Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | ||||||
Jun. 30, 2020 | Aug. 06, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Entity Information [Line Items] | |||||||
Document Transition Report | false | ||||||
City Area Code | (781) | ||||||
Entity Incorporation, State or Country Code | MA | ||||||
Entity File Number | 1-9047 | ||||||
Document Quarterly Report | true | ||||||
Entity Registrant Name | Independent Bank Corp. | ||||||
Entity Tax Identification Number | 04-2870273 | ||||||
Entity Central Index Key | 0000776901 | ||||||
Document Type | 10-Q | ||||||
Document Period End Date | Jun. 30, 2020 | ||||||
Amendment Flag | false | ||||||
Document Fiscal Year Focus | 2020 | ||||||
Document Fiscal Period Focus | Q2 | ||||||
Current Fiscal Year End Date | --12-31 | ||||||
Entity Filer Category | Large Accelerated Filer | ||||||
Entity Small Business | false | ||||||
Entity Emerging Growth Company | false | ||||||
Entity Common Stock, Shares Outstanding | 32,950,911 | ||||||
Local Phone Number | 878-6100 | ||||||
Entity Address, Address Line One | 2036 Washington Street, | ||||||
Entity Address, City or Town | Hanover, | ||||||
Entity Address, State or Province | MA | ||||||
Entity Address, Postal Zip Code | 02339 | ||||||
Entity Current Reporting Status | Yes | ||||||
Entity Interactive Data Current | Yes | ||||||
Entity Shell Company | false | ||||||
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member] | |||||||
Entity Information [Line Items] | |||||||
Security Exchange Name | NASDAQ | ||||||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||||||
Trading Symbol | INDB | ||||||
Common Class A [Member] | |||||||
Entity Information [Line Items] | |||||||
Common Stock, Shares, Outstanding | 32,942,110 | 33,260,005 | 34,377,388 | 34,321,061 | 28,137,504 | 28,080,408 | |
Mailing Address [Member] | |||||||
Entity Information [Line Items] | |||||||
Entity Address, Address Line One | 288 Union Street, | ||||||
Entity Address, City or Town | Rockland, | ||||||
Entity Address, State or Province | MA | ||||||
Entity Address, Postal Zip Code | 02370 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and due from banks | $ 131,615,000 | $ 114,686,000 | |
Interest-earning deposits with banks | 974,105,000 | 36,288,000 | |
Securities | |||
Trading | 2,541,000 | 2,179,000 | |
Equity Securities, FV-NI | 20,810,000 | 21,261,000 | |
Debt Securities, Available-for-sale | 420,517,000 | 426,424,000 | |
Held to maturity (fair value $764,054 and $753,263) | 731,026,000 | 740,806,000 | |
Total securities | 1,174,894,000 | 1,190,670,000 | |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | 45,395,000 | 33,307,000 | |
Loans | |||
Total loans | 9,359,648,000 | 8,873,639,000 | |
Less: allowance for credit losses | (112,176,000) | (67,740,000) | |
Net loans | 9,247,472,000 | 8,805,899,000 | |
Federal Home Loan Bank stock | 15,090,000 | 14,424,000 | |
Bank premises and equipment, net | 122,172,000 | 123,674,000 | |
Goodwill | 506,206,000 | 506,206,000 | |
Other intangible assets | 25,996,000 | 29,286,000 | |
Cash surrender value of life insurance policies | 198,124,000 | 197,372,000 | |
Other assets | 581,431,000 | 343,353,000 | |
Total assets | 13,022,500,000 | 11,395,165,000 | |
Deposits | |||
Noninterest-bearing demand deposits | 3,694,559,000 | 2,662,591,000 | |
Savings and interest checking accounts | 3,896,024,000 | 3,232,909,000 | |
Money market | 2,034,021,000 | 1,856,552,000 | |
Time certificates of deposit of $100,000 and over | 585,104,000 | 663,645,000 | |
Other time certificates of deposits | 507,113,000 | 731,670,000 | |
Total deposits | 10,716,821,000 | 9,147,367,000 | |
Borrowings | |||
Federal Home Loan Bank borrowings | 145,770,000 | 115,748,000 | |
Long-term Debt | 37,433,000 | 74,906,000 | |
Junior Subordinated Notes | 62,850,000 | 62,848,000 | |
Subordinated debentures (less unamortized debt issuance costs of $352 and $399) | 49,648,000 | 49,601,000 | |
Total borrowings | 295,701,000 | 303,103,000 | |
Other liabilities | 338,286,000 | 236,552,000 | |
Total liabilities | 11,350,808,000 | 9,687,022,000 | |
Commitments and contingencies | 0 | 0 | |
Stockholders' equity | |||
Preferred stock, $0.01 par value, authorized: 1,000,000 shares, outstanding: none | 0 | 0 | |
Common stock, $0.01 par value, authorized: 75,000,000 shares, issued and outstanding: 32,942,110 shares at June 30, 2020 and 34,377,388 shares at December 31, 2019 (includes 137,617 and 147,184 shares of unvested participating restricted stock awards, respectively) | 328,000 | 342,000 | |
Value of shares held in rabbi trust at cost: 134,097 shares at June 30, 2020 and 143,820 shares at December 31, 2019 | (4,649,000) | (4,735,000) | |
Deferred compensation and other retirement benefit obligations | 4,649,000 | 4,735,000 | |
Additional paid in capital | 942,685,000 | 1,035,450,000 | |
Retained earnings | 676,834,000 | 654,182,000 | |
Accumulated other comprehensive income, net of tax | 51,845,000 | 18,169,000 | |
Total stockholders’ equity | 1,671,692,000 | 1,708,143,000 | |
Total liabilities and stockholders' equity | 13,022,500,000 | 11,395,165,000 | |
Commercial And Industrial [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 2,004,645,000 | 1,395,036,000 | |
Total loans | 2,004,645,000 | 1,395,036,000 | |
Less: allowance for credit losses | (16,857,000) | ||
Commercial Real Estate [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 4,071,047,000 | 4,002,359,000 | |
Total loans | 4,071,047,000 | 4,002,359,000 | |
Less: allowance for credit losses | (32,660,000) | ||
Construction Loans [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 537,788,000 | 547,293,000 | |
Total loans | 537,788,000 | 547,293,000 | |
Less: allowance for credit losses | (5,593,000) | ||
Small Business [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 170,288,000 | 174,497,000 | |
Total loans | 170,288,000 | 174,497,000 | |
Less: allowance for credit losses | (1,768,000) | ||
Residential Real Estate [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 1,431,129,000 | 1,590,569,000 | |
Total loans | 1,431,129,000 | 1,590,569,000 | |
Less: allowance for credit losses | (3,296,000) | ||
Home Equity Loan [Member] | |||
Loans | |||
Total loans | 1,120,523,000 | ||
Consumer Portfolio Segment [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 24,228,000 | 30,087,000 | |
Total loans | 24,228,000 | 30,087,000 | [1] |
Less: allowance for credit losses | (239,000) | ||
Senior Lien [Member] | Home Equity Loan [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 650,922,000 | 649,255,000 | |
Junior Lien [Member] | Home Equity Loan [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | $ 469,601,000 | $ 484,543,000 | |
[1] | (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Time certificates of deposit least amount | $ 100,000 | $ 100,000 |
Held to Maturity, Fair Value, Total | 764,054,000 | 753,263,000 |
Debt Securities, Available-for-sale, Amortized Cost | $ 400,341,000 | $ 420,703,000 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, unvested restricted Stock awards | 137,617 | 147,184 |
Shares Held in Rabbi Trust | 134,097 | 143,820 |
Common Stock Outstanding | ||
Common Stock, Shares, Outstanding | 32,942,110 | 34,377,388 |
Junior Subordinated Debt [Member] | ||
Unamortized Debt Issuance Expense | $ 38,000 | $ 40,000 |
Subordinated Debt [Member] | ||
Unamortized Debt Issuance Expense | 352,000 | 399,000 |
Short-term Debt [Member] | ||
Unamortized Debt Issuance Expense | 0 | 0 |
Long-term Debt [Member] | ||
Unamortized Debt Issuance Expense | $ 67,000 | $ 94,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest income | ||||
Interest and fees on loans | $ 91,634 | $ 112,923 | $ 190,656 | $ 196,531 |
Interest Income, Securities, Operating, Taxable | 7,831 | 8,521 | 15,788 | 15,986 |
Nontaxable interest and dividends on securities | 9 | 13 | 18 | 26 |
Interest on loans held for sale | 359 | 40 | 591 | 71 |
Interest on federal funds sold and short-term investments | 132 | 647 | 292 | 1,073 |
Total interest and dividend income | 99,965 | 122,144 | 207,345 | 213,687 |
Interest expense | ||||
Interest on deposits | 7,027 | 11,178 | 17,919 | 18,206 |
Interest on borrowings | 1,840 | 4,947 | 4,024 | 6,937 |
Total interest expense | 8,867 | 16,125 | 21,943 | 25,143 |
Net interest income | 91,098 | 106,019 | 185,402 | 188,544 |
Provision for credit losses | 20,000 | 1,000 | 45,000 | 2,000 |
Net interest income after provision for credit losses | 71,098 | 105,019 | 140,402 | 186,544 |
Noninterest income | ||||
Deposit account fees | 2,829 | 5,080 | 7,799 | 9,486 |
Interchange and ATM fees | 5,214 | 5,794 | 10,110 | 10,310 |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | 7,296 | 7,153 | 14,125 | 13,901 |
Mortgage banking income | 5,005 | 3,410 | 5,866 | 4,216 |
Bank Owned Life Insurance Income | 1,312 | 1,296 | 2,588 | 2,268 |
Gain Realized on Life Insurance Policies | (335) | 0 | (692) | 0 |
Loan level derivative income | 2,864 | 932 | 6,461 | 1,573 |
Available-for-sale Equity Securities, Gross Unrealized Gain | 1,386 | 441 | 1,386 | 1,345 |
Other noninterest income | 1,949 | 4,542 | 5,598 | 7,082 |
Total noninterest income | 28,190 | 28,648 | 54,625 | 50,181 |
Noninterest expenses | ||||
Salaries and employee benefits | 37,269 | 38,852 | 74,618 | 71,969 |
Occupancy and equipment expenses | 9,273 | 8,424 | 18,590 | 15,554 |
Data processing & facilities management | 1,459 | 2,042 | 3,117 | 3,368 |
FDIC assessment | 503 | 778 | 503 | 1,394 |
Advertising expense | 787 | 1,282 | 1,892 | 2,495 |
Professional Fees | 1,603 | 1,384 | 2,939 | 2,148 |
Amortization of Intangible Assets | 1,433 | 1,572 | 2,964 | 2,429 |
Available-for-Sale Securities - Fixed Income Gross Realized Losses | 0 | 1,462 | 0 | 1,462 |
Business Combination, Acquisition Related Costs | 0 | 24,696 | 0 | 25,728 |
Software Maintenance | 1,780 | 1,363 | 3,465 | 2,528 |
Other noninterest expenses | 12,500 | 11,177 | 25,359 | 20,268 |
Total noninterest expenses | 66,607 | 93,032 | 133,447 | 149,343 |
Income before income taxes | 32,681 | 40,635 | 61,580 | 87,382 |
Current Federal, State and Local, Tax Expense (Benefit) | 7,779 | 10,007 | 9,927 | 21,529 |
Net income | $ 24,902 | $ 30,628 | $ 51,653 | $ 65,853 |
Basic earnings per share (in dollars per share) | $ 0.76 | $ 0.89 | $ 1.54 | $ 2.11 |
Diluted earnings per share (in dollars per share) | $ 0.76 | $ 0.89 | $ 1.54 | $ 2.11 |
Weighted average common shares (basic) (in shares) | 32,944,761 | 34,313,492 | 33,564,596 | 31,226,985 |
Common shares equivalents (in shares) | 28,098 | 41,878 | 31,991 | 48,381 |
Weighted average common shares (diluted) (in shares) | 32,972,859 | 34,355,370 | 33,596,587 | 31,275,366 |
Retained Earnings [Member] | ||||
Noninterest expenses | ||||
Net income | $ 24,902 | $ 30,628 | $ 51,653 | $ 65,853 |
Cash dividends declared per common share (in dollars per share) | $ 0.46 | $ 0.44 | $ 0.92 | $ 0.88 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 24,902 | $ 30,628 | $ 51,653 | $ 65,853 | |
Other comprehensive income, net of tax | |||||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 1,695 | 5,445 | 11,042 | 10,174 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 197 | 8,590 | 23,181 | 11,875 | |
Net change in other comprehensive income for defined benefit postretirement plans | [1] | 225 | 40 | (547) | 80 |
Total other comprehensive income | 2,117 | 14,075 | 33,676 | 22,129 | |
Total comprehensive income | $ 27,019 | $ 44,703 | $ 85,329 | $ 87,982 | |
[1] |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock Outstanding | Common Stock | Value of Shares Held in Rabbi Trust at Cost | Deferred Compensation and Other Retirement Benefit Obligations | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Shares, Outstanding | 28,080,408 | |||||||
Net income | $ 65,853,000 | $ 65,853,000 | ||||||
Other comprehensive income | 22,129,000 | $ 22,129,000 | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.88 | |||||||
Common dividend declared | (27,478,000) | $ (27,478,000) | ||||||
Stock Issued During Period, Shares, Acquisitions | 6,166,010 | |||||||
Stock Issued During Period, Value, Acquisitions | 499,693,000 | $ 61,000 | $ 499,632,000 | |||||
Proceeds from exercise of stock options, net of cash paid | 11,000 | |||||||
Proceeds from exercise of stock options, net of cash paid | 281,000 | 0 | 281,000 | |||||
Stock based compensation | 2,432,000 | 2,432,000 | ||||||
Restricted stock awards issued, net of awards surrendered | 50,474 | |||||||
Restricted stock awards issued, net of awards surrendered | (1,431,000) | 2,000 | (1,433,000) | |||||
Shares issued under direct stock purchase plan | 13,169 | |||||||
Shares issued under direct stock purchase plan | 1,034,000 | 1,034,000 | ||||||
Increase (Decrease) in Deferred Compensation and Other Retirement Benefits | $ 70,000 | $ (70,000) | ||||||
Increase (Decrease) in Deferred Compensation | 0 | |||||||
Period End Balance at Jun. 30, 2019 | 1,636,003,000 | 342,000 | (4,648,000) | 4,648,000 | 1,029,594,000 | 585,111,000 | 20,956,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Shares, Outstanding | 28,137,504 | |||||||
Net income | 30,628,000 | $ 30,628,000 | ||||||
Other comprehensive income | 14,075,000 | 14,075,000 | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.44 | |||||||
Common dividend declared | (15,099,000) | $ (15,099,000) | ||||||
Stock Issued During Period, Shares, Acquisitions | 6,166,010 | |||||||
Stock Issued During Period, Value, Acquisitions | 499,693,000 | 61,000 | 499,632,000 | |||||
Proceeds from exercise of stock options, net of cash paid | 5,000 | |||||||
Proceeds from exercise of stock options, net of cash paid | 116,000 | 0 | 116,000 | |||||
Stock based compensation | 1,517,000 | 1,517,000 | ||||||
Restricted stock awards issued, net of awards surrendered | 6,067 | |||||||
Restricted stock awards issued, net of awards surrendered | (12,000) | 1,000 | (13,000) | |||||
Shares issued under direct stock purchase plan | 6,480 | |||||||
Shares issued under direct stock purchase plan | 547,000 | 547,000 | ||||||
Increase (Decrease) in Deferred Compensation and Other Retirement Benefits | (49,000) | 49,000 | ||||||
Increase (Decrease) in Deferred Compensation | 0 | |||||||
Period End Balance at Jun. 30, 2019 | 1,636,003,000 | 342,000 | (4,648,000) | 4,648,000 | 1,029,594,000 | 585,111,000 | 20,956,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Shares, Outstanding | 34,321,061 | |||||||
Common Stock, Shares, Outstanding | 34,377,388 | |||||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (1,137,000) | |||||||
Net income | 51,653,000 | $ 51,653,000 | ||||||
Other comprehensive income | 33,676,000 | 33,676,000 | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.92 | |||||||
Common dividend declared | (30,554,000) | $ (30,554,000) | ||||||
Stock Issued During Period, Value, Acquisitions | 0 | |||||||
Proceeds from exercise of stock options, net of cash paid | 873 | |||||||
Stock Repurchased During Period, Value, as a result of Stock Options Exercised | (26,000) | (26,000) | ||||||
Stock based compensation | 2,429,000 | 2,429,000 | ||||||
Restricted stock awards issued, net of awards surrendered | 49,292 | |||||||
Restricted stock awards issued, net of awards surrendered | (1,183,000) | 1,000 | (1,184,000) | |||||
Shares issued under direct stock purchase plan | 14,557 | |||||||
Shares issued under direct stock purchase plan | 1,092,000 | 1,092,000 | ||||||
Stock Repurchased During Period, Shares | (1,500,000) | |||||||
Stock Repurchased During Period, Value | (95,091,000) | (15,000) | (95,076,000) | |||||
Increase (Decrease) in Deferred Compensation and Other Retirement Benefits | 86,000 | (86,000) | ||||||
Increase (Decrease) in Deferred Compensation | 0 | |||||||
Period End Balance at Jun. 30, 2020 | 1,671,692,000 | 328,000 | (4,649,000) | 4,649,000 | 942,685,000 | 676,834,000 | 51,845,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Off-Balance Sheet, Credit Loss, Liability, Change in Method, Credit Loss Expense (Reversal) | (1,000,000) | |||||||
Off-Balance Sheet, Credit Loss, Liability, Change in Method, Credit Loss Expense (Reversal), net of tax. | 736,000 | |||||||
Common Stock, Shares, Outstanding | 33,260,005 | |||||||
Net income | 24,902,000 | $ 24,902,000 | ||||||
Other comprehensive income | 2,117,000 | 2,117,000 | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.46 | |||||||
Common dividend declared | (15,152,000) | $ (15,152,000) | ||||||
Proceeds from exercise of stock options, net of cash paid | 873 | |||||||
Proceeds from exercise of stock options, net of cash paid | 0 | |||||||
Stock Repurchased During Period, Value, as a result of Stock Options Exercised | (26,000) | (26,000) | ||||||
Stock based compensation | 1,579,000 | 1,579,000 | ||||||
Restricted stock awards issued, net of awards surrendered | 6,761 | |||||||
Restricted stock awards issued, net of awards surrendered | (51,000) | 0 | (51,000) | |||||
Shares issued under direct stock purchase plan | 7,548 | |||||||
Shares issued under direct stock purchase plan | 532,000 | 532,000 | ||||||
Stock Repurchased During Period, Shares | (333,077) | |||||||
Stock Repurchased During Period, Value | (21,865,000) | (3,000) | (21,862,000) | |||||
Increase (Decrease) in Deferred Compensation and Other Retirement Benefits | (45,000) | 45,000 | ||||||
Increase (Decrease) in Deferred Compensation | 0 | |||||||
Period End Balance at Jun. 30, 2020 | 1,671,692,000 | $ 328,000 | $ (4,649,000) | $ 4,649,000 | $ 942,685,000 | $ 676,834,000 | $ 51,845,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method, net of tax. | $ 817,000 | |||||||
Common Stock, Shares, Outstanding | 32,942,110 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Attributable to Parent | $ 1,671,692 | $ 1,636,003 | $ 1,671,692 | $ 1,636,003 | $ 1,679,656 | $ 1,708,143 | $ 1,104,538 | $ 1,073,490 |
Held In Rabbi Trust At Cost [Member] | ||||||||
Stockholders' Equity Attributable to Parent | $ (4,649) | $ (4,648) | $ (4,649) | $ (4,648) | (4,604) | (4,735) | (4,599) | (4,718) |
Retained Earnings | ||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.46 | $ 0.44 | $ 0.92 | $ 0.88 | ||||
Stockholders' Equity Attributable to Parent | $ 676,834 | $ 585,111 | $ 676,834 | $ 585,111 | 667,084 | 654,182 | 569,582 | 546,736 |
Deferred Compensation, Share-based Payments [Member] | ||||||||
Stockholders' Equity Attributable to Parent | 4,649 | 4,648 | 4,649 | 4,648 | 4,604 | 4,735 | 4,599 | 4,718 |
AOCI Attributable to Parent [Member] | ||||||||
Stockholders' Equity Attributable to Parent | 51,845 | 20,956 | 51,845 | 20,956 | 49,728 | 18,169 | 6,881 | (1,173) |
Common Stock [Member] | ||||||||
Stockholders' Equity Attributable to Parent | 328 | 342 | 328 | 342 | 331 | 342 | 280 | 279 |
Additional Paid-in Capital [Member] | ||||||||
Stockholders' Equity Attributable to Parent | $ 942,685 | $ 1,029,594 | $ 942,685 | $ 1,029,594 | $ 962,513 | $ 1,035,450 | $ 527,795 | $ 527,648 |
Common Class A [Member] | ||||||||
Common Stock, Shares, Outstanding | 32,942,110 | 34,321,061 | 32,942,110 | 34,321,061 | 33,260,005 | 34,377,388 | 28,137,504 | 28,080,408 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 51,653,000 | $ 65,853,000 |
Adjustments to reconcile net income to net cash used in operating activities | ||
Depreciation and amortization | 14,112,000 | 9,045,000 |
Change In Unamortized Net Loan Costs And Premiums | (4,064,000) | (4,023,000) |
Provision for credit losses | 45,000,000 | 2,000,000 |
Deferred income tax expense | 3,045,000 | 399,000 |
Net unrealized (gain) loss on equity securities | 415,000 | (1,351,000) |
Gain (Loss) on Investments | 1,462,000 | |
Net loss on bank premises and equipment | 368,000 | 39,000 |
Realized gain on sale leaseback transaction | (289,000) | (289,000) |
Stock based compensation | 2,429,000 | 2,432,000 |
Increase in cash surrender value of life insurance policies | (2,588,000) | (2,268,000) |
Gain Realized on Life Insurance Policies | (692,000) | 0 |
Operating Lease, Payments | (5,887,000) | (4,970,000) |
Change in Fair Value on Loans Held for Sale | (839,000) | (920,000) |
Net change in: | ||
Trading assets | (362,000) | (435,000) |
Loans held for sale | (11,249,000) | (30,220,000) |
Other assets | (191,261,000) | (27,048,000) |
Increase (Decrease) in Other Operating Liabilities | 86,847,000 | (24,566,000) |
Total adjustments | (65,015,000) | (80,713,000) |
Net cash used in operating activities | (13,362,000) | (14,860,000) |
Cash flows used in investing activities | ||
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment | 0 | 1,461,000 |
Increase (Decrease) in Equity Securities, FV-NI | (212,000) | (233,000) |
Proceeds from Sale of Debt Securities, Available-for-sale | 45,863,000 | |
Proceeds from maturities and principal repayments of securities available for sale | 50,262,000 | 24,594,000 |
Payments to Acquire Debt Securities, Available-for-sale | (30,095,000) | (9,058,000) |
Proceeds from maturities and principal repayments of securities held to maturity | 105,272,000 | 52,414,000 |
Purchases of securities held to maturity | (95,017,000) | (42,341,000) |
Net redemption (purchases) of Federal Home Loan Bank stock | (666,000) | 7,235,000 |
Investments in low income housing projects | (14,008,000) | (683,000) |
Purchases of life insurance policies | (101,000) | (100,000) |
Proceeds from Life Insurance Policy | 2,629,000 | 0 |
Net increase in loans | (481,372,000) | (53,175,000) |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (105,264,000) |
Purchases of bank premises and equipment | (5,186,000) | (6,957,000) |
Proceeds from the sale of bank premises and equipment | 23,000 | 13,000 |
Net cash used in investing activities | (468,471,000) | (86,231,000) |
Cash flows provided by financing activities | ||
Net increase (decrease) in time deposits | (302,738,000) | 1,632,000 |
Net increase (decrease) in other deposits | 1,872,552,000 | (49,833,000) |
Increase (Decrease) in Federal Funds Purchased and Securities Sold under Agreements to Repurchase, Net | 55,000,000 | 24,954,000 |
Increase Decrease in Federal Home Loan Bank Advances Long Term | (25,000,000) | (20,000,000) |
Proceeds from Lines of Credit | 0 | 49,980,000 |
Repayments of Lines of Credit | 0 | (49,980,000) |
Repayments of Debt | (37,500,000) | |
Proceeds from (repayments of) long-term debt, net of issuance costs | 74,867,000 | |
RepaymentsOfJuniorSubordinatedDebt | 0 | (13,329,000) |
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 49,526,000 |
Net Purchases from Stock Options Exercised | (26,000) | |
Net proceeds from (payments for) exercise of stock options | (281,000) | |
Restricted stock awards issued, net of awards surrendered | (1,183,000) | (1,431,000) |
Proceeds from shares issued under direct stock purchase plan | 1,092,000 | 1,034,000 |
Payments for shares repurchased under share repurchase program | (95,091,000) | 0 |
Common dividends paid | (30,527,000) | (23,051,000) |
Net cash provided by financing activities | 1,436,579,000 | 44,650,000 |
Net increase (decrease) in cash and cash equivalents | 954,746,000 | (56,441,000) |
Cash and cash equivalents at beginning of year | 150,974,000 | 250,455,000 |
Cash and cash equivalents at end of period | 1,105,720,000 | 194,014,000 |
Supplemental schedule of noncash activities | ||
Net increase in capital commitments relating to low income housing project investments | 27,937,000 | 18,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 5,356,000 | 4,824,000 |
Stock Issued During Period, Value, Acquisitions | 0 | 499,693,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 0 | 2,711,067,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | $ 2,106,110,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company, incorporated in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907. All material intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. Results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any other interim period. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 , filed with the Securities and Exchange Commission. |
Recent Accounting Standards
Recent Accounting Standards | 6 Months Ended |
Jun. 30, 2020 | |
Recent Accounting Standards [Abstract] | |
RECENT ACCOUNTING STANDARDS | RECENT ACCOUNTING STANDARDS UPDATES Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" Update No. 2016-13. The standard was issued in June 2016 and has been amended three times by the FASB (collectively, the "updates"). The purpose of the updates is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, these updates replace the incurred loss impairment methodology in current GAAP with a methodology, referred to as the current expected credit losses ("CECL") methodology, that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The updates affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company adopted the CECL standard effective January 1, 2020. The Company adopted the standard using the modified retrospective method for all financial assets measured at amortized cost, net investment in leases and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under the CECL standard, while prior period results are presented under standards previously applicable under GAAP. The cumulative effect of the Company's adoption resulted in an immaterial increase to retained earnings as of the January 1, 2020 adoption date. This transition adjustment was a result of the change in allowance methodology, including the impact to the reserve on unfunded commitments resulting from the application of new guidance under CECL, as well as the day one gross-up of purchased credit deteriorated ("PCD") assets. The standard was adopted using the prospective transition approach for PCD assets that were previously classified as purchased credit impaired ("PCI") assets. As prescribed by the standard, management did not reassess whether PCI assets met the criteria of PCD assets at the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect estimated credit losses, with the remaining non-credit related discount, calculated based on the adjusted amortized cost, and will be accreted into interest income on a straight line basis over the remaining contractual term of the asset. See Note 3 - Securities and Note 4 - Loans, Allowance for Credit Losses and Credit Quality for further details surrounding the Company's adoption of CECL, related accounting policy updates and full disclosures required under the standard. FASB ASC Topic 848 "Reference Rate Reform" Update No. 2020-04. Update No. 2020-04 was issued in March 2020 to provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to certain contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022 and do not apply to contract modifications made after December 31, 2022. The Company has not yet adopted the amendments in this update and is currently in the process of reviewing its contracts and existing processes in order to assess the risks and potential impact of the transition away from LIBOR. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Table Text Block] | SECURITIES Investment securities are classified at the time of purchase as available for sale, held to maturity, trading, or equity. Classification is constantly re-evaluated for consistency with corporate goals and objectives. Trading and equity securities are recorded at fair value with subsequent changes in fair value recorded in earnings. Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Securities not classified as held to maturity or trading are classified as available for sale and recorded at fair value, with changes in fair value excluded from earnings and reported in other comprehensive income, net of related tax. Purchase premiums and discounts are recognized in interest income, using the interest method, to arrive at periodic interest income at a constant effective yield, thereby reflecting the securities market yield. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Accrued interest receivable balances are excluded from the amortized cost of held to maturity securities and the fair value of available for sale securities and are included within Other Assets on the consolidated balance sheet. Management has elected not to measure an allowance for credit losses on these balances as the Company employs a timely write-off policy. It is the Company's policy that a security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent, and interest earned but not collected for a security placed on non-accrual is reversed against interest income. Allowance for Credit Losses - Available for Sale Securities The Company's available for sale securities are carried at fair value. For available for sale securities in an unrealized loss position, management will first evaluate whether there is intent to sell, or if it is more likely than not that the Company will be required to sell a security prior to anticipated recovery of its amortized cost basis. If either of these criteria are met, the Company will record a write-down of the security's amortized cost basis to fair value through income. For those available for sale securities which do not meet the intent or requirement to sell criteria, management will evaluate whether the decline in fair value is a result of credit related matters or other factors. In performing this assessment, Management considers the creditworthiness of the issuer including whether the security is guaranteed by the U.S. Federal Government or other government agency, the extent to which fair value is less than amortized cost, and changes in credit rating during the period, among other factors. If this assessment indicates the existence of credit losses, the security will be written down to fair value, as determined by a discounted cash flow analysis. To the extent the estimated cash flows do not support the amortized cost, the deficiency is considered to be due to credit loss and is recognized in earnings. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when the uncollectibility of a security is confirmed, or when either of the aforementioned criteria surrounding intent or requirement to sell have been met. Allowance for Credit Losses - Held to Maturity Securities The Company measures expected credit losses on held to maturity securities on a collective basis by major security type. Management classifies the held to maturity portfolio into the following major security types: U.S. Government Agency, U.S. Treasury, Agency Mortgage-Backed Securities, Agency Collateralized Mortgage Obligations, Small Business Administration Pooled Securities, and Single Issuer Trust Preferred Securities. Securities in the Company's held to maturity portfolio are primarily guaranteed by either the U.S. Federal Government or other government sponsored agencies with a long history of no credit losses. As a result, Management has determined these securities to have a zero loss expectation and therefore does not estimate an allowance for credit losses on these securities. Trading Securities The Company had trading securities of $2.5 million and $2.2 million as of June 30, 2020 and December 31, 2019 , respectively. These securities are held in a rabbi trust and will be used for future payments associated with the Company’s nonqualified 401(k) Restoration Plan and Nonqualified Deferred Compensation Plan. Equity Securities The Company had equity securities of $20.8 million and $21.3 million as of June 30, 2020 and December 31, 2019 , respectively. These securities consist primarily of mutual funds held in a rabbi trust and will be used for future payments associated with the Company’s supplemental executive retirement plans. The following table represents a summary of the gains and losses that relate to equity securities for the periods indicated: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Net gains (losses) recognized during the period on equity securities $ 1,386 $ 444 (415 ) 1,351 Less: net gains recognized during the period on equity securities sold during the period — 3 6 6 Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ 1,386 $ 441 (421 ) 1,345 Available for Sale Securities The following table summarizes the amortized cost, allowance for credit losses, and fair value of available for sale securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) as of the dates indicated: June 30, 2020 December 31, 2019 Amortized Gross Gross Unrealized Allowance for credit losses Fair Amortized Gross Gross Unrealized Fair (Dollars in thousands) U.S. government agency securities $ 22,475 $ 1,870 $ — $ — $ 24,345 $ 32,473 $ 642 $ — $ 33,115 Agency mortgage-backed securities 237,219 11,588 (2 ) — 248,805 243,548 3,456 (4 ) 247,000 Agency collateralized mortgage obligations 77,036 3,776 — — 80,812 87,305 1,225 (19 ) 88,511 State, county, and municipal securities 1,126 21 — — 1,147 1,377 19 — 1,396 Single issuer trust preferred securities issued by banks 489 — (44 ) — 445 488 5 — 493 Pooled trust preferred securities issued by banks and insurers 1,438 — (452 ) — 986 1,488 — (374 ) 1,114 Small business administration pooled securities 60,558 3,419 — — 63,977 54,024 771 — 54,795 Total available for sale securities $ 400,341 $ 20,674 $ (498 ) $ — $ 420,517 $ 420,703 $ 6,118 $ (397 ) $ 426,424 The Company did not record an allowance for estimated credit losses on any available for sale securities during the three and six months ended June 30, 2020 . Excluded from the table above is accrued interest on available for sale securities of $1.3 million as of June 30, 2020 , which is included within Other Assets on the consolidated balance sheet. Additionally, the Company did not record any write-offs of accrued interest income on available for sale securities during the three and six months ended June 30, 2020 . No securities held by the Company were delinquent on contractual payments as of June 30, 2020 , nor were any securities placed on non-accrual status during the three or six months then ended. When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of securities available for sale during the three or six months ended June 30, 2020 , and therefore no gains or losses were realized during the periods presented. The Company realized losses of $1.5 million on sales of securities available for sale during the three and six months ended June 30, 2019 . The following table shows the gross unrealized losses and fair value of the Company’s available for sale securities which are in an unrealized loss position, and for which the Company has not recorded an allowance for credit losses as of June 30, 2020 . These available for sale securities are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position: June 30, 2020 Less than 12 months 12 months or longer Total # of holdings Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) Agency mortgage-backed securities 1 386 (2 ) — — 386 (2 ) Single issuer trust preferred securities issued by banks and insurers 1 445 (44 ) — — 445 (44 ) Pooled trust preferred securities issued by banks and insurers 1 — — 986 (452 ) 986 (452 ) Total impaired available for sale securities 3 $ 831 $ (46 ) $ 986 $ (452 ) $ 1,817 $ (498 ) The Company does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell each security before the recovery of its amortized cost basis. As a result, the Company did not recognize an allowance for credit losses on these investments during the three or six months ended June 30, 2020 . The Company made this determination by reviewing various qualitative and quantitative factors regarding each investment category, such as current market conditions, extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, and current analysts’ evaluations. As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the table above by category are as follows at June 30, 2020 : • Agency Mortgage-Backed Securities: These portfolios have contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. Government or one of its agencies. • Single Issuer Trust Preferred Securities: This portfolio consists of one security, which is investment grade. The unrealized loss on this security is attributable to the illiquid nature of the trust preferred market in the current economic environment. Management evaluates various financial metrics for the issuers, including regulatory capital ratios of the issuers. • Pooled Trust Preferred Securities: This portfolio consists of one below investment grade security which is performing. The unrealized loss on this security is attributable to the illiquid nature of the trust preferred market in the current economic and regulatory environment. Management evaluates collateral credit and instrument structure, including current and expected deferral and default rates and timing. In addition, discount rates are determined by evaluating comparable spreads observed currently in the market for similar instruments. Held to Maturity Securities The following table summarizes the amortized cost, fair value and allowance for credit losses of held to maturity securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) as of the dates indicated: June 30, 2020 December 31, 2019 Amortized Gross Gross Unrealized Allowance for credit losses Fair Amortized Gross Gross Unrealized Fair (Dollars in thousands) U.S. government agency securities $ — $ — $ — $ — $ — $ 12,874 $ 123 $ — $ 12,997 U.S. Treasury securities 4,025 94 — — 4,119 4,032 21 — 4,053 Agency mortgage-backed securities 431,901 21,135 — — 453,036 397,414 8,445 (57 ) 405,802 Agency collateralized mortgage obligations 264,675 10,360 — — 275,035 293,662 4,501 (849 ) 297,314 Single issuer trust preferred securities issued by banks 1,500 — (2 ) — 1,498 1,500 — (10 ) 1,490 Small business administration pooled securities 28,925 1,441 — — 30,366 31,324 338 (55 ) 31,607 Total held to maturity securities $ 731,026 $ 33,030 $ (2 ) $ — $ 764,054 $ 740,806 $ 13,428 $ (971 ) $ 753,263 The Company did not record an allowance for estimated credit losses on any held to maturity securities during the three and six months ended June 30, 2020 . Excluded from the table above is accrued interest on held to maturity securities of $1.8 million as of June 30, 2020 , which is included within Other Assets on the consolidated balance sheet. Additionally, the Company did not record any write-offs of accrued interest income on held to maturity securities during the three and six months ended June 30, 2020 . No securities held by the Company were delinquent on contractual payments as of June 30, 2020 , nor were any securities placed on non-accrual status during the three and six months then ended. When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of held to maturity securities during the three and six months ended June 30, 2020 and 2019 , and therefore no gains or losses were realized during the periods presented. The Company monitors the credit quality of held to maturity securities through the use of credit ratings. Credit ratings are monitored by the Company on at least a quarterly basis. As of June 30, 2020 , all held to maturity securities held by the Company were rated investment grade or higher. The actual maturities of certain available for sale or held to maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of available for sale and held to maturity securities as of June 30, 2020 is presented below: Due in one year or less Due after one year to five years Due after five to ten years Due after ten years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Available for sale securities U.S. government agency securities $ — $ — $ 10,002 $ 10,333 $ 12,473 $ 14,012 $ — $ — $ 22,475 $ 24,345 Agency mortgage-backed securities — — 71,734 74,553 40,590 43,562 124,895 130,690 237,219 248,805 Agency collateralized mortgage obligations — — — — — — 77,036 80,812 77,036 80,812 State, county, and municipal securities 250 250 686 690 190 207 — — 1,126 1,147 Single issuer trust preferred securities issued by banks — — — — — — 489 445 489 445 Pooled trust preferred securities issued by banks and insurers — — — — — — 1,438 986 1,438 986 Small business administration pooled securities — — — — — — 60,558 63,977 60,558 63,977 Total available for sale securities $ 250 $ 250 $ 82,422 $ 85,576 $ 53,253 $ 57,781 $ 264,416 $ 276,910 $ 400,341 $ 420,517 Held to maturity securities U.S. Treasury securities $ 1,001 $ 1,026 $ 3,024 $ 3,093 $ — $ — $ — $ — $ 4,025 $ 4,119 Agency mortgage-backed securities 8,565 8,635 1,678 1,729 47,890 50,340 373,768 392,332 431,901 453,036 Agency collateralized mortgage obligations — — — — — — 264,675 275,035 264,675 275,035 Single issuer trust preferred securities issued by banks — — — — 1,500 1,498 — — 1,500 1,498 Small business administration pooled securities — — — — — — 28,925 30,366 28,925 30,366 Total held to maturity securities $ 9,566 $ 9,661 $ 4,702 $ 4,822 $ 49,390 $ 51,838 $ 667,368 $ 697,733 $ 731,026 $ 764,054 Total $ 9,816 $ 9,911 $ 87,124 $ 90,398 $ 102,643 $ 109,619 $ 931,784 $ 974,643 $ 1,131,367 $ 1,184,571 Included in the table above are $4.1 million of callable securities at June 30, 2020 . The carrying value of securities pledged to secure public funds, trust deposits, and for other purposes, as required or permitted by law, was $431.8 million and $375.5 million at June 30, 2020 and December 31, 2019 , respectively. At June 30, 2020 and December 31, 2019 , the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of stockholders’ equity. Under previous accounting guidance, the Company reviewed both available for sale and held to maturity securities for other-than-temporary-impairment ("OTTI"). However, in accordance with the newly adopted CECL standard, the Company now utilizes separate impairment models for held to maturity and available for sale securities for purposes of estimating credit losses. The following table shows the gross unrealized losses and fair value of the Company’s investments in an unrealized loss position, which the Company had not deemed to be OTTI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019: December 31, 2019 Less than 12 months 12 months or longer Total # of holdings Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) Agency mortgage-backed securities 12 34,009 (59 ) 243 (2 ) 34,252 (61 ) Agency collateralized mortgage obligations 17 48,476 (215 ) 37,382 (653 ) 85,858 (868 ) Single issuer trust preferred securities issued by banks and insurers 1 — — 1,490 (10 ) 1,490 (10 ) Pooled trust preferred securities issued by banks and insurers 1 — — 1,114 (374 ) 1,114 (374 ) Small business administration pooled securities 1 7,349 (55 ) — — 7,349 (55 ) Total temporarily impaired securities 32 $ 89,834 $ (329 ) $ 40,229 $ (1,039 ) $ 130,063 $ (1,368 ) The Company did not intend to sell these investments and therefore determined, based upon available evidence, that it was more likely than not that the Company would not be required to sell each security before the recovery of its amortized cost basis. As a result, the Company did not consider these investments to be OTTI and accordingly, there was no OTTI recorded and no |
Loans, Allowance for Credit Los
Loans, Allowance for Credit Losses and Credit Quality (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans, Allowance for Credit Losses and Credit Quality [Text Block] | 90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 2 $ 32 — $ — 6 $ 1,045 8 $ 1,077 $ 2,003,568 $ 2,004,645 $ — Commercial real estate 5 3,550 1 68 5 935 11 4,553 4,066,494 4,071,047 — Commercial construction — — 1 510 — — 1 510 537,278 537,788 — Small business 13 917 17 453 11 123 41 1,493 168,795 170,288 — Residential real estate 15 2,819 8 1,247 38 6,333 61 10,399 1,420,730 1,431,129 — Home equity 8 554 8 671 40 3,203 56 4,428 1,116,095 1,120,523 — Other consumer (1) 163 189 13 27 13 94 189 310 23,918 24,228 58 Total 206 $ 8,061 48 $ 2,976 1" id="sjs-B4">LOANS, ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY Loans Held for Sale The Bank primarily classifies new residential real estate mortgage loans as held for sale based on intent, which is determined when loans are underwritten. Residential real estate mortgage loans not designated as held for sale are retained based upon available liquidity, for interest rate risk management and other business purposes. The Company has elected the fair value option to account for originated closed loans intended for sale. Accordingly, changes in fair value relating to loans intended for sale are recorded in earnings and are offset by changes in fair value relating to interest rate lock commitments and forward sales commitments. Gains and losses on residential loan sales (sales proceeds minus carrying amount) are recorded in mortgage banking income. Upfront costs and fees related to items for which the fair value option is elected are recognized in earnings as incurred and are not deferred. Loans Loans that the Company has the intent and ability to hold until maturity or payoff are carried at amortized cost (net of the allowance for credit losses). Amortized cost is the principal amount outstanding, adjusted by partial charge-offs and net of deferred loan costs or fees. For originated loans, loan fees and certain direct origination costs are deferred and amortized into interest income over the expected term of the loan using the level-yield method. When a loan is paid off, the unamortized portion is recognized in interest income. Interest income on loans is accrued based upon the daily principal amount outstanding except for loans on nonaccrual status. As a general rule, loans more than 90 days past due with respect to principal or interest are classified as nonaccrual loans, or sooner if management considers such action to be prudent. However, loans that are more than 90 days past due may be kept on an accruing status if the loan is well secured and in the process of collection. The Company may also put a junior lien mortgage on nonaccrual status as a result of delinquency with respect to the first position, which is held by the Bank or by another financial institution, while the junior lien is currently performing. Income accruals are suspended on all nonaccrual loans in a timely manner and all previously accrued and uncollected interest is reversed against current income. A loan remains on nonaccrual status until it becomes current with respect to principal and interest (and in certain instances remains current for up to six months), the loan is liquidated, or when the loan is determined to be uncollectible and is charged-off against the allowance for credit losses. When doubt exists as to the collectability of a loan, any payments received are applied to reduce the amortized cost of the loan to the extent necessary to eliminate such doubt. For all loan portfolios, a charge-off occurs when the Company determines that a specific loan, or portion thereof, is uncollectible. This determination is made based on management's review of specific facts and circumstances of the individual loan, including assessing the viability of the customer’s business or project as a going concern, the expected cash flows to repay the loan, the value of the collateral and the ability and willingness of any guarantors to perform. Allowance for Credit Losses - Loans Held for Investment The allowance for credit losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost. Loan losses are charged against the allowance when Management's assessments confirm that the Company will not collect the full amortized cost basis of a loan. Subsequent recoveries, if any, are credited to the allowance. Under the CECL methodology, the Company estimates credit losses for financial assets on a collective basis for loans sharing similar risk characteristics using a quantitative model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. The quantitative model utilizes a factor based approach to estimate expected credit losses using Probability of Default ("PD"), Loss Given Default ("LGD") and Exposure at Default ("EAD"), which are derived from internal historical default and loss experience. The model estimates expected credit losses using loan level data over the estimated life of the exposure, considering the effect of prepayments. Economic forecasts are incorporated into the estimate over a reasonable and supportable forecast period, beyond which is a reversion to the Company's historical long-run average. Management has determined a reasonable and supportable period of 12 months, and a straight line reversion period of 6 months, to be appropriate for purposes of estimating expected credit losses. The qualitative risk factors impacting the expected risk of loss within the portfolio include the following: • Lending policies and procedures • Economic and business conditions • Nature and volume of loans • Changes in management • Changes in credit quality • Changes in loan review system • Changes to underlying collateral values • Concentrations of credit risk • Other external factors Loans that do not share similar risk characteristics with any pools of assets are subject to individual assessment and are removed from the collectively assessed pools to avoid double counting. For the loans that are individually assessed, the Company uses either a discounted cash flow (“DCF”) approach or a fair value of collateral approach. The latter approach is used for loans deemed to be collateral dependent or when foreclosure is probable. Accrued interest receivable amounts are excluded from balances of loans held at amortized cost and are included within other assets on the consolidated balance sheet. Management has elected not to measure an allowance for credit losses on these amounts as the Company employs a timely write-off policy. Consistent with the Company's policy for nonaccrual loans, accrued interest receivable is typically written off when loans reach 90 days past due and are placed on nonaccrual status. In the ordinary course of business, the Company enters into commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for credit losses. The reserve for unfunded lending commitments is included in other liabilities on the consolidated balance sheet. Acquired Loans Prior to its adoption of CECL, and under legacy GAAP, the Company maintained a portfolio of acquired loans, which, at acquisition, were recorded at fair value with no carryover of the allowance for loan losses. Acquired loans were also reviewed to determine if the loan had evidence of deterioration in credit quality and also if it was probable, at acquisition, that all contractually required payments would not be collected. Loans meeting such criteria were deemed to be purchased credit impaired ("PCI") loans. Under the accounting model for PCI loans, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the "accretable yield", was accreted into interest income over the life of the loans using the effective yield method. Accordingly, PCI loans were not subject to classification as nonaccrual in the same manner as originated loans. Rather, acquired PCI loans were generally considered to be accruing loans because their interest income related to the accretable yield recognized and not to contractual interest payments at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the "nonaccretable difference", included estimates of both the impact of prepayments and future credit losses expected to be incurred over the life of the loans. Under the CECL standard, the concept of PCI assets was effectively replaced with purchased credit deteriorated ("PCD") assets, the balances of which should be treated in a manner consistent with loans held for investment for purposes of estimating an allowance for credit losses. As a result, upon the Company's adoption of CECL on January 1, 2020, loan balances previously classified as PCI assets were re-classified as PCD assets and will be prospectively accounted for in accordance with the standard. See Note 2 - Recent Accounting Standards Updates for further discussion surrounding the day one impact associated with adoption of CECL as it relates to PCI assets. Loans Held for Investment and Allowance for Credit Losses The following table summarizes the change in allowance for credit losses by loan category, and bifurcates the amount of loans allocated to each loan category for the period indicated: Three Months Ended June 30, 2020 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance $ 21,649 $ 29,498 $ 3,747 $ 3,829 $ 14,847 $ 17,910 $ 896 $ 92,376 Charge-offs — — — (36 ) — (4 ) (670 ) (710 ) Recoveries 4 — — 3 — 95 408 510 Provision for credit loss expense 4,009 7,458 754 765 199 6,859 (44 ) 20,000 Ending balance (1) $ 25,662 $ 36,956 $ 4,501 $ 4,561 $ 15,046 $ 24,860 $ 590 $ 112,176 Six Months Ended June 30, 2020 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance, pre adoption of Topic 326 $ 17,594 $ 32,935 $ 6,053 $ 1,746 $ 3,440 $ 5,576 $ 396 $ 67,740 Cumulative effect accounting adjustment (2) (1,984 ) (13,048 ) (3,652 ) 495 9,828 7,012 212 (1,137 ) Cumulative effect accounting adjustment (3) 49 337 — — 423 319 29 1,157 Charge-offs — — — (145 ) — (142 ) (1,157 ) (1,444 ) Recoveries 46 — — 6 1 153 654 860 Provision for credit loss expense 9,957 16,732 2,100 2,459 1,354 11,942 456 45,000 Ending balance (1) $ 25,662 $ 36,956 $ 4,501 $ 4,561 $ 15,046 $ 24,860 $ 590 $ 112,176 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $32.9 million as of June 30, 2020 . (2) Represents adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment represents a $1.1 million decrease to the allowance attributable to the change in accounting methodology for estimating the allowance for credit losses resulting from the Company's adoption of the standard. (3) Represents adjustment needed to reflect the day one re-class of the Company's PCI loan balances to PCD and the associated gross-up, pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment represents a $1.2 million increase to the allowance resulting from the day one re-class. The balance of allowance for credit losses of $112.2 million as of June 30, 2020 represents an increase of $44.4 million , or 65.5% , in comparison to the implementation balances at January 1, 2020, and an increase of $19.8 million , or 21.4% compared to March 31, 2020 . This increase in the allowance during the second quarter and in comparison to December 31, 2019 was primarily driven by anticipated credit deterioration due to the ongoing COVID-19 pandemic. The model applies a reasonable and supportable forecast period of one year, with a reversion period of six months. This forecast was adjusted to use a more severe outlook at both March 31, 2020 and June 30, 2020, as compared to the baseline forecast that was used to calculate opening balances on January 1, 2020 as a result of the uncertainty in the outlook due to the ongoing pandemic. In addition, the impacts of the pandemic have become more apparent during the second quarter of 2020, especially within certain industries. While management is unable to know with certainty the direct, indirect, and future impacts of the COVID-19 pandemic, it is expected it will have a material adverse impact on future losses across a broad range of loan segments. As such, the provision for credit loss recognized in 2020 reflects increased reserve allocations to loan segments that are considered to have elevated loss exposure associated with the COVID-19 pandemic. These loan segments primarily include commercial relationships within industries that are subject to mandated closures and capacity limits that will potentially impede the borrowers’ ability to make loan payments, including loans in the following industry sections: Accommodations, Food Services, Retail Trade, Health Care and Social Assistance, Recreation and Entertainment, Transportation and Warehousing, Educational Services, and Other Services (excluding Public Administration). In addition to these industry exposures, additional risk of loss was attributable to non-owner occupied real estate borrowers with significant retail tenant exposure, as well as home equity loans within a junior lien position. Leveraging actual historical loss given default (LGD) rates combined with stressing of assumptions over probability of default rates over these higher risk segments, qualitative adjustments were made to the initially model-driven calculated loss reserves. For the purpose of estimating the allowance for credit losses, management segregated the loan portfolio into the portfolio segments detailed in the above tables. Each of these loan categories possesses unique risk characteristics that are considered when determining the appropriate level of allowance for each segment. Some of the risk characteristics unique to each loan category include: Commercial Portfolio • Commercial and Industrial : Loans in this category consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and/or capital investment. Collateral generally consists of pledges of business assets including, but not limited to: accounts receivable, inventory, plant and equipment, or real estate, if applicable. Repayment sources consist of primarily, operating cash flow, and secondarily, liquidation of assets. • Commercial Real Estate : Loans in this category consist of mortgage loans to finance investment in real property such as multi-family residential, commercial/retail, office, industrial, hotels, educational and healthcare facilities and other specific use properties. Loans are typically written with amortizing payment structures. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy and regulatory guidelines. Repayment sources consist of, primarily, cash flow from operating leases and rents and, secondarily, liquidation of assets. • Commercial Construction : Loans in this category consist of short-term construction loans, revolving and nonrevolving credit lines and construction/permanent loans to finance the acquisition, development and construction or rehabilitation of real property. Project types include residential land development, 1-4 family, condominium, and multi-family home construction, commercial/retail, office, industrial, hotels, educational and healthcare facilities and other specific use properties. Loans may be written with nonamortizing or hybrid payment structures depending upon the type of project. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy and regulatory guidelines. Repayment sources vary depending upon the type of project and may consist of sale or lease of units, operating cash flows or liquidation of other assets. • Small Business: Loans in this category consist of revolving, term loan and mortgage obligations extended to sole proprietors and small businesses for purposes of financing working capital and/or capital investment. Collateral generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, plant and equipment, or real estate if applicable. Repayment sources consist primarily of operating cash flows and, secondarily, liquidation of assets. For the commercial portfolio it is the Company’s policy to obtain personal guarantees for payment from individuals holding material ownership interests in the borrowing entities. Consumer Portfolio • Residential Real Estate : Residential mortgage loans held in the Company’s portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors such as current and expected income, employment status, current assets, other financial resources, credit history and the value of the collateral. Collateral consists of mortgage liens on 1-4 family residential properties. Residential mortgage loans also include loans to construct owner-occupied 1-4 family residential properties. • Home Equity : Home equity loans and credit lines are made to qualified individuals and are primarily secured by senior or junior mortgage liens on owner-occupied 1-4 family homes, condominiums or vacation homes. Each home equity loan has a fixed rate and is billed in equal payments comprised of principal and interest. The majority of home equity lines of credit have a variable rate and are billed in interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the then outstanding principal balance plus all accrued interest over a predetermined repayment period, as set forth in the note. Additionally, the Company has the option of renewing each line of credit for additional draw periods. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan to value ratios within established policy guidelines. • Other Consumer: Other consumer loan products include personal lines of credit and amortizing loans made to qualified individuals for various purposes such as education, debt consolidation, personal expenses or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines. These loans may be secured or unsecured. Credit Quality The Company continually monitors the asset quality of the loan portfolio using all available information. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as adversely risk-rated, delinquent, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower’s ability to repay the loan based on their current financial condition. The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For the commercial portfolio, the Company utilizes a 10-point credit risk-rating system, which assigns a risk-grade to each loan obligation based on a number of quantitative and qualitative factors associated with a commercial or small business loan transaction. Factors considered include industry and market conditions, position within the industry, earnings trends, operating cash flow, asset/liability values, debt capacity, guarantor strength, management and controls, financial reporting, collateral, and other considerations. The risk-ratings categories for the commercial portfolio are defined as follows: • Pass: Risk-rating grades “1” through “6” comprise those loans ranging from ‘Substantially Risk Free’ which indicates borrowers are of unquestioned credit standing and the pinnacle of credit quality, well established companies with a very strong financial condition, and loans fully secured by cash collateral, through ‘Acceptable Risk’, which indicates borrowers may exhibit declining earnings, strained cash flow, increasing or above average leverage and/or weakening market fundamentals that indicate below average asset quality, margins and market share. Collateral coverage is protective. • Potential Weakness: Borrowers exhibit potential credit weaknesses or downward trends deserving management’s close attention. If not checked or corrected, these trends will weaken the Company’s asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. • Definite Weakness Loss Unlikely: Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Loans may be inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy, although no loss of principal is envisioned. However, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. • Partial Loss Probable: Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. • Definite Loss: Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Company is not warranted. The Company utilizes a comprehensive, continuous strategy for evaluating and monitoring commercial credit quality. Initially, credit quality is determined at loan origination and is re-evaluated when subsequent actions, such as renewals, modifications or reviews, occur. Actively managed commercial borrowers are required to provide updated financial information at least annually which is carefully evaluated for any changes in credit quality. Larger loan relationships are subject to a full annual credit review by experienced credit professionals, while continuous portfolio monitoring techniques are employed to evaluate changes in credit quality for smaller loan relationships. Any changes in credit quality are reflected in risk-rating changes. Additionally, the Company retains an independent loan review firm to evaluate the credit quality of the commercial loan portfolio. The independent loan review process achieves significant penetration into the commercial loan portfolio and reports the results of these reviews to the Audit Committee of the Board of Directors on a quarterly basis. Loan modifications granted by the Company allowing payment deferrals for qualifying borrowers in accordance with the Coronavirus Aid, Relief and Economic Recovery Act ("CARES Act") have not been assessed for downgrades of risk ratings. For the Company’s consumer portfolio, the quality of the loan is best indicated by the repayment performance of an individual borrower. As a result, for this portfolio the Company utilizes a pass/default risk-rating system, based on an age analysis (i.e., days past due) associated with each consumer loan. Under this structure, consumer loans less than 90 days past due are assigned a "pass" rating, while any consumer loans greater than 90 days past due are assigned a "default" rating. Loan modifications granted by the Company allowing payment deferrals for qualifying borrowers in accordance with the CARES Act have not been reflected as delinquent loans. The following table details the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of the date indicated below: June 30, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving converted to Term Total (Dollars in thousands) Commercial and Pass $ 911,414 (1) $ 193,832 $ 129,199 $ 44,664 $ 27,640 $ 25,095 $ 565,953 $ 2,668 $ 1,900,465 Potential weakness 1,896 1,818 1,426 4,787 1,609 544 12,515 50 24,645 Definite weakness - loss unlikely 2,124 1,779 23,609 5,552 2,555 1,430 42,437 — 79,486 Partial loss probable — — — — — 49 — — 49 Definite loss — — — — — — — — — Total commercial and industrial $ 915,434 $ 197,429 $ 154,234 $ 55,003 $ 31,804 $ 27,118 $ 620,905 $ 2,718 $ 2,004,645 Commercial real estate Pass $ 490,280 $ 895,594 $ 546,513 $ 607,633 $ 438,455 $ 846,195 $ 48,889 $ 14,854 $ 3,888,413 Potential weakness 5,218 6,423 4,821 23,123 14,159 47,055 — — 100,799 Definite weakness - loss unlikely 3,747 2,992 37,155 21,091 4,525 12,325 — — 81,835 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial real estate $ 499,245 $ 905,009 $ 588,489 $ 651,847 $ 457,139 $ 905,575 $ 48,889 $ 14,854 $ 4,071,047 Commercial construction Pass $ 91,981 $ 241,910 $ 95,253 $ 66,282 $ — $ 6,810 $ 32,012 $ 1,095 $ 535,343 Potential weakness — 367 382 — — — 177 — 926 Definite weakness - loss unlikely — — 1,519 — — — — — 1,519 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial construction $ 91,981 $ 242,277 $ 97,154 $ 66,282 $ — $ 6,810 $ 32,189 $ 1,095 $ 537,788 Small business Pass $ 14,711 $ 30,764 $ 22,702 $ 16,803 $ 16,109 $ 25,521 $ 39,804 $ — $ 166,414 Potential weakness — 11 17 12 748 246 563 — 1,597 Definite weakness - loss unlikely 186 444 80 173 114 447 833 — 2,277 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total small business $ 14,897 $ 31,219 $ 22,799 $ 16,988 $ 16,971 $ 26,214 $ 41,200 $ — $ 170,288 Residential real estate Pass $ 78,072 $ 185,896 $ 213,340 $ 187,713 $ 263,749 $ 495,816 $ — $ — $ 1,424,586 Default — — 427 939 369 4,808 — — 6,543 Total residential real estate $ 78,072 $ 185,896 $ 213,767 $ 188,652 $ 264,118 $ 500,624 $ — $ — $ 1,431,129 Home equity Pass $ 43,516 $ 70,369 $ 64,874 $ 64,569 $ 49,347 $ 130,900 $ 691,110 $ 2,635 $ 1,117,320 Default — — — 15 — 419 2,466 303 3,203 Total home equity $ 43,516 $ 70,369 $ 64,874 $ 64,584 $ 49,347 $ 131,319 $ 693,576 $ 2,938 $ 1,120,523 Other consumer Pass $ 451 $ 566 $ 266 $ 916 $ 836 $ 9,193 $ 11,965 $ — $ 24,193 Default — — — — — 35 — — 35 Total other consumer $ 451 $ 566 $ 266 $ 916 $ 836 $ 9,228 $ 11,965 $ — $ 24,228 Total $ 1,643,596 $ 1,632,765 $ 1,141,583 $ 1,044,272 $ 820,215 $ 1,606,888 $ 1,448,724 $ 21,605 $ 9,359,648 (1) Loans originated as part of the Payroll Protection Program ("PPP") program established by the CARES Act are included within commercial and industrial under the 2020 vintage year and "pass" category as these loans are 100% guaranteed by the U.S. government. For the Company’s consumer portfolio, the quality of the loan is best indicated by the repayment performance of an individual borrower. However, the Company does supplement performance data with current Fair Isaac Corporation (“FICO”) scores and Loan to Value (“LTV”) estimates. Current FICO data is purchased and appended to all consumer loans on a regular basis. In addition, automated valuation services and broker opinions of value are used to supplement original value data for the residential and home equity portfolios, periodically. The following table shows the weighted average FICO scores and the weighted average combined LTV ratios as of the periods indicated below: June 30 December 31 Residential portfolio FICO score (re-scored)(1) 750 749 LTV (re-valued)(2) 57.4 % 59.0 % Home equity portfolio FICO score (re-scored)(1) 770 767 LTV (re-valued)(2)(3) 47.0 % 46.6 % (1) The average FICO scores at June 30, 2020 are based upon rescores available from May 2020 and origination score data for loans booked in June 2020. The average FICO scores at December 31, 2019 were based upon rescores available from November 2019 and origination score data for loans booked in December 2019. (2) The combined LTV ratios for June 30, 2020 are based upon updated automated valuations as of May 2020, when available, and/or the most current valuation data available. The combined LTV ratios for December 31, 2019 were based upon updated automated valuations as of November 2019, when available, and/or the most current valuation data available as of such date. The updated automated valuations provide new information on loans that may be available since the previous valuation was obtained. If no new information is available, the valuation will default to the previously obtained data or most recent appraisal. (3) For home equity loans and lines in a subordinate lien, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines. Unfunded Commitments Management evaluates the need for a reserve on unfunded lending commitments in a manner consistent with loans held for investment. At June 30, 2020 , the Company's estimated reserve for unfunded commitments amounted to $790,000 . Asset Quality The Company’s philosophy toward managing its loan portfolios is predicated upon careful monitoring, which stresses early detection and response to delinquent and default situations. Delinquent loans are managed by a team of collection specialists and the Company seeks to make arrangements to resolve any delinquent or default situation over the shortest possible time frame. As a general rule, loans more than 90 days past due with respect to principal or interest are classified as nonaccrual loans. The Company also may use discretion regarding other loans over 90 days delinquent if the loan is well secured and/or in process of collection. In response to the COVID-19 pandemic, the Company has granted loan modifications to allow deferral of payments for borrowers negatively impacted by the pandemic. The amount of loans with active deferrals as of June 30, 2020 was $1.2 billion . In accordance with regulatory guidance, these modifications are not considered to be troubled debt restructures if they were performing prior to December 31, 2019. Additionally, these loans are not reflected as being past due and therefore are not impacting nonaccrual or delinquency totals as of June 30, 2020 . The Company does, however, consider these deferrals when estimating loss reserves. The following table shows information regarding nonaccrual loans as of the dates indicated: Nonaccrual Balances June 30, 2020 December 31, 2019 With Allowance for Credit Losses Without Allowance for Credit Losses Total Total (Dollars in thousands) Commercial and industrial $ 1,045 $ 19,691 $ 20,736 $ 22,574 Commercial real estate 2,169 4,144 6,313 3,016 Commercial construction — — — — Small business 619 — 619 311 Residential real estate 12,331 2,230 14,561 13,360 Home equity 6,329 108 6,437 6,570 Other consumer 90 — 90 61 Total nonaccrual loans $ 22,583 $ 26,173 $ 48,756 (1) $ 45,892 (1) (1) Included in these amounts were $24.1 million and $24.8 million of nonaccruing TDRs at June 30, 2020 and December 31, 2019 , respectively. It is the Company's policy to reverse any accrued interest when a loan is put on nonaccrual status, and as such the Company did not record any interest income on nonaccrual loans during the three and six months ended June 30, 2020 . The following table shows information regarding foreclosed residential real estate property at the dates indicated: June 30, 2020 December 31, 2019 (Dollars in thousands) Foreclosed residential real estate property held by the creditor $ — $ — Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ 2,642 $ 3,294 The following tables show the age analysis of past due financing receivables as of the dates indicated: June 30, 2020 30-59 days 60-89 days 90 days or more Total Past Due Total Financing Receivables Amortized Cost >90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 2 $ 32 — $ — 6 $ 1,045 8 $ 1,077 $ 2,003,568 $ 2,004,645 $ — Commercial real estate 5 3,550 1 68 5 935 11 4,553 4,066,494 4,071,047 — Commercial construction — — 1 510 — — 1 510 537,278 537,788 — Small business 13 917 17 453 11 123 41 1,493 168,795 170,288 — Residential real estate 15 2,819 8 1,247 38 6,333 61 10,399 1,420,730 1,431,129 — Home equity 8 554 8 671 40 3,203 56 4,428 1,116,095 1,120,523 — Other consumer (1) 163 189 13 27 13 94 189 310 23,918 24,228 58 Total 206 $ 8,061 48 $ 2,976 1 |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Credit Quality | 6 Months Ended |
Jun. 30, 2020 | |
Loans, Allowance for Loan Losses and Credit Quality [Abstract] | |
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | LOANS AND ALLOWANCE FOR LOAN LOSSES As disclosed in Note 4 - Loans, Allowance for Credit Losses and Credit Quality , the Company adopted the CECL standard, effective January 1, 2020. As required by disclosure guidance, the Company has included relevant disclosures from the prior year and prior to the adoption of CECL within this footnote, as it relates to loans and allowance for loan losses. The following table bifurcates the amount of loans and the allowance allocated to each loan category based on the type of impairment analysis as of December 31, 2019: December 31, 2019 Commercial Commercial Commercial Small Residential Home Other Consumer Total (Dollars in thousands) Financing receivables ending balance: Collectively evaluated for impairment $ 1,370,580 $ 3,987,848 $ 547,293 $ 173,960 $ 1,571,848 $ 1,127,963 $ 29,663 $ 8,809,155 Individually evaluated for impairment 24,456 8,337 — 537 11,228 4,948 122 49,628 Purchased credit impaired loans — 6,174 — — 7,493 887 302 14,856 Total loans by group $ 1,395,036 $ 4,002,359 $ 547,293 $ 174,497 $ 1,590,569 $ 1,133,798 $ 30,087 $ 8,873,639 (1) (1) The amount of net deferred costs on originated loans included in the ending balance was $7.1 million at December 31, 2019 . Net unamortized discounts on acquired loans not deemed to be purchased credit impaired ("PCI") included in the ending balance was $21.6 million at December 31, 2019 . At December 31, 2019 , the reserve for unfunded loan commitments was $2.1 million . The following table summarizes changes in allowance for loan losses by loan category for the periods indicated: Three Months Ended June 30, 2019 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Allowance for loan losses Beginning balance $ 16,872 $ 32,049 $ 5,355 $ 1,784 $ 3,234 $ 5,507 $ 339 $ 65,140 Charge-offs — — — (49 ) — (71 ) (352 ) (472 ) Recoveries — 13 — 20 — 18 241 292 Provision (benefit) (15 ) 598 238 13 62 93 11 1,000 Ending balance $ 16,857 $ 32,660 $ 5,593 $ 1,768 $ 3,296 $ 5,547 $ 239 $ 65,960 Six Months Ended June 30, 2019 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Allowance for loan losses Beginning balance $ 15,760 $ 32,370 $ 5,158 $ 1,756 $ 3,219 $ 5,608 $ 422 $ 64,293 Charge-offs — — — (194 ) — (184 ) (653 ) (1,031 ) Recoveries 124 46 — 47 1 84 396 698 Provision (benefit) 973 244 435 159 76 39 74 2,000 Ending balance $ 16,857 $ 32,660 $ 5,593 $ 1,768 $ 3,296 $ 5,547 $ 239 $ 65,960 Ending balance: collectively evaluated for impairment $ 16,850 $ 32,586 $ 5,593 $ 1,730 $ 2,507 $ 5,388 $ 233 $ 64,887 Ending balance: individually evaluated for impairment $ 7 $ 74 $ — $ 38 $ 789 $ 159 $ 6 $ 1,073 The Company's historical approach to loan portfolio segmentation by risk characteristics and monitoring of credit quality for commercial loans under previous accounting guidance was consistent with that applied under the newly adopted CECL standard. See Note 4 - Loans, Allowance for Credit Losses and Credit Quality further discussion surrounding the Company's policies for loan segmentation and credit quality monitoring. The following tables detail the amount of outstanding principal balances relative to each of the risk-rating categories for the Company’s loan portfolio as of December 31, 2019: December 31, 2019 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 1,274,155 $ 3,860,555 $ 542,608 $ 171,213 $ 5,848,531 Potential weakness 7 63,485 97,268 2,247 1,416 164,416 Definite weakness-loss unlikely 8 57,396 44,536 2,438 1,868 106,238 Partial loss probable 9 — — — — — Definite loss 10 — — — — — Total $ 1,395,036 $ 4,002,359 $ 547,293 $ 174,497 $ 6,119,185 Impaired Loans Under previous accounting guidance, a loan was considered impaired when, based on current information and events, it was probable that the Company would be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment included payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experienced insignificant payment delays and payment shortfalls generally were not classified as impaired. Management determined the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The table below sets forth information regarding the Company’s impaired loans by loan portfolio at the date indicated: December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 23,786 $ 34,970 $ — Commercial real estate 6,213 12,101 — Small business 469 484 — Residential real estate 4,976 5,123 — Home equity 3,764 3,893 — Other consumer 34 34 — Subtotal 39,242 56,605 — With an allowance recorded Commercial and industrial $ 670 $ 670 $ 126 Commercial real estate 2,124 2,124 48 Small business 68 105 8 Residential real estate 6,252 7,163 637 Home equity 1,184 1,382 156 Other consumer 88 91 5 Subtotal 10,386 11,535 980 Total $ 49,628 $ 68,140 $ 980 The following table sets forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 27,406 $ 34 $ 28,971 $ 70 Commercial real estate 7,496 92 7,582 186 Small business 309 2 319 6 Residential real estate 4,713 58 4,727 113 Home equity 4,751 53 4,783 107 Other consumer 42 1 45 1 Subtotal 44,717 240 46,427 483 With an allowance recorded Commercial and industrial $ 268 $ 3 $ 270 $ 6 Commercial real estate 1,662 24 1,672 49 Small business 190 2 192 5 Residential real estate 6,707 59 6,775 116 Home equity 972 11 978 22 Other consumer 132 2 135 2 Subtotal 9,931 101 10,022 200 Total $ 54,648 $ 341 $ 56,449 $ 683 Purchased Credit Impaired Loans Under previous accounting guidance, certain loans acquired by the Company may have shown evidence of deterioration of credit quality since origination at purchase date, and it was therefore deemed unlikely that the Company would be able to collect all contractually required payments. As such, these loans were deemed to be PCI loans and the carrying value and prospective income recognition were predicated upon future cash flows expected to be collected. The following table displays certain information pertaining to PCI loans at the date indicated: December 31, 2019 (Dollars in thousands) Outstanding balance $ 18,358 Carrying amount $ 14,856 The following table summarizes activity in the accretable yield for the PCI loan portfolio for the periods indicated: Three Months Ended June 30 Six Months Ended June 30 2019 2019 (Dollars in thousands) Beginning balance $ 1,164 $ 1,191 Acquisition 1,464 1,464 Accretion (662 ) (803 ) Other change in expected cash flows (1) 272 386 Ending balance $ 2,238 $ 2,238 (1) Represents changes in cash flows expected to be collected and resulting in increased interest income as a prospective yield adjustment over the remaining life of the loan(s). |
Goodwill (Notes)
Goodwill (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS The following table sets forth the carrying value of goodwill and other intangible assets, net of accumulated amortization, at the dates indicated below: June 30, 2020 December 31, 2019 (Dollars in thousands) Balances not subject to amortization Goodwill $ 506,206 $ 506,206 Balances subject to amortization Core deposit intangibles 25,052 28,016 Other intangible assets 944 1,270 Total other intangible assets 25,996 29,286 Total goodwill and other intangible assets $ 532,202 $ 535,492 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share consisted of the following components for the periods indicated: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 (Dollars in thousands, except per share data) Net income $ 24,902 $ 30,628 $ 51,653 $ 65,853 Weighted Average Shares Basic shares 32,944,761 34,313,492 33,564,596 31,226,985 Effect of dilutive securities 28,098 41,878 31,991 48,381 Diluted shares 32,972,859 34,355,370 33,596,587 31,275,366 Net income per share Basic EPS $ 0.76 $ 0.89 $ 1.54 $ 2.11 Effect of dilutive securities — — — — Diluted EPS $ 0.76 $ 0.89 $ 1.54 $ 2.11 The diluted earnings per share computations do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the calculation of diluted earnings are as follows: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Stock options 10,000 — 10,000 — Performance-based restricted stock — — 9,763 11,419 |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION Time Vested Restricted Stock Awards During the six months ended June 30, 2020 , the Company made the following awards of time vested restricted stock: Date Shares Granted Plan Grant Date Fair Value Per Share Vesting Period 2/27/2020 46,550 2005 Employee Stock Plan $ 70.24 Ratably over 5 years from grant date 4/15/2020 880 2005 Employee Stock Plan $ 68.14 Ratably over 5 years from grant date 5/27/2020 9,438 2018 Non-Employee Director Stock Plan $ 72.86 Shares vested immediately The fair value of the restricted stock awards is based upon the average of the high and low price at which the Company’s common stock traded on the date of grant. The holders of restricted stock awards are entitled to receive dividends and to vote from and as of the date of grant. Performance-Based Restricted Stock Awards On February 27, 2020 , the Company granted 17,100 performance-based restricted stock awards to certain executive level employees. These performance-based restricted stock awards were issued from the 2005 Employee Stock Plan and were determined to have a grant date fair value per share of $70.24 , determined by the average of the high and low price at which the Company's common stock traded on the date of grant. The number of shares to be vested is contingent upon the Company's attainment of certain performance measures outlined in the award agreement and will be measured as of the end of the three year performance period, January 1, 2020 through December 31, 2022 . The awards will vest upon the earlier of the date on which it is determined if the performance goal is achieved subsequent to the performance period or March 31, 2023 . These awards are accounted for as equity awards due to the nature of these awards and the fact that these shares will not be settled in cash. The holders of these awards are not entitled to receive dividends or vote until the shares are vested. On March 3, 2020 , the performance-based restricted stock awards that were awarded on February 16, 2017 vested at 100% of the maximum target shares awarded, or 14,400 shares. Stock Options The Company did not grant any awards of options to purchase shares of common stock during the six months ended June 30, 2020 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVE AND HEDGING ACTIVITIES The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally to manage the Company’s interest rate risk. Additionally, the Company enters into interest rate derivatives and foreign exchange contracts to accommodate the business requirements of its customers (“customer related positions”). The Company minimizes the market and liquidity risks of customer related positions by entering into similar offsetting positions with broker-dealers. Derivative instruments are carried at fair value in the Company's financial statements. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not it qualifies as a hedge for accounting purposes, and further, by the type of hedging relationship. The Company does not enter into proprietary trading positions for any derivatives. The Company is subject to over-the-counter derivative clearing requirements which require certain derivatives to be cleared through central clearing houses. Accordingly, the Company clears certain derivative transactions through the Chicago Mercantile Exchange Clearing House ("CME"). This clearing house requires the Company to post initial and variation margin to mitigate the risk of non-payment, the latter of which is received or paid daily based on the net asset or liability position of the contracts. Interest Rate Positions The Company may utilize various interest rate derivatives as hedging instruments against interest rate risk associated with the Company’s borrowings and loan portfolios. An interest rate derivative is an agreement whereby one party agrees to pay a floating rate of interest on a notional principal amount in exchange for receiving a fixed rate of interest on the same notional amount, for a predetermined period of time, from a second party. The amounts relating to the notional principal amount are not actually exchanged. The following tables reflect the Company's derivative positions as of the dates indicated below for interest rate derivatives which qualify as cash flow hedges for accounting purposes: June 30, 2020 Weighted Average Rate Notional Amount Average Maturity Current Pay Fixed Fair Value (1) (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 175,000 1.95 0.32 % 0.94 % $ (2,283 ) Current Rate Paid Receive Fixed Swap Rate Interest rate swaps on loans 450,000 3.16 0.18 % 2.37 % 32,484 Current Rate Paid Receive Fixed Swap Rate Cap - Floor Interest rate collars on loans 400,000 3.17 0.18 % 2.73% - 2.20% 26,322 Total $ 1,025,000 $ 56,523 December 31, 2019 Weighted Average Rate Notional Amount Average Maturity Current Pay Fixed Fair Value (1) (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 75,000 2.18 1.90 % 1.53 % $ 140 Current Rate Paid Receive Fixed Swap Rate Interest rate swaps on loans 450,000 3.66 1.76 % 2.37 % 12,907 Current Rate Paid Receive Fixed Swap Rate Cap - Floor Interest rate collars on loans 400,000 3.66 1.76 % 2.73% - 2.20% 9,896 Total $ 925,000 $ 22,943 (1) Beginning in 2020, the Company made an election to include accrued interest within fair value balances. The maximum length of time over which the Company is currently hedging its exposure to the variability in future cash flows for forecasted transactions related to the payment of variable interest on existing financial instruments is 4.4 years. For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of the gains or losses is reported as a component of other comprehensive income ("OCI"), and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company expects approximately $18.4 million (pre-tax) to be reclassified to interest income and $1.2 million (pre-tax) to be reclassified to interest expense, from OCI related to the Company’s cash flow hedges in the next twelve months. This reclassification is due to anticipated payments that will be made and/or received on the swaps based upon the forward curve as of June 30, 2020 . The Company had no fair value hedges as of June 30, 2020 or December 31, 2019 . Customer Related Positions Loan level derivatives, primarily interest rate swaps, offered to commercial borrowers through the Company’s loan level derivative program do not qualify as hedges for accounting purposes. The Company believes that its exposure to commercial customer derivatives is limited because these contracts are simultaneously matched at inception with an offsetting dealer transaction. Derivatives with dealer counterparties are then either cleared through a clearinghouse or settled directly with a single counterparty. The commercial customer derivative program allows the Company to retain variable-rate commercial loans while allowing the customer to synthetically fix the loan rate by entering into a variable-to-fixed interest rate swap. The amounts relating to the notional principal amount are not actually exchanged. Foreign exchange contracts offered to commercial borrowers through the Company’s derivative program do not qualify as hedges for accounting purposes. The Company acts as a seller and buyer of foreign exchange contracts to accommodate its customers. To mitigate the market and liquidity risk associated with these derivatives, the Company enters into similar offsetting positions. The amounts relating to the notional principal amount are exchanged. The following table reflects the Company’s customer related derivative positions as of the dates indicated below for those derivatives not designated as hedging: Notional Amount Maturing Number of Positions (1) Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value (2) June 30, 2020 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 324 $ 140,331 $ 71,765 $ 123,243 $ 139,981 $ 1,231,251 $ 1,706,571 $ 153,344 Pay fixed, receive variable 316 $ 143,646 $ 71,765 $ 123,243 $ 139,981 $ 1,231,251 $ 1,709,886 $ (153,348 ) Foreign exchange contracts Buys foreign currency, sells U.S. currency 37 $ 108,120 $ — $ — $ — $ — $ 108,120 $ 1,007 Buys U.S. currency, sells foreign currency 37 $ 108,120 $ — $ — $ — $ — $ 108,120 $ (963 ) Notional Amount Maturing Number of Positions (1) Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value (2) December 31, 2019 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 299 $ 156,690 $ 125,203 $ 85,603 $ 165,599 $ 1,044,315 $ 1,577,410 $ 48,596 Pay fixed, receive variable 290 $ 156,690 $ 125,203 $ 85,603 $ 165,599 $ 1,044,315 $ 1,577,410 $ (48,591 ) Foreign exchange contracts Buys foreign currency, sells U.S. currency 40 $ 91,434 $ — $ — $ — $ — $ 91,434 $ (81 ) Buys U.S. currency, sells foreign currency 40 $ 91,434 $ — $ — $ — $ — $ 91,434 $ 123 (1) The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements. (2) Beginning in 2020, the Company made an election to include accrued interest within fair value balances. Mortgage Derivatives The Company enters into commitments to fund residential mortgage loans at specified rates and times in the future, with the intention that loans will likely be sold subsequently in the secondary market. Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. These commitments are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded within mortgage banking income. In addition, the Company has elected the fair value option to carry loans held for sale at fair value. The change in fair value of loans held for sale is recorded in current period earnings as a component of mortgage banking income in accordance with the Company's fair value election. The fair value of loans held for sale increased by $583,000 and $919,000 for the three month periods ended June 30, 2020 and 2019 , respectively. The fair value of loans held for sale increased by $839,000 and $920,000 for the six month periods ended June 30, 2020 and 2019 , respectively. These amounts were offset in earnings by the change in the fair value of mortgage derivatives. Outstanding loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might change from inception of the rate lock to funding of the loan due to changes in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. To protect against the price risk inherent in derivative loan commitments, the Company utilizes both "mandatory delivery" and "best efforts" forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery contracts are accounted for as derivative instruments. Included in the mandatory delivery forward commitments are To Be Announced securities ("TBAs"). Certain assumptions, including pull through rates and rate lock periods, are used in managing the existing and future hedges. The accuracy of underlying assumptions will impact the ultimate effectiveness of any hedging strategies. With mandatory delivery contracts, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a "pair-off" fee, based on then-current market prices, to the investor/counterparty to compensate the investor for the shortfall. Generally the Company makes this type of commitment once mortgage loans have been funded and are held for sale, in order to minimize the risk of failure to deliver the requisite volume of loans to the investor and paying pair-off fees as a result. The Company also sells TBA securities to offset potential changes in the fair value of derivative loan commitments. Generally the Company sells TBA securities by entering into derivative loan commitments for settlement in 30 to 90 days. The Company expects that mandatory delivery contracts, including TBA securities, will experience changes in fair value opposite to the changes in the fair value of derivative loan commitments. With best effort contracts, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally best efforts cash contracts have no pair off risk regardless of market movement. The price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these best efforts forward loan sale commitments will experience a net neutral shift in fair value with related derivative loan commitments. The aggregate amount of net realized gains or losses on sales of such loans included within mortgage banking income was $6.1 million and $3.3 million for the three month periods ended June 30, 2020 and 2019 , respectively, and $10.6 million and $4.0 million for the six months ended June 30, 2020 and 2019 , respectively. Balance Sheet Offsetting The Company does not offset fair value amounts recognized for derivative instruments. The Company does net the amount recognized for the right to reclaim cash collateral against the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. Collateral legally required to be maintained at dealer banks by the Company is monitored and adjusted as necessary. A daily settlement occurs through the CME for changes in the fair value of centrally cleared derivatives. Not all of the derivatives are required to be cleared through the daily clearing agent. As a result, the total fair values of loan level derivative assets and liabilities recognized on the Company's financial statements are not equal and offsetting. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet and the potential effect of netting arrangements on its financial position, at the dates indicated: Asset Derivatives (1) Liability Derivatives (2) Fair Value at Fair Value at Fair Value at Fair Value at June 30 December 31 June 30 December 31 (Dollars in thousands) Derivatives designated as hedges Interest rate derivatives $ 58,806 (3) $ 23,140 (3) $ 2,283 (4) $ 197 (4) Derivatives not designated as hedges Customer Related Positions Loan level derivatives 153,347 (3) 52,374 (3) 153,351 (4) 52,369 (4) Foreign exchange contracts 1,542 1,191 1,498 1,149 Mortgage Derivatives Interest rate lock commitments 5,435 1,680 — — Forward sale loan commitments — — 572 12 Forward sale hedge commitments — — 765 196 Total derivatives not designated as hedges 160,324 55,245 156,186 53,726 Total 219,130 78,385 158,469 53,923 Netting Adjustments (5) 290 — 19,043 — Net Derivatives on the Balance Sheet 219,420 78,385 139,426 53,923 Financial instruments (6) 58,807 24,882 58,807 24,882 Cash collateral pledged (received) — — 76,733 25,493 Net Derivative Amounts $ 160,613 $ 53,503 $ 3,886 $ 3,548 (1) All asset derivatives are located in other assets on the balance sheet. (2) All liability derivatives are located in other liabilities on the balance sheet. (3) Approximately $1.1 million and $1.9 million of accrued interest receivable is included in the fair value of the interest rate and loan level asset derivatives, respectively, as of June 30, 2020 . Accrued interest receivable of approximately and $350,000 and $569,000 was excluded from the fair value of the interest rate and loan level asset derivatives, respectively, as of December 31, 2019 . (4) Approximately $177,000 of accrued interest receivable is included in the fair value of interest rate derivative liabilities as of June 30, 2020 . Approximately $2.0 million of accrued interest payable is included in the fair value of the loan level derivative liabilities as of June 30, 2020 . Accrued interest payable of approximately $4,000 and $569,000 was excluded from the fair value of the interest rate and loan level derivative liabilities, respectively, as of December 31, 2019 . (5) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities cleared through CME from a gross basis to a net basis, inclusive of the variation margin payments, in accordance with applicable accounting guidance. As displayed in the table above, derivatives that cleared through the CME were either in a net asset position or a net liability position as of June 30, 2020 . (6) Reflects offsetting derivative positions with the same counterparty that are not netted on the balance sheet. The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 (Dollars in thousands) Derivatives designated as hedges Gain in OCI on derivatives (effective portion), net of tax $ 197 $ 8,590 $ 23,181 $ 11,875 Gain reclassified from OCI into interest income or interest expense (effective portion) $ 3,976 $ 394 $ 5,562 $ 818 Loss reclassified from OCI into noninterest expense (loss on termination) $ — $ — $ — $ — Interest expense $ — $ — $ — $ — Other expense — — — — Total $ — $ — $ — $ — Derivatives not designated as hedges Changes in fair value of customer related positions Other income $ 3 $ 14 $ 25 $ 27 Other expense — (10 ) (24 ) (11 ) Changes in fair value of mortgage derivatives Mortgage banking income 3,347 1,488 2,626 1,547 Total $ 3,350 $ 1,492 $ 2,627 $ 1,563 The Company's derivative agreements with institutional counterparties contain various credit-risk related contingent provisions, such as requiring the Company to maintain a well-capitalized capital position. If the Company fails to meet these conditions, the counterparties could request the Company make immediate payment or demand that the Company provide immediate and ongoing full collateralization on derivative positions in net liability positions. The aggregate fair value of all derivative instruments with credit-risk related contingent features that were in a net liability position was $96.8 million and $26.0 million at June 30, 2020 and December 31, 2019 , respectively. Although none of the contingency provisions have applied as of June 30, 2020 and December 31, 2019 , the Company has posted collateral to offset the net liability exposure with institutional counterparties. By using derivatives, the Company is exposed to credit risk to the extent that counterparties to the derivative contracts do not perform as required. Should a counterparty fail to perform under the terms of a derivative contract, the Company's credit exposure on interest rate swaps is limited to the net positive fair value and accrued interest of all swaps with each counterparty. The Company seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, where appropriate. Institutional counterparties must have an investment grade credit rating and be approved by the Company's Board of Directors. As such, management believes the risk of incurring credit losses on derivative contracts with institutional counterparties is remote. The Company's exposure relating to institutional counterparties was $58.8 million and $25.4 million at June 30, 2020 and December 31, 2019 , respectively. The Company’s exposure relating to customer counterparties was approximately $153.3 million and $51.0 million at June 30, 2020 and December 31, 2019 , respectively. Credit exposure may be reduced by the value of collateral pledged by the counterparty. |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The following table sets forth information regarding the Company’s tax provision and applicable tax rates for the periods indicated: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 (Dollars in thousands) Combined federal and state income tax provision $ 7,779 $ 10,007 $ 9,927 $ 21,529 Effective income tax rate 23.80 % 24.63 % 16.12 % 24.64 % The Company's provision for income taxes was $7.8 million and $10.0 million for the three months ended June 30, 2020 and 2019 , respectively, and $9.9 million and $21.5 million for the six months ended June 30, 2020 and 2019 , respectively. The lower tax provision for the six months ended June 30, 2020 compared to the six months ended June 30, 2019 was due to a $4.7 million |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions applied by the Company when determining fair value reflect those that the Company determines market participants would use to price the asset or liability at the measurement date. If there has been a significant decrease in the volume and level of activity for the asset or liability, regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received if the asset were to be sold or that would be or paid if the liability were to be transferred in an orderly market transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. When determining fair value, the Company considers pricing information and other inputs that are current as of the measurement date. In periods of market dislocation, the observability of prices and other inputs may be reduced for certain instruments, or not available at all. The unavailability or reduced availability of pricing or other input information could cause an instrument to be reclassified from one level to another. The Fair Value Measurements and Disclosures Topic of the FASB ASC defines fair value and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the Fair Value Measurements and Disclosures Topic of the FASB ASC are described below: Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation Techniques There have been no changes in the valuation techniques used during the current period. Securities Trading and Equity Securities These equity securities are valued based on market quoted prices. These securities are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. U.S. Government Agency Securities Fair value is estimated using either multi-dimensional spread tables or benchmarks. The inputs used include benchmark yields, reported trades, and broker/dealer quotes. These securities are classified as Level 2. Agency Mortgage-Backed Securities Fair value is estimated using either a matrix or benchmarks. The inputs used include benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. These securities are categorized as Level 2. Agency Collateralized Mortgage Obligations and Small Business Administration Pooled Securities The valuation model for these securities is volatility-driven and ratings based, and uses multi-dimensional spread tables. The inputs used include benchmark yields, reported trades, new issue data, broker dealer quotes, and collateral performance. If there is at least one significant model assumption or input that is not observable, these securities are categorized as Level 3 within the fair value hierarchy; otherwise, they are classified as Level 2. State, County, and Municipal Securities The fair value is estimated using a valuation matrix with inputs including bond interest rate tables, recent transactions, and yield relationships. These securities are categorized as Level 2. Single and Pooled Issuer Trust Preferred Securities The fair value of trust preferred securities, including pooled and single issuer preferred securities, is estimated using external pricing models, discounted cash flow methodologies or similar techniques. The inputs used in these valuations include benchmark yields, reported trades, new issue data, broker dealer quotes, and collateral performance. If there is at least one significant model assumption or input that is not observable, these securities are classified as Level 3 within the fair value hierarchy; otherwise, they are classified as Level 2. Loans Held for Sale The Company has elected the fair value option to account for originated closed loans intended for sale. The fair value is measured on an individual loan basis using quoted market prices and when not available, comparable market value or discounted cash flow analysis may be utilized. These assets are typically classified as Level 2. Derivative Instruments Derivatives The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings. Additionally, in conjunction with fair value measurement guidance, the Company has made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although the Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its interest rate derivatives may also utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2020 and December 31, 2019 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are properly classified as Level 2. Mortgage Derivatives The fair value of mortgage derivatives is determined based on current market prices for similar assets in the secondary market and, therefore, classified as Level 2 within the fair value hierarchy. Individually Assessed Collateral Dependent Loans In accordance with the CECL standard, expected credit losses on individually assessed loans deemed to be collateral dependent are valued based upon the lower of amortized cost or fair value of the underlying collateral less costs to sell. The inputs used in the appraisals of the collateral are not always observable, and in such cases the loans may be classified as Level 3 within the fair value hierarchy; otherwise, they are classified as Level 2. Other Real Estate Owned and Other Foreclosed Assets Other Real Estate Owned ("OREO") and Other Foreclosed Assets are valued at the lower of cost or fair value of the property, less estimated costs to sell. The fair values are generally estimated based upon recent appraisal values of the property less costs to sell the property. Certain inputs used in appraisals are not always observable, and therefore OREO and Other Foreclosed Assets may be classified as Level 3 within the fair value hierarchy. Goodwill and Other Intangible Assets Goodwill and other intangible assets are subject to impairment testing. The Company conducts an annual impairment test of goodwill in the third quarter of each year, or more frequently if necessary. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. To estimate the fair value of goodwill and, if necessary, other intangible assets, the Company utilizes both a comparable analysis of relevant price multiples in recent market transactions and a discounted cash flow analysis. Both valuation models require a significant degree of management judgment. In the event the fair value as determined by the valuation model is less than the carrying value, the intangibles may be impaired. If the impairment testing resulted in impairment, the Company would classify the impaired goodwill and other intangible assets subjected to nonrecurring fair value adjustments as Level 3. Assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows as of the dates indicated: Fair Value Measurements at Reporting Date Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2020 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 2,541 $ 2,541 $ — $ — Equity securities 20,810 20,810 — — Securities available for sale U.S. government agency securities 24,345 — 24,345 — Agency mortgage-backed securities 248,805 — 248,805 — Agency collateralized mortgage obligations 80,812 — 80,812 — State, county, and municipal securities 1,147 — 1,147 — Single issuer trust preferred securities issued by banks and insurers 445 — 445 — Pooled trust preferred securities issued by banks and insurers 986 — — 986 Small business administration pooled securities 63,977 — 63,977 — Loans held for sale 45,395 — 45,395 — Derivative instruments 219,130 — 219,130 — Liabilities Derivative instruments 158,469 — 158,469 — Total recurring fair value measurements $ 549,924 $ 23,351 $ 525,587 $ 986 Nonrecurring fair value measurements Assets Individually assessed collateral dependent loans $ 37,419 $ — $ — $ 37,419 Total nonrecurring fair value measurements $ 37,419 $ — $ — $ 37,419 Fair Value Measurements at Reporting Date Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 2,179 $ 2,179 $ — $ — Equity securities 21,261 21,261 — — Securities available for sale U.S. government agency securities 33,115 — 33,115 — Agency mortgage-backed securities 247,000 — 247,000 — Agency collateralized mortgage obligations 88,511 — 88,511 — State, county, and municipal securities 1,396 — 1,396 — Single issuer trust preferred securities issued by banks and insurers 493 — 493 — Pooled trust preferred securities issued by banks and insurers 1,114 — — 1,114 Small business administration pooled securities 54,795 — 54,795 — Loans held for sale 33,307 — 33,307 — Derivative instruments 78,385 — 78,385 — Liabilities Derivative instruments 53,923 — 53,923 — Total recurring fair value measurements $ 507,633 $ 23,440 $ 483,079 $ 1,114 Nonrecurring fair value measurements: Assets Collateral dependent impaired loans $ 25,515 $ — $ — $ 25,515 Total nonrecurring fair value measurements $ 25,515 $ — $ — $ 25,515 The table below presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which were valued using pricing models and discounted cash flow methodologies, for the periods indicated: Three Months Ended June 30 2020 2019 (Dollars in thousands) Pooled Trust Preferred Securities Beginning balance $ 1,009 $ 1,314 Gain and (losses) (realized/unrealized) Included in other comprehensive income (19 ) (27 ) Settlements (4 ) (6 ) Ending balance $ 986 $ 1,281 Six Months Ended June 30 2020 2019 (Dollars in thousands) Pooled Trust Preferred Securities Beginning balance $ 1,114 $ 1,329 Gain and (losses) (realized/unrealized) Included in other comprehensive income (79 ) (24 ) Settlements (49 ) (24 ) Ending balance $ 986 $ 1,281 The following table sets forth certain unobservable inputs regarding the Company’s financial instruments that are classified as Level 3 as of the dates indicated: June 30 December 31 June 30 December 31 June 30 December 31 Valuation Technique Fair Value Unobservable Inputs Range Weighted Average (Dollars in thousands) Discounted cash flow methodology Pooled trust preferred securities $ 986 $ 1,114 Cumulative prepayment 0% - 56% 0% - 57% 2.6% 2.6% Cumulative default 2.0% - 100% 2% - 100% 13.3% 13.5% Loss given default 85% - 100% 85% - 100% 93.7% 93.6% Cure given default 0% - 75% 0% - 75% 60.9% 60.9% Appraisals of collateral(1) Individually assessed collateral dependent loans $ 37,419 n/a Collateral dependent impaired loans n/a $ 25,515 (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary. The significant unobservable inputs used in the fair value measurement of the Company’s pooled trust preferred securities are cumulative prepayment rates, cumulative default rates, loss given default rates and cure given default rates. Significant increases (decreases) in deferrals or defaults, in isolation, would result in a significantly lower (higher) fair value measurement. Alternatively, significant increases (decreases) in cure rates, in isolation, would result in a significantly higher (lower) fair value measurement. The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated: Fair Value Measurements at Reporting Date Using Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2020 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. Treasury securities $ 4,025 $ 4,119 $ — $ 4,119 $ — Agency mortgage-backed securities 431,901 453,036 — 453,036 — Agency collateralized mortgage obligations 264,675 275,035 — 275,035 — Single issuer trust preferred securities issued by banks 1,500 1,498 — 1,498 — Small business administration pooled securities 28,925 30,366 — 30,366 — Loans, net of allowance for credit losses(b) 9,210,053 9,135,814 — — 9,135,814 Federal Home Loan Bank stock(c) 15,090 15,090 — 15,090 — Cash surrender value of life insurance policies(d) 198,124 198,124 — 198,124 — Financial liabilities Deposit liabilities, other than time deposits(e) $ 9,624,604 $ 9,624,604 $ — $ 9,624,604 $ — Time certificates of deposits(f) 1,092,217 1,101,553 — 1,101,553 — Federal Home Loan Bank borrowings(f) 145,770 146,068 — 146,068 — Long-term borrowings(f) 37,433 36,317 — 36,317 — Junior subordinated debentures(g) 62,850 66,591 — 66,591 — Subordinated debentures(f) 49,648 47,765 — — 47,765 Fair Value Measurements at Reporting Date Using Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. government agency securities $ 12,874 $ 12,997 $ — $ 12,997 $ — U.S. Treasury securities 4,032 4,053 $ — 4,053 $ — Agency mortgage-backed securities 397,414 405,802 — 405,802 — Agency collateralized mortgage obligations 293,662 297,314 — 297,314 — Single issuer trust preferred securities issued by banks 1,500 1,490 — 1,490 — Small business administration pooled securities 31,324 31,607 — 31,607 — Loans, net of allowance for credit losses(b) 8,780,384 8,613,635 — — 8,613,635 Federal Home Loan Bank stock(c) 14,424 14,424 — 14,424 — Cash surrender value of life insurance policies(d) 197,372 197,372 — 197,372 — Financial liabilities Deposit liabilities, other than time deposits(e) $ 7,752,052 $ 7,752,052 $ — $ 7,752,052 $ — Time certificates of deposits(f) 1,395,315 1,396,760 — 1,396,760 — Federal Home Loan Bank borrowings(f) 115,748 115,881 — 115,881 — Long-term borrowings (f) 74,906 72,219 — 72,219 — Junior subordinated debentures(g) 62,848 65,603 — 65,603 — Subordinated debentures(f) 49,601 52,870 — — 52,870 (a) The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analysis. (b) Fair value of loans is measured using the exit price valuation method, determined primarily by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows, while incorporating liquidity and credit assumptions. Additionally, this amount excludes collateral dependent impaired loans, which are deemed to be marked to fair value on a nonrecurring basis. (c) FHLB stock has no quoted market value and is carried at cost, therefore the carrying amount approximates fair value. (d) Cash surrender value of life insurance is recorded at its cash surrender value (or the amount that can be realized upon surrender of the policy), therefore carrying amount approximates fair value. (e) Fair value of demand deposits, savings and interest checking accounts and money market deposits is the amount payable on demand at the reporting date. (f) Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. (g) Fair value was determined based upon market prices of securities with similar terms and maturities. This summary excludes certain financial assets and liabilities for which the carrying value approximates fair value. For financial assets, these may include cash and due from banks, federal funds sold and short-term investments. For financial liabilities, these may include federal funds purchased. These instruments would all be considered to be classified as Level 1 within the fair value hierarchy. Also excluded from the summary are financial instruments measured at fair value on a recurring and nonrecurring basis, as previously described. The Company considers its current use of financial instruments to be the highest and best use of the instruments. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION A portion of the Company's noninterest income is derived from contracts with customers, and as such, the revenue recognized depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. To ensure its alignment with this core principle, the Company measures revenue and the timing of recognition by applying the following five steps: 1. Identify the contract(s) with customers 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when (or as) the entity satisfies a performance obligation The Company has disaggregated its revenue from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The following table presents the revenue streams that the Company has disaggregated as of the periods indicated: Three Months Ended Six Months Ended June 30 June 30 June 30 June 30 (Dollars in thousands) Deposit account fees (inclusive of cash management fees) $ 2,829 $ 5,080 $ 7,799 $ 9,486 Interchange fees 4,536 4,825 8,640 8,560 ATM fees 525 856 1,164 1,522 Investment management - wealth management and advisory services 6,827 6,423 13,116 12,492 Investment management - retail investments and insurance revenue 469 730 1,009 1,409 Merchant processing income 277 324 670 604 Credit card income 151 — 334 — Other noninterest income 534 1,642 1,746 2,581 Total noninterest income in-scope of ASC 606 16,148 19,880 34,478 36,654 Total noninterest income out-of-scope of ASC 606 12,042 8,768 20,147 13,527 Total noninterest income $ 28,190 $ 28,648 $ 54,625 $ 50,181 In each of the revenue streams identified above, there were no significant judgments made in determining or allocating the transaction price, as the consideration and service requirements are generally explicitly identified in the associated contracts. Additional information related to each of the revenue streams is further noted below. Deposit Account Fees The Company offers various deposit account products to its customers governed by specific deposit agreements applicable to either personal customers or business customers. These agreements identify the general conditions and obligations of both parties, and include standard information regarding deposit account related fees. Deposit account services include providing access to deposit accounts as well as access to the various deposit transactional services of the Company. These transactional services are primarily those that are identified in the standard fee schedule, and include, but are not limited to, services such as overdraft protection, wire transfer, and check collection. Revenue is recognized in conjunction with the various services being provided. For example, the Company may assess monthly fixed service fees associated with the customer having access to a deposit account, which can vary depending on the account type and daily account balance. In addition, the Company may also assess separate fixed fees associated with and at the time specific transactions are entered into by the customer. As such, the Company considers its performance obligations to be met concurrently with providing the account access or completing the requested deposit transaction. Cash Management Cash management services are a subset of the deposit account fees revenue stream. These services primarily include ACH transaction processing, positive pay and remote deposit services. These services are also governed by separate agreements entered into with the customer. The fee arrangement for these services is structured to assess fees under one of two scenarios, either a per transaction fee arrangement or an earnings credit analysis arrangement. Under the per transaction fee arrangement, fixed fees are assessed concurrently with customers executing the transactions, and as such, the Company considers its performance obligations to be met concurrently with completing the requested transaction. Under the earnings credit analysis arrangement, the Company provides a monthly earnings credit to the customer that is negotiated and determined based on various factors. The credit is then available to absorb the per transaction fees that are assessed on the customer's deposit account activity for the month. Any amount of the transactional fees in excess of the earnings credit is recognized as revenue in that month. Interchange Fees The Company earns interchange revenue from its issuance of credit and debit cards granted through its membership in various card payment networks. The Company provides credit cards and debit cards to its customers which are authorized and settled through these payment networks, and in exchange, the Company earns revenue as determined by each payment network's interchange program. The revenue is recognized concurrently with the settlement of card transactions within each network. ATM Fees The Company deploys automated teller machines (ATMs) as part of its overall branch network. Certain transactions performed at the ATMs require customers to acknowledge and pay a fee for the requested service. Certain ATM fees are disclosed in the deposit account agreement fee schedules, whereas those assessed to non-Rockland Trust deposit holders are solely determined during the transaction at the machine. The ATM fee is a fixed dollar per transaction amount, and as such, is recognized concurrently with the overall daily processing and settlement of the ATM activity. Investment Management - Wealth Management and Advisory Services The Company offers investment management and trust services to individuals, institutions, small businesses and charitable institutions. Each investment management product is governed by its own contract along with a separate identifiable fee schedule unique to that product. The Company also offers additional services, such as estate settlement, financial planning, tax services and other special services quoted at the client's request. The asset management and/or custody fees are based upon a percentage of the monthly valuation of the principal assets in the customer's account, whereas fees for additional or special services are fixed in nature and are charged as services are rendered. As the fees are dependent on assets under management, which are susceptible to market factors outside of the Company's control, this variable consideration is constrained and therefore no revenue is estimated at contract initiation. As such, all revenue is recognized in correlation to the monthly management fee determinations or as transactional services are provided. Due to the fact that payments are primarily made subsequent to the valuation period, the Company records a receivable for revenue earned but not received. The following table provides the amount of investment management revenue earned but not received as of the dates indicated: June 30, 2020 December 31, 2019 (Dollars in thousands) Receivables, included in other assets $ 4,347 $ 2,341 Investment Management - Retail Investments and Insurance Revenue The Company offers the sale of mutual fund shares, unit investment trust shares, general securities, fixed and variable annuities and life insurance products through registered representatives who are both employed by the Company and licensed and contracted with various broker general agents to offer these products to the Company’s customer base. As such, the Company performs these services as an agent and earns a fixed commission on the sales of these products and services. To a lesser degree, production bonus commissions can also be earned based upon the Company meeting certain volume thresholds. In general, the Company recognizes commission revenue at the point of sale, and for certain insurance products, may also earn and recognize annual residual commissions commensurate with annual premiums being paid. Merchant Processing Income The Company refers customers to third party merchant processing partners in exchange for commission and fee income. The income earned is comprised of multiple components, including a fixed referral fee per each referred customer, a rebate amount determined primarily as a percentage of net revenue earned by the third party from services provided to each referred customer, and overall production bonus commissions if certain new account production thresholds are met. Merchant processing income is recognized in conjunction with either completing the referral to earn the fixed fee amount or as the merchant activity is processed to derive the Company's rebate and/or production bonus amounts. Credit Card Income The Company provides consumer and business credit card solutions to its customers by soliciting new accounts on behalf of a third party credit card provider in exchange for a fee. The income earned is comprised of new account incentive payments as well as a percentage of interchange income earned by the third party provider offering the consumer and business purpose revolving credit accounts. The credit card income is recognized in conjunction with the establishment of each new credit card member or as the interchange is earned by the third party in connection with net purchase transactions made by the credit card member. Other Noninterest Income The Company earns various types of other noninterest income that fall within the scope of the new revenue recognition rules, and have been aggregated into one general revenue stream in the table noted above. This amount includes, but is not limited to, the following types of revenue with customers: Safe Deposit Rent The Company rents out the use of safe deposit boxes to its customers, which can be accessed when the bank is open for business. The safe deposit box rental fee is paid upfront and is recognized as revenue ratably over the annual term of the contract. 1031 Exchange Fee Revenue The Company provides like-kind exchange services pursuant to Section 1031 of the Internal Revenue Code. Fee income is recognized in conjunction with completing the exchange transactions. Foreign Currency |
Comprehensive Income_Loss
Comprehensive Income/Loss | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
COMPREHENSIVE INCOME/LOSS | OTHER COMPREHENSIVE INCOME (LOSS) The following tables present a reconciliation of the changes in the components of other comprehensive income (loss) for the periods indicated, including the amount of income tax (expense) benefit allocated to each component of other comprehensive income (loss): Three Months Ended Six Months Ended Pre Tax Tax (Expense) After Tax Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 2,332 $ (637 ) $ 1,695 $ 14,455 $ (3,413 ) $ 11,042 Less: net security losses reclassified into other noninterest expense — — — — — — Net change in fair value of securities available for sale 2,332 (637 ) 1,695 14,455 (3,413 ) 11,042 Change in fair value of cash flow hedges 4,250 (1,195 ) 3,055 37,817 (10,638 ) 27,179 Less: net cash flow hedge gains reclassified into interest income or interest expense 3,976 (1,118 ) 2,858 5,562 (1,564 ) 3,998 Net change in fair value of cash flow hedges 274 (77 ) 197 32,255 (9,074 ) 23,181 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (1 ) — (1 ) (1,390 ) 391 (999 ) Amortization of net actuarial losses 246 (69 ) 177 491 (138 ) 353 Amortization of net prior service costs 69 (20 ) 49 138 (39 ) 99 Net change in other comprehensive income for defined benefit postretirement plans (1) 314 (89 ) 225 (761 ) 214 (547 ) Total other comprehensive income $ 2,920 $ (803 ) $ 2,117 $ 45,949 $ (12,273 ) $ 33,676 Three Months Ended Six Months Ended Pre Tax Tax (Expense) After Tax Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 5,663 $ (1,269 ) $ 4,394 $ 11,841 $ (2,718 ) $ 9,123 Less: net security losses reclassified into other noninterest expense (1,462 ) 411 (1,051 ) (1,462 ) 411 (1,051 ) Net change in fair value of securities available for sale 7,125 (1,680 ) 5,445 13,303 (3,129 ) 10,174 Change in fair value of cash flow hedges 12,349 (3,476 ) 8,873 17,345 (4,882 ) 12,463 Less: net cash flow hedge gains reclassified into interest income or interest expense 394 (111 ) 283 818 (230 ) 588 Net change in fair value of cash flow hedges 11,955 (3,365 ) 8,590 16,527 (4,652 ) 11,875 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (11 ) 3 (8 ) (22 ) 6 (16 ) Amortization of net actuarial gains (2 ) — (2 ) (4 ) 1 (3 ) Amortization of net prior service costs 69 (19 ) 50 138 (39 ) 99 Net change in other comprehensive income for defined benefit postretirement plans (1) 56 (16 ) 40 112 (32 ) 80 Total other comprehensive income $ 19,136 $ (5,061 ) $ 14,075 $ 29,942 $ (7,813 ) $ 22,129 (1) The amortization of prior service costs is included in the computation of net periodic pension cost as disclosed in the Employee Benefit Plans footnote in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 , filed with the Securities and Exchange Commission. Information on the Company’s accumulated other comprehensive income (loss), net of tax, is comprised of the following components as of the periods indicated: Unrealized Gain (Loss) on Securities Unrealized Gain on Cash Flow Hedge Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) 2020 Beginning balance: January 1, 2020 $ 4,398 $ 16,479 $ (2,708 ) $ 18,169 Net change in other comprehensive income (loss) 11,042 23,181 (547 ) 33,676 Ending balance: June 30, 2020 $ 15,440 $ 39,660 $ (3,255 ) $ 51,845 2019 Beginning balance: January 1, 2019 $ (5,947 ) $ 6,148 $ (1,374 ) $ (1,173 ) Net change in other comprehensive income (loss) 10,174 11,875 80 22,129 Ending balance: June 30, 2019 $ 4,227 $ 18,023 $ (1,294 ) $ 20,956 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Company enters into various transactions to meet the financing needs of its customers, which, in accordance with GAAP, are not included in its consolidated balance sheets. These transactions include commitments to extend credit and standby letters of credit, and loans sold with recourse, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of these commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are written conditional commitments issued to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment were funded, the Company would be entitled to seek recovery from the customer. The Company’s policies generally require that standby letter of credit arrangements contain security and debt covenants similar to those contained in loan agreements. The fees collected in connection with the issuance of standby letters of credit are representative of the fair value of the Company's obligation undertaken in issuing the guarantee. In accordance with applicable accounting standards related to guarantees, fees collected in connection with the issuance of standby letters of credit are deferred. The fees are then recognized in income proportionately over the life of the standby letter of credit agreement. The deferred standby letter of credit fees represent the fair value of the Company's potential obligations under the standby letter of credit guarantees. The following table summarizes the above financial instruments at the dates indicated: June 30, 2020 December 31, 2019 (Dollars in thousands) Commitments to extend credit $ 3,348,063 $ 3,337,930 Standby letters of credit 19,507 21,565 Deferred standby letter of credit fees 129 158 Loans sold with recourse 391,567 404,532 Lease Commitments The Company leases office space, space for ATM locations, and certain branch locations under noncancelable operating leases. Several of these leases contain renewal options to extend lease terms for a period of 1 to 10 years . There has been no significant change in the future minimum lease payments payable by the Company since December 31, 2019 . See the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 for information regarding leases and other commitments. Other Contingencies At June 30, 2020 , Rockland Trust was involved in pending lawsuits that arose in the ordinary course of business. Management has reviewed these pending lawsuits with legal counsel and has taken into consideration the view of counsel as to their outcome. In the opinion of management, the final disposition of pending lawsuits is not expected to have a material adverse effect on the Company’s financial position or results of operations. Historically, the Bank was required to maintain certain reserve requirements of vault cash and/or deposits with the Federal Reserve Bank of Boston, however the reserve requirement was reduced to zero by the Federal Reserve during the first quarter of 2020 in response to the COVID-19 pandemic, and as such there was no reserve requirement at June 30, 2020 . There was also no reserve requirement balance necessary at December 31, 2019 due to cash balances held at the Federal Reserve that were in excess of reserve requirements. |
Investments is Low Income Housi
Investments is Low Income Housing Tax Credits Investments in Low Income Housing Tax Credits | 6 Months Ended |
Jun. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Low Income Housing Projects [Text Block] | LOW INCOME HOUSING PROJECT INVESTMENTS The Company has invested in low income housing projects that generate Low Income Housing Tax Credits (“LIHTC”) which provide the Company with tax credits and operating loss tax benefits over a period of approximately 15 years. None of the original investment is expected to be repaid. The following table presents certain information related to the Company's investments in low income housing projects as of the dates indicated: June 30 December 31 (Dollars in thousands) Original investment value $ 124,212 $ 96,275 Current recorded investment 95,958 72,510 Unfunded liability obligation 48,896 34,967 Tax credits and benefits 11,033 (1) 7,342 Amortization of investments 9,076 (2) 5,645 Net income tax benefit 1,957 (3) 1,696 (1) This amount reflects anticipated tax credits and tax benefits for the full year ended December 31, 2020 . (2) The amortization amount reduces the tax credits and benefits anticipated for the full year ended December 31, 2020 . (3) This amount represents the net tax benefit expected to be realized for the full year ended December 31, 2020 in determining the Company's effective tax rate. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting Policy | Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company, incorporated in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907. All material intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. Results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any other interim period. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 , filed with the Securities and Exchange Commission. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Equity securities gains and losses [Table Text Block] | The following table represents a summary of the gains and losses that relate to equity securities for the periods indicated: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Net gains (losses) recognized during the period on equity securities $ 1,386 $ 444 (415 ) 1,351 Less: net gains recognized during the period on equity securities sold during the period — 3 6 6 Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ 1,386 $ 441 (421 ) 1,345 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | These available for sale securities are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position: June 30, 2020 Less than 12 months 12 months or longer Total # of holdings Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) Agency mortgage-backed securities 1 386 (2 ) — — 386 (2 ) Single issuer trust preferred securities issued by banks and insurers 1 445 (44 ) — — 445 (44 ) Pooled trust preferred securities issued by banks and insurers 1 — — 986 (452 ) 986 (452 ) Total impaired available for sale securities 3 $ 831 $ (46 ) $ 986 $ (452 ) $ 1,817 $ (498 ) |
Debt Securities, Held-to-maturity [Table Text Block] | The following table summarizes the amortized cost, fair value and allowance for credit losses of held to maturity securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) as of the dates indicated: June 30, 2020 December 31, 2019 Amortized Gross Gross Unrealized Allowance for credit losses Fair Amortized Gross Gross Unrealized Fair (Dollars in thousands) U.S. government agency securities $ — $ — $ — $ — $ — $ 12,874 $ 123 $ — $ 12,997 U.S. Treasury securities 4,025 94 — — 4,119 4,032 21 — 4,053 Agency mortgage-backed securities 431,901 21,135 — — 453,036 397,414 8,445 (57 ) 405,802 Agency collateralized mortgage obligations 264,675 10,360 — — 275,035 293,662 4,501 (849 ) 297,314 Single issuer trust preferred securities issued by banks 1,500 — (2 ) — 1,498 1,500 — (10 ) 1,490 Small business administration pooled securities 28,925 1,441 — — 30,366 31,324 338 (55 ) 31,607 Total held to maturity securities $ 731,026 $ 33,030 $ (2 ) $ — $ 764,054 $ 740,806 $ 13,428 $ (971 ) $ 753,263 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block] | s of June 30, 2020 , all held to maturity securities held by the Company were rated investment grade or higher. |
Schedule of contractual maturities of securities [Table Text Block] | A schedule of the contractual maturities of available for sale and held to maturity securities as of June 30, 2020 is presented below: Due in one year or less Due after one year to five years Due after five to ten years Due after ten years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Available for sale securities U.S. government agency securities $ — $ — $ 10,002 $ 10,333 $ 12,473 $ 14,012 $ — $ — $ 22,475 $ 24,345 Agency mortgage-backed securities — — 71,734 74,553 40,590 43,562 124,895 130,690 237,219 248,805 Agency collateralized mortgage obligations — — — — — — 77,036 80,812 77,036 80,812 State, county, and municipal securities 250 250 686 690 190 207 — — 1,126 1,147 Single issuer trust preferred securities issued by banks — — — — — — 489 445 489 445 Pooled trust preferred securities issued by banks and insurers — — — — — — 1,438 986 1,438 986 Small business administration pooled securities — — — — — — 60,558 63,977 60,558 63,977 Total available for sale securities $ 250 $ 250 $ 82,422 $ 85,576 $ 53,253 $ 57,781 $ 264,416 $ 276,910 $ 400,341 $ 420,517 Held to maturity securities U.S. Treasury securities $ 1,001 $ 1,026 $ 3,024 $ 3,093 $ — $ — $ — $ — $ 4,025 $ 4,119 Agency mortgage-backed securities 8,565 8,635 1,678 1,729 47,890 50,340 373,768 392,332 431,901 453,036 Agency collateralized mortgage obligations — — — — — — 264,675 275,035 264,675 275,035 Single issuer trust preferred securities issued by banks — — — — 1,500 1,498 — — 1,500 1,498 Small business administration pooled securities — — — — — — 28,925 30,366 28,925 30,366 Total held to maturity securities $ 9,566 $ 9,661 $ 4,702 $ 4,822 $ 49,390 $ 51,838 $ 667,368 $ 697,733 $ 731,026 $ 764,054 Total $ 9,816 $ 9,911 $ 87,124 $ 90,398 $ 102,643 $ 109,619 $ 931,784 $ 974,643 $ 1,131,367 $ 1,184,571 |
Schedule of gross unrealized losses and fair value of investments [Table Text Block] | The following table shows the gross unrealized losses and fair value of the Company’s investments in an unrealized loss position, which the Company had not deemed to be OTTI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019: December 31, 2019 Less than 12 months 12 months or longer Total # of holdings Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) Agency mortgage-backed securities 12 34,009 (59 ) 243 (2 ) 34,252 (61 ) Agency collateralized mortgage obligations 17 48,476 (215 ) 37,382 (653 ) 85,858 (868 ) Single issuer trust preferred securities issued by banks and insurers 1 — — 1,490 (10 ) 1,490 (10 ) Pooled trust preferred securities issued by banks and insurers 1 — — 1,114 (374 ) 1,114 (374 ) Small business administration pooled securities 1 7,349 (55 ) — — 7,349 (55 ) Total temporarily impaired securities 32 $ 89,834 $ (329 ) $ 40,229 $ (1,039 ) $ 130,063 $ (1,368 ) |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The following table summarizes the amortized cost, allowance for credit losses, and fair value of available for sale securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) as of the dates indicated: June 30, 2020 December 31, 2019 Amortized Gross Gross Unrealized Allowance for credit losses Fair Amortized Gross Gross Unrealized Fair (Dollars in thousands) U.S. government agency securities $ 22,475 $ 1,870 $ — $ — $ 24,345 $ 32,473 $ 642 $ — $ 33,115 Agency mortgage-backed securities 237,219 11,588 (2 ) — 248,805 243,548 3,456 (4 ) 247,000 Agency collateralized mortgage obligations 77,036 3,776 — — 80,812 87,305 1,225 (19 ) 88,511 State, county, and municipal securities 1,126 21 — — 1,147 1,377 19 — 1,396 Single issuer trust preferred securities issued by banks 489 — (44 ) — 445 488 5 — 493 Pooled trust preferred securities issued by banks and insurers 1,438 — (452 ) — 986 1,488 — (374 ) 1,114 Small business administration pooled securities 60,558 3,419 — — 63,977 54,024 771 — 54,795 Total available for sale securities $ 400,341 $ 20,674 $ (498 ) $ — $ 420,517 $ 420,703 $ 6,118 $ (397 ) $ 426,424 |
Loans, Allowance for Credit L_2
Loans, Allowance for Credit Losses and Credit Quality (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following table summarizes the change in allowance for credit losses by loan category, and bifurcates the amount of loans allocated to each loan category for the period indicated: Three Months Ended June 30, 2020 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance $ 21,649 $ 29,498 $ 3,747 $ 3,829 $ 14,847 $ 17,910 $ 896 $ 92,376 Charge-offs — — — (36 ) — (4 ) (670 ) (710 ) Recoveries 4 — — 3 — 95 408 510 Provision for credit loss expense 4,009 7,458 754 765 199 6,859 (44 ) 20,000 Ending balance (1) $ 25,662 $ 36,956 $ 4,501 $ 4,561 $ 15,046 $ 24,860 $ 590 $ 112,176 Six Months Ended June 30, 2020 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance, pre adoption of Topic 326 $ 17,594 $ 32,935 $ 6,053 $ 1,746 $ 3,440 $ 5,576 $ 396 $ 67,740 Cumulative effect accounting adjustment (2) (1,984 ) (13,048 ) (3,652 ) 495 9,828 7,012 212 (1,137 ) Cumulative effect accounting adjustment (3) 49 337 — — 423 319 29 1,157 Charge-offs — — — (145 ) — (142 ) (1,157 ) (1,444 ) Recoveries 46 — — 6 1 153 654 860 Provision for credit loss expense 9,957 16,732 2,100 2,459 1,354 11,942 456 45,000 Ending balance (1) $ 25,662 $ 36,956 $ 4,501 $ 4,561 $ 15,046 $ 24,860 $ 590 $ 112,176 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $32.9 million as of June 30, 2020 . (2) Represents adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment represents a $1.1 million decrease to the allowance attributable to the change in accounting methodology for estimating the allowance for credit losses resulting from the Company's adoption of the standard. (3) Represents adjustment needed to reflect the day one re-class of the Company's PCI loan balances to PCD and the associated gross-up, pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment represents a $1.2 million increase to the allowance resulting from the day one re-class. The following table summarizes changes in allowance for loan losses by loan category for the periods indicated: Three Months Ended June 30, 2019 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Allowance for loan losses Beginning balance $ 16,872 $ 32,049 $ 5,355 $ 1,784 $ 3,234 $ 5,507 $ 339 $ 65,140 Charge-offs — — — (49 ) — (71 ) (352 ) (472 ) Recoveries — 13 — 20 — 18 241 292 Provision (benefit) (15 ) 598 238 13 62 93 11 1,000 Ending balance $ 16,857 $ 32,660 $ 5,593 $ 1,768 $ 3,296 $ 5,547 $ 239 $ 65,960 Six Months Ended June 30, 2019 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Allowance for loan losses Beginning balance $ 15,760 $ 32,370 $ 5,158 $ 1,756 $ 3,219 $ 5,608 $ 422 $ 64,293 Charge-offs — — — (194 ) — (184 ) (653 ) (1,031 ) Recoveries 124 46 — 47 1 84 396 698 Provision (benefit) 973 244 435 159 76 39 74 2,000 Ending balance $ 16,857 $ 32,660 $ 5,593 $ 1,768 $ 3,296 $ 5,547 $ 239 $ 65,960 Ending balance: collectively evaluated for impairment $ 16,850 $ 32,586 $ 5,593 $ 1,730 $ 2,507 $ 5,388 $ 233 $ 64,887 Ending balance: individually evaluated for impairment $ 7 $ 74 $ — $ 38 $ 789 $ 159 $ 6 $ 1,073 |
Financing Receivable Credit Quality Indicators [Table Text Block] | he following table details the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of the date indicated below: June 30, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving converted to Term Total (Dollars in thousands) Commercial and Pass $ 911,414 (1) $ 193,832 $ 129,199 $ 44,664 $ 27,640 $ 25,095 $ 565,953 $ 2,668 $ 1,900,465 Potential weakness 1,896 1,818 1,426 4,787 1,609 544 12,515 50 24,645 Definite weakness - loss unlikely 2,124 1,779 23,609 5,552 2,555 1,430 42,437 — 79,486 Partial loss probable — — — — — 49 — — 49 Definite loss — — — — — — — — — Total commercial and industrial $ 915,434 $ 197,429 $ 154,234 $ 55,003 $ 31,804 $ 27,118 $ 620,905 $ 2,718 $ 2,004,645 Commercial real estate Pass $ 490,280 $ 895,594 $ 546,513 $ 607,633 $ 438,455 $ 846,195 $ 48,889 $ 14,854 $ 3,888,413 Potential weakness 5,218 6,423 4,821 23,123 14,159 47,055 — — 100,799 Definite weakness - loss unlikely 3,747 2,992 37,155 21,091 4,525 12,325 — — 81,835 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial real estate $ 499,245 $ 905,009 $ 588,489 $ 651,847 $ 457,139 $ 905,575 $ 48,889 $ 14,854 $ 4,071,047 Commercial construction Pass $ 91,981 $ 241,910 $ 95,253 $ 66,282 $ — $ 6,810 $ 32,012 $ 1,095 $ 535,343 Potential weakness — 367 382 — — — 177 — 926 Definite weakness - loss unlikely — — 1,519 — — — — — 1,519 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial construction $ 91,981 $ 242,277 $ 97,154 $ 66,282 $ — $ 6,810 $ 32,189 $ 1,095 $ 537,788 Small business Pass $ 14,711 $ 30,764 $ 22,702 $ 16,803 $ 16,109 $ 25,521 $ 39,804 $ — $ 166,414 Potential weakness — 11 17 12 748 246 563 — 1,597 Definite weakness - loss unlikely 186 444 80 173 114 447 833 — 2,277 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total small business $ 14,897 $ 31,219 $ 22,799 $ 16,988 $ 16,971 $ 26,214 $ 41,200 $ — $ 170,288 Residential real estate Pass $ 78,072 $ 185,896 $ 213,340 $ 187,713 $ 263,749 $ 495,816 $ — $ — $ 1,424,586 Default — — 427 939 369 4,808 — — 6,543 Total residential real estate $ 78,072 $ 185,896 $ 213,767 $ 188,652 $ 264,118 $ 500,624 $ — $ — $ 1,431,129 Home equity Pass $ 43,516 $ 70,369 $ 64,874 $ 64,569 $ 49,347 $ 130,900 $ 691,110 $ 2,635 $ 1,117,320 Default — — — 15 — 419 2,466 303 3,203 Total home equity $ 43,516 $ 70,369 $ 64,874 $ 64,584 $ 49,347 $ 131,319 $ 693,576 $ 2,938 $ 1,120,523 Other consumer Pass $ 451 $ 566 $ 266 $ 916 $ 836 $ 9,193 $ 11,965 $ — $ 24,193 Default — — — — — 35 — — 35 Total other consumer $ 451 $ 566 $ 266 $ 916 $ 836 $ 9,228 $ 11,965 $ — $ 24,228 Total $ 1,643,596 $ 1,632,765 $ 1,141,583 $ 1,044,272 $ 820,215 $ 1,606,888 $ 1,448,724 $ 21,605 $ 9,359,648 The following tables detail the amount of outstanding principal balances relative to each of the risk-rating categories for the Company’s loan portfolio as of December 31, 2019: December 31, 2019 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 1,274,155 $ 3,860,555 $ 542,608 $ 171,213 $ 5,848,531 Potential weakness 7 63,485 97,268 2,247 1,416 164,416 Definite weakness-loss unlikely 8 57,396 44,536 2,438 1,868 106,238 Partial loss probable 9 — — — — — Definite loss 10 — — — — — Total $ 1,395,036 $ 4,002,359 $ 547,293 $ 174,497 $ 6,119,185 |
Foreclosed Residential Real Estate Property [Table Text Block] | The following table shows information regarding foreclosed residential real estate property at the dates indicated: June 30, 2020 December 31, 2019 (Dollars in thousands) Foreclosed residential real estate property held by the creditor $ — $ — Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ 2,642 $ 3,294 |
Financing Receivable Credit Quality Indicators For Consumer And Residential Portfolio Table Text Block | The following table shows the weighted average FICO scores and the weighted average combined LTV ratios as of the periods indicated below: June 30 December 31 Residential portfolio FICO score (re-scored)(1) 750 749 LTV (re-valued)(2) 57.4 % 59.0 % Home equity portfolio FICO score (re-scored)(1) 770 767 LTV (re-valued)(2)(3) 47.0 % 46.6 % (1) The average FICO scores at June 30, 2020 are based upon rescores available from May 2020 and origination score data for loans booked in June 2020. The average FICO scores at December 31, 2019 were based upon rescores available from November 2019 and origination score data for loans booked in December 2019. (2) The combined LTV ratios for June 30, 2020 are based upon updated automated valuations as of May 2020, when available, and/or the most current valuation data available. The combined LTV ratios for December 31, 2019 were based upon updated automated valuations as of November 2019, when available, and/or the most current valuation data available as of such date. The updated automated valuations provide new information on loans that may be available since the previous valuation was obtained. If no new information is available, the valuation will default to the previously obtained data or most recent appraisal. (3) For home equity loans and lines in a subordinate lien, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines. |
Financing Receivable, Past Due [Table Text Block] | The following tables show the age analysis of past due financing receivables as of the dates indicated: June 30, 2020 30-59 days 60-89 days 90 days or more Total Past Due Total Financing Receivables Amortized Cost >90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 2 $ 32 — $ — 6 $ 1,045 8 $ 1,077 $ 2,003,568 $ 2,004,645 $ — Commercial real estate 5 3,550 1 68 5 935 11 4,553 4,066,494 4,071,047 — Commercial construction — — 1 510 — — 1 510 537,278 537,788 — Small business 13 917 17 453 11 123 41 1,493 168,795 170,288 — Residential real estate 15 2,819 8 1,247 38 6,333 61 10,399 1,420,730 1,431,129 — Home equity 8 554 8 671 40 3,203 56 4,428 1,116,095 1,120,523 — Other consumer (1) 163 189 13 27 13 94 189 310 23,918 24,228 58 Total 206 $ 8,061 48 $ 2,976 113 $ 11,733 367 $ 22,770 $ 9,336,878 $ 9,359,648 $ 58 December 31, 2019 30-59 days 60-89 days 90 days or more Total Past Due Total Financing Receivables Recorded Investment >90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 1 $ 253 2 $ 323 5 $ 760 8 $ 1,336 $ 1,393,700 $ 1,395,036 $ — Commercial real estate 7 1,690 1 194 8 2,038 16 3,922 3,998,437 4,002,359 218 (2 ) Commercial construction 1 560 — — — — 1 560 546,733 547,293 — Small business 11 837 3 15 6 115 20 967 173,530 174,497 — Residential real estate 17 2,237 17 3,055 38 7,020 72 12,312 1,578,257 1,590,569 1,652 (2 ) Home equity 23 1,689 8 524 40 3,854 71 6,067 1,127,731 1,133,798 265 (2 ) Other consumer (1) 387 245 12 44 16 32 415 321 29,766 30,087 22 Total 447 $ 7,511 43 $ 4,155 113 $ 13,819 603 $ 25,485 $ 8,848,154 $ 8,873,639 $ 2,157 (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. (2) Represents purchased credit impaired loans that were accruing interest due to expectations of future cash collections. |
Financing Receivable, Nonaccrual [Table Text Block] | The following table shows information regarding nonaccrual loans as of the dates indicated: Nonaccrual Balances June 30, 2020 December 31, 2019 With Allowance for Credit Losses Without Allowance for Credit Losses Total Total (Dollars in thousands) Commercial and industrial $ 1,045 $ 19,691 $ 20,736 $ 22,574 Commercial real estate 2,169 4,144 6,313 3,016 Commercial construction — — — — Small business 619 — 619 311 Residential real estate 12,331 2,230 14,561 13,360 Home equity 6,329 108 6,437 6,570 Other consumer 90 — 90 61 Total nonaccrual loans $ 22,583 $ 26,173 $ 48,756 (1) $ 45,892 (1) (1) Included in these amounts were $24.1 million and $24.8 million of nonaccruing TDRs at June 30, 2020 and December 31, 2019 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated: June 30, 2020 December 31, 2019 (Dollars in thousands) TDRs on accrual status $ 17,741 $ 19,599 TDRs on nonaccrual 24,098 24,766 Total TDRs $ 41,839 $ 44,365 Amount of specific reserves associated with TDRs n/a $ 855 Additional commitments to lend to a borrower who has been a party to a TDR $ 139 $ 63 |
Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods [Table Text Block] | The following table shows the troubled debt restructurings which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring: Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial and industrial 1 $ 40 $ 40 3 $ 308 $ 308 Commercial real estate 4 1,170 1,170 5 1,774 1,774 Small business 1 63 63 2 112 88 Residential real estate 1 382 433 2 559 642 Home equity — — — — — — Other consumer — — — — — — Total 7 $ 1,655 $ 1,706 12 $ 2,753 $ 2,812 Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial and industrial 1 $ 97 $ 97 1 $ 97 $ 97 Commercial real estate — — — 1 150 150 Small business 2 56 56 2 56 56 Home equity — — — 1 75 75 Total 3 $ 153 $ 153 5 $ 378 $ 378 |
Troubled Debt Restructurings On Financing Receivables Post Modifications Table Text Block | Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial and industrial 1 $ 97 $ 97 1 $ 97 $ 97 Commercial real estate — — — 1 150 150 Small business 2 56 56 2 56 56 Home equity — — — 1 75 75 Total 3 $ 153 $ 153 5 $ 378 $ 378 The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the period indicated: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 (Dollars in thousands) Adjusted interest rate — — $ 604 $ 150 Court ordered concession — — 25 75 Extended maturity 1,706 153 2,183 153 Total 1,706 153 $ 2,812 $ 378 |
Loans, Allowance for Loan Los_2
Loans, Allowance for Loan Losses and Credit Quality (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Tabular disclosure of financing receivables bifurcated by type of impairment evaluation [Table Text Block] | The following table bifurcates the amount of loans and the allowance allocated to each loan category based on the type of impairment analysis as of December 31, 2019: December 31, 2019 Commercial Commercial Commercial Small Residential Home Other Consumer Total (Dollars in thousands) Financing receivables ending balance: Collectively evaluated for impairment $ 1,370,580 $ 3,987,848 $ 547,293 $ 173,960 $ 1,571,848 $ 1,127,963 $ 29,663 $ 8,809,155 Individually evaluated for impairment 24,456 8,337 — 537 11,228 4,948 122 49,628 Purchased credit impaired loans — 6,174 — — 7,493 887 302 14,856 Total loans by group $ 1,395,036 $ 4,002,359 $ 547,293 $ 174,497 $ 1,590,569 $ 1,133,798 $ 30,087 $ 8,873,639 (1) (1) The amount of net deferred costs on originated loans included in the ending balance was $7.1 million at December 31, 2019 . Net unamortized discounts on acquired loans not deemed to be purchased credit impaired ("PCI") included in the ending balance was $21.6 million at December 31, 2019 . |
Summary of changes in allowance for loan losses | The following table summarizes the change in allowance for credit losses by loan category, and bifurcates the amount of loans allocated to each loan category for the period indicated: Three Months Ended June 30, 2020 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance $ 21,649 $ 29,498 $ 3,747 $ 3,829 $ 14,847 $ 17,910 $ 896 $ 92,376 Charge-offs — — — (36 ) — (4 ) (670 ) (710 ) Recoveries 4 — — 3 — 95 408 510 Provision for credit loss expense 4,009 7,458 754 765 199 6,859 (44 ) 20,000 Ending balance (1) $ 25,662 $ 36,956 $ 4,501 $ 4,561 $ 15,046 $ 24,860 $ 590 $ 112,176 Six Months Ended June 30, 2020 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance, pre adoption of Topic 326 $ 17,594 $ 32,935 $ 6,053 $ 1,746 $ 3,440 $ 5,576 $ 396 $ 67,740 Cumulative effect accounting adjustment (2) (1,984 ) (13,048 ) (3,652 ) 495 9,828 7,012 212 (1,137 ) Cumulative effect accounting adjustment (3) 49 337 — — 423 319 29 1,157 Charge-offs — — — (145 ) — (142 ) (1,157 ) (1,444 ) Recoveries 46 — — 6 1 153 654 860 Provision for credit loss expense 9,957 16,732 2,100 2,459 1,354 11,942 456 45,000 Ending balance (1) $ 25,662 $ 36,956 $ 4,501 $ 4,561 $ 15,046 $ 24,860 $ 590 $ 112,176 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $32.9 million as of June 30, 2020 . (2) Represents adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment represents a $1.1 million decrease to the allowance attributable to the change in accounting methodology for estimating the allowance for credit losses resulting from the Company's adoption of the standard. (3) Represents adjustment needed to reflect the day one re-class of the Company's PCI loan balances to PCD and the associated gross-up, pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment represents a $1.2 million increase to the allowance resulting from the day one re-class. The following table summarizes changes in allowance for loan losses by loan category for the periods indicated: Three Months Ended June 30, 2019 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Allowance for loan losses Beginning balance $ 16,872 $ 32,049 $ 5,355 $ 1,784 $ 3,234 $ 5,507 $ 339 $ 65,140 Charge-offs — — — (49 ) — (71 ) (352 ) (472 ) Recoveries — 13 — 20 — 18 241 292 Provision (benefit) (15 ) 598 238 13 62 93 11 1,000 Ending balance $ 16,857 $ 32,660 $ 5,593 $ 1,768 $ 3,296 $ 5,547 $ 239 $ 65,960 Six Months Ended June 30, 2019 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Allowance for loan losses Beginning balance $ 15,760 $ 32,370 $ 5,158 $ 1,756 $ 3,219 $ 5,608 $ 422 $ 64,293 Charge-offs — — — (194 ) — (184 ) (653 ) (1,031 ) Recoveries 124 46 — 47 1 84 396 698 Provision (benefit) 973 244 435 159 76 39 74 2,000 Ending balance $ 16,857 $ 32,660 $ 5,593 $ 1,768 $ 3,296 $ 5,547 $ 239 $ 65,960 Ending balance: collectively evaluated for impairment $ 16,850 $ 32,586 $ 5,593 $ 1,730 $ 2,507 $ 5,388 $ 233 $ 64,887 Ending balance: individually evaluated for impairment $ 7 $ 74 $ — $ 38 $ 789 $ 159 $ 6 $ 1,073 |
Internal risk-rating categories for the Company's commercial portfolio | he following table details the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of the date indicated below: June 30, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving converted to Term Total (Dollars in thousands) Commercial and Pass $ 911,414 (1) $ 193,832 $ 129,199 $ 44,664 $ 27,640 $ 25,095 $ 565,953 $ 2,668 $ 1,900,465 Potential weakness 1,896 1,818 1,426 4,787 1,609 544 12,515 50 24,645 Definite weakness - loss unlikely 2,124 1,779 23,609 5,552 2,555 1,430 42,437 — 79,486 Partial loss probable — — — — — 49 — — 49 Definite loss — — — — — — — — — Total commercial and industrial $ 915,434 $ 197,429 $ 154,234 $ 55,003 $ 31,804 $ 27,118 $ 620,905 $ 2,718 $ 2,004,645 Commercial real estate Pass $ 490,280 $ 895,594 $ 546,513 $ 607,633 $ 438,455 $ 846,195 $ 48,889 $ 14,854 $ 3,888,413 Potential weakness 5,218 6,423 4,821 23,123 14,159 47,055 — — 100,799 Definite weakness - loss unlikely 3,747 2,992 37,155 21,091 4,525 12,325 — — 81,835 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial real estate $ 499,245 $ 905,009 $ 588,489 $ 651,847 $ 457,139 $ 905,575 $ 48,889 $ 14,854 $ 4,071,047 Commercial construction Pass $ 91,981 $ 241,910 $ 95,253 $ 66,282 $ — $ 6,810 $ 32,012 $ 1,095 $ 535,343 Potential weakness — 367 382 — — — 177 — 926 Definite weakness - loss unlikely — — 1,519 — — — — — 1,519 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial construction $ 91,981 $ 242,277 $ 97,154 $ 66,282 $ — $ 6,810 $ 32,189 $ 1,095 $ 537,788 Small business Pass $ 14,711 $ 30,764 $ 22,702 $ 16,803 $ 16,109 $ 25,521 $ 39,804 $ — $ 166,414 Potential weakness — 11 17 12 748 246 563 — 1,597 Definite weakness - loss unlikely 186 444 80 173 114 447 833 — 2,277 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total small business $ 14,897 $ 31,219 $ 22,799 $ 16,988 $ 16,971 $ 26,214 $ 41,200 $ — $ 170,288 Residential real estate Pass $ 78,072 $ 185,896 $ 213,340 $ 187,713 $ 263,749 $ 495,816 $ — $ — $ 1,424,586 Default — — 427 939 369 4,808 — — 6,543 Total residential real estate $ 78,072 $ 185,896 $ 213,767 $ 188,652 $ 264,118 $ 500,624 $ — $ — $ 1,431,129 Home equity Pass $ 43,516 $ 70,369 $ 64,874 $ 64,569 $ 49,347 $ 130,900 $ 691,110 $ 2,635 $ 1,117,320 Default — — — 15 — 419 2,466 303 3,203 Total home equity $ 43,516 $ 70,369 $ 64,874 $ 64,584 $ 49,347 $ 131,319 $ 693,576 $ 2,938 $ 1,120,523 Other consumer Pass $ 451 $ 566 $ 266 $ 916 $ 836 $ 9,193 $ 11,965 $ — $ 24,193 Default — — — — — 35 — — 35 Total other consumer $ 451 $ 566 $ 266 $ 916 $ 836 $ 9,228 $ 11,965 $ — $ 24,228 Total $ 1,643,596 $ 1,632,765 $ 1,141,583 $ 1,044,272 $ 820,215 $ 1,606,888 $ 1,448,724 $ 21,605 $ 9,359,648 The following tables detail the amount of outstanding principal balances relative to each of the risk-rating categories for the Company’s loan portfolio as of December 31, 2019: December 31, 2019 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 1,274,155 $ 3,860,555 $ 542,608 $ 171,213 $ 5,848,531 Potential weakness 7 63,485 97,268 2,247 1,416 164,416 Definite weakness-loss unlikely 8 57,396 44,536 2,438 1,868 106,238 Partial loss probable 9 — — — — — Definite loss 10 — — — — — Total $ 1,395,036 $ 4,002,359 $ 547,293 $ 174,497 $ 6,119,185 |
Weighted average FICO scores and the weighted average combined LTV ratio | The following table shows the weighted average FICO scores and the weighted average combined LTV ratios as of the periods indicated below: June 30 December 31 Residential portfolio FICO score (re-scored)(1) 750 749 LTV (re-valued)(2) 57.4 % 59.0 % Home equity portfolio FICO score (re-scored)(1) 770 767 LTV (re-valued)(2)(3) 47.0 % 46.6 % (1) The average FICO scores at June 30, 2020 are based upon rescores available from May 2020 and origination score data for loans booked in June 2020. The average FICO scores at December 31, 2019 were based upon rescores available from November 2019 and origination score data for loans booked in December 2019. (2) The combined LTV ratios for June 30, 2020 are based upon updated automated valuations as of May 2020, when available, and/or the most current valuation data available. The combined LTV ratios for December 31, 2019 were based upon updated automated valuations as of November 2019, when available, and/or the most current valuation data available as of such date. The updated automated valuations provide new information on loans that may be available since the previous valuation was obtained. If no new information is available, the valuation will default to the previously obtained data or most recent appraisal. (3) For home equity loans and lines in a subordinate lien, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines. |
Summary of nonaccrual loans | The following table shows information regarding nonaccrual loans as of the dates indicated: Nonaccrual Balances June 30, 2020 December 31, 2019 With Allowance for Credit Losses Without Allowance for Credit Losses Total Total (Dollars in thousands) Commercial and industrial $ 1,045 $ 19,691 $ 20,736 $ 22,574 Commercial real estate 2,169 4,144 6,313 3,016 Commercial construction — — — — Small business 619 — 619 311 Residential real estate 12,331 2,230 14,561 13,360 Home equity 6,329 108 6,437 6,570 Other consumer 90 — 90 61 Total nonaccrual loans $ 22,583 $ 26,173 $ 48,756 (1) $ 45,892 (1) (1) Included in these amounts were $24.1 million and $24.8 million of nonaccruing TDRs at June 30, 2020 and December 31, 2019 |
Foreclosed Residential Real Estate Property [Table Text Block] | The following table shows information regarding foreclosed residential real estate property at the dates indicated: June 30, 2020 December 31, 2019 (Dollars in thousands) Foreclosed residential real estate property held by the creditor $ — $ — Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ 2,642 $ 3,294 |
Age analysis of past due financing receivables | The following tables show the age analysis of past due financing receivables as of the dates indicated: June 30, 2020 30-59 days 60-89 days 90 days or more Total Past Due Total Financing Receivables Amortized Cost >90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 2 $ 32 — $ — 6 $ 1,045 8 $ 1,077 $ 2,003,568 $ 2,004,645 $ — Commercial real estate 5 3,550 1 68 5 935 11 4,553 4,066,494 4,071,047 — Commercial construction — — 1 510 — — 1 510 537,278 537,788 — Small business 13 917 17 453 11 123 41 1,493 168,795 170,288 — Residential real estate 15 2,819 8 1,247 38 6,333 61 10,399 1,420,730 1,431,129 — Home equity 8 554 8 671 40 3,203 56 4,428 1,116,095 1,120,523 — Other consumer (1) 163 189 13 27 13 94 189 310 23,918 24,228 58 Total 206 $ 8,061 48 $ 2,976 113 $ 11,733 367 $ 22,770 $ 9,336,878 $ 9,359,648 $ 58 December 31, 2019 30-59 days 60-89 days 90 days or more Total Past Due Total Financing Receivables Recorded Investment >90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 1 $ 253 2 $ 323 5 $ 760 8 $ 1,336 $ 1,393,700 $ 1,395,036 $ — Commercial real estate 7 1,690 1 194 8 2,038 16 3,922 3,998,437 4,002,359 218 (2 ) Commercial construction 1 560 — — — — 1 560 546,733 547,293 — Small business 11 837 3 15 6 115 20 967 173,530 174,497 — Residential real estate 17 2,237 17 3,055 38 7,020 72 12,312 1,578,257 1,590,569 1,652 (2 ) Home equity 23 1,689 8 524 40 3,854 71 6,067 1,127,731 1,133,798 265 (2 ) Other consumer (1) 387 245 12 44 16 32 415 321 29,766 30,087 22 Total 447 $ 7,511 43 $ 4,155 113 $ 13,819 603 $ 25,485 $ 8,848,154 $ 8,873,639 $ 2,157 (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. (2) Represents purchased credit impaired loans that were accruing interest due to expectations of future cash collections. |
Summary of Troubled Debt Restructuring and other pertinent information | The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated: June 30, 2020 December 31, 2019 (Dollars in thousands) TDRs on accrual status $ 17,741 $ 19,599 TDRs on nonaccrual 24,098 24,766 Total TDRs $ 41,839 $ 44,365 Amount of specific reserves associated with TDRs n/a $ 855 Additional commitments to lend to a borrower who has been a party to a TDR $ 139 $ 63 |
Change in investment recorded subsequent to modifications | The following table shows the troubled debt restructurings which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring: Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial and industrial 1 $ 40 $ 40 3 $ 308 $ 308 Commercial real estate 4 1,170 1,170 5 1,774 1,774 Small business 1 63 63 2 112 88 Residential real estate 1 382 433 2 559 642 Home equity — — — — — — Other consumer — — — — — — Total 7 $ 1,655 $ 1,706 12 $ 2,753 $ 2,812 Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial and industrial 1 $ 97 $ 97 1 $ 97 $ 97 Commercial real estate — — — 1 150 150 Small business 2 56 56 2 56 56 Home equity — — — 1 75 75 Total 3 $ 153 $ 153 5 $ 378 $ 378 |
Post modification balance of Troubled Debt Restructuring | Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial and industrial 1 $ 97 $ 97 1 $ 97 $ 97 Commercial real estate — — — 1 150 150 Small business 2 56 56 2 56 56 Home equity — — — 1 75 75 Total 3 $ 153 $ 153 5 $ 378 $ 378 The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the period indicated: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 (Dollars in thousands) Adjusted interest rate — — $ 604 $ 150 Court ordered concession — — 25 75 Extended maturity 1,706 153 2,183 153 Total 1,706 153 $ 2,812 $ 378 |
Impaired loans by loan portfolio | The table below sets forth information regarding the Company’s impaired loans by loan portfolio at the date indicated: December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 23,786 $ 34,970 $ — Commercial real estate 6,213 12,101 — Small business 469 484 — Residential real estate 4,976 5,123 — Home equity 3,764 3,893 — Other consumer 34 34 — Subtotal 39,242 56,605 — With an allowance recorded Commercial and industrial $ 670 $ 670 $ 126 Commercial real estate 2,124 2,124 48 Small business 68 105 8 Residential real estate 6,252 7,163 637 Home equity 1,184 1,382 156 Other consumer 88 91 5 Subtotal 10,386 11,535 980 Total $ 49,628 $ 68,140 $ 980 |
Interest income recognized on impaired loans | The following table sets forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 27,406 $ 34 $ 28,971 $ 70 Commercial real estate 7,496 92 7,582 186 Small business 309 2 319 6 Residential real estate 4,713 58 4,727 113 Home equity 4,751 53 4,783 107 Other consumer 42 1 45 1 Subtotal 44,717 240 46,427 483 With an allowance recorded Commercial and industrial $ 268 $ 3 $ 270 $ 6 Commercial real estate 1,662 24 1,672 49 Small business 190 2 192 5 Residential real estate 6,707 59 6,775 116 Home equity 972 11 978 22 Other consumer 132 2 135 2 Subtotal 9,931 101 10,022 200 Total $ 54,648 $ 341 $ 56,449 $ 683 |
Certain Loans Acquired In Transfer Accounted For As Debt Securities Acquired During Period | The following table displays certain information pertaining to PCI loans at the date indicated: December 31, 2019 (Dollars in thousands) Outstanding balance $ 18,358 Carrying amount $ 14,856 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule | The following table summarizes activity in the accretable yield for the PCI loan portfolio for the periods indicated: Three Months Ended June 30 Six Months Ended June 30 2019 2019 (Dollars in thousands) Beginning balance $ 1,164 $ 1,191 Acquisition 1,464 1,464 Accretion (662 ) (803 ) Other change in expected cash flows (1) 272 386 Ending balance $ 2,238 $ 2,238 (1) Represents changes in cash flows expected to be collected and resulting in increased interest income as a prospective yield adjustment over the remaining life of the loan(s). |
Goodwill Goodwill (Tables)
Goodwill Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following table sets forth the carrying value of goodwill and other intangible assets, net of accumulated amortization, at the dates indicated below: June 30, 2020 December 31, 2019 (Dollars in thousands) Balances not subject to amortization Goodwill $ 506,206 $ 506,206 Balances subject to amortization Core deposit intangibles 25,052 28,016 Other intangible assets 944 1,270 Total other intangible assets 25,996 29,286 Total goodwill and other intangible assets $ 532,202 $ 535,492 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary of earnings per share | Earnings per share consisted of the following components for the periods indicated: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 (Dollars in thousands, except per share data) Net income $ 24,902 $ 30,628 $ 51,653 $ 65,853 Weighted Average Shares Basic shares 32,944,761 34,313,492 33,564,596 31,226,985 Effect of dilutive securities 28,098 41,878 31,991 48,381 Diluted shares 32,972,859 34,355,370 33,596,587 31,275,366 Net income per share Basic EPS $ 0.76 $ 0.89 $ 1.54 $ 2.11 Effect of dilutive securities — — — — Diluted EPS $ 0.76 $ 0.89 $ 1.54 $ 2.11 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As a result of the anti-dilution, the potential common shares excluded from the calculation of diluted earnings are as follows: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 Stock options 10,000 — 10,000 — Performance-based restricted stock — — 9,763 11,419 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | During the six months ended June 30, 2020 , the Company made the following awards of time vested restricted stock: Date Shares Granted Plan Grant Date Fair Value Per Share Vesting Period 2/27/2020 46,550 2005 Employee Stock Plan $ 70.24 Ratably over 5 years from grant date 4/15/2020 880 2005 Employee Stock Plan $ 68.14 Ratably over 5 years from grant date 5/27/2020 9,438 2018 Non-Employee Director Stock Plan $ 72.86 Shares vested immediately |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company did not grant any awards of options to purchase shares of common stock during the six months ended June 30, 2020 . |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | The following tables reflect the Company's derivative positions as of the dates indicated below for interest rate derivatives which qualify as cash flow hedges for accounting purposes: June 30, 2020 Weighted Average Rate Notional Amount Average Maturity Current Pay Fixed Fair Value (1) (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 175,000 1.95 0.32 % 0.94 % $ (2,283 ) Current Rate Paid Receive Fixed Swap Rate Interest rate swaps on loans 450,000 3.16 0.18 % 2.37 % 32,484 Current Rate Paid Receive Fixed Swap Rate Cap - Floor Interest rate collars on loans 400,000 3.17 0.18 % 2.73% - 2.20% 26,322 Total $ 1,025,000 $ 56,523 December 31, 2019 Weighted Average Rate Notional Amount Average Maturity Current Pay Fixed Fair Value (1) (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 75,000 2.18 1.90 % 1.53 % $ 140 Current Rate Paid Receive Fixed Swap Rate Interest rate swaps on loans 450,000 3.66 1.76 % 2.37 % 12,907 Current Rate Paid Receive Fixed Swap Rate Cap - Floor Interest rate collars on loans 400,000 3.66 1.76 % 2.73% - 2.20% 9,896 Total $ 925,000 $ 22,943 |
Summary of customer related derivative positions, not designated as hedging | Notional Amount Maturing Number of Positions (1) Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value (2) June 30, 2020 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 324 $ 140,331 $ 71,765 $ 123,243 $ 139,981 $ 1,231,251 $ 1,706,571 $ 153,344 Pay fixed, receive variable 316 $ 143,646 $ 71,765 $ 123,243 $ 139,981 $ 1,231,251 $ 1,709,886 $ (153,348 ) Foreign exchange contracts Buys foreign currency, sells U.S. currency 37 $ 108,120 $ — $ — $ — $ — $ 108,120 $ 1,007 Buys U.S. currency, sells foreign currency 37 $ 108,120 $ — $ — $ — $ — $ 108,120 $ (963 ) Notional Amount Maturing Number of Positions (1) Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value (2) December 31, 2019 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 299 $ 156,690 $ 125,203 $ 85,603 $ 165,599 $ 1,044,315 $ 1,577,410 $ 48,596 Pay fixed, receive variable 290 $ 156,690 $ 125,203 $ 85,603 $ 165,599 $ 1,044,315 $ 1,577,410 $ (48,591 ) Foreign exchange contracts Buys foreign currency, sells U.S. currency 40 $ 91,434 $ — $ — $ — $ — $ 91,434 $ (81 ) Buys U.S. currency, sells foreign currency 40 $ 91,434 $ — $ — $ — $ — $ 91,434 $ 123 (1) The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements. |
Fair value of derivative financial instruments as well as their classification on the balance sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet and the potential effect of netting arrangements on its financial position, at the dates indicated: Asset Derivatives (1) Liability Derivatives (2) Fair Value at Fair Value at Fair Value at Fair Value at June 30 December 31 June 30 December 31 (Dollars in thousands) Derivatives designated as hedges Interest rate derivatives $ 58,806 (3) $ 23,140 (3) $ 2,283 (4) $ 197 (4) Derivatives not designated as hedges Customer Related Positions Loan level derivatives 153,347 (3) 52,374 (3) 153,351 (4) 52,369 (4) Foreign exchange contracts 1,542 1,191 1,498 1,149 Mortgage Derivatives Interest rate lock commitments 5,435 1,680 — — Forward sale loan commitments — — 572 12 Forward sale hedge commitments — — 765 196 Total derivatives not designated as hedges 160,324 55,245 156,186 53,726 Total 219,130 78,385 158,469 53,923 Netting Adjustments (5) 290 — 19,043 — Net Derivatives on the Balance Sheet 219,420 78,385 139,426 53,923 Financial instruments (6) 58,807 24,882 58,807 24,882 Cash collateral pledged (received) — — 76,733 25,493 Net Derivative Amounts $ 160,613 $ 53,503 $ 3,886 $ 3,548 |
Effect of derivative financial instruments included in OCI and current earnings | The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 (Dollars in thousands) Derivatives designated as hedges Gain in OCI on derivatives (effective portion), net of tax $ 197 $ 8,590 $ 23,181 $ 11,875 Gain reclassified from OCI into interest income or interest expense (effective portion) $ 3,976 $ 394 $ 5,562 $ 818 Loss reclassified from OCI into noninterest expense (loss on termination) $ — $ — $ — $ — Interest expense $ — $ — $ — $ — Other expense — — — — Total $ — $ — $ — $ — Derivatives not designated as hedges Changes in fair value of customer related positions Other income $ 3 $ 14 $ 25 $ 27 Other expense — (10 ) (24 ) (11 ) Changes in fair value of mortgage derivatives Mortgage banking income 3,347 1,488 2,626 1,547 Total $ 3,350 $ 1,492 $ 2,627 $ 1,563 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Tax provision and applicable tax rates [Table Text Block] | The following table sets forth information regarding the Company’s tax provision and applicable tax rates for the periods indicated: Three Months Ended Six Months Ended June 30 June 30 2020 2019 2020 2019 (Dollars in thousands) Combined federal and state income tax provision $ 7,779 $ 10,007 $ 9,927 $ 21,529 Effective income tax rate 23.80 % 24.63 % 16.12 % 24.64 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows as of the dates indicated: Fair Value Measurements at Reporting Date Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2020 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 2,541 $ 2,541 $ — $ — Equity securities 20,810 20,810 — — Securities available for sale U.S. government agency securities 24,345 — 24,345 — Agency mortgage-backed securities 248,805 — 248,805 — Agency collateralized mortgage obligations 80,812 — 80,812 — State, county, and municipal securities 1,147 — 1,147 — Single issuer trust preferred securities issued by banks and insurers 445 — 445 — Pooled trust preferred securities issued by banks and insurers 986 — — 986 Small business administration pooled securities 63,977 — 63,977 — Loans held for sale 45,395 — 45,395 — Derivative instruments 219,130 — 219,130 — Liabilities Derivative instruments 158,469 — 158,469 — Total recurring fair value measurements $ 549,924 $ 23,351 $ 525,587 $ 986 Nonrecurring fair value measurements Assets Individually assessed collateral dependent loans $ 37,419 $ — $ — $ 37,419 Total nonrecurring fair value measurements $ 37,419 $ — $ — $ 37,419 Fair Value Measurements at Reporting Date Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 2,179 $ 2,179 $ — $ — Equity securities 21,261 21,261 — — Securities available for sale U.S. government agency securities 33,115 — 33,115 — Agency mortgage-backed securities 247,000 — 247,000 — Agency collateralized mortgage obligations 88,511 — 88,511 — State, county, and municipal securities 1,396 — 1,396 — Single issuer trust preferred securities issued by banks and insurers 493 — 493 — Pooled trust preferred securities issued by banks and insurers 1,114 — — 1,114 Small business administration pooled securities 54,795 — 54,795 — Loans held for sale 33,307 — 33,307 — Derivative instruments 78,385 — 78,385 — Liabilities Derivative instruments 53,923 — 53,923 — Total recurring fair value measurements $ 507,633 $ 23,440 $ 483,079 $ 1,114 Nonrecurring fair value measurements: Assets Collateral dependent impaired loans $ 25,515 $ — $ — $ 25,515 Total nonrecurring fair value measurements $ 25,515 $ — $ — $ 25,515 |
Reconciliation for all assets and liabilities measured at fair value on a recurring basis | The table below presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which were valued using pricing models and discounted cash flow methodologies, for the periods indicated: Three Months Ended June 30 2020 2019 (Dollars in thousands) Pooled Trust Preferred Securities Beginning balance $ 1,009 $ 1,314 Gain and (losses) (realized/unrealized) Included in other comprehensive income (19 ) (27 ) Settlements (4 ) (6 ) Ending balance $ 986 $ 1,281 Six Months Ended June 30 2020 2019 (Dollars in thousands) Pooled Trust Preferred Securities Beginning balance $ 1,114 $ 1,329 Gain and (losses) (realized/unrealized) Included in other comprehensive income (79 ) (24 ) Settlements (49 ) (24 ) Ending balance $ 986 $ 1,281 |
Investments in securities that are classified as level 3 | The following table sets forth certain unobservable inputs regarding the Company’s financial instruments that are classified as Level 3 as of the dates indicated: June 30 December 31 June 30 December 31 June 30 December 31 Valuation Technique Fair Value Unobservable Inputs Range Weighted Average (Dollars in thousands) Discounted cash flow methodology Pooled trust preferred securities $ 986 $ 1,114 Cumulative prepayment 0% - 56% 0% - 57% 2.6% 2.6% Cumulative default 2.0% - 100% 2% - 100% 13.3% 13.5% Loss given default 85% - 100% 85% - 100% 93.7% 93.6% Cure given default 0% - 75% 0% - 75% 60.9% 60.9% Appraisals of collateral(1) Individually assessed collateral dependent loans $ 37,419 n/a Collateral dependent impaired loans n/a $ 25,515 (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary. |
The estimated fair values and related carrying amounts for assets and liabilities | The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated: Fair Value Measurements at Reporting Date Using Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2020 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. Treasury securities $ 4,025 $ 4,119 $ — $ 4,119 $ — Agency mortgage-backed securities 431,901 453,036 — 453,036 — Agency collateralized mortgage obligations 264,675 275,035 — 275,035 — Single issuer trust preferred securities issued by banks 1,500 1,498 — 1,498 — Small business administration pooled securities 28,925 30,366 — 30,366 — Loans, net of allowance for credit losses(b) 9,210,053 9,135,814 — — 9,135,814 Federal Home Loan Bank stock(c) 15,090 15,090 — 15,090 — Cash surrender value of life insurance policies(d) 198,124 198,124 — 198,124 — Financial liabilities Deposit liabilities, other than time deposits(e) $ 9,624,604 $ 9,624,604 $ — $ 9,624,604 $ — Time certificates of deposits(f) 1,092,217 1,101,553 — 1,101,553 — Federal Home Loan Bank borrowings(f) 145,770 146,068 — 146,068 — Long-term borrowings(f) 37,433 36,317 — 36,317 — Junior subordinated debentures(g) 62,850 66,591 — 66,591 — Subordinated debentures(f) 49,648 47,765 — — 47,765 Fair Value Measurements at Reporting Date Using Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. government agency securities $ 12,874 $ 12,997 $ — $ 12,997 $ — U.S. Treasury securities 4,032 4,053 $ — 4,053 $ — Agency mortgage-backed securities 397,414 405,802 — 405,802 — Agency collateralized mortgage obligations 293,662 297,314 — 297,314 — Single issuer trust preferred securities issued by banks 1,500 1,490 — 1,490 — Small business administration pooled securities 31,324 31,607 — 31,607 — Loans, net of allowance for credit losses(b) 8,780,384 8,613,635 — — 8,613,635 Federal Home Loan Bank stock(c) 14,424 14,424 — 14,424 — Cash surrender value of life insurance policies(d) 197,372 197,372 — 197,372 — Financial liabilities Deposit liabilities, other than time deposits(e) $ 7,752,052 $ 7,752,052 $ — $ 7,752,052 $ — Time certificates of deposits(f) 1,395,315 1,396,760 — 1,396,760 — Federal Home Loan Bank borrowings(f) 115,748 115,881 — 115,881 — Long-term borrowings (f) 74,906 72,219 — 72,219 — Junior subordinated debentures(g) 62,848 65,603 — 65,603 — Subordinated debentures(f) 49,601 52,870 — — 52,870 (a) The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analysis. (b) Fair value of loans is measured using the exit price valuation method, determined primarily by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows, while incorporating liquidity and credit assumptions. Additionally, this amount excludes collateral dependent impaired loans, which are deemed to be marked to fair value on a nonrecurring basis. (c) FHLB stock has no quoted market value and is carried at cost, therefore the carrying amount approximates fair value. (d) Cash surrender value of life insurance is recorded at its cash surrender value (or the amount that can be realized upon surrender of the policy), therefore carrying amount approximates fair value. (e) Fair value of demand deposits, savings and interest checking accounts and money market deposits is the amount payable on demand at the reporting date. (f) Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. (g) Fair value was determined based upon market prices of securities with similar terms and maturities. |
Revenue Recognition Revenue (Ta
Revenue Recognition Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the revenue streams that the Company has disaggregated as of the periods indicated: Three Months Ended Six Months Ended June 30 June 30 June 30 June 30 (Dollars in thousands) Deposit account fees (inclusive of cash management fees) $ 2,829 $ 5,080 $ 7,799 $ 9,486 Interchange fees 4,536 4,825 8,640 8,560 ATM fees 525 856 1,164 1,522 Investment management - wealth management and advisory services 6,827 6,423 13,116 12,492 Investment management - retail investments and insurance revenue 469 730 1,009 1,409 Merchant processing income 277 324 670 604 Credit card income 151 — 334 — Other noninterest income 534 1,642 1,746 2,581 Total noninterest income in-scope of ASC 606 16,148 19,880 34,478 36,654 Total noninterest income out-of-scope of ASC 606 12,042 8,768 20,147 13,527 Total noninterest income $ 28,190 $ 28,648 $ 54,625 $ 50,181 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides the amount of investment management revenue earned but not received as of the dates indicated: June 30, 2020 December 31, 2019 (Dollars in thousands) Receivables, included in other assets $ 4,347 $ 2,341 |
Comprehensive Income_Loss (Tabl
Comprehensive Income/Loss (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Comprehensive income | The following tables present a reconciliation of the changes in the components of other comprehensive income (loss) for the periods indicated, including the amount of income tax (expense) benefit allocated to each component of other comprehensive income (loss): Three Months Ended Six Months Ended Pre Tax Tax (Expense) After Tax Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 2,332 $ (637 ) $ 1,695 $ 14,455 $ (3,413 ) $ 11,042 Less: net security losses reclassified into other noninterest expense — — — — — — Net change in fair value of securities available for sale 2,332 (637 ) 1,695 14,455 (3,413 ) 11,042 Change in fair value of cash flow hedges 4,250 (1,195 ) 3,055 37,817 (10,638 ) 27,179 Less: net cash flow hedge gains reclassified into interest income or interest expense 3,976 (1,118 ) 2,858 5,562 (1,564 ) 3,998 Net change in fair value of cash flow hedges 274 (77 ) 197 32,255 (9,074 ) 23,181 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (1 ) — (1 ) (1,390 ) 391 (999 ) Amortization of net actuarial losses 246 (69 ) 177 491 (138 ) 353 Amortization of net prior service costs 69 (20 ) 49 138 (39 ) 99 Net change in other comprehensive income for defined benefit postretirement plans (1) 314 (89 ) 225 (761 ) 214 (547 ) Total other comprehensive income $ 2,920 $ (803 ) $ 2,117 $ 45,949 $ (12,273 ) $ 33,676 Three Months Ended Six Months Ended Pre Tax Tax (Expense) After Tax Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 5,663 $ (1,269 ) $ 4,394 $ 11,841 $ (2,718 ) $ 9,123 Less: net security losses reclassified into other noninterest expense (1,462 ) 411 (1,051 ) (1,462 ) 411 (1,051 ) Net change in fair value of securities available for sale 7,125 (1,680 ) 5,445 13,303 (3,129 ) 10,174 Change in fair value of cash flow hedges 12,349 (3,476 ) 8,873 17,345 (4,882 ) 12,463 Less: net cash flow hedge gains reclassified into interest income or interest expense 394 (111 ) 283 818 (230 ) 588 Net change in fair value of cash flow hedges 11,955 (3,365 ) 8,590 16,527 (4,652 ) 11,875 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (11 ) 3 (8 ) (22 ) 6 (16 ) Amortization of net actuarial gains (2 ) — (2 ) (4 ) 1 (3 ) Amortization of net prior service costs 69 (19 ) 50 138 (39 ) 99 Net change in other comprehensive income for defined benefit postretirement plans (1) 56 (16 ) 40 112 (32 ) 80 Total other comprehensive income $ 19,136 $ (5,061 ) $ 14,075 $ 29,942 $ (7,813 ) $ 22,129 (1) The amortization of prior service costs is included in the computation of net periodic pension cost as disclosed in the Employee Benefit Plans footnote in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 , filed with the Securities and Exchange Commission. |
Company's accumulated other comprehensive loss, net of tax | Information on the Company’s accumulated other comprehensive income (loss), net of tax, is comprised of the following components as of the periods indicated: Unrealized Gain (Loss) on Securities Unrealized Gain on Cash Flow Hedge Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) 2020 Beginning balance: January 1, 2020 $ 4,398 $ 16,479 $ (2,708 ) $ 18,169 Net change in other comprehensive income (loss) 11,042 23,181 (547 ) 33,676 Ending balance: June 30, 2020 $ 15,440 $ 39,660 $ (3,255 ) $ 51,845 2019 Beginning balance: January 1, 2019 $ (5,947 ) $ 6,148 $ (1,374 ) $ (1,173 ) Net change in other comprehensive income (loss) 10,174 11,875 80 22,129 Ending balance: June 30, 2019 $ 4,227 $ 18,023 $ (1,294 ) $ 20,956 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | The following table summarizes the above financial instruments at the dates indicated: June 30, 2020 December 31, 2019 (Dollars in thousands) Commitments to extend credit $ 3,348,063 $ 3,337,930 Standby letters of credit 19,507 21,565 Deferred standby letter of credit fees 129 158 Loans sold with recourse 391,567 404,532 |
Investments is Low Income Hou_2
Investments is Low Income Housing Tax Credits Investments in Low Income Housing Tax Credits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Low Income Housing Projects [Table Text Block] | The following table presents certain information related to the Company's investments in low income housing projects as of the dates indicated: June 30 December 31 (Dollars in thousands) Original investment value $ 124,212 $ 96,275 Current recorded investment 95,958 72,510 Unfunded liability obligation 48,896 34,967 Tax credits and benefits 11,033 (1) 7,342 Amortization of investments 9,076 (2) 5,645 Net income tax benefit 1,957 (3) 1,696 (1) This amount reflects anticipated tax credits and tax benefits for the full year ended December 31, 2020 . (2) The amortization amount reduces the tax credits and benefits anticipated for the full year ended December 31, 2020 . (3) This amount represents the net tax benefit expected to be realized for the full year ended December 31, 2020 in determining the Company's effective tax rate. |
Securities Securities (Equity g
Securities Securities (Equity gains and losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Equity securities gains and losses [Abstract] | ||||
Equity Securities, FV-NI, Gain (Loss) | $ 1,386 | $ 444 | $ (415) | $ 1,351 |
Equity Securities, FV-NI, Realized Gain (Loss) | 0 | 3 | 6 | 6 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 1,386 | $ 441 | $ (421) | $ 1,345 |
Securities (Reconciliation of f
Securities (Reconciliation of fair value of available for sale securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $ 20,674 | $ 6,118 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (498) | (397) |
Debt Securities, Available-for-sale | 420,517 | 426,424 |
Debt Securities, Available-for-sale, Amortized Cost | 400,341 | 420,703 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 33,030 | 13,428 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (2) | (971) |
Held to Maturity, Fair Value, Total | 764,054 | 753,263 |
Amortized Cost | 1,131,367 | |
U.S. government agency securities | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,870 | 642 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Debt Securities, Available-for-sale | 24,345 | 33,115 |
Debt Securities, Available-for-sale, Amortized Cost | 22,475 | 32,473 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 123 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held to Maturity, Fair Value, Total | 0 | 12,997 |
U.S. Treasury securities | ||
Reconciliation of fair value of securities | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 94 | 21 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held to Maturity, Fair Value, Total | 4,119 | 4,053 |
Agency mortgage-backed securities | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 11,588 | 3,456 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2) | (4) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Debt Securities, Available-for-sale | 248,805 | 247,000 |
Debt Securities, Available-for-sale, Amortized Cost | 237,219 | 243,548 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 21,135 | 8,445 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (57) |
Held to Maturity, Fair Value, Total | 453,036 | 405,802 |
Agency Collateralized Mortgage Obligations [Member] | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3,776 | 1,225 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | (19) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Debt Securities, Available-for-sale | 80,812 | 88,511 |
Debt Securities, Available-for-sale, Amortized Cost | 77,036 | 87,305 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 10,360 | 4,501 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (849) |
Held to Maturity, Fair Value, Total | 275,035 | 297,314 |
US States and Political Subdivisions Debt Securities [Member] | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 21 | 19 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Debt Securities, Available-for-sale | 1,147 | 1,396 |
Debt Securities, Available-for-sale, Amortized Cost | 1,126 | 1,377 |
Single Issuer Trust Preferred Securities Issued by Banks and Insurers [Member] | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (44) | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Debt Securities, Available-for-sale | 445 | 493 |
Debt Securities, Available-for-sale, Amortized Cost | 489 | 488 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (2) | (10) |
Held to Maturity, Fair Value, Total | 1,498 | 1,490 |
Pooled trust preferred securities issued by banks and insurers | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (452) | (374) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Debt Securities, Available-for-sale | 986 | 1,114 |
Debt Securities, Available-for-sale, Amortized Cost | 1,438 | 1,488 |
Small Business Administration Pooled Securities [Member] | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3,419 | 771 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Debt Securities, Available-for-sale | 63,977 | 54,795 |
Debt Securities, Available-for-sale, Amortized Cost | 60,558 | 54,024 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1,441 | 338 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (55) |
Held to Maturity, Fair Value, Total | $ 30,366 | $ 31,607 |
Securities Securities (Availabl
Securities Securities (Available for sale securities in continuous unrealized loss position) (Details) $ in Thousands | Jun. 30, 2020USD ($)holding |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 831 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (46) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 986 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 452 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,817 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 498 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 386 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 386 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 2 |
Single issuer trust preferred securities issued by banks and insurers | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 445 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (44) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 445 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 44 |
Pooled trust preferred securities issued by banks and insurers | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 986 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 452 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 986 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 452 |
Securities Securities (Reconcil
Securities Securities (Reconciliation of amortized cost of held to maturity securities) (Details) $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($)holding |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | $ 731,026 | $ 740,806 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 33,030 | 13,428 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (2) | (971) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 764,054 | 753,263 |
Small Business Administration Pooled Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | 7,349 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | 55 | |
Debt Securities, Held-to-maturity | 28,925 | 31,324 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1,441 | 338 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (55) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 30,366 | $ 31,607 |
Available for Sale and Held to Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions | holding | 1 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Less than Twelve Months Fair Value | $ 7,349 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (55) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 0 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | 0 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | 1,500 | 1,500 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (2) | (10) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 1,498 | 1,490 |
Collateralized Debt Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | 85,858 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | 868 | |
Debt Securities, Held-to-maturity | 264,675 | 293,662 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 10,360 | 4,501 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (849) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 275,035 | $ 297,314 |
Available for Sale and Held to Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions | holding | 17 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Less than Twelve Months Fair Value | $ 48,476 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (215) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 37,382 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | 653 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | 34,252 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | 61 | |
Debt Securities, Held-to-maturity | 431,901 | 397,414 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 21,135 | 8,445 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (57) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 453,036 | $ 405,802 |
Available for Sale and Held to Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions | holding | 12 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Less than Twelve Months Fair Value | $ 34,009 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (59) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 243 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | 2 | |
US Treasury Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | 4,025 | 4,032 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 94 | 21 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 4,119 | 4,053 |
U.S. government agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | 0 | 12,874 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 123 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Debt Securities, Held-to-maturity, Fair Value | $ 0 | 12,997 |
Equity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | 130,063 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ 1,368 | |
Available for Sale and Held to Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions | holding | 32 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Less than Twelve Months Fair Value | $ 89,834 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (329) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 40,229 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | $ 1,039 |
Securities (Schedule of Contrac
Securities (Schedule of Contractual Maturities of Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Available for Sale, Fair Value | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 400,341 | $ 420,703 |
Debt Securities, Available-for-sale | 420,517 | 426,424 |
Held to Maturity, Fair Value | ||
Debt Securities, Held-to-maturity | 731,026 | 740,806 |
Held to Maturity, Fair Value, Total | 764,054 | 753,263 |
Available for Sale Securities and Held to Maturity Securities Amortized Cost | 1,131,367 | |
Debt Securities, Available-for-sale and Held-to-maturity | 1,184,571 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 9,816 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 9,911 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 87,124 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 90,398 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 102,643 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 109,619 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Ten Years, Amortized Cost | 931,784 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Ten Years, Fair Value | 974,643 | |
U.S. government agency securities | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 10,002 | |
Available for Sale, Amortized Cost, Due after five to ten years | 12,473 | |
Available for Sale, Amortized Cost, Due after ten years | 0 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 10,333 | |
Available for Sale, Fair Value, Due after five to ten years | 14,012 | |
Available for Sale, Fair Value, Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | 22,475 | 32,473 |
Debt Securities, Available-for-sale | 24,345 | 33,115 |
Held to Maturity, Fair Value | ||
Debt Securities, Held-to-maturity | 0 | 12,874 |
Held to Maturity, Fair Value, Total | 0 | 12,997 |
Small Business Administration Pooled Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 0 | |
Available for Sale, Amortized Cost, Due after five to ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 60,558 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 0 | |
Available for Sale, Fair Value, Due after five to ten years | 0 | |
Available for Sale, Fair Value, Due after ten years | 63,977 | |
Debt Securities, Available-for-sale, Amortized Cost | 60,558 | 54,024 |
Debt Securities, Available-for-sale | 63,977 | 54,795 |
Held to Maturity, Amortized Cost | ||
Held to Maturity, Amortized Cost, Due in one year or less | 0 | |
Held to Maturity, Amortized Cost, Due after one year to five years | 0 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 0 | |
Held to Maturity, Amortized Cost, Due after ten years | 28,925 | |
Held to Maturity, Fair Value | ||
Held to Maturity, Fair Value, Due in one year or less | 0 | |
Held to Maturity, Fair Value, Due after one year to five years | 0 | |
Held to Maturity, Fair Value, Due after five to ten years | 0 | |
Held to Maturity, Fair Value, Due after ten years | 30,366 | |
Debt Securities, Held-to-maturity | 28,925 | 31,324 |
Held to Maturity, Fair Value, Total | 30,366 | 31,607 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 250 | |
Available for Sale, Amortized Cost, Due after one year to five years | 82,422 | |
Available for Sale, Amortized Cost, Due after five to ten years | 53,253 | |
Available for Sale, Amortized Cost, Due after ten years | 264,416 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 250 | |
Available for Sale, Fair Value, Due after one year to five years | 85,576 | |
Available for Sale, Fair Value, Due after five to ten years | 57,781 | |
Available for Sale, Fair Value, Due after ten years | 276,910 | |
Held to Maturity, Amortized Cost | ||
Held to Maturity, Amortized Cost, Due in one year or less | 9,566 | |
Held to Maturity, Amortized Cost, Due after one year to five years | 4,702 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 49,390 | |
Held to Maturity, Amortized Cost, Due after ten years | 667,368 | |
Held to Maturity, Fair Value | ||
Held to Maturity, Fair Value, Due in one year or less | 9,661 | |
Held to Maturity, Fair Value, Due after one year to five years | 4,822 | |
Held to Maturity, Fair Value, Due after five to ten years | 51,838 | |
Held to Maturity, Fair Value, Due after ten years | 697,733 | |
Held to Maturity, Fair Value, Total | 764,054 | |
Pooled trust preferred securities issued by banks and insurers | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 0 | |
Available for Sale, Amortized Cost, Due after five to ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 1,438 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 0 | |
Available for Sale, Fair Value, Due after five to ten years | 0 | |
Available for Sale, Fair Value, Due after ten years | 986 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,438 | 1,488 |
Debt Securities, Available-for-sale | 986 | 1,114 |
Single Issuer Trust Preferred Securities Issued by Banks and Insurers [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 0 | |
Available for Sale, Amortized Cost, Due after five to ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 489 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 0 | |
Available for Sale, Fair Value, Due after five to ten years | 0 | |
Available for Sale, Fair Value, Due after ten years | 445 | |
Debt Securities, Available-for-sale, Amortized Cost | 489 | 488 |
Debt Securities, Available-for-sale | 445 | 493 |
Held to Maturity, Amortized Cost | ||
Held to Maturity, Amortized Cost, Due in one year or less | 0 | |
Held to Maturity, Amortized Cost, Due after one year to five years | 0 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 1,500 | |
Held to Maturity, Amortized Cost, Due after ten years | 0 | |
Held to Maturity, Fair Value | ||
Held to Maturity, Fair Value, Due in one year or less | 0 | |
Held to Maturity, Fair Value, Due after one year to five years | 0 | |
Held to Maturity, Fair Value, Due after five to ten years | 1,498 | |
Held to Maturity, Fair Value, Due after ten years | 0 | |
Debt Securities, Held-to-maturity | 1,500 | 1,500 |
Held to Maturity, Fair Value, Total | 1,498 | 1,490 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 250 | |
Available for Sale, Amortized Cost, Due after one year to five years | 686 | |
Available for Sale, Amortized Cost, Due after five to ten years | 190 | |
Available for Sale, Amortized Cost, Due after ten years | 0 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 250 | |
Available for Sale, Fair Value, Due after one year to five years | 690 | |
Available for Sale, Fair Value, Due after five to ten years | 207 | |
Available for Sale, Fair Value, Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,126 | 1,377 |
Debt Securities, Available-for-sale | 1,147 | 1,396 |
Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 0 | |
Available for Sale, Amortized Cost, Due after five to ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 77,036 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 0 | |
Available for Sale, Fair Value, Due after five to ten years | 0 | |
Available for Sale, Fair Value, Due after ten years | 80,812 | |
Debt Securities, Available-for-sale, Amortized Cost | 77,036 | 87,305 |
Debt Securities, Available-for-sale | 80,812 | 88,511 |
Held to Maturity, Amortized Cost | ||
Held to Maturity, Amortized Cost, Due in one year or less | 0 | |
Held to Maturity, Amortized Cost, Due after one year to five years | 0 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 0 | |
Held to Maturity, Amortized Cost, Due after ten years | 264,675 | |
Held to Maturity, Fair Value | ||
Held to Maturity, Fair Value, Due in one year or less | 0 | |
Held to Maturity, Fair Value, Due after one year to five years | 0 | |
Held to Maturity, Fair Value, Due after five to ten years | 0 | |
Held to Maturity, Fair Value, Due after ten years | 275,035 | |
Debt Securities, Held-to-maturity | 264,675 | 293,662 |
Held to Maturity, Fair Value, Total | 275,035 | 297,314 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 71,734 | |
Available for Sale, Amortized Cost, Due after five to ten years | 40,590 | |
Available for Sale, Amortized Cost, Due after ten years | 124,895 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 74,553 | |
Available for Sale, Fair Value, Due after five to ten years | 43,562 | |
Available for Sale, Fair Value, Due after ten years | 130,690 | |
Debt Securities, Available-for-sale, Amortized Cost | 237,219 | 243,548 |
Debt Securities, Available-for-sale | 248,805 | 247,000 |
Held to Maturity, Amortized Cost | ||
Held to Maturity, Amortized Cost, Due in one year or less | 8,565 | |
Held to Maturity, Amortized Cost, Due after one year to five years | 1,678 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 47,890 | |
Held to Maturity, Amortized Cost, Due after ten years | 373,768 | |
Held to Maturity, Fair Value | ||
Held to Maturity, Fair Value, Due in one year or less | 8,635 | |
Held to Maturity, Fair Value, Due after one year to five years | 1,729 | |
Held to Maturity, Fair Value, Due after five to ten years | 50,340 | |
Held to Maturity, Fair Value, Due after ten years | 392,332 | |
Debt Securities, Held-to-maturity | 431,901 | 397,414 |
Held to Maturity, Fair Value, Total | 453,036 | 405,802 |
US Treasury Securities [Member] | ||
Held to Maturity, Amortized Cost | ||
Held to Maturity, Amortized Cost, Due in one year or less | 1,001 | |
Held to Maturity, Amortized Cost, Due after one year to five years | 3,024 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 0 | |
Held to Maturity, Amortized Cost, Due after ten years | 0 | |
Held to Maturity, Fair Value | ||
Held to Maturity, Fair Value, Due in one year or less | 1,026 | |
Held to Maturity, Fair Value, Due after one year to five years | 3,093 | |
Held to Maturity, Fair Value, Due after five to ten years | 0 | |
Held to Maturity, Fair Value, Due after ten years | 0 | |
Debt Securities, Held-to-maturity | 4,025 | 4,032 |
Held to Maturity, Fair Value, Total | $ 4,119 | $ 4,053 |
Securities (Unrealized Loss NOT
Securities (Unrealized Loss NOT deemed to be OTTI) (Details) $ in Thousands | Jun. 30, 2020USD ($)holding | Dec. 31, 2019USD ($)holding |
Gain (Loss) on Securities [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 1,817 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 986 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (452) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (498) | |
Summary of gross unrealized losses and fair value of investments | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 831 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (46) | |
Agency mortgage-backed securities | ||
Gain (Loss) on Securities [Line Items] | ||
Available for Sale and Held to Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions | holding | 12 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 386 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (2) | |
Summary of gross unrealized losses and fair value of investments | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 386 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Less than Twelve Months Fair Value | $ 34,009 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (59) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 243 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (2) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | 34,252 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (61) | |
Agency Collateralized Mortgage Obligations [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Available for Sale and Held to Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions | holding | 17 | |
Summary of gross unrealized losses and fair value of investments | ||
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Less than Twelve Months Fair Value | $ 48,476 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (215) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 37,382 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (653) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | 85,858 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (868) | |
Single issuer trust preferred securities issued by banks and insurers | ||
Gain (Loss) on Securities [Line Items] | ||
Available for Sale and Held to Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions | holding | 1 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 445 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (44) | |
Summary of gross unrealized losses and fair value of investments | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 445 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (44) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Less than Twelve Months Fair Value | $ 0 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | 0 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 1,490 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (10) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | 1,490 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (10) | |
Pooled trust preferred securities issued by banks and insurers | ||
Gain (Loss) on Securities [Line Items] | ||
Available for Sale and Held to Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions | holding | 1 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 986 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 986 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (452) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (452) | |
Summary of gross unrealized losses and fair value of investments | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Less than Twelve Months Fair Value | $ 0 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | 0 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 1,114 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (374) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | 1,114 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (374) | |
Small Business Administration Pooled Securities [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Available for Sale and Held to Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions | holding | 1 | |
Summary of gross unrealized losses and fair value of investments | ||
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Less than Twelve Months Fair Value | $ 7,349 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (55) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 0 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | 0 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | 7,349 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (55) | |
Equity Securities [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Available for Sale and Held to Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions | holding | 32 | |
Summary of gross unrealized losses and fair value of investments | ||
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Less than Twelve Months Fair Value | $ 89,834 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (329) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 40,229 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (1,039) | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | 130,063 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (1,368) |
Securities (Details Textual) (D
Securities (Details Textual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Interest Receivable | $ 32,900 | $ 32,900 | |||
Trading | 2,541 | 2,541 | $ 2,179 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Period Increase (Decrease) | $ 0 | $ 0 | |||
Debt Securities, Available-for-sale | 420,517 | 420,517 | 426,424 | ||
Debt Securities, Available-for-sale, Past due | 0 | 0 | |||
Debt Securities, Available-for-sale, Nonaccrual | 0 | 0 | |||
Debt Securities, Held-to-maturity, Past Due | 0 | 0 | |||
Debt Securities, Held-to-maturity, Nonaccrual | 0 | 0 | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 0 | ||||
Securities (Textual) [Abstract] | |||||
Callable Securities in Investment Portfolio | 4,100 | 4,100 | |||
Pledged Financial Instruments, Not Separately Reported, Securities | 431,800 | 431,800 | 375,500 | ||
Investments in obligations of individual states, counties or municipalities which exceed 10% of equity | 0 | 0 | 0 | ||
Debt Securities, Held-to-maturity | 731,026 | 731,026 | 740,806 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | |||
Debt Securities, Available-for-sale, Accrued Interest, Writeoff | 0 | 0 | |||
Debt Securities, Available-for-sale, Realized Gain (Loss) | 0 | 1,462 | 0 | 1,500 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | |||
Debt Securities, Held-to-maturity, Accrued Interest, Writeoff | 0 | 0 | |||
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss) | 0 | $ 0 | 0 | $ 0 | |
Equity Securities, FV-NI | 20,810 | 20,810 | $ 21,261 | ||
Available-for-sale Securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Interest Receivable | 1,300 | 1,300 | |||
Held-to-maturity Securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Interest Receivable | $ 1,800 | $ 1,800 |
Loans, Allowance for Credit L_3
Loans, Allowance for Credit Losses and Credit Quality Financing Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | $ 112,176 | $ 112,176 | $ 92,376 | $ 67,740 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (1,137) | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 1,157 | |||
Allowance for Loan and Lease Losses, Write-offs | (710) | (1,444) | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 510 | 860 | ||
Provision for Loan and Lease Losses | 20,000 | 45,000 | ||
Commercial And Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 25,662 | 25,662 | 21,649 | 17,594 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (1,984) | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 49 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 4 | 46 | ||
Provision for Loan and Lease Losses | 4,009 | 9,957 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 36,956 | 36,956 | 29,498 | 32,935 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (13,048) | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 337 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | 0 | ||
Provision for Loan and Lease Losses | 7,458 | 16,732 | ||
Construction Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 4,501 | 4,501 | 3,747 | 6,053 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (3,652) | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | 0 | ||
Provision for Loan and Lease Losses | 754 | 2,100 | ||
Small Business [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 4,561 | 4,561 | 3,829 | 1,746 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 495 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |||
Allowance for Loan and Lease Losses, Write-offs | (36) | (145) | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 3 | 6 | ||
Provision for Loan and Lease Losses | 765 | 2,459 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 15,046 | 15,046 | 14,847 | 3,440 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 9,828 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 423 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | 1 | ||
Provision for Loan and Lease Losses | 199 | 1,354 | ||
Home Equity Line of Credit [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 24,860 | 24,860 | 17,910 | 5,576 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 7,012 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 319 | |||
Allowance for Loan and Lease Losses, Write-offs | (4) | (142) | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 95 | 153 | ||
Provision for Loan and Lease Losses | 6,859 | 11,942 | ||
Consumer - Other [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 590 | 590 | $ 896 | $ 396 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 212 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 29 | |||
Allowance for Loan and Lease Losses, Write-offs | (670) | (1,157) | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 408 | 654 | ||
Provision for Loan and Lease Losses | $ (44) | $ 456 |
Loans, Allowance for Credit L_4
Loans, Allowance for Credit Losses and Credit Quality Finance Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | $ 1,632,765 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,141,583 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,044,272 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 820,215 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,606,888 | |
Financing Receivable, Revolving | 1,448,724 | |
Financing Receivable, after Allowance for Credit Loss | 1,643,596 | |
Loans and Leases Receivable, Gross | 9,359,648 | $ 8,873,639 |
Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 905,009 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 588,489 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 651,847 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 457,139 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 905,575 | |
Financing Receivable, Revolving | 48,889 | |
Financing Receivable, after Allowance for Credit Loss | 499,245 | |
Loans and Leases Receivable, Gross | 4,071,047 | 4,002,359 |
Commercial Real Estate [Member] | Potential Weakness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6,423 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,821 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 23,123 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 14,159 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 47,055 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 5,218 | |
Loans and Leases Receivable, Gross | 100,799 | |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 895,594 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 546,513 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 607,633 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 438,455 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 846,195 | |
Financing Receivable, Revolving | 48,889 | |
Financing Receivable, after Allowance for Credit Loss | 490,280 | |
Loans and Leases Receivable, Gross | 3,888,413 | |
Commercial Real Estate [Member] | Definite Weakness Loss Unlikely [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,992 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 37,155 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 21,091 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,525 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 12,325 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 3,747 | |
Loans and Leases Receivable, Gross | 81,835 | |
Commercial Real Estate [Member] | Partial Loss Probable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
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, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 0 | |
Commercial Real Estate [Member] | Definite Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
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, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 0 | |
Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 197,429 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 154,234 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 55,003 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 31,804 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 27,118 | |
Financing Receivable, Revolving | 620,905 | |
Financing Receivable, after Allowance for Credit Loss | 915,434 | |
Loans and Leases Receivable, Gross | 2,004,645 | 1,395,036 |
Commercial And Industrial [Member] | Potential Weakness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,818 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,426 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,787 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,609 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 544 | |
Financing Receivable, Revolving | 12,515 | |
Financing Receivable, after Allowance for Credit Loss | 1,896 | |
Loans and Leases Receivable, Gross | 24,645 | |
Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 193,832 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 129,199 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 44,664 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,640 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 25,095 | |
Financing Receivable, Revolving | 565,953 | |
Financing Receivable, after Allowance for Credit Loss | 911,414 | |
Loans and Leases Receivable, Gross | 1,900,465 | |
Commercial And Industrial [Member] | Definite Weakness Loss Unlikely [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,779 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 23,609 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,552 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,555 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,430 | |
Financing Receivable, Revolving | 42,437 | |
Financing Receivable, after Allowance for Credit Loss | 2,124 | |
Loans and Leases Receivable, Gross | 79,486 | |
Commercial And Industrial [Member] | Partial Loss Probable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
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 | 49 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 49 | |
Commercial And Industrial [Member] | Definite Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
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, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 242,277 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 97,154 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 66,282 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,810 | |
Financing Receivable, Revolving | 32,189 | |
Financing Receivable, after Allowance for Credit Loss | 91,981 | |
Loans and Leases Receivable, Gross | 537,788 | 547,293 |
Construction Loans [Member] | Potential Weakness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 367 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 382 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 177 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 926 | |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 241,910 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 95,253 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 66,282 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,810 | |
Financing Receivable, Revolving | 32,012 | |
Financing Receivable, after Allowance for Credit Loss | 91,981 | |
Loans and Leases Receivable, Gross | 535,343 | |
Construction Loans [Member] | Definite Weakness Loss Unlikely [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,519 | |
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, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 1,519 | |
Construction Loans [Member] | Partial Loss Probable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
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, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 0 | |
Construction Loans [Member] | Definite Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
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, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 0 | |
Small Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 31,219 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 22,799 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 16,988 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 16,971 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 26,214 | |
Financing Receivable, Revolving | 41,200 | |
Financing Receivable, after Allowance for Credit Loss | 14,897 | |
Loans and Leases Receivable, Gross | 170,288 | 174,497 |
Small Business [Member] | Potential Weakness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 11 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 748 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 246 | |
Financing Receivable, Revolving | 563 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 1,597 | |
Small Business [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 30,764 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 22,702 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 16,803 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 16,109 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 25,521 | |
Financing Receivable, Revolving | 39,804 | |
Financing Receivable, after Allowance for Credit Loss | 14,711 | |
Loans and Leases Receivable, Gross | 166,414 | |
Small Business [Member] | Definite Weakness Loss Unlikely [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 444 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 80 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 173 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 114 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 447 | |
Financing Receivable, Revolving | 833 | |
Financing Receivable, after Allowance for Credit Loss | 186 | |
Loans and Leases Receivable, Gross | 2,277 | |
Small Business [Member] | Partial Loss Probable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
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, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 0 | |
Small Business [Member] | Definite Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
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, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 0 | |
Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 185,896 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 213,767 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 188,652 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 264,118 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 500,624 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 78,072 | |
Loans and Leases Receivable, Gross | 1,431,129 | $ 1,590,569 |
Residential Real Estate [Member] | Default [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 427 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 939 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 369 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,808 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 6,543 | |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 185,896 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 213,340 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 187,713 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 263,749 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 495,816 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, after Allowance for Credit Loss | 78,072 | |
Loans and Leases Receivable, Gross | 1,424,586 | |
Home Equity Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 70,369 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 64,874 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 64,584 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 49,347 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 131,319 | |
Financing Receivable, Revolving | 693,576 | |
Financing Receivable, after Allowance for Credit Loss | 43,516 | |
Loans and Leases Receivable, Gross | 1,120,523 | |
Home Equity Loan [Member] | Default [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
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 | 15 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 419 | |
Financing Receivable, Revolving | 2,466 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 3,203 | |
Home Equity Loan [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 70,369 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 64,874 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 64,569 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 49,347 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 130,900 | |
Financing Receivable, Revolving | 691,110 | |
Financing Receivable, after Allowance for Credit Loss | 43,516 | |
Loans and Leases Receivable, Gross | 1,117,320 | |
Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 566 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 266 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 916 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 836 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9,228 | |
Financing Receivable, Revolving | 11,965 | |
Financing Receivable, after Allowance for Credit Loss | 451 | |
Loans and Leases Receivable, Gross | 24,228 | |
Consumer Loan [Member] | Default [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
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 | 35 | |
Financing Receivable, after Allowance for Credit Loss | 0 | |
Loans and Leases Receivable, Gross | 35 | |
Consumer Loan [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 566 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 266 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 916 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 836 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9,193 | |
Financing Receivable, Revolving | 11,965 | |
Financing Receivable, after Allowance for Credit Loss | 451 | |
Loans and Leases Receivable, Gross | 24,193 | |
Revolving converted to term [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 21,605 | |
Revolving converted to term [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 14,854 | |
Revolving converted to term [Member] | Commercial Real Estate [Member] | Potential Weakness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 14,854 | |
Revolving converted to term [Member] | Commercial Real Estate [Member] | Definite Weakness Loss Unlikely [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Commercial Real Estate [Member] | Partial Loss Probable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Commercial Real Estate [Member] | Definite Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 2,718 | |
Revolving converted to term [Member] | Commercial And Industrial [Member] | Potential Weakness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 50 | |
Revolving converted to term [Member] | Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 2,668 | |
Revolving converted to term [Member] | Commercial And Industrial [Member] | Definite Weakness Loss Unlikely [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Commercial And Industrial [Member] | Partial Loss Probable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Commercial And Industrial [Member] | Definite Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 1,095 | |
Revolving converted to term [Member] | Construction Loans [Member] | Potential Weakness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 1,095 | |
Revolving converted to term [Member] | Construction Loans [Member] | Definite Weakness Loss Unlikely [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Construction Loans [Member] | Partial Loss Probable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Construction Loans [Member] | Definite Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Small Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Small Business [Member] | Potential Weakness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Small Business [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Small Business [Member] | Definite Weakness Loss Unlikely [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Small Business [Member] | Partial Loss Probable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Small Business [Member] | Definite Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Residential Real Estate [Member] | Default [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 2,938 | |
Revolving converted to term [Member] | Home Equity Loan [Member] | Default [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 303 | |
Revolving converted to term [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 2,635 | |
Revolving converted to term [Member] | Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Consumer Loan [Member] | Default [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | 0 | |
Revolving converted to term [Member] | Consumer Loan [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving | $ 0 |
Loans, Allowance for Credit L_5
Loans, Allowance for Credit Losses and Credit Quality FICO and LTV (Details) - score | Jun. 30, 2020 | Dec. 31, 2019 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable With Quality Of Loan Based On Weighted Average Fico Rating | [1] | 750 | 749 |
Financing Receivable With Credit Quality Of Loan Based Upon the Weighted Average Loan-To-Value Ratio | [2] | 57.40% | 59.00% |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable With Quality Of Loan Based On Weighted Average Fico Rating | [1] | 770 | 767 |
Financing Receivable With Credit Quality Of Loan Based Upon the Weighted Average Loan-To-Value Ratio | [2],[3] | 47.00% | 46.60% |
[1] | The average FICO scores at June 30, 2020 are based upon rescores available from May 2020 and origination score data for loans booked in June 2020. The average FICO scores at December 31, 2019 were based upon rescores available from November 2019 and origination score data for loans booked in December 2019. | ||
[2] | The combined LTV ratios for June 30, 2020 are based upon updated automated valuations as of May 2020, when available, and/or the most current valuation data available. The combined LTV ratios for December 31, 2019 were based upon updated automated valuations as of November 2019, when available, and/or the most current valuation data available as of such date. The updated automated valuations provide new information on loans that may be available since the previous valuation was obtained. If no new information is available, the valuation will default to the previously obtained data or most recent appraisal. | ||
[3] | For home equity loans and lines in a subordinate lien, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines. |
Loans, Allowance for Credit L_6
Loans, Allowance for Credit Losses and Credit Quality Finance Receivable, Nonaccrual (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Nonaccrual [Line Items] | |||
Finance Receivable, Nonaccrual, with allowance | $ 22,583 | ||
Financing Receivable, Nonaccrual, No Allowance | 26,173 | ||
Tdrs Recorded Investment On Nonaccrual Status | 24,098 | $ 24,766 | |
Financing Receivable, Nonaccrual | [1] | 48,756 | 45,892 |
Commercial And Industrial [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Finance Receivable, Nonaccrual, with allowance | 1,045 | ||
Financing Receivable, Nonaccrual, No Allowance | 19,691 | ||
Financing Receivable, Nonaccrual | 20,736 | 22,574 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Finance Receivable, Nonaccrual, with allowance | 2,169 | ||
Financing Receivable, Nonaccrual, No Allowance | 4,144 | ||
Financing Receivable, Nonaccrual | 6,313 | 3,016 | |
Construction Loans [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Finance Receivable, Nonaccrual, with allowance | 0 | ||
Financing Receivable, Nonaccrual | 0 | 0 | |
Small Business [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Finance Receivable, Nonaccrual, with allowance | 619 | ||
Financing Receivable, Nonaccrual | 619 | 311 | |
Residential Real Estate [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Finance Receivable, Nonaccrual, with allowance | 12,331 | ||
Financing Receivable, Nonaccrual, No Allowance | 2,230 | ||
Financing Receivable, Nonaccrual | 14,561 | 13,360 | |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Finance Receivable, Nonaccrual, with allowance | 6,329 | ||
Financing Receivable, Nonaccrual, No Allowance | 108 | ||
Financing Receivable, Nonaccrual | 6,437 | 6,570 | |
Consumer - Other [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Finance Receivable, Nonaccrual, with allowance | 90 | ||
Financing Receivable, Nonaccrual | $ 90 | $ 61 | |
[1] | (1) Included in these amounts were $24.1 million and $24.8 million of nonaccruing TDRs at June 30, 2020 and December 31, 2019 , respectively. |
Loans, Allowance for Credit L_7
Loans, Allowance for Credit Losses and Credit Quality Foreclosed Residential Real Estate Property (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Foreclosed residential real estate property held by the creditor | $ 0 | $ 0 |
Mortgage Loans in Process of Foreclosure, Amount | $ 2,642 | $ 3,294 |
Loans, Allowance for Credit L_8
Loans, Allowance for Credit Losses and Credit Quality Financing Receivable Past Due (Details) $ in Thousands | Jun. 30, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Financing Receivable, Past Due [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 206 | 447 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 58 | $ 2,157 | |
Financing Receivable, Past Due | 22,770 | 25,485 | |
Financing Receivable, Not Past Due | 9,336,878 | 8,848,154 | |
Loans and Leases Receivable, Gross | $ 9,359,648 | $ 8,873,639 | |
Number Of Financing Receivables Total Past Due | loan | 367 | 603 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 48 | 43 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 113 | 113 | |
Commercial And Industrial [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 2 | 1 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 | |
Financing Receivable, Past Due | 1,077 | 1,336 | |
Financing Receivable, Not Past Due | 2,003,568 | 1,393,700 | |
Loans and Leases Receivable, Gross | $ 2,004,645 | $ 1,395,036 | |
Number Of Financing Receivables Total Past Due | loan | 8 | 8 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 0 | 2 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 6 | 5 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 5 | 7 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 218 | [1] |
Financing Receivable, Past Due | 4,553 | 3,922 | |
Financing Receivable, Not Past Due | 4,066,494 | 3,998,437 | |
Loans and Leases Receivable, Gross | $ 4,071,047 | $ 4,002,359 | |
Number Of Financing Receivables Total Past Due | loan | 11 | 16 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 1 | 1 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 5 | 8 | |
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 0 | 1 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 | |
Financing Receivable, Past Due | 510 | 560 | |
Financing Receivable, Not Past Due | 537,278 | 546,733 | |
Loans and Leases Receivable, Gross | $ 537,788 | $ 547,293 | |
Number Of Financing Receivables Total Past Due | loan | 1 | 1 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 1 | 0 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 0 | 0 | |
Small Business [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 13 | 11 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 | |
Financing Receivable, Past Due | 1,493 | 967 | |
Financing Receivable, Not Past Due | 168,795 | 173,530 | |
Loans and Leases Receivable, Gross | $ 170,288 | $ 174,497 | |
Number Of Financing Receivables Total Past Due | loan | 41 | 20 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 17 | 3 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 11 | 6 | |
Residential Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 15 | 17 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 1,652 | [1] |
Financing Receivable, Past Due | 10,399 | 12,312 | |
Financing Receivable, Not Past Due | 1,420,730 | 1,578,257 | |
Loans and Leases Receivable, Gross | $ 1,431,129 | $ 1,590,569 | |
Number Of Financing Receivables Total Past Due | loan | 61 | 72 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 8 | 17 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 38 | 38 | |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 8 | 23 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 265 | [1] |
Financing Receivable, Past Due | 4,428 | 6,067 | |
Financing Receivable, Not Past Due | 1,116,095 | 1,127,731 | |
Loans and Leases Receivable, Gross | $ 1,120,523 | $ 1,133,798 | |
Number Of Financing Receivables Total Past Due | loan | 56 | 71 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 8 | 8 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 40 | 40 | |
Consumer - Other [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 163 | 387 | [2] |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 58 | $ 22 | [2] |
Financing Receivable, Past Due | 310 | 321 | [2] |
Financing Receivable, Not Past Due | 23,918 | 29,766 | [2] |
Loans and Leases Receivable, Gross | $ 24,228 | $ 30,087 | [2] |
Number Of Financing Receivables Total Past Due | loan | 189 | 415 | [2] |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 13 | 12 | [2] |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 13 | 16 | [2] |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 2,976 | $ 4,155 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial And Industrial [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 323 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 68 | 194 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 510 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Small Business [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 453 | 15 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,247 | 3,055 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 671 | 524 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer - Other [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 27 | 44 | [2] |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 11,733 | 13,819 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial And Industrial [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,045 | 760 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 935 | 2,038 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Small Business [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 123 | 115 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 6,333 | 7,020 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,203 | 3,854 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer - Other [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 94 | 32 | [2] |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 8,061 | 7,511 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial And Industrial [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 32 | 253 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,550 | 1,690 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 560 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Small Business [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 917 | 837 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,819 | 2,237 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 554 | 1,689 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer - Other [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 189 | $ 245 | [2] |
[1] | (2) Represents purchased credit impaired loans that were accruing interest due to expectations of future cash collections. | ||
[2] | (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. |
Loans, Allowance for Credit L_9
Loans, Allowance for Credit Losses and Credit Quality Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($)contract | Dec. 31, 2019USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | contract | 7 | 3 | 12 | 5 | |
Tdrs Recorded Investment On Accrual Status | $ 17,741 | $ 17,741 | $ 19,599 | ||
Tdrs Recorded Investment On Nonaccrual Status | 24,098 | 24,098 | 24,766 | ||
Financing Receivable Recorded Investment Trouble Debt Restructuring | 41,839 | 41,839 | 44,365 | ||
Amount Of Specific Reserves Included In Allowance For Loan Losses Associated With Trouble Debt Restructuring | 855 | ||||
Additional Commitments To Lend To Borrower For Trouble Debt Restructuring | 139 | 139 | $ 63 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 1,655 | $ 153 | 2,753 | $ 378 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,706 | $ 153 | $ 2,812 | $ 378 | |
Commercial And Industrial [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 1 | 3 | 1 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 40 | $ 97 | $ 308 | $ 97 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 40 | $ 97 | $ 308 | $ 97 | |
Commercial Real Estate [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 0 | 5 | 1 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,170 | $ 1,774 | $ 150 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,170 | $ 1,774 | $ 150 | ||
Small Business [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 2 | 2 | 2 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 63 | $ 56 | $ 112 | $ 56 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 63 | $ 56 | $ 88 | $ 56 | |
Residential Real Estate [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 2 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 382 | $ 559 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 433 | $ 642 | |||
Home Equity Line of Credit [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | contract | 0 | 0 | 0 | 1 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 75 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 75 | ||||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | contract | 0 | 0 |
Loans, Allowance for Credit _10
Loans, Allowance for Credit Losses and Credit Quality Schedule of Debtor Troubled Debt Restructurings, Subsequent Period (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($)contract | |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | contract | 0 | |||
Financing Receivable, Modifications, Number of Contracts | contract | 7 | 3 | 12 | 5 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,655,000 | $ 153,000 | $ 2,753,000 | $ 378,000 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,706,000 | $ 153,000 | $ 2,812,000 | $ 378,000 |
Commercial And Industrial [Member] | ||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 1 | 3 | 1 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 40,000 | $ 97,000 | $ 308,000 | $ 97,000 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 40,000 | $ 97,000 | $ 308,000 | $ 97,000 |
Commercial Real Estate [Member] | ||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 0 | 5 | 1 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,170,000 | $ 1,774,000 | $ 150,000 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,170,000 | $ 1,774,000 | $ 150,000 | |
Small Business [Member] | ||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 2 | 2 | 2 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 63,000 | $ 56,000 | $ 112,000 | $ 56,000 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 63,000 | $ 56,000 | $ 88,000 | 56,000 |
Residential Real Estate [Member] | ||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 120,000 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | contract | 1 | |||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 382,000 | $ 559,000 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 433,000 | $ 642,000 | ||
Home Equity Line of Credit [Member] | ||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 0 | 0 | 0 | 1 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 75,000 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 75,000 | |||
Consumer - Other [Member] | ||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 0 | 0 |
Loans, Allowance for Credit _11
Loans, Allowance for Credit Losses and Credit Quality TDR on Financing Receivables Post Modification (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,706 | $ 153 | $ 2,812 | $ 378 |
Contractual Interest Rate Reduction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 | 0 | 604 | 150 |
Court ordered concession | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 | 0 | 25 | 75 |
Extended Maturity [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,706 | $ 153 | $ 2,183 | $ 153 |
Loans, Allowance for Credit _12
Loans, Allowance for Credit Losses and Credit Quality Textual (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020USD ($)contract | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Days To Be Termed As Non Accrual Loans | 90 days | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) by percentage | 21.40% | 65.50% | ||||
Loans with active Deferrals | $ 1,200,000,000 | $ 1,200,000,000 | ||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (1,137,000) | |||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 1,157,000 | |||||
Interest Receivable | 32,900,000 | 32,900,000 | ||||
Loans and Leases Receivable, Allowance | (112,176,000) | (112,176,000) | $ (67,740,000) | $ (65,960,000) | $ (65,140,000) | $ (64,293,000) |
Off-Balance Sheet, Credit Loss, Liability | $ 790,000 | 790,000 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | contract | 0 | |||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ (19,800,000) | $ (44,400,000) |
Loans, Allowance for Loan Los_3
Loans, Allowance for Loan Losses and Credit Quality (ALLL - by category) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | $ 8,809,155 | |||||
Financing Receivable, Individually Evaluated for Impairment | 49,628 | |||||
Financing Receivable, after Allowance for Credit Loss | 6,119,185 | |||||
Summary of changes in allowance for loan losses | ||||||
Beginning Balance | $ 65,140 | $ 67,740 | $ 64,293 | |||
Charge-offs | 472 | (1,031) | ||||
Recoveries | 292 | 698 | ||||
Provision for credit losses | $ 20,000 | 1,000 | 45,000 | 2,000 | ||
Ending Balance | 112,176 | 65,960 | 112,176 | 65,960 | ||
Ending Balance: Individually Evaluated for Impairment | 1,073 | 1,073 | 980 | |||
Ending Balance: Collectively Evaluated for Impairment | 64,887 | 64,887 | ||||
Loans and Leases Receivable, Gross | 9,359,648 | 9,359,648 | 8,873,639 | |||
Commercial and Industrial [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,370,580 | |||||
Financing Receivable, Individually Evaluated for Impairment | 24,456 | |||||
Financing Receivable, after Allowance for Credit Loss | 1,395,036 | |||||
Summary of changes in allowance for loan losses | ||||||
Beginning Balance | 16,872 | 15,760 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 124 | ||||
Provision for credit losses | (15) | 973 | ||||
Ending Balance | 16,857 | 16,857 | ||||
Ending Balance: Individually Evaluated for Impairment | 7 | 7 | 126 | |||
Ending Balance: Collectively Evaluated for Impairment | 16,850 | 16,850 | ||||
Financing Receivable, before Allowance for Credit Loss | 2,004,645 | 2,004,645 | 1,395,036 | |||
Loans and Leases Receivable, Gross | 2,004,645 | 2,004,645 | 1,395,036 | |||
Commercial Real Estate [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 3,987,848 | |||||
Financing Receivable, Individually Evaluated for Impairment | 8,337 | |||||
Financing Receivable, after Allowance for Credit Loss | 4,002,359 | |||||
Summary of changes in allowance for loan losses | ||||||
Beginning Balance | 32,049 | 32,370 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 13 | 46 | ||||
Provision for credit losses | 598 | 244 | ||||
Ending Balance | 32,660 | 32,660 | ||||
Ending Balance: Individually Evaluated for Impairment | 74 | 74 | 48 | |||
Ending Balance: Collectively Evaluated for Impairment | 32,586 | 32,586 | ||||
Financing Receivable, before Allowance for Credit Loss | 4,071,047 | 4,071,047 | 4,002,359 | |||
Loans and Leases Receivable, Gross | 4,071,047 | 4,071,047 | 4,002,359 | |||
Construction Loans [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 547,293 | |||||
Financing Receivable, Individually Evaluated for Impairment | 0 | |||||
Financing Receivable, after Allowance for Credit Loss | 547,293 | |||||
Summary of changes in allowance for loan losses | ||||||
Beginning Balance | 5,355 | 5,158 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provision for credit losses | 238 | 435 | ||||
Ending Balance | 5,593 | 5,593 | ||||
Ending Balance: Individually Evaluated for Impairment | 0 | 0 | ||||
Ending Balance: Collectively Evaluated for Impairment | 5,593 | 5,593 | ||||
Financing Receivable, before Allowance for Credit Loss | 537,788 | 537,788 | 547,293 | |||
Loans and Leases Receivable, Gross | 537,788 | 537,788 | 547,293 | |||
Small Business [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 173,960 | |||||
Financing Receivable, Individually Evaluated for Impairment | 537 | |||||
Financing Receivable, after Allowance for Credit Loss | 174,497 | |||||
Summary of changes in allowance for loan losses | ||||||
Beginning Balance | 1,784 | 1,756 | ||||
Charge-offs | 49 | (194) | ||||
Recoveries | 20 | 47 | ||||
Provision for credit losses | 13 | 159 | ||||
Ending Balance | 1,768 | 1,768 | ||||
Ending Balance: Individually Evaluated for Impairment | 38 | 38 | 8 | |||
Ending Balance: Collectively Evaluated for Impairment | 1,730 | 1,730 | ||||
Financing Receivable, before Allowance for Credit Loss | 170,288 | 170,288 | 174,497 | |||
Loans and Leases Receivable, Gross | 170,288 | 170,288 | 174,497 | |||
Residential Real Estate [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,571,848 | |||||
Financing Receivable, Individually Evaluated for Impairment | 11,228 | |||||
Summary of changes in allowance for loan losses | ||||||
Beginning Balance | 3,234 | 3,219 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 1 | ||||
Provision for credit losses | 62 | 76 | ||||
Ending Balance | 3,296 | 3,296 | ||||
Ending Balance: Individually Evaluated for Impairment | 789 | 789 | 637 | |||
Ending Balance: Collectively Evaluated for Impairment | 2,507 | 2,507 | ||||
Financing Receivable, before Allowance for Credit Loss | 1,431,129 | 1,431,129 | 1,590,569 | |||
Loans and Leases Receivable, Gross | 1,431,129 | 1,431,129 | 1,590,569 | |||
Consumer Home Equity [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,127,963 | |||||
Financing Receivable, Individually Evaluated for Impairment | 4,948 | |||||
Summary of changes in allowance for loan losses | ||||||
Beginning Balance | 5,507 | 5,608 | ||||
Charge-offs | 71 | (184) | ||||
Recoveries | 18 | 84 | ||||
Provision for credit losses | 93 | 39 | ||||
Ending Balance | 5,547 | 5,547 | ||||
Ending Balance: Individually Evaluated for Impairment | 159 | 159 | 156 | |||
Ending Balance: Collectively Evaluated for Impairment | 5,388 | 5,388 | ||||
Loans and Leases Receivable, Gross | 1,120,523 | 1,120,523 | 1,133,798 | |||
Consumer - Other [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 29,663 | |||||
Financing Receivable, Individually Evaluated for Impairment | 122 | |||||
Summary of changes in allowance for loan losses | ||||||
Beginning Balance | 339 | 422 | ||||
Charge-offs | 352 | (653) | ||||
Recoveries | 241 | 396 | ||||
Provision for credit losses | $ 11 | $ 74 | ||||
Ending Balance | 239 | 239 | ||||
Ending Balance: Individually Evaluated for Impairment | 6 | 6 | 5 | |||
Ending Balance: Collectively Evaluated for Impairment | 233 | 233 | ||||
Financing Receivable, before Allowance for Credit Loss | 24,228 | 24,228 | 30,087 | |||
Loans and Leases Receivable, Gross | $ 24,228 | $ 24,228 | 30,087 | [1] | ||
Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | 14,856 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | Commercial and Industrial [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | 0 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | 6,174 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | Construction Loans [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | 0 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | Small Business [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | 0 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | Residential Real Estate [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | 7,493 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | Consumer Home Equity [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | 887 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | Consumer - Other [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, after Allowance for Credit Loss | $ 302 | |||||
[1] | (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. |
Loans, Allowance for Loan Los_4
Loans, Allowance for Loan Losses and Credit Quality (Internal Risk-Rating Categories for the Commercial Portfolio) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | $ 6,119,185 |
Commercial and Industrial [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 1,395,036 |
Commercial Real Estate [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 4,002,359 |
Commercial Construction [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 547,293 |
Small Business [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 174,497 |
PASS [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 5,848,531 |
PASS [Member] | Commercial and Industrial [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 1,274,155 |
PASS [Member] | Commercial Real Estate [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 3,860,555 |
PASS [Member] | Commercial Construction [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 542,608 |
PASS [Member] | Small Business [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 171,213 |
POTENTIAL WEAKNESS [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 164,416 |
POTENTIAL WEAKNESS [Member] | Commercial and Industrial [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 63,485 |
POTENTIAL WEAKNESS [Member] | Commercial Real Estate [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 97,268 |
POTENTIAL WEAKNESS [Member] | Commercial Construction [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 2,247 |
POTENTIAL WEAKNESS [Member] | Small Business [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 1,416 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 106,238 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial and Industrial [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 57,396 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial Real Estate [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 44,536 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial Construction [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 2,438 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Small Business [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 1,868 |
PARTIAL LOSS PROBABLE [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 0 |
PARTIAL LOSS PROBABLE [Member] | Commercial and Industrial [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 0 |
PARTIAL LOSS PROBABLE [Member] | Commercial Real Estate [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 0 |
PARTIAL LOSS PROBABLE [Member] | Commercial Construction [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 0 |
PARTIAL LOSS PROBABLE [Member] | Small Business [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 0 |
DEFINITE LOSS [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 0 |
DEFINITE LOSS [Member] | Commercial and Industrial [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 0 |
DEFINITE LOSS [Member] | Commercial Real Estate [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 0 |
DEFINITE LOSS [Member] | Commercial Construction [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | 0 |
DEFINITE LOSS [Member] | Small Business [Member] | |
Internal risk-rating categories for the Company's commercial portfolio | |
TOTAL | $ 0 |
Loans, Allowance for Loan Los_5
Loans, Allowance for Loan Losses and Credit Quality (Impaired Loans by Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Impaired loans by loan portfolio | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 1,073 | $ 980 |
Related Allowance | 980 | |
Impaired Financing Receivable, Recorded Investment, Total | 49,628 | |
Impaired Financing Receivable, Unpaid Principal Balance | 68,140 | |
WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 39,242 | |
Unpaid Principal Balance | 56,605 | |
Related Allowance | 0 | |
WITH AN ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 10,386 | |
Unpaid Principal Balance | 11,535 | |
Commercial and Industrial [Member] | ||
Impaired loans by loan portfolio | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 7 | 126 |
Commercial and Industrial [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 23,786 | |
Unpaid Principal Balance | 34,970 | |
Related Allowance | 0 | |
Commercial and Industrial [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 670 | |
Unpaid Principal Balance | 670 | |
Commercial Real Estate [Member] | ||
Impaired loans by loan portfolio | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 74 | 48 |
Commercial Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 6,213 | |
Unpaid Principal Balance | 12,101 | |
Related Allowance | 0 | |
Commercial Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 2,124 | |
Unpaid Principal Balance | 2,124 | |
Construction Loans [Member] | ||
Impaired loans by loan portfolio | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | |
Small Business [Member] | ||
Impaired loans by loan portfolio | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 38 | 8 |
Small Business [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 469 | |
Unpaid Principal Balance | 484 | |
Related Allowance | 0 | |
Small Business [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 68 | |
Unpaid Principal Balance | 105 | |
Residential Real Estate [Member] | ||
Impaired loans by loan portfolio | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 789 | 637 |
Residential Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 4,976 | |
Unpaid Principal Balance | 5,123 | |
Related Allowance | 0 | |
Residential Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 6,252 | |
Unpaid Principal Balance | 7,163 | |
Consumer Home Equity [Member] | ||
Impaired loans by loan portfolio | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 159 | 156 |
Consumer Home Equity [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 3,764 | |
Unpaid Principal Balance | 3,893 | |
Related Allowance | 0 | |
Consumer Home Equity [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 1,184 | |
Unpaid Principal Balance | 1,382 | |
Consumer - Other [Member] | ||
Impaired loans by loan portfolio | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 6 | 5 |
Consumer - Other [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 34 | |
Unpaid Principal Balance | 34 | |
Related Allowance | 0 | |
Consumer - Other [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Impaired loans by loan portfolio | ||
Recorded Investment | 88 | |
Unpaid Principal Balance | $ 91 |
Loans, Allowance for Loan Los_6
Loans, Allowance for Loan Losses and Credit Quality (Int Inc. Recognized on Impaired Loans by Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Interest income recognized on impaired loans | ||
Average Recorded Investment | $ 54,648 | $ 56,449 |
Interest Income Recognized | 341 | 683 |
WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 44,717 | 46,427 |
Interest Income Recognized | 240 | 483 |
WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 9,931 | 10,022 |
Interest Income Recognized | 101 | 200 |
Commercial and Industrial [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 27,406 | 28,971 |
Interest Income Recognized | 34 | 70 |
Commercial and Industrial [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 268 | 270 |
Interest Income Recognized | 3 | 6 |
Commercial Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 7,496 | 7,582 |
Interest Income Recognized | 92 | 186 |
Commercial Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 1,662 | 1,672 |
Interest Income Recognized | 24 | 49 |
Small Business [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 309 | 319 |
Interest Income Recognized | 2 | 6 |
Small Business [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 190 | 192 |
Interest Income Recognized | 2 | 5 |
Residential Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 4,713 | 4,727 |
Interest Income Recognized | 58 | 113 |
Residential Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 6,707 | 6,775 |
Interest Income Recognized | 59 | 116 |
Consumer Home Equity [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 4,751 | 4,783 |
Interest Income Recognized | 53 | 107 |
Consumer Home Equity [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 972 | 978 |
Interest Income Recognized | 11 | 22 |
Consumer - Other [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 42 | 45 |
Interest Income Recognized | 1 | 1 |
Consumer - Other [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 132 | 135 |
Interest Income Recognized | $ 2 | $ 2 |
Loans, Allowance for Loan Los_7
Loans, Allowance for Loan Losses and Credit Quality (Purchased Credit Impaired Loans - Outstanding/Carrying balances) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Outstanding balance | $ 18,358 |
Financing Receivable, after Allowance for Credit Loss | 6,119,185 |
Financial Asset Acquired with Credit Deterioration [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | $ 14,856 |
Loans, Allowance for Loan Los_8
Loans, Allowance for Loan Losses and Credit Quality (Activity in the Accretable Yield for PCI loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2019 | ||
Loans, Allowance for Loan Losses and Credit Quality [Abstract] | ||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Additions | $ 1,464 | $ 1,464 | ||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Beginning of Period | $ 1,164 | 1,191 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (662) | (803) | ||
Certainloansacquiredinatransfernotaccountedforasdebtsecuritiesaccretableyieldadjustmentchangesinexpectedcashflow | 272 | [1] | 386 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, End of Period | $ 2,238 | $ 2,238 | ||
[1] | (1) Represents changes in cash flows expected to be collected and resulting in increased interest income as a prospective yield adjustment over the remaining life of the loan(s). |
Loans, Allowance for Loan Los_9
Loans, Allowance for Loan Losses and Credit Quality (Textual) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 2,100,000 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | ||
Days to be termed as non accrual loans | 90 days | ||
Tdrs Recorded Investment On Nonaccrual Status | $ 24,098,000 | $ 24,766,000 | |
Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 120,000 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses Finance Receivables Bifurcated by type of impairment evaluation (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | $ 8,809,155 | ||
Financing Receivable, Individually Evaluated for Impairment | 49,628 | ||
Financing Receivable, after Allowance for Credit Loss | 6,119,185 | ||
Loans and Leases Receivable, Gross | $ 9,359,648 | 8,873,639 | |
Unamortized Loan Commitment and Origination fees | 7,100 | ||
Unamortized Discounts or Premiums | 21,600 | ||
Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 1,370,580 | ||
Financing Receivable, Individually Evaluated for Impairment | 24,456 | ||
Financing Receivable, after Allowance for Credit Loss | 1,395,036 | ||
Financing Receivable, before Allowance for Credit Loss | 2,004,645 | 1,395,036 | |
Loans and Leases Receivable, Gross | 2,004,645 | 1,395,036 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 3,987,848 | ||
Financing Receivable, Individually Evaluated for Impairment | 8,337 | ||
Financing Receivable, after Allowance for Credit Loss | 4,002,359 | ||
Financing Receivable, before Allowance for Credit Loss | 4,071,047 | 4,002,359 | |
Loans and Leases Receivable, Gross | 4,071,047 | 4,002,359 | |
Construction Loans [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 547,293 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | ||
Financing Receivable, after Allowance for Credit Loss | 547,293 | ||
Financing Receivable, before Allowance for Credit Loss | 537,788 | 547,293 | |
Loans and Leases Receivable, Gross | 537,788 | 547,293 | |
Small Business [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 173,960 | ||
Financing Receivable, Individually Evaluated for Impairment | 537 | ||
Financing Receivable, after Allowance for Credit Loss | 174,497 | ||
Financing Receivable, before Allowance for Credit Loss | 170,288 | 174,497 | |
Loans and Leases Receivable, Gross | 170,288 | 174,497 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 1,571,848 | ||
Financing Receivable, Individually Evaluated for Impairment | 11,228 | ||
Financing Receivable, before Allowance for Credit Loss | 1,431,129 | 1,590,569 | |
Loans and Leases Receivable, Gross | 1,431,129 | 1,590,569 | |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 1,127,963 | ||
Financing Receivable, Individually Evaluated for Impairment | 4,948 | ||
Loans and Leases Receivable, Gross | 1,120,523 | 1,133,798 | |
Consumer - Other [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | 29,663 | ||
Financing Receivable, Individually Evaluated for Impairment | 122 | ||
Financing Receivable, before Allowance for Credit Loss | 24,228 | 30,087 | |
Loans and Leases Receivable, Gross | $ 24,228 | 30,087 | [1] |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss | 14,856 | ||
Financial Asset Acquired with Credit Deterioration [Member] | Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss | 0 | ||
Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss | 6,174 | ||
Financial Asset Acquired with Credit Deterioration [Member] | Construction Loans [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss | 0 | ||
Financial Asset Acquired with Credit Deterioration [Member] | Small Business [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss | 0 | ||
Financial Asset Acquired with Credit Deterioration [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss | 7,493 | ||
Financial Asset Acquired with Credit Deterioration [Member] | Home Equity Line of Credit [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss | 887 | ||
Financial Asset Acquired with Credit Deterioration [Member] | Consumer - Other [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss | $ 302 | ||
[1] | (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. |
Goodwill Schedule of Intangible
Goodwill Schedule of Intangible Assets and Goodwill table (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 506,206 | $ 506,206 |
Intangible Assets, Net (Excluding Goodwill) | 25,996 | 29,286 |
Intangible Assets, Net (Including Goodwill) | 532,202 | 535,492 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Net (Excluding Goodwill) | 25,052 | 28,016 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Net (Excluding Goodwill) | $ 944 | $ 1,270 |
Earnings Per Share (EPS Compone
Earnings Per Share (EPS Components) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Summary of earnings per share | ||||
Net income | $ 24,902 | $ 30,628 | $ 51,653 | $ 65,853 |
Weighted Average Shares (in shares) | ||||
BASIC SHARES | 32,944,761 | 34,313,492 | 33,564,596 | 31,226,985 |
EFFECT OF DILUTIVE SECURITIES | 28,098 | 41,878 | 31,991 | 48,381 |
DILUTIVE SHARES | 32,972,859 | 34,355,370 | 33,596,587 | 31,275,366 |
NET INCOME PER SHARE (in dollars per share) | ||||
BASIC EPS | $ 0.76 | $ 0.89 | $ 1.54 | $ 2.11 |
EFFECT OF DILUTIVE SECURITIES | 0 | 0 | 0 | 0 |
DILUTIVE EPS | $ 0.76 | $ 0.89 | $ 1.54 | $ 2.11 |
Earnings Per Share Antidilutive
Earnings Per Share Antidilutive Securities excluded from the Computaion of Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||||
Stock Option [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,000 | 0 | 10,000 | 0 |
Performance Shares [Member] | ||||
Stock Option [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 9,763 | 11,419 |
Stock Based Compensation (Award
Stock Based Compensation (Awards of Restricted Stock) (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Ratably Over Period [Member] | 2/27/2020 | Employee Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 46,550 |
Grant Date Fair Value Per Share | $ / shares | $ 70.24 |
Vesting Period | Ratably over 5 years from grant date |
Ratably Over Period [Member] | 4/15/2020 | Employee Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 880 |
Grant Date Fair Value Per Share | $ / shares | $ 68.14 |
Vesting Period | Ratably over 5 years from grant date |
Immediate Vest on grant date [Member] | 5/27/2020 | Two Thousand Eighteen Nonemployee Director Stock Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 9,438 |
Grant Date Fair Value Per Share | $ / shares | $ 72.86 |
Vesting Period | Shares vested immediately |
Stock Based Compensation Perfor
Stock Based Compensation Performance-based Restricted Stock Textual (Details) - Employee Stock Plan [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 17,100 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 70.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 14,400 |
Stock Based Compensation Stock
Stock Based Compensation Stock Based Compensation Option Awards Granted (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2020shares | |
Employee Stock Plan [Member] | Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Derivative Positions for Interest Rate Swaps which Qualify as Hedges) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ||||||
Amortization Of Deferred Hedge Gains Losses | $ 0 | $ 0 | ||||
Change in Fair Value on Loans Held for Sale | 583,000 | $ 919,000 | 839,000 | $ 920,000 | ||
Fair Value Hedges, Net | 0 | 0 | $ 0 | |||
Interest rate collars on loans [Member] | ||||||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ||||||
Derivative, Notional Amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||
Derivative, Average Remaining Maturity | 3 years 2 months 1 day | 3 years 7 months 28 days | ||||
Derivative, Average Variable Interest Rate | 0.18% | 0.18% | 1.76% | |||
Fair Value | [1] | $ 26,322,000 | $ 26,322,000 | $ 9,896,000 | ||
Derivative, Average Cap Interest Rate | 2.73% | 2.73% | 2.73% | |||
Derivative, Average Floor Interest Rate | 2.20% | 2.20% | 2.02% | |||
Interest rate swaps on loans [Member] | ||||||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ||||||
Derivative, Notional Amount | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | |||
Derivative, Average Remaining Maturity | 3 years 1 month 28 days | 3 years 7 months 28 days | ||||
Derivative, Average Variable Interest Rate | 0.18% | 0.18% | 1.76% | |||
Derivative, Average Fixed Interest Rate | 2.37% | 2.37% | 2.37% | |||
Fair Value | [1] | $ 32,484,000 | $ 32,484,000 | $ 12,907,000 | ||
Interest rate swaps on borrowings [Member] | ||||||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ||||||
Derivative, Notional Amount | $ 175,000,000 | $ 175,000,000 | $ 75,000,000 | |||
Derivative, Average Remaining Maturity | 1 year 11 months 12 days | 2 years 2 months 4 days | ||||
Derivative, Average Variable Interest Rate | 0.32% | 0.32% | 1.90% | |||
Derivative, Average Fixed Interest Rate | 0.94% | 0.94% | 1.53% | |||
Fair Value | [1] | $ (2,283,000) | $ (2,283,000) | $ 140,000 | ||
Interest rate swaps | ||||||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ||||||
Derivative, Notional Amount | 1,025,000,000 | 1,025,000,000 | 925,000,000 | |||
Fair Value | [1] | $ 56,523,000 | $ 56,523,000 | $ 22,943,000 | ||
[1] | Beginning in 2020, the Company made an election to include accrued interest within fair value balances. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Customer Related Derivative Positions - Not Designated as Hedges) (Details) - Not Designated as Hedging Instrument $ in Thousands | Jun. 30, 2020USD ($)position | Dec. 31, 2019USD ($)position | |
Receive fixed, pay variable | Loan level swaps | |||
Summary of customer related derivative positions, not designated as hedging | |||
Number of Positions | position | [1] | 324 | 299 |
Less than 1 year | $ 140,331 | $ 156,690 | |
Less than 2 years | 71,765 | 125,203 | |
Less than 3 years | 123,243 | 85,603 | |
Less than 4 years | 139,981 | 165,599 | |
Thereafter | 1,231,251 | 1,044,315 | |
Derivative, Notional Amount | 1,706,571 | 1,577,410 | |
Fair Value | [2] | $ 153,344 | $ 48,596 |
Pay fixed, receive variable | Loan level swaps | |||
Summary of customer related derivative positions, not designated as hedging | |||
Number of Positions | position | [1] | 316 | 290 |
Less than 1 year | $ 143,646 | $ 156,690 | |
Less than 2 years | 71,765 | 125,203 | |
Less than 3 years | 123,243 | 85,603 | |
Less than 4 years | 139,981 | 165,599 | |
Thereafter | 1,231,251 | 1,044,315 | |
Derivative, Notional Amount | 1,709,886 | 1,577,410 | |
Fair Value | [2] | $ (153,348) | $ (48,591) |
Buys foreign currency, sells U.S. currency | Foreign exchange contracts | |||
Summary of customer related derivative positions, not designated as hedging | |||
Number of Positions | position | [1] | 37 | 40 |
Less than 1 year | $ 108,120 | $ 91,434 | |
Derivative, Notional Amount | 108,120 | 91,434 | |
Fair Value | [2] | $ 1,007 | $ (81) |
Buys U.S. currency, sells foreign currency | Foreign exchange contracts | |||
Summary of customer related derivative positions, not designated as hedging | |||
Number of Positions | position | [1] | 37 | 40 |
Less than 1 year | $ 108,120 | $ 91,434 | |
Derivative, Notional Amount | 108,120 | 91,434 | |
Fair Value | [2] | $ (963) | $ 123 |
[1] | The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements. | ||
[2] | Beginning in 2020, the Company made an election to include accrued interest within fair value balances. |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (FV of Derivative Financial Instruments and Classification on Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | $ 219,420 | $ 78,385 |
Derivative Liability | [2] | 139,426 | 53,923 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [1] | 160,613 | 53,503 |
Derivative, Collateral, Obligation to Return Securities | [1],[3] | 58,807 | 24,882 |
Derivative, Collateral, Right to Reclaim Securities | [2],[3] | 58,807 | 24,882 |
Derivative, Collateral, Obligation to Return Cash | [1] | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | [2] | 76,733 | 25,493 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | [2] | 3,886 | 3,548 |
Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | [1] | 160,324 | 55,245 |
Derivative Asset, Fair Value, Gross Asset | [1] | 219,130 | 78,385 |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | [2] | 156,186 | 53,726 |
Liability Derivatives | [2] | 158,469 | 53,923 |
Interest rate swaps [Member] | Derivatives designated as hedges [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | [1],[4] | 58,806 | 23,140 |
Interest rate swaps [Member] | Derivatives designated as hedges [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Derivative Liabilities, at Fair Value | [2],[5] | 2,283 | 197 |
Loan level swaps [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1],[4] | 153,347 | 52,374 |
Loan level swaps [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | [2],[5] | 153,351 | 52,369 |
Foreign exchange contracts | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 1,542 | 1,191 |
Foreign exchange contracts | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | [2] | 1,498 | 1,149 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instrument Not Designated as a Hedge, Interest Rate Lock Commitments, Asset at Fair Value | [1] | 5,435 | 1,680 |
Derivative Instrument Not Designated as a Hedge, Forward Sales Agreements, Asset at Fair Value | [1] | 0 | 0 |
Derivative Instrument Not Designated as a Hedge, Forward Sale Hedge Commitment, Asset at Fair Value | [1] | 0 | 0 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instrument Not Designated as a Hedge, Interest Rate Lock Commitments, Liabilities at Fair Value | [2] | 0 | 0 |
Derivative Instrument Not Designated as a Hedge, Forward Sales Agreements, Liabilities at Fair Value | [2] | 572 | 12 |
Derivative Instrument Not Designated as a Hedge, Forward Sale Hedge Commitment, Liability at Fair Value | [2] | 765 | 196 |
CME [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Collateral, Obligation to Return Cash | [1],[6] | (290) | 0 |
Derivative, Collateral, Right to Reclaim Cash | [2],[6] | $ 19,043 | $ 0 |
[1] | All asset derivatives are located in other assets on the balance sheet. | ||
[2] | All liability derivatives are located in other liabilities on the balance sheet. | ||
[3] | Reflects offsetting derivative positions with the same counterparty that are not netted on the balance sheet. | ||
[4] | Approximately $1.1 million and $1.9 million of accrued interest receivable is included in the fair value of the interest rate and loan level asset derivatives, respectively, as of June 30, 2020 . Accrued interest receivable of approximately and $350,000 and $569,000 was excluded from the fair value of the interest rate and loan level asset derivatives, respectively, as of December 31, 2019 | ||
[5] | Approximately $177,000 of accrued interest receivable is included in the fair value of interest rate derivative liabilities as of June 30, 2020 . Approximately $2.0 million of accrued interest payable is included in the fair value of the loan level derivative liabilities as of June 30, 2020 . Accrued interest payable of approximately $4,000 and $569,000 was excluded from the fair value of the interest rate and loan level derivative liabilities, respectively, as of December 31, 2019 | ||
[6] | Netting adjustments represent the amounts recorded to convert derivative assets and liabilities cleared through CME from a gross basis to a net basis, inclusive of the variation margin payments, in accordance with applicable accounting guidance. As displayed in the table above, derivatives that cleared through the CME were either in a net asset position or a net liability position as of June 30, 2020 . |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Derivative Financial Instruments included in OCI and Current Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Loss on Termination of Derivatives, before Tax | $ 0 | $ 0 | ||
Derivatives designated as hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | 0 | 0 | ||
Gain reclassified from OCI into interest income or interest expense (effective portion) | 3,976 | 394 | $ 5,562 | $ 818 |
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other income | 3,350 | 1,492 | 2,627 | 1,563 |
Interest Expense [Member] | Derivatives designated as hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | 0 | 0 | ||
Other expense | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other income | 3 | 14 | 25 | 27 |
Changes in fair value of mortgage derivatives | Derivatives designated as hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | 0 | 0 | ||
Changes in fair value of mortgage derivatives | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other income | 0 | (10) | (24) | (11) |
Total | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Mortgage banking income | 3,347 | 1,488 | 2,626 | 1,547 |
Derivatives designated as hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | $ 197 | $ 8,590 | $ 23,181 | $ 11,875 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Textual) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
Derivative [Line Items] | ||||||
Interest Receivable | $ 32,900,000 | $ 32,900,000 | ||||
Derivative, Net Liability Position, Aggregate Fair Value | 96,800,000 | $ 96,800,000 | $ 26,000,000 | |||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 4 years 4 months 24 days | |||||
Gain (Loss) on Sales of Loans, Net | 6,100,000 | $ 3,300,000 | $ 10,600,000 | $ 4,000,000 | ||
Exposure to Institutional Counterparties | 58,800,000 | 58,800,000 | 25,400,000 | |||
Amortization Of Deferred Hedge Gains Losses | 0 | 0 | ||||
Customer related positions | 153,300,000 | 153,300,000 | 51,000,000 | |||
Fair Value Hedges, Net | 0 | 0 | 0 | |||
Change in Fair Value on Loans Held for Sale | 583,000 | $ 919,000 | 839,000 | $ 920,000 | ||
Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Interest Receivable | [1],[2] | 1,100,000 | 1,100,000 | 350,000 | ||
Derivative, Notional Amount | $ 1,025,000,000 | $ 1,025,000,000 | 925,000,000 | |||
Interest Payable, Current | [1],[2] | $ (4,000) | ||||
Interest rate collars on loans [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Average Cap Interest Rate | 2.73% | 2.73% | 2.73% | |||
Derivative, Average Floor Interest Rate | 2.20% | 2.20% | 2.02% | |||
Derivative, Notional Amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||
Loan level swaps | ||||||
Derivative [Line Items] | ||||||
Interest Receivable | [1],[2] | 1,900,000 | 1,900,000 | 569,000 | ||
Interest Payable, Current | [1],[2] | (2,000,000) | (2,000,000) | (569,000) | ||
Interest rate swaps on borrowings [Member] | ||||||
Derivative [Line Items] | ||||||
Interest Receivable | [1],[2] | 177,000 | 177,000 | |||
Derivative, Notional Amount | $ 175,000,000 | 175,000,000 | $ 75,000,000 | |||
Interest Income [Member] | ||||||
Derivative [Line Items] | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (18,400,000) | |||||
Interest Expense [Member] | ||||||
Derivative [Line Items] | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1,200,000 | |||||
[1] | All asset derivatives are located in other assets on the balance sheet. | |||||
[2] | Approximately $1.1 million and $1.9 million of accrued interest receivable is included in the fair value of the interest rate and loan level asset derivatives, respectively, as of June 30, 2020 . Accrued interest receivable of approximately and $350,000 and $569,000 was excluded from the fair value of the interest rate and loan level asset derivatives, respectively, as of December 31, 2019 |
Income Taxes Tax Provision and
Income Taxes Tax Provision and Applicable Rates (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Tax provision and applicable tax rates [Line Items] | ||||
Current Federal, State and Local, Tax Expense (Benefit) | $ 7,779 | $ 10,007 | $ 9,927 | $ 21,529 |
Effective Income Tax Rate Reconciliation, Percent | 23.80% | 24.63% | 16.12% | 24.64% |
Income Taxes Textual (Details)
Income Taxes Textual (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Current Federal, State and Local, Tax Expense (Benefit) | $ 7,779 | $ 10,007 | $ 9,927 | $ 21,529 |
Other Tax Expense (Benefit) | $ 4,700 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Trading | $ 2,541 | $ 2,179 | |
Equity Securities, FV-NI | 20,810 | 21,261 | |
Debt Securities, Available-for-sale | 420,517 | 426,424 | |
U.S. government agency securities | |||
ASSETS | |||
Debt Securities, Available-for-sale | 24,345 | 33,115 | |
Agency mortgage-backed securities | |||
ASSETS | |||
Debt Securities, Available-for-sale | 248,805 | 247,000 | |
Pooled trust preferred securities issued by banks and insurers | |||
ASSETS | |||
Debt Securities, Available-for-sale | 986 | 1,114 | |
Small Business Administration Pooled Securities [Member] | |||
ASSETS | |||
Debt Securities, Available-for-sale | 63,977 | 54,795 | |
Recurring fair value measurements | |||
ASSETS | |||
Trading | 2,541 | 2,179 | |
LIABILITIES | |||
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 549,924 | 507,633 | |
Recurring fair value measurements | Equity Securities [Member] | |||
ASSETS | |||
Equity Securities, FV-NI | 20,810 | 21,261 | |
Recurring fair value measurements | U.S. government agency securities | |||
ASSETS | |||
Debt Securities, Available-for-sale | 24,345 | 33,115 | |
Recurring fair value measurements | Agency mortgage-backed securities | |||
ASSETS | |||
Debt Securities, Available-for-sale | 248,805 | 247,000 | |
Recurring fair value measurements | Agency collateralized mortgage obligations | |||
ASSETS | |||
Debt Securities, Available-for-sale | 80,812 | 88,511 | |
Recurring fair value measurements | Municipal Bonds [Member] | |||
ASSETS | |||
Debt Securities, Available-for-sale | 1,147 | 1,396 | |
Recurring fair value measurements | Single issuer trust preferred securities issued by banks and insurers | |||
ASSETS | |||
Debt Securities, Available-for-sale | 445 | 493 | |
Recurring fair value measurements | Pooled trust preferred securities issued by banks and insurers | |||
ASSETS | |||
Debt Securities, Available-for-sale | 986 | 1,114 | |
Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | |||
ASSETS | |||
Debt Securities, Available-for-sale | 63,977 | 54,795 | |
Recurring fair value measurements | Loans held for sale | |||
ASSETS | |||
Loans Held-for-sale, Fair Value Disclosure | 45,395 | 33,307 | |
Recurring fair value measurements | Derivative Financial Instruments, Assets [Member] | |||
ASSETS | |||
Derivative Asset, Fair Value, Gross Asset | 219,130 | 78,385 | |
Recurring fair value measurements | Derivative instruments | |||
LIABILITIES | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 158,469 | 53,923 | |
Nonrecurring fair value measurements | |||
LIABILITIES | |||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 37,419 | 25,515 | |
Nonrecurring fair value measurements | Individually assessed collateral dependent loans | |||
ASSETS | |||
Assets, Fair Value Disclosure | 25,515 | ||
Nonrecurring fair value measurements | Collateral Dependent Loans [Member] | |||
ASSETS | |||
Assets, Fair Value Disclosure | 37,419 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | |||
ASSETS | |||
Trading | 2,541 | 2,179 | |
LIABILITIES | |||
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 23,351 | 23,440 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Equity Securities [Member] | |||
ASSETS | |||
Equity Securities, FV-NI | 20,810 | 21,261 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Municipal Bonds [Member] | |||
ASSETS | |||
Debt Securities, Available-for-sale | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | |||
ASSETS | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Nonrecurring fair value measurements | |||
LIABILITIES | |||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | |||
LIABILITIES | |||
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 525,587 | 483,079 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Equity Securities [Member] | |||
ASSETS | |||
Equity Securities, FV-NI | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. government agency securities | |||
ASSETS | |||
Debt Securities, Available-for-sale | 24,345 | 33,115 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Agency mortgage-backed securities | |||
ASSETS | |||
Debt Securities, Available-for-sale | 248,805 | 247,000 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Agency collateralized mortgage obligations | |||
ASSETS | |||
Debt Securities, Available-for-sale | 80,812 | 88,511 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Municipal Bonds [Member] | |||
ASSETS | |||
Debt Securities, Available-for-sale | 1,147 | 1,396 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Single issuer trust preferred securities issued by banks and insurers | |||
ASSETS | |||
Debt Securities, Available-for-sale | 445 | 493 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | |||
ASSETS | |||
Debt Securities, Available-for-sale | 63,977 | 54,795 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Loans held for sale | |||
ASSETS | |||
Loans Held-for-sale, Fair Value Disclosure | 45,395 | 33,307 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Derivative Financial Instruments, Assets [Member] | |||
ASSETS | |||
Derivative Asset, Fair Value, Gross Asset | 219,130 | 78,385 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Derivative instruments | |||
LIABILITIES | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 158,469 | 53,923 | |
Significant Other Observable Inputs (Level 2) | Nonrecurring fair value measurements | |||
LIABILITIES | |||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | |||
LIABILITIES | |||
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 986 | 1,114 | |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Equity Securities [Member] | |||
ASSETS | |||
Equity Securities, FV-NI | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Municipal Bonds [Member] | |||
ASSETS | |||
Debt Securities, Available-for-sale | 0 | ||
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Pooled trust preferred securities issued by banks and insurers | |||
ASSETS | |||
Debt Securities, Available-for-sale | 986 | 1,114 | |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | |||
ASSETS | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Nonrecurring fair value measurements | |||
LIABILITIES | |||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 37,419 | 25,515 | |
Significant Unobservable Inputs (Level 3) | Nonrecurring fair value measurements | Individually assessed collateral dependent loans | |||
ASSETS | |||
Assets, Fair Value Disclosure | $ 25,515 | ||
Significant Unobservable Inputs (Level 3) | Nonrecurring fair value measurements | Collateral Dependent Loans [Member] | |||
ASSETS | |||
Assets, Fair Value Disclosure | [1] | $ 37,419 | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary. |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - Pooled Trust Preferred Securities [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 986 | $ 1,281 | $ 986 | $ 1,281 | $ 1,009 | $ 1,114 | $ 1,314 | $ 1,329 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (19) | (27) | (79) | (24) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | $ (4) | $ (6) | $ (49) | $ (24) |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 2) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale | $ 420,517 | $ 426,424 | |
Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Weighted Average [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cumulative Default | 13.30% | 13.50% | |
Loss Given Default | 93.70% | 93.60% | |
Cure Given Default | 60.90% | 60.90% | |
Pooled trust preferred securities | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale | $ 986 | $ 1,114 | |
Pooled trust preferred securities | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Minimum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cumulative Default | 2.00% | 2.00% | |
Loss Given Default | 85.00% | 85.00% | |
Cure Given Default | 0.00% | 0.00% | |
Pooled trust preferred securities | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Maximum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cumulative Default | 100.00% | 100.00% | |
Loss Given Default | 100.00% | 100.00% | |
Cure Given Default | 75.00% | 75.00% | |
Fair Value, Nonrecurring [Member] | Collateral Dependent Loans [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | $ 37,419 | ||
Fair Value, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | [1] | $ 37,419 | |
Fair Value, Nonrecurring [Member] | COLLATERAL DEPENDENT IMPAIRED LOANS [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | $ 25,515 | ||
Fair Value, Nonrecurring [Member] | COLLATERAL DEPENDENT IMPAIRED LOANS [Member] | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | $ 25,515 | ||
Measurement Input, Constant Prepayment Rate [Member] | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Weighted Average [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.026 | 0.026 | |
Measurement Input, Constant Prepayment Rate [Member] | Pooled trust preferred securities | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Minimum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 | |
Measurement Input, Constant Prepayment Rate [Member] | Pooled trust preferred securities | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Maximum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.56 | 0.57 | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary. |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Debt Securities, Held-to-maturity | $ 731,026 | $ 740,806 | |
Held to Maturity, Fair Value, Total | 764,054 | 753,263 | |
Loans, net of allowance for credit losses(b) | 9,247,472 | 8,805,899 | |
Federal Home Loan Bank Stock | 15,090 | 14,424 | |
Bank Owned Life Insurance | 198,124 | 197,372 | |
LIABILITIES | |||
Federal Home Loan Bank borrowings(f) | 145,770 | 115,748 | |
Long-term Debt | [1] | 37,433 | 74,906 |
Long-term Debt, Fair Value | [1] | 36,317 | 72,219 |
Subordinated Debt | 49,648 | 49,601 | |
Deposits [Member] | |||
LIABILITIES | |||
Time certificates of deposits(f) | [2] | 9,624,604 | 7,752,052 |
Accrued Liabilities, Fair Value Disclosure | [2] | 9,624,604 | 7,752,052 |
Time certificates of deposits(f) | |||
LIABILITIES | |||
Time certificates of deposits(f) | [1] | 1,092,217 | 1,395,315 |
Accrued Liabilities, Fair Value Disclosure | [1] | 1,101,553 | 1,396,760 |
Federal Home Loan Bank borrowings(f) | |||
LIABILITIES | |||
Federal Home Loan Bank borrowings(f) | [1] | 145,770 | 115,748 |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | [1] | 146,068 | 115,881 |
Junior subordinated debentures(g) | |||
LIABILITIES | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | [3] | 62,850 | 62,848 |
Accrued Liabilities, Fair Value Disclosure | [3] | 66,591 | 65,603 |
Subordinated debentures(f) | |||
LIABILITIES | |||
Subordinated Debt | [1] | 49,648 | 49,601 |
Accrued Liabilities, Fair Value Disclosure | [1] | 47,765 | 52,870 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term Debt [Member] | |||
LIABILITIES | |||
Long-term Debt, Fair Value | [1] | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Deposits [Member] | |||
LIABILITIES | |||
Accrued Liabilities, Fair Value Disclosure | [2] | 9,624,604 | 7,752,052 |
Significant Other Observable Inputs (Level 2) | Time certificates of deposits(f) | |||
LIABILITIES | |||
Accrued Liabilities, Fair Value Disclosure | [1] | 1,101,553 | 1,396,760 |
Significant Other Observable Inputs (Level 2) | Federal Home Loan Bank borrowings(f) | |||
LIABILITIES | |||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | [1] | 146,068 | |
Accrued Liabilities, Fair Value Disclosure | [1] | 115,881 | |
Significant Other Observable Inputs (Level 2) | Long-term Debt [Member] | |||
LIABILITIES | |||
Long-term Debt, Fair Value | [1] | 36,317 | 72,219 |
Significant Other Observable Inputs (Level 2) | Junior subordinated debentures(g) | |||
LIABILITIES | |||
Accrued Liabilities, Fair Value Disclosure | [3] | 66,591 | 65,603 |
Significant Unobservable Inputs (Level 3) | Long-term Debt [Member] | |||
LIABILITIES | |||
Long-term Debt, Fair Value | [1] | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Subordinated debentures(f) | |||
LIABILITIES | |||
Accrued Liabilities, Fair Value Disclosure | [1] | 47,765 | 52,870 |
U.S. Government agency securities | |||
ASSETS | |||
Debt Securities, Held-to-maturity | [4] | 12,874 | |
Held to Maturity, Fair Value, Total | [4] | 12,997 | |
U.S. Government agency securities | Significant Other Observable Inputs (Level 2) | |||
ASSETS | |||
Held to Maturity, Fair Value, Total | [4] | 12,997 | |
U.S. Treasury securities | |||
ASSETS | |||
Debt Securities, Held-to-maturity | [4] | 4,025 | 4,032 |
Held to Maturity, Fair Value, Total | [4] | 4,119 | 4,053 |
U.S. Treasury securities | Significant Other Observable Inputs (Level 2) | |||
ASSETS | |||
Held to Maturity, Fair Value, Total | [4] | 4,119 | 4,053 |
Agency mortgage-backed securities | |||
ASSETS | |||
Debt Securities, Held-to-maturity | [4] | 431,901 | 397,414 |
Held to Maturity, Fair Value, Total | [4] | 453,036 | 405,802 |
Agency mortgage-backed securities | Significant Other Observable Inputs (Level 2) | |||
ASSETS | |||
Held to Maturity, Fair Value, Total | [4] | 453,036 | 405,802 |
Agency collateralized mortgage obligations | |||
ASSETS | |||
Debt Securities, Held-to-maturity | [4] | 264,675 | 293,662 |
Held to Maturity, Fair Value, Total | [4] | 275,035 | 297,314 |
Agency collateralized mortgage obligations | Significant Other Observable Inputs (Level 2) | |||
ASSETS | |||
Held to Maturity, Fair Value, Total | [4] | 275,035 | 297,314 |
Single issuer trust preferred securities issued by banks | |||
ASSETS | |||
Debt Securities, Held-to-maturity | [4] | 1,500 | 1,500 |
Held to Maturity, Fair Value, Total | [4] | 1,498 | 1,490 |
Single issuer trust preferred securities issued by banks | Significant Other Observable Inputs (Level 2) | |||
ASSETS | |||
Held to Maturity, Fair Value, Total | [4] | 1,498 | 1,490 |
Small Business Administration Pooled Securities [Member] | |||
ASSETS | |||
Debt Securities, Held-to-maturity | [4] | 28,925 | 31,324 |
Held to Maturity, Fair Value, Total | [4] | 30,366 | 31,607 |
Small Business Administration Pooled Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
ASSETS | |||
Held to Maturity, Fair Value, Total | [4] | 0 | 0 |
Small Business Administration Pooled Securities [Member] | Significant Other Observable Inputs (Level 2) | |||
ASSETS | |||
Held to Maturity, Fair Value, Total | [4] | 30,366 | 31,607 |
Small Business Administration Pooled Securities [Member] | Significant Unobservable Inputs (Level 3) | |||
ASSETS | |||
Held to Maturity, Fair Value, Total | [4] | 0 | 0 |
Loans, net of allowance for credit losses(b) | |||
ASSETS | |||
Loans, net of allowance for credit losses(b) | [5] | 9,210,053 | 8,780,384 |
Loans Receivable, Fair Value Disclosure | [5] | 9,135,814 | 8,613,635 |
Loans, net of allowance for credit losses(b) | Significant Unobservable Inputs (Level 3) | |||
ASSETS | |||
Loans Receivable, Fair Value Disclosure | [5] | 9,135,814 | 8,613,635 |
Investment in Federal Home Loan Bank Stock [Member] | |||
ASSETS | |||
Federal Home Loan Bank Stock | [6] | 15,090 | 14,424 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | [6] | 15,090 | 14,424 |
Investment in Federal Home Loan Bank Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
ASSETS | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | [6] | 0 | 0 |
Investment in Federal Home Loan Bank Stock [Member] | Significant Other Observable Inputs (Level 2) | |||
ASSETS | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | [6] | 15,090 | 14,424 |
Investment in Federal Home Loan Bank Stock [Member] | Significant Unobservable Inputs (Level 3) | |||
ASSETS | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | [6] | 0 | 0 |
Cash Surrender Value [Member] | |||
ASSETS | |||
Cash Surrender Value, Fair Value Disclosure | [7] | 198,124 | 197,372 |
Bank Owned Life Insurance | [7] | 198,124 | 197,372 |
Cash Surrender Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
ASSETS | |||
Cash Surrender Value, Fair Value Disclosure | [7] | 0 | 0 |
Cash Surrender Value [Member] | Significant Other Observable Inputs (Level 2) | |||
ASSETS | |||
Cash Surrender Value, Fair Value Disclosure | [7] | 198,124 | 197,372 |
Cash Surrender Value [Member] | Significant Unobservable Inputs (Level 3) | |||
ASSETS | |||
Cash Surrender Value, Fair Value Disclosure | [7] | $ 0 | $ 0 |
[1] | Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. | ||
[2] | Fair value of demand deposits, savings and interest checking accounts and money market deposits is the amount payable on demand at the reporting date. | ||
[3] | Fair value was determined based upon market prices of securities with similar terms and maturities. | ||
[4] | The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analysis. | ||
[5] | Fair value of loans is measured using the exit price valuation method, determined primarily by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows, while incorporating liquidity and credit assumptions. Additionally, this amount excludes collateral dependent impaired loans, which are deemed to be marked to fair value on a nonrecurring basis. | ||
[6] | FHLB stock has no quoted market value and is carried at cost, therefore the carrying amount approximates fair value. | ||
[7] | Cash surrender value of life insurance is recorded at its cash surrender value (or the amount that can be realized upon surrender of the policy), therefore carrying amount approximates fair value. |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Other noninterest income - ASC 606 | $ 534 | $ 1,642 | $ 1,746 | $ 2,581 |
Total noninterest income in scope of ASC 606 | 16,148 | 19,880 | 34,478 | 36,654 |
Total noninterest income out of scope of ASC 606 | 12,042 | 8,768 | 20,147 | 13,527 |
Noninterest Income | 28,190 | 28,648 | 54,625 | 50,181 |
Deposit Account [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,829 | 5,080 | 7,799 | 9,486 |
Credit Card, Merchant Discount [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,536 | 4,825 | 8,640 | 8,560 |
ATM Charge [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 525 | 856 | 1,164 | 1,522 |
Investment Advisory, Management and Administrative Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,827 | 6,423 | 13,116 | 12,492 |
Investment Advisory, Retail Investment and Insurance Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 469 | 730 | 1,009 | 1,409 |
Merchant Processing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 277 | 324 | 670 | 604 |
Credit Card Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 151 | $ 0 | $ 334 | $ 0 |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Investment Management Income Receivable | $ 4,347 | $ 2,341 |
Comprehensive Income_Loss (Comp
Comprehensive Income/Loss (Comprehensive Income/(Loss) Presented Net of Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Equity [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | $ 274 | $ 11,955 | $ 32,255 | $ 16,527 | |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, Tax | (77) | (3,365) | (9,074) | (4,652) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 197 | 8,590 | 23,181 | 11,875 | |
COMPREHENSIVE INCOME | |||||
Change in fair value of securities available for sale, pre tax amount | 2,332 | 5,663 | 14,455 | 11,841 | |
Change in fair value of securities available for sale, tax (expense) benefit | (637) | (1,269) | (3,413) | (2,718) | |
Change in fair value of securities available for sale, after tax amount | 1,695 | 4,394 | 11,042 | 9,123 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | (1,462) | 0 | (1,462) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 411 | 0 | 411 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | (1,051) | 0 | (1,051) | |
Change in fair value of securities available for sale, pre tax amount | 2,332 | 7,125 | 14,455 | 13,303 | |
Change in fair value of securities available for sale, tax (expense) benefit | (637) | (1,680) | (3,413) | (3,129) | |
Change in fair value of securities available for sale, after tax amount | 1,695 | 5,445 | 11,042 | 10,174 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 4,250 | 12,349 | 37,817 | 17,345 | |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments, Tax | (1,195) | (3,476) | (10,638) | (4,882) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 3,055 | 8,873 | 27,179 | 12,463 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 3,976 | 394 | 5,562 | 818 | |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, Tax | (1,118) | (111) | (1,564) | (230) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 2,858 | 283 | 3,998 | 588 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (1) | (11) | (1,390) | (22) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 0 | 3 | 391 | 6 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (1) | (8) | (999) | (16) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 246 | (2) | 491 | (4) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | (69) | (138) | 1 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 177 | (2) | 353 | (3) | |
Amortization of certain costs included in net periodic retirement costs, pre tax amount | 69 | 69 | 138 | 138 | |
Amortization of certain costs included in net periodic retirement costs, tax (expense) benefit | (20) | (19) | (39) | (39) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | 49 | 50 | 99 | 99 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 314 | 56 | (761) | 112 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | [1] | (89) | (16) | 214 | (32) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | [1] | 225 | 40 | (547) | 80 |
Total other comprehensive income, pre tax amount | 2,920 | 19,136 | 45,949 | 29,942 | |
Total other comprehensive income, tax (expense) benefit | (803) | (5,061) | (12,273) | (7,813) | |
Total other comprehensive income, after tax amount | $ 2,117 | $ 14,075 | $ 33,676 | $ 22,129 | |
[1] |
Comprehensive Income_Loss (Co_2
Comprehensive Income/Loss (Comprised of the following Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 18,169 | $ (1,173) | ||
Net change in other comprehensive income (loss) | $ 2,117 | $ 14,075 | 33,676 | 22,129 |
Ending Balance | 51,845 | 20,956 | 51,845 | 20,956 |
Unrealized Gain (Loss) on Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 4,398 | (5,947) | ||
Net change in other comprehensive income (loss) | 11,042 | 10,174 | ||
Ending Balance | 15,440 | 4,227 | 15,440 | 4,227 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 16,479 | 6,148 | ||
Net change in other comprehensive income (loss) | 23,181 | 11,875 | ||
Ending Balance | 39,660 | 18,023 | 39,660 | 18,023 |
Defined Benefit Postretirement Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (2,708) | (1,374) | ||
Net change in other comprehensive income (loss) | (547) | 80 | ||
Ending Balance | (3,255) | (1,294) | (3,255) | (1,294) |
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net change in other comprehensive income (loss) | $ 2,117 | $ 14,075 | $ 33,676 | $ 22,129 |
Commitments and contingencies F
Commitments and contingencies Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 3,348,063 | $ 3,337,930 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 19,507 | 21,565 |
Deferred standby letter of credit fees [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 129 | 158 |
Obligation to Repurchase Receivables Sold [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 391,567 | $ 404,532 |
Commitments and contingencies T
Commitments and contingencies Textual (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Cash Reserve Deposit Required and Made | $ 0 | $ 0 |
Minimum [Member] | ||
Lessee, Operating Lease, Renewal Term | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Renewal Term | 10 years |
Investments is Low Income Hou_3
Investments is Low Income Housing Tax Credits Investments in Qualified Affordable Housing Projects (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | ||
Investments in Affordable Housing Projects [Abstract] | |||
Original investment value | $ 124,212 | $ 96,275 | |
Amortization Method Qualified Affordable Housing Project Investments | 95,958 | 72,510 | |
Capital commitment relating to low income housing project investments | 48,896 | 34,967 | |
Tax credits and benefits | 11,033 | [1] | 7,342 |
Amortization of investments | 9,076 | [2] | 5,645 |
Net income tax benefit | $ 1,957 | [3] | $ 1,696 |
[1] | (1) This amount reflects anticipated tax credits and tax benefits for the full year ended December 31, 2020 . | ||
[2] | (2) The amortization amount reduces the tax credits and benefits anticipated for the full year ended December 31, 2020 . | ||
[3] | (3) This amount represents the net tax benefit expected to be realized for the full year ended December 31, 2020 in determining the Company's effective tax rate. |
Uncategorized Items - indb06-30
Label | Element | Value | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ 1,553,000 | [1] |
Operating Lease, Liability | us-gaap_OperatingLeaseLiability | 34,100,000 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability | 32,777,000 | [2] |
Operating Lease, Right-of-Use Asset | us-gaap_OperatingLeaseRightOfUseAsset | 32,800,000 | [2] |
Deferred Rent Credit | us-gaap_DeferredRentCredit | 1,300,000 | |
Retained Earnings [Member] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ 1,553,000 | [1] |
[1] | Represents adjustment needed to reflect the cumulative impact on retained earnings pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment presented includes $1.1 million ( $817,000 , net of tax) attributable to the change in accounting methodology for estimating the allowance for credit losses and $1.0 million ( $736,000 , net of tax) related to the reserve for unfunded commitments resulting from the Company's adoption of the standard. Amount shown in the table above is presented net of tax. | ||
[2] | Represents adjustment needed to reflect the opening balance of the Company's Right of Use ("ROU") assets and lease liabilities pursuant to the adoption of Accounting Standards Update 2016-02 effective January 1, 2019. Upon adoption, the Company recognized on its balance sheet ROU assets of approximately $ 32.8 million , with a corresponding operating lease liability of approximately $ 34.1 million , with an adjustment to remove the Company's existing deferred rent liability of approximately $ 1.3 million . |