 20,878 419,423 438,419 Mortgage-backed securities - commercial 97,073 98,369 506,343 504,295 Collateralized mortgage obligations 9,043 9,192 745,649 772,015 Asset-backed securities 0 0 382,415 363,799 Total $ 136,744 $ 140,065 $ 2,857,355 $ 2,908,688 Unrealized gains and losses on debt securities are generally due to fluctuations in current market yields relative to the yields of the debt securities at their amortized cost. All securities with unrealized losses are reviewed quarterly to determine if any impairment is considered other than temporary, requiring a write-down to fair value. For securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security . At this time, First Financial does not intend to sell, and it is not more likely than not that the Company will be required to sell, debt securities temporarily impaired prior to maturity or recovery of the recorded value. First Financial had no other than temporary impairment related to its investment securities portfolio as of March 31, 2020 or December 31, 2019 . As of March 31, 2020 , the Company's investment securities portfolio consisted of 1,276 securities, of which 194 were in an unrealized loss position. As of December 31, 2019, the Company's investment securities portfolio consisted of 1,273 securities, of which 140 were in an unrealized loss position. Primarily all of First Financial’s HTM debt securities are issued by U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. The remainder of the Company's HTM securities are non-agency collateralized mortgage obligations and obligations of state and other political subdivisions which currently carry ratings no lower than A+. There were no HTM securities on nonaccrual status or past due as of March 31, 2020. Therefore, the Company did not record an allowance for credit losses for these securities as of March 31, 2020. The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: March 31, 2020 Less than 12 months 12 months or more Total (Dollars in thousands) Fair value Unrealized loss Fair Unrealized Fair Unrealized U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Securities of U.S. Government agencies and corporations 0 0 0 0 0 0 Mortgage-backed securities - residential 37,185 (219 ) 0 0 37,185 (219 ) Mortgage-backed securities - commercial 188,990 (4,567 ) 62,083 (4,890 ) 251,073 (9,457 ) Collateralized mortgage obligations 115,697 (1,847 ) 8,267 (632 ) 123,964 (2,479 ) Obligations of state and other political subdivisions 33,083 (148 ) 1,681 (4 ) 34,764 (152 ) Asset-backed securities 279,980 (16,048 ) 59,852 (2,793 ) 339,832 (18,841 ) Other securities 46,746 (3,081 ) 4,010 (805 ) 50,756 (3,886 ) Total $ 701,681 $ (25,910 ) $ 135,893 $ (9,124 ) $ 837,574 $ (35,034 ) December 31, 2019 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) value loss value loss value loss U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Securities of U.S. Government agencies and corporations 0 0 0 0 0 0 Mortgage-backed securities - residential 40,190 (209 ) 11,063 (64 ) 51,253 (273 ) Mortgage-backed securities - commercial 111,658 (298 ) 104,069 (3,571 ) 215,727 (3,869 ) Collateralized mortgage obligations 85,248 (297 ) 30,628 (196 ) 115,876 (493 ) Obligations of state and other political subdivisions 118,623 (457 ) 7,950 (36 ) 126,573 (493 ) Asset-backed securities 125,889 (553 ) 54,963 (511 ) 180,852 (1,064 ) Other securities 0 0 5,649 (115 ) 5,649 (115 ) Total $ 481,608 $ (1,814 ) $ 214,322 $ (4,493 ) $ 695,930 $ (6,307 ) For further detail on the fair value of investment securities, see Note 16 – Fair Value Disclosures. |
LOANS AND LEASES
LOANS AND LEASES | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
LOANS AND LEASES | LOANS AND LEASES First Financial offers clients a variety of commercial and consumer loan and lease products with distinct interest rates and payment terms. Commercial loan categories include C&I, CRE, construction real estate and lease financing. Consumer loan categories include residential real estate, home equity, installment and credit card. Lending activities are primarily concentrated in states where the Bank operates banking centers (Ohio, Indiana, Kentucky and Illinois). First Financial also offers two nationwide lending platforms, one that provides equipment and leasehold improvement financing for franchisees in the quick service and casual dining restaurant sector and another that primarily provides loans that are secured by commissions and cash collateral to insurance agents and brokers. Credit Quality. To facilitate the monitoring of credit quality for commercial loans First Financial utilizes the following categories of credit grades: Pass - Higher quality loans that do not fit any of the other categories described below. Special Mention - First Financial assigns a special mention rating to loans and leases with potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan, lease or First Financial's credit position at some future date. Substandard - First Financial assigns a substandard rating to loans or leases that are inadequately protected by the current sound financial worth and paying capacity of the borrower or of the collateral pledged, if any. Substandard loans and leases have well-defined weaknesses that jeopardize repayment of the debt. Substandard loans and leases are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not addressed. Doubtful - First Financial assigns a doubtful rating to loans and leases with all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. The credit grades previously described are derived from standard regulatory rating definitions and are assigned upon initial approval of credit to borrowers and updated periodically thereafter. First Financial considers repayment performance to be the best indicator of credit quality for consumer loans. Consumer loans that have principal and interest payments that are past due by 90 days or more are generally classified as nonperforming. Additionally, consumer loans that have been modified in a TDR are classified as nonperforming. The following table sets forth the Company's loan portfolio at March 31, 2020 by risk attribute and origination date: (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Term Total Revolving Total Commercial & industrial Pass $ 112,198 $ 541,313 $ 463,439 $ 296,040 $ 195,719 $ 166,485 $ 1,775,194 $ 582,562 $ 2,357,756 Special mention 0 7,524 11,814 8,206 3,057 3,835 34,436 26,287 60,723 Substandard 281 830 11,555 26,492 8,449 2,027 49,634 9,660 59,294 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 112,479 $ 549,667 $ 486,808 $ 330,738 $ 207,225 $ 172,347 $ 1,859,264 $ 618,509 $ 2,477,773 Lease financing Pass $ 2,422 $ 30,362 $ 15,240 $ 12,482 $ 8,474 $ 11,374 $ 80,354 $ 0 $ 80,354 Special mention 0 0 0 0 0 6 6 0 6 Substandard 0 0 1,379 257 588 18 2,242 0 2,242 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 2,422 $ 30,362 $ 16,619 $ 12,739 $ 9,062 $ 11,398 $ 82,602 $ 0 $ 82,602 Construction real estate Pass $ 4,582 $ 127,531 $ 164,885 $ 79,198 $ 52,550 $ 56,575 $ 485,321 $ 14,990 $ 500,311 Special mention 0 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 4,582 $ 127,531 $ 164,885 $ 79,198 $ 52,550 $ 56,575 $ 485,321 $ 14,990 $ 500,311 Commercial real estate - investor Pass $ 121,429 $ 1,052,858 $ 485,310 $ 455,332 $ 357,074 $ 578,729 $ 3,050,732 $ 64,503 $ 3,115,235 Special mention 966 59 957 18,881 19,243 3,261 43,367 174 43,541 Substandard 0 4,334 6,831 6,150 112 3,834 21,261 0 21,261 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 122,395 $ 1,057,251 $ 493,098 $ 480,363 $ 376,429 $ 585,824 $ 3,115,360 $ 64,677 $ 3,180,037 Commercial real estate - owner Pass $ 64,121 $ 188,827 $ 178,010 $ 162,309 $ 173,052 $ 260,262 $ 1,026,581 $ 32,492 $ 1,059,073 Special mention 0 696 4,112 289 2,549 16,456 24,102 331 24,433 Substandard 0 2,092 2,259 4,612 1,786 3,965 14,714 0 14,714 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 64,121 $ 191,615 $ 184,381 $ 167,210 $ 177,387 $ 280,683 $ 1,065,397 $ 32,823 $ 1,098,220 Residential real estate Performing $ 61,423 $ 319,956 $ 168,242 $ 95,898 $ 83,240 $ 326,053 $ 1,054,812 $ 0 $ 1,054,812 Nonperforming 0 261 221 677 363 5,458 6,980 0 6,980 Total $ 61,423 $ 320,217 $ 168,463 $ 96,575 $ 83,603 $ 331,511 $ 1,061,792 $ 0 $ 1,061,792 Home equity Performing $ 9,019 $ 27,294 $ 23,829 $ 15,066 $ 13,639 $ 62,117 $ 150,964 $ 625,581 $ 776,545 Nonperforming 0 79 96 39 95 435 744 3,954 4,698 Total $ 9,019 $ 27,373 $ 23,925 $ 15,105 $ 13,734 $ 62,552 $ 151,708 $ 629,535 $ 781,243 Installment Performing $ 7,267 $ 24,153 $ 17,227 $ 14,093 $ 4,260 $ 4,370 $ 71,370 $ 8,524 $ 79,894 Nonperforming 0 28 44 9 15 95 191 0 191 (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Term Total Revolving Total Total $ 7,267 $ 24,181 $ 17,271 $ 14,102 $ 4,275 $ 4,465 $ 71,561 $ 8,524 $ 80,085 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 44,920 $ 44,920 Nonperforming 0 0 0 0 0 0 0 836 836 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 45,756 $ 45,756 Grand Total $ 383,709 $ 2,328,197 $ 1,609,712 $ 1,196,029 $ 924,268 $ 1,451,089 $ 7,893,004 $ 1,414,815 $ 9,307,819 Commercial and consumer credit exposure by risk attribute as of December 31, 2019 was as follows: As of December 31, 2019 Commercial Real Estate Lease (Dollars in thousands) & industrial Construction Commercial financing Total Pass $ 2,324,021 $ 493,182 $ 4,108,752 $ 85,262 $ 7,011,217 Special Mention 100,954 0 59,383 488 160,825 Substandard 40,902 0 26,516 2,614 70,032 Doubtful 0 0 0 0 0 Total $ 2,465,877 $ 493,182 $ 4,194,651 $ 88,364 $ 7,242,074 (Dollars in thousands) Residential real estate Home equity Installment Credit card Total Performing $ 1,040,787 $ 766,169 $ 82,385 $ 48,983 $ 1,938,324 Nonperforming 15,162 5,700 204 201 21,267 Total $ 1,055,949 $ 771,869 $ 82,589 $ 49,184 $ 1,959,591 Delinquency. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the date of the scheduled payment. Loan delinquency, including loans classified as nonaccrual, was as follows: As of March 31, 2020 (Dollars in thousands) 30 – 59 60 – 89 > 90 days Total Current Total > 90 days Loans Commercial & industrial $ 2,305 $ 267 $ 16,322 $ 18,894 $ 2,458,879 $ 2,477,773 $ 0 Lease financing 0 0 0 0 82,602 82,602 0 Construction real estate 0 0 0 0 500,311 500,311 0 Commercial real estate-investor 7,225 346 1,864 9,435 3,170,602 3,180,037 0 Commercial real estate-owner 1,106 0 2,782 3,888 1,094,332 1,098,220 0 Residential real estate 1,710 990 4,280 6,980 1,054,812 1,061,792 0 Home equity 1,428 852 2,419 4,699 776,544 781,243 0 Installment 73 5 112 190 79,895 80,085 0 Credit card 383 330 122 835 44,921 45,756 120 Total $ 14,230 $ 2,790 $ 27,901 $ 44,921 $ 9,262,898 $ 9,307,819 $ 120 As of December 31, 2019 (Dollars in thousands) 30 – 59 60 – 89 > 90 days Total Current Subtotal Purchased impaired Total > 90 days Loans Commercial & industrial $ 1,266 $ 3,332 $ 14,518 $ 19,116 $ 2,443,680 $ 2,462,796 $ 3,081 $ 2,465,877 $ 0 Lease financing 0 0 0 0 88,364 88,364 0 88,364 0 Construction real estate 0 0 0 0 493,167 493,167 15 493,182 0 Commercial real estate 776 857 5,613 7,246 4,151,513 4,158,759 35,892 4,194,651 0 Residential real estate 8,032 1,928 5,031 14,991 1,014,138 1,029,129 26,820 1,055,949 0 Home equity 2,530 1,083 2,795 6,408 762,863 769,271 2,598 771,869 0 Installment 111 50 148 309 82,022 82,331 258 82,589 0 Credit card 208 75 201 484 48,700 49,184 0 49,184 201 Total $ 12,923 $ 7,325 $ 28,306 $ 48,554 $ 9,084,447 $ 9,133,001 $ 68,664 $ 9,201,665 $ 201 For PCD assets, the delinquency status was determined individually for each loan in accordance with the individual loan's contractual repayment terms. Prior to the adoption of CECL in the first quarter of 2020, PCI loans were classified as performing, even though they may have been contractually past due, as any nonpayment of contractual principal or interest was considered in the periodic re-estimation of expected cash flows and was included in the resulting recognition of current period provision for credit losses or prospective yield adjustments. Nonaccrual. Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful or when principal or interest payments are 90 days or more past due. Generally, loans are classified as nonaccrual due to the continued failure to adhere to contractual payment terms by the borrower, coupled with other pertinent factors. When a loan is classified as nonaccrual, the accrual of interest income is discontinued and previously accrued but unpaid interest is reversed. Any payments received while a loan is on nonaccrual status are applied as a reduction to the carrying value of the loan. A loan classified as nonaccrual may return to accrual status if none of the principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual principal and interest. Troubled Debt Restructurings. A loan modification is considered a TDR when the borrower is experiencing financial difficulty and a concession is made by the Company that would not otherwise be considered for a borrower with similar credit characteristics. The most common types of modifications include interest rate reductions, maturity extensions and modifications to principal amortization, including interest-only structures. Modified terms are dependent upon the financial position and needs of the individual borrower. If the modification agreement is violated, the loan is managed by the Company’s credit administration group for resolution, which may result in foreclosure in the case of real estate. In accordance with the the Coronavirus Aid, Relief, and Economic Security (CARES) Act, performing loans that demonstrated limited signs of credit deterioration, but were modified to provide borrowers relief during the COVID-19 pandemic were not considered to be TDR as of March 31, 2020. TDRs are generally classified as nonaccrual for a minimum period of six months and may qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement. First Financial had 171 TDRs totaling $40.6 million at March 31, 2020 , including $22.2 million on accrual status and $18.4 million classified as nonaccrual. First Financial had $1.0 million of commitments outstanding to lend additional funds to borrowers whose loan terms have been modified through TDRs, and the ALLL included reserves of $3.6 million related to TDRs at March 31, 2020 . Additionally, as of March 31, 2020 , $4.5 million of accruing TDRs have been performing in accordance with the restructured terms for more than one year. First Financial had 157 TDRs totaling $30.0 million at December 31, 2019 , including $11.4 million of loans on accrual status and $18.5 million classified as nonaccrual. First Financial had $2.5 million commitments outstanding to lend additional funds to borrowers whose loan terms had been modified through TDRs. At December 31, 2019 , the ALLL included reserves of $2.5 million related to TDRs, and $4.7 million of the accruing TDRs had been performing in accordance with the restructured terms for more than one year. The following tables provide information on loan modifications classified as TDRs during the three months ended March 31, 2020 and 2019 : Three months ended March 31, 2020 March 31, 2019 (Dollars in thousands) Number of loans Pre-modification loan balance Period end balance Number of loans Pre-modification loan balance Period end balance Commercial & industrial 2 $ 11,383 $ 11,383 5 $ 7,637 $ 7,661 Construction real estate 0 0 0 0 0 0 Commercial real estate 0 0 0 6 1,323 1,232 Residential real estate 14 1,129 1,073 5 458 458 Home equity 4 186 186 1 17 17 Installment 1 26 15 0 0 0 Total 21 $ 12,724 $ 12,657 17 $ 9,435 $ 9,368 For TDRs identified during the three months ended March 31, 2020 , there were $0.4 million of chargeoffs for the portion of TDRs determined to be uncollectible. For TDRs identified during the three months ended March 31, 2019 , there were no chargeoffs for the portion of TDRs determined to be uncollectible. The following table provides information on how TDRs were modified during the three months ended March 31, 2020 and 2019 : Three months ended March 31, (Dollars in thousands) 2020 2019 Extended maturities $ 0 $ 2,877 Adjusted interest rates 0 5,284 Combination of rate and maturity changes 0 508 Forbearance 1,008 557 Other (1) 11,649 142 Total $ 12,657 $ 9,368 (1) Includes covenant modifications and other concessions, or combination of concessions, that do not consist of interest rate adjustments, forbearance and maturity extensions First Financial considers repayment performance as an indication of the effectiveness of the Company's loan modifications. Borrowers that are 90 days or more past due on any principal or interest payments, or who prematurely terminate a restructured loan agreement without paying off the contractual principal balance, are considered to be in default of the terms of the TDR agreement. For the three months ended March 31, 2020 , there were no TDR relationships for which there was a payment default during the period that occurred within twelve months of the loan modifications. For the three month period ended March 31, 2019 , there were two TDR relationships for $6.9 million for which there was a payment default during the period that occurred within twelve months of the loan modification. As stated in the CARES Act, loan modifications in response to COVID-19 that are executed on a loan that was not more than 30 days past due as of December 31, 2019 and executed between March 1, 2020, and the earlier of 60 days after the date of termination of the National Emergency or December 31, 2020 are not required to be reported as TDR. Through April 30, 2020, the Company modified 1,055 commercial loans with balances of $1.6 billion and 979 consumer loans with balances of $129.5 million in response to COVID-19 that are not considered TDRs. Nonperforming Loans. Loans classified as nonaccrual and loans modified as TDRs are considered nonperforming for 2020 and impaired as of December 31, 2019. The following table provides information on nonperforming loans: March 31, 2020 December 31, 2019 (Dollars in thousands) Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Total nonaccrual Nonaccrual loans (1) Commercial & industrial $ 10,754 $ 10,372 $ 21,126 $ 24,346 Lease financing 0 222 222 223 Construction real estate 0 0 0 0 Commercial real estate 4,206 5,844 10,050 7,295 Residential real estate 0 11,163 11,163 10,892 Home equity 0 5,821 5,821 5,242 Installment 0 145 145 167 Total nonaccrual loans $ 14,960 $ 33,567 $ 48,527 $ 48,165 (1) Nonaccrual loans include nonaccrual TDRs of $18.4 million and $18.5 million as of March 31, 2020 and December 31, 2019 , respectively. Three months ended March 31, (Dollars in thousands) 2020 2019 Interest income effect on nonperforming loans Gross amount of interest that would have been recorded under original terms $ 1,306 $ 1,613 Interest included in income Nonaccrual loans 167 335 Troubled debt restructurings 235 236 Total interest included in income 402 571 Net impact on interest income $ 904 $ 1,042 First Financial individually reviews all nonperforming commercial loan relationships, as well as consumer loan TDRs greater than $250,000 , to determine if an individually evaluated allowance is necessary based on the borrower’s overall financial condition, resources and payment record, support from guarantors and the realizable value of any collateral. Individually evaluated allowances are based on discounted cash flows using the loan's initial effective interest rate or the fair value of the collateral for certain collateral dependent loans. First Financial's investment in impaired loans as of December 31, 2019 was as follows: As of December 31, 2019 (Dollars in thousands) Current balance Contractual Related Loans with no related allowance recorded Commercial & industrial $ 16,726 $ 19,709 $ 0 Lease financing 223 223 0 Construction real estate 0 0 0 Commercial real estate 10,160 17,897 0 Residential real estate 14,868 17,368 0 Home equity 5,700 6,462 0 Installment 204 341 0 Total 47,881 62,000 0 Loans with an allowance recorded Commercial & industrial 10,754 21,513 2,044 Lease financing 0 0 0 Construction real estate 0 0 0 Commercial real estate 671 675 113 Residential real estate 294 294 18 Home equity 0 0 0 Installment 0 0 0 Total 11,719 22,482 2,175 Total Commercial & industrial 27,480 41,222 2,044 Lease financing 223 223 0 Construction real estate 0 0 0 Commercial real estate 10,831 18,572 113 Residential real estate 15,162 17,662 18 Home equity 5,700 6,462 0 Installment 204 341 0 Total $ 59,600 $ 84,482 $ 2,175 First Financial's average impaired loans and interest income recognized by class for the three months ended March 31, 2019 were as follows: Three months ended March 31, 2019 (Dollars in thousands) Average Interest Loans with no related allowance recorded Commercial & industrial $ 33,418 $ 279 Lease financing 162 0 Construction real estate 9 0 Commercial real estate 23,111 103 Residential real estate 16,967 86 Home equity 6,288 38 Installment 174 1 Total 80,129 507 Loans with an allowance recorded Commercial & industrial 2,111 43 Lease financing 0 0 Construction real estate 0 0 Commercial real estate 2,004 19 Residential real estate 300 2 Home equity 0 0 Installment 0 0 Total 4,415 64 Total Commercial & industrial 35,529 322 Lease financing 162 0 Construction real estate 9 0 Commercial real estate 25,115 122 Residential real estate 17,267 88 Home equity 6,288 38 Installment 174 1 Total $ 84,544 $ 571 The following table provides collateral information by class of loan for collateral-dependent loans with a specific reserve. A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and the repayment is expected to be provided substantially through the operation or sale of collateral. As of March 31, 2020 Type of Collateral (Dollar in thousands) Commercial real estate Equipment Residential real estate Total Class of loan Commercial & industrial $ 0 $ 10,755 $ 0 $ 10,755 Commercial real estate-investor 4,205 0 0 4,205 Commercial real estate-owner 333 0 0 333 Residential real estate 0 0 1,005 1,005 Total $ 4,538 $ 10,755 $ 1,005 $ 16,298 Lease financing. The Company prospectively applied FASB ASC Topic 842 in the first quarter of 2019. First Financial originates both sales-type and direct financing leases, and the Company manages and reviews lease residuals in accordance with its credit policies. Sales-type lease contracts contain the ability to purchase the underlying equipment at lease maturity and profit or loss is recognized at lease commencement. Direct financing leases are generally three to five years in length and may be extended at maturity, however, early cancellation may result in a fee to the borrower. For direct financing leases, the net unearned income is deferred and amortized over the life of the lease. Income recognized in first three months of 2020 and 2019 related to the implementation of FASB ASC Topic 842 was insignificant. OREO. OREO consists of properties acquired by the Company primarily through the loan foreclosure or repossession process, that results in partial or total satisfaction of problem loans. Changes in OREO were as follows: Three months ended March 31, (Dollars in thousands) 2020 2019 Balance at beginning of period $ 2,033 $ 1,401 Additions Commercial & industrial 247 0 Residential real estate 146 504 Total additions 393 504 Disposals Commercial & industrial (179 ) (22 ) Residential real estate (721 ) (161 ) Total disposals (900 ) (183 ) Valuation adjustment Commercial & industrial 0 0 Residential real estate (59 ) (57 ) Total valuation adjustment (59 ) (57 ) Balance at end of period $ 1,467 $ 1,665 |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Allowance for credit losses - loans and leases. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. First Financial's policy is to charge-off all or a portion of a loan when, in management's opinion, it is unlikely to collect the principal amount owed in full either through payments from the borrower or a guarantor or from the liquidation of collateral. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable on loans and leases, which totaled $27.4 million as of March 31, 2020 , is excluded from the estimate of credit losses. Management estimates the allowance balance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the ACL using the following methods: Commercial and industrial – C&I loans include revolving lines of credit and term loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases, leasehold improvements or other projects. C&I loans are generally underwritten individually and secured with the assets of the Company and/or the personal guarantee of the business owners. C&I loans also include ABL, equipment and leasehold improvement financing for franchisees in the quick service and casual dining restaurant sector and commission-based loans to insurance agents and brokers. ABL transactions typically involve larger commercial clients and are secured by specific assets, such as inventory, accounts receivable, machinery and equipment. In the franchise lending space, First Financial focuses on a limited number of restaurant concepts that have sound economics, low closure rates and strong brand awareness within specified local, regional or national markets. Within the insurance lending platform, First Financial serves insurance agents and brokers that are looking to maximize their book-of-business value and grow their agency business. Current period default rates are utilized in the modeling of the ACL for C&I loans, and are adjusted for forecasted changes in the treasury term spread and market volatility index. Changes in current period defaults or forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Lease financing – Lease financing consists of lease transactions for the acquisition of both new and used business equipment for commercial clients. Lease products may include tax leases, finance leases, lease lines of credit and interim funding. The credit underwriting for lease transactions includes detailed analysis of the lessee's industry and business model, nature of the equipment, equipment resale values, historical and projected cash flow analysis, secondary sources of repayment and guarantor in addition to other considerations. The ACL model for leases sources expected default rates from the C&I portfolio model. Therefore, changes in forecasted expectations for the treasury term spread and market volatility index could result in volatility in the Company's ACL in future periods. Construction real estate – Real estate construction loans are term loans to individuals, companies or developers used for the construction or development of a commercial or residential property for which repayment will be generated by the sale or permanent financing of the property. Generally, these loans are for construction projects that have been pre-sold, pre-leased or have secured permanent financing, as well as loans to real estate companies with significant equity invested in the project. An independent credit team underwrites construction real estate loans, which are managed by experienced lending officers and monitored through the construction phase by a centralized funding desk that manages loan disbursements. The construction ACL model is adjusted for forecasted changes in rental vacancy rates in the Bank's geographic footprint and the housing price index. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Commercial real estate - owner & investor – Commercial real estate loans consist of term loans secured by a mortgage lien on real estate properties such as apartment buildings, office and industrial buildings and retail shopping centers. Additionally, the Company's franchise lending activities discussed in the "Commercial and Industrial" section often include the financing of real estate in addition to equipment. The credit underwriting for both owner-occupied and investor income producing real estate loans includes detailed market analysis, historical and projected cash flow analysis, appropriate equity margins, assessment of lessees and lessors, environmental risks and the type, age, condition and location of real estate, among other factors. First Financial models owner-occupied and investor CRE separately when determining the ACL. For owner occupied CRE, current period default rates are utilized in the modeling, and are adjusted for forecasted changes in the BAA bond spread, national rental vacancy rates and the consumer confidence index. Current period default rates are also utilized in the modeling of investor CRE loans, and are adjusted for forecasted changes in the BAA bond spread, multifamily building permits within the Bank’s geographic footprint, and national rental vacancy rates. Changes in current period defaults and forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Residential real estate – Residential real estate loans represent loans to consumers for the financing of a residence. These loans generally have a 15 to 30 year term and a fixed interest rate, but may have a shorter term to maturity with an adjustable interest rate. In most cases, these loans are extended to borrowers to finance their primary residence. First Financial sells residential real estate loan originations into the secondary market on both servicing retained and servicing released bases. Residential real estate loans are generally underwritten to secondary market lending standards, utilizing underwriting processes that rely on empirical data to assess credit risk as well as analysis of the borrower's ability to repay their obligations, credit history, the amount of any down payment and the market value or other characteristics of the property. First Financial also offers a residential mortgage product that features similar borrower credit characteristics but a more streamlined underwriting process than typically required to sell to government-sponsored enterprises and thus is retained on the Consolidated Balance Sheets. The retail real estate ACL model is adjusted for forecasted changes in the housing price index, housing starts within the Bank’s geographic footprint and national single-family existing home sa l es. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Home equity – Home equity lending includes both home equity loans and revolving lines of credit secured by a first or second lien on the borrower’s residence. Home equity lending underwriting considerations include the borrower's credit history as well as to debt-to-income and loan-to-value policy limits. The home equity ACL model is adjusted for forecasted changes in the consumer credit growth rate within the Bank’s geographic footprint and the working-age labor participation rate. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Installment – Installment lending consists of consumer loans not secured by real estate, including loans secured by automobiles and unsecured personal loans. The ACL model for installment loans sources expected default rates from the residential real estate and home equity portfolio models and is paired with installment specific LGD rates. Changes in forecasted expectations for the consumer credit growth rate within the Bank’s geographic footprint, the working-age labor participation rate, the housing price index, housing starts within the Bank’s geographic footprint and national existing single-family existing home sa l es could result in volatility in the Company's ACL in future periods. Credit card – Credit card lending consists of secured and unsecured revolving lines of credit to consumer and business customers. Credit card lines are generally available for an indefinite period of time as long as the borrower's credit characteristics do not materially or adversely change, but lines are unconditionally cancellable by the Company at any time. The ACL model for credit card loans sources expected default rates from the residential real estate and home equity portfolio models and is paired with credit card specific LGD rates. Changes in forecasted expectations for the consumer credit growth rate within the Bank’s geographic footprint, the working-age labor participation rate, the housing price index, housing starts within the Bank’s geographic footprint and national existing single-family existing home sa l es could result in volatility in the Company's ACL in future periods. First Financial's ACL is influenced by loan volumes, risk rating migration or delinquency status, and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. For the three months ended March 31, 2020 the ACL increased primarily due to First Financial's expectation of higher credit losses resulting from the COVID-19 pandemic. The Company utilized the final Moody's March baseline forecast as its R&S forecast in the quantitative model, which included consideration of the impact from both the COVID-19 pandemic and the related government stimulus response. For reasonableness, the Company also considered the impact to the model from alternative, more adverse economic forecasts, slower prepayment speeds and increased default rates. These alternative analyses were utilized to inform the Company's qualitative adjustments. Additionally, First Financial considered its credit exposure to certain industries believed to be at risk for future credit stress related to the COVID-19 pandemic, such as franchise, hotel and investor commercial real estate lending when making qualitative adjustments to the first quarter 2020 ACL model. Changes in the allowance by loan category were as follows: Three months ended March 31, 2020 Real Estate (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home Equity Installment Credit card Total Allowance for credit losses: Balance at beginning of period $ 18,584 $ 971 $ 2,381 $ 23,579 $ 5,299 $ 4,787 $ 392 $ 1,657 $ 57,650 Impact of adopting ASC 326 9,901 118 11,579 24,118 5,490 8,430 801 1,068 61,505 Provision for credit losses 16,016 405 (449 ) 5,227 558 1,538 75 510 23,880 Gross charge-offs (1,091 ) 0 0 (4 ) (115 ) (267 ) (61 ) (311 ) (1,849 ) Recoveries 2,000 0 0 234 52 339 31 43 2,699 Total net charge-offs 909 0 0 230 (63 ) 72 (30 ) (268 ) 850 Ending allowance for credit losses $ 45,410 $ 1,494 $ 13,511 $ 53,154 $ 11,284 $ 14,827 $ 1,238 $ 2,967 $ 143,885 Three months ended March 31, 2019 (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home Equity Installment Credit card Total Allowance for credit losses: Balance at beginning of period $ 18,746 $ 1,130 $ 3,413 $ 21,048 $ 4,964 $ 5,348 $ 362 $ 1,531 $ 56,542 Provision for credit losses 13,268 343 (683 ) 493 125 185 19 333 14,083 Loans charged off (12,328 ) (100 ) 0 (1,214 ) (82 ) (468 ) (49 ) (341 ) (14,582 ) Recoveries 240 0 63 73 36 185 48 34 679 Total net charge-offs (12,088 ) (100 ) 63 (1,141 ) (46 ) (283 ) (1 ) (307 ) (13,903 ) Ending allowance for credit losses $ 19,926 $ 1,373 $ 2,793 $ 20,400 $ 5,043 $ 5,250 $ 380 $ 1,557 $ 56,722 The ACL balance and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2019 was as follows: As of December 31, 2019 (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home equity Installment Credit card Total Ending allowance balance attributable to loans Individually evaluated for impairment $ 2,044 $ 0 $ 0 $ 113 $ 18 $ 0 $ 0 $ 0 $ 2,175 Collectively evaluated for impairment 16,540 971 2,381 23,466 5,281 4,787 392 1,657 55,475 Ending allowance for credit losses $ 18,584 $ 971 $ 2,381 $ 23,579 $ 5,299 $ 4,787 $ 392 $ 1,657 $ 57,650 Loans Individually evaluated for impairment $ 27,480 $ 223 $ 0 $ 10,831 $ 15,162 $ 5,700 $ 204 $ 0 $ 59,600 Collectively evaluated for impairment 2,438,397 88,141 493,182 4,183,820 1,040,787 766,169 82,385 49,184 9,142,065 Total loans $ 2,465,877 $ 88,364 $ 493,182 $ 4,194,651 $ 1,055,949 $ 771,869 $ 82,589 $ 49,184 $ 9,201,665 Allowance for credit losses - unfunded commitments. First Financial estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. Prior to the adoption of ASC 326, First Financial maintained its reserve to absorb probable losses incurred in standby letters of credit and outstanding loan commitments. First Financial determined the adequacy of this reserve based upon an evaluation of the unfunded credit facilities, which included consideration of historical commitment utilization experience, credit risk ratings and historical loss rates, consistent with the Company's ALLL methodology at the time. The ACL on unfunded commitments was $14.3 million as of March 31, 2020 and $0.6 million as of December 31, 2019 . Additionally, First Financial recorded $1.6 million |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill. Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date. The excess of the purchase price of the acquisition over the fair value of net assets acquired is recorded as goodwill. Changes in the carrying amount of goodwill for the three months ended March 31, 2020 and the year ended December 31, 2019 were as follows: (Dollars in thousands) March 31, March 31, Balance at beginning of year $ 937,771 $ 880,251 Goodwill resulting from business combinations 0 (524 ) Balance at end of period $ 937,771 $ 879,727 During the third quarter of 2019, First Financial recorded $58.0 million of additions to goodwill resulting from the Bannockburn acquisition. In the first quarter of 2019, First Financial recorded its final adjustments to goodwill related to the 2018 MSFG merger. For further detail on the acquisition of Bannockburn, see Note 17 - Business Combinations. Goodwill is evaluated for impairment on an annual basis as of October 1 of each year, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. In response to the COVID-19 pandemic and the related deterioration in general economic conditions, First Financial performed an interim impairment test as of March 31, 2020. As of March 31, 2020, First Financial does not believe that there is a sustained decrease in its share price in either absolute terms or in relation to peers. Therefore, First Financial did not record an impairment in the first quarter of 2020, but will continue to monitor the status of its goodwill and intangible assets in the coming periods for signs of further deterioration and potential impairment. First Financial performed its annual impairment test as of October 1, 2019 and no impairment was indicated at that time. Other intangible assets. Other intangible assets consist primarily of core deposit, customer list and other miscellaneous intangibles. Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized on an accelerated basis over their estimated useful lives. First Financial's core deposit intangibles have an estimated weighted average remaining life of 7.7 years . First Financial recorded a $39.4 million customer list intangible asset in conjunction with the Bannockburn merger to account for the obligation or advantage on the part of either the Company or the customer to continue the pre-existing relationship subsequent to the merger. The customer list intangible asset is amortized on a straight-line basis over its estimated useful life of 11 years . Other miscellaneous intangibles include purchase commissions, non-compete agreements and trade name intangibles. Other intangible assets are included in Other intangibles in the Consolidated Balance Sheets. Amortization expense recognized on intangible assets for the three months ended March 31, 2020 and 2019 was $2.8 million and $2.0 million , respectively. The gross carrying amount and accumulated amortization of other intangible assets at March 31, 2020 and December 31, 2019 were as follows: (Dollars in thousands) March 31, 2020 December 31, 2019 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Amortized intangible assets Core deposit intangibles $ 51,031 $ (22,743 ) $ 51,031 $ (21,149 ) Customer list 39,420 (2,090 ) 39,420 (1,195 ) Other 10,093 (2,453 ) 10,093 (1,999 ) Total $ 100,544 $ (27,286 ) $ 100,544 $ (24,343 ) |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. First Financial is primarily the lessee in its leasing agreements, and substantially all of those agreements are for real estate property for branches, ATM locations and office space. On January 1, 2019, the Company adopted Topic 842 and all subsequent modifications. For First Financial, this adoption primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. Substantially all of the Company's leases are classified as operating leases, and therefore, were previously not recognized on the Company’s Consolidated Balance Sheets. With the adoption of Topic 842, operating lease agreements were required to be recognized on the Consolidated Balance Sheets as an ROU asset and a corresponding lease liability. The Company's right to use an asset over the life of a lease is recorded as a "right of use" asset in Accrued interest and other assets on the Consolidated Balance Sheet and was $65.7 million and $58.6 million at March 31, 2020 and December 31, 2019 , respectively. Certain adjustments to the ROU asset may be required for items such as initial direct costs paid or incentives received. First Financial recorded a $71.9 million and $64.3 million lease liability in Accrued interest and other liabilities on the Consolidated Balance Sheet at March 31, 2020 and December 31, 2019 , respectively. The calculated amount of the ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of minimum lease payments. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate was based upon the remaining lease term as of that date. Leases with an initial term of 12 months or less are not recorded on the balance sheet and First Financial recognizes lease expense for these leases on a straight-line basis over the term of the lease. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of renewal options on operating leases is at the Company's sole discretion, and certain leases may include options to purchase the leased property. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. First Financial does not enter into lease agreements which contain material residual value guarantees or material restrictive covenants. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements and leases generally also include real estate taxes and common area maintenance charges in the annual rental payments. The components of lease expense were as follows: Three months ended March 31, (Dollars in thousands) 2020 2019 Operating lease cost $ 2,020 $ 1,826 Short-term lease cost 41 1 Variable lease cost 641 597 Total operating lease cost $ 2,702 $ 2,424 Future minimum commitments due under these lease agreements as of March 31, 2020 are as follows: (Dollars in thousands) Operating leases 2020 (remaining nine months) $ 5,611 2021 7,213 2022 6,891 2023 6,856 2024 6,531 Thereafter 60,918 Total lease payments 94,020 Less imputed interest 22,072 Total $ 71,948 The weighted average remaining lease term and discount rate for the Company's operating leases were as follows: March 31, 2020 December 31, 2019 Operating leases Weighted-average remaining lease term 15.2 years 15.6 years Weighted-average discount rate 3.27 % 3.43 % Supplemental cash information at March 31, 2020 and 2019 related to leases was as follows: Three months ended March 31, (Dollars in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,288 $ 1,823 ROU assets obtained in exchange for lease obligations Operating leases 8,862 60,249 |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Short-term borrowings on the Consolidated Balance Sheets include repurchase agreements utilized for corporate sweep accounts with cash management account agreements in place, federal funds purchased, overnight advances from the FHLB and a short-term line of credit. All repurchase agreements are subject to terms and conditions agreed to by the Bank and the client. To secure its liability to the client, the Bank is authorized to sell or repurchase U.S. Treasury, government agency and mortgage-backed securities. The following shows the remaining contractual maturity of repurchase agreements by collateral pledged: (Dollars in thousands) Overnight and continuous Repurchase agreements Mortgage-backed securities $ 10,279 Collateralized mortgage obligations 84,545 Total $ 94,824 Securities sold under agreements to repurchase were secured by securities with a carrying amount of $94.8 million and $90.2 million as of March 31, 2020 and December 31, 2019 , respectively. First Financial had $121.0 million federal funds purchased at March 31, 2020 and $165.2 million as of December 31, 2019 . The Company also had $1.2 billion in short-term borrowings with the FHLB at both March 31, 2020 and December 31, 2019 . These short-term borrowings are used to manage normal liquidity needs and support the Company's asset and liability management strategies. First Financial has a $30.0 million short-term credit facility with an unaffiliated bank that matures in September 2020. This facility can have a variable or fixed interest rate and provides First Financial additional liquidity, if needed, for various corporate activities including the repurchase of First Financial common stock and the payment of dividends to shareholders. As of March 31, 2020 and December 31, 2019 , there was no outstanding balance. The credit agreement requires First Financial to comply with certain covenants including those related to asset quality and capital levels, and First Financial was in compliance with all covenants associated with this facility as of March 31, 2020 and December 31, 2019 . First Financial had $325.6 million and $414.4 million of long-term debt as of March 31, 2020 and December 31, 2019, respectively, which included subordinated notes, FHLB long term advances and an interest free loan with a municipality. The following is a summary of First Financial's long-term debt: March 31, 2020 December 31, 2019 (Dollars in thousands) Amount Average rate Amount Average rate FHLB borrowings $ 152,787 1.75 % $ 242,428 1.94 % Subordinated notes 171,071 4.70 % 170,967 4.97 % Unamortized debt issuance costs (963 ) N/A (1,007 ) N/A Lease liability 1,896 3.81 % 1,213 4.48 % Capital loan with municipality 775 0.00 % 775 0.00 % Total long-term debt $ 325,566 3.31 % $ 414,376 3.20 % In 2015, First Financial issued $120.0 million of subordinated notes, which have a fixed interest rate of 5.125% payable semiannually and maturing in August 2025. These notes are not redeemable by the Company, or callable by the holders of the notes prior to maturity. In addition, First Financial acquired $49.5 million of variable rate subordinated notes in the MSFG merger that were issued to previously formed trusts in exchange for the trust proceeds. Interest on the acquired subordinated notes is payable quarterly, in arrears, and the Company has the option to defer interest payments for a period not to exceed 20 consecutive quarters. These acquired subordinated notes mature 30 years after the date of original issuance and may be called at par following the 5 year anniversary of issuance. First Financial also acquired $8.4 million of 6.00% fixed rate private placement subordinated debt in conjunction with the MSFG merger that was issued in 2015 and matures in 2025. These notes are redeemable by the Company at par following the 5 year anniversary of issuance. The subordinated notes are treated as Tier 2 capital for regulatory capital purposes and are included in Long-term debt on the Consolidated Balance Sheets. In addition to subordinated notes, long-term debt included $152.8 million and $242.4 million of fixed rate FHLB long-term advances as of March 31, 2020 and December 31, 2019 , respectively. As of March 31, 2020 , long-term FHLB advances had a weighted average interest rate of 1.75% |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The related tax effects allocated to other comprehensive income and reclassifications out of accumulated other comprehensive income (loss) are as follows: Three months ended March 31, 2020 Total other comprehensive income (loss) Total accumulated other comprehensive income (loss) (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ (2,434 ) $ (59 ) $ (2,375 ) $ 512 $ (1,863 ) $ 41,264 $ (1,863 ) $ 39,401 Retirement obligation 0 (425 ) 425 (97 ) 328 (27,941 ) 328 (27,613 ) Total $ (2,434 ) $ (484 ) $ (1,950 ) $ 415 $ (1,535 ) $ 13,323 $ (1,535 ) $ 11,788 Three months ended March 31, 2019 Total other comprehensive income (loss) Total accumulated other comprehensive income (loss) (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Cumulative effect of new standard Ending balance Unrealized gain (loss) on debt securities $ 29,725 $ (178 ) $ 29,903 $ (6,398 ) $ 23,505 $ (11,601 ) $ 23,505 $ 906 $ 12,810 Unrealized gain (loss) on derivatives 93 0 93 (21 ) 72 (217 ) 72 0 (145 ) Retirement obligation 0 (375 ) 375 (85 ) 290 (32,590 ) 290 0 (32,300 ) Total $ 29,818 $ (553 ) $ 30,371 $ (6,504 ) $ 23,867 $ (44,408 ) $ 23,867 $ 906 $ (19,635 ) The following table presents the activity reclassified from accumulated other comprehensive income into income during the three month periods ended March 31, 2020 and 2019 , respectively: Amount reclassified from Three months ended March 31, (Dollars in thousands) 2020 2019 Affected Line Item in the Consolidated Statements of Income Realized gain (loss) on securities available-for-sale $ (59 ) $ (178 ) Net gain (loss) on sales of investments securities Defined benefit pension plan Amortization of prior service cost (1) 100 100 Other noninterest expense Recognized net actuarial loss (1) (525 ) (475 ) Other noninterest expense Defined benefit pension plan total (425 ) (375 ) Total reclassifications for the period, before tax $ (484 ) $ (553 ) (1) Included in the computation of net periodic pension cost (see Note 13 - Employee Benefit Plans for additional details). |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES First Financial uses certain derivative instruments, including interest rate caps, floors, swaps and foreign exchange contracts, to meet the needs of its clients while managing the interest and currency rate risk associated with certain transactions. First Financial may also utilize interest rate swaps to manage the interest rate risk profile of the Company. Interest rate payments are exchanged with counterparties, based on the notional amount established in the interest rate agreement. As only interest rate payments are exchanged, the cash requirements and credit risk associated with interest rate swaps are significantly less than the notional amount and the Company’s credit risk exposure is limited to the market value of the instruments. First Financial does not use derivatives for speculative purposes. First Financial manages market value credit risk through counterparty credit policies including a review of total derivative notional position to total assets, total credit exposure to total capital and counterparty credit exposure risk. Client derivatives. First Financial utilizes interest rate swaps as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets. At March 31, 2020 , for the interest rate derivatives, the Company had a total counterparty notional amount outstanding of $2.1 billion , spread among nineteen counterparties, with an estimated fair value of $191.0 million . At December 31, 2019 , the Company had interest rate derivatives with a total counterparty notional amount outstanding of $1.9 billion , spread among eighteen counterparties, with an estimated fair value of $67.5 million . First Financial monitors its derivative credit exposure to borrowers by monitoring the creditworthiness of the related loan customers through the Company's normal credit review processes. Additionally, the Company's ACL Committee monitors derivative credit risk exposure related to problem loans through the Company's ACL committee. First Financial considers the market value of a derivative instrument to be part of the carrying value of the related loan for these purposes as the borrower is contractually obligated to pay First Financial this amount in the event the derivative contract is terminated. In connection with its use of derivative instruments, First Financial and its counterparties may be required to post cash collateral to offset the market position of the derivative instruments. First Financial maintains the right to offset these derivative positions with the collateral posted against them by or with the relevant counterparties. Foreign exchange contracts. First Financial may enter into foreign exchange derivative contracts for the benefit of commercial customers to hedge their exposure to foreign currency fluctuations. Similar to the hedging of interest rate risk from interest rate derivative contracts, First Financial also enters into foreign exchange contracts with major financial institutions to economically hedge a substantial portion of the exposure from client driven foreign exchange activity. These derivatives are classified as free-standing instruments with the revaluation gain or loss recorded in Foreign exchange income in the Consolidated Statements of Income. The Bancorp has risk limits and internal controls in place to help ensure excessive risk is not being taken in providing this service to customers. These controls include an independent determination of currency volatility and credit equivalent exposure on these contracts, counterparty credit approvals and country limits performed by independent risk management. At March 31, 2020 , the Company had total counterparty notional amount outstanding of $2.1 billion spread among six counterparties, with an estimated fair value of $19.8 million . At December 31, 2019 , the Company had total counterparty notional amounts outstanding of $1.9 billion spread among 6 counterparties, with an estimated fair value of $18.3 million . In connection with its use of foreign exchange contracts, First Financial and its counterparties may be required to post cash collateral to offset the market position of the derivative instruments. First Financial maintains the right to offset these derivative positions with the collateral posted against them by or with the relevant counterparties. The following table details the classification and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: March 31, 2020 December 31, 2019 Estimated fair value Estimated fair value (Dollars in thousands) Balance sheet classification Notional amount Gain Loss Notional amount Gain Loss Client derivatives - instruments associated with loans Matched interest rate swaps with borrower Accrued interest and other assets $ 2,094,136 $ 197,886 $ (6,306 ) $ 1,923,375 $ 70,799 $ (2,636 ) Matched interest rate swaps with counterparty Accrued interest and other liabilities 2,094,136 6,306 (197,955 ) 1,923,375 2,636 (70,808 ) Foreign exchange contracts Matched foreign exchange contracts with customers Accrued interest and other assets 2,107,052 42,411 (62,216 ) 1,869,934 28,739 (10,433 ) Match foreign exchange contracts with counterparty Accrued interest and other liabilities 2,107,052 62,216 (42,411 ) 1,869,934 10,433 (28,739 ) Total $ 8,402,376 $ 308,819 $ (308,888 ) $ 7,586,618 $ 112,607 $ (112,616 ) The following table discloses the gross and net amounts of client derivatives and foreign exchange contacts recognized in the Consolidated Balance Sheets: March 31, 2020 December 31, 2019 (Dollars in thousands) Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of liabilities (assets) presented in the Consolidated Balance Sheets Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of liabilities (assets) presented in the Consolidated Balance Sheets Client derivatives Matched interest rate swaps with counterparty $ 204,261 $ (406,685 ) $ (202,424 ) $ 73,444 $ (147,193 ) $ (73,749 ) Foreign exchange contracts with counterparty 104,627 (93,015 ) 11,612 39,172 (41,202 ) (2,030 ) Total $ 308,888 $ (499,700 ) $ (190,812 ) $ 112,616 $ (188,395 ) $ (75,779 ) The following table details the derivative financial instruments, the average remaining maturities and the weighted-average interest rates being paid and received by First Financial at March 31, 2020 : (Dollars in thousands) Notional amount Average maturity (years) Fair value Client derivatives-interest rate contracts Receive fixed, matched interest rate swaps with borrower $ 2,094,136 5.7 $ 191,580 Pay fixed, matched interest rate swaps with counterparty 2,094,136 5.7 (191,649 ) Client derivatives-foreign exchange contracts Foreign exchange contracts-pay USD $ 2,107,052 0.5 (19,805 ) Foreign exchange contracts-receive USD $ 2,107,052 0.5 19,805 Total client derivatives $ 8,402,376 3.1 $ (69 ) Credit derivatives. In conjunction with participating interests in commercial loans, First Financial periodically enters into risk participation agreements with counterparties whereby First Financial assumes a portion of the credit exposure associated with an interest rate swap on the participated loan in exchange for a fee. Under these agreements, First Financial will make payments to the counterparty if the loan customer defaults on its obligation to perform under the interest rate swap contract with the counterparty. The total notional value of these agreements totaled $234.0 million as of March 31, 2020 and $216.2 million as of December 31, 2019 . The fair value of these agreements is recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets and was $0.4 million at March 31, 2020 and $0.2 million at December 31, 2019 . Mortgage derivatives. First Financial enters into IRLCs and forward commitments for the future delivery of mortgage loans to third party investors, which are considered derivatives. When borrowers secure IRLCs with First Financial and the loans are intended to be sold, First Financial will enter into forward commitments for the future delivery of the loans to third party investors in order to hedge against the effect of changes in interest rates impacting IRLCs and loans held for sale. At March 31, 2020 , the notional amount of the IRLCs was $189.5 million and the notional amount of forward commitments was $147.0 million . As of December 31, 2019 , the notional amount of IRLCs was $33.4 million and the notional amount of forward commitments was $37.8 million . The fair value of these agreements was a loss of $1.8 million and $0.9 million at March 31, 2020 and December 31, 2019 , respectively, and were recorded in accrued interest and other assets on the Consolidated Balance Sheets. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES First Financial offers a variety of financial instruments including loan commitments and letters of credit to assist clients in meeting their requirement for liquidity and credit enhancement. GAAP does not require these financial instruments to be recorded in the Consolidated Financial Statements. First Financial utilizes the same credit policies in issuing commitments and conditional obligations as it does for credit instruments recorded on the Consolidated Balance Sheets. First Financial’s exposure to credit loss in the event of non-performance by the counterparty was represented by the contractual amounts of those instruments. Effective January 1, 2020, First Financial adopted ASC 326, at which time First Financial estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. A djustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. First Financial had $14.3 million of ACL for unfunded commitments recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets as of March 31, 2020 . Prior to the adoption of ASC 326, First Financial maintained its reserve to absorb probable losses incurred in standby letters of credit and outstanding loan commitments. First Financial determined the adequacy of this reserve based upon an evaluation of the unfunded credit facilities, which included consideration of historical commitment utilization experience, credit risk ratings and historical loss rates, consistent with the Company's ALLL methodology at the time. First Financial had $0.6 million of reserves for unfunded commitments recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets at December 31, 2019 . Loan commitments. Loan commitments are agreements to extend credit to a client, absent any violation of conditions established in the commitment agreement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments will expire without being fully drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by First Financial upon extension of credit, is based on management’s credit evaluation of the client. The collateral held varies, but may include securities, real estate, inventory, plant or equipment. First Financial had commitments outstanding to extend credit totaling $3.3 billion at both March 31, 2020 and December 31, 2019 . As of March 31, 2020 , loan commitments with a fixed interest rate totaled $154.4 million while commitments with variable interest rates totaled $3.1 billion . At December 31, 2019 , loan commitments with a fixed interest rate totaled $123.7 million while commitments with variable interest rates totaled $3.2 billion . First Financial's fixed rate loan commitments have interest rates ranging from 0.00% to 21.00% for both March 31, 2020 and December 31, 2019 and have maturities ranging from less than 1 year to 30.9 years for March 31, 2020 and less than 1.0 year to 31.6 years for December 31, 2019 . The following table presents First Financial's loan balances and contractual obligations to extend credit, excluding obligations that are unconditionally cancellable, by type, as of March 31, 2020 . (dollars in thousands) Unfunded commitment Loan balance Commercial & industrial $ 1,090,309 $ 2,477,773 Lease financing 0 82,602 Construction real estate 462,460 500,311 Commercial real estate-investor 152,602 3,180,037 Commercial real estate-owner 45,889 1,098,220 Residential real estate 30,807 1,061,792 Home equity 717,625 781,243 Installment 21,457 80,085 Credit card 185,606 45,756 Total $ 2,706,755 $ 9,307,819 Letters of credit. Letters of credit are conditional commitments issued by First Financial to guarantee the performance of a client to a third party. First Financial’s letters of credit consist of performance assurances made on behalf of clients who have a contractual commitment to produce or deliver goods or services. The risk to First Financial arises from its obligation to make payment in the event of the client's contractual default to produce the contracted good or service to a third party. First Financial issued letters of credit aggregating $32.7 million and $33.4 million at March 31, 2020 and December 31, 2019 , respectively. Management conducts regular reviews of these instruments on an individual client basis. Investments in affordable housing tax credits. First Financial has made investments in certain qualified affordable housing tax credits. These credits are an indirect federal subsidy that provide tax incentives to encourage investment in the acquisition, development, and rehabilitation of affordable rental housing, and allow investors to claim tax credits and other tax benefits (such as deductions from taxable income for operating losses) on their federal income tax returns. The principal risk associated with qualified affordable housing investments is the potential for noncompliance with the tax code requirements, such as failure to rent property to qualified tenants, resulting in the unavailability or recapture of the tax credits and other tax benefits. Investments in affordable housing projects are accounted for under the proportional amortization method and are included in Accrued interest and other assets in the Consolidated Balance Sheets. First Financial's affordable housing commitments totaled $35.6 million and $38.5 million as of March 31, 2020 and December 31, 2019 , respectively. The Company recognized tax credits of $1.9 million and $1.6 million for the three months ended March 31, 2020 and 2019 , respectively. The Company recognized amortization expense which was included in income tax expense of $2.1 million and $1.6 million for the three months ended March 31, 2020 and 2019, respectively. First Financial had no affordable housing contingent commitments as of March 31, 2020 or December 31, 2019 . Investments in historic tax credits. First Financial has noncontrolling financial investments in private investment funds and partnerships which are not consolidated. These investments may generate a return through the realization of federal and state income tax credits, as well as other tax benefits, such as tax deductions from net operating losses of the investments over a period of time. Investments in historic tax credits are accounted for under the equity method of accounting and are carried in Accrued interest and other assets on the Consolidated Balance Sheets. The Company’s recorded investment in these entities was approximately $3.8 million at March 31, 2020 and $3.1 million at December 31, 2019 . The maximum exposure to loss related to these investments was $6.7 million at March 31, 2020 and $5.1 million at December 31, 2019 , representing the Company’s investment balance and its unfunded commitments to invest additional amounts. Investments in historic tax credits resulted in $0.1 million of tax credits for the three months ended March 31, 2020 and were insignificant for the three months ended March 31, 2019 . Contingencies/Litigation. First Financial and its subsidiaries are engaged in various matters of litigation from time to time, and have a number of unresolved claims pending. Additionally, as part of the ordinary course of business, First Financial and its subsidiaries are parties to litigation involving claims to the ownership of funds in particular accounts, the collection of delinquent accounts, challenges to security interests in collateral and foreclosure interests that are incidental to our regular business activities. While the ultimate liability with respect to these litigation matters and claims cannot be determined at this time, First Financial believes that damages, if any, and other amounts relating to pending matters are not probable or cannot be reasonably estimated as of March 31, 2020 . Reserves are established for these various matters of litigation when appropriate under FASB ASC Topic 450, Contingencies, based in part upon the advice of legal counsel. First Financial had no reserves related to litigation matters as of March 31, 2020 or December 31, 2019 . |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the first three months of 2020, income tax expense was $5.9 million , resulting in an effective tax rate of 17.1% compared with income tax expense of $9.9 million and an effective tax rate of 17.8% for the comparable period in 2019. The decrease in the effective tax rate is primarily due to lower pre-tax income in the first quarter of 2020 and the carryback of certain net operating losses as allowed under the CARES Act. These adjustments were partially offset by an unfavorable impact related to stock compensation activity. At both March 31, 2020 and December 31, 2019 , First Financial had $2.4 million of unrecognized tax benefits, as determined under FASB ASC Topic 740-10, Income Taxes, that if recognized would favorably impact the effective income tax rate in future periods. The unrecognized tax benefits relate to state income tax exposures from taking tax positions where the Company believes it is likely that, upon examination, a state may take a position contrary to the position taken by First Financial. The Company believes that resolution regarding our uncertain tax positions is reasonably possible within the next twelve months and could result in full, partial or no recognition of the benefit. First Financial recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. At March 31, 2020 and December 31, 2019 , the Company had no interest or penalties recorded. First Financial and its subsidiaries are subject to U.S. federal income tax as well as state and local income tax in several jurisdictions. Tax years prior to 2016 have been closed and are no longer subject to U.S. federal income tax examinations. Tax years 2016 through 2019 remain open to examination by the federal taxing authority. First Financial is no longer subject to state and local income tax examinations for years prior to 2011. Tax years 2011 through 2019 remain open to state and local examination in various jurisdictions. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS First Financial sponsors a non-contributory defined benefit pension plan which covers substantially all employees and uses a December 31 measurement date for the plan. Plan assets are primarily invested in fixed income and publicly traded equity mutual funds. The pension plan does not directly own any shares of First Financial common stock or any other First Financial security or product. First Financial made no cash contributions to fund the pension plan during the three months ended March 31, 2020 , or the year ended December 31, 2019, and does not expect to make cash contributions to the plan through the remainder of 2020. As a result of the plan’s actuarial projections, First Financial recorded expense as set forth in the following table. The amounts are recognized in First Financial’s Consolidated Statements of Income related to the Company's pension plan. Three months ended March 31, (Dollars in thousands) 2020 2019 Service cost $ 1,850 $ 1,750 Interest cost 600 700 Expected return on assets (2,475 ) (2,450 ) Amortization of prior service cost (100 ) (100 ) Net actuarial loss 525 475 Net periodic benefit cost (income) $ 400 $ 375 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The majority of the Company's revenues come from interest income and other sources, including loans, leases, securities, derivatives and foreign exchange, that are outside the scope of ASU No. 2014-09, Revenue from Contracts with Customers. The Company's services that fall within the scope of ASU 2019-09 are presented within Noninterest income and are recognized as revenue when the Company satisfies its obligation to the customer. Services within the scope of this guidance include service charges on deposits, trust and wealth management fees, bankcard income, gain/loss on the sale of OREO and investment brokerage fees. Service charges on deposit accounts. The Company earns revenues from its deposit customers for transaction-based fees, account maintenance fees and overdraft fees. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Similarly, overdraft fees are recognized at the point in time that the overdraft occurs as this corresponds with the Company's performance obligation. Service charges on deposit accounts are withdrawn from the customer's deposit account. Trust and wealth management fees. Trust and wealth management fees are primarily asset-based, but can also include flat fees based upon a specific service rendered, such as tax preparation services. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fees. The Company does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and wealth management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, as incurred. Bankcard income. The Company earns interchange fees from cardholder transactions conducted through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized concurrent with the transaction processing services provided to the cardholder. Interchange income is presented on the Consolidated Statements of Income net of expenses. Gross interchange income for the first quarter of 2020 was $5.7 million , which was partially offset by $3.0 million of expenses within Noninterest income. Gross interchange income for the first quarter of 2019 was $8.5 million , which was partially offset by $2.9 million of expenses. Other. Other noninterest income consists of other recurring revenue streams such as transaction fees, safe deposit rental income, insurance commissions, merchant referral income, gain (loss) on sale of OREO and brokerage revenue. Transaction fees primarily include check printing sales commissions, collection fees and wire transfer fees which arise from in-branch transactions. Safe deposit rental income arises from fees charged to the customer on an annual basis and recognized upon receipt of payment. Insurance commissions are agent commissions earned by the Company and earned upon the effective date of the bound coverage. Merchant referral income is associated with a program whereby the Company receives a share of processing revenue that is generated from clients that were referred by First Financial to the service provider. Revenue is recognized at the point in time when the transaction occurs. The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of the executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectibility of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. Brokerage revenue represents fees from investment brokerage services provided to customers by a third party provider. The Company receives commissions from the third-party service provider on a monthly basis based upon customer activity for the month. The fees are recognized monthly and a receivable is recorded until commissions are paid the following month. Because the Company (i) acts as an agent in arranging the relationship between the customer and the third-party service provider and (ii) does not control the services rendered to the customers, investment brokerage fees are presented net of related costs. |
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 following table sets forth the computation of basic and diluted earnings per common share: Three months ended March 31, (Dollars in thousands, except per share data) 2020 2019 Numerator Net income available to common shareholders $ 28,628 $ 45,839 Denominator Weighted average shares outstanding for basic earnings per common share 97,736,690 97,926,088 Effect of dilutive securities Employee stock awards 619,524 510,223 Adjusted weighted average shares for diluted earnings per common share 98,356,214 98,436,311 Earnings per share available to common shareholders Basic $ 0.29 $ 0.47 Diluted $ 0.29 $ 0.47 Stock options and warrants with exercise prices greater than the average market price of the common shares were not included in the computation of net income per diluted share, as they would have been antidilutive. Using the end of period price of the Company's common shares, there were no antidilutive options at March 31, 2020 and March 31, 2019 |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES The fair value framework as disclosed in the Fair Value Topic includes a hierarchy which focuses on prioritizing the inputs used in valuation techniques. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), a lower priority to observable inputs other than quoted prices in active markets for identical assets and liabilities (Level 2) and the lowest priority to unobservable inputs (Level 3). When determining the fair value measurements for assets and liabilities, First Financial looks to active markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, First Financial looks to observable market data for similar assets and liabilities and classifies such items as Level 2. Certain assets and liabilities are not actively traded in observable markets and First Financial must use alternative techniques, based on unobservable inputs, to determine the fair value and classifies such items as Level 3. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. The estimated fair values of First Financial’s financial instruments not measured at fair value on a recurring or nonrecurring basis in the consolidated financial statements were as follows: Carrying Estimated fair value (Dollars in thousands) value Total Level 1 Level 2 Level 3 March 31, 2020 Financial assets Cash and short-term investments $ 332,963 $ 332,963 $ 332,963 $ 0 $ 0 Investment securities held-to-maturity 136,744 140,065 0 140,065 0 Other investments 143,581 N/A N/A N/A N/A Loans held for sale 27,334 27,334 0 27,334 0 Loans and leases 9,163,934 8,877,637 0 0 8,877,637 Accrued interest receivable 40,386 40,386 0 12,937 27,449 Financial liabilities Deposits 10,635,558 10,644,873 0 10,644,873 0 Short-term borrowings 1,397,724 1,397,724 1,397,724 0 0 Long-term debt 325,566 338,778 0 338,778 0 Accrued interest payable 11,474 11,474 2,347 9,127 0 Carrying Estimated fair value (Dollars in thousands) value Total Level 1 Level 2 Level 3 December 31, 2019 Financial assets Cash and short-term investments $ 257,639 $ 257,639 $ 257,639 $ 0 $ 0 Investment securities held-to-maturity 142,862 142,821 0 142,821 0 Other investments 125,020 N/A N/A N/A N/A Loans held for sale 13,680 13,680 0 13,680 0 Loans and leases 9,144,015 9,134,215 0 0 9,134,215 Accrued interest receivable 39,591 39,591 0 12,743 26,848 Financial liabilities Deposits 10,210,229 10,209,790 0 10,209,790 0 Short-term borrowings 1,316,181 1,316,181 1,316,181 0 0 Long-term debt 414,376 414,937 0 414,937 0 Accrued interest payable 13,671 13,671 1,899 11,772 0 The following methods, assumptions and valuation techniques were used by First Financial to measure different financial assets and liabilities at fair value on a recurring or nonrecurring basis. Investment securities. Investment securities classified as available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar investment securities. First Financial compiles prices from various sources who may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for the specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. Any investment securities not valued based upon the methods previously described are considered Level 3. First Financial utilizes values provided by third-party pricing vendors to price the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic and reviews the pricing methodologies utilized by the pricing vendors to ensure that the fair value determination is consistent with the applicable accounting guidance. First Financial’s pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, historical prices and other independent pricing services. Further, the Company periodically validates the fair value of a sample of securities in the portfolio by comparing the fair values to prices from other independent sources for the same or similar securities. First Financial analyzes unusual or significant variances, conducts additional research with the pricing vendor, and if necessary, takes appropriate action based on its findings. The results of the quality assurance process are incorporated into the selection of pricing providers by the portfolio manager. Derivatives. The fair values of derivative instruments are based primarily on a net present value calculation of the cash flows related to the interest rate swaps and foreign exchange contracts at the reporting date, using primarily observable market inputs such as interest rate yield curves which represents the cost to terminate the swap if First Financial should choose to do so. Additionally, First Financial utilizes an internally-developed model to value the credit risk component of derivative assets and liabilities, which is recorded as an adjustment to the fair value of the derivative asset or liability on the reporting date. Derivative instruments are classified as Level 2 in the fair value hierarchy. Nonperforming loans. The fair value of nonperforming loans are specifically reviewed for purposes of determining the appropriate amount of impairment to be allocated to the ACL. Fair value is generally measured based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed third-party appraiser (Level 3). The value of business equipment is based on an outside appraisal, if deemed significant, or the net book value on the applicable borrower financial statements. Likewise, values for inventory and accounts receivable collateral are based on borrower financial statement balances or aging reports on a discounted basis as appropriate (Level 3). Nonperforming loans are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period expected to occur as provision for credit losses on the Consolidated Statements of Income. OREO. Assets acquired through loan foreclosure are recorded at fair value less costs to sell, with any difference between the fair value of the property and the carrying value of the loan recorded as a charge-off. If the fair value is higher than the carrying amount of the loan, the excess is recognized first as a recovery and then as noninterest income. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in noninterest expense. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value differs from the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. The Company classifies OREO in level 3 of the fair value hierarchy. The financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements were as follows: Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities at fair value March 31, 2020 Assets Investment securities available-for-sale $ 104 $ 2,864,334 $ 44,250 $ 2,908,688 Interest rate derivative contracts 0 204,351 0 204,351 Foreign exchange derivative contracts 0 104,627 0 104,627 Total $ 104 $ 3,173,312 $ 44,250 $ 3,217,666 Liabilities Interest rate derivative contracts $ 0 $ 205,505 $ 0 $ 205,505 Foreign exchange derivative contracts 0 104,627 0 104,627 Total $ 0 $ 310,132 $ 0 $ 310,132 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities at fair value December 31, 2019 Assets Investment securities available-for-sale $ 100 $ 2,842,794 $ 9,190 $ 2,852,084 Interest rate derivative contracts 0 73,558 0 73,558 Foreign exchange derivative contracts 0 39,172 0 39,172 Total $ 100 $ 2,955,524 $ 9,190 $ 2,964,814 Liabilities Interest rate derivative contracts $ 0 $ 73,750 $ 0 $ 73,750 Foreign exchange derivative contracts $ 0 $ 39,172 $ 0 $ 39,172 Total $ 0 $ 112,922 $ 0 $ 112,922 The following table presents a reconciliation for certain AFS securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2020 and March 31, 2019 . Three months ended (dollars in thousands) March 31, 2020 March 31, 2019 Beginning balance $ 9,190 $ 14,715 Accretion (amortization) 16 7 Increase (decrease) in fair value (30 ) 21 Settlements 35,074 (1,388 ) Ending balance $ 44,250 $ 13,355 Certain financial assets and liabilities are measured at fair value on a nonrecurring basis. Adjustments to the fair market value of these assets usually result from the application of fair value accounting or write-downs of individual assets. The following table summarizes financial assets and liabilities measured at fair value on a nonrecurring basis. Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 March 31, 2020 Assets Impaired loans $ 0 $ 0 $ 13,180 OREO 0 0 554 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 December 31, 2019 Assets Impaired loans $ 0 $ 0 $ 9,268 OREO 0 0 1,088 |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS In August, 2019, the Company completed the acquisition of Bannockburn Global Forex, LLC. Pursuant to the acquisition agreement, First Financial agreed to acquire all of the issued and outstanding membership interests of BGF for aggregate consideration of approximately $114.6 million consisting of $53.7 million in cash and $60.9 million of First Financial common stock. BGF was a privately held capital markets trading firm specializing in foreign currency advisory, hedge analytics, and transaction processing for closely held enterprises. Upon completion of the transaction, Bannockburn became a division of the Bank, but continues to operate as Bannockburn Global Forex, taking advantage of its existing brand recognition within the foreign exchange industry. The Bannockburn transaction was accounted for using the acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date, in accordance with FASB ASC Topic 805, Business Combinations. The fair value measurements of assets acquired and liabilities assumed were $74.9 million and $18.4 million , respectively, and are subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values became available. The measurement period ends in August 2020. Goodwill arising from the BGF acquisition was $58.0 million and reflects the business’s high growth potential and the expectation that the acquisition will provide additional revenue growth and diversification. The goodwill is deductible for income tax purposes as the transaction is considered a taxable exchange. For further detail, see Note 6 – Goodwill and Other Intangible Assets. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENT In April 2020, First Financial issued $150.0 million of fixed to floating rate subordinated notes. The subordinated notes have an initial fixed interest rate of 5.25% to, but excluding, May 15, 2025, payable semi-annually in arrears. From, and including, May 15, 2025, the interest rate on the subordinated notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then-current three-month term SOFR, plus 509 basis points, payable quarterly in arrears. The subordinated notes mature on May 15, 2030. These notes are redeemable by the Company in whole or in part beginning with the interest payment date of May 15, 2025. The subordinated notes are treated as Tier 2 capital for regulatory capital purposes and will be included in Long-term debt on the Consolidated Balance Sheets. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Lessee, Leases [Policy Text Block] | |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Letters of credit are conditional commitments issued by First Financial to guarantee the performance of a client to a third party. First Financial’s letters of credit consist of performance assurances made on behalf of clients who have a contractual commitment to produce or deliver goods or services. The risk to First Financial arises from its obligation to make payment in the event of the client's contractual default to produce the contracted good or service to a third party. |
Basis of Presentation Policy | Basis of presentation. The Consolidated Financial Statements of First Financial Bancorp., a financial holding company principally serving Ohio, Indiana, Kentucky and Illinois, include the accounts and operations of First Financial and its wholly-owned subsidiary, First Financial Bank. All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and accompanying notes necessary to constitute a complete set of financial statements required by GAAP and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . Management believes these unaudited consolidated financial statements reflect all adjustments of a normal recurring nature which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The Consolidated Balance Sheet as of December 31, 2019 has been derived from the audited financial statements in the Company’s 2019 Form 10-K. |
Use of Estimates, Policy | Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. These estimates, assumptions and judgments are inherently subjective and may be susceptible to significant change. Actual realized amounts could differ materially from these estimates. |
Loans and Leases Receivable, Past Due Status, Policy | Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the date of the scheduled payment. |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful or when principal or interest payments are 90 days or more past due. Generally, loans are classified as nonaccrual due to the continued failure to adhere to contractual payment terms by the borrower, coupled with other pertinent factors. When a loan is classified as nonaccrual, the accrual of interest income is discontinued and previously accrued but unpaid interest is reversed. Any payments received while a loan is on nonaccrual status are applied as a reduction to the carrying value of the loan. A loan classified as nonaccrual may return to accrual status if none of the principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual principal and interest. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy | A loan modification is considered a TDR when the borrower is experiencing financial difficulty and a concession is made by the Company that would not otherwise be considered for a borrower with similar credit characteristics. The most common types of modifications include interest rate reductions, maturity extensions and modifications to principal amortization, including interest-only structures. Modified terms are dependent upon the financial position and needs of the individual borrower. If the modification agreement is violated, the loan is managed by the Company’s credit administration group for resolution, which may result in foreclosure in the case of real estate. In accordance with the the Coronavirus Aid, Relief, and Economic Security (CARES) Act, performing loans that demonstrated limited signs of credit deterioration, but were modified to provide borrowers relief during the COVID-19 pandemic were not considered to be TDR as of March 31, 2020. |
Impaired Financing Receivable, Policy | First Financial individually reviews all nonperforming commercial loan relationships, as well as consumer loan TDRs greater than $250,000 |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy | OREO consists of properties acquired by the Company primarily through the loan foreclosure or repossession process, that results in partial or total satisfaction of problem loans. |
Loans and Leases Receivable, Allowance for Loan Losses Policy | Allowance for credit losses - loans and leases. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Management's determination of the adequacy of the ACL is based on an assessment of the expected credit losses on loan and leases over the expected life of the loan. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Loans are charged off when management believes that the collection of the princ ipal amount owed in full, either through payments from the borrower or a guarantor or from the liquidation of collateral, is unlikely. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Any interest that is accrued bu t not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan. Accrued interest receivable on loans and leases is excluded from the estimate of credit losses. Management estimates the allowance balance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. First Financial quantitatively models expected credit loss using Probability of Default (“PD”), Loss Given Default (“LGD”), and Exposure at Default (“EAD”) over the Reasonable and Supportable ("R&S") forecast period, reversion and post-reversion periods. Utilizing third-party software, the Bank forecasts PD by using a parameterized transition matrix approach. Average transition matrices are calculated over the Through the Cycle ("TTC") period, which was defined as the period from December 2007 to December 2016. TTC transition matrices are adjusted under forward-looking macroeconomic expectations to obtain R&S forecasts. First Financial is not required to develop forecasts over full the contractual term of the financial asset or group of financial assets. Rather, for periods beyond which the entity is able to make or obtain R&S forecasts of expected credit losses, the Company reverts in a straight line manner over a one year period to an average TTC loss level that is reflective of the prepayment adjusted contractual term of the financial asset or group of financial assets. The R&S period, elected by the bank to be two years, is forecasted using econometric data sourced from Moody's, an industry-leading independent third party. FFB utilizes the non-parametric loss curve approach embedded within the third-party software for estimating LGD. The PD multiplied by LGD produces an expected loss rate that, when calculating the ACL, is applied to contractual loan cash flows, adjusted for expected future rates of principal prepayments. The Company adjusts its quantitative model for certain qualitative factors to reflect the extent to which management expects current conditions and R&S forecasts to differ from the conditions that existed for the period over which historical information was evaluated. The Qualitative Framework reflects changes related to relevant data, such as changes in asset quality trends, portfolio growth and composition, national and local economic factors, credit policy and administration and other factors not considered in the base model. Loans that do not share risk characteristics are evaluated on an individual basis. First Financial will typically evaluate on an individual basis any loans that are on nonaccrual, designated as a TDR, or reasonably expected to be designated as a TDR. When management determines that foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of underlying collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs. For loans evaluated on an individual basis that are not determined to be collateral dependent, a discounted cash flow analysis is performed to determine expected credit losses. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. First Financial's policy is to charge-off all or a portion of a loan when, in management's opinion, it is unlikely to collect the principal amount owed in full either through payments from the borrower or a guarantor or from the liquidation of collateral. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable on loans and leases, which totaled $27.4 million as of March 31, 2020 , is excluded from the estimate of credit losses. Management estimates the allowance balance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. |
Goodwill and Intangible Assets, Goodwill, Policy | Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date. The excess of the purchase price of the acquisition over the fair value of net assets acquired is recorded as goodwill. |
Goodwill and Intangible Assets, Goodwill Impairment Policy | Goodwill is evaluated for impairment on an annual basis as of October 1 of each year, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. |
Goodwill and Intangible Assets, Policy | Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized on an accelerated basis over their estimated useful lives. First Financial's core deposit intangibles have an estimated weighted average remaining life of 7.7 years . First Financial recorded a $39.4 million customer list intangible asset in conjunction with the Bannockburn merger to account for the obligation or advantage on the part of either the Company or the customer to continue the pre-existing relationship subsequent to the merger. The customer list intangible asset is amortized on a straight-line basis over its estimated useful life of 11 years . |
Income Tax, Policy | The unrecognized tax benefits relate to state income tax exposures from taking tax positions where the Company believes it is likely that, upon examination, a state may take a position contrary to the position taken by First Financial. |
Commitments and Contingencies, Policy | Allowance for credit losses - unfunded commitments. Effective January 1, 2020, First Financial adopted ASC 326, at which time First Financial estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. A djustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. Prior to the adoption of ASC 326, First Financial maintained its reserve to absorb probable losses incurred in standby letters of credit and outstanding loan commitments. First Financial determined the adequacy of this reserve based upon an evaluation of the unfunded credit facilities, which included consideration of historical commitment utilization experience, credit risk ratings and historical loss rates, consistent with the Company's ALLL methodology at the time. First Financial offers a variety of financial instruments including loan commitments and letters of credit to assist clients in meeting their requirement for liquidity and credit enhancement. GAAP does not require these financial instruments to be recorded in the Consolidated Financial Statements. First Financial utilizes the same credit policies in issuing commitments and conditional obligations as it does for credit instruments recorded on the Consolidated Balance Sheets. First Financial’s exposure to credit loss in the event of non-performance by the counterparty was represented by the contractual amounts of those instruments. Effective January 1, 2020, First Financial adopted ASC 326, at which time First Financial estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. A djustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. First Financial had $14.3 million of ACL for unfunded commitments recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets as of March 31, 2020 . |
Fair Value Measurement, Policy [Policy Text Block] | The fair value framework as disclosed in the Fair Value Topic includes a hierarchy which focuses on prioritizing the inputs used in valuation techniques. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), a lower priority to observable inputs other than quoted prices in active markets for identical assets and liabilities (Level 2) and the lowest priority to unobservable inputs (Level 3). When determining the fair value measurements for assets and liabilities, First Financial looks to active markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, First Financial looks to observable market data for similar assets and liabilities and classifies such items as Level 2. Certain assets and liabilities are not actively traded in observable markets and First Financial must use alternative techniques, based on unobservable inputs, to determine the fair value and classifies such items as Level 3. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. |
Fair Value of Financial Instruments, Policy | The following methods, assumptions and valuation techniques were used by First Financial to measure different financial assets and liabilities at fair value on a recurring or nonrecurring basis. Investment securities. Investment securities classified as available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar investment securities. First Financial compiles prices from various sources who may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for the specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. Any investment securities not valued based upon the methods previously described are considered Level 3. First Financial utilizes values provided by third-party pricing vendors to price the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic and reviews the pricing methodologies utilized by the pricing vendors to ensure that the fair value determination is consistent with the applicable accounting guidance. First Financial’s pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, historical prices and other independent pricing services. Further, the Company periodically validates the fair value of a sample of securities in the portfolio by comparing the fair values to prices from other independent sources for the same or similar securities. First Financial analyzes unusual or significant variances, conducts additional research with the pricing vendor, and if necessary, takes appropriate action based on its findings. The results of the quality assurance process are incorporated into the selection of pricing providers by the portfolio manager. Derivatives. The fair values of derivative instruments are based primarily on a net present value calculation of the cash flows related to the interest rate swaps and foreign exchange contracts at the reporting date, using primarily observable market inputs such as interest rate yield curves which represents the cost to terminate the swap if First Financial should choose to do so. Additionally, First Financial utilizes an internally-developed model to value the credit risk component of derivative assets and liabilities, which is recorded as an adjustment to the fair value of the derivative asset or liability on the reporting date. Derivative instruments are classified as Level 2 in the fair value hierarchy. Nonperforming loans. The fair value of nonperforming loans are specifically reviewed for purposes of determining the appropriate amount of impairment to be allocated to the ACL. Fair value is generally measured based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed third-party appraiser (Level 3). The value of business equipment is based on an outside appraisal, if deemed significant, or the net book value on the applicable borrower financial statements. Likewise, values for inventory and accounts receivable collateral are based on borrower financial statement balances or aging reports on a discounted basis as appropriate (Level 3). Nonperforming loans are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period expected to occur as provision for credit losses on the Consolidated Statements of Income. OREO. Assets acquired through loan foreclosure are recorded at fair value less costs to sell, with any difference between the fair value of the property and the carrying value of the loan recorded as a charge-off. If the fair value is higher than the carrying amount of the loan, the excess is recognized first as a recovery and then as noninterest income. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in noninterest expense. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value differs from the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. The Company classifies OREO in level 3 of the fair value hierarchy. |
Loan Commitments, Policy [Policy Text Block] | Loan commitments are agreements to extend credit to a client, absent any violation of conditions established in the commitment agreement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments will expire without being fully drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by First Financial upon extension of credit, is based on management’s credit evaluation of the client. The collateral held varies, but may include securities, real estate, inventory, plant or equipment. |
Other Contract-Mortgage | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial enters into IRLCs and forward commitments for the future delivery of mortgage loans to third party investors, which are considered derivatives. When borrowers secure IRLCs with First Financial and the loans are intended to be sold, First Financial will enter into forward commitments for the future delivery of the loans to third party investors in order to hedge against the effect of changes in interest rates impacting IRLCs and loans held for sale. |
Credit Risk | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial manages market value credit risk through counterparty credit policies including a review of total derivative notional position to total assets, total credit exposure to total capital and counterparty credit exposure risk. |
Fair Value Hedges | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial utilizes interest rate swaps as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets |
ORGANIZATION, CONSOLIDATION A_2
ORGANIZATION, CONSOLIDATION AND BASIS OF PRESENTATION Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss, Financial Instrument [Abstract] | |
ORGANIZATION, CONSOLIDATION, AND PRESENTATION OF FINANCIAL STATEMENTS | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation. The Consolidated Financial Statements of First Financial Bancorp., a financial holding company principally serving Ohio, Indiana, Kentucky and Illinois, include the accounts and operations of First Financial and its wholly-owned subsidiary, First Financial Bank. All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and accompanying notes necessary to constitute a complete set of financial statements required by GAAP and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . Management believes these unaudited consolidated financial statements reflect all adjustments of a normal recurring nature which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The Consolidated Balance Sheet as of December 31, 2019 has been derived from the audited financial statements in the Company’s 2019 Form 10-K. Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. These estimates, assumptions and judgments are inherently subjective and may be susceptible to significant change. Actual realized amounts could differ materially from these estimates. COVID-19. In the first quarter of 2020, First Financial's operations and financial results were significantly impacted by the COVID-19 pandemic. The spread of COVID-19 has caused significant economic disruption throughout the United States as state and local governments issued stay at home orders and temporarily closed non-essential businesses. The potential financial impact from the pandemic is unknown at this time, however prolonged disruption may adversely impact several industries within the Company's geographic footprint and impair the ability of First Financial's customers to fulfill their contractual obligations to the Company. This could cause First Financial to experience a material adverse effect on business operations, asset valuations, financial condition and results of operations. Material adverse impacts may include all or a combination of valuation impairments on First Financial's intangible assets, investments, loans, mortgage servicing rights or counter-party risk derivatives. Investment securities. First Financial classifies debt securities into three categories: HTM, trading and AFS. Management classifies investment securities into the appropriate category at the time of purchase and re-evaluates that classification as deemed appropriate. Investment securities are classified as HTM when First Financial has the positive intent and ability to hold the securities to maturity. HTM securities are recorded at amortized cost. Investment securities classified as trading are held principally for resale in the near-term and are recorded at fair value. Fair value is determined using quoted market prices. Gains or losses on trading securities, both realized and unrealized, are reported in noninterest income. Investment securities not classified as either HTM or trading are classified as AFS. AFS securities are recorded at fair value, with the unrealized gains and losses, net of tax, reported as a separate component of accumulated other comprehensive income (loss) in shareholders' equity. The amortized cost of investment securities classified as either HTM or AFS is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and accretion are considered an adjustment to the yield on the security and included in interest income from investments. Interest and dividends are also included in interest income from investment securities in the Consolidated Statements of Income. Realized gains and losses are based on the amortized cost of the security sold using the specific identification method. Allowance for credit losses - held-to-maturity securities . Management measures expected credit losses on held-to-maturity debt securities on a collective basis by security type. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: Mortgage-backed, CMOs and Obligations of state and other political subdivisions. Nearly all of the HTM securities held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The remainder of the Company's HTM securities are non-agency collateralized mortgage obligations and obligations of state and other political subdivisions which currently carry ratings no lower than A+. Accrued interest receivable on held-to maturity debt securities, which totaled $0.3 million as of March 31, 2020 , is excluded from the estimate of credit losses. Allowance for credit losses - available-for-sale securities. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities, which totaled $12.7 million as of March 31, 2020 , is excluded from the estimate of credit losses. Allowance for credit losses - loans and leases. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Management's determination of the adequacy of the ACL is based on an assessment of the expected credit losses on loan and leases over the expected life of the loan. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Loans are charged off when management believes that the collection of the princ ipal amount owed in full, either through payments from the borrower or a guarantor or from the liquidation of collateral, is unlikely. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Any interest that is accrued bu t not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan. Accrued interest receivable on loans and leases is excluded from the estimate of credit losses. Management estimates the allowance balance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. First Financial quantitatively models expected credit loss using Probability of Default (“PD”), Loss Given Default (“LGD”), and Exposure at Default (“EAD”) over the Reasonable and Supportable ("R&S") forecast period, reversion and post-reversion periods. Utilizing third-party software, the Bank forecasts PD by using a parameterized transition matrix approach. Average transition matrices are calculated over the Through the Cycle ("TTC") period, which was defined as the period from December 2007 to December 2016. TTC transition matrices are adjusted under forward-looking macroeconomic expectations to obtain R&S forecasts. First Financial is not required to develop forecasts over full the contractual term of the financial asset or group of financial assets. Rather, for periods beyond which the entity is able to make or obtain R&S forecasts of expected credit losses, the Company reverts in a straight line manner over a one year period to an average TTC loss level that is reflective of the prepayment adjusted contractual term of the financial asset or group of financial assets. The R&S period, elected by the bank to be two years, is forecasted using econometric data sourced from Moody's, an industry-leading independent third party. FFB utilizes the non-parametric loss curve approach embedded within the third-party software for estimating LGD. The PD multiplied by LGD produces an expected loss rate that, when calculating the ACL, is applied to contractual loan cash flows, adjusted for expected future rates of principal prepayments. The Company adjusts its quantitative model for certain qualitative factors to reflect the extent to which management expects current conditions and R&S forecasts to differ from the conditions that existed for the period over which historical information was evaluated. The Qualitative Framework reflects changes related to relevant data, such as changes in asset quality trends, portfolio growth and composition, national and local economic factors, credit policy and administration and other factors not considered in the base model. Loans that do not share risk characteristics are evaluated on an individual basis. First Financial will typically evaluate on an individual basis any loans that are on nonaccrual, designated as a TDR, or reasonably expected to be designated as a TDR. When management determines that foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of underlying collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs. For loans evaluated on an individual basis that are not determined to be collateral dependent, a discounted cash flow analysis is performed to determine expected credit losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Credit card receivables do not have stated maturities. In determining the estimated life of a credit card receivable, management first estimates the future cash flows expected to be received and then applies those expected future cash flows to the credit card balance. Allowance for credit losses - unfunded commitments. Effective January 1, 2020, First Financial adopted ASC 326, at which time First Financial estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. A djustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. Prior to the adoption of ASC 326, First Financial maintained its reserve to absorb probable losses incurred in standby letters of credit and outstanding loan commitments. First Financial determined the adequacy of this reserve based upon an evaluation of the unfunded credit facilities, which included consideration of historical commitment utilization experience, credit risk ratings and historical loss rates, consistent with the Company's ALLL methodology at the time. |
Basis of Presentation Policy | Basis of presentation. The Consolidated Financial Statements of First Financial Bancorp., a financial holding company principally serving Ohio, Indiana, Kentucky and Illinois, include the accounts and operations of First Financial and its wholly-owned subsidiary, First Financial Bank. All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and accompanying notes necessary to constitute a complete set of financial statements required by GAAP and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . Management believes these unaudited consolidated financial statements reflect all adjustments of a normal recurring nature which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The Consolidated Balance Sheet as of December 31, 2019 has been derived from the audited financial statements in the Company’s 2019 Form 10-K. |
Use of Estimates, Policy | Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. These estimates, assumptions and judgments are inherently subjective and may be susceptible to significant change. Actual realized amounts could differ materially from these estimates. |
Investment, Policy [Policy Text Block] | Investment securities. First Financial classifies debt securities into three categories: HTM, trading and AFS. Management classifies investment securities into the appropriate category at the time of purchase and re-evaluates that classification as deemed appropriate. Investment securities are classified as HTM when First Financial has the positive intent and ability to hold the securities to maturity. HTM securities are recorded at amortized cost. Investment securities classified as trading are held principally for resale in the near-term and are recorded at fair value. Fair value is determined using quoted market prices. Gains or losses on trading securities, both realized and unrealized, are reported in noninterest income. Investment securities not classified as either HTM or trading are classified as AFS. AFS securities are recorded at fair value, with the unrealized gains and losses, net of tax, reported as a separate component of accumulated other comprehensive income (loss) in shareholders' equity. |
Credit Loss, Financial Instrument [Policy Text Block] | Allowance for credit losses - held-to-maturity securities . Management measures expected credit losses on held-to-maturity debt securities on a collective basis by security type. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: Mortgage-backed, CMOs and Obligations of state and other political subdivisions. Nearly all of the HTM securities held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The remainder of the Company's HTM securities are non-agency collateralized mortgage obligations and obligations of state and other political subdivisions which currently carry ratings no lower than A+. Accrued interest receivable on held-to maturity debt securities, which totaled $0.3 million as of March 31, 2020 , is excluded from the estimate of credit losses. Allowance for credit losses - available-for-sale securities. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities, which totaled $12.7 million as of March 31, 2020 , is excluded from the estimate of credit losses. |
Loans and Leases Receivable, Allowance for Loan Losses Policy | Allowance for credit losses - loans and leases. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Management's determination of the adequacy of the ACL is based on an assessment of the expected credit losses on loan and leases over the expected life of the loan. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Loans are charged off when management believes that the collection of the princ ipal amount owed in full, either through payments from the borrower or a guarantor or from the liquidation of collateral, is unlikely. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Any interest that is accrued bu t not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan. Accrued interest receivable on loans and leases is excluded from the estimate of credit losses. Management estimates the allowance balance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. First Financial quantitatively models expected credit loss using Probability of Default (“PD”), Loss Given Default (“LGD”), and Exposure at Default (“EAD”) over the Reasonable and Supportable ("R&S") forecast period, reversion and post-reversion periods. Utilizing third-party software, the Bank forecasts PD by using a parameterized transition matrix approach. Average transition matrices are calculated over the Through the Cycle ("TTC") period, which was defined as the period from December 2007 to December 2016. TTC transition matrices are adjusted under forward-looking macroeconomic expectations to obtain R&S forecasts. First Financial is not required to develop forecasts over full the contractual term of the financial asset or group of financial assets. Rather, for periods beyond which the entity is able to make or obtain R&S forecasts of expected credit losses, the Company reverts in a straight line manner over a one year period to an average TTC loss level that is reflective of the prepayment adjusted contractual term of the financial asset or group of financial assets. The R&S period, elected by the bank to be two years, is forecasted using econometric data sourced from Moody's, an industry-leading independent third party. FFB utilizes the non-parametric loss curve approach embedded within the third-party software for estimating LGD. The PD multiplied by LGD produces an expected loss rate that, when calculating the ACL, is applied to contractual loan cash flows, adjusted for expected future rates of principal prepayments. The Company adjusts its quantitative model for certain qualitative factors to reflect the extent to which management expects current conditions and R&S forecasts to differ from the conditions that existed for the period over which historical information was evaluated. The Qualitative Framework reflects changes related to relevant data, such as changes in asset quality trends, portfolio growth and composition, national and local economic factors, credit policy and administration and other factors not considered in the base model. Loans that do not share risk characteristics are evaluated on an individual basis. First Financial will typically evaluate on an individual basis any loans that are on nonaccrual, designated as a TDR, or reasonably expected to be designated as a TDR. When management determines that foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of underlying collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs. For loans evaluated on an individual basis that are not determined to be collateral dependent, a discounted cash flow analysis is performed to determine expected credit losses. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. First Financial's policy is to charge-off all or a portion of a loan when, in management's opinion, it is unlikely to collect the principal amount owed in full either through payments from the borrower or a guarantor or from the liquidation of collateral. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable on loans and leases, which totaled $27.4 million as of March 31, 2020 , is excluded from the estimate of credit losses. Management estimates the allowance balance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. |
Commitments and Contingencies, Policy | Allowance for credit losses - unfunded commitments. Effective January 1, 2020, First Financial adopted ASC 326, at which time First Financial estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. A djustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. Prior to the adoption of ASC 326, First Financial maintained its reserve to absorb probable losses incurred in standby letters of credit and outstanding loan commitments. First Financial determined the adequacy of this reserve based upon an evaluation of the unfunded credit facilities, which included consideration of historical commitment utilization experience, credit risk ratings and historical loss rates, consistent with the Company's ALLL methodology at the time. First Financial offers a variety of financial instruments including loan commitments and letters of credit to assist clients in meeting their requirement for liquidity and credit enhancement. GAAP does not require these financial instruments to be recorded in the Consolidated Financial Statements. First Financial utilizes the same credit policies in issuing commitments and conditional obligations as it does for credit instruments recorded on the Consolidated Balance Sheets. First Financial’s exposure to credit loss in the event of non-performance by the counterparty was represented by the contractual amounts of those instruments. Effective January 1, 2020, First Financial adopted ASC 326, at which time First Financial estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. A djustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. First Financial had $14.3 million of ACL for unfunded commitments recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets as of March 31, 2020 . |
RECENTLY ADOPTED AND ISSUED A_2
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Recently Adopted and Issued Accounting Standards [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | January 1, 2020 (dollars in thousands) As Reported under ASC 326 Pre-ASC 326 Impact of ASC 326 Adoption Assets Loans Commercial and industrial $ 28,485 $ 18,584 $ 9,901 Lease financing 1,089 971 118 Construction real estate 13,960 2,381 11,579 Commercial real estate 47,697 23,579 24,118 Residential real estate 10,789 5,299 5,490 Home equity 13,217 4,787 8,430 Installment 1,193 392 801 Credit card 2,725 1,657 1,068 Allowance for credit losses on loans $ 119,155 $ 57,650 $ 61,505 Liabilities Deferred tax liability $ 16,252 $ 33,030 $ (16,778 ) Allowance for credit losses on OBS credit exposures 12,740 585 12,155 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Held-To-Maturity and Available-For-Sale Investment Securities | The following is a summary of HTM and AFS investment securities as of March 31, 2020 : Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized loss Fair Amortized cost Unrealized gain Unrealized loss Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 99 $ 5 $ 0 $ 104 Securities of U.S. government agencies and corporations 0 0 0 0 116 2 0 118 Mortgage-backed securities - residential 19,832 1,046 0 20,878 419,423 19,215 (219 ) 438,419 Mortgage-backed securities - commercial 97,073 1,671 (375 ) 98,369 506,343 7,034 (9,082 ) 504,295 Collateralized mortgage obligations 9,043 149 0 9,192 745,649 28,845 (2,479 ) 772,015 Obligations of state and other political subdivisions 10,796 830 0 11,626 723,470 30,576 (152 ) 753,894 Asset-backed securities 0 0 0 0 382,415 225 (18,841 ) 363,799 Other securities 0 0 0 0 79,840 90 (3,886 ) 76,044 Total $ 136,744 $ 3,696 $ (375 ) $ 140,065 $ 2,857,355 $ 85,992 $ (34,659 ) $ 2,908,688 The following is a summary of HTM and AFS investment securities as of December 31, 2019 : Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 99 $ 1 $ 0 $ 100 Securities of U.S. government agencies and corporations 0 0 0 0 156 2 0 158 Mortgage-backed securities - residential 20,818 122 (174 ) 20,766 421,945 9,709 (99 ) 431,555 Mortgage-backed securities - commercial 101,267 571 (1,225 ) 100,613 474,174 4,988 (2,644 ) 476,518 Collateralized mortgage obligations 9,763 0 (108 ) 9,655 769,076 16,753 (385 ) 785,444 Obligations of state and other political subdivisions 11,014 804 (31 ) 11,787 652,986 23,729 (462 ) 676,253 Asset-backed securities 0 0 0 0 400,081 1,414 (1,064 ) 400,431 Other securities 0 0 0 0 79,781 1,959 (115 ) 81,625 Total $ 142,862 $ 1,497 $ (1,538 ) $ 142,821 $ 2,798,298 $ 58,555 $ (4,769 ) $ 2,852,084 |
Summary of Investment Securities by Estimated Maturity | The following table provides a summary of investment securities by contractual maturity as of March 31, 2020 , except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments. Held-to-maturity Available-for-sale (Dollars in thousands) Amortized cost Fair value Amortized cost Fair value By Contractual Maturity: Due in one year or less $ 0 $ 0 $ 5,138 $ 5,157 Due after one year through five years 0 0 55,648 56,434 Due after five years through ten years 4,797 5,476 148,614 147,686 Due after ten years 5,999 6,150 594,125 620,883 Mortgage-backed securities - residential 19,832 20,878 419,423 438,419 Mortgage-backed securities - commercial 97,073 98,369 506,343 504,295 Collateralized mortgage obligations 9,043 9,192 745,649 772,015 Asset-backed securities 0 0 382,415 363,799 Total $ 136,744 $ 140,065 $ 2,857,355 $ 2,908,688 |
Age of Gross Unrealized Losses and Associated Fair Value by Investment Category | The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: March 31, 2020 Less than 12 months 12 months or more Total (Dollars in thousands) Fair value Unrealized loss Fair Unrealized Fair Unrealized U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Securities of U.S. Government agencies and corporations 0 0 0 0 0 0 Mortgage-backed securities - residential 37,185 (219 ) 0 0 37,185 (219 ) Mortgage-backed securities - commercial 188,990 (4,567 ) 62,083 (4,890 ) 251,073 (9,457 ) Collateralized mortgage obligations 115,697 (1,847 ) 8,267 (632 ) 123,964 (2,479 ) Obligations of state and other political subdivisions 33,083 (148 ) 1,681 (4 ) 34,764 (152 ) Asset-backed securities 279,980 (16,048 ) 59,852 (2,793 ) 339,832 (18,841 ) Other securities 46,746 (3,081 ) 4,010 (805 ) 50,756 (3,886 ) Total $ 701,681 $ (25,910 ) $ 135,893 $ (9,124 ) $ 837,574 $ (35,034 ) December 31, 2019 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) value loss value loss value loss U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Securities of U.S. Government agencies and corporations 0 0 0 0 0 0 Mortgage-backed securities - residential 40,190 (209 ) 11,063 (64 ) 51,253 (273 ) Mortgage-backed securities - commercial 111,658 (298 ) 104,069 (3,571 ) 215,727 (3,869 ) Collateralized mortgage obligations 85,248 (297 ) 30,628 (196 ) 115,876 (493 ) Obligations of state and other political subdivisions 118,623 (457 ) 7,950 (36 ) 126,573 (493 ) Asset-backed securities 125,889 (553 ) 54,963 (511 ) 180,852 (1,064 ) Other securities 0 0 5,649 (115 ) 5,649 (115 ) Total $ 481,608 $ (1,814 ) $ 214,322 $ (4,493 ) $ 695,930 $ (6,307 ) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Commercial and Consumer Credit Exposure by Risk Attribute | The following table sets forth the Company's loan portfolio at March 31, 2020 by risk attribute and origination date: (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Term Total Revolving Total Commercial & industrial Pass $ 112,198 $ 541,313 $ 463,439 $ 296,040 $ 195,719 $ 166,485 $ 1,775,194 $ 582,562 $ 2,357,756 Special mention 0 7,524 11,814 8,206 3,057 3,835 34,436 26,287 60,723 Substandard 281 830 11,555 26,492 8,449 2,027 49,634 9,660 59,294 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 112,479 $ 549,667 $ 486,808 $ 330,738 $ 207,225 $ 172,347 $ 1,859,264 $ 618,509 $ 2,477,773 Lease financing Pass $ 2,422 $ 30,362 $ 15,240 $ 12,482 $ 8,474 $ 11,374 $ 80,354 $ 0 $ 80,354 Special mention 0 0 0 0 0 6 6 0 6 Substandard 0 0 1,379 257 588 18 2,242 0 2,242 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 2,422 $ 30,362 $ 16,619 $ 12,739 $ 9,062 $ 11,398 $ 82,602 $ 0 $ 82,602 Construction real estate Pass $ 4,582 $ 127,531 $ 164,885 $ 79,198 $ 52,550 $ 56,575 $ 485,321 $ 14,990 $ 500,311 Special mention 0 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 4,582 $ 127,531 $ 164,885 $ 79,198 $ 52,550 $ 56,575 $ 485,321 $ 14,990 $ 500,311 Commercial real estate - investor Pass $ 121,429 $ 1,052,858 $ 485,310 $ 455,332 $ 357,074 $ 578,729 $ 3,050,732 $ 64,503 $ 3,115,235 Special mention 966 59 957 18,881 19,243 3,261 43,367 174 43,541 Substandard 0 4,334 6,831 6,150 112 3,834 21,261 0 21,261 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 122,395 $ 1,057,251 $ 493,098 $ 480,363 $ 376,429 $ 585,824 $ 3,115,360 $ 64,677 $ 3,180,037 Commercial real estate - owner Pass $ 64,121 $ 188,827 $ 178,010 $ 162,309 $ 173,052 $ 260,262 $ 1,026,581 $ 32,492 $ 1,059,073 Special mention 0 696 4,112 289 2,549 16,456 24,102 331 24,433 Substandard 0 2,092 2,259 4,612 1,786 3,965 14,714 0 14,714 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 64,121 $ 191,615 $ 184,381 $ 167,210 $ 177,387 $ 280,683 $ 1,065,397 $ 32,823 $ 1,098,220 Residential real estate Performing $ 61,423 $ 319,956 $ 168,242 $ 95,898 $ 83,240 $ 326,053 $ 1,054,812 $ 0 $ 1,054,812 Nonperforming 0 261 221 677 363 5,458 6,980 0 6,980 Total $ 61,423 $ 320,217 $ 168,463 $ 96,575 $ 83,603 $ 331,511 $ 1,061,792 $ 0 $ 1,061,792 Home equity Performing $ 9,019 $ 27,294 $ 23,829 $ 15,066 $ 13,639 $ 62,117 $ 150,964 $ 625,581 $ 776,545 Nonperforming 0 79 96 39 95 435 744 3,954 4,698 Total $ 9,019 $ 27,373 $ 23,925 $ 15,105 $ 13,734 $ 62,552 $ 151,708 $ 629,535 $ 781,243 Installment Performing $ 7,267 $ 24,153 $ 17,227 $ 14,093 $ 4,260 $ 4,370 $ 71,370 $ 8,524 $ 79,894 Nonperforming 0 28 44 9 15 95 191 0 191 (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Term Total Revolving Total Total $ 7,267 $ 24,181 $ 17,271 $ 14,102 $ 4,275 $ 4,465 $ 71,561 $ 8,524 $ 80,085 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 44,920 $ 44,920 Nonperforming 0 0 0 0 0 0 0 836 836 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 45,756 $ 45,756 Grand Total $ 383,709 $ 2,328,197 $ 1,609,712 $ 1,196,029 $ 924,268 $ 1,451,089 $ 7,893,004 $ 1,414,815 $ 9,307,819 Commercial and consumer credit exposure by risk attribute as of December 31, 2019 was as follows: As of December 31, 2019 Commercial Real Estate Lease (Dollars in thousands) & industrial Construction Commercial financing Total Pass $ 2,324,021 $ 493,182 $ 4,108,752 $ 85,262 $ 7,011,217 Special Mention 100,954 0 59,383 488 160,825 Substandard 40,902 0 26,516 2,614 70,032 Doubtful 0 0 0 0 0 Total $ 2,465,877 $ 493,182 $ 4,194,651 $ 88,364 $ 7,242,074 (Dollars in thousands) Residential real estate Home equity Installment Credit card Total Performing $ 1,040,787 $ 766,169 $ 82,385 $ 48,983 $ 1,938,324 Nonperforming 15,162 5,700 204 201 21,267 Total $ 1,055,949 $ 771,869 $ 82,589 $ 49,184 $ 1,959,591 |
Loan Delinquency, including Nonaccrual Loans | Loan delinquency, including loans classified as nonaccrual, was as follows: As of March 31, 2020 (Dollars in thousands) 30 – 59 60 – 89 > 90 days Total Current Total > 90 days Loans Commercial & industrial $ 2,305 $ 267 $ 16,322 $ 18,894 $ 2,458,879 $ 2,477,773 $ 0 Lease financing 0 0 0 0 82,602 82,602 0 Construction real estate 0 0 0 0 500,311 500,311 0 Commercial real estate-investor 7,225 346 1,864 9,435 3,170,602 3,180,037 0 Commercial real estate-owner 1,106 0 2,782 3,888 1,094,332 1,098,220 0 Residential real estate 1,710 990 4,280 6,980 1,054,812 1,061,792 0 Home equity 1,428 852 2,419 4,699 776,544 781,243 0 Installment 73 5 112 190 79,895 80,085 0 Credit card 383 330 122 835 44,921 45,756 120 Total $ 14,230 $ 2,790 $ 27,901 $ 44,921 $ 9,262,898 $ 9,307,819 $ 120 As of December 31, 2019 (Dollars in thousands) 30 – 59 60 – 89 > 90 days Total Current Subtotal Purchased impaired Total > 90 days Loans Commercial & industrial $ 1,266 $ 3,332 $ 14,518 $ 19,116 $ 2,443,680 $ 2,462,796 $ 3,081 $ 2,465,877 $ 0 Lease financing 0 0 0 0 88,364 88,364 0 88,364 0 Construction real estate 0 0 0 0 493,167 493,167 15 493,182 0 Commercial real estate 776 857 5,613 7,246 4,151,513 4,158,759 35,892 4,194,651 0 Residential real estate 8,032 1,928 5,031 14,991 1,014,138 1,029,129 26,820 1,055,949 0 Home equity 2,530 1,083 2,795 6,408 762,863 769,271 2,598 771,869 0 Installment 111 50 148 309 82,022 82,331 258 82,589 0 Credit card 208 75 201 484 48,700 49,184 0 49,184 201 Total $ 12,923 $ 7,325 $ 28,306 $ 48,554 $ 9,084,447 $ 9,133,001 $ 68,664 $ 9,201,665 $ 201 |
Loans Restructured During Period | The following tables provide information on loan modifications classified as TDRs during the three months ended March 31, 2020 and 2019 : Three months ended March 31, 2020 March 31, 2019 (Dollars in thousands) Number of loans Pre-modification loan balance Period end balance Number of loans Pre-modification loan balance Period end balance Commercial & industrial 2 $ 11,383 $ 11,383 5 $ 7,637 $ 7,661 Construction real estate 0 0 0 0 0 0 Commercial real estate 0 0 0 6 1,323 1,232 Residential real estate 14 1,129 1,073 5 458 458 Home equity 4 186 186 1 17 17 Installment 1 26 15 0 0 0 Total 21 $ 12,724 $ 12,657 17 $ 9,435 $ 9,368 |
Loans Restructured, Modifications | The following table provides information on how TDRs were modified during the three months ended March 31, 2020 and 2019 : Three months ended March 31, (Dollars in thousands) 2020 2019 Extended maturities $ 0 $ 2,877 Adjusted interest rates 0 5,284 Combination of rate and maturity changes 0 508 Forbearance 1,008 557 Other (1) 11,649 142 Total $ 12,657 $ 9,368 (1) Includes covenant modifications and other concessions, or combination of concessions, that do not consist of interest rate adjustments, forbearance and maturity extensions |
Nonaccrual, Restructured and Impaired Loans | The following table provides information on nonperforming loans: March 31, 2020 December 31, 2019 (Dollars in thousands) Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Total nonaccrual Nonaccrual loans (1) Commercial & industrial $ 10,754 $ 10,372 $ 21,126 $ 24,346 Lease financing 0 222 222 223 Construction real estate 0 0 0 0 Commercial real estate 4,206 5,844 10,050 7,295 Residential real estate 0 11,163 11,163 10,892 Home equity 0 5,821 5,821 5,242 Installment 0 145 145 167 Total nonaccrual loans $ 14,960 $ 33,567 $ 48,527 $ 48,165 (1) Nonaccrual loans include nonaccrual TDRs of $18.4 million and $18.5 million as of March 31, 2020 and December 31, 2019 , respectively. Three months ended March 31, (Dollars in thousands) 2020 2019 Interest income effect on nonperforming loans Gross amount of interest that would have been recorded under original terms $ 1,306 $ 1,613 Interest included in income Nonaccrual loans 167 335 Troubled debt restructurings 235 236 Total interest included in income 402 571 Net impact on interest income $ 904 $ 1,042 |
Investment in Impaired Loans | First Financial's investment in impaired loans as of December 31, 2019 was as follows: As of December 31, 2019 (Dollars in thousands) Current balance Contractual Related Loans with no related allowance recorded Commercial & industrial $ 16,726 $ 19,709 $ 0 Lease financing 223 223 0 Construction real estate 0 0 0 Commercial real estate 10,160 17,897 0 Residential real estate 14,868 17,368 0 Home equity 5,700 6,462 0 Installment 204 341 0 Total 47,881 62,000 0 Loans with an allowance recorded Commercial & industrial 10,754 21,513 2,044 Lease financing 0 0 0 Construction real estate 0 0 0 Commercial real estate 671 675 113 Residential real estate 294 294 18 Home equity 0 0 0 Installment 0 0 0 Total 11,719 22,482 2,175 Total Commercial & industrial 27,480 41,222 2,044 Lease financing 223 223 0 Construction real estate 0 0 0 Commercial real estate 10,831 18,572 113 Residential real estate 15,162 17,662 18 Home equity 5,700 6,462 0 Installment 204 341 0 Total $ 59,600 $ 84,482 $ 2,175 First Financial's average impaired loans and interest income recognized by class for the three months ended March 31, 2019 were as follows: Three months ended March 31, 2019 (Dollars in thousands) Average Interest Loans with no related allowance recorded Commercial & industrial $ 33,418 $ 279 Lease financing 162 0 Construction real estate 9 0 Commercial real estate 23,111 103 Residential real estate 16,967 86 Home equity 6,288 38 Installment 174 1 Total 80,129 507 Loans with an allowance recorded Commercial & industrial 2,111 43 Lease financing 0 0 Construction real estate 0 0 Commercial real estate 2,004 19 Residential real estate 300 2 Home equity 0 0 Installment 0 0 Total 4,415 64 Total Commercial & industrial 35,529 322 Lease financing 162 0 Construction real estate 9 0 Commercial real estate 25,115 122 Residential real estate 17,267 88 Home equity 6,288 38 Installment 174 1 Total $ 84,544 $ 571 |
Schedule of Collateral Dependent Loans [Table Text Block] | As of March 31, 2020 Type of Collateral (Dollar in thousands) Commercial real estate Equipment Residential real estate Total Class of loan Commercial & industrial $ 0 $ 10,755 $ 0 $ 10,755 Commercial real estate-investor 4,205 0 0 4,205 Commercial real estate-owner 333 0 0 333 Residential real estate 0 0 1,005 1,005 Total $ 4,538 $ 10,755 $ 1,005 $ 16,298 |
Changes in Other Real Estate Owned | Changes in OREO were as follows: Three months ended March 31, (Dollars in thousands) 2020 2019 Balance at beginning of period $ 2,033 $ 1,401 Additions Commercial & industrial 247 0 Residential real estate 146 504 Total additions 393 504 Disposals Commercial & industrial (179 ) (22 ) Residential real estate (721 ) (161 ) Total disposals (900 ) (183 ) Valuation adjustment Commercial & industrial 0 0 Residential real estate (59 ) (57 ) Total valuation adjustment (59 ) (57 ) Balance at end of period $ 1,467 $ 1,665 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses by Classification | Changes in the allowance by loan category were as follows: Three months ended March 31, 2020 Real Estate (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home Equity Installment Credit card Total Allowance for credit losses: Balance at beginning of period $ 18,584 $ 971 $ 2,381 $ 23,579 $ 5,299 $ 4,787 $ 392 $ 1,657 $ 57,650 Impact of adopting ASC 326 9,901 118 11,579 24,118 5,490 8,430 801 1,068 61,505 Provision for credit losses 16,016 405 (449 ) 5,227 558 1,538 75 510 23,880 Gross charge-offs (1,091 ) 0 0 (4 ) (115 ) (267 ) (61 ) (311 ) (1,849 ) Recoveries 2,000 0 0 234 52 339 31 43 2,699 Total net charge-offs 909 0 0 230 (63 ) 72 (30 ) (268 ) 850 Ending allowance for credit losses $ 45,410 $ 1,494 $ 13,511 $ 53,154 $ 11,284 $ 14,827 $ 1,238 $ 2,967 $ 143,885 Three months ended March 31, 2019 (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home Equity Installment Credit card Total Allowance for credit losses: Balance at beginning of period $ 18,746 $ 1,130 $ 3,413 $ 21,048 $ 4,964 $ 5,348 $ 362 $ 1,531 $ 56,542 Provision for credit losses 13,268 343 (683 ) 493 125 185 19 333 14,083 Loans charged off (12,328 ) (100 ) 0 (1,214 ) (82 ) (468 ) (49 ) (341 ) (14,582 ) Recoveries 240 0 63 73 36 185 48 34 679 Total net charge-offs (12,088 ) (100 ) 63 (1,141 ) (46 ) (283 ) (1 ) (307 ) (13,903 ) Ending allowance for credit losses $ 19,926 $ 1,373 $ 2,793 $ 20,400 $ 5,043 $ 5,250 $ 380 $ 1,557 $ 56,722 The ACL balance and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2019 was as follows: As of December 31, 2019 (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home equity Installment Credit card Total Ending allowance balance attributable to loans Individually evaluated for impairment $ 2,044 $ 0 $ 0 $ 113 $ 18 $ 0 $ 0 $ 0 $ 2,175 Collectively evaluated for impairment 16,540 971 2,381 23,466 5,281 4,787 392 1,657 55,475 Ending allowance for credit losses $ 18,584 $ 971 $ 2,381 $ 23,579 $ 5,299 $ 4,787 $ 392 $ 1,657 $ 57,650 Loans Individually evaluated for impairment $ 27,480 $ 223 $ 0 $ 10,831 $ 15,162 $ 5,700 $ 204 $ 0 $ 59,600 Collectively evaluated for impairment 2,438,397 88,141 493,182 4,183,820 1,040,787 766,169 82,385 49,184 9,142,065 Total loans $ 2,465,877 $ 88,364 $ 493,182 $ 4,194,651 $ 1,055,949 $ 771,869 $ 82,589 $ 49,184 $ 9,201,665 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (Dollars in thousands) March 31, 2020 December 31, 2019 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Amortized intangible assets Core deposit intangibles $ 51,031 $ (22,743 ) $ 51,031 $ (21,149 ) Customer list 39,420 (2,090 ) 39,420 (1,195 ) Other 10,093 (2,453 ) 10,093 (1,999 ) Total $ 100,544 $ (27,286 ) $ 100,544 $ (24,343 ) |
Changes in Carrying Amount of Goodwill | (Dollars in thousands) March 31, March 31, Balance at beginning of year $ 937,771 $ 880,251 Goodwill resulting from business combinations 0 (524 ) Balance at end of period $ 937,771 $ 879,727 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three months ended March 31, (Dollars in thousands) 2020 2019 Operating lease cost $ 2,020 $ 1,826 Short-term lease cost 41 1 Variable lease cost 641 597 Total operating lease cost $ 2,702 $ 2,424 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum commitments due under these lease agreements as of March 31, 2020 are as follows: (Dollars in thousands) Operating leases 2020 (remaining nine months) $ 5,611 2021 7,213 2022 6,891 2023 6,856 2024 6,531 Thereafter 60,918 Total lease payments 94,020 Less imputed interest 22,072 Total $ 71,948 |
Schedule of supplemental balance sheet information related to leases. [Table Text Block] | The weighted average remaining lease term and discount rate for the Company's operating leases were as follows: March 31, 2020 December 31, 2019 Operating leases Weighted-average remaining lease term 15.2 years 15.6 years Weighted-average discount rate 3.27 % 3.43 % |
Schedule of supplemental cash flow information related to leases [Table Text Block] | Supplemental cash information at March 31, 2020 and 2019 related to leases was as follows: Three months ended March 31, (Dollars in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,288 $ 1,823 ROU assets obtained in exchange for lease obligations Operating leases 8,862 60,249 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule Of Remaining Contractual Maturity Of Secured Borrowings And Class Of Collateral Pledged Under Repurchase Agreements Table [Table Text Block] | The following shows the remaining contractual maturity of repurchase agreements by collateral pledged: (Dollars in thousands) Overnight and continuous Repurchase agreements Mortgage-backed securities $ 10,279 Collateralized mortgage obligations 84,545 Total $ 94,824 |
Summary of Long-term Debt | The following is a summary of First Financial's long-term debt: March 31, 2020 December 31, 2019 (Dollars in thousands) Amount Average rate Amount Average rate FHLB borrowings $ 152,787 1.75 % $ 242,428 1.94 % Subordinated notes 171,071 4.70 % 170,967 4.97 % Unamortized debt issuance costs (963 ) N/A (1,007 ) N/A Lease liability 1,896 3.81 % 1,213 4.48 % Capital loan with municipality 775 0.00 % 775 0.00 % Total long-term debt $ 325,566 3.31 % $ 414,376 3.20 % |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Related Tax Effects Allocated to Other Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The related tax effects allocated to other comprehensive income and reclassifications out of accumulated other comprehensive income (loss) are as follows: Three months ended March 31, 2020 Total other comprehensive income (loss) Total accumulated other comprehensive income (loss) (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ (2,434 ) $ (59 ) $ (2,375 ) $ 512 $ (1,863 ) $ 41,264 $ (1,863 ) $ 39,401 Retirement obligation 0 (425 ) 425 (97 ) 328 (27,941 ) 328 (27,613 ) Total $ (2,434 ) $ (484 ) $ (1,950 ) $ 415 $ (1,535 ) $ 13,323 $ (1,535 ) $ 11,788 Three months ended March 31, 2019 Total other comprehensive income (loss) Total accumulated other comprehensive income (loss) (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Cumulative effect of new standard Ending balance Unrealized gain (loss) on debt securities $ 29,725 $ (178 ) $ 29,903 $ (6,398 ) $ 23,505 $ (11,601 ) $ 23,505 $ 906 $ 12,810 Unrealized gain (loss) on derivatives 93 0 93 (21 ) 72 (217 ) 72 0 (145 ) Retirement obligation 0 (375 ) 375 (85 ) 290 (32,590 ) 290 0 (32,300 ) Total $ 29,818 $ (553 ) $ 30,371 $ (6,504 ) $ 23,867 $ (44,408 ) $ 23,867 $ 906 $ (19,635 ) |
Other Accumulated Comprehensive income reclassified from AOCI | The following table presents the activity reclassified from accumulated other comprehensive income into income during the three month periods ended March 31, 2020 and 2019 , respectively: Amount reclassified from Three months ended March 31, (Dollars in thousands) 2020 2019 Affected Line Item in the Consolidated Statements of Income Realized gain (loss) on securities available-for-sale $ (59 ) $ (178 ) Net gain (loss) on sales of investments securities Defined benefit pension plan Amortization of prior service cost (1) 100 100 Other noninterest expense Recognized net actuarial loss (1) (525 ) (475 ) Other noninterest expense Defined benefit pension plan total (425 ) (375 ) Total reclassifications for the period, before tax $ (484 ) $ (553 ) (1) Included in the computation of net periodic pension cost (see Note 13 - Employee Benefit Plans for additional details). |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments and Balances | The following table details the classification and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: March 31, 2020 December 31, 2019 Estimated fair value Estimated fair value (Dollars in thousands) Balance sheet classification Notional amount Gain Loss Notional amount Gain Loss Client derivatives - instruments associated with loans Matched interest rate swaps with borrower Accrued interest and other assets $ 2,094,136 $ 197,886 $ (6,306 ) $ 1,923,375 $ 70,799 $ (2,636 ) Matched interest rate swaps with counterparty Accrued interest and other liabilities 2,094,136 6,306 (197,955 ) 1,923,375 2,636 (70,808 ) Foreign exchange contracts Matched foreign exchange contracts with customers Accrued interest and other assets 2,107,052 42,411 (62,216 ) 1,869,934 28,739 (10,433 ) Match foreign exchange contracts with counterparty Accrued interest and other liabilities 2,107,052 62,216 (42,411 ) 1,869,934 10,433 (28,739 ) Total $ 8,402,376 $ 308,819 $ (308,888 ) $ 7,586,618 $ 112,607 $ (112,616 ) |
Disclosure by Type of Financial Instrument | The following table discloses the gross and net amounts of client derivatives and foreign exchange contacts recognized in the Consolidated Balance Sheets: March 31, 2020 December 31, 2019 (Dollars in thousands) Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of liabilities (assets) presented in the Consolidated Balance Sheets Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of liabilities (assets) presented in the Consolidated Balance Sheets Client derivatives Matched interest rate swaps with counterparty $ 204,261 $ (406,685 ) $ (202,424 ) $ 73,444 $ (147,193 ) $ (73,749 ) Foreign exchange contracts with counterparty 104,627 (93,015 ) 11,612 39,172 (41,202 ) (2,030 ) Total $ 308,888 $ (499,700 ) $ (190,812 ) $ 112,616 $ (188,395 ) $ (75,779 ) |
Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received | The following table details the derivative financial instruments, the average remaining maturities and the weighted-average interest rates being paid and received by First Financial at March 31, 2020 : (Dollars in thousands) Notional amount Average maturity (years) Fair value Client derivatives-interest rate contracts Receive fixed, matched interest rate swaps with borrower $ 2,094,136 5.7 $ 191,580 Pay fixed, matched interest rate swaps with counterparty 2,094,136 5.7 (191,649 ) Client derivatives-foreign exchange contracts Foreign exchange contracts-pay USD $ 2,107,052 0.5 (19,805 ) Foreign exchange contracts-receive USD $ 2,107,052 0.5 19,805 Total client derivatives $ 8,402,376 3.1 $ (69 ) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Table Text Block] | The following table presents First Financial's loan balances and contractual obligations to extend credit, excluding obligations that are unconditionally cancellable, by type, as of March 31, 2020 . (dollars in thousands) Unfunded commitment Loan balance Commercial & industrial $ 1,090,309 $ 2,477,773 Lease financing 0 82,602 Construction real estate 462,460 500,311 Commercial real estate-investor 152,602 3,180,037 Commercial real estate-owner 45,889 1,098,220 Residential real estate 30,807 1,061,792 Home equity 717,625 781,243 Installment 21,457 80,085 Credit card 185,606 45,756 Total $ 2,706,755 $ 9,307,819 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan Amounts Recognized in the Consolidated Balance Sheets and Consolidated Statements of Income | As a result of the plan’s actuarial projections, First Financial recorded expense as set forth in the following table. The amounts are recognized in First Financial’s Consolidated Statements of Income related to the Company's pension plan. Three months ended March 31, (Dollars in thousands) 2020 2019 Service cost $ 1,850 $ 1,750 Interest cost 600 700 Expected return on assets (2,475 ) (2,450 ) Amortization of prior service cost (100 ) (100 ) Net actuarial loss 525 475 Net periodic benefit cost (income) $ 400 $ 375 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per common share: Three months ended March 31, (Dollars in thousands, except per share data) 2020 2019 Numerator Net income available to common shareholders $ 28,628 $ 45,839 Denominator Weighted average shares outstanding for basic earnings per common share 97,736,690 97,926,088 Effect of dilutive securities Employee stock awards 619,524 510,223 Adjusted weighted average shares for diluted earnings per common share 98,356,214 98,436,311 Earnings per share available to common shareholders Basic $ 0.29 $ 0.47 Diluted $ 0.29 $ 0.47 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The estimated fair values of First Financial’s financial instruments not measured at fair value on a recurring or nonrecurring basis in the consolidated financial statements were as follows: Carrying Estimated fair value (Dollars in thousands) value Total Level 1 Level 2 Level 3 March 31, 2020 Financial assets Cash and short-term investments $ 332,963 $ 332,963 $ 332,963 $ 0 $ 0 Investment securities held-to-maturity 136,744 140,065 0 140,065 0 Other investments 143,581 N/A N/A N/A N/A Loans held for sale 27,334 27,334 0 27,334 0 Loans and leases 9,163,934 8,877,637 0 0 8,877,637 Accrued interest receivable 40,386 40,386 0 12,937 27,449 Financial liabilities Deposits 10,635,558 10,644,873 0 10,644,873 0 Short-term borrowings 1,397,724 1,397,724 1,397,724 0 0 Long-term debt 325,566 338,778 0 338,778 0 Accrued interest payable 11,474 11,474 2,347 9,127 0 Carrying Estimated fair value (Dollars in thousands) value Total Level 1 Level 2 Level 3 December 31, 2019 Financial assets Cash and short-term investments $ 257,639 $ 257,639 $ 257,639 $ 0 $ 0 Investment securities held-to-maturity 142,862 142,821 0 142,821 0 Other investments 125,020 N/A N/A N/A N/A Loans held for sale 13,680 13,680 0 13,680 0 Loans and leases 9,144,015 9,134,215 0 0 9,134,215 Accrued interest receivable 39,591 39,591 0 12,743 26,848 Financial liabilities Deposits 10,210,229 10,209,790 0 10,209,790 0 Short-term borrowings 1,316,181 1,316,181 1,316,181 0 0 Long-term debt 414,376 414,937 0 414,937 0 Accrued interest payable 13,671 13,671 1,899 11,772 0 |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements were as follows: Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities at fair value March 31, 2020 Assets Investment securities available-for-sale $ 104 $ 2,864,334 $ 44,250 $ 2,908,688 Interest rate derivative contracts 0 204,351 0 204,351 Foreign exchange derivative contracts 0 104,627 0 104,627 Total $ 104 $ 3,173,312 $ 44,250 $ 3,217,666 Liabilities Interest rate derivative contracts $ 0 $ 205,505 $ 0 $ 205,505 Foreign exchange derivative contracts 0 104,627 0 104,627 Total $ 0 $ 310,132 $ 0 $ 310,132 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities at fair value December 31, 2019 Assets Investment securities available-for-sale $ 100 $ 2,842,794 $ 9,190 $ 2,852,084 Interest rate derivative contracts 0 73,558 0 73,558 Foreign exchange derivative contracts 0 39,172 0 39,172 Total $ 100 $ 2,955,524 $ 9,190 $ 2,964,814 Liabilities Interest rate derivative contracts $ 0 $ 73,750 $ 0 $ 73,750 Foreign exchange derivative contracts $ 0 $ 39,172 $ 0 $ 39,172 Total $ 0 $ 112,922 $ 0 $ 112,922 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a reconciliation for certain AFS securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2020 and March 31, 2019 . Three months ended (dollars in thousands) March 31, 2020 March 31, 2019 Beginning balance $ 9,190 $ 14,715 Accretion (amortization) 16 7 Increase (decrease) in fair value (30 ) 21 Settlements 35,074 (1,388 ) Ending balance $ 44,250 $ 13,355 |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | The following table summarizes financial assets and liabilities measured at fair value on a nonrecurring basis. Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 March 31, 2020 Assets Impaired loans $ 0 $ 0 $ 13,180 OREO 0 0 554 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 December 31, 2019 Assets Impaired loans $ 0 $ 0 $ 9,268 OREO 0 0 1,088 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments |
RECENTLY ADOPTED AND ISSUED A_3
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (56,882) | $ 3,127 | |||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 61,505 | 61,505 | |||
Off-Balance Sheet, Credit Loss, Liability, Change in Method, Credit Loss Expense (Reversal) | 12,155 | ||||
Deferred tax liability, Credit Loss, Change in Method, Credit Loss Expense (Reversal) | (16,778) | ||||
Loans and Leases Receivable, Allowance | 119,155 | 143,885 | $ 57,650 | 56,722 | $ 56,542 |
Retained earnings | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 56,900 | $ (56,882) | $ 2,221 |
RECENTLY ADOPTED AND ISSUED A_4
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | $ 119,155 | $ 143,885 | $ 57,650 | $ 56,722 | $ 56,542 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 61,505 | 61,505 | |||
Deferred Tax Liabilities, Deferred Expense | 16,252 | 33,030 | |||
Deferred tax liability, Credit Loss, Change in Method, Credit Loss Expense (Reversal) | (16,778) | ||||
Off-Balance Sheet, Credit Loss, Liability | 12,740 | 585 | |||
Off-Balance Sheet, Credit Loss, Liability, Change in Method, Credit Loss Expense (Reversal) | 12,155 | ||||
Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | 28,485 | 45,410 | 18,584 | 19,926 | 18,746 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 9,901 | 9,901 | |||
Lease financing | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | 1,089 | 1,494 | 971 | 1,373 | 1,130 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 118 | 118 | |||
Construction real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | 13,960 | 13,511 | 2,381 | 2,793 | 3,413 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 11,579 | 11,579 | |||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | 47,697 | 53,154 | 23,579 | 20,400 | 21,048 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 24,118 | 24,118 | |||
Residential real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | 10,789 | 11,284 | 5,299 | 5,043 | 4,964 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 5,490 | 5,490 | |||
Home equity | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | 13,217 | 14,827 | 4,787 | 5,250 | 5,348 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 8,430 | 8,430 | |||
Installment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | 1,193 | 1,238 | 392 | 380 | 362 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 801 | 801 | |||
Credit card | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | 2,725 | 2,967 | $ 1,657 | $ 1,557 | $ 1,531 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 1,068 | $ 1,068 |
INVESTMENTS - Additional Inform
INVESTMENTS - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | |||
Realized gain (loss) on debt securities transferred from HTM to AFS | $ 200 | ||
NumberOfSecuritiesInSecurityPortfolio | 1,276 | 1,273 | |
NumberOfSecuritiesInUnrealizedLossPosition | 194 | 140 | |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 29,900 | 0 | |
Available-for-sale Securities, Gross Realized Gains | 0 | 0 | |
Available-for-sale Securities, Gross Realized Losses | $ 100 | 0 | |
Debt Securities, Held-to-maturity, Transfer, Amount | $ 268,700 |
INVESTMENTS - Summary of Held-T
INVESTMENTS - Summary of Held-To-Maturity and Available-For-Sale Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Total | $ 136,744 | $ 142,862 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 3,696 | 1,497 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (375) | (1,538) |
Held-to-Maturity Market Value | 140,065 | 142,821 |
Total | 2,857,355 | 2,798,298 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 85,992 | 58,555 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (34,659) | (4,769) |
Investment securities available-for-sale | 2,908,688 | 2,852,084 |
U.S. Treasuries | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 99 | 99 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 5 | 1 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | 0 | 0 |
Investment securities available-for-sale | 104 | 100 |
Securities of U.S. government agencies and corporations | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 116 | 156 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 2 | 2 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | 0 | 0 |
Investment securities available-for-sale | 118 | 158 |
Residential Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 19,832 | 20,818 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1,046 | 122 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (174) |
Held-to-Maturity Market Value | 20,878 | 20,766 |
Total | 419,423 | 421,945 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 19,215 | 9,709 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (219) | (99) |
Investment securities available-for-sale | 438,419 | 431,555 |
Commercial Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 97,073 | 101,267 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1,671 | 571 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (375) | (1,225) |
Held-to-Maturity Market Value | 98,369 | 100,613 |
Total | 506,343 | 474,174 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 7,034 | 4,988 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (9,082) | (2,644) |
Investment securities available-for-sale | 504,295 | 476,518 |
Collateralized Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 9,043 | 9,763 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 149 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (108) |
Held-to-Maturity Market Value | 9,192 | 9,655 |
Total | 745,649 | 769,076 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 28,845 | 16,753 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (2,479) | (385) |
Investment securities available-for-sale | 772,015 | 785,444 |
Obligations of state and other political subdivisions | ||
Investment Holdings [Line Items] | ||
Total | 10,796 | 11,014 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 830 | 804 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (31) |
Held-to-Maturity Market Value | 11,626 | 11,787 |
Total | 723,470 | 652,986 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 30,576 | 23,729 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (152) | (462) |
Investment securities available-for-sale | 753,894 | 676,253 |
Asset-backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 382,415 | 400,081 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 225 | 1,414 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (18,841) | (1,064) |
Investment securities available-for-sale | 363,799 | 400,431 |
Other securities | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 79,840 | 79,781 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 90 | 1,959 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (3,886) | (115) |
Investment securities available-for-sale | $ 76,044 | $ 81,625 |
INVESTMENTS - Summary of Invest
INVESTMENTS - Summary of Investment Securities by Estimated Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Held-to-Maturity Amortized Cost | ||
Amortized Cost | $ 136,744 | $ 142,862 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 140,065 | 142,821 |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 2,857,355 | 2,798,298 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 2,908,688 | |
One Year or Less [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 0 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 5,138 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 5,157 | |
After One Year Through Five Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 0 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 55,648 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 56,434 | |
After Five Years Through Ten Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 4,797 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 5,476 | |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 148,614 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 147,686 | |
After Ten Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 5,999 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 6,150 | |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 594,125 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 620,883 | |
Residential Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 19,832 | 20,818 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 20,878 | 20,766 |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 419,423 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 438,419 | |
Commercial Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 97,073 | 101,267 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 98,369 | 100,613 |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 506,343 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 504,295 | |
Collateralized Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 9,043 | 9,763 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 9,192 | 9,655 |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 745,649 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 772,015 | |
Asset-backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 0 | 0 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | $ 0 |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 382,415 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | $ 363,799 |
INVESTMENTS - Age of Gross Unre
INVESTMENTS - Age of Gross Unrealized Losses and Associated Fair Value by Investment Category (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Investments, Unrealized Loss Position [Line Items] | ||
Document Period End Date | Mar. 31, 2020 | |
Less than 12 Months Fair Value | $ 701,681 | $ 481,608 |
Less than 12 Months Unrealized Loss | (25,910) | (1,814) |
12 Months or More Fair Value | 135,893 | 214,322 |
12 Months or More Unrealized Loss | (9,124) | (4,493) |
Total Fair Value | 837,574 | 695,930 |
Total Unrealized Loss | (35,034) | (6,307) |
Other securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 46,746 | 0 |
Less than 12 Months Unrealized Loss | (3,081) | 0 |
12 Months or More Fair Value | 4,010 | 5,649 |
12 Months or More Unrealized Loss | (805) | (115) |
Total Fair Value | 50,756 | 5,649 |
Total Unrealized Loss | (3,886) | (115) |
Asset-backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 279,980 | 125,889 |
Less than 12 Months Unrealized Loss | (16,048) | (553) |
12 Months or More Fair Value | 59,852 | 54,963 |
12 Months or More Unrealized Loss | (2,793) | (511) |
Total Fair Value | 339,832 | 180,852 |
Total Unrealized Loss | (18,841) | (1,064) |
Obligations of state and other political subdivisions | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 33,083 | 118,623 |
Less than 12 Months Unrealized Loss | (148) | (457) |
12 Months or More Fair Value | 1,681 | 7,950 |
12 Months or More Unrealized Loss | (4) | (36) |
Total Fair Value | 34,764 | 126,573 |
Total Unrealized Loss | (152) | (493) |
Collateralized Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 115,697 | 85,248 |
Less than 12 Months Unrealized Loss | (1,847) | (297) |
12 Months or More Fair Value | 8,267 | 30,628 |
12 Months or More Unrealized Loss | (632) | (196) |
Total Fair Value | 123,964 | 115,876 |
Total Unrealized Loss | (2,479) | (493) |
Commercial Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 188,990 | 111,658 |
Less than 12 Months Unrealized Loss | (4,567) | (298) |
12 Months or More Fair Value | 62,083 | 104,069 |
12 Months or More Unrealized Loss | (4,890) | (3,571) |
Total Fair Value | 251,073 | 215,727 |
Total Unrealized Loss | (9,457) | (3,869) |
Residential Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 37,185 | 40,190 |
Less than 12 Months Unrealized Loss | (219) | (209) |
12 Months or More Fair Value | 0 | 11,063 |
12 Months or More Unrealized Loss | 0 | (64) |
Total Fair Value | 37,185 | 51,253 |
Total Unrealized Loss | (219) | (273) |
Securities of U.S. government agencies and corporations | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 0 | 0 |
Less than 12 Months Unrealized Loss | 0 | 0 |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 0 | 0 |
Total Unrealized Loss | 0 | 0 |
U.S. Treasuries | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 0 | 0 |
Less than 12 Months Unrealized Loss | 0 | 0 |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 0 | 0 |
Total Unrealized Loss | $ 0 | $ 0 |
LOANS AND LEASES - Additional I
LOANS AND LEASES - Additional Information (Details) | 2 Months Ended | 3 Months Ended | |||
Apr. 30, 2020USD ($)loans | Mar. 31, 2020USD ($)loans | Mar. 31, 2019USD ($)loans | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | loans | 21 | 17 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 6,900,000 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loans | 0 | 2 | |||
Restructured Loans, Portion Determined to be Uncollectible | $ 361,000 | $ 0 | |||
Purchased impaired loans | $ 68,664,000 | ||||
Restructured Loans, Nonaccrual Status | 18,400,000 | 18,500,000 | |||
Write-downs | 59,000 | 57,000 | |||
Real Estate Acquired Through Foreclosure | 1,467,000 | $ 1,665,000 | 2,033,000 | $ 1,401,000 | |
Troubled Debt Restructuring | $ 40,600,000 | 30,000,000 | |||
Total consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | loans | 1 | 0 | |||
Commercial segment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | loans | 2 | 5 | |||
Write-downs | $ 0 | $ 0 | |||
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Restructured Loans, Loan Relationships, Review Threshold Amount Minimum | $ 250,000 | ||||
Residential real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | loans | 14 | 5 | |||
Restructured Loans, Loan Relationships, Review Threshold Amount Minimum | $ 250,000 | ||||
Write-downs | $ 59,000 | $ 57,000 | |||
Commercial segment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Purchased impaired loans | $ 3,081,000 | ||||
Subsequent Event [Member] | Payment Deferral [Member] | Total consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | loans | 979 | ||||
Troubled Debt Restructuring | $ 129,500,000 | ||||
Subsequent Event [Member] | Payment Deferral [Member] | Commercial segment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | loans | 1,055 | ||||
Troubled Debt Restructuring | $ 1,600,000,000 |
LOANS AND LEASES - Commercial a
LOANS AND LEASES - Commercial and Consumer Credit Exposure by Risk Attribute (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 9,307,819 | $ 9,201,665 |
Financing Receivable, Originated in Current Fiscal Year | 383,709 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,328,197 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,609,712 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,196,029 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 924,268 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,451,089 | |
Financing Receivable, before Allowance for Credit Loss | 7,893,004 | |
Loans and Leases Receivable, Gross | 9,133,001 | |
Financing Receivable, Revolving | 1,414,815 | |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,465,877 | |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,324,021 | |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 100,954 | |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 40,902 | |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Construction real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 493,182 | |
Construction real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 493,182 | |
Construction real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Construction real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Construction real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 4,194,651 | |
Commercial Real Estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 4,108,752 | |
Commercial Real Estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 59,383 | |
Commercial Real Estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 26,516 | |
Commercial Real Estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 88,364 | |
Lease financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 85,262 | |
Lease financing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 488 | |
Lease financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,614 | |
Lease financing | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Commercial segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 7,242,074 | |
Commercial segment | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 7,011,217 | |
Commercial segment | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 160,825 | |
Commercial segment | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 70,032 | |
Commercial segment | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,055,949 | |
Residential real estate | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,040,787 | |
Residential real estate | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 15,162 | |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 771,869 | |
Home equity | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 766,169 | |
Home equity | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 5,700 | |
Installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 82,589 | |
Installment | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 82,385 | |
Installment | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 204 | |
Credit card | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 49,184 | |
Credit card | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 48,983 | |
Credit card | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 201 | |
Total consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,959,591 | |
Total consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,938,324 | |
Total consumer | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 21,267 | |
Commercial segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,477,773 | 2,465,877 |
Financing Receivable, Originated in Current Fiscal Year | 112,479 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 549,667 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 486,808 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 330,738 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 207,225 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 172,347 | |
Financing Receivable, before Allowance for Credit Loss | 1,859,264 | |
Loans and Leases Receivable, Gross | 2,462,796 | |
Financing Receivable, Revolving | 618,509 | |
Commercial segment | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,357,756 | |
Financing Receivable, Originated in Current Fiscal Year | 112,198 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 541,313 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 463,439 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 296,040 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 195,719 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 166,485 | |
Financing Receivable, before Allowance for Credit Loss | 1,775,194 | |
Financing Receivable, Revolving | 582,562 | |
Commercial segment | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 60,723 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 7,524 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 11,814 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8,206 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,057 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,835 | |
Financing Receivable, before Allowance for Credit Loss | 34,436 | |
Financing Receivable, Revolving | 26,287 | |
Commercial segment | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 59,294 | |
Financing Receivable, Originated in Current Fiscal Year | 281 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 830 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 11,555 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 26,492 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,449 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,027 | |
Financing Receivable, before Allowance for Credit Loss | 49,634 | |
Financing Receivable, Revolving | 9,660 | |
Commercial segment | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Financing Receivable, Revolving | 0 | |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 82,602 | 88,364 |
Financing Receivable, Originated in Current Fiscal Year | 2,422 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 30,362 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,619 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,739 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 9,062 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 11,398 | |
Financing Receivable, before Allowance for Credit Loss | 82,602 | |
Loans and Leases Receivable, Gross | 88,364 | |
Financing Receivable, Revolving | 0 | |
Lease financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 80,354 | |
Financing Receivable, Originated in Current Fiscal Year | 2,422 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 30,362 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 15,240 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,482 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,474 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 11,374 | |
Financing Receivable, before Allowance for Credit Loss | 80,354 | |
Financing Receivable, Revolving | 0 | |
Lease financing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6 | |
Financing Receivable, before Allowance for Credit Loss | 6 | |
Financing Receivable, Revolving | 0 | |
Lease financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,242 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,379 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 257 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 588 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18 | |
Financing Receivable, before Allowance for Credit Loss | 2,242 | |
Financing Receivable, Revolving | 0 | |
Lease financing | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Financing Receivable, Revolving | 0 | |
Construction real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 500,311 | 493,182 |
Financing Receivable, Originated in Current Fiscal Year | 4,582 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 127,531 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 164,885 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 79,198 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 52,550 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 56,575 | |
Financing Receivable, before Allowance for Credit Loss | 485,321 | |
Loans and Leases Receivable, Gross | 493,167 | |
Financing Receivable, Revolving | 14,990 | |
Construction real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 500,311 | |
Financing Receivable, Originated in Current Fiscal Year | 4,582 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 127,531 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 164,885 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 79,198 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 52,550 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 56,575 | |
Financing Receivable, before Allowance for Credit Loss | 485,321 | |
Financing Receivable, Revolving | 14,990 | |
Construction real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Financing Receivable, Revolving | 0 | |
Construction real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Financing Receivable, Revolving | 0 | |
Construction real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Financing Receivable, Revolving | 0 | |
Commercial real estate - investor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,180,037 | |
Financing Receivable, Originated in Current Fiscal Year | 122,395 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,057,251 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 493,098 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 480,363 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 376,429 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 585,824 | |
Financing Receivable, before Allowance for Credit Loss | 3,115,360 | |
Financing Receivable, Revolving | 64,677 | |
Commercial real estate - investor | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,115,235 | |
Financing Receivable, Originated in Current Fiscal Year | 121,429 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,052,858 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 485,310 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 455,332 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 357,074 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 578,729 | |
Financing Receivable, before Allowance for Credit Loss | 3,050,732 | |
Financing Receivable, Revolving | 64,503 | |
Commercial real estate - investor | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 43,541 | |
Financing Receivable, Originated in Current Fiscal Year | 966 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 59 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 957 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 18,881 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 19,243 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,261 | |
Financing Receivable, before Allowance for Credit Loss | 43,367 | |
Financing Receivable, Revolving | 174 | |
Commercial real estate - investor | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 21,261 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,334 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 6,831 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 6,150 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 112 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,834 | |
Financing Receivable, before Allowance for Credit Loss | 21,261 | |
Financing Receivable, Revolving | 0 | |
Commercial real estate - investor | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Financing Receivable, Revolving | 0 | |
Commercial real estate-owner | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,098,220 | |
Financing Receivable, Originated in Current Fiscal Year | 64,121 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 191,615 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 184,381 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 167,210 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 177,387 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 280,683 | |
Financing Receivable, before Allowance for Credit Loss | 1,065,397 | |
Financing Receivable, Revolving | 32,823 | |
Commercial real estate-owner | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,059,073 | |
Financing Receivable, Originated in Current Fiscal Year | 64,121 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 188,827 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 178,010 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 162,309 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 173,052 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 260,262 | |
Financing Receivable, before Allowance for Credit Loss | 1,026,581 | |
Financing Receivable, Revolving | 32,492 | |
Commercial real estate-owner | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 24,433 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 696 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,112 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 289 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,549 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 16,456 | |
Financing Receivable, before Allowance for Credit Loss | 24,102 | |
Financing Receivable, Revolving | 331 | |
Commercial real estate-owner | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 14,714 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,092 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,259 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,612 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,786 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,965 | |
Financing Receivable, before Allowance for Credit Loss | 14,714 | |
Financing Receivable, Revolving | 0 | |
Commercial real estate-owner | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Financing Receivable, Revolving | 0 | |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,061,792 | 1,055,949 |
Financing Receivable, Originated in Current Fiscal Year | 61,423 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 320,217 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 168,463 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 96,575 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 83,603 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 331,511 | |
Financing Receivable, before Allowance for Credit Loss | 1,061,792 | |
Loans and Leases Receivable, Gross | 1,029,129 | |
Financing Receivable, Revolving | 0 | |
Residential real estate | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,054,812 | |
Financing Receivable, Originated in Current Fiscal Year | 61,423 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 319,956 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 168,242 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 95,898 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 83,240 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 326,053 | |
Financing Receivable, before Allowance for Credit Loss | 1,054,812 | |
Financing Receivable, Revolving | 0 | |
Residential real estate | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,980 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 261 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 221 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 677 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 363 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,458 | |
Financing Receivable, before Allowance for Credit Loss | 6,980 | |
Financing Receivable, Revolving | 0 | |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 781,243 | 771,869 |
Financing Receivable, Originated in Current Fiscal Year | 9,019 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 27,373 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 23,925 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,105 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 13,734 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 62,552 | |
Financing Receivable, before Allowance for Credit Loss | 151,708 | |
Loans and Leases Receivable, Gross | 769,271 | |
Financing Receivable, Revolving | 629,535 | |
Home equity | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 776,545 | |
Financing Receivable, Originated in Current Fiscal Year | 9,019 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 27,294 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 23,829 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,066 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 13,639 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 62,117 | |
Financing Receivable, before Allowance for Credit Loss | 150,964 | |
Financing Receivable, Revolving | 625,581 | |
Home equity | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 4,698 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 79 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 96 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 39 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 95 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 435 | |
Financing Receivable, before Allowance for Credit Loss | 744 | |
Financing Receivable, Revolving | 3,954 | |
Total consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 80,085 | 82,589 |
Financing Receivable, Originated in Current Fiscal Year | 7,267 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 24,181 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17,271 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,102 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,275 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,465 | |
Financing Receivable, before Allowance for Credit Loss | 71,561 | |
Loans and Leases Receivable, Gross | 82,331 | |
Financing Receivable, Revolving | 8,524 | |
Total consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 79,894 | |
Financing Receivable, Originated in Current Fiscal Year | 7,267 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 24,153 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17,227 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,093 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,260 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,370 | |
Financing Receivable, before Allowance for Credit Loss | 71,370 | |
Financing Receivable, Revolving | 8,524 | |
Total consumer | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 191 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 28 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 44 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 15 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 95 | |
Financing Receivable, before Allowance for Credit Loss | 191 | |
Financing Receivable, Revolving | 0 | |
Credit card | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 45,756 | 49,184 |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | $ 49,184 | |
Financing Receivable, Revolving | 45,756 | |
Credit card | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 44,920 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Financing Receivable, Revolving | 44,920 | |
Credit card | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 836 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 0 | |
Financing Receivable, Revolving | $ 836 |
LOANS AND LEASES - Loan Delinqu
LOANS AND LEASES - Loan Delinquency, including Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | $ 44,921 | $ 48,554 |
Current | 9,262,898 | 9,084,447 |
Loans and Leases Receivable, Gross | 9,133,001 | |
Purchased impaired loans | 68,664 | |
Total loans and leases | 9,307,819 | 9,201,665 |
> 90 days past due and still accruing | 120 | 201 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 14,230 | 12,923 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,790 | 7,325 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 27,901 | 28,306 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 18,894 | 19,116 |
Current | 2,458,879 | 2,443,680 |
Loans and Leases Receivable, Gross | 2,462,796 | |
Purchased impaired loans | 3,081 | |
Total loans and leases | 2,477,773 | 2,465,877 |
> 90 days past due and still accruing | 0 | 0 |
Commercial | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,305 | 1,266 |
Commercial | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 267 | 3,332 |
Commercial | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 16,322 | 14,518 |
Lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Current | 82,602 | 88,364 |
Loans and Leases Receivable, Gross | 88,364 | |
Purchased impaired loans | 0 | |
Total loans and leases | 82,602 | 88,364 |
> 90 days past due and still accruing | 0 | 0 |
Lease financing | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Lease financing | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Lease financing | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Construction real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Current | 500,311 | 493,167 |
Loans and Leases Receivable, Gross | 493,167 | |
Purchased impaired loans | 15 | |
Total loans and leases | 500,311 | 493,182 |
> 90 days past due and still accruing | 0 | 0 |
Construction real estate | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Construction real estate | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Construction real estate | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 7,246 | |
Current | 4,151,513 | |
Loans and Leases Receivable, Gross | 4,158,759 | |
Purchased impaired loans | 35,892 | |
Total loans and leases | 4,278,257 | 4,194,651 |
> 90 days past due and still accruing | 0 | |
Commercial real estate | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 776 | |
Commercial real estate | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 857 | |
Commercial real estate | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 5,613 | |
Commercial real estate - investor | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 9,435 | |
Current | 3,170,602 | |
Total loans and leases | 3,180,037 | |
> 90 days past due and still accruing | 0 | |
Commercial real estate - investor | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 7,225 | |
Commercial real estate - investor | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 346 | |
Commercial real estate - investor | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,864 | |
Commercial real estate-owner | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 3,888 | |
Current | 1,094,332 | |
Total loans and leases | 1,098,220 | |
> 90 days past due and still accruing | 0 | |
Commercial real estate-owner | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,106 | |
Commercial real estate-owner | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | |
Commercial real estate-owner | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,782 | |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 6,980 | 14,991 |
Current | 1,054,812 | 1,014,138 |
Loans and Leases Receivable, Gross | 1,029,129 | |
Purchased impaired loans | 26,820 | |
Total loans and leases | 1,061,792 | 1,055,949 |
> 90 days past due and still accruing | 0 | 0 |
Residential real estate | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,710 | 8,032 |
Residential real estate | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 990 | 1,928 |
Residential real estate | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,280 | 5,031 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,699 | 6,408 |
Current | 776,544 | 762,863 |
Loans and Leases Receivable, Gross | 769,271 | |
Purchased impaired loans | 2,598 | |
Total loans and leases | 781,243 | 771,869 |
> 90 days past due and still accruing | 0 | 0 |
Home equity | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,428 | 2,530 |
Home equity | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 852 | 1,083 |
Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,419 | 2,795 |
Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 190 | 309 |
Current | 79,895 | 82,022 |
Loans and Leases Receivable, Gross | 82,331 | |
Purchased impaired loans | 258 | |
Total loans and leases | 80,085 | 82,589 |
> 90 days past due and still accruing | 0 | 0 |
Installment | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 73 | 111 |
Installment | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 5 | 50 |
Installment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 112 | 148 |
Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 835 | 484 |
Current | 44,921 | 48,700 |
Loans and Leases Receivable, Gross | 49,184 | |
Purchased impaired loans | 0 | |
Total loans and leases | 45,756 | 49,184 |
> 90 days past due and still accruing | 120 | 201 |
Credit card | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 383 | 208 |
Credit card | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 330 | 75 |
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | $ 122 | $ 201 |
LOANS AND LEASES LOANS AND LEAS
LOANS AND LEASES LOANS AND LEASES - Loans Restructured, Modifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Extended Maturity | $ 0 | $ 2,877 |
Adjusted Interest Rate | 0 | 5,284 |
Combined Rate And Maturity | 0 | 508 |
Forebearance Agreements | 1,008 | 557 |
Financing Receivable Modifications, Other | 11,649 | 142 |
Total | $ 12,657 | $ 9,368 |
LOANS AND LEASES - Restructured
LOANS AND LEASES - Restructured Loans (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)dloans | Mar. 31, 2019USD ($)loans | Dec. 31, 2019USD ($)loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 21 | 17 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 12,724,000 | $ 9,435,000 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 12,657,000 | 9,368,000 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | 6,900,000 | |
Number of Restructured Loans | loans | 171 | 157 | |
Total restructured loans | $ 40,600,000 | $ 30,000,000 | |
Document Period End Date | Mar. 31, 2020 | ||
Restructured loans on accrual status | $ 22,200,000 | 11,400,000 | |
Restructured Loans, Nonaccrual Status | 18,400,000 | 18,500,000 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 1,000,000 | 2,500,000 | |
Allowance for loan and lease losses lncluded in reserves for restructured loans | 3,600,000 | 2,500,000 | |
Restructured Loans, Portion Determined to be Uncollectible | 361,000 | $ 0 | |
Accruing TDRs performing in accordance with restructured terms for more than one year | $ 4,500,000 | $ 4,700,000 | |
Restructured loans performance threshold (days) | d | 90 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loans | 0 | 2 | |
Commercial segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 2 | 5 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 11,383,000 | $ 7,637,000 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 11,383,000 | $ 7,661,000 | |
Construction real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 0 | 6 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 1,323,000 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 1,232,000 | |
Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 14 | 5 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,129,000 | $ 458,000 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 1,073,000 | $ 458,000 | |
Restructured Loans, Loan Relationships, Review Threshold Amount Minimum | $ 250,000 | ||
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 4 | 1 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 186,000 | $ 17,000 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 186,000 | $ 17,000 | |
Installment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 1 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 26,000 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 15,000 | $ 0 |
LOANS AND LEASES - Nonaccrual L
LOANS AND LEASES - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Document Period End Date | Mar. 31, 2020 | ||
Financing Receivable, Nonaccrual, No Allowance | $ 33,567 | ||
Average current balance | $ 84,544 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 64 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 507 | ||
Nonaccrual loans | 48,527 | $ 48,165 | |
Financing Receivable, Nonaccrual, With Allowance | 14,960 | ||
Accruing trouble debt restructurings | 22,200 | 11,400 | |
Total impaired loans | 59,600 | ||
Restructured loans - nonaccrual status | 18,400 | 18,500 | |
Interest income effect | |||
Gross amount of interest that would have been recorded under original terms | 1,306 | 1,613 | |
Interest included in income | |||
Nonaccrual loans | 167 | 335 | |
Troubled debt restructurings | 235 | 236 | |
Total interest included in income | 402 | 571 | |
Net impact on interest income | 904 | 1,042 | |
Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 10,372 | ||
Average current balance | 35,529 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 43 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 279 | ||
Nonaccrual loans | 21,126 | 24,346 | |
Financing Receivable, Nonaccrual, With Allowance | 10,754 | ||
Total impaired loans | 27,480 | ||
Interest included in income | |||
Total interest included in income | 322 | ||
Lease financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 222 | ||
Average current balance | 162 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||
Nonaccrual loans | 222 | 223 | |
Financing Receivable, Nonaccrual, With Allowance | 0 | ||
Total impaired loans | 223 | ||
Interest included in income | |||
Total interest included in income | 0 | ||
Construction real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 0 | ||
Average current balance | 9 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||
Nonaccrual loans | 0 | 0 | |
Financing Receivable, Nonaccrual, With Allowance | 0 | ||
Total impaired loans | 0 | ||
Interest included in income | |||
Total interest included in income | 0 | ||
Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 5,844 | ||
Average current balance | 25,115 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 19 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 103 | ||
Nonaccrual loans | 10,050 | 7,295 | |
Financing Receivable, Nonaccrual, With Allowance | 4,206 | ||
Total impaired loans | 10,831 | ||
Interest included in income | |||
Total interest included in income | 122 | ||
Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 11,163 | ||
Average current balance | 17,267 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 2 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 86 | ||
Nonaccrual loans | 11,163 | 10,892 | |
Financing Receivable, Nonaccrual, With Allowance | 0 | ||
Total impaired loans | 15,162 | ||
Interest included in income | |||
Total interest included in income | 88 | ||
Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 5,821 | ||
Average current balance | 6,288 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 38 | ||
Nonaccrual loans | 5,821 | 5,242 | |
Financing Receivable, Nonaccrual, With Allowance | 0 | ||
Total impaired loans | 5,700 | ||
Interest included in income | |||
Total interest included in income | 38 | ||
Installment | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 145 | ||
Average current balance | 174 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | ||
Nonaccrual loans | 145 | 167 | |
Financing Receivable, Nonaccrual, With Allowance | 0 | ||
Total impaired loans | 204 | ||
Interest included in income | |||
Total interest included in income | 1 | ||
Loans with no related allowance recorded [member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 80,129 | ||
Total impaired loans | 47,881 | ||
Loans with no related allowance recorded [member] | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 33,418 | ||
Total impaired loans | 16,726 | ||
Loans with no related allowance recorded [member] | Lease financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 162 | ||
Total impaired loans | 223 | ||
Loans with no related allowance recorded [member] | Construction real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 9 | ||
Total impaired loans | 0 | ||
Loans with no related allowance recorded [member] | Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 23,111 | ||
Total impaired loans | 10,160 | ||
Loans with no related allowance recorded [member] | Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 16,967 | ||
Total impaired loans | 14,868 | ||
Loans with no related allowance recorded [member] | Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 6,288 | ||
Total impaired loans | 5,700 | ||
Loans with no related allowance recorded [member] | Installment | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 174 | ||
Total impaired loans | 204 | ||
Impaired Financing Receivables With Related Allowance [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total impaired loans | 16,298 | ||
Impaired Financing Receivables With Related Allowance [Member] | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 2,111 | ||
Total impaired loans | 10,755 | 10,754 | |
Impaired Financing Receivables With Related Allowance [Member] | Lease financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 0 | ||
Total impaired loans | 0 | ||
Impaired Financing Receivables With Related Allowance [Member] | Construction real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 0 | ||
Total impaired loans | 0 | ||
Impaired Financing Receivables With Related Allowance [Member] | Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 2,004 | ||
Total impaired loans | 671 | ||
Impaired Financing Receivables With Related Allowance [Member] | Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 300 | ||
Total impaired loans | $ 1,005 | 294 | |
Impaired Financing Receivables With Related Allowance [Member] | Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 0 | ||
Total impaired loans | 0 | ||
Impaired Financing Receivables With Related Allowance [Member] | Installment | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | 0 | ||
Total impaired loans | 0 | ||
Impaired Financing Receivables With Related Allowance [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Average current balance | $ 4,415 | ||
Total impaired loans | $ 11,719 |
LOANS AND LEASES - Investment i
LOANS AND LEASES - Investment in Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | $ 48,527 | $ 48,165 | |
Current balance | 59,600 | ||
Contractual Principal Balance | 84,482 | ||
Related Allowance | 2,175 | ||
Average current balance | $ 84,544 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 64 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 507 | ||
Interest income recognized | 402 | 571 | |
Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | 21,126 | 24,346 | |
Current balance | 27,480 | ||
Contractual Principal Balance | 41,222 | ||
Related Allowance | 2,044 | ||
Average current balance | 35,529 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 43 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 279 | ||
Interest income recognized | 322 | ||
Lease financing | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | 222 | 223 | |
Current balance | 223 | ||
Contractual Principal Balance | 223 | ||
Related Allowance | 0 | ||
Average current balance | 162 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||
Interest income recognized | 0 | ||
Construction real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | 0 | 0 | |
Current balance | 0 | ||
Contractual Principal Balance | 0 | ||
Related Allowance | 0 | ||
Average current balance | 9 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||
Interest income recognized | 0 | ||
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | 10,050 | 7,295 | |
Current balance | 10,831 | ||
Contractual Principal Balance | 18,572 | ||
Related Allowance | 113 | ||
Average current balance | 25,115 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 19 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 103 | ||
Interest income recognized | 122 | ||
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | 11,163 | 10,892 | |
Current balance | 15,162 | ||
Contractual Principal Balance | 17,662 | ||
Related Allowance | 18 | ||
Average current balance | 17,267 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 2 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 86 | ||
Interest income recognized | 88 | ||
Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | 5,821 | 5,242 | |
Current balance | 5,700 | ||
Contractual Principal Balance | 6,462 | ||
Related Allowance | 0 | ||
Average current balance | 6,288 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 38 | ||
Interest income recognized | 38 | ||
Installment | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | 145 | 167 | |
Current balance | 204 | ||
Contractual Principal Balance | 341 | ||
Related Allowance | 0 | ||
Average current balance | 174 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | ||
Interest income recognized | 1 | ||
Loans with no related allowance recorded [member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 47,881 | ||
Contractual Principal Balance | 62,000 | ||
Related Allowance | 0 | ||
Average current balance | 80,129 | ||
Loans with no related allowance recorded [member] | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 16,726 | ||
Contractual Principal Balance | 19,709 | ||
Related Allowance | 0 | ||
Average current balance | 33,418 | ||
Loans with no related allowance recorded [member] | Lease financing | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 223 | ||
Contractual Principal Balance | 223 | ||
Related Allowance | 0 | ||
Average current balance | 162 | ||
Loans with no related allowance recorded [member] | Construction real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 0 | ||
Contractual Principal Balance | 0 | ||
Related Allowance | 0 | ||
Average current balance | 9 | ||
Loans with no related allowance recorded [member] | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 10,160 | ||
Contractual Principal Balance | 17,897 | ||
Related Allowance | 0 | ||
Average current balance | 23,111 | ||
Loans with no related allowance recorded [member] | Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 14,868 | ||
Contractual Principal Balance | 17,368 | ||
Related Allowance | 0 | ||
Average current balance | 16,967 | ||
Loans with no related allowance recorded [member] | Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 5,700 | ||
Contractual Principal Balance | 6,462 | ||
Related Allowance | 0 | ||
Average current balance | 6,288 | ||
Loans with no related allowance recorded [member] | Installment | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 204 | ||
Contractual Principal Balance | 341 | ||
Related Allowance | 0 | ||
Average current balance | 174 | ||
Impaired Financing Receivables With Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 16,298 | ||
Impaired Financing Receivables With Related Allowance [Member] | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 10,755 | 10,754 | |
Contractual Principal Balance | 21,513 | ||
Related Allowance | 2,044 | ||
Average current balance | 2,111 | ||
Impaired Financing Receivables With Related Allowance [Member] | Lease financing | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 0 | ||
Contractual Principal Balance | 0 | ||
Related Allowance | 0 | ||
Average current balance | 0 | ||
Impaired Financing Receivables With Related Allowance [Member] | Construction real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 0 | ||
Contractual Principal Balance | 0 | ||
Related Allowance | 0 | ||
Average current balance | 0 | ||
Impaired Financing Receivables With Related Allowance [Member] | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 671 | ||
Contractual Principal Balance | 675 | ||
Related Allowance | 113 | ||
Average current balance | 2,004 | ||
Impaired Financing Receivables With Related Allowance [Member] | Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | $ 1,005 | 294 | |
Contractual Principal Balance | 294 | ||
Related Allowance | 18 | ||
Average current balance | 300 | ||
Impaired Financing Receivables With Related Allowance [Member] | Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 0 | ||
Contractual Principal Balance | 0 | ||
Related Allowance | 0 | ||
Average current balance | 0 | ||
Impaired Financing Receivables With Related Allowance [Member] | Installment | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 0 | ||
Contractual Principal Balance | 0 | ||
Related Allowance | 0 | ||
Average current balance | 0 | ||
Impaired Financing Receivables With Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current balance | 11,719 | ||
Contractual Principal Balance | 22,482 | ||
Related Allowance | $ 2,175 | ||
Average current balance | $ 4,415 |
LOANS AND LEASES - Collateral (
LOANS AND LEASES - Collateral (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | $ 59,600 | |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 27,480 | |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 15,162 | |
Impaired Financing Receivables With Related Allowance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | $ 16,298 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial real estate-investor | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 4,538 | |
Impaired Financing Receivables With Related Allowance [Member] | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 10,755 | |
Impaired Financing Receivables With Related Allowance [Member] | Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 1,005 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 10,755 | 10,754 |
Impaired Financing Receivables With Related Allowance [Member] | Commercial | Commercial real estate-investor | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 0 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 10,755 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial | Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 0 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial real estate - investor | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 4,205 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial real estate - investor | Commercial real estate-investor | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 4,205 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial real estate - investor | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 0 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial real estate - investor | Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 0 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial Real Estate-Owner | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 333 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial Real Estate-Owner | Commercial real estate-investor | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 333 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial Real Estate-Owner | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 0 | |
Impaired Financing Receivables With Related Allowance [Member] | Commercial Real Estate-Owner | Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 0 | |
Impaired Financing Receivables With Related Allowance [Member] | Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 1,005 | $ 294 |
Impaired Financing Receivables With Related Allowance [Member] | Residential real estate | Commercial real estate-investor | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 0 | |
Impaired Financing Receivables With Related Allowance [Member] | Residential real estate | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | 0 | |
Impaired Financing Receivables With Related Allowance [Member] | Residential real estate | Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans | $ 1,005 |
LOANS AND LEASES - Changes in O
LOANS AND LEASES - Changes in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | $ 2,033 | $ 1,401 |
Additions | 393 | 504 |
Disposals | (900) | (183) |
Write-downs | 59 | 57 |
Balance at end of period | 1,467 | 1,665 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 247 | 0 |
Disposals | (179) | (22) |
Write-downs | 0 | 0 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 146 | 504 |
Disposals | (721) | (161) |
Write-downs | $ 59 | $ 57 |
ALLOWANCE FOR CREDIT LOSSES - C
ALLOWANCE FOR CREDIT LOSSES - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | $ 57,650 | $ 57,650 | $ 56,542 | |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 61,505 | 61,505 | ||
Provision for Credit Losses | 23,880 | 14,083 | ||
Loans charged off | (1,849) | (14,582) | ||
Recoveries | 2,699 | 679 | ||
Total net charge-offs | 850 | (13,903) | ||
Balance at end of year | 119,155 | 143,885 | 56,722 | |
Allowance for credit losses: | ||||
Ending allowance on loans individually evaluated for impairment | $ 2,175 | |||
Ending allowance on loans collectively evaluated for impairment | 55,475 | |||
Impaired Financing Receivable, Related Allowance | 57,650 | |||
Loans and Leases: | ||||
Ending balance of loans individually evaluated for impairment | 59,600 | |||
Ending balance of loans collectively evaluated for impairment | 9,142,065 | |||
Loans and Leases Receivable, Net of Deferred Income | 9,307,819 | 9,201,665 | ||
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 18,584 | 18,584 | 18,746 | |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 9,901 | 9,901 | ||
Provision for Credit Losses | 16,016 | 13,268 | ||
Loans charged off | (1,091) | (12,328) | ||
Recoveries | 2,000 | 240 | ||
Total net charge-offs | 909 | (12,088) | ||
Balance at end of year | 28,485 | 45,410 | 19,926 | |
Allowance for credit losses: | ||||
Ending allowance on loans individually evaluated for impairment | 2,044 | |||
Ending allowance on loans collectively evaluated for impairment | 16,540 | |||
Impaired Financing Receivable, Related Allowance | 18,584 | |||
Loans and Leases: | ||||
Ending balance of loans individually evaluated for impairment | 27,480 | |||
Ending balance of loans collectively evaluated for impairment | 2,438,397 | |||
Loans and Leases Receivable, Net of Deferred Income | 2,465,877 | |||
Lease financing | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 971 | 971 | 1,130 | |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 118 | 118 | ||
Provision for Credit Losses | 405 | 343 | ||
Loans charged off | 0 | (100) | ||
Recoveries | 0 | 0 | ||
Total net charge-offs | 0 | (100) | ||
Balance at end of year | 1,089 | 1,494 | 1,373 | |
Allowance for credit losses: | ||||
Ending allowance on loans individually evaluated for impairment | 0 | |||
Ending allowance on loans collectively evaluated for impairment | 971 | |||
Impaired Financing Receivable, Related Allowance | 971 | |||
Loans and Leases: | ||||
Ending balance of loans individually evaluated for impairment | 223 | |||
Ending balance of loans collectively evaluated for impairment | 88,141 | |||
Loans and Leases Receivable, Net of Deferred Income | 88,364 | |||
Construction real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 2,381 | 2,381 | 3,413 | |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 11,579 | 11,579 | ||
Provision for Credit Losses | (449) | (683) | ||
Loans charged off | 0 | 0 | ||
Recoveries | 0 | 63 | ||
Total net charge-offs | 0 | 63 | ||
Balance at end of year | 13,960 | 13,511 | 2,793 | |
Allowance for credit losses: | ||||
Ending allowance on loans individually evaluated for impairment | 0 | |||
Ending allowance on loans collectively evaluated for impairment | 2,381 | |||
Impaired Financing Receivable, Related Allowance | 2,381 | |||
Loans and Leases: | ||||
Ending balance of loans individually evaluated for impairment | 0 | |||
Ending balance of loans collectively evaluated for impairment | 493,182 | |||
Loans and Leases Receivable, Net of Deferred Income | 493,182 | |||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 23,579 | 23,579 | 21,048 | |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 24,118 | 24,118 | ||
Provision for Credit Losses | 5,227 | 493 | ||
Loans charged off | (4) | (1,214) | ||
Recoveries | 234 | 73 | ||
Total net charge-offs | 230 | (1,141) | ||
Balance at end of year | 47,697 | 53,154 | 20,400 | |
Allowance for credit losses: | ||||
Ending allowance on loans individually evaluated for impairment | 113 | |||
Ending allowance on loans collectively evaluated for impairment | 23,466 | |||
Impaired Financing Receivable, Related Allowance | 23,579 | |||
Loans and Leases: | ||||
Ending balance of loans individually evaluated for impairment | 10,831 | |||
Ending balance of loans collectively evaluated for impairment | 4,183,820 | |||
Loans and Leases Receivable, Net of Deferred Income | 4,194,651 | |||
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 5,299 | 5,299 | 4,964 | |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 5,490 | 5,490 | ||
Provision for Credit Losses | 558 | 125 | ||
Loans charged off | (115) | (82) | ||
Recoveries | 52 | 36 | ||
Total net charge-offs | (63) | (46) | ||
Balance at end of year | 10,789 | 11,284 | 5,043 | |
Allowance for credit losses: | ||||
Ending allowance on loans individually evaluated for impairment | 18 | |||
Ending allowance on loans collectively evaluated for impairment | 5,281 | |||
Impaired Financing Receivable, Related Allowance | 5,299 | |||
Loans and Leases: | ||||
Ending balance of loans individually evaluated for impairment | 15,162 | |||
Ending balance of loans collectively evaluated for impairment | 1,040,787 | |||
Loans and Leases Receivable, Net of Deferred Income | 1,055,949 | |||
Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 4,787 | 4,787 | 5,348 | |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 8,430 | 8,430 | ||
Provision for Credit Losses | 1,538 | 185 | ||
Loans charged off | (267) | (468) | ||
Recoveries | 339 | 185 | ||
Total net charge-offs | 72 | (283) | ||
Balance at end of year | 13,217 | 14,827 | 5,250 | |
Allowance for credit losses: | ||||
Ending allowance on loans individually evaluated for impairment | 0 | |||
Ending allowance on loans collectively evaluated for impairment | 4,787 | |||
Impaired Financing Receivable, Related Allowance | 4,787 | |||
Loans and Leases: | ||||
Ending balance of loans individually evaluated for impairment | 5,700 | |||
Ending balance of loans collectively evaluated for impairment | 766,169 | |||
Loans and Leases Receivable, Net of Deferred Income | 771,869 | |||
Installment | ||||
Allowance for credit losses: | ||||
Ending allowance on loans individually evaluated for impairment | 0 | |||
Ending allowance on loans collectively evaluated for impairment | 392 | |||
Impaired Financing Receivable, Related Allowance | 392 | |||
Loans and Leases: | ||||
Ending balance of loans individually evaluated for impairment | 204 | |||
Ending balance of loans collectively evaluated for impairment | 82,385 | |||
Loans and Leases Receivable, Net of Deferred Income | 82,589 | |||
Installment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 392 | 392 | 362 | |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 801 | 801 | ||
Provision for Credit Losses | 75 | 19 | ||
Loans charged off | (61) | (49) | ||
Recoveries | 31 | 48 | ||
Total net charge-offs | (30) | (1) | ||
Balance at end of year | 1,193 | 1,238 | 380 | |
Allowance for credit losses: | ||||
Ending allowance on loans individually evaluated for impairment | 0 | |||
Loans and Leases: | ||||
Loans and Leases Receivable, Net of Deferred Income | 1,959,591 | |||
Credit card | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 1,657 | 1,657 | 1,531 | |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 1,068 | 1,068 | ||
Provision for Credit Losses | 510 | 333 | ||
Loans charged off | (311) | (341) | ||
Recoveries | 43 | 34 | ||
Total net charge-offs | 268 | 307 | ||
Balance at end of year | $ 2,725 | $ 2,967 | $ 1,557 | |
Allowance for credit losses: | ||||
Ending allowance on loans individually evaluated for impairment | 0 | |||
Ending allowance on loans collectively evaluated for impairment | 1,657 | |||
Impaired Financing Receivable, Related Allowance | 1,657 | |||
Loans and Leases: | ||||
Ending balance of loans individually evaluated for impairment | 0 | |||
Ending balance of loans collectively evaluated for impairment | 49,184 | |||
Loans and Leases Receivable, Net of Deferred Income | $ 49,184 |
ALLOWANCE FOR CREDIT LOSSES ALL
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES- Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Interest Receivable | $ 27,449 | ||
Reserves for unfunded commitments | 14,300 | $ 600 | |
Provision for credit losses | $ 1,568 | $ 6 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS--Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 937,771 | $ 880,251 |
Goodwill resulting from business combinations | 0 | (524) |
Balance at end of period | $ 937,771 | $ 879,727 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS--Additional Information (Details) - USD ($) $ in Thousands | Aug. 30, 2019 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill resulting from business combinations | $ 58,000 | $ 58,000 | ||||
Goodwill | $ 937,771 | $ 879,727 | $ 937,771 | $ 880,251 | ||
Other Depreciation and Amortization | 2,000 | |||||
Intangible assets amortization | $ 2,792 | $ 2,045 | ||||
Customer lists | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | $ 39,400 | |||||
Intangible assets amortization method | straight-line basis | |||||
Estimated weighted average life (in years) | 11 years | |||||
Core deposits | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets amortization method | accelerated basis | |||||
Estimated weighted average life (in years) | 7 years 8 months 12 days |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS--Schedule of Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 100,544 | $ 100,544 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (27,286) | (24,343) |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization method | accelerated basis | |
Finite-Lived Intangible Assets, Gross | $ 51,031 | 51,031 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (22,743) | (21,149) |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization method | straight-line basis | |
Finite-Lived Intangible Assets, Gross | $ 39,420 | 39,420 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,090) | (1,195) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 10,093 | 10,093 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (2,453) | $ (1,999) |
LEASES - Additional Information
LEASES - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 65,700 | $ 58,600 |
Operating Lease, Liability | $ 71,948 | $ 64,300 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lease, Cost [Abstract] | ||
Operating Lease, Cost | $ 2,020 | $ 1,826 |
Short-term Lease, Cost | 41 | 1 |
Variable Lease, Cost | 641 | 597 |
Lease, Cost | $ 2,702 | $ 2,424 |
LEASES - Lease Maturity (Detail
LEASES - Lease Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 5,611 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 7,213 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 6,891 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 6,856 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 6,531 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 60,918 | |
Lessee, Operating Lease, Liability, Payments, Due | 94,020 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 22,072 | |
Operating Lease, Liability | 71,948 | $ 64,300 |
Finance Lease, Liability | $ 1,896 | $ 1,213 |
LEASES - Schedule of supplement
LEASES - Schedule of supplemental balance sheet information related to assets (Details) | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 15 years 2 months 12 days | 15 years 7 months 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.27% | 3.43% |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information related to leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 1,288 | $ 1,823 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 8,862 | $ 60,249 |
BORROWINGS - Repurchase Agreeme
BORROWINGS - Repurchase Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities Sold under Agreements to Repurchase | $ 94,824 | |
Carrying Value of Securities Sold under Repurchase Agreements and Deposits Received for Securities Loaned | 94,800 | $ 90,200 |
Residential Mortgage Backed Securities [Member] | ||
Securities Sold under Agreements to Repurchase | 10,279 | |
Collateralized Mortgage Obligations [Member] | ||
Securities Sold under Agreements to Repurchase | $ 84,545 |
BORROWINGS Borrowings - - Addit
BORROWINGS Borrowings - - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Carrying Value of Securities Sold under Repurchase Agreements and Deposits Received for Securities Loaned | $ 94,800 | $ 90,200 |
Federal Funds Purchased | 121,000 | 165,200 |
FHLB short-term borrowings | 1,181,900 | 1,151,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 30,000 | |
Commitments outstanding to extend credit | 0 | 0 |
Long-term Debt | 325,566 | 414,376 |
Subordinated debt | $ 120,000 | |
Subordinated Borrowing, Interest Rate | 5.125% | |
Subordinated debt | $ 171,071 | $ 170,967 |
Debt, Weighted Average Interest Rate | 4.70% | 4.97% |
Advances from Federal Home Loan Banks | $ 152,787 | $ 242,428 |
Federal Home Loan Bank | 1.75% | 1.94% |
Private Placement [Member] | ||
Subordinated debt | $ 8,400 | |
Debt, Weighted Average Interest Rate | 6.00% | |
Private Placement [Member] | ||
DebtInstrumentMinimumCallablePeriod | 5 years | |
Subordinated Debt [Member] | ||
Subordinated debt | $ 49,500 | |
Debt Instrument Maturity Period | 30 years | |
DebtInstrumentMinimumCallablePeriod | 5 years |
BORROWINGS - Schedule of Long-t
BORROWINGS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amount | ||
FHLB long-term advances | $ 152,787 | $ 242,428 |
Subordinated debt | 171,071 | 170,967 |
Unamortized debt issuance costs | (963) | (1,007) |
Finance Lease, Liability | 1,896 | 1,213 |
Capital loan with municipality | 775 | 775 |
Total long-term debt | $ 325,566 | $ 414,376 |
Average Rate | ||
Weighted average rate on other long-term debt | 0.00% | 0.00% |
Debt, Weighted Average Interest Rate | 4.70% | 4.97% |
Federal Home Loan Bank | 1.75% | 1.94% |
Lessee, Finance Lease, Discount Rate | 3.81% | 4.48% |
Total long-term debt | 3.31% | 3.20% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), before Reclassification Adjustments and Tax [Abstract] | ||||
Unrealized gain (loss) on investment securities | $ (2,434) | $ 29,725 | ||
Unrealized gain (loss) on derivatives | 93 | |||
Retirement obligation | 0 | 0 | ||
Total | (2,434) | 29,818 | ||
Other Comprehensive Income (Loss) Reclassifications before Tax [Abstract] | ||||
Realized gain (loss) on securities available-for-sale | (59) | (178) | ||
Unrealized gain (loss) on derivatives | 0 | |||
Retirement obligation | (425) | (375) | ||
Total | (484) | (553) | ||
Transactions Pre-tax | ||||
Unrealized gain (loss) on investment securities | (2,375) | 29,903 | ||
Unrealized gain (loss) on derivatives | 93 | |||
Unfunded pension obligation | 425 | 375 | ||
Total | (1,950) | 30,371 | ||
Transactions Tax-effect | ||||
Unrealized gain (loss) on investment securities | 512 | (6,398) | ||
Unrealized gain (loss) on derivatives | (21) | |||
Retirement obligation | (97) | (85) | ||
Total | 415 | (6,504) | ||
Transactions Net of tax | ||||
Unrealized gain (loss) on investment securities | (1,863) | 23,505 | ||
Unrealized gain (loss) on derivatives | 0 | 72 | ||
Retirement obligation | 328 | 290 | ||
Total | (1,535) | 23,867 | ||
Cumulative effect of new standard | ||||
Unrealized gain (loss) on investment securities | 906 | |||
Unrealized gain (loss) on Derivatives | 0 | |||
Retirement obligation | 0 | |||
Total | 906 | |||
Balances Net of tax | ||||
Unrealized gain (loss) on investment securities | 39,401 | 12,810 | $ 41,264 | $ (11,601) |
Unrealized gain (loss) on cash flow hedges | (145) | (217) | ||
Retirement obligation | (27,613) | (32,300) | (27,941) | (32,590) |
Total | 11,788 | (19,635) | $ 13,323 | $ (44,408) |
Accumulated other comprehensive income (loss) | ||||
Transactions Net of tax | ||||
Total | $ (1,535) | $ 23,867 |
AMOUNT RECLASSIFIED FROM ACCUMU
AMOUNT RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Accumulated Comprehensive income reclassified from AOCI [Line Items] | ||
Realized gain (loss) on securities available-for-sale | $ (59) | $ (178) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 100 | 100 |
Defined Benefit Plan, Amortization of Gain (Loss) | (525) | (475) |
Other Comprehensive Income, Reclassification, Amortization of Defined Benefit Plans items, Pre-tax | (425) | (375) |
Total | $ (484) | $ (553) |
DERIVATIVES - Additional Inform
DERIVATIVES - Additional Information (Details) $ in Thousands | Mar. 31, 2020USD ($)entity | Dec. 31, 2019USD ($)entity |
Derivative [Line Items] | ||
Number of counterparties | entity | 19 | 18 |
Derivative liabilities | $ 308,888 | $ 112,616 |
Derivative, Notional Amount | 8,402,376 | 7,586,618 |
Other Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 147,000 | 37,800 |
Credit Risk Derivative Liabilities, at Fair Value | $ 900 | |
Credit Risk Derivative Assets, at Fair Value | $ (1,800) | |
Foreign Exchange [Member] | ||
Derivative [Line Items] | ||
Number of counterparties | entity | 6 | 6 |
Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 234,000 | $ 216,200 |
Credit Risk Derivative Liabilities, at Fair Value | 400 | 200 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 189,500 | 33,400 |
Accrued interest and other liabilities | Derivative | ||
Derivative [Line Items] | ||
Derivative liabilities | 191,000 | 67,500 |
Derivative, Notional Amount | 2,100,000 | 1,900,000 |
Accrued interest and other liabilities | Derivative | Foreign Exchange [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | 19,800 | 18,300 |
Derivative, Notional Amount | $ 2,100,000 | $ 1,900,000 |
DERIVATIVES - Summary of Deriva
DERIVATIVES - Summary of Derivative Financial Instruments and Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 308,819 | $ 112,607 |
Derivative liabilities | 308,888 | 112,616 |
Other Credit Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Credit Risk Derivative Liabilities, at Fair Value | 900 | |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 6,306 | 2,636 |
Derivative liabilities | 197,955 | 70,808 |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 197,886 | 70,799 |
Derivative liabilities | $ 6,306 | $ 2,636 |
DERIVATIVES - Disclosure by Typ
DERIVATIVES - Disclosure by Type of Financial Instrument (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | $ 308,888 | $ 112,616 |
Derivative Liability, Fair Value, Gross Asset | (499,700) | (188,395) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (190,812) | (75,779) |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | 204,261 | 73,444 |
Derivative Liability, Fair Value, Gross Asset | (406,685) | (147,193) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (202,424) | (73,749) |
Fair Value Hedges | Foreign Exchange [Member] | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | 104,627 | 39,172 |
Derivative Liability, Fair Value, Gross Asset | (93,015) | (41,202) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 11,612 | $ (2,030) |
DERIVATIVES - Derivative Financ
DERIVATIVES - Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 8,402,376 | $ 7,586,618 |
Derivative Asset | 308,819 | 112,607 |
Derivative Liability | $ (308,888) | (112,616) |
Average Maturity (years) | 3 years 1 month 6 days | |
Fair Value | $ (69) | |
Interest Rate Swap | Derivative Financial Instruments Receive Fixed Pay Variable | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,094,136 | |
Average Maturity (years) | 5 years 8 months 12 days | |
Fair Value | $ 191,580 | |
Interest Rate Swap | Derivative Financial Instruments Receive Variable Pay Fixed | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,094,136 | |
Average Maturity (years) | 5 years 8 months 12 days | |
Fair Value | $ (191,649) | |
Foreign Exchange [Member] | Derivative Financial Instruments Receive Fixed Pay Variable | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,107,052 | |
Average Maturity (years) | 6 months | |
Fair Value | $ (19,805) | |
Foreign Exchange [Member] | Derivative Financial Instruments Receive Variable Pay Fixed | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,107,052 | |
Average Maturity (years) | 6 months | |
Fair Value | $ 19,805 | |
Accrued interest and other assets | Fair Value Hedges | Matched interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,094,136 | 1,923,375 |
Derivative Asset | 197,886 | 70,799 |
Derivative Liability | (6,306) | (2,636) |
Accrued interest and other assets | Foreign Exchange [Member] | Matched interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,107,052 | 1,869,934 |
Derivative Asset | 42,411 | 28,739 |
Derivative Liability | (62,216) | (10,433) |
Accrued interest and other liabilities | Fair Value Hedges | Matched interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,094,136 | 1,923,375 |
Derivative Asset | 6,306 | 2,636 |
Derivative Liability | (197,955) | (70,808) |
Accrued interest and other liabilities | Foreign Exchange [Member] | Matched interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,107,052 | 1,869,934 |
Derivative Asset | 62,216 | 10,433 |
Derivative Liability | $ (42,411) | $ (28,739) |
COMMITMENTS AND CONTINGENCIES C
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 9,307,819 | $ 9,201,665 |
Unused Commitments to Extend Credit | 2,706,755 | |
Commercial | ||
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,477,773 | 2,465,877 |
Unused Commitments to Extend Credit | 1,090,309 | |
Lease financing | ||
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 82,602 | 88,364 |
Unused Commitments to Extend Credit | 0 | |
Construction real estate | ||
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 500,311 | 493,182 |
Unused Commitments to Extend Credit | 462,460 | |
Commercial real estate - investor | ||
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 4,278,257 | 4,194,651 |
Unused Commitments to Extend Credit | 152,602 | |
Commercial real estate - investor | ||
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,180,037 | |
Commercial real estate-owner | ||
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,098,220 | |
Unused Commitments to Extend Credit | 45,889 | |
Residential real estate | ||
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,061,792 | 1,055,949 |
Unused Commitments to Extend Credit | 30,807 | |
Home equity | ||
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 781,243 | 771,869 |
Unused Commitments to Extend Credit | 717,625 | |
Installment | ||
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 80,085 | 82,589 |
Unused Commitments to Extend Credit | 21,457 | |
Credit card | ||
Other Commitments [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 45,756 | $ 49,184 |
Unused Commitments to Extend Credit | $ 185,606 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Reserves for unfunded commitments | $ 14,300,000 | $ 600,000 | |
Commitments outstanding to extend credit | 0 | 0 | |
Loans and Leases Receivable, Commitments, Fixed Rates | 154,400,000 | $ 123,700,000 | |
Loans and Leases Receivable, Commitments, Variable Rates | $ 3,100,000,000 | $ 3,200,000,000 | |
Loan Commitments, Fixed Interest Rate Range, Minimum | 0.00% | ||
Loan Commitments, Fixed Interest Rate Range, Maximum | 21.00% | ||
Loan Commitments, Fixed Rate, Maturities, Minimum | 1 year | ||
Loan Commitments, Fixed Rate, Maturities, Maximum | 30 years 10 months 24 days | 31 years 7 months 6 days | |
Letters of credit issued to guarantee performance of a client to a third party | $ 32,700,000 | 33,400,000 | |
Affordable Housing Program Obligation | 35,600,000 | 38,500,000 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 2,100,000 | $ 1,600,000 | |
Affordable housing contingent commitment | 0 | 0 | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 3,800,000 | 3,100,000 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 6,700,000 | 5,100,000 | |
Estimated Litigation Liability | 0 | 0 | |
Commitments to Extend Credit | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments outstanding to extend credit | 3,300,000,000 | $ 3,300,000,000 | |
Affordable housing investment [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Low-income housing tax credit | 1,900,000 | 1,600,000 | |
Historic tax credit [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Low-income housing tax credit | $ 100,000 | 0 | |
Minimum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Loans and Leases Receivable, Commitments, Variable Rates | 0 | ||
Maximum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Loans and Leases Receivable, Commitments, Variable Rates | $ 0.210 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $ 5,924 | $ 9,921 | |
Effective tax rate | 17.10% | 17.80% | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 2,400 | $ 2,400 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS - Additi
EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0 | ||
Payment for Pension Benefits | 0 | $ 0 | |
Pension Cost (Reversal of Cost) | $ 400,000 | $ 375,000 |
EMPLOYEE BENEFIT PLANS - Employ
EMPLOYEE BENEFIT PLANS - Employee benefit plan amounts recognized in the Consolidated Balance Sheets and Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 1,850 | $ 1,750 |
Interest cost | 600 | 700 |
Expected return on plan assets | (2,475) | (2,450) |
Amortization of prior service cost | (100) | (100) |
Defined Benefit Plan, Amortization of Gain (Loss) | 525 | 475 |
Net periodic benefit cost (income) | $ 400 | $ 375 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue Recognition [Abstract] | ||
Interchange income | $ 5.7 | $ 8.5 |
Credit card expense | $ 3 | $ 2.9 |
EARNINGS PER COMMON SHARE - Com
EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator for basic and diluted earnings per share -income available to common shareholders: | ||
Net income | $ 28,628 | $ 45,839 |
Denominator for basic earnings per share - weighted average shares | 97,736,690 | 97,926,088 |
Effect of dilutive securities - | ||
Employee stock awards | 619,524 | 510,223 |
Denominator for diluted earnings per share - adjusted weighted average shares | 98,356,214 | 98,436,311 |
Basic | $ 0.29 | $ 0.47 |
Diluted | $ 0.29 | $ 0.47 |
EARNINGS PER COMMON SHARE - Add
EARNINGS PER COMMON SHARE - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Stock Options | ||
Earnings Per Share Disclosure [Line Items] | ||
Stock options and warrants with an exercise price greater than the average market price of the common shares not included in the computation of net income per diluted share | 0 | 0 |
FAIR VALUE DISCLOSURES - Estima
FAIR VALUE DISCLOSURES - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial assets | ||
Investment securities held-to-maturity | $ 136,744 | $ 142,862 |
Other investments | 143,581 | 125,020 |
Interest Receivable | 27,449 | |
Deposits | ||
Noninterest-bearing | 2,723,341 | 2,643,928 |
Savings | 2,978,250 | 2,960,979 |
Time | 2,435,858 | 2,240,441 |
Carrying value | ||
Financial assets | ||
Cash and short-term investments | 332,963 | 257,639 |
Investment securities held-to-maturity | 136,744 | 142,862 |
Other investments | 143,581 | 125,020 |
Loans held for sale | 27,334 | 13,680 |
Loans and leases | 9,163,934 | 9,144,015 |
Interest Receivable | 40,386 | 39,591 |
Deposits | ||
Deposits | 10,635,558 | 10,210,229 |
Short-term borrowings | 1,397,724 | 1,316,181 |
Long-term debt | 325,566 | 414,376 |
Interest Payable | 11,474 | 13,671 |
Fair value | ||
Financial assets | ||
Cash and short-term investments | 332,963 | 257,639 |
Investment securities held-to-maturity | 140,065 | 142,821 |
Loans held for sale | 27,334 | 13,680 |
Loans and leases | 8,877,637 | 9,134,215 |
Interest Receivable | 40,386 | 39,591 |
Deposits | ||
Deposits | 10,644,873 | 10,209,790 |
Short-term borrowings | 1,397,724 | 1,316,181 |
Long-term debt | 338,778 | 414,937 |
Interest Payable | 11,474 | 13,671 |
Fair Value, Inputs, Level 1 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 332,963 | 257,639 |
Investment securities held-to-maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans and leases | 0 | 0 |
Interest Receivable | 0 | 0 |
Deposits | ||
Deposits | 0 | 0 |
Short-term borrowings | 1,397,724 | 1,316,181 |
Long-term debt | 0 | 0 |
Interest Payable | 2,347 | 1,899 |
Fair Value, Inputs, Level 2 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 0 | 0 |
Investment securities held-to-maturity | 140,065 | 142,821 |
Loans held for sale | 27,334 | 13,680 |
Loans and leases | 0 | 0 |
Interest Receivable | 12,937 | 12,743 |
Deposits | ||
Deposits | 10,644,873 | 10,209,790 |
Short-term borrowings | 0 | 0 |
Long-term debt | 338,778 | 414,937 |
Interest Payable | 9,127 | 11,772 |
Fair Value, Inputs, Level 3 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans and leases | 8,877,637 | 9,134,215 |
Interest Receivable | 26,848 | |
Deposits | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Interest Payable | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Summar
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measure at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Investment securities available-for-sale | $ 2,908,688 | |
Derivative Asset | 308,819 | $ 112,607 |
Liabilities | ||
Derivative liabilities | 308,888 | 112,616 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Investment securities available-for-sale | 2,908,688 | 2,852,084 |
Derivative Asset | 73,558 | |
Total | 3,217,666 | 2,964,814 |
Liabilities | ||
Total | 310,132 | 112,922 |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | ||
Assets | ||
Investment securities available-for-sale | 104 | 100 |
Derivative Asset | 0 | |
Total | 104 | 100 |
Liabilities | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | ||
Assets | ||
Investment securities available-for-sale | 2,864,334 | 2,842,794 |
Derivative Asset | 73,558 | |
Total | 3,173,312 | 2,955,524 |
Liabilities | ||
Total | 310,132 | 112,922 |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | ||
Assets | ||
Investment securities available-for-sale | 44,250 | 9,190 |
Derivative Asset | 0 | |
Total | 44,250 | 9,190 |
Liabilities | ||
Total | 0 | 0 |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | ||
Assets | ||
Derivative Asset | 204,351 | |
Liabilities | ||
Derivative liabilities | 205,505 | 73,750 |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | ||
Assets | ||
Derivative Asset | 0 | |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | ||
Assets | ||
Derivative Asset | 204,351 | |
Liabilities | ||
Derivative liabilities | 205,505 | 73,750 |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | ||
Assets | ||
Derivative Asset | 0 | |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | ||
Assets | ||
Derivative Asset | 104,627 | 39,172 |
Liabilities | ||
Derivative liabilities | 104,627 | 39,172 |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | ||
Assets | ||
Derivative Asset | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | ||
Assets | ||
Derivative Asset | 104,627 | 39,172 |
Liabilities | ||
Derivative liabilities | 104,627 | 39,172 |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | ||
Assets | ||
Derivative Asset | 0 | 0 |
Liabilities | ||
Derivative liabilities | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Reconc
FAIR VALUE DISCLOSURES - Reconciliation of Gains and Losses on Level 3 Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 9,190 | $ 14,715 |
Accretion (amortization) | 16 | 7 |
Increase (decrease) in fair value | (30) | 21 |
Settlements | 35,074 | (1,388) |
Ending balance | $ 44,250 | $ 13,355 |
FAIR VALUE DISCLOSURES - Summ_2
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurements Using Level 1 | ||
Assets | ||
Impaired loans | $ 0 | $ 0 |
OREO | 0 | 0 |
Fair Value Measurements Using Level 2 | ||
Assets | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Fair Value Measurements Using Level 3 | ||
Assets | ||
Impaired loans | 13,180 | 9,268 |
OREO | $ 554 | $ 1,088 |
BUSINESS COMBINATION - Addition
BUSINESS COMBINATION - Additional Information (Details) - USD ($) $ in Millions | Aug. 30, 2019 | Sep. 30, 2019 |
Business Acquisition [Line Items] | ||
Goodwill | $ 58 | $ 58 |
Bannockburn [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 114.6 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Millions | Aug. 30, 2019 | Sep. 30, 2019 |
Business Acquisition [Line Items] | ||
Cash consideration | $ 53.7 | |
Stock consideration | 60.9 | |
Total assets acquired | 74.9 | |
Total liabilities assumed | 18.4 | |
Goodwill | 58 | $ 58 |
Bannockburn [Member] | ||
Business Acquisition [Line Items] | ||
Total purchase consideration | $ 114.6 |
SUBSEQUENT EVENTS Subsequent Ev
SUBSEQUENT EVENTS Subsequent Events (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Subsequent Event [Line Items] | |
Convertible Subordinated Debt | $ 150 |
Subordinated Borrowing, Interest Rate | 5.125% |
Debt Instrument, Basis Spread on Variable Rate | 50900.00% |
Long-term Debt [Member] | |
Subsequent Event [Line Items] | |
Subordinated Borrowing, Interest Rate | 5.25% |