Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Annual Report | true | ||
Entity File Number | 1-9047 | ||
Entity Address, Address Line One | 2036 Washington Street, | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | MA | ||
Entity Registrant Name | Independent Bank Corp | ||
City Area Code | (781) | ||
Local Phone Number | 878-6100 | ||
Entity Central Index Key | 0000776901 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 2,464,573,184 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 47,399,980 | ||
Entity Address, City or Town | Hanover, | ||
Entity Tax Identification Number | 04-2870273 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02339 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive proxy statement for its 2022 Annual Meeting of Shareholders are incorporated into Part III, Items 10-14 of this Annual Report on Form 10-K. The 2022 definitive proxy statement will be filed within 120 days of December 31, 2021. | ||
Current Fiscal Year End Date | --12-31 | ||
Auditor Firm ID | 42 | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Name | Ernst & Young LLP | ||
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 | ||
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | INDB | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and due from banks | $ 141,581 | $ 169,460 | |
Interest-earning deposits with banks | 2,099,103 | 1,127,176 | |
Debt Securities, Trading | 3,720 | 2,838 | |
Securities | |||
Equity Securities, FV-NI | 23,173 | 22,107 | |
Debt Securities, Available-for-sale | 1,571,148 | 412,860 | |
Held to maturity (fair value $1,064,133 and $752,177) | 1,066,818 | 724,512 | |
Total securities | 2,664,859 | 1,162,317 | |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | 24,679 | 58,104 | |
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 13,540,590 | 9,371,470 | |
Total loans | 13,587,286 | 9,392,866 | |
Less: allowance for credit losses | (146,922) | (113,392) | |
Net loans | 13,440,364 | 9,279,474 | |
Federal Home Loan Bank stock | 11,407 | 10,250 | |
Bank premises and equipment, net | 195,590 | 116,393 | |
Goodwill | 985,072 | 506,206 | |
Other intangible assets | 32,772 | 23,107 | |
Cash surrender value of life insurance policies | 289,304 | 200,525 | |
Other assets | 538,674 | 551,289 | |
Total assets | 20,423,405 | 13,204,301 | |
Deposits | |||
Noninterest-bearing demand deposits | 5,479,503 | 3,762,306 | |
Savings and interest checking accounts | 6,350,016 | 4,047,332 | |
Money market | 3,556,375 | 2,232,903 | |
Time Deposits | 1,531,150 | 950,629 | |
Total deposits | 16,917,044 | 10,993,170 | |
Borrowings | |||
Advances from Federal Home Loan Banks | 25,667 | 35,740 | |
Secured Debt | 14,063 | 32,773 | |
Junior Subordinated Notes | 62,853 | 62,851 | |
Subordinated debentures (less unamortized debt issuance costs of $209 and $304) | 49,791 | 49,696 | |
Total borrowings | 152,374 | 181,060 | |
Other liabilities | 335,538 | 327,386 | |
Total liabilities | 17,404,956 | 11,501,616 | |
Commitments and contingencies | 0 | 0 | |
Stockholders' Equity | |||
Preferred stock, $0.01 par value; authorized: 1,000,000 shares, outstanding: none | $ 0 | $ 0 | |
Common Stock, Shares, Outstanding | 47,349,778 | 32,965,692 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 135,273 | 135,205 | |
Common stock, $0.01 par value; authorized: 75,000,000 shares, issued and outstanding: 47,349,778 shares at December 31, 2021 and 32,965,692 shares at December 31, 2020 (includes 135,273 and 135,205 shares of unvested participating restricted stock awards, respectively) | $ 472 | $ 328 | |
Value of shares held in rabbi trust at cost: 82,565 shares at December 31, 2021 and 84,126 shares at December 31, 2020 | (3,146) | (3,066) | |
Compensation and Benefits Trust | 3,146 | 3,066 | |
Additional paid in capital | 2,249,078 | 945,638 | |
Retained earnings | 766,716 | 716,024 | |
Accumulated other comprehensive income, net of tax | 2,183 | 40,695 | |
Total stockholders' equity | 3,018,449 | 1,702,685 | |
Liabilities and Equity | 20,423,405 | 13,204,301 | |
Junior Subordinated Debt [Member] | |||
Stockholders' Equity | |||
Unamortized Debt Issuance Expense | (35) | (37) | |
Subordinated Debt [Member] | |||
Stockholders' Equity | |||
Unamortized Debt Issuance Expense | (209) | (304) | |
Long-term Debt [Member] | |||
Stockholders' Equity | |||
Unamortized Debt Issuance Expense | 0 | (40) | |
Commercial And Industrial [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 1,563,279 | 2,103,152 | |
Total loans | 1,563,279 | 2,103,152 | |
Commercial Real Estate [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 7,992,344 | 4,173,927 | |
Total loans | 7,992,344 | 4,173,927 | |
Construction Loans [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 1,165,457 | 553,929 | |
Total loans | 1,165,457 | 553,929 | |
Small Business [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 193,189 | 175,023 | |
Total loans | 193,189 | 175,023 | |
Residential Real Estate [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 1,604,686 | 1,296,183 | |
Total loans | 1,604,686 | 1,296,183 | |
Home Equity 1st Position [Member] | Senior Lien [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 589,550 | 633,142 | |
Home Equity Subordinate Position [Member] | Junior Lien [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 450,061 | 435,648 | |
Consumer Portfolio Segment [Member] | |||
Loans | |||
Financing Receivable, before Allowance for Credit Loss | 28,720 | 21,862 | |
Total loans | 28,720 | 21,862 | [1] |
Home Equity Loan [Member] | |||
Loans | |||
Total loans | $ 1,039,611 | $ 1,068,790 | |
[1] | Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities held to maturity, fair value | $ 1,064,133 | $ 752,177 |
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, shares issued | 47,349,778 | 32,965,692 |
Common stock, shares outstanding | 47,349,778 | 32,965,692 |
Common stock, unvested restricted Stock awards | 135,273 | 135,205 |
Shares held in rabbit trust at cost | 82,565 | 84,126 |
Debt Securities, Available-for-sale, Amortized Cost | $ 1,583,736 | $ 395,453 |
Common Stock Outstanding | ||
Common stock, shares outstanding | 47,349,778 | 32,965,692 |
Subordinated Debt [Member] | ||
Unamortized Debt Issuance Expense | $ 209 | $ 304 |
Long-term Debt [Member] | ||
Unamortized Debt Issuance Expense | $ 0 | $ 40 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss on Contract Termination | $ 0 | $ 684,000 | $ 0 |
Operating Lease, Impairment Loss | 0 | 4,163,000 | 0 |
Gain (Loss) on Sale of Other Investments | 0 | (1,033,000) | 0 |
Interest income | |||
Interest and fees on loans | 381,433,000 | 369,836,000 | 411,460,000 |
Interest Income, Securities, Operating, Taxable | 30,477,000 | 30,133,000 | 32,405,000 |
Nontaxable interest and dividends on securities | 16,000 | 35,000 | 51,000 |
Interest on loans held for sale | 856,000 | 1,218,000 | 891,000 |
Interest on federal funds sold and short-term investments | 2,494,000 | 847,000 | 2,207,000 |
Total interest and dividend income | 415,276,000 | 402,069,000 | 447,014,000 |
Interest expense | |||
Interest on deposits | 8,327,000 | 27,333,000 | 41,186,000 |
Interest on borrowings | 5,390,000 | 7,008,000 | 12,693,000 |
Total interest expense | 13,717,000 | 34,341,000 | 53,879,000 |
Net interest income | 401,559,000 | 367,728,000 | 393,135,000 |
Provision for Loan and Lease Losses | 18,205,000 | 52,500,000 | 6,000,000 |
Net interest income after provision for credit losses | 383,354,000 | 315,228,000 | 387,135,000 |
Noninterest income | |||
Deposit account fees | 16,745,000 | 15,121,000 | 20,040,000 |
Interchange and ATM fees | 12,987,000 | 15,834,000 | 22,152,000 |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | 35,308,000 | 29,432,000 | 28,719,000 |
Fees and Commission Mortgage Banking | 13,280,000 | 18,948,000 | 11,454,000 |
Increase in cash surrender value of life insurance policies | 6,431,000 | 5,362,000 | 5,013,000 |
Gain Realized on Life Insurance Policies | 258,000 | 1,044,000 | 434,000 |
Derivative, Gain (Loss) on Derivative, Net | 3,257,000 | 10,058,000 | 6,478,000 |
Other noninterest income | 17,584,000 | 15,641,000 | 21,004,000 |
Total noninterest income | 105,850,000 | 111,440,000 | 115,294,000 |
Noninterest expenses | |||
Salaries and employee benefits | 172,586,000 | 152,460,000 | 149,165,000 |
Occupancy and equipment expenses | 36,265,000 | 37,050,000 | 33,207,000 |
Data processing & facilities management | 6,899,000 | 6,265,000 | 6,516,000 |
FDIC assessment | 3,980,000 | 2,522,000 | 1,394,000 |
Advertising expense | 4,085,000 | 4,258,000 | 5,444,000 |
Consulting expense | 8,271,000 | 5,987,000 | 5,448,000 |
Cost, Amortization | 5,715,000 | 6,135,000 | 6,379,000 |
Debit Card Expense | 5,144,000 | 4,374,000 | 4,220,000 |
Available-for-Sale Securities - Fixed Income Gross Realized Losses | 0 | 0 | 1,462,000 |
Merger and acquisition expense | 40,840,000 | 26,433,000 | |
Software Maintenance | 8,149,000 | 7,264,000 | 5,511,000 |
Other noninterest expenses | 40,595,000 | 41,637,000 | 39,142,000 |
Total noninterest expenses | 332,529,000 | 273,832,000 | 284,321,000 |
Income before income taxes | 156,675,000 | 152,836,000 | 218,108,000 |
Income tax benefit | 35,683,000 | 31,669,000 | 52,933,000 |
Net Income | $ 120,992,000 | $ 121,167,000 | $ 165,175,000 |
Basic earnings per share (in dollars per share) | $ 3.47 | $ 3.64 | $ 5.03 |
Diluted earnings per share (in dollars per share) | $ 3.47 | $ 3.64 | $ 5.03 |
Weighted average common shares (basic) (in shares) | 34,872,034 | 33,259,643 | 32,810,433 |
Common share equivalents (in shares) | 16,484 | 25,646 | 45,801 |
Weighted average common shares (diluted) (in shares) | 34,888,518 | 33,285,289 | 32,856,234 |
Retained Earnings | |||
Noninterest expenses | |||
Net Income | $ 120,992,000 | $ 121,167,000 | $ 165,175,000 |
Cash dividends declared (in dollars per share) | $ 1.92 | $ 1.84 | $ 1.76 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 120,992 | $ 121,167 | $ 165,175 | |
Other comprehensive income (loss), net of tax | ||||
Net change in fair value of securities available for sale | (22,922) | 8,857 | 10,345 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (19,139) | 16,797 | 10,331 | |
Net change in other comprehensive income for defined benefit postretirement plans | [1] | 3,549 | (3,128) | (1,334) |
Total other comprehensive income (loss) | (38,512) | 22,526 | 19,342 | |
Total comprehensive income | $ 82,480 | $ 143,693 | $ 184,517 | |
[1] | The amortization of prior service costs is included in the computation of net periodic pension costs as disclosed in Note 14 - Employee Benefit Plans within the Notes to the Consolidated Financial Statements in Item 8. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock Outstanding | Common Stock | Value of Shares Held in Rabbi Trust at Cost | Deferred Compensation Obligation | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |
Beginning balance at Dec. 31, 2018 | $ 1,073,490 | $ 279 | $ (4,718) | $ 4,718 | $ 527,648 | $ 546,736 | $ (1,173) | ||
Beginning balance (in shares) at Dec. 31, 2018 | 28,080,408 | ||||||||
Net income | 165,175 | $ 165,175 | |||||||
Other comprehensive income | 19,342 | 19,342 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 1.76 | ||||||||
Common dividend declared | (57,729) | $ (57,729) | |||||||
Common stock issued for acquisition | 499,693 | 61 | 499,632 | ||||||
Common stock issued for acquisition (in shares) | 6,166,010 | ||||||||
Proceeds from exercise of stock options, net of cash paid | 281 | 281 | |||||||
Proceeds from exercise of stock options (in shares) | 14,646 | ||||||||
Stock based compensation | 4,403 | 4,403 | |||||||
Restricted stock awards issued, net of awards surrendered (in shares) | 50,080 | ||||||||
Restricted stock awards issued, net of awards surrendered | (1,463) | 1 | (1,464) | ||||||
Stock Issued During Period, Shares, Other | 66,244 | ||||||||
Stock Issued During Period, Value, Other | 4,951 | 1 | 4,950 | ||||||
Increase (Decrease) in Deferred Compensation | (17) | 17 | |||||||
Ending balance (in shares) at Dec. 31, 2019 | 34,377,388 | ||||||||
Ending balance at Dec. 31, 2019 | 1,708,143 | 342 | (4,735) | 4,735 | 1,035,450 | 654,182 | 18,169 | ||
Prior Period Reclassification Adjustment | [1] | 1,553 | 1,553 | ||||||
Net income | 121,167 | $ 121,167 | |||||||
Other comprehensive income | 22,526 | 22,526 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 1.84 | ||||||||
Common dividend declared | (60,878) | $ (60,878) | |||||||
Common stock issued for acquisition | 0 | ||||||||
Proceeds from exercise of stock options, net of cash paid | 197 | 0 | 197 | ||||||
Proceeds from exercise of stock options (in shares) | 8,873 | ||||||||
Stock based compensation | 4,123 | 4,123 | |||||||
Restricted stock awards issued, net of awards surrendered (in shares) | 47,182 | ||||||||
Restricted stock awards issued, net of awards surrendered | (1,187) | 1 | (1,188) | ||||||
Stock Issued During Period, Shares, Other | 32,249 | ||||||||
Stock Issued During Period, Value, Other | 2,132 | 0 | 2,132 | ||||||
Stock Repurchased During Period, Shares | (1,500,000) | ||||||||
Stock Repurchased During Period, Value | (95,091) | (15) | (95,076) | ||||||
Increase (Decrease) in Deferred Compensation | $ 0 | ||||||||
Increase (Decrease) in Deferred Compensation and Other Retirement Benefits | 1,669 | (1,669) | |||||||
Ending balance (in shares) at Dec. 31, 2020 | 32,965,692 | 32,965,692 | |||||||
Ending balance at Dec. 31, 2020 | $ 1,702,685 | 328 | (3,066) | 3,066 | 945,638 | 716,024 | 40,695 | ||
Off-Balance Sheet, Credit Loss, Liability, Change in Method, Credit Loss Expense (Reversal) | (1,000) | ||||||||
Off-Balance Sheet, Credit Loss, Liability, Change in Method, Credit Loss Expense (Reversal), net of tax. | 736 | ||||||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (1,137) | ||||||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method, net of tax. | 817 | ||||||||
Net income | 120,992 | $ 120,992 | |||||||
Other comprehensive income | (38,512) | (38,512) | |||||||
Common Stock, Dividends, Per Share, Declared | $ 1.92 | ||||||||
Common dividend declared | (70,300) | $ (70,300) | |||||||
Common stock issued for acquisition | 1,298,558 | 143 | 1,298,415 | ||||||
Common stock issued for acquisition (in shares) | 14,299,720 | ||||||||
Proceeds from exercise of stock options (in shares) | 4,744 | ||||||||
Stock Repurchased During Period, Value, as a result of Stock Options Exercised | (57) | (57) | |||||||
Stock based compensation | 4,309 | 4,309 | |||||||
Restricted stock awards issued, net of awards surrendered (in shares) | 53,768 | ||||||||
Restricted stock awards issued, net of awards surrendered | (1,249) | 1 | (1,250) | ||||||
Stock Issued During Period, Shares, Other | 25,854 | ||||||||
Stock Issued During Period, Value, Other | 2,023 | 2,023 | |||||||
Increase (Decrease) in Deferred Compensation | $ 0 | ||||||||
Increase (Decrease) in Deferred Compensation and Other Retirement Benefits | (80) | 80 | |||||||
Ending balance (in shares) at Dec. 31, 2021 | 47,349,778 | 47,349,778 | |||||||
Ending balance at Dec. 31, 2021 | $ 3,018,449 | $ 472 | $ (3,146) | $ 3,146 | $ 2,249,078 | $ 766,716 | $ 2,183 | ||
[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 ($736,000, net of tax) related to the reserve for unfunded commitments resulting from the Company's adoption of the standard. Amount shown in the table above is presented net of tax. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 120,992,000 | $ 121,167,000 | $ 165,175,000 |
Depreciation, Depletion and Amortization, Nonproduction | 32,824,000 | 27,262,000 | 19,439,000 |
Change In Unamortized Net Loan Costs And Premiums | (24,785,000) | (7,126,000) | 2,692,000 |
Accretion of acquired loans | (6,882,000) | (6,286,000) | (12,778,000) |
Provision for credit losses | 18,205,000 | 52,500,000 | 6,000,000 |
Deferred income tax expense | 3,090,000 | (17,506,000) | 10,594,000 |
Equity Securities, FV-NI, Gain (Loss) | (554,000) | (528,000) | (1,566,000) |
Gain (Loss) on Investments | 1,462,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 139,000 | 372,000 | (474,000) |
Operating Lease, Impairment Loss | 0 | 4,163,000 | 0 |
Loss on Derivative Instruments, Pretax | 0 | 684,000 | 0 |
Net loss on other real estate owned and foreclosed assets | 0 | 0 | 401,000 |
Sale and Leaseback Transaction, Gain (Loss), Net | 578,000 | 578,000 | 578,000 |
Share-based Payment Arrangement, Noncash Expense | 4,309,000 | 4,123,000 | 4,403,000 |
Life Insurance, Corporate or Bank Owned, Change in Value | (6,431,000) | (5,362,000) | (5,013,000) |
Gain Realized on Life Insurance Policies | (258,000) | (1,044,000) | (434,000) |
Operating Lease, Payments | (17,456,000) | (11,936,000) | (10,669,000) |
Change in Fair Value on Loans Held for Sale | 1,679,000 | (1,296,000) | (822,000) |
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI | (882,000) | (659,000) | (675,000) |
Increase (Decrease) in Loans Held-for-sale | 31,746,000 | (23,501,000) | 59,932,000 |
Increase (Decrease) in Other Operating Assets | 93,565,000 | (145,953,000) | (39,850,000) |
Change in other liabilities | (58,503,000) | 76,140,000 | 19,283,000 |
Total adjustments | 69,228,000 | (56,531,000) | 51,347,000 |
Net cash provided by operating activities | 190,220,000 | 64,636,000 | 216,522,000 |
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment | 1,164,000 | 0 | 1,461,000 |
Increase (Decrease) in Equity Securities, FV-NI | (2,171,000) | (803,000) | (711,000) |
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | 0 | 45,863,000 |
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | 95,981,000 | 108,893,000 | 51,104,000 |
Payments to Acquire Debt Securities, Available-for-sale | (1,284,867,000) | (84,156,000) | (68,677,000) |
Proceeds from maturities and principal repayments of securities held to maturity | 263,106,000 | 261,705,000 | 126,991,000 |
Payments to Acquire Held-to-maturity Securities | (606,543,000) | (244,718,000) | (59,967,000) |
Net redemption of Federal Home Loan Bank stock | 25,027,000 | 4,174,000 | 18,896,000 |
Investments in low income housing projects | (22,496,000) | (17,858,000) | (10,052,000) |
Purchases of life insurance policies | (40,164,000) | (164,000) | (163,000) |
Proceeds from Life Insurance Policy | 576,000 | 3,417,000 | 3,162,000 |
Payments for (Proceeds from) Loans and Leases | 744,981,000 | (511,526,000) | 27,816,000 |
Cash Acquired in Excess of Payments to Acquire Business | 787,301,000 | ||
Net cash acquired (paid) in business combinations | 0 | (105,264,000) | |
Payments to Acquire Property, Plant, and Equipment | (25,200,000) | (12,586,000) | (16,583,000) |
Proceeds from Sale of Property, Plant, and Equipment | 169,000 | 6,095,000 | 3,796,000 |
Payments on early termination of hedging relationship | 0 | (684,000) | 0 |
Proceeds from Sale of Wholly Owned Real Estate and Real Estate Acquired in Settlement of Loans | 0 | 0 | 2,488,000 |
Net cash provided by (used in) investing activities | (63,136,000) | (488,211,000) | 20,160,000 |
Increase (Decrease) in Time Deposits | (235,577,000) | (444,276,000) | (45,272,000) |
Increase (Decrease) in Other Deposits | 1,719,398,000 | 2,290,489,000 | (160,637,000) |
Increase (Decrease) in Federal Funds Purchased and Securities Sold under Agreements to Repurchase, Net | 0 | (45,000,000) | (132,046,000) |
Increase Decrease in Federal Home Loan Bank Advances Long Term | (586,088,000) | (35,000,000) | (25,000,000) |
Proceeds from Lines of Credit | 0 | 0 | 49,980,000 |
Repayments of Lines of Credit | 0 | 0 | (49,980,000) |
Repayments of Long-term Debt | (18,750,000) | (42,187,000) | |
Proceeds from Issuance of Debt | (74,867,000) | ||
RepaymentsOfJuniorSubordinatedDebt | 0 | 0 | (13,329,000) |
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 0 | 49,526,000 |
Repayments of Subordinated Debt | 0 | 0 | (34,767,000) |
Net payments from exercise of stock options | (57,000) | ||
Cash received from stock option exercises | (197,000) | (281,000) | |
Issuance Of Restricted Stock Awards, Net of Issuance Cost | (1,249,000) | (1,187,000) | (1,463,000) |
Proceeds from shares issued under the direct stock purchase plan | 2,023,000 | 2,132,000 | 4,951,000 |
Payments for Repurchase of Common Stock | 0 | (95,091,000) | 0 |
Common dividends paid | (62,736,000) | (60,840,000) | (53,274,000) |
Net cash provided by (used in) financing activities | 816,964,000 | 1,569,237,000 | (336,163,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 944,048,000 | 1,145,662,000 | (99,481,000) |
Cash and cash equivalents at beginning of year | 1,296,636,000 | 150,974,000 | 250,455,000 |
Cash and cash equivalents at end of period | 2,240,684,000 | 1,296,636,000 | 150,974,000 |
Supplemental schedule of noncash investing and financing activities | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 14,004,000 | 36,739,000 | 49,704,000 |
Income taxes | 23,353,000 | 48,240,000 | 39,575,000 |
Capital commitment relating to Low Income Housing Project investments, noncash | 33,691,000 | 32,477,000 | 36,543,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 7,768,000 | 8,646,000 | 14,951,000 |
Operating Lease, Right-of-Use Asset | 60,200,000 | 49,700,000 | |
Operating Lease, Liability | 63,908,000 | ||
In conjunction with the Company's acquisitions, assets were acquired and liabilities were assumed as follows | |||
Common stock issued for acquisition | 1,298,558,000 | 0 | 499,693,000 |
Fair value of assets acquired, net of cash acquired | 5,574,209,000 | 0 | 2,711,067,000 |
Fair value of liabilities assumed | $ 5,062,952,000 | $ 0 | $ 2,106,110,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Independent Bank Corp. (the "Company") is a bank holding company, the principal subsidiary of which is Rockland Trust Company ("Rockland Trust" or the "Bank"). Rockland Trust is a state-chartered commercial bank, which as of December 31, 2020, operates one hundred twenty full service retail branches, two limited service retail branches, one mobile branch, nineteen commercial banking centers, ten investment management offices and nine mortgage lending centers located in Eastern Massachusetts, Greater Boston, the North Shore, the South Shore, the Cape and Islands, as well as in Worcester County and in Rhode Island. Rockland Trust deposits are insured by the Federal Deposit Insurance Corporation, subject to regulatory limits. The Company’s primary source of income is from providing loans to individuals and small-to-medium sized businesses in its market area. Rockland Trust is a community-oriented commercial bank, and the community banking business is the Company's only reportable operating segment. Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Bank and other wholly-owned subsidiaries, except subsidiaries that are not deemed necessary to be consolidated. All significant intercompany balances and transactions have been eliminated in consolidation. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company would consolidate voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities ("VIEs") are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when the Company has both the power and ability to direct the activities of the VIE that most significantly impact the VIE's economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company also owns the common stock of various trusts which have issued trust preferred securities. These trusts are VIEs in which the Company is not the primary beneficiary and, therefore, are not consolidated. The trust's only assets are junior subordinated debentures issued by the Company, which were acquired by the trust using the proceeds from the issuance of the trust preferred securities and common stock. The junior subordinated debentures are included in long-term debt and the Company’s equity interest in the trust is included in other assets in the accompanying Consolidated Balance Sheets. Interest expense on the junior subordinated debentures is reported in interest expense on long-term debt in the accompanying Consolidated Statements of Income. Reclassification Certain previously reported amounts have been reclassified to conform to the current year’s presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could vary from these estimates. Material estimates that are particularly susceptible to significant changes in the near-term relate to the determination of the allowance for expected credit losses on loans held for investment, income taxes, and valuation and allowance for expected credit losses on investment securities. Significant Concentrations of Credit Risk The vast majority of the Bank’s lending activities are conducted in Massachusetts and Rhode Island. The Bank originates commercial and industrial loans, commercial and residential real estate loans, including construction loans, small business loans, home equity loans, and other consumer loans for its portfolio. The Bank considers a concentration of credit to a particular industry to exist when the aggregate credit exposure which includes direct, indirect or contingent obligations to a borrower, an affiliated group of borrowers or a nonaffiliated group of borrowers engaged in one industry, exceeds 25% of the Bank’s tier one capital. Loans originated by the Bank to lessors of nonresidential buildings represented 23.6% and 17.1% of the total loan portfolio at December 31, 2021 and 2020, respectively. Within this concentration category, the Company believes it is well diversified among collateral property types and tenant industries. Business Combinations In accordance with applicable accounting guidance, the Company recognizes assets acquired and liabilities assumed at their respective fair values as of the date of acquisition, with the related transaction costs expensed in the period incurred. The Company may use third party valuation specialists to assist in the determination of fair value of certain assets and liabilities at the acquisition date, including loans, core deposit intangibles and time deposits. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed on the acquisition date, the estimates are inherently uncertain. The allowance for credit losses on PCD loans is recognized within business combination accounting. The allowance for credit losses on non-PCD loans is recognized as a provision expense in the same period as the business combination. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents may include cash on hand, amounts due from banks, inclusive of interest-earning deposits held at banks, and federal funds sold. Generally, federal funds are sold for up to two week periods. 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. Such gains and losses are recognized within non-interest income or non-interest expense within the consolidated statements of income. 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 Sheets. 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 and assessed for estimated credit losses in accordance with the current expected credit loss ("CECL") methodology. 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 in accordance with the CECL methodology. 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. Loans Held for Sale The Bank may choose to classify 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 Held for Investment 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 90 days or more 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 90 days or more past due may be kept on an accruing status if the loan is well secured and in the process of collection. 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. In cases where a borrower experiences financial difficulties and the Company makes certain concessionary modifications to contractual terms, the loan is classified as a troubled debt restructuring ("TDR"). Modifications may include adjustments to interest rates, extensions of maturity, consumer loans where the borrower's obligations have been effectively discharged through Chapter 7 Bankruptcy and the borrower has not reaffirmed the debt to the Bank, and other actions intended to minimize economic loss and avoid foreclosure or repossession of collateral. The recorded investment of loans classified as TDRs is adjusted to reflect the changes in value, if any, resulting from the granting of a concession. Nonaccrual loans that are restructured remain on nonaccrual for a period of six months to demonstrate that the borrower can meet the restructured terms. If the restructured loan is on accrual status prior to being modified, it is reviewed to determine if the modified loan should remain on accrual status. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan is classified as a nonaccrual loan. Loans classified as TDRs remain classified as such for the life of the loan, except in limited circumstances, when it is determined that the borrower is performing under the modified terms and the restructuring agreement specified an interest rate greater than or equal to an acceptable market rate for a comparable new loan at the time of the restructuring. 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, also referred to as the "CECL methodology". Credit 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 • Model imprecision • Other external factors Loans that do not share similar risk characteristics with any pools of assets are subject to individual evaluation and are removed from the collectively assessed pools to avoid double counting. For the loans that are individually evaluated, 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 sheets. 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 Sheets. Acquired Loans Loans acquired through purchase or a business combination are recorded at their fair value at the acquisition date. The Company performs an assessment of acquired loans to first determine if such loans have experienced a more than insignificant deterioration in credit quality since their origination and thus should be classified and accounted for as purchased credit deteriorated (“PCD”) loan. For loans that have not experienced a more than insignificant deterioration in credit quality since origination, referred to as non-PCD loans, the Company records such loans at fair value, with any resulting discount or premium accreted or amortized into interest income over the remaining life of the loan using the interest method. Additionally, upon the purchase or acquisition of non-PCD loans, the Company measures and records a reserve for credit losses based on the Company’s methodology for determining the allowance under CECL. The allowance for non-PCD loans is recorded through a charge to provision for credit losses in the period in which the loans were purchased or acquired. Acquired loans that are classified as PCD are acquired at fair value, including any resulting discounts or premiums. Discounts and premiums are accreted or amortized into interest income over the remaining life of the loan using the interest method. In contrast to non-PCD loans, the initial allowance for credit losses on PCD loans is established through an adjustment to the acquired loan balance, rather than through a charge to provision for credit losses, in the period in which the loans were acquired. The allowance for PCD loans is determined based upon the Company's methodology for estimating the allowance under CECL, and is recorded as an adjustment to the acquired loan balance on the date of acquisition. The Company evaluates acquired loans for deterioration in credit quality based on a variety of characteristics, including, but not limited to non-accrual and delinquency status, downgrades in credit quality since origination, loans that have been modified, along with any other factors identified by the Company through its initial analysis of acquired loans which may indicate there has been a more than insignificant deterioration in credit quality since origination. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics, if applicable. Subsequent to acquisition, the allowance for credit losses for both non-PCD and PCD loans are determined with the use of the Company’s allowance methodology under CECL, in the same manner as all other loans. Transfers and Servicing of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Loans held for sale are generally sold with servicing rights released, however if rights are retained, servicing assets are recognized as separate assets. Servicing rights are originally recorded at fair value within other assets, but subsequently are amortized in proportion to and over the period of estimated net servicing income, and are assessed for impairment at each reporting date. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, default rates and losses. Impairment is determined by stratifying the rights based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the capitalized amount. If the Company later determines that all or a portion of the impairment no longer exists, a reduction of the allowance may be recorded as an increase to income. Servicing fee income is recorded for fees earned for servicing loans for investors. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan, and are recorded as income when earned. The amortization of mortgage servicing rights is recorded as a reduction of loan servicing fee income. The Company is also a party to certain instruments with off-balance-sheet risk including certain residential loans sold to investors with recourse. The Company's policy is to record such instruments when funded. Federal Home Loan Bank Stock The Company, as a member of the Federal Home Loan Bank ("FHLB") of Boston, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. The Company continually reviews its investment to determine if impairment exists. The Company reviews recent public filings, rating agency analysis and other factors when making its determination. Bank Premises and Equipment Land is carried at cost. Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line convention method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease terms or the estimated useful lives of the improvements. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured, not to exceed fifteen years. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the net fair value of acquired businesses. Goodwill is not amortized and is assigned to one reporting unit. Goodwill is evaluated for impairment at least annually, or more often if warranted. In assessing for impairment, the Company has the option to first perform a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of such events and circumstances, the Company determines it is more-likely-than-not that the fair value is less than carrying value, a quantitative impairment test is performed to compare carrying value to the fair value of the reporting unit. The Company also has an unconditional option to bypass the assessment of qualitative factors for any period and proceed directly to the quantitative goodwill impairment test. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Other intangible assets subject to amortization consist of core deposit intangibles, customer lists, non-compete agreements, and market-based favorable or unfavorable lease positions at time of acquisition, and are amortized over the estimated lives of the intangibles using a method that approximates the amount of economic benefits that are realized by the Company. 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. Impairment of Long-Lived Assets Other Than Goodwill The Company reviews long-lived assets, including premises and equipment, for impairment whenever events or changes in business circumstances indicate that the remaining useful life may warrant revision or that the carrying amount of the long-lived asset may not be fully recoverable. The Company performs an undiscounted cash flow analysis to determine if impairment exists. When impairment is determined to exist, the related impairment loss is calculated based on fair value. Impairment losses on assets to be disposed of are based on the estimated proceeds to be received, less costs of disposal. Cash Surrender Value of Life Insurance Policies Increases in the cash surrender value ("CSV") of life insurance policies, as well as benefits received net of any CSV, are recorded in other noninterest income, and are generally not subject to income taxes. The CSV of the policies is recorded as an asset of the Bank, with liabilities recognized for any split dollar arrangements associated with the policies. The Company reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. Regulatory requirements limit the total amount of CSV to be held with any individual carrier to 15% of Tier 1 capital (as defined for regulatory purposes) and the total CSV of all life insurance policies is limited to 25% of Tier 1 capital. Other Real Estate Owned and Other Foreclosed Assets Real estate properties and other assets, which have served as collateral to secure loans, are held for sale and are initially recorded at fair value less estimated costs to sell at the date control is established, resulting in a new cost basis. The amount by which the recorded investment in the loan exceeds the fair value (net of estimated costs to sell) of the foreclosed asset is charged to the allowance for credit losses. Subsequent declines in the fair value of the foreclosed asset below the new cost basis are recorded through the use of a valuation allowance. Subsequent increases in the fair value are recorded as reductions in the valuation allowance, but not below zero. Upon a sale of a foreclosed asset, any excess of the carrying value over the sale proceeds is recognized as a loss on sale. Any excess of sale proceeds over the carrying value of the foreclosed asset is first applied as a recovery to the valuation allowance, if any, with the remainder being recognized as a gain on sale. Operating expenses and changes in the valuation allowance relating to foreclosed assets are included in other noninterest expense. Derivatives 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 determined by whether it has been designated and qualifies as part of a hedging relationship, and further, by the type of hedging relationship. At the inception of a hedge, the Company documents certain items, including but not limited to the following: the relationship between hedging instruments and hedged items, the Company's risk management objectives, hedging strategies, and the evaluation of hedge transaction effectiveness. Documentation includes linking all derivatives designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. For those derivative instruments that are designated and qualify for special hedge accounting, the Company designates the hedging instrument, based upon the exposure being hedged, as either a fair value hedge or a cash flow hedge. For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income, net of related tax. The Company considers any economic mismatch between the hedging instrument and the hedged transaction in its ongoing assessment of hedge effectiveness. If the hedging instrument is not highly effective at achieving offsetting cash flows attributable to the revised contractually specified interest rate(s), hedge accounting will be discontinued. At that time, accumulated other comprehensive income would be frozen and amortized, as long as the forecasted transactions are still probable of occurring. For derivative instruments designated and qualifying as a fair value hedge (i.e., hedging the exposure to changes in the fair value of an asset or liability or an identified portion thereof that is attributable to the hedged risk), the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in current earnings during the period of the change in fair values. Hedge accounting is discontinued prospectively when (1) a derivative is no longer highly effective in offsetting changes in the fair value or cash flow of a hedged item, (2) a derivative expires or is settled, (3) it is no longer likely that a forecasted transaction associated with the hedge will occur, or (4) it is determined that designation of a derivative as a hedge is no longer appropriate. To the extent the Company enters into new or re-designates existing hedging relationships, it is the Company's policy to include the Overnight Index Swap Rate based on the Fed Funds Effective Rate and the Overnight Index Swap Rate based on the Secured Overnight Financing Rate in the spectrum of available benchmark interest rates for hedge accounting. For derivative instruments not designated as hedging instruments, such as loan level derivatives, foreign exchange contracts, risk participation agreements and mortgage derivatives, changes in fair value are re |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2021 | |
Business Acquisition [Line Items] | |
ACQUISITIONS | ACQUISITIONS Meridian Bancorp, Inc. On November 12, 2021, the Company completed the acquisition of Meridian Bancorp, Inc., parent of East Boston Savings Bank (collectively "Meridian"). The transaction qualified as a tax-free reorganization for federal income tax purposes and provided a tax-free exchange to Meridian Bancorp, Inc. stockholders with respect to the common stock received in the merger. For each share of Meridian Bancorp, Inc. common stock, stockholders received 0.2750 shares of the Company's stock, with cash paid in lieu of fractional shares. Total consideration of $1.3 billion consisted of 14.3 million shares of the Company's common stock issued, as well as $11.2 million in cash paid for stock option cancellations and in lieu of fractional shares. In addition to increasing its loan and deposit base, the acquisition enabled the Company to provide a deeper product set to Meridian's customers, as well as benefit from increased operating synergies, which are expected to improve the long-term operating and financial results of the Company. The Company accounted for the Meridian acquisition using the acquisition method pursuant to the Business Combinations Topic of the FASB ASC. Accordingly, the Company recorded pre-tax merger and acquisition expenses of $40.8 million during the twelve months ended December 31, 2021 related to the Meridian acquisition. Additionally, the acquisition method requires the acquirer to recognize the assets acquired and the liabilities assumed at their fair values as of the acquisition date. The Company used third party valuation specialists to assist in the determination of the fair value of certain assets and liabilities at the acquisition date, including loans, core deposit intangibles and time deposits. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition: Net Assets Acquired at Fair Value (Dollars in thousands) Assets Cash $ 798,470 Investments 266 Loans (including loans held for sale) 4,908,949 Allowance for credit losses on PCD loans (16,540) Bank Premises and equipment 66,825 Goodwill 478,866 Core deposit and other intangibles 10,300 Other assets 125,543 Total assets acquired 6,372,679 Liabilities Deposits 4,440,432 Borrowings 576,088 Other liabilities 46,432 Total liabilities assumed 5,062,952 Purchase price $ 1,309,727 Fair value adjustments to assets acquired and liabilities assumed are generally amortized using either an effective yield or straight-line basis over periods consistent with the average life, useful life and/or contractual term of the related assets and liabilities. Fair values of the major categories of assets acquired and liabilities assumed were determined as follows: Cash and Cash Equivalents The fair values of cash and cash equivalents approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities. Loans The loans acquired were recorded at fair value without a carryover of the allowance for credit losses. Fair value of the loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected, as adjusted for an estimate of future credit losses and prepayments, and then applying a market-based discount rate to those cash flows. Acquired loans were reviewed to determine if any had experienced a more-than-insignificant deterioration in credit quality since origination. Loans meeting established criteria to indicate more-than-insignificant deterioration were identified as PCD loans, and an allowance for credit losses was calculated using management's best estimate of projected losses over the remaining life of the loan in accordance with CECL methodology. In connection with the Meridian acquisition, the Company recorded an allowance for credit losses on PCD loans of approximately $16.5 million, which was added to the amortized cost of the loans. For PCD loans acquired from Meridian, a reconciliation of the difference between the purchase price and par value of the assets acquired is presented below: As of November 12, 2021 (Dollars in thousands) Gross amortized cost basis at November 12, 2021 $ 768,018 Allowance for credit losses on PCD loans (16,540) Interest and liquidity premium 8,560 Purchase price of PCD loans (at fair value) $ 760,038 For loans acquired without evidence of more-than-insignificant deterioration in credit quality since origination, also referred to as non-PCD loans, the Company estimated an allowance for credit losses based on the Company's methodology for determining the allowance under CECL. The resulting allowance on non-PCD loans was $50.7 million, which was recorded through a charge to provision for credit losses on the date of acquisition. Premises and Equipment The fair value of the premises, including land, buildings and improvements, was determined based upon appraisals by licensed real estate appraisers. The appraisals were based upon the best and highest use of the property with final values determined based upon an analysis of the cost, sales comparison and income capitalization approaches for each property appraised. Lease Assets and Lease Liabilities Lease assets and liabilities were measured using a methodology to estimate the future rental payments over the remaining lease term with discounting using the Company’s incremental borrowing rate. The lease term was determined for individual leases based on the Company’s assessment of the probability of exercising renewal options. The net effect of any off-market terms in a lease were also discounted and applied to the balance of the lease asset. Core Deposit Intangible The fair value of the core deposit intangible is derived by comparing the interest rate and servicing costs that the financial institution pays on the core deposit liability versus the current market rate for alternative sources of financing, while factoring in estimates over the remaining life and attrition rate of the deposit accounts. The intangible asset represents the stable and relatively low cost source of funds that the deposits and accompanying relationships provide the Company, when compared to alternative funding sources. Deposits The fair value of acquired savings and transaction deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was determined based on the present value of the contractual cash flows over the remaining period to maturity using a market interest rate. Borrowings The fair values of borrowings were derived based upon the present value of the principal and interest payments using a current market discount rate. Immediately after the closing, the Company paid off the acquired borrowings of $576.1 million in full. Selected Pro Forma Results The following summarizes the unaudited pro forma results of operations as if the Company acquired Meridian on January 1, 2021 (2020 amounts represent combined results for the Company and Meridian). The selected pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the acquisition actually been completed at the beginning of the period presented, nor does it indicate future results for any other interim or full-year period. Year Ended December 31 2021 2020 (Dollars in thousands) Net interest income after provision for credit losses $ 565,360 $ 560,461 Net income $ 178,936 $ 186,218 Included in the pro forma net income for the twelve months ended December 31, 2021 are merger-related costs of $42.2 million, net of tax, recognized by the Company and Meridian, in the aggregate. These costs were primarily made up of severance, contract terminations due to the change in control, professional and legal fees, facilities conversion and termination costs and other integration costs. |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES Trading Securities The Company had trading securities of $3.7 million and $2.8 million at December 31, 2021 and 2020, respectively. These securities are held in a rabbi trust and will be used for future payments associated with the Company's non-qualified 401(k) Restoration Plan and Non-qualified Deferred Compensation Plan. Equity Securities The Company had equity securities of $23.2 million and $22.1 million at December 31, 2021 and 2020, 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 recognized within non-interest income and non-interest expense within the consolidated statements of income that relate to equity securities for the periods indicated: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Net gains recognized during the period on equity securities $ 554 $ 528 $ 1,566 Less: net gains recognized during the period on equity securities sold during the period 192 14 18 Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 362 $ 514 $ 1,548 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) at the dates indicated: December 31, 2021 December 31, 2020 Amortized Gross Gross Unrealized Allowance for credit losses Fair Amortized Gross Gross Unrealized Allowance for credit losses Fair (Dollars in thousands) U.S. government agency securities $ 217,393 $ 990 $ (2,901) $ — $ 215,482 $ 22,476 $ 1,640 $ — $ — $ 24,116 U.S. treasury securities 873,467 172 (12,191) — 861,448 — — — — — Agency mortgage-backed securities 364,955 4,512 (5,534) — 363,933 224,293 9,337 (1) — 233,629 Agency collateralized mortgage obligations 78,966 1,282 (571) — 79,677 88,687 3,083 (87) — 91,683 State, county, and municipal securities 192 11 — — 203 790 17 — — 807 Single issuer trust preferred securities issued by banks 489 2 — — 491 489 — (1) — 488 Pooled trust preferred securities issued by banks and insurers 1,199 — (199) — 1,000 1,429 — (373) — 1,056 Small business administration pooled securities 47,075 1,839 — — 48,914 57,289 3,792 — — 61,081 Total available for sale securities $ 1,583,736 $ 8,808 $ (21,396) $ — $ 1,571,148 $ 395,453 $ 17,869 $ (462) $ — $ 412,860 The Company did not record a provision for estimated credit losses on any available for sale securities for the years ended December 31, 2021 and 2020. Excluded from the table above is accrued interest on available for sale securities of $3.0 million and $1.2 million at December 31, 2021 and 2020, respectively, which is included within other assets on the Consolidated Balance Sheets. Additionally, the Company did not record any write-offs of accrued interest income on available for sale securities for the years ended December 31, 2021 and 2020. No securities held by the Company were delinquent on contractual payments at December 31, 2021 and 2020, nor were any securities placed on non-accrual status for the years 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 for the years ended December 31, 2021 and 2020, and therefore no gains or losses were realized for the periods presented. The following tables 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 a provision for credit losses as of the dates indicated. 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: December 31, 2021 Less than 12 months 12 months or longer Total # of Fair Value Unrealized Fair Unrealized Fair Value Unrealized (Dollars in thousands) U.S. government agency securities 6 $ 160,913 $ (2,901) $ — $ — $ 160,913 $ (2,901) U.S. treasury securities 17 811,993 (12,191) — — 811,993 (12,191) Agency mortgage-backed securities 12 214,678 (5,534) — — 214,678 (5,534) Agency collateralized mortgage obligations 1 22,960 (571) — — 22,960 (571) Pooled trust preferred securities issued by banks and insurers 1 — — 1,000 (199) 1,000 (199) Total impaired available for sale securities 37 $ 1,210,544 $ (21,197) $ 1,000 $ (199) $ 1,211,544 $ (21,396) December 31, 2020 Less than 12 months 12 months or longer Total # of Fair Value Unrealized Fair Unrealized Fair Value Unrealized Agency mortgage-backed securities 3 $ 437 $ (1) $ — $ — $ 437 $ (1) Agency collateralized mortgage obligations 2 23,323 (87) — — 23,323 (87) Single issuer trust preferred securities issued by banks and insurers 1 488 (1) — — 488 (1) Pooled trust preferred securities issued by banks and insurers 1 — — 1,056 (373) 1,056 (373) Total impaired available for sale securities 7 $ 24,248 $ (89) $ 1,056 $ (373) $ 25,304 $ (462) 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 and management does not believe that any of the securities are impaired due to reasons of credit quality. As a result, the Company did not recognize a provision for credit losses on these investments for the years ended December 31, 2021 and 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 were as follows at December 31, 2021: • U.S. Government Agency Securities, U.S. Treasury Securities, Agency Mortgage-Backed Securities and Agency Collateralized Mortgage Obligations: 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. • 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) at the dates indicated: December 31, 2021 December 31, 2020 Amortized Gross Gross Unrealized Allowance for credit losses Fair Amortized Gross Gross Unrealized Allowance for credit losses Fair (Dollars in thousands) U.S. government agency securities $ 32,987 $ — $ (441) $ — $ 32,546 $ — $ — $ — — $ — U.S. treasury securities 102,560 6 (324) — 102,242 4,017 60 — — 4,077 Agency mortgage-backed securities 493,012 8,495 (4,271) — 497,236 356,085 18,036 — — 374,121 Agency collateralized mortgage obligations 415,736 3,232 (10,123) — 408,845 335,993 8,466 (340) — 344,119 Single issuer trust preferred securities issued by banks 1,500 8 — — 1,508 1,500 — (2) — 1,498 Small business administration pooled securities 21,023 733 — — 21,756 26,917 1,445 — — 28,362 Total held to maturity securities $ 1,066,818 $ 12,474 $ (15,159) $ — $ 1,064,133 $ 724,512 $ 28,007 $ (342) $ — $ 752,177 The Company did not record a provision for estimated credit losses on any held to maturity securities for the years ended December 31, 2021 and 2020. Excluded from the table above is accrued interest on held to maturity securities of $2.0 million and $1.5 million at December 31, 2021 and 2020, respectively, which is included within other assets on the Consolidated Balance Sheets. Additionally, the Company did not record any write-offs of accrued interest income on held to maturity securities for the years ended December 31, 2021 and 2020. No securities held by the Company were delinquent on contractual payments at December 31, 2021 and 2020, nor were any securities placed on non-accrual status for the years 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 for the years ended December 31, 2021 and 2020, and therefore no gains or losses were realized for such periods. 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. At December 31, 2021 and 2020, all held to maturity securities held by the Company were rated investment grade or higher. The actual maturities of certain 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 securities available for sale and securities held to maturity at December 31, 2021 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 Fair Amortized Fair Amortized Fair Amortized Fair Amortized Fair (Dollars in thousands) Available for sale securities U.S. government agency securities $ 10,000 $ 10,007 $ 43,831 $ 44,065 $ 163,562 $ 161,410 $ — $ — $ 217,393 $ 215,482 U.S. treasury securities — — 643,068 633,504 230,399 227,944 — — 873,467 861,448 Agency mortgage-backed securities 14,411 14,563 95,373 96,519 142,730 139,331 112,441 113,520 364,955 363,933 Agency collateralized mortgage obligations — — — — — — 78,966 79,677 78,966 79,677 State, county, and municipal securities — — 192 203 — — — — 192 203 Single issuer trust preferred securities issued by banks — — — — — — 489 491 489 491 Pooled trust preferred securities issued by banks and insurers — — — — — — 1,199 1,000 1,199 1,000 Small business administration pooled securities — — — — — — 47,075 48,914 47,075 48,914 Total available for sale securities $ 24,411 $ 24,570 $ 782,464 $ 774,291 $ 536,691 $ 528,685 $ 240,170 $ 243,602 $ 1,583,736 $ 1,571,148 Held to maturity securities U.S. government agency securities $ — $ — $ 32,987 $ 32,546 $ — $ — $ — $ — $ 32,987 $ 32,546 U.S. Treasury securities 2,003 2,009 — — 100,557 100,233 — — 102,560 102,242 Agency mortgage-backed securities — — 3,016 3,156 288,552 287,116 201,444 206,964 493,012 497,236 Agency collateralized mortgage obligations — — — — — — 415,736 408,845 415,736 408,845 Single issuer trust preferred securities issued by banks — — — — 1,500 1,508 — — 1,500 1,508 Small business administration pooled securities — — — — — — 21,023 21,756 21,023 21,756 Total held to maturity securities 2,003 2,009 36,003 35,702 390,609 388,857 638,203 637,565 1,066,818 1,064,133 Total $ 26,414 $ 26,579 $ 818,467 $ 809,993 $ 927,300 $ 917,542 $ 878,373 $ 881,167 $ 2,650,554 $ 2,635,281 Included in the table above is $3.2 million of callable securities at December 31, 2021. The carrying value of securities pledged to secure public funds, trust deposits, repurchase agreements and for other purposes, as required or permitted by law, was $740.6 million and $419.6 million at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of stockholders’ equity. |
Credit Losses
Credit Losses | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | LOANS, ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY 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 periods indicated: Years Ended December 31, 2021 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance $ 21,086 $ 45,009 $ 5,397 $ 5,095 $ 14,275 $ 22,060 $ 470 $ 113,392 Charge-offs (3,474) — — (219) — (69) (1,182) (4,944) Recoveries 2,686 57 — 98 1 249 638 3,729 Initial reserve on PCD loans 166 14,397 1,019 — 429 163 366 16,540 Provision for credit loss expense (6,062) 24,023 5,900 (1,466) (221) (4,417) 448 18,205 Ending balance (1) $ 14,402 $ 83,486 $ 12,316 $ 3,508 $ 14,484 $ 17,986 $ 740 $ 146,922 Years Ended December 31, 2020 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance, pre adoption of ASU 2016-13 $ 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 (2,309) (3,885) — (380) (105) (142) (1,625) (8,446) Recoveries 289 9 — 33 2 210 1,035 1,578 Provision for credit loss expense 7,447 28,661 2,996 3,201 687 9,085 423 52,500 Ending balance (1) $ 21,086 $ 45,009 $ 5,397 $ 5,095 $ 14,275 $ 22,060 $ 470 $ 113,392 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $43.7 million and $36.0 million at December 31, 2021 and December 31, 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 reclassification of the Company's purchased credit impaired ("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 reclassification. The balance of allowance for credit losses of $146.9 million at December 31, 2021 represents an increase of $33.5 million, or 29.6%, from the prior year end. The increase in the allowance was driven primarily by $67.2 million in initial allowance reserves recorded on the acquired Meridian loan portfolio, including $50.7 million and $16.5 million attributable to non-PCD and PCD loans, respectively. Partially offsetting the increase in allowance attributable to acquired loans was a reversal of credit loss expense of $32.5 million for the year ended December 31, 2021, primarily reflecting improvements in expected overall macro-economic forecast assumptions and continued strong asset quality metrics, along with lower organic loan growth. 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 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, one-to-four 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 one-to-four family residential properties. Residential mortgage loans also include loans to construct owner-occupied one-to-four 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 one-to-four 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 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-rating categories for the commercial portfolio are defined as follows: • Pass: Risk-rating “1” through “6” comprises of 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. Commercial loan modifications granted by the Company allowing payment deferrals for qualifying borrowers in accordance with the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") were assessed for potential 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 90 days or more past due are assigned a "default" rating. Consumer loan modifications granted by the Company allowing payment deferrals for qualifying borrowers in accordance with the CARES Act were not categorized 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 dates indicated below: December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving converted to Term Total (1) (Dollars in thousands) Commercial and Pass (2) $ 478,141 $ 167,421 $ 92,657 $ 74,940 $ 12,432 $ 27,000 $ 681,155 $ 250 $ 1,533,996 Potential weakness 779 6,874 1,627 109 908 287 5,401 — 15,985 Definite weakness - loss unlikely 766 317 962 515 2,570 258 7,910 — 13,298 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial and industrial $ 479,686 $ 174,612 $ 95,246 $ 75,564 $ 15,910 $ 27,545 $ 694,466 $ 250 $ 1,563,279 Commercial real estate Pass $ 1,445,829 $ 1,232,824 $ 875,001 $ 950,540 $ 820,201 $ 1,913,217 $ 154,020 $ — $ 7,391,632 Potential weakness 51,024 86,781 53,250 69,137 53,455 185,847 13,617 — 513,111 Definite weakness - loss unlikely 20,078 4,106 3,380 1,663 35,727 22,647 — — 87,601 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial real estate $ 1,516,931 $ 1,323,711 $ 931,631 $ 1,021,340 $ 909,383 $ 2,121,711 $ 167,637 $ — $ 7,992,344 Commercial construction Pass $ 374,023 $ 451,987 $ 141,127 $ 62,752 $ 19,168 $ 48,175 $ 36,368 $ 2,289 $ 1,135,889 Potential weakness 9,646 2,550 — — — 12,811 — — 25,007 Definite weakness - loss unlikely 4,561 — — — — — — — 4,561 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial construction $ 388,230 $ 454,537 $ 141,127 $ 62,752 $ 19,168 $ 60,986 $ 36,368 $ 2,289 $ 1,165,457 Small business Pass $ 53,939 $ 37,017 $ 20,840 $ 13,459 $ 9,665 $ 18,603 $ 35,875 $ — $ 189,398 Potential weakness 210 456 379 198 4 285 803 — 2,335 Definite weakness - loss unlikely — 619 32 9 4 278 514 — 1,456 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total small business $ 54,149 $ 38,092 $ 21,251 $ 13,666 $ 9,673 $ 19,166 $ 37,192 $ — $ 193,189 Residential real estate Pass $ 454,162 $ 215,142 $ 114,762 $ 122,745 $ 133,961 $ 559,701 $ — $ — $ 1,600,473 Default — 392 — 1,010 — 2,811 — — 4,213 Total residential real estate $ 454,162 $ 215,534 $ 114,762 $ 123,755 $ 133,961 $ 562,512 $ — $ — $ 1,604,686 Home equity Pass $ 66,410 $ 63,870 $ 38,201 $ 33,505 $ 38,051 $ 109,544 $ 684,427 $ 3,932 $ 1,037,940 Default — — — — — — 1,555 116 1,671 Total home equity $ 66,410 $ 63,870 $ 38,201 $ 33,505 $ 38,051 $ 109,544 $ 685,982 $ 4,048 $ 1,039,611 Other consumer Pass $ 3,363 $ 2,702 $ 2,191 $ 859 $ 654 $ 4,462 $ 14,377 $ — $ 28,608 Default 16 6 29 25 — 35 1 — 112 Total other consumer $ 3,379 $ 2,708 $ 2,220 $ 884 $ 654 $ 4,497 $ 14,378 $ — $ 28,720 Total $ 2,962,947 $ 2,273,064 $ 1,344,438 $ 1,331,466 $ 1,126,800 $ 2,905,961 $ 1,636,023 $ 6,587 $ 13,587,286 December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving converted to Term Total (1) (Dollars in thousands) Commercial and Pass (2) $ 1,074,773 $ 141,859 $ 97,908 $ 30,431 $ 19,426 $ 19,749 $ 631,049 $ 2,538 $ 2,017,733 Potential weakness 9,020 1,869 670 4,997 1,539 294 20,766 — 39,155 Definite weakness - loss unlikely 2,009 1,310 19,575 2,997 320 429 6,991 — 33,631 Partial loss probable 672 — — — 156 143 11,662 — 12,633 Definite loss — — — — — — — — — Total commercial and industrial $ 1,086,474 $ 145,038 $ 118,153 $ 38,425 $ 21,441 $ 20,615 $ 670,468 $ 2,538 $ 2,103,152 Commercial real estate Pass $ 1,054,345 $ 726,276 $ 480,725 $ 544,826 $ 372,542 $ 664,256 $ 19,085 $ 14,737 $ 3,876,792 Potential weakness 27,877 55,166 30,286 19,531 25,462 71,252 13,610 — 243,184 Definite weakness - loss unlikely 25,878 3,502 3,857 10,185 3,376 7,153 — — 53,951 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial real estate $ 1,108,100 $ 784,944 $ 514,868 $ 574,542 $ 401,380 $ 742,661 $ 32,695 $ 14,737 $ 4,173,927 Commercial construction Pass $ 255,679 $ 167,948 $ 30,706 $ 32,538 $ — $ 6,689 $ 31,705 $ 588 $ 525,853 Potential weakness 17,528 9,953 520 — — — 75 — 28,076 Definite weakness - loss unlikely — — — — — — — — — Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial construction $ 273,207 $ 177,901 $ 31,226 $ 32,538 $ — $ 6,689 $ 31,780 $ 588 $ 553,929 Small business Pass $ 41,713 $ 27,751 $ 19,497 $ 13,411 $ 13,837 $ 19,624 $ 35,451 $ — $ 171,284 Potential weakness — 10 15 15 6 217 822 — 1,085 Definite weakness - loss unlikely 684 438 122 11 137 353 883 — 2,628 Partial loss probable — — — — — — 26 — 26 Definite loss — — — — — — — — — Total small business $ 42,397 $ 28,199 $ 19,634 $ 13,437 $ 13,980 $ 20,194 $ 37,182 $ — $ 175,023 Residential real estate Pass $ 219,595 $ 146,058 $ 160,422 $ 144,638 $ 215,568 $ 401,279 $ — $ — $ 1,287,560 Default — — 427 — 4,158 4,038 — — 8,623 Definite loss — — — — — — — — — Total residential real estate $ 219,595 $ 146,058 $ 160,849 $ 144,638 $ 219,726 $ 405,317 $ — $ — $ 1,296,183 Home equity Pass $ 82,312 $ 59,409 $ 52,088 $ 53,570 $ 41,181 $ 111,360 $ 661,575 $ 4,663 $ 1,066,158 Default — — — — — 440 1,837 355 2,632 Definite loss — — — — — — — — — Total home equity $ 82,312 $ 59,409 $ 52,088 $ 53,570 $ 41,181 $ 111,800 $ 663,412 $ 5,018 $ 1,068,790 Other consumer Pass $ 816 $ 398 $ 165 $ 665 $ 615 $ 6,749 $ 12,317 $ — $ 21,725 Default — — — 15 — 111 11 — 137 Definite loss — — — — — — — — — Total other consumer $ 816 $ 398 $ 165 $ 680 $ 615 $ 6,860 $ 12,328 $ — $ 21,862 Total $ 2,812,901 $ 1,341,947 $ 896,983 $ 857,830 $ 698,323 $ 1,314,136 $ 1,447,865 $ 22,881 $ 9,392,866 (1) Loans origination dates in the tables above reflect the original date, or the date of a material modification of a previously originated loan, for both organic originations and acquired loans. (2) Loans originated as part of the Paycheck Protection Program ("PPP") established by the CARES Act are reported as commercial and industrial under the 2021 and 2020 vintage years and "Pass" category as these loans are 100% guaranteed by the U.S. Government. Outstanding PPP loans totaled $216.2 million and $791.9 million at December 31, 2021 and 2020, respectively, the former of which reflects PPP loans acquired in the Meridian acquisition. 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 at the dates indicated below: December 31 December 31 Residential portfolio FICO score (re-scored)(1) 749 749 LTV (re-valued)(2) 54.4 % 57.4 % Home equity portfolio FICO score (re-scored)(1) 772 771 LTV (re-valued)(2)(3) 42.4 % 46.0 % (1) The average FICO scores at December 31, 2021 are based upon rescores from December 2021, as available for previously originated loans, or origination score data for loans booked in December 2021. The average FICO scores at December 31, 2020 were based upon rescores from December 2020, as available for previously originated loans, or origination score data for loans booked in December 2020. (2) The combined LTV ratios for December 31, 2021 are based upon updated automated valuations as of November 2021, when available, and/or the most current valuation data available. The combined LTV ratios for December 31, 2020 were based upon updated automated valuations as of November 2020, 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 December 31, 2021 and 2020, the Company's estimated reserve for unfunded commitments amounted to $1.5 million and $1.2 million. 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 90 days or more past due with respect to principal or interest are classified as nonaccrual loans. The Company also may use discretion regarding other loans 90 days or more delinquent if the loan is well secured and/or in process of collection. In response to the COVID-19 pandemic, the Company granted loan modifications to allow deferral of payments for borrowers negatively impacted by the pandemic. The balance of loans with active deferrals at December 31, 2021 was $383.1 million, which included $194.3 million in COVID-19 related modifications in the acquired Meridian portfolio, compared to $173.6 million at December 31, 2020. The majority of these loans with active deferrals continue to be characterized as current loans. In accordance with regulatory guidance, these modifications were not considered to be troubled debt restructurings ("TDRs") if they were performing prior to December 31, 2019. Additionally, a majority of these loans were characterized as current and therefore were not impacting nonaccrual or delinquency totals at December 31, 2021 and 2020. The Company does, however, consider all active deferrals when estimating loss reserves. As loans reach their deferral maturity date, consideration of TDR and delinquency status will resume in accordance with the Company's accounting policy. The following table shows information regarding nonaccrual loans at the dates indicated: Nonaccrual Balances December 31, 2021 December 31, 2020 With Allowance for Credit Losses Without Allowance for Credit Losses Total (1) With Allowance for Credit Losses Without Allowance for Credit Losses Total (1) (Dollars in thousands) Commercial and industrial $ 3,420 $ 19 $ 3,439 $ 3,804 $ 30,925 $ 34,729 Commercial real estate 10,870 — 10,870 10,195 — 10,195 Small business 44 — 44 815 10 825 Residential real estate 8,580 602 9,182 10,935 4,593 15,528 Home equity 3,781 — 3,781 5,427 — 5,427 Other consumer 504 — 504 156 — 156 Total nonaccrual loans $ 27,199 $ 621 $ 27,820 $ 31,332 $ 35,528 $ 66,860 (1) Included in these amounts are $2.0 million and $22.2 million of nonaccruing TDRs at December 31, 2021 and December 31, 2020, 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 for the years ended December 31, 2021, 2020, and 2019. The following table shows information regarding foreclosed residential real estate property at the dates indicated: December 31, 2021 December 31, 2020 (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 $ 1,426 $ 1,750 The following tables show the age analysis of past due financing receivables at the dates indicated: December 31, 2021 30-59 days 60-89 days 90 days or more Total Past Due Total Amortized Cost Number Principal Number Principal Number Principal Number Principal Current (Dollars in thousands) Loan Portfolio Commercial and industrial 7 $ 143 2 $ 252 2 $ 24 11 $ 419 $ 1,562,860 $ 1,563,279 $ — Commercial real estate 15 32,845 — — 4 1,339 19 34,184 7,958,160 7,992,344 — Commercial construction — — — — — — — — 1,165,457 1,165,457 — Small business 11 136 6 53 4 24 21 213 192,976 193,189 — Residential real estate 12 2,709 5 714 76 3,922 93 7,345 1,597,341 1,604,686 — Home equity 15 1,375 6 381 21 1,671 42 3,427 1,036,184 1,039,611 — Other consumer (1) 458 719 41 277 16 112 515 1,108 27,612 28,720 — Total 518 $ 37,927 60 $ 1,677 123 $ 7,092 701 $ 46,696 $ 13,540,590 $ 13,587,286 $ — December 31, 2020 30-59 days 60-89 days 90 days or more Total Past Due Total Recorded Number Principal Number Principal Number Principal Number Principal Current (Dollars in thousands) Loan Portfolio Commercial and industrial 2 $ 318 1 $ 672 8 $ 785 11 $ 1,775 $ 2,101,377 $ 2,103,152 $ — Commercial real estate 3 409 — — 4 515 7 924 4,173,003 4,173,927 — Commercial construction — — 2 2,794 — — 2 2,794 551,135 553,929 — Small business 14 421 6 273 4 59 24 753 174,270 175,023 — Residential real estate 12 2,150 8 5,507 27 3,648 47 11,305 1,284,878 1,296,183 — Home equity 10 733 5 203 33 2,633 48 3,569 1,065,221 1,068,790 — Other consumer (1) 260 137 3 1 6 138 269 276 21,586 21,862 1 Total 301 $ 4,168 25 $ 9,450 82 $ 7,778 408 $ 21,396 $ 9,371,470 $ 9,392,866 $ 1 (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. Troubled Debt Restructurings In the course of resolving nonperforming loans, the Bank may choose to restructure the contractual terms of certain loans. The Bank attempts to work out an alternative payment schedule with the borrower in order to avoid foreclosure actions. Exclusive of loans modified under provisions of the CARES Act, any loans that are modified are reviewed by the Bank to identify if a TDR has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Bank grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. The following table shows the Company’s total TDRs and other pertinent information at the dates indicated: December 31, 2021 December 31, 2020 (Dollars in thousands) TDRs on accrual status $ 14,635 $ 16,983 TDRs on nonaccrual 1,993 22,209 Total TDRs $ 16,628 $ 39,192 Additional commitments to lend to a borrower who has been a party to a TDR $ 190 $ 263 The Company’s policy is to have any restructured loan which is on nonaccrual status prior to being modified remain on nonaccrual status for six months subsequent to being modified before management considers its return to accrual status. If the restructured loan is on accrual status prior to being modified, it is reviewed to determine if the modified loan should remain on accrual status. Additionally, loans classified as TDRs are adjusted to reflect the changes in value of the recorded investment in the loan, if any, resulting from the granting of a concession. For all residential loan modifications, the borrower must perform during a 90 day trial period before the modification is finalized. The following table shows the troubled debt restructurings which occurred for the periods indicated and the change in the recorded investment subsequent to the modifications occurring: Year Ended December 31, 2021 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 1 $ 14,148 $ 14,148 Commercial real estate 5 3,964 3,964 Small business 2 189 189 Total (1) 8 $ 18,301 $ 18,301 Year Ended December 31, 2020 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 8 $ 732 $ 732 Commercial real estate 10 2,865 2,865 Small business 10 752 728 Residential real estate 2 559 642 Total (1) 30 $ 4,908 $ 4,967 Year Ended December 31, 2019 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 3 $ 268 $ 268 Commercial real estate 4 819 819 Small business 1 14 14 Residential real estate 3 967 1,009 Home equity 2 121 121 Total (1) 13 $ 2,189 $ 2,231 (1) The pre-modification and post-modification balances represent the legal principal balance of the loan. Activity presented in the tables above includes $14.3 million, $1.9 million, and $855,000 of modifications on existing TDRs during the years ended December 31, 2021, 2020 and 2019, respectively. The following table shows the Company’s post-modification balance of TDRs listed by type of modification for the periods indicated: Years Ended December 31 2021 2020 2019 Extended maturity $ 4,153 $ 4,120 $ 1,565 Adjusted interest rate — 822 150 Combination rate and maturity 14,148 — 441 Court ordered concession — 25 75 Total $ 18,301 $ 4,967 $ 2,231 |
LOANS, ALLOWANCE FOR LOAN LOSSE
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Loans, Allowance for Loan Losses and Credit Quality [Abstract] | ||
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | The Company adopted the CECL standard, effective January 1, 2020. Prior to 2020, the Company recognized an allowance for loan losses in accordance with the incurred loss impairment model under the previously applicable GAAP. As required by disclosure guidance, the Company has included relevant disclosures and accounting policies 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 at December 31, 2019: December 31, 2019 Commercial Commercial Commercial Small Residential Home Other Consumer Total (Dollars in thousands) Allowance for loan losses Beginning balance $ 15,760 $ 32,370 $ 5,158 $ 1,756 $ 3,219 $ 5,608 $ 422 $ 64,293 Charge-offs (244) (2,614) — (509) — (240) (1,598) (5,205) Recoveries 1,131 152 — 122 142 318 787 2,652 Provision (benefit) 947 3,027 895 377 79 (110) 785 6,000 Ending balance $ 17,594 $ 32,935 $ 6,053 $ 1,746 $ 3,440 $ 5,576 $ 396 $ 67,740 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. The information for average recorded investment and interest income recognized is reflective of the full period being presented and does not take into account the date at which a loan was deemed to be impaired. As of and For the Year Ended December 31, 2019 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 23,786 $ 34,970 $ — $ 27,056 $ 136 Commercial real estate 6,213 12,101 — 12,595 523 Small business 469 484 — 471 22 Residential real estate 4,976 5,123 — 5,045 222 Home equity 3,764 3,893 — 3,869 184 Other consumer 34 34 — 41 3 Subtotal 39,242 56,605 — 49,077 1,090 With an allowance recorded Commercial and industrial 670 670 126 718 29 Commercial real estate 2,124 2,124 48 2,176 122 Small business 68 105 8 74 2 Residential real estate 6,252 7,163 637 6,326 239 Home equity 1,184 1,382 156 1,214 52 Other consumer 88 91 5 97 3 Subtotal 10,386 11,535 980 10,605 447 Total $ 49,628 $ 68,140 $ 980 $ 59,682 $ 1,537 | LOANS AND ALLOWANCE FOR LOAN LOSSES The Company adopted the CECL standard, effective January 1, 2020. Prior to 2020, the Company recognized an allowance for loan losses in accordance with the incurred loss impairment model under the previously applicable GAAP. As required by disclosure guidance, the Company has included relevant disclosures and accounting policies 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 at December 31, 2019: December 31, 2019 Commercial Commercial Commercial Small Residential Home Other Consumer Total (Dollars in thousands) Allowance for loan losses Beginning balance $ 15,760 $ 32,370 $ 5,158 $ 1,756 $ 3,219 $ 5,608 $ 422 $ 64,293 Charge-offs (244) (2,614) — (509) — (240) (1,598) (5,205) Recoveries 1,131 152 — 122 142 318 787 2,652 Provision (benefit) 947 3,027 895 377 79 (110) 785 6,000 Ending balance $ 17,594 $ 32,935 $ 6,053 $ 1,746 $ 3,440 $ 5,576 $ 396 $ 67,740 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. The information for average recorded investment and interest income recognized is reflective of the full period being presented and does not take into account the date at which a loan was deemed to be impaired. As of and For the Year Ended December 31, 2019 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 23,786 $ 34,970 $ — $ 27,056 $ 136 Commercial real estate 6,213 12,101 — 12,595 523 Small business 469 484 — 471 22 Residential real estate 4,976 5,123 — 5,045 222 Home equity 3,764 3,893 — 3,869 184 Other consumer 34 34 — 41 3 Subtotal 39,242 56,605 — 49,077 1,090 With an allowance recorded Commercial and industrial 670 670 126 718 29 Commercial real estate 2,124 2,124 48 2,176 122 Small business 68 105 8 74 2 Residential real estate 6,252 7,163 637 6,326 239 Home equity 1,184 1,382 156 1,214 52 Other consumer 88 91 5 97 3 Subtotal 10,386 11,535 980 10,605 447 Total $ 49,628 $ 68,140 $ 980 $ 59,682 $ 1,537 |
BANK PREMISES AND EQUIPMENT
BANK PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
BANK PREMISES AND EQUIPMENT | BANK PREMISES AND EQUIPMENT Bank premises and equipment at December 31, were as follows: 2021 2020 Estimated (Dollars in thousands) (In years) Cost Land $ 54,295 $ 32,450 n/a Bank premises 96,887 63,544 5-40 Leasehold improvements 45,263 38,667 1-27 Furniture and equipment 89,029 81,815 2-12 Leased equipment 21,660 — 5 Total cost 307,134 216,476 Accumulated depreciation (111,544) (100,083) Net bank premises and equipment $ 195,590 $ 116,393 Depreciation expense related to bank premises and equipment was $12.5 million, $12.8 million, and $11.4 million for the years ended December 31, 2021, 2020 and 2019, respectively, and is primarily reflected in occupancy and equipment expenses. |
GOODWILL AND IDENTIFIABLE INTAN
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The following table sets forth the carrying value of goodwill and other intangible assets, net of accumulated amortization, at December 31: 2021 2020 (Dollars in thousands) Balances not subject to amortization Goodwill $ 985,072 $ 506,206 Balances subject to amortization Core deposit intangibles 27,053 22,215 Other intangible assets 5,719 892 Total other intangible assets 32,772 23,107 Total goodwill and other intangible assets $ 1,017,844 $ 529,313 The changes in the carrying value of goodwill for the periods indicated were as follows: 2021 2020 (Dollars in thousands) Balance at beginning of year $ 506,206 $ 506,206 Acquisitions 478,866 — Balance at end of year $ 985,072 $ 506,206 The gross carrying amount and accumulated amortization of other intangible assets were as follows at the dates indicated: December 31 2021 2020 Gross Accumulated Net Gross Accumulated Net (Dollars in thousands) Core deposit intangibles $ 48,920 $ (21,867) $ 27,053 $ 38,620 $ (16,405) $ 22,215 Other intangible assets 6,390 (671) 5,719 2,434 (1,542) 892 Total $ 55,310 $ (22,538) $ 32,772 $ 41,054 $ (17,947) $ 23,107 The following table sets forth the estimated annual amortization expense of intangible assets for each of the next five years: Year Amount (Dollars in thousands) 2022 $ 7,662 2023 $ 6,884 2024 $ 5,911 2025 $ 4,720 2026 $ 2,824 The original weighted average amortization period for intangible assets is 9.5 years. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS The following is a summary of the scheduled maturities of time deposits at December 31: 2021 2020 (Dollars in thousands) 1 year or less $ 1,216,437 79.4 % $ 789,237 83.0 % Over 1 year to 2 years 142,942 9.3 % 93,727 9.9 % Over 2 years to 3 years 85,650 5.6 % 36,739 3.9 % Over 3 years to 4 years 66,907 4.4 % 13,407 1.4 % Over 4 years to 5 years 19,214 1.3 % 17,519 1.8 % Total $ 1,531,150 100.0 % $ 950,629 100.0 % The amount of overdraft deposits that were reclassified to the loan category were $1.5 million and $1.4 million at December 31, 2021 and 2020, respectively. The Company had pledged assets as collateral covering certain deposits in the amount of $740.6 million and $419.6 million at December 31, 2021 and 2020, respectively. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Federal Home Loan Bank Borrowings Advances payable to the Federal Home Loan Bank at December 31, 2021 and 2020 were as follows: 2021 2020 Weighted Weighted Average Average Total Contractual Total Contractual Outstanding Rate Outstanding Rate (Dollars in thousands) Stated Maturity 2021 $ — — % $ 35,042 1.12 % 2022 25,000 0.34 % — — % Subtotal 25,000 0.34 % 35,042 1.12 % Amortizing advances 667 698 Total Federal Home Loan Bank Advances $ 25,667 $ 35,740 To manage the interest rate risk of these advances, the Company may enter into interest rate swap agreements which effectively fix the rate of the borrowing. Inclusive of the impact of these swap arrangements, the weighted average rate of all FHLB borrowings was 2.05% and 2.30% at December 31, 2021 and 2020, respectively. The Company’s FHLB advances are collateralized by a blanket pledge agreement on the Bank’s FHLB stock, certain qualified investment securities, deposits at the FHLB, residential mortgages, and by certain commercial real estate loans held in the Bank’s portfolio. The carrying value of the loans pledged as collateral for these borrowings totaled $2.3 billion and $2.1 billion at December 31, 2021 and 2020, respectively. The Bank’s unused remaining available borrowing capacity at the FHLB was approximately $1.6 billion and $1.4 billion at December 31, 2021 and 2020, respectively, inclusive of a $5.0 million line of credit. At December 31, 2021 and 2020, the Company had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB's collateral pledging program. Short-Term Debt Excluding FHLB borrowings included in the table above, the Company had no short-term borrowings at December 31, 2021 and 2020. The Company recorded no interest expense on short-term borrowings for the years ended December 31, 2021 and 2020, and recorded $104,000 for the year ended December 31, 2019. Long-Term Debt The following table summarizes long-term debt, net of debt issuances costs, at the dates indicated: December 31 2021 2020 (Dollars in thousands) Long term borrowings, net $ 14,063 $ 32,773 Junior subordinated debentures Capital Trust V 51,512 51,510 Central Trust I 5,258 5,258 Central Trust II 6,083 6,083 Subordinated debentures 49,791 49,696 Total long-term debt $ 126,707 $ 145,320 The interest expense on long-term debt was $4.5 million, $5.4 million, and $8.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. Long-term borrowings: During the first quarter of 2019 the Company entered into a senior unsecured term loan credit facility of which $14.1 million and $32.8 million was outstanding at December 31, 2021 and 2020, respectively. Advances under the term loan facility bear interest at an interest rate equal to one-month LIBOR plus 1.25% (1.35% at December 31, 2021). This term loan facility is due and payable in full on March 28, 2022. Junior Subordinated Debentures : The junior subordinated debentures are issued to various trust subsidiaries of the Company. These trusts are considered to be variable interest entities for which the Company is not the primary beneficiary, and therefore the accounts of the trusts are not included in the Company’s consolidated financial statements. These trusts were formed for the purpose of issuing trust preferred securities, which were then sold in a private placement offering. The proceeds from the sale of the securities and the issuance of common stock by these trusts were invested in these Junior Subordinated Debentures issued by the Company. For regulatory purposes, bank holding companies are allowed to include trust preferred securities in Tier 1 capital up to a certain limit. Provisions in the Dodd-Frank Act generally exclude trust preferred securities from Tier 1 capital, however, holding companies with consolidated assets of less than $15 billion at December 31, 2009, are able to permanently to include these instruments in Tier 1 capital, unless the Company crosses the consolidated assets threshold as a result of merger and acquisition activity. Accordingly, as the Company’s acquisition of Meridian resulted in the crossing of $15 billion in its consolidated assets, its trust preferred securities were phased out of Tier 1 capital and included within Tier 2 capital as of December 31, 2021, in accordance with applicable regulatory guidance. Information relating to these trust preferred securities is as follows: Trust Description of Capital Securities Capital Trust V $50.0 million due in 2037, interest at a variable rate of 3 month LIBOR plus 1.48% (1.70% at December 31, 2021). Central Trust I $5.1 million due in 2034, bearing interest at a variable rate of 3 month LIBOR plus 2.44% (2.66% at December 31, 2021). These securities are callable quarterly, until maturity. Central Trust II $5.9 million due in 2037, bearing interest at a variable rate of 3 month LIBOR plus 1.65% (1.87% at December 31, 2021). These securities are callable quarterly, until maturity. All obligations under these trust preferred securities are unconditionally guaranteed by the Company. Subordinated Debentures : At December 31, 2021 and 2020 the Company held $50.0 million of outstanding subordinated debentures at the bank holding company. On March 14, 2019 the Company issued subordinated debentures with an aggregate principal amount of $50.0 million in a private placement transaction to institutional accredited investors. The subordinated debentures mature on March 15, 2029. However, with regulatory approval, the Company may redeem the subordinated debentures without penalty at any scheduled payment date on or after March 15, 2024 with 30 days notice. The subordinated debentures carry a fixed rate of interest of 4.75% through March 15, 2024, after which interest converts to a variable rate of the then current three-month LIBOR rate plus 219 basis points, or equivalent alternate rate. The following table sets forth the contractual maturities of long-term debt over the next five years: 2022 2023 2024 2025 2026 Thereafter Total (Dollars in thousands) Long term borrowings $ 14,063 $ — $ — $ — $ — $ — $ 14,063 Junior subordinated debentures Capital trust V — — — — — 51,547 51,547 Central trust I — — — — — 5,258 5,258 Central trust II — — — — — 6,083 6,083 Subordinated debentures — — — — — 50,000 50,000 Total (1) $ 14,063 $ — $ — $ — $ — $ 112,888 $ 126,951 (1) Amounts in this table are presented on a gross basis, and do not include the capitalized issuance costs as presented in the Company's Consolidated Balance Sheet. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION The Company's stock based plans include the Second Amended and Restated 2005 Employee Stock Plan (the "2005 Plan") and the 2018 Non-Employee Director Stock Plan (the "2018 Plan"), which have been approved by the Company’s Board of Directors and shareholders. Up to 300,000 shares of the Company's common stock were authorized for issuance under the 2018 plan, which amount includes the 174,855 shares of common stock transferred from the 2010 Non-Employee Director Stock Plan (the "2010 Plan"), which shares were authorized but unissued when the 2010 Plan expired in May 2018. These shares may be awarded as either stock option awards or restricted stock awards from its pool of authorized but unissued shares. The following table presents the amount of cumulatively granted stock option awards and restricted stock awards, net of forfeitures and expirations, granted through December 31, 2021: Authorized Awards Cumulatively Granted, Net of Total Authorized Stock Restricted 2005 Plan 1,650,000 387,258 927,346 1,314,604 335,396 2018 Plan 300,000 — 30,258 30,258 269,742 The following table presents the pre-tax expense associated with stock option and restricted stock awards and the related tax benefits recognized for the periods presented: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Stock based compensation expense Restricted stock awards (1) $ 3,580 $ 3,272 $ 3,679 Directors’ fee expense (2) Stock options — — 23 Restricted stock awards 729 851 701 Total stock based award expense $ 4,309 $ 4,123 $ 4,403 Related tax benefits recognized in earnings $ 1,212 $ 1,159 $ 1,238 (1) Inclusive of compensation expense associated with time-vested and performance-based restricted stock awards. (2) Expense related to awards issued to directors is recognized as directors’ fees within other noninterest expense. The Company has standard form agreements used for stock option and restricted stock awards. The standard form agreements used for the Chief Executive Officer and all other Executive Officers have previously been disclosed in Securities and Exchange Commission filings and generally provide that: (1) any unvested options or unvested restricted stock vest upon a Change of Control; and, that (2) any stock options which vest pursuant to a Change of Control, which is an event described in Section 280G of the Internal Revenue Code of 1986, will be cashed out at the difference between the acquisition price and the exercise price of the stock option. Stock Options The fair value of each stock option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following assumptions used for grants under the identified plans: • Expected volatility is based on the standard deviation of the historical volatility of the weekly adjusted closing price of the Company’s shares for a period equivalent to the expected life of the option. • Expected life represents the period of time that the option is expected to be outstanding, taking into account the contractual term, historical exercise/forfeiture behavior, and the vesting period, if any. • Expected dividend yield is an annualized rate calculated using the most recent dividend payment at time of grant and the Company’s average trailing twelve-month daily closing stock price. • The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equivalent to the expected life of the option. • Forfeitures on stock compensation are recognized when they occur. For the years ended December 31, 2021, 2020 and 2019 there were no awards granted by the Company of nonqualified options to purchase shares of common stock. Under all of the Company’s stock based plans, the option exercise price is based upon the average of the high and low trading value of the stock on the date of grant. Stock option awards granted to date under all plans expire at various dates through 2028. The following table presents relevant information relating to the Company’s stock options for the periods presented: Years Ended December 31 2021 2020 2019 (Dollars in thousands, except per share data) Fair value of stock options vested based on grant date fair value n/a $ 22 $ 21 Intrinsic value of stock options exercised $ 414 $ 404 $ 883 Cash received from stock option exercises $ 233 $ 279 $ 396 Tax benefit realized on stock option exercises $ 116 $ 114 $ 248 The following table presents a summary of stock option award activity for the year ended December 31, 2021: Outstanding Stock Option Weighted Weighted Aggregate (Dollars in thousands, except per share data) Balance at January 1, 2021 28,500 $ 47.61 Granted — — Exercised (8,500) 27.46 Balance of options outstanding, vested and exercisable at December 31, 2021 20,000 (2) $ 56.18 4.63 years $ 509 (1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the average of the high price and low price at which the Company’s common stock traded on December 31, 2021 of $81.65, which would have been received by in-the-money option holders had they all exercised their options as of that date. (2) Represents vested stock options outstanding to Directors. For the year ended December 31, 2021, all outstanding stock option awards are vested and there is no unrecognized compensation expense related to those options. Restricted Stock The Company grants both time-vested restricted stock awards as well as performance-based restricted stock awards. During the years ended December 31, 2021, 2020, and 2019 the Company made the following restricted stock award grants: Shares Granted Plan Fair Value (1) Vesting Period Time-vested 2021 2/18/2021 49,550 2005 $ 81.84 Ratably over 5 years from grant date 5/25/2021 7,680 2018 $ 78.18 Immediately upon grant date 9/1/2021 640 2018 $ 76.78 Immediately upon grant date 2020 2/27/2020 46,550 2005 $ 70.24 Ratably over 5 years from grant date 4/15/2020 880 2005 $ 70.02 Ratably over 5 years from grant date 5/27/2020 9,438 2018 $ 72.86 Immediately upon grant date 2019 2/21/2019 43,250 2005 $ 83.87 Ratably over 5 years from grant date 3/15/2019 600 2005 $ 79.55 Ratably over 5 years from grant date 4/1/2019 1,090 2005 $ 82.62 Ratably over 3 years from grant date 5/21/2019 6,500 2018 $ 77.08 Immediately upon grant date Performance-based 2/18/2021 18,900 2005 $ 81.84 The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2024. 2/27/2020 17,100 2005 $ 70.24 The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2023. 2/21/2019 15,900 2005 $ 83.87 The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2022. (1) The fair value of the restricted stock awards are based upon the average of the high and low prices at which the Company’s common stock traded on the date of grant. The holders of time-vested restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. The holders of performance-based restricted stock awards do not participate in the rewards of stock ownership of the Company until vested. The holders of all restricted stock awards are not required to pay any consideration to the Company for the awards. The following table presents the fair value of restricted stock awards that vesting during the periods presented: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Fair value of restricted stock awards upon vesting $ 5,754 $ 5,580 $ 6,005 The following table presents a summary of restricted stock award activity for the year ended December 31, 2021: Outstanding Restricted Stock Weighted Average (Dollars in thousands, except per share data) Balance at January 1, 2021 181,505 $ 71.46 Granted 76,770 81.43 Vested/released (68,137) 67.40 Forfeited (4,965) 73.44 Balance at December 31, 2021 185,173 (1) $ 77.03 Unrecognized compensation cost (inclusive of directors’ fees) $ 8,213 Weighted average remaining recognition period (years) 3.06 years (1) Inclusive of 4,500 restricted stock awards outstanding to Directors. |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Fair Value | DERIVATIVES 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, foreign exchange contracts and risk participation agreements 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 table reflects information about the Company’s derivative positions at the dates indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes: December 31, 2021 Weighted Average Rate Notional Amount Weighted Average Maturity Current Pay Fixed Fair Value (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 25,000 (1) 0.62 0.16 % 1.88 % $ (294) Current Rate Paid Receive Fixed Interest rate swaps on loans 550,000 2.58 0.11 % 2.16 % 11,830 Current Rate Paid Receive Fixed Swap Rate Interest rate collars on loans 400,000 1.66 0.11 % 2.73% - 2.20% 9,383 Total $ 975,000 $ 20,919 December 31, 2020 Weighted Average Rate Notional Amount Weighted Average Maturity Current Pay Fixed Fair Value (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 75,000 1.18 0.22 % 1.53 % $ (1,341) Current Rate Paid Receive Fixed Interest rate swaps on loans 450,000 2.66 0.15 % 2.37 % 27,021 Current Rate Paid Receive Fixed Swap Rate Interest rate collars on loans 400,000 2.66 0.15 % 2.73% - 2.20% 21,764 Total $ 925,000 $ 47,444 (1) Two forward starting swaps with notional amounts of $25.0 million each matured in December 2021. The Company originally entered into these swaps in April 2016 for purposes of hedging $50.0 million of existing junior subordinated dentures. 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 7.2 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 $15.4 million (pre-tax) to be reclassified as an increase to interest income and $238,000 (pre-tax) to be reclassified as an increase 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 at December 31, 2021. During the year ended December 31, 2020, the Company accelerated the reclassification of a loss of approximately $684,000 from OCI to earnings as a result of the termination of one of its cash flow hedges. The Company exited the hedge and paid off the associated borrowing in 2020. The Company did not terminate any of its cash flow hedges during 2021. The Company had no fair value hedges for the years ended December 31, 2021, 2020 and 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 Company has entered into risk participation agreements with other dealer banks in commercial loan agreements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. These derivatives are not designated as hedges and, therefore, changes in fair value are recognized in earnings. Under a risk participation-out agreement, a derivative asset, the Company participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower for a fee paid to the participating bank. Under a risk participation-in agreement, a derivative liability, the Company assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower for a fee received from the other bank. The following table reflects the Company’s customer related derivative positions at the dates indicated below for those derivatives not designated as hedging: Number of Notional Amount Maturing Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2021 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 296 $ 37,589 $ 139,844 $ 123,507 $ 260,953 $ 1,060,276 $ 1,622,169 $ 55,984 Pay fixed, receive variable 296 37,589 139,844 123,507 260,953 1,060,276 1,622,169 (55,982) Foreign exchange contracts Buys foreign currency, sells U.S. currency 52 149,588 8,784 — — — 158,372 5,734 Buys U.S. currency, sells foreign currency 52 149,588 8,784 — — — 158,372 (5,734) Risk participation agreements Participation out 11 — 2,635 7,138 24,539 68,408 102,720 279 Participation in 7 29,972 28,235 — — 8,339 66,546 (55) Number of Notional Amount Maturing Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2020 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 322 $ 102,999 $ 76,487 $ 149,265 $ 147,422 $ 1,222,557 $ 1,698,730 $ 127,226 Pay fixed, receive variable 313 102,999 76,487 149,265 147,422 1,222,557 1,698,730 (127,216) Foreign exchange contracts Buys foreign currency, sells U.S. currency 33 87,557 5,300 — — — 92,857 (4,214) Buys U.S. currency, sells foreign currency 33 87,557 5,300 — — — 92,857 4,224 Risk participation agreements Participation out 12 6,721 — 2,675 7,307 93,378 110,081 512 Participation in 8 — 30,649 29,072 — 15,844 75,565 (118) (1) The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements. 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 change in fair value associated with loans held for sale was a decrease of $1.7 million, an increase of $1.3 million and an increase of $822,000 for the years ended December 31, 2021, 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 loans included within mortgage banking income was $19.9 million, $30.1 million and $13.2 million for the years ended December 31, 2021, 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 at the dates indicated: Asset Derivatives (1) Liability Derivatives (2) Fair Value at Fair Value at Fair Value at Fair Value at December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (Dollars in thousands) Derivatives designated as hedges Interest rate derivatives $ 21,951 (3) $ 48,786 (3) $ 1,032 (4) $ 1,342 (4) Derivatives not designated as hedges Customer Related Positions: Loan level derivatives 68,726 (3) 127,228 (3) 68,724 (4) 127,218 (4) Foreign exchange contracts 6,147 4,359 6,147 4,349 Risk participation agreements 279 513 55 119 Mortgage Derivatives Interest rate lock commitments 753 6,513 — — Forward sale loan commitments 56 — — 1 Forward sale hedge commitments — — 57 1,035 Total derivatives not designated as hedges 75,961 138,613 74,983 132,722 Total 97,912 187,399 76,015 134,064 Netting Adjustments (5) (5,727) 23 6,769 16,105 Net Derivatives on the Balance Sheet 92,185 187,422 69,246 117,959 Financial instruments (6) 28,318 48,786 28,318 48,786 Cash collateral pledged (received) — — 33,838 62,460 Net Derivative Amounts $ 63,867 $ 138,636 $ 7,090 $ 6,713 (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 $1.2 million and $1.5 million of accrued interest receivable is included in the fair value of the interest rate and loan level asset derivatives, respectively, at December 31, 2021, in comparison to accrued interest receivable of approximately and $1.2 million and $2.0 million, respectively, at December 31, 2020. (4) Approximately $5,000 and $1.5 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities as of December 31, 2021, in comparison to accrued interest payable of approximately $81,000 and $2.0 million, respectively, at December 31, 2020. (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 December 31, 2021 and 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: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Derivatives designated as hedges Gain (loss) in OCI on derivatives (effective portion), net of tax $ (19,139) $ 16,797 $ 10,331 Gain reclassified from OCI into interest income or interest expense (effective portion) $ 18,691 $ 14,306 $ 2,346 Loss reclassified from OCI into noninterest expense (loss on termination) $ — $ (684) $ — Interest expense $ — $ — $ — Other expense — — — Total $ — $ — $ — Derivatives not designated as hedges Changes in fair value of customer related positions Other income $ 217 $ 90 $ 39 Other expenses (405) (199) (18) Changes in fair value of mortgage derivatives Mortgage banking income (4,725) 4,005 1,275 Total $ (4,913) $ 3,896 $ 1,296 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 $34.8 million and $79.8 million at December 31, 2021 and December 31, 2020, respectively. Although none of the contingency provisions have applied at December 31, 2021 and December 31, 2020, the Company has posted collateral to offset the net liability exposure with institutional counterparties. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The provision for income taxes is comprised of the following components: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Current expense Federal $ 21,539 $ 32,171 $ 27,980 State 11,054 17,004 14,359 Total current expense 32,593 49,175 42,339 Deferred expense (benefit) Federal 3,032 (10,872) 9,080 State 58 (6,634) 1,514 Total deferred expense (benefit) 3,090 (17,506) 10,594 Total expense $ 35,683 $ 31,669 $ 52,933 The difference between the statutory federal income tax rate and the effective income tax rate reported for the last three years is detailed below: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Computed statutory federal income tax provision $ 32,902 21.00 % $ 32,096 21.00 % $ 45,803 21.00 % State taxes, net of federal tax benefit 8,754 5.59 % 8,147 5.33 % 12,262 5.63 % CARES Act - net operating loss carryback (1) — — % (4,809) (3.15) % — — % Change in valuation allowance 26 0.02 % — — % 17 0.01 % Increase in cash surrender value of life insurance (1,405) (0.90) % (1,345) (0.88) % (1,144) (0.52) % Low Income Housing Project Investments (2,308) (1.47) % (1,851) (1.21) % (1,696) (0.78) % Merger and other related costs (non-deductible) 630 0.40 % — — % 582 0.27 % New Markets Tax Credits — — % — — % (2,675) (1.23) % Nontaxable interest, net (1,022) (0.65) % (723) (0.47) % (757) (0.35) % Stock-based compensation (372) (0.24) % (1,067) (0.70) % (824) (0.38) % Other, net (1,522) (0.97) % 1,221 0.80 % 1,365 0.63 % Total expense $ 35,683 22.78 % $ 31,669 20.72 % $ 52,933 24.28 % (1) On March 27, 2020 the CARES Act was signed into law, allowing the Company to realize a $4.8 million discrete tax benefit. This discrete benefit was associated with revised net operating loss (NOL) carryback provisions. The difference in enacted tax rates between the year of carryback versus carryforward resulted in a benefit recognized in income during the period that included the enactment date. Accordingly, the discrete benefit was fully recognized during the first quarter of 2020. The tax-effected components of the net deferred tax asset at December 31 of the years presented were as follows: 2021 2020 (Dollars in thousands) Deferred tax assets Accrued expenses not deducted for tax purposes $ 15,909 $ 13,804 Allowance for credit losses 41,541 32,265 Employee and director equity compensation 1,489 1,548 Foreign Tax Credit Carryforward 89 89 Loan basis difference fair value adjustment 2,286 4,791 Net operating loss carry-forward 637 226 Net unrealized loss on securities available for sale 2,921 — Operating lease liability 17,970 15,846 Other 1,188 999 Gross deferred tax assets $ 84,030 $ 69,568 Valuation allowance (306) (280) Total deferred tax assets net of valuation allowance $ 83,724 $ 69,288 Deferred tax liabilities Core deposit and other intangibles $ 5,927 $ 4,344 Deferred loan fees, net 6,107 336 Derivatives fair value adjustment 5,536 13,036 Fixed assets 18,437 7,786 Goodwill 11,249 10,947 Net unrealized gain on securities available for sale — 4,152 Prepaid pension 3,296 3,404 Right of use asset 16,829 12,979 Other 1,825 1,573 Gross deferred tax liabilities $ 69,206 $ 58,557 Total net deferred tax asset $ 14,518 $ 10,731 Deferred tax assets are to be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of the tax benefit depends upon the existence of sufficient taxable income in future periods. At December 31, 2021, the Company had a foreign tax credit carryforward with a related deferred tax asset of $89,000, which if not utilized, will expire in 2026. The Company does not expect to utilize this deferred tax asset prior to the statute expiration and has recorded a partial valuation allowance against this asset. Additionally, the Company has a state net operating loss carryforward totaling $251,000, which if not utilized, will expire in 2041. The Company has recorded a full valuation allowance against this state net operating loss carryforward. In total, the Company recorded a valuation allowance of $306,000 at December 31, 2021. Uncertainty in Income Taxes The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as in various states. The Company is subject to U.S. federal, state and local income tax examinations by tax authorities for the 2018 through 2020 tax years including any related income tax filings from its recent acquisitions. The Company believes that its income tax returns have been filed based upon applicable statutes, regulations and case law in effect at the time of filing, however, the Internal Revenue Service ("IRS") and /or state jurisdictions could disagree with the Company's interpretation upon examination. The Company accounts for uncertainties in income taxes by providing a tax reserve for certain positions. The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits: (Dollars in thousands) Balance at December 31, 2019 $ 532 Reduction of tax positions for prior years (58) Balance at December 31, 2020 474 Reduction of tax positions for prior years (29) Increase for current year tax positions 2,433 Balance at December 31, 2021 $ 2,878 |
LOW INCOME HOUSING PROJECT INVE
LOW INCOME HOUSING PROJECT INVESTMENTS Low Income Housing Project Investments | 12 Months Ended |
Dec. 31, 2021 | |
Low Income Housing Project Investments [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 minimum of 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 December 31 of the years presented: 2021 2020 2019 (Dollars in thousands) Original investment value $ 179,481 $ 128,752 $ 96,275 Current recorded investment $ 135,497 $ 97,435 $ 72,510 Unfunded liability obligation $ 73,336 $ 49,586 $ 34,967 Tax credits and benefits earned during the year $ 14,198 $ 9,404 $ 7,342 Amortization of investments during the year $ 11,892 $ 7,552 $ 5,645 Net income tax benefit recognized during the year $ 2,306 $ 1,851 $ 1,696 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension Plans The Company maintains a multiemployer defined benefit pension plan (the "Pension Plan") administered by Pentegra Retirement Services (the "Fund" or "Pentegra Defined Benefit Plan for Financial Institutions"). The Fund does not segregate the assets or liabilities of all participating employers and accordingly, disclosure of plan assets, accumulated vested and nonvested benefits is not possible. Effective July 1, 2006, the Company froze the defined benefit plan by eliminating all future benefit accruals. In conjunction with the acquisition of Peoples Federal Bancshares, Inc., the parent of Peoples Federal Savings Bank ("Peoples") in 2015, the Company acquired the Peoples Federal Defined Benefit Pension Plan ("Peoples Plan"). The Peoples Plan was frozen at the date of acquisition and will be maintained in the same manner as the Pension Plan. The Peoples Plan is also administered by Pentegra Retirement Services under the same Fund as the Pension Plan. The Company’s participation in the Pension Plan and the Peoples Plan (the "Pension Plans") for the annual period ended December 31, 2021, is outlined in the table below. The "EIN/Pension Plan Number" column provides the Employer Identification Number ("EIN") and the three-digit plan number. The funding status of the Pension Plans is determined on the basis of the financial statements provided by the Fund using total plan assets and accumulated benefit obligation. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. The "Expiration Date of Collective-Bargaining Agreement" column lists the expiration dates of any collective-bargaining agreement(s) to which the Pension Plans are subject. Financial information for the Fund is made available through the public Form 5500 which is available by April 15 th of the year following the plan year end. Funding Status FIP/RP Status Surcharge Expiration Minimum EIN/Pension 2021 2020 Pentegra defined benefit plan for financial institutions 13-5645888/333 At least 80 percent At least 80 percent No No N/A $ — Contributions to the Fund are based on each individual employer’s experience. The Company bears the market risk relating to the Pension Plan and will continue to fund the Pension Plan as required. The Pension Plan year is July 1 through June 30. The Company’s total contributions to the Pension Plan did not represent more than 5% of the total contributions to the Pension Plan as indicated in the Pension Plan’s most recently available annual report dated June 30, 2021. The comparability of employer contributions is impacted by asset performance, discount rates and the reduction in the number of covered employees year over year. The Company’s contributions to the Pension Plans were as follows for the periods indicated: Required Contributions - Plan Year Allocation Cash Payment 2021-2022 2020-2021 2019-2020 (Dollars in thousands) 2021 $ 626 $ 626 $ — $ — 2020 $ 929 $ — $ 929 $ — 2019 $ 2,063 $ — $ — $ 2,063 In conjunction with the acquisition of Blue Hills Bancorp, Inc., parent of Blue Hills Bank (collectively "BHB") in 2019, the Company acquired the Savings Banks Employees Retirement Association Pension Plan as adopted by BHB (the "BHB Plan"). The BHB Plan is administered by Savings Banks Employees Retirement Association (SBERA) and was frozen on October 31, 2014. Accumulated benefits for participants earned through the end of October 2014 remain secured by the BHB Plan assets as of December 31, 2021 and 2020. Information pertaining to the BHB Plan is as follows: Years Ended December 31 2021 2020 (Dollars in thousands) Change in plan assets: Fair value of plan assets at beginning of year $ 12,225 $ 11,653 Actual return on plan assets 1,480 1,333 Employer contribution 950 — Benefits paid (556) (761) Settlement payments — — Fair value of plan assets at end of year $ 14,099 $ 12,225 Change in benefit obligation: Benefit obligation at beginning of year 15,052 13,687 Interest cost 344 416 Actuarial (gain) loss (901) 1,710 Benefits paid (556) (761) Settlement payments — — Benefit obligation at end of year $ 13,939 $ 15,052 Funded status and prepaid asset (accrued liability) at end of year $ 160 $ (2,827) At December 31, 2021 and 2020, the discount rate used to determine the benefit obligation was 2.68% and 2.35%, respectively. The components of net period pension cost (benefit) are as follows: Years Ended December 31 2021 2020 (Dollars in thousands) Interest cost $ 344 $ 416 Expected return on plan assets (891) (908) Amortization of net actuarial loss 208 541 Settlement loss — 176 Net period pension cost (benefit) $ (339) $ 225 The discount rate used to determine net periodic pension cost for the years ended December 31, 2021 and 2020 was 2.35% and 3.11%, respectively. The expected long-term rate of return on plan assets used to determine the net periodic pension cost for the years ended December 31, 2021 and 2020 was 7.00% and 8.00%, respectively. Assumptions with respect to the expected long-term rate of return are based on prevailing yields on high-quality, fixed-income investments increased by a premium for equity return expectations. SBERA offers a common and collective trust as the underlying investment structure for pension plans participating in SBERA. The target allocation mix for the common and collective trust portfolio calls for an equity-based investment range from 49% to 63% of total portfolio assets. The remainder of the portfolio is allocated to fixed income securities with a target range of 28% to 42% and other investments including global asset allocation and hedge funds from 3% to 15%. The Trustees of SBERA, through the Association's Investment Committee ("AIC"), select investment managers for the common and collective trust portfolio. A professional investment advisory firm is retained by the AIC to provide allocation analysis, performance measurement and to assist with manager searches. The overall investment objective is to diversify equity investments across a spectrum of investment types to limit risks from large market swings. The fair value of major categories of the BHB Plan assets are summarized below: Fair Value Measurements at Reporting Date Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs December 31, 2021 (Dollars in thousands) Collective funds $ 1,542 1,542 $ — $ — Equity securities 3,391 3,391 — — Mutual funds 1,702 1,702 — — Total investments in the fair value hierarchy $ 6,635 $ 6,635 $ — $ — Investments measured at net asset value (1) 7,464 $ 14,099 Fair Value Measurements at Reporting Date Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs December 31, 2020 (Dollars in thousands) Collective funds $ 1,300 1,300 $ — $ — Equity securities 3,239 3,239 — — Mutual funds 1,506 1,506 — — Total investments in the fair value hierarchy $ 6,045 $ 6,045 $ — $ — Investments measured at net asset value (1) 6,180 $ 12,225 (1) Under the Fair Value Measurements and Disclosure Topic of the FASB ASC, certain investments that were measured at fair value at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. There were no transfers to or from Level 1, 2 and 3 during the years ended December 31, 2021 and 2020. The fair value hierarchy above was received from SBERA, the plan administrator. The BHB Plan assets measured at fair value in Level 1 are based on quoted market prices in an active exchange market. BHB Plan assets measured at fair value in Level 2, as applicable, are based on pricing models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. BHB Plan assets measured at fair value in Level 3, as applicable, are based on unobservable inputs, which include the SBERA’s assumptions and the best information available under the circumstance. Estimated future benefit payments for the BHB Plan are presented below: Amount (Dollars in thousands) 2022 $ 606 2023 $ 648 2024 $ 623 2025 $ 582 2026 $ 579 2027-2031 $ 3,216 The Company’s total defined benefit plan expense was $1.2 million, $1.9 million, and $1.4 million, for the years ending December 31, 2021, 2020, and 2019, respectively. Postretirement Benefit Plans Employees retiring from the Bank after attaining age 65, who have rendered at least 10 years of continuous full time service with Rockland Trust are entitled to a fixed contribution toward the premium for postretirement health care benefits and a $5,000 benefit paid upon death. The health care benefits are subject to deductibles, co-payment provisions and other limitations. The Bank may amend or change these benefits periodically. Additionally, the Company has acquired small postretirement plans and/or agreements in conjunction with various acquisitions. The expense related to these plans for the years ending December 31, 2021, 2020, and 2019 was not material. Supplemental Executive Retirement Plans The Bank maintains frozen defined benefit supplemental executive retirement plans ("SERP") for certain highly compensated employees designed to offset the impact of regulatory limits on benefits under qualified pension plans. The Bank also maintains defined benefit SERPs acquired from previous acquisitions. The Bank has established and funded rabbi trusts to accumulate funds in order to satisfy the contractual liability of these supplemental retirement plan benefits. These agreements provide for the Bank to pay all benefits from its general assets, and the establishment of these trust funds does not reduce nor otherwise affect the Bank’s continuing liability to pay benefits from such assets except that the Bank’s liability shall be offset by actual benefit payments made from the trusts. The related trust assets included in the Company's available for sale securities portfolio totaled $20.3 million and $19.1 million at December 31, 2021 and 2020, respectively. The following table shows the defined benefit supplemental retirement expense, and the contributions paid to the plans which were used only to pay the current year benefits for the years indicated: 2021 2020 2019 (Dollars in thousands) Retirement expense $ 2,275 $ 1,770 $ 1,356 Contributions paid $ 475 $ 475 $ 486 Expected future benefit payments for the defined benefit supplemental executive retirement plans are presented below: Defined Benefit Supplemental Executive (Dollars in thousands) 2022 $ 471 2023 $ 585 2024 $ 1,235 2025 $ 1,225 2026 $ 1,214 2027-2031 $ 5,953 The measurement date used to determine the defined benefit supplemental executive retirement plans' benefits is December 31 for each of the years reported. The following table illustrates the status of the defined benefit supplemental executive retirement plans at December 31 for the years presented: Defined Benefit Supplemental Executive 2021 2020 2019 (Dollars in thousands) Change in accumulated benefit obligation Benefit obligation at beginning of year $ 20,752 $ 17,361 $ 14,963 Service cost 574 505 433 Interest cost 424 518 601 Actuarial (gain) loss (1,777) 2,843 1,850 Benefits paid (475) (475) (486) Benefit obligation at end of year $ 19,498 $ 20,752 $ 17,361 Change in plan assets Fair value of plan assets at beginning of year $ — $ — $ — Employer contribution 475 475 486 Benefits paid (475) (475) (486) Fair value of plan assets at end of year $ — $ — $ — Funded status at end of year $ (19,498) $ (20,752) $ (17,361) Assets — — — Liabilities (19,498) (20,752) (17,361) Funded status at end of year $ (19,498) $ (20,752) $ (17,361) Amounts recognized in accumulated other comprehensive income ("AOCI") Net loss $ 3,002 $ 5,881 $ 3,509 Prior service cost 43 218 494 Amounts recognized in AOCI $ 3,045 $ 6,099 $ 4,003 Information for plans with an accumulated benefit obligation in excess of plan assets Projected benefit obligation $ 19,498 $ 20,752 $ 17,361 Accumulated benefit obligation $ 19,498 $ 20,752 $ 17,361 Net periodic benefit cost Service cost $ 574 $ 505 $ 433 Interest cost 424 518 601 Amortization of prior service cost 174 276 276 Recognized net actuarial loss 1,103 471 46 Net periodic benefit cost $ 2,275 $ 1,770 $ 1,356 Discount rate used for benefit obligation 1.28% - 2.57% 0.43% - 2.18% 2.00% - 3.04% Discount rate used for net periodic benefit cost 0.43% - 2.18% 2.00% - 3.04% 3.24% - 4.09% Rate of compensation increase n/a n/a n/a Other Employee Benefits The Bank may choose to create an incentive compensation plan for senior management and other officers to participate in at varying levels. In addition, the Bank may also pay a discretionary bonus to senior management, officers, and/or non-officers of the Bank. The expense for the incentive plans amounted to $21.2 million, $11.0 million and $16.3 million in 2021, 2020 and 2019, respectively. The Bank has an Employee Savings Plan that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the Employee Savings Plan, participating employees may defer a portion of their earnings, not to exceed the Internal Revenue Service annual contribution limits. The Bank matches 25% of each employee’s contributions up to the first 6% of the employee’s eligible earnings. The 401(k) Plan incorporates an Employee Stock Ownership Plan for contributions invested in the Company’s common stock. The Company also provides three defined contributions under this Plan, providing the employees are deemed eligible. To be eligible for these contributions, an employee must complete one year and 1,000 hours of service. The defined contributions are made up of a safe harbor contribution, in which eligible employees receive a 3% cash contribution of eligible earnings to the social security limit, a discretionary contribution in which eligible employees receive a 2% cash contribution of eligible earnings up to the social security limit and a 5% cash contribution of eligible earnings over the social security limit up to the maximum amount permitted by law. Benefits contributed to employees under this defined contribution plan vest immediately. The defined contribution plan expense was $7.8 million, $7.2 million and $6.6 million for the years ended December 2021, 2020 and 2019, respectively. The Company has a non-qualified deferred compensation plan which allows for deferrals of base salary and incentive payments until an elected distribution date in the future. This deferred compensation plan is available to certain highly compensated employees. Deferrals are invested at the election of the participant into one of the actively managed funds made available to the participant through the Company's Investment Management Group. The funds are held in a rabbi trust until the elected date of distribution. The Company has a non-qualified 401(k) Restoration Plan ("Restoration Plan") for certain executive officers. The Restoration Plan is intended to contribute to each participant the amount of matching and discretionary contributions which would have been made to the existing Rockland Trust 401(k) plan on the participant's behalf, but were prohibited due to Internal Revenue Code limitations. Deferrals are invested at the election of the participant into one of the actively managed funds made available to the participant through the Company's Investment Management Group or in the Company's stock. These funds are held in a rabbi trust until the elected date of distribution. The Company recognized expense of $303,000, $400,000 and $356,000 related to this plan for services performed for the years ended December 31, 2021, 2020 and 2019, respectively. Also as part of the Peoples acquisition in 2015, the Company assumed various Salary Continuation Agreements with certain current and former senior executives. The agreements require the payment of specified benefits upon retirement over periods of ten or twenty years as described in each agreement. Expense related to the Salary Continuation Agreements was $210,000, $207,000 and $295,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Director Benefits |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
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 Company’s own assumptions are set to reflect those that market participants would use in pricing 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 to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. The Company uses prices and inputs that are current as of the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition 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 were no changes in the valuation techniques used during the year ended December 31, 2021. 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 and U.S. Treasury 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 transaction, 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 derivatives 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 December 31, 2021 and 2020, 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 classified in 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, when applicable, 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 identified 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, and 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 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 Significant Other Significant December 31, 2021 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 3,720 $ 3,720 $ — $ — Equity securities 23,173 23,173 — — Securities available for sale U.S. government agency securities 215,482 — 215,482 — U.S. treasury securities 861,448 — 861,448 — Agency mortgage-backed securities 363,933 — 363,933 — Agency collateralized mortgage obligations 79,677 — 79,677 — State, county, and municipal securities 203 — 203 — Single issuer trust preferred securities issued by banks and insurers 491 — 491 — Pooled trust preferred securities issued by banks and insurers 1,000 — 1,000 — Small business administration pooled securities 48,914 — 48,914 — Loans held for sale 24,679 — 24,679 — Derivative instruments 97,912 — 97,912 — Liabilities Derivative instruments 76,015 — 76,015 — Total recurring fair value measurements $ 1,644,617 $ 26,893 $ 1,617,724 $ — Nonrecurring fair value measurements Assets Individually assessed collateral dependent loans (1) $ 1,174 $ — $ — $ 1,174 Total nonrecurring fair value measurements $ 1,174 $ — $ — $ 1,174 Fair Value Measurements at Reporting Date Using Balance Quoted Significant Other Significant December 31, 2020 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 2,838 $ 2,838 $ — $ — Equity securities 22,107 22,107 — — Securities available for sale U.S. government agency securities 24,116 — 24,116 — Agency mortgage-backed securities 233,629 — 233,629 — Agency collateralized mortgage obligations 91,683 — 91,683 — State, county, and municipal securities 807 — 807 — Single issuer trust preferred securities issued by banks and insurers 488 — 488 — Pooled trust preferred securities issued by banks and insurers 1,056 — 1,056 — Small business administration pooled securities 61,081 — 61,081 — Loans held for sale 58,104 — 58,104 — Derivative instruments 187,399 — 187,399 — Liabilities Derivative instruments 134,064 — 134,064 — Total recurring fair value measurements $ 549,244 $ 24,945 $ 524,299 $ — Nonrecurring fair value measurements: Assets Individually assessed collateral dependent loans (1) $ 31,510 $ — $ — $ 31,510 Total nonrecurring fair value measurements $ 31,510 $ — $ — $ 31,510 (1) The fair value of individually assessed collateral dependent loans 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 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) December 31, 2021 (Dollars in thousands) Financial assets Securities held to maturity (a) U.S. government agency securities $ 32,987 $ 32,546 $ — $ 32,546 $ — U.S. treasury securities 102,560 102,242 — 102,242 — Agency mortgage-backed securities 493,012 497,236 — 497,236 — Agency collateralized mortgage obligations 415,736 408,845 — 408,845 — Single issuer trust preferred securities issued by banks 1,500 1,508 — 1,508 — Small business administration pooled securities 21,023 21,756 — 21,756 — Loans, net of allowance for credit losses (b) 13,439,190 13,389,515 — — 13,389,515 Federal Home Loan Bank stock (c) 11,407 11,407 — 11,407 — Cash surrender value of life insurance policies (d) 289,304 289,304 — 289,304 — Financial liabilities Deposit liabilities, other than time deposits (e) $ 15,385,894 $ 15,385,894 $ — $ 15,385,894 $ — Time certificates of deposits (f) 1,531,150 1,529,857 — 1,529,857 — Federal Home Loan Bank borrowings (f) 25,667 25,663 — 25,663 — Long-term borrowings (f) 14,063 13,989 — 13,989 — Junior subordinated debentures (g) 62,853 67,019 — 67,019 — Subordinated debentures (f) 49,791 45,532 — — 45,532 Fair Value Measurements at Reporting Date Using Carrying Value Fair Value Quoted Significant Other Significant December 31, 2020 Financial assets (Dollars in thousands) Securities held to maturity (a) U.S. treasury securities $ 4,017 $ 4,077 $ — $ 4,077 $ — Agency mortgage-backed securities 356,085 374,121 — 374,121 — Agency collateralized mortgage obligations 335,993 344,119 — 344,119 — Single issuer trust preferred securities issued by banks 1,500 1,498 — 1,498 — Small business administration pooled securities 26,917 28,362 — 28,362 — Loans, net of allowance for loan losses (b) 9,247,964 9,253,381 — — 9,253,381 Federal Home Loan Bank stock (c) 10,250 10,250 — 10,250 — Cash surrender value of life insurance policies (d) 200,525 200,525 — 200,525 — Financial liabilities Deposit liabilities, other than time deposits (e) $ 10,042,541 $ 10,042,541 $ — $ 10,042,541 $ — Time certificates of deposits (f) 950,629 955,598 — 955,598 — Federal Home Loan Bank borrowings (f) 35,740 35,885 — 35,885 — Long-term borrowings (f) 32,773 32,033 — 32,033 — Junior subordinated debentures (g) 62,851 70,238 — 70,238 — Subordinated debentures (f) 49,696 46,486 — — 46,486 (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 individually assessed collateral dependent loans, which are deemed to be marked to fair value on a nonrecurring basis. (c) Federal Home Loan Bank 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 financial instruments' current use to be the highest and best use of the instruments. |
REVENUE RECOGNITION (Notes)
REVENUE RECOGNITION (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
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 for the periods indicated: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Deposit account fees (inclusive of cash management fees) $ 16,745 $ 15,121 $ 20,040 Interchange fees 8,862 12,564 18,262 ATM fees 2,989 2,476 3,224 Investment management - wealth management and advisory services 31,617 27,157 25,940 Investment management - retail investments and insurance revenue 3,691 2,275 2,779 Merchant processing income 1,362 1,299 1,175 Credit card income 1,231 778 — Other noninterest income 5,312 4,235 8,696 Total noninterest income in-scope of ASC 606 71,809 65,905 80,116 Total noninterest income out-of-scope of ASC 606 34,041 45,535 35,178 Total noninterest income $ 105,850 111,440 $ 115,294 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. Furthermore, no new revenue streams were identified as part of the acquisition of Meridian. 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 the 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 in to 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: December 31, 2021 December 31, 2020 (Dollars in thousands) Receivables, included in other assets $ 5,385 $ 4,636 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 The Company earns fee income associated with various transactions related to foreign currency product offerings, including foreign currency bank notes and drafts and foreign currency wires. The majority of this income is derived from commissions earned related to customers executing the above mentioned foreign currency transactions through arrangements with third party correspondents. |
OTHER COMPREHENSIVE LOSS
OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE LOSS | OTHER COMPREHENSIVE INCOME (LOSS) The following table presents 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): Year Ended December 31, 2021 Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ (29,995) $ 7,073 $ (22,922) Less: net security losses reclassified into other noninterest expense — — — Net change in fair value of securities available for sale (29,995) 7,073 (22,922) Change in fair value of cash flow hedges (7,938) 2,234 (5,704) Less: net cash flow hedge gains reclassified into interest income or interest expense 18,691 (5,256) 13,435 Net change in fair value of cash flow hedges (26,629) 7,490 (19,139) Net unamortized gain related to defined benefit pension and other postretirement adjustments arising during the period 3,414 (960) 2,454 Amortization of net actuarial losses 1,331 (374) 957 Amortization of net prior service costs 192 (54) 138 Net change in other comprehensive income for defined benefit postretirement plans (1) 4,937 (1,388) 3,549 Total other comprehensive loss $ (51,687) $ 13,175 $ (38,512) Year Ended December 31, 2020 Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 11,686 $ (2,829) $ 8,857 Less: net security losses reclassified into other noninterest expense — — — Net change in fair value of securities available for sale 11,686 (2,829) 8,857 Change in fair value of cash flow hedges 36,994 (10,406) 26,588 Less: net cash flow hedge gains reclassified into interest income or interest expense 14,306 (4,023) 10,283 Less: loss on termination of hedge reclassified into noninterest expense (684) 192 (492) Net change in fair value of cash flow hedges 23,372 (6,575) 16,797 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (5,785) 1,627 (4,158) Amortization of net actuarial losses 982 (276) 706 Amortization of net prior service costs 276 (78) 198 Amortization of net settlement costs 176 (50) 126 Net change in other comprehensive income for defined benefit postretirement plans (1) (4,351) 1,223 (3,128) Total other comprehensive income $ 30,707 $ (8,181) $ 22,526 Year Ended December 31, 2019 Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 12,055 $ (2,761) $ 9,294 Less: net security losses reclassified into other noninterest expense (1,462) 411 (1,051) Net change in fair value of securities available for sale 13,517 (3,172) 10,345 Change in fair value of cash flow hedges 16,725 (4,708) 12,017 Less: net cash flow hedge gains reclassified into interest income or interest expense 2,346 (660) 1,686 Net change in fair value of cash flow hedges 14,379 (4,048) 10,331 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (2,123) 597 (1,526) Amortization of net actuarial gains (8) 2 (6) Amortization of net prior service costs 276 (78) 198 Net change in other comprehensive income for defined benefit postretirement plans (1) (1,855) 521 (1,334) Total other comprehensive income $ 26,041 $ (6,699) $ 19,342 (1) The amortization of prior service costs is included in the computation of net periodic pension costs as disclosed in Note 14 - Employee Benefit Plans within the Notes to the Consolidated Financial Statements in Item 8. Information on the Company's accumulated other comprehensive income (loss), net of tax, was comprised of the following components for the periods indicated: Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedge Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss) (Dollars in Thousands) Beginning balance: January 1, 2019 $ (5,947) $ 6,148 $ (1,374) $ (1,173) Other comprehensive income (loss) 10,345 10,331 (1,334) 19,342 Ending balance: December 31, 2019 $ 4,398 $ 16,479 $ (2,708) $ 18,169 Other comprehensive income (loss) 8,857 16,797 (3,128) 22,526 Ending balance: December 31, 2020 $ 13,255 $ 33,276 $ (5,836) $ 40,695 Other comprehensive income (loss) (22,922) (19,139) 3,549 (38,512) Ending balance: December 31, 2021 $ (9,667) $ 14,137 $ (2,287) $ 2,183 |
LEASES (Notes)
LEASES (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | LEASES As of December 31, 2021, the Company had entered into 126 noncancellable operating lease agreements for office space, parking , space for ATM locations and certain branch locations, several of which contain renewal options to extend lease terms for a period of 3 to 20 years. The Company has no financing leases outstanding and no leases with residual value guarantees. As of December 31, 2021, the Company did not have any material sub-lease agreements. The Company's right-of-use asset related to operating leases totaled $60.2 million and $49.7 million at December 31, 2021 and 2020, respectively, and are recognized in the Company's Consolidated Balance Sheet in other assets. During 2021, as part of the acquisition of Meridian, the Company made the decision to exit several branch locations. As a result of these closures, the Company recognized an impairment charge of $2.3 million , which was included within merger and acquisition expense in the Consolidated Statement of Income. During 2020, the Company made the decision to exit two branch locations, resulting in an impairment charge of $4.2 million reflecting accelerated lease termination costs and the write-off of leasehold improvements associated with the locations. The following table provides information related to the Company's lease costs for the periods indicated: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Operating lease costs (1) $ 14,550 $ 16,881 $ 10,718 Short-term lease costs 23 16 116 Variable lease costs — — — Total lease costs $ 14,573 $ 16,897 $ 10,834 Weighted-average remaining lease term - operating leases 5.72 years 5.59 years 6.43 years Weighted-average discount rate - operating leases 1.97 % 2.13 % 2.75 % (1) Operating lease cost for the years ended December 31, 2021 and 2020, respectively, is inclusive of impairment charges recognized by the Company in relation to branch closure decisions made during each year. The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding at December 31, 2021 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability recognized in the Company's Consolidated Balance Sheet in other liabilities: (Dollars in thousands) 2022 $ 16,288 2023 12,349 2024 10,585 2025 9,406 2026 7,028 Thereafter 12,038 Total minimum lease payments (1) 67,694 Less: amount representing interest 3,786 Present value of future minimum lease payments $ 63,908 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 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, 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 other 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 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: As of December 31 2021 2020 (Dollars in thousands) Commitments to extend credit $ 4,535,895 $ 3,301,692 Loan exposures sold with recourse $ 202,717 $ 303,265 Standby letters of credit $ 24,412 $ 20,686 Deferred standby letter of credit fees $ 124 $ 164 Other Contingencies At December 31, 2021, 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. |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Regulated Operations [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY MATTERS Regulatory Capital Requirements The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. At December 31, 2021 the most recent notification from the Federal Deposit Insurance Corporation indicated that the Bank's capital levels met or exceeded the minimum levels to be considered "well capitalized" for bank regulatory purposes. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, Common equity Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following tables. There are no conditions or events since the notification that management believes have changed the Bank’s category. Management believes, as of December 31, 2021 and 2020, that the Company and the Bank met all capital adequacy requirements to which they are subject. The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2021 and 2020 are also presented in the table that follows: Actual For Capital To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2021 (Dollars in thousands) Independent Bank Corp. Total capital (to risk weighted assets) $ 2,262,740 16.04 % $ 1,128,900 ≥ 8.0 % N/A N/A Common equity tier 1 capital (to risk weighted assets) $ 2,017,497 14.30 % $ 635,006 ≥ 4.5 % N/A N/A Tier 1 capital (to risk weighted assets) $ 2,017,497 14.30 % $ 846,675 ≥ 6.0 % N/A N/A Tier 1 capital (to average assets) leverage $ 2,017,497 12.03 % $ 670,659 ≥ 4.0 % N/A N/A Rockland Trust Company Total capital (to risk weighted assets) $ 2,083,689 14.77 % $ 1,128,536 ≥ 8.0 % $ 1,410,670 ≥ 10.0 % Common equity tier 1 capital (to risk weighted assets) $ 1,949,237 13.82 % $ 634,801 ≥ 4.5 % $ 916,935 ≥ 6.5 % Tier 1 capital (to risk weighted assets) $ 1,949,237 13.82 % $ 846,402 ≥ 6.0 % $ 1,128,536 ≥ 8.0 % Tier 1 capital (to average assets) leverage $ 1,949,237 11.62 % $ 670,827 ≥ 4.0 % $ 838,534 ≥ 5.0 % December 31, 2020 (Dollars in thousands) Independent Bank Corp. Total capital (to risk weighted assets) $ 1,374,349 15.13 % $ 726,482 ≥ 8.0 % N/A N/A Common equity tier 1 capital (to risk weighted assets) $ 1,150,177 12.67 % $ 408,646 ≥ 4.5 % N/A N/A Tier 1 capital (to risk weighted assets) $ 1,211,177 13.34 % $ 544,861 ≥ 6.0 % N/A N/A Tier 1 capital (to average assets) $ 1,211,177 9.56 % $ 506,805 ≥ 4.0 % N/A N/A Rockland Trust Company Total capital (to risk weighted assets) $ 1,320,056 14.54 % $ 726,313 ≥ 8.0 % $ 907,892 ≥ 10.0 % Common equity tier 1 capital (to risk weighted assets) $ 1,206,566 13.29 % $ 408,551 ≥ 4.5 % $ 590,130 ≥ 6.5 % Tier 1 capital (to risk weighted assets) $ 1,206,566 13.29 % $ 544,735 ≥ 6.0 % $ 726,313 ≥ 8.0 % Tier 1 capital (to average assets) $ 1,206,566 9.54 % $ 505,747 ≥ 4.0 % $ 632,184 ≥ 5.0 % In addition to the minimum risk-based capital requirements outlined in the table above, the Company is required to maintain a minimum capital conservation buffer, in the form of common equity, in order to avoid restrictions on capital distributions and discretionary bonuses. The required amount of the capital conservation buffer is 2.5%. The Company's capital levels exceeded the minimum requirement plus the buffer of 2.5% as of December 31, 2021 and 2020. Dividend Restrictions The Company is subject to capital and dividend requirements administered by federal and state bank regulators, and the Company will not declare a cash dividend that would cause the Company to violate regulatory requirements. The Company is, in the ordinary course of business, dependent upon the receipt of cash dividends from the Bank to pay cash dividends to shareholders and satisfy the Company’s other cash needs. Federal and state law impose limits on capital distributions by the Bank. Massachusetts-chartered banks, such as the Bank, may declare from net profits cash dividends not more frequently than quarterly and non-cash dividends at any time. No dividends may be declared, credited, or paid if the Bank’s capital stock would be impaired. Massachusetts Bank Commissioner approval is required if the total of all dividends declared by the Bank in any calendar year would exceed the total of its net profits for that year combined with its retained net profits of the preceding two years, less any required transfer to surplus or a fund for the retirement of any preferred stock. Dividends paid by the Bank to the Company for the year ended December 31, 2021 and 2020 totaled $77.6 million and $166.0 million, respectively. Trust Preferred Securities |
PARENT COMPANY FINANCIALS ONLY
PARENT COMPANY FINANCIALS ONLY | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS Condensed financial information relative to the balance sheets of Independent Bank Corp., as the parent company, at December 31, 2021 and 2020 and the related statements of income and cash flows for the years ended December 31, 2021, 2020, and 2019 are presented below. The statement of stockholders’ equity is not presented below as the parent company’s stockholders’ equity is that of the consolidated Company. BALANCE SHEETS December 31 2021 2020 (Dollars in thousands) Assets Cash (1) $ 212,119 $ 100,604 Investments in subsidiaries (2) 2,952,089 1,761,383 Prepaid income taxes 3,973 1,927 Deferred tax asset 472 642 Total assets $ 3,168,653 $ 1,864,556 Liabilities and stockholders’ equity Dividends payable $ 22,728 $ 15,164 Long-term borrowings (less unamortized debt issuance costs of $0 and $40) 14,063 32,773 Junior subordinated debentures (less unamortized debt issuance costs of $35 and $37) 62,853 62,851 Subordinated debentures (less unamortized debt issuance costs of $209 and $304) 49,791 49,696 Derivative instruments (1) — 569 Other liabilities 769 818 Total liabilities 150,204 161,871 Stockholders’ equity 3,018,449 1,702,685 Total liabilities and stockholders’ equity $ 3,168,653 $ 1,864,556 (1) Entire balance eliminates in consolidation. (2) Majority of balance eliminates in consolidation. STATEMENTS OF INCOME Years Ended December 31 2021 2020 2019 (Dollars in thousands) Income Dividends received from subsidiaries (1) $ 77,673 $ 166,033 $ 181,790 Total income 77,673 166,033 181,790 Expenses Interest expense 4,493 5,432 8,236 Total expenses 4,493 5,432 8,236 Income before income taxes and equity in undistributed income of subsidiaries 73,180 160,601 173,554 Income tax benefit (1,241) (1,499) (2,262) Income of parent company 74,421 162,100 175,816 Equity (deficit) in undistributed income of subsidiaries 46,571 (40,933) (10,641) Net income $ 120,992 $ 121,167 $ 165,175 (1) Majority of balance eliminates in consolidation. STATEMENTS OF CASH FLOWS Years Ended December 31 2021 2020 2019 (Dollars in thousands) Cash flows from operating activities Net income $ 120,992 $ 121,167 $ 165,175 Adjustments to reconcile net income to cash provided by operating activities Amortization 137 152 157 Deferred income tax expense 12 284 1,021 Change in prepaid income taxes and other assets (1) (229) (475) 20,556 Change in other liabilities (1,873) (169) (4,613) Deficit (equity) in undistributed income of subsidiaries (46,571) 40,933 10,641 Net cash provided by operating activities 72,468 161,892 192,937 Cash flows provided by (used in) investing activities Net cash acquired (paid) in business combinations 119,816 — (148,297) Net cash provided by (used) in investing activities 119,816 — (148,297) Cash flows provided by (used in) financing activities Proceeds from line of credit, net of issuance costs — — 49,980 Repayment of line of credit, net of issuance costs — — (49,980) Proceeds from (repayments of) long-term debt, net of issuance costs (18,750) (42,187) 74,867 Repayments of junior subordinated debentures, net of issuance costs — — (13,329) Proceeds from issuance of subordinated debentures, net of issuance costs — — 49,526 Repayments of subordinated debentures, net of issuance costs — — (34,767) Restricted stock awards issued, net of awards surrendered (1,249) (1,187) (1,463) Net proceeds from exercise of stock options (57) 197 281 Proceeds from shares issued under the direct stock purchase plan 2,023 2,132 4,951 Payments for shares repurchased under share repurchase program — (95,091) — Common dividends paid (62,736) (60,840) (53,274) Net cash provided by (used in) financing activities (80,769) (196,976) 26,792 Net increase (decrease) in cash and cash equivalents 111,515 (35,084) 71,432 Cash and cash equivalents at the beginning of the year 100,604 135,688 64,256 Cash and cash equivalents at the end of the year $ 212,119 $ 100,604 $ 135,688 |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | TRANSACTIONS WITH RELATED PARTIES Certain directors and officers (including their affiliates, certain family members and entities in which they are principal owners) of the Company are customers of and have had, and are expected to have, transactions with the Company, within the ordinary course of business. These transactions include, but are not limited to, lending activities, deposit services, investment management, and property lease commitments. In the opinion of management, such transactions are consistent with prudent banking practices and are within applicable banking regulations. Further details relating to certain related party transactions are outlined below: Lending Activities The following information represents annual activity of loans to related parties for the periods indicated: 2021 2020 (Dollars in thousands) Principal balance of loans outstanding at beginning of year $ 26,343 $ 55,830 Loan advances (1) 57,983 45,308 Loan payments/payoffs (39,293) (74,795) Principal balance of loans outstanding at end of year $ 45,033 $ 26,343 (1) The 2021 amount includes $10.6 million of loans associated with a new director, which represent the outstanding loans balances at the effective date of appointment. At December 31, 2021 and 2020, there were no loans to related parties which were past due, on nonaccrual status or that had been restructured as part of a troubled debt restructuring. Deposits At December 31, 2021 and 2020, the amount of deposit balances of related parties totaled $22.3 million and $22.9 million, respectively. Lease Commitments At December 31, 2021 and 2020, there were no material leases with related parties. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
PRINCIPLES OF CONSOLIDATION | The consolidated financial statements include the accounts of the Company, the Bank and other wholly-owned subsidiaries, except subsidiaries that are not deemed necessary to be consolidated. All significant intercompany balances and transactions have been eliminated in consolidation. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company would consolidate voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities ("VIEs") are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when the Company has both the power and ability to direct the activities of the VIE that most significantly impact the VIE's economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company also owns the common stock of various trusts which have issued trust preferred securities. These trusts are VIEs in which the Company is not the primary beneficiary and, therefore, are not consolidated. The trust's only assets are junior subordinated debentures issued by the Company, which were acquired by the trust using the proceeds from the issuance of the trust preferred securities and common stock. The junior subordinated debentures are included in long-term debt and the Company’s equity interest in the trust is included in other assets in the accompanying Consolidated Balance Sheets. Interest expense on the junior subordinated debentures is reported in interest expense on long-term debt in the accompanying Consolidated Statements of Income. |
RECLASSIFICATION | Reclassification Certain previously reported amounts have been reclassified to conform to the current year’s presentation. |
USE OF ESTIMATES | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could vary from these estimates. Material estimates that are particularly susceptible to significant changes in the near-term relate to the determination of the allowance for expected credit losses on loans held for investment, income taxes, and valuation and allowance for expected credit losses on investment securities. |
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK | Significant Concentrations of Credit Risk The vast majority of the Bank’s lending activities are conducted in Massachusetts and Rhode Island. The Bank originates commercial and industrial loans, commercial and residential real estate loans, including construction loans, small business loans, home equity loans, and other consumer loans for its portfolio. The Bank considers a concentration of credit to a particular industry to exist when the aggregate credit exposure which includes direct, indirect or contingent obligations to a borrower, an affiliated group of borrowers or a nonaffiliated group of borrowers engaged in one industry, exceeds 25% of the Bank’s tier one capital. Loans originated by the Bank to lessors of nonresidential buildings represented 23.6% and 17.1% of the total loan portfolio at December 31, 2021 and 2020, respectively. Within this concentration category, the Company believes it is well diversified among collateral property types and tenant industries. |
CASH AND CASH EQUIVALENTS | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents may include cash on hand, amounts due from banks, inclusive of interest-earning deposits held at banks, and federal funds sold. Generally, federal funds are sold for up to two week periods. |
SECURITIES | 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. Such gains and losses are recognized within non-interest income or non-interest expense within the consolidated statements of income. 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 Sheets. 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 and assessed for estimated credit losses in accordance with the current expected credit loss ("CECL") methodology. 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 in accordance with the CECL methodology. 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. |
LOANS HELD FOR SALE | Loans Held for Sale The Bank may choose to classify 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. |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts | 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, also referred to as the "CECL methodology". Credit 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 • Model imprecision • Other external factors Loans that do not share similar risk characteristics with any pools of assets are subject to individual evaluation and are removed from the collectively assessed pools to avoid double counting. For the loans that are individually evaluated, 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 sheets. 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. |
ACQUIRED LOANS | Acquired Loans Loans acquired through purchase or a business combination are recorded at their fair value at the acquisition date. The Company performs an assessment of acquired loans to first determine if such loans have experienced a more than insignificant deterioration in credit quality since their origination and thus should be classified and accounted for as purchased credit deteriorated (“PCD”) loan. For loans that have not experienced a more than insignificant deterioration in credit quality since origination, referred to as non-PCD loans, the Company records such loans at fair value, with any resulting discount or premium accreted or amortized into interest income over the remaining life of the loan using the interest method. Additionally, upon the purchase or acquisition of non-PCD loans, the Company measures and records a reserve for credit losses based on the Company’s methodology for determining the allowance under CECL. The allowance for non-PCD loans is recorded through a charge to provision for credit losses in the period in which the loans were purchased or acquired. Acquired loans that are classified as PCD are acquired at fair value, including any resulting discounts or premiums. Discounts and premiums are accreted or amortized into interest income over the remaining life of the loan using the interest method. In contrast to non-PCD loans, the initial allowance for credit losses on PCD loans is established through an adjustment to the acquired loan balance, rather than through a charge to provision for credit losses, in the period in which the loans were acquired. The allowance for PCD loans is determined based upon the Company's methodology for estimating the allowance under CECL, and is recorded as an adjustment to the acquired loan balance on the date of acquisition. The Company evaluates acquired loans for deterioration in credit quality based on a variety of characteristics, including, but not limited to non-accrual and delinquency status, downgrades in credit quality since origination, loans that have been modified, along with any other factors identified by the Company through its initial analysis of acquired loans which may indicate there has been a more than insignificant deterioration in credit quality since origination. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics, if applicable. Subsequent to acquisition, the allowance for credit losses for both non-PCD and PCD loans are determined with the use of the Company’s allowance methodology under CECL, in the same manner as all other loans. Transfers and Servicing of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Loans held for sale are generally sold with servicing rights released, however if rights are retained, servicing assets are recognized as separate assets. Servicing rights are originally recorded at fair value within other assets, but subsequently are amortized in proportion to and over the period of estimated net servicing income, and are assessed for impairment at each reporting date. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, default rates and losses. Impairment is determined by stratifying the rights based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the capitalized amount. If the Company later determines that all or a portion of the impairment no longer exists, a reduction of the allowance may be recorded as an increase to income. Servicing fee income is recorded for fees earned for servicing loans for investors. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan, and are recorded as income when earned. The amortization of mortgage servicing rights is recorded as a reduction of loan servicing fee income. The Company is also a party to certain instruments with off-balance-sheet risk including certain residential loans sold to investors with recourse. The Company's policy is to record such instruments when funded. |
FEDERAL HOME LOAN BANK STOCK | Federal Home Loan Bank Stock The Company, as a member of the Federal Home Loan Bank ("FHLB") of Boston, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. The Company continually reviews its investment to determine if impairment exists. The Company reviews recent public filings, rating agency analysis and other factors when making its determination. |
BANK PREMISES AND EQUIPMENT | Bank Premises and Equipment Land is carried at cost. Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line convention method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease terms or the estimated useful lives of the improvements. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured, not to exceed fifteen years. |
GOODWILL AND IDENTIABLE INTANGIBLE ASSETS | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the net fair value of acquired businesses. Goodwill is not amortized and is assigned to one reporting unit. Goodwill is evaluated for impairment at least annually, or more often if warranted. In assessing for impairment, the Company has the option to first perform a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of such events and circumstances, the Company determines it is more-likely-than-not that the fair value is less than carrying value, a quantitative impairment test is performed to compare carrying value to the fair value of the reporting unit. The Company also has an unconditional option to bypass the assessment of qualitative factors for any period and proceed directly to the quantitative goodwill impairment test. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. |
IMPAIRMENT OF LONG-LIVED ASSETS OTHER THAN GOODWILL | Impairment of Long-Lived Assets Other Than Goodwill The Company reviews long-lived assets, including premises and equipment, for impairment whenever events or changes in business circumstances indicate that the remaining useful life may warrant revision or that the carrying amount of the long-lived asset may not be fully recoverable. The Company performs an undiscounted cash flow analysis to determine if impairment exists. When impairment is determined to exist, the related impairment loss is calculated based on fair value. Impairment losses on assets to be disposed of are based on the estimated proceeds to be received, less costs of disposal. |
CASH SURRENDER VALUE OF LIFE INSURANCE POLICIES | Cash Surrender Value of Life Insurance Policies Increases in the cash surrender value ("CSV") of life insurance policies, as well as benefits received net of any CSV, are recorded in other noninterest income, and are generally not subject to income taxes. The CSV of the policies is recorded as an asset of the Bank, with liabilities recognized for any split dollar arrangements associated with the policies. The Company reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. Regulatory requirements limit the total amount of CSV to be held with any individual carrier to 15% of Tier 1 capital (as defined for regulatory purposes) and the total CSV of all life insurance policies is limited to 25% of Tier 1 capital. |
OTHER REAL ESTATE OWNED AND OTHER FORECLOSED ASSETS | Other Real Estate Owned and Other Foreclosed Assets Real estate properties and other assets, which have served as collateral to secure loans, are held for sale and are initially recorded at fair value less estimated costs to sell at the date control is established, resulting in a new cost basis. The amount by which the recorded investment in the loan exceeds the fair value (net of estimated costs to sell) of the foreclosed asset is charged to the allowance for credit losses. Subsequent declines in the fair value of the foreclosed asset below the new cost basis are recorded through the use of a valuation allowance. Subsequent increases in the fair value are recorded as reductions in the valuation allowance, but not below zero. Upon a sale of a foreclosed asset, any excess of the carrying value over the sale proceeds is recognized as a loss on sale. Any excess of sale proceeds over the carrying value of the foreclosed asset is first applied as a recovery to the valuation allowance, if any, with the remainder being recognized as a gain on sale. Operating expenses and changes in the valuation allowance relating to foreclosed assets are included in other noninterest expense. |
DERIVATIVES | Derivatives 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 determined by whether it has been designated and qualifies as part of a hedging relationship, and further, by the type of hedging relationship. At the inception of a hedge, the Company documents certain items, including but not limited to the following: the relationship between hedging instruments and hedged items, the Company's risk management objectives, hedging strategies, and the evaluation of hedge transaction effectiveness. Documentation includes linking all derivatives designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. For those derivative instruments that are designated and qualify for special hedge accounting, the Company designates the hedging instrument, based upon the exposure being hedged, as either a fair value hedge or a cash flow hedge. For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income, net of related tax. The Company considers any economic mismatch between the hedging instrument and the hedged transaction in its ongoing assessment of hedge effectiveness. If the hedging instrument is not highly effective at achieving offsetting cash flows attributable to the revised contractually specified interest rate(s), hedge accounting will be discontinued. At that time, accumulated other comprehensive income would be frozen and amortized, as long as the forecasted transactions are still probable of occurring. For derivative instruments designated and qualifying as a fair value hedge (i.e., hedging the exposure to changes in the fair value of an asset or liability or an identified portion thereof that is attributable to the hedged risk), the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in current earnings during the period of the change in fair values. Hedge accounting is discontinued prospectively when (1) a derivative is no longer highly effective in offsetting changes in the fair value or cash flow of a hedged item, (2) a derivative expires or is settled, (3) it is no longer likely that a forecasted transaction associated with the hedge will occur, or (4) it is determined that designation of a derivative as a hedge is no longer appropriate. To the extent the Company enters into new or re-designates existing hedging relationships, it is the Company's policy to include the Overnight Index Swap Rate based on the Fed Funds Effective Rate and the Overnight Index Swap Rate based on the Secured Overnight Financing Rate in the spectrum of available benchmark interest rates for hedge accounting. |
RETIREMENT PLANS | Retirement Plans The Company has various retirement plans in place for current and former employees, including postretirement benefit plans, supplemental executive retirement plans, frozen multiemployer pension plans, deferred compensation plans, as well as other benefits. The postretirement benefit plans and the supplemental executive retirement plans are unfunded and therefore have no plan assets. The actuarial cost method used to compute the benefit liabilities and related expense is the projected unit credit method. The projected benefit obligation is principally determined based on the present value of the projected benefit distributions at an assumed discount rate. The discount rate which is utilized is based on the investment yield of high quality corporate bonds available in the market place with maturities approximately equal to projected cash flows of future benefit payments as of the measurement date. Periodic benefit expense (or income) includes service costs and interest costs based on the assumed discount rate, amortization of prior service costs due to plan amendments and amortization of actuarial gains and losses. Service costs are included in salaries and employee benefits and all other costs are included in other noninterest expense. The amortization of actuarial gains and losses is determined using the 10% corridor minimum amortization approach and is taken over the average remaining future working lifetime of the plan participants. The underfunded status of the plans is recorded as a liability on the balance sheet. The multiemployer pension plans' assets are determined based on fair value, generally representing observable market prices. The actuarial cost method used to compute the pension liabilities and related expense is the unit credit method. The pension expense is equal to the plan contribution requirement of the Company for the plan year. In conjunction with the acquisition of Blue Hills Bancorp, Inc., parent of Blue Hills Bank (collectively "BHB") the Company acquired BHB's defined benefit pension plan, which is administered by the Savings Banks Employees Retirement Association. The Company accounts for the plan using an actuarial model that allocates pension costs over the service period of employees in the plan. The Company accounts for the over-funded or under-funded status of the plan as an asset or liability on its consolidated balance sheets and recognizes changes in the funded status that are not reflected in net periodic pension cost as other comprehensive income or loss. BHB amended its defined benefit pension plan in 2013 freezing the plan to new participants and subsequently amended the plan and froze it for all participants effective October 31, 2014. The Director Deferred Compensation Plan allows directors to invest their funds into a diversified investment portfolio and the 401(k) Restoration Plan allows employees to invest their funds in both Company stock and other investment alternatives offered by the Plan. All funds under both of these plans are held in a rabbi trust. The plans do not permit diversification after initial election and therefore elections made to defer into Company stock result in both the investment and obligation recognized within Stockholders' Equity. Alternatively, investments not in Company stock are included in trading securities, with the correlating obligation classified as a liability. |
STOCK-BASED COMPENSATION | Stock-Based Compensation The Company recognizes stock-based compensation based on the grant-date fair value of the award, with no adjustment for estimated forfeitures, as forfeitures are recognized when they occur. For restricted stock awards and units, the Company recognizes compensation expense ratably over the vesting period for the fair value of the award, measured at the grant date. For stock option awards, the Company values awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for these awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. The Company recognizes excess tax benefits on certain stock compensation transactions. The excess tax benefits are recorded through earnings as a discrete item within the Company’s effective tax rate during the period of the transaction. |
INCOME TAXES | Income Taxes Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. If current available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in enacted tax rates is recognized in income in the period that includes the enactment date. Income taxes are allocated to each entity in the consolidated group based on its share of taxable income. Management exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets, including projections of future taxable income. Additionally, a liability for unrecognized tax benefits is recorded for uncertain tax positions taken by the Company on its tax returns for which there is less than a 50% likelihood of being recognized upon a tax examination. |
Low Income Housing Tax Credits Policy Text Block [Policy Text Block] | Low Income Housing Tax CreditsThe Company accounts for its investments in qualified affordable housing projects using the proportional amortization method. Under the proportional amortization method the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the net investment benefit as a component of income tax expense (benefit). |
ASSETS UNDER ADMININSTRATION | Assets Under Administration Assets held in a fiduciary or agency capacity for customers are not included in the accompanying consolidated balance sheet, as such assets are not assets of the Company. Revenue from administrative and management activities associated with these assets is recorded on an accrual basis. |
Extinguishment of Debt [Policy Text Block] | Extinguishment of Debt Upon extinguishment of an outstanding debt, the Company records the difference between the exit price and the net carrying amount of the debt as a gain or loss on the extinguishment. The gain or loss is recorded as a component of other noninterest income or other noninterest expense, respectively. |
EARNINGS PER SHARE | Earnings Per Share Basic earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated from common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings distributed and undistributed, are allocated to participating securities and common shares based on their respective rights to receive dividends. Unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities, not subject to performance based measures (i.e. unvested time-vested restricted stock). Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding (inclusive of participating securities). Diluted earnings per share have been calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options or the attainment of performance measures) were issued during the period, computed using the treasury stock method. |
COMPREHENSIVE INCOME | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, unrealized losses related to factors other than credit on debt securities, if applicable, unrealized gains and losses on cash flow hedges, deferred gains on hedge accounting transactions, and changes in the funded status of the Company’s postretirement and supplemental retirement plans. |
FAIR VALUE MEASUREMENTS | Fair Value Measurements In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. |
Lessee, Leases [Policy Text Block] | Leases The Company leases office space, space for ATM locations and certain branch locations under noncancelable operating leases, several of which have renewal options to extend lease terms. Upon commencement of a new lease, the Company will recognize a right of use ("ROU") asset and corresponding lease liability. The Company makes the decision on whether to renew an option to extend a lease by considering various factors. The Company will recognize an adjustment to its ROU asset and lease liability when lease agreements are amended and executed, or in an event where the Company is reasonably certain that a renewal option will be exercised. The discount rate used in determining the present value of lease payments is based on the Company's incremental borrowing rate for borrowings with terms similar to each lease at commencement date. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance, are not included in the measurement of the lease liability since they are generally able to be segregated. The Company has elected the short-term lease recognition exemption for all leases that qualify. The Company is a party to certain equipment lease transactions where it has assumed the role of lessor for purchased assets. These lease transactions are classified by the Company as either operating leases or direct financing leases for accounting purposes, depending upon the nature of the underlying lease agreements. Under operating lease arrangements, the leased asset value is recorded within fixed assets and the Company recognizes rental income over the life of the lease. Under direct financing lease arrangements, the leased asset value is de-recognized and offset with the recognition of a lease receivable that is evaluated for impairment in a manner similar to loans. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("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 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 amendments will not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients 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. FASB ASC Topic 848 "Reference Rate Reform" Update No. 2021-01 was subsequently issued in January 2021 and expanded application of the optional expedients to derivative transactions affected by the discounting transition. The Company has not yet adopted the amendments in these updates, but has established a working group to guide the Company’s transition from LIBOR and has begun efforts to transition off the LIBOR index consistent with industry timelines. The working group has identified its products that utilize LIBOR and has implemented fallback language to facilitate the transition to alternative rates. The Company is also evaluating existing platforms and systems as well as alternative indices in its preparation to offer new products tied to the alternative indices. The Company does not anticipate the adoption of these standards to have a material impact to the financial statements. |
Policy Loans Receivable, Policy | Loans Held for Investment 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 90 days or more 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 90 days or more past due may be kept on an accruing status if the loan is well secured and in the process of collection. 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. In cases where a borrower experiences financial difficulties and the Company makes certain concessionary modifications to contractual terms, the loan is classified as a troubled debt restructuring ("TDR"). Modifications may include adjustments to interest rates, extensions of maturity, consumer loans where the borrower's obligations have been effectively discharged through Chapter 7 Bankruptcy and the borrower has not reaffirmed the debt to the Bank, and other actions intended to minimize economic loss and avoid foreclosure or repossession of collateral. The recorded investment of loans classified as TDRs is adjusted to reflect the changes in value, if any, resulting from the granting of a concession. Nonaccrual loans that are restructured remain on nonaccrual for a period of six months to demonstrate that the borrower can meet the restructured terms. If the restructured loan is on accrual status prior to being modified, it is reviewed to determine if the modified loan should remain on accrual status. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan is classified as a nonaccrual loan. Loans classified as TDRs remain classified as such for the life of the loan, except in limited circumstances, when it is determined that the borrower is performing under the modified terms and the restructuring agreement specified an interest rate greater than or equal to an acceptable market rate for a comparable new loan at the time of the restructuring. |
Credit Loss, Financial Instrument | 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 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, one-to-four 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 one-to-four family residential properties. Residential mortgage loans also include loans to construct owner-occupied one-to-four 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 one-to-four 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 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-rating categories for the commercial portfolio are defined as follows: • Pass: Risk-rating “1” through “6” comprises of 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. Commercial loan modifications granted by the Company allowing payment deferrals for qualifying borrowers in accordance with the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") were assessed for potential downgrades of risk ratings. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Acquisition [Line Items] | |
Purchased Credit Impaired Loans Associated with Acquisition [Table Text Block] | For PCD loans acquired from Meridian, a reconciliation of the difference between the purchase price and par value of the assets acquired is presented below: As of November 12, 2021 (Dollars in thousands) Gross amortized cost basis at November 12, 2021 $ 768,018 Allowance for credit losses on PCD loans (16,540) Interest and liquidity premium 8,560 Purchase price of PCD loans (at fair value) $ 760,038 |
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition: Net Assets Acquired at Fair Value (Dollars in thousands) Assets Cash $ 798,470 Investments 266 Loans (including loans held for sale) 4,908,949 Allowance for credit losses on PCD loans (16,540) Bank Premises and equipment 66,825 Goodwill 478,866 Core deposit and other intangibles 10,300 Other assets 125,543 Total assets acquired 6,372,679 Liabilities Deposits 4,440,432 Borrowings 576,088 Other liabilities 46,432 Total liabilities assumed 5,062,952 Purchase price $ 1,309,727 |
Business Acquisition, Pro Forma Information [Table Text Block] | The selected pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the acquisition actually been completed at the beginning of the period presented, nor does it indicate future results for any other interim or full-year period. Year Ended December 31 2021 2020 (Dollars in thousands) Net interest income after provision for credit losses $ 565,360 $ 560,461 Net income $ 178,936 $ 186,218 |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 recognized within non-interest income and non-interest expense within the consolidated statements of income that relate to equity securities for the periods indicated: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Net gains recognized during the period on equity securities $ 554 $ 528 $ 1,566 Less: net gains recognized during the period on equity securities sold during the period 192 14 18 Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 362 $ 514 $ 1,548 |
Schedule of Available-for-sale Securities Reconciliation | 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) at the dates indicated: December 31, 2021 December 31, 2020 Amortized Gross Gross Unrealized Allowance for credit losses Fair Amortized Gross Gross Unrealized Allowance for credit losses Fair (Dollars in thousands) U.S. government agency securities $ 217,393 $ 990 $ (2,901) $ — $ 215,482 $ 22,476 $ 1,640 $ — $ — $ 24,116 U.S. treasury securities 873,467 172 (12,191) — 861,448 — — — — — Agency mortgage-backed securities 364,955 4,512 (5,534) — 363,933 224,293 9,337 (1) — 233,629 Agency collateralized mortgage obligations 78,966 1,282 (571) — 79,677 88,687 3,083 (87) — 91,683 State, county, and municipal securities 192 11 — — 203 790 17 — — 807 Single issuer trust preferred securities issued by banks 489 2 — — 491 489 — (1) — 488 Pooled trust preferred securities issued by banks and insurers 1,199 — (199) — 1,000 1,429 — (373) — 1,056 Small business administration pooled securities 47,075 1,839 — — 48,914 57,289 3,792 — — 61,081 Total available for sale securities $ 1,583,736 $ 8,808 $ (21,396) $ — $ 1,571,148 $ 395,453 $ 17,869 $ (462) $ — $ 412,860 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables 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 a provision for credit losses as of the dates indicated. 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: December 31, 2021 Less than 12 months 12 months or longer Total # of Fair Value Unrealized Fair Unrealized Fair Value Unrealized (Dollars in thousands) U.S. government agency securities 6 $ 160,913 $ (2,901) $ — $ — $ 160,913 $ (2,901) U.S. treasury securities 17 811,993 (12,191) — — 811,993 (12,191) Agency mortgage-backed securities 12 214,678 (5,534) — — 214,678 (5,534) Agency collateralized mortgage obligations 1 22,960 (571) — — 22,960 (571) Pooled trust preferred securities issued by banks and insurers 1 — — 1,000 (199) 1,000 (199) Total impaired available for sale securities 37 $ 1,210,544 $ (21,197) $ 1,000 $ (199) $ 1,211,544 $ (21,396) |
Debt Securities, Held-to-maturity | 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) at the dates indicated: December 31, 2021 December 31, 2020 Amortized Gross Gross Unrealized Allowance for credit losses Fair Amortized Gross Gross Unrealized Allowance for credit losses Fair (Dollars in thousands) U.S. government agency securities $ 32,987 $ — $ (441) $ — $ 32,546 $ — $ — $ — — $ — U.S. treasury securities 102,560 6 (324) — 102,242 4,017 60 — — 4,077 Agency mortgage-backed securities 493,012 8,495 (4,271) — 497,236 356,085 18,036 — — 374,121 Agency collateralized mortgage obligations 415,736 3,232 (10,123) — 408,845 335,993 8,466 (340) — 344,119 Single issuer trust preferred securities issued by banks 1,500 8 — — 1,508 1,500 — (2) — 1,498 Small business administration pooled securities 21,023 733 — — 21,756 26,917 1,445 — — 28,362 Total held to maturity securities $ 1,066,818 $ 12,474 $ (15,159) $ — $ 1,064,133 $ 724,512 $ 28,007 $ (342) $ — $ 752,177 |
Schedule of Contractual Maturities of Securities | A schedule of the contractual maturities of securities available for sale and securities held to maturity at December 31, 2021 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 Fair Amortized Fair Amortized Fair Amortized Fair Amortized Fair (Dollars in thousands) Available for sale securities U.S. government agency securities $ 10,000 $ 10,007 $ 43,831 $ 44,065 $ 163,562 $ 161,410 $ — $ — $ 217,393 $ 215,482 U.S. treasury securities — — 643,068 633,504 230,399 227,944 — — 873,467 861,448 Agency mortgage-backed securities 14,411 14,563 95,373 96,519 142,730 139,331 112,441 113,520 364,955 363,933 Agency collateralized mortgage obligations — — — — — — 78,966 79,677 78,966 79,677 State, county, and municipal securities — — 192 203 — — — — 192 203 Single issuer trust preferred securities issued by banks — — — — — — 489 491 489 491 Pooled trust preferred securities issued by banks and insurers — — — — — — 1,199 1,000 1,199 1,000 Small business administration pooled securities — — — — — — 47,075 48,914 47,075 48,914 Total available for sale securities $ 24,411 $ 24,570 $ 782,464 $ 774,291 $ 536,691 $ 528,685 $ 240,170 $ 243,602 $ 1,583,736 $ 1,571,148 Held to maturity securities U.S. government agency securities $ — $ — $ 32,987 $ 32,546 $ — $ — $ — $ — $ 32,987 $ 32,546 U.S. Treasury securities 2,003 2,009 — — 100,557 100,233 — — 102,560 102,242 Agency mortgage-backed securities — — 3,016 3,156 288,552 287,116 201,444 206,964 493,012 497,236 Agency collateralized mortgage obligations — — — — — — 415,736 408,845 415,736 408,845 Single issuer trust preferred securities issued by banks — — — — 1,500 1,508 — — 1,500 1,508 Small business administration pooled securities — — — — — — 21,023 21,756 21,023 21,756 Total held to maturity securities 2,003 2,009 36,003 35,702 390,609 388,857 638,203 637,565 1,066,818 1,064,133 Total $ 26,414 $ 26,579 $ 818,467 $ 809,993 $ 927,300 $ 917,542 $ 878,373 $ 881,167 $ 2,650,554 $ 2,635,281 |
Credit Losses (Tables)
Credit Losses (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Credit Loss [Abstract] | ||
Financing Receivable, Allowance for Credit Loss | 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 periods indicated: Years Ended December 31, 2021 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance $ 21,086 $ 45,009 $ 5,397 $ 5,095 $ 14,275 $ 22,060 $ 470 $ 113,392 Charge-offs (3,474) — — (219) — (69) (1,182) (4,944) Recoveries 2,686 57 — 98 1 249 638 3,729 Initial reserve on PCD loans 166 14,397 1,019 — 429 163 366 16,540 Provision for credit loss expense (6,062) 24,023 5,900 (1,466) (221) (4,417) 448 18,205 Ending balance (1) $ 14,402 $ 83,486 $ 12,316 $ 3,508 $ 14,484 $ 17,986 $ 740 $ 146,922 Years Ended December 31, 2020 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance, pre adoption of ASU 2016-13 $ 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 (2,309) (3,885) — (380) (105) (142) (1,625) (8,446) Recoveries 289 9 — 33 2 210 1,035 1,578 Provision for credit loss expense 7,447 28,661 2,996 3,201 687 9,085 423 52,500 Ending balance (1) $ 21,086 $ 45,009 $ 5,397 $ 5,095 $ 14,275 $ 22,060 $ 470 $ 113,392 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $43.7 million and $36.0 million at December 31, 2021 and December 31, 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. | The following table bifurcates the amount of loans and the allowance allocated to each loan category based on the type of impairment analysis at December 31, 2019: December 31, 2019 Commercial Commercial Commercial Small Residential Home Other Consumer Total (Dollars in thousands) Allowance for loan losses Beginning balance $ 15,760 $ 32,370 $ 5,158 $ 1,756 $ 3,219 $ 5,608 $ 422 $ 64,293 Charge-offs (244) (2,614) — (509) — (240) (1,598) (5,205) Recoveries 1,131 152 — 122 142 318 787 2,652 Provision (benefit) 947 3,027 895 377 79 (110) 785 6,000 Ending balance $ 17,594 $ 32,935 $ 6,053 $ 1,746 $ 3,440 $ 5,576 $ 396 $ 67,740 |
Financing Receivable Credit Quality Indicators | 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 dates indicated below: December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving converted to Term Total (1) (Dollars in thousands) Commercial and Pass (2) $ 478,141 $ 167,421 $ 92,657 $ 74,940 $ 12,432 $ 27,000 $ 681,155 $ 250 $ 1,533,996 Potential weakness 779 6,874 1,627 109 908 287 5,401 — 15,985 Definite weakness - loss unlikely 766 317 962 515 2,570 258 7,910 — 13,298 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial and industrial $ 479,686 $ 174,612 $ 95,246 $ 75,564 $ 15,910 $ 27,545 $ 694,466 $ 250 $ 1,563,279 Commercial real estate Pass $ 1,445,829 $ 1,232,824 $ 875,001 $ 950,540 $ 820,201 $ 1,913,217 $ 154,020 $ — $ 7,391,632 Potential weakness 51,024 86,781 53,250 69,137 53,455 185,847 13,617 — 513,111 Definite weakness - loss unlikely 20,078 4,106 3,380 1,663 35,727 22,647 — — 87,601 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial real estate $ 1,516,931 $ 1,323,711 $ 931,631 $ 1,021,340 $ 909,383 $ 2,121,711 $ 167,637 $ — $ 7,992,344 Commercial construction Pass $ 374,023 $ 451,987 $ 141,127 $ 62,752 $ 19,168 $ 48,175 $ 36,368 $ 2,289 $ 1,135,889 Potential weakness 9,646 2,550 — — — 12,811 — — 25,007 Definite weakness - loss unlikely 4,561 — — — — — — — 4,561 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial construction $ 388,230 $ 454,537 $ 141,127 $ 62,752 $ 19,168 $ 60,986 $ 36,368 $ 2,289 $ 1,165,457 Small business Pass $ 53,939 $ 37,017 $ 20,840 $ 13,459 $ 9,665 $ 18,603 $ 35,875 $ — $ 189,398 Potential weakness 210 456 379 198 4 285 803 — 2,335 Definite weakness - loss unlikely — 619 32 9 4 278 514 — 1,456 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total small business $ 54,149 $ 38,092 $ 21,251 $ 13,666 $ 9,673 $ 19,166 $ 37,192 $ — $ 193,189 Residential real estate Pass $ 454,162 $ 215,142 $ 114,762 $ 122,745 $ 133,961 $ 559,701 $ — $ — $ 1,600,473 Default — 392 — 1,010 — 2,811 — — 4,213 Total residential real estate $ 454,162 $ 215,534 $ 114,762 $ 123,755 $ 133,961 $ 562,512 $ — $ — $ 1,604,686 Home equity Pass $ 66,410 $ 63,870 $ 38,201 $ 33,505 $ 38,051 $ 109,544 $ 684,427 $ 3,932 $ 1,037,940 Default — — — — — — 1,555 116 1,671 Total home equity $ 66,410 $ 63,870 $ 38,201 $ 33,505 $ 38,051 $ 109,544 $ 685,982 $ 4,048 $ 1,039,611 Other consumer Pass $ 3,363 $ 2,702 $ 2,191 $ 859 $ 654 $ 4,462 $ 14,377 $ — $ 28,608 Default 16 6 29 25 — 35 1 — 112 Total other consumer $ 3,379 $ 2,708 $ 2,220 $ 884 $ 654 $ 4,497 $ 14,378 $ — $ 28,720 Total $ 2,962,947 $ 2,273,064 $ 1,344,438 $ 1,331,466 $ 1,126,800 $ 2,905,961 $ 1,636,023 $ 6,587 $ 13,587,286 December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving converted to Term Total (1) (Dollars in thousands) Commercial and Pass (2) $ 1,074,773 $ 141,859 $ 97,908 $ 30,431 $ 19,426 $ 19,749 $ 631,049 $ 2,538 $ 2,017,733 Potential weakness 9,020 1,869 670 4,997 1,539 294 20,766 — 39,155 Definite weakness - loss unlikely 2,009 1,310 19,575 2,997 320 429 6,991 — 33,631 Partial loss probable 672 — — — 156 143 11,662 — 12,633 Definite loss — — — — — — — — — Total commercial and industrial $ 1,086,474 $ 145,038 $ 118,153 $ 38,425 $ 21,441 $ 20,615 $ 670,468 $ 2,538 $ 2,103,152 Commercial real estate Pass $ 1,054,345 $ 726,276 $ 480,725 $ 544,826 $ 372,542 $ 664,256 $ 19,085 $ 14,737 $ 3,876,792 Potential weakness 27,877 55,166 30,286 19,531 25,462 71,252 13,610 — 243,184 Definite weakness - loss unlikely 25,878 3,502 3,857 10,185 3,376 7,153 — — 53,951 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial real estate $ 1,108,100 $ 784,944 $ 514,868 $ 574,542 $ 401,380 $ 742,661 $ 32,695 $ 14,737 $ 4,173,927 Commercial construction Pass $ 255,679 $ 167,948 $ 30,706 $ 32,538 $ — $ 6,689 $ 31,705 $ 588 $ 525,853 Potential weakness 17,528 9,953 520 — — — 75 — 28,076 Definite weakness - loss unlikely — — — — — — — — — Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial construction $ 273,207 $ 177,901 $ 31,226 $ 32,538 $ — $ 6,689 $ 31,780 $ 588 $ 553,929 Small business Pass $ 41,713 $ 27,751 $ 19,497 $ 13,411 $ 13,837 $ 19,624 $ 35,451 $ — $ 171,284 Potential weakness — 10 15 15 6 217 822 — 1,085 Definite weakness - loss unlikely 684 438 122 11 137 353 883 — 2,628 Partial loss probable — — — — — — 26 — 26 Definite loss — — — — — — — — — Total small business $ 42,397 $ 28,199 $ 19,634 $ 13,437 $ 13,980 $ 20,194 $ 37,182 $ — $ 175,023 Residential real estate Pass $ 219,595 $ 146,058 $ 160,422 $ 144,638 $ 215,568 $ 401,279 $ — $ — $ 1,287,560 Default — — 427 — 4,158 4,038 — — 8,623 Definite loss — — — — — — — — — Total residential real estate $ 219,595 $ 146,058 $ 160,849 $ 144,638 $ 219,726 $ 405,317 $ — $ — $ 1,296,183 Home equity Pass $ 82,312 $ 59,409 $ 52,088 $ 53,570 $ 41,181 $ 111,360 $ 661,575 $ 4,663 $ 1,066,158 Default — — — — — 440 1,837 355 2,632 Definite loss — — — — — — — — — Total home equity $ 82,312 $ 59,409 $ 52,088 $ 53,570 $ 41,181 $ 111,800 $ 663,412 $ 5,018 $ 1,068,790 Other consumer Pass $ 816 $ 398 $ 165 $ 665 $ 615 $ 6,749 $ 12,317 $ — $ 21,725 Default — — — 15 — 111 11 — 137 Definite loss — — — — — — — — — Total other consumer $ 816 $ 398 $ 165 $ 680 $ 615 $ 6,860 $ 12,328 $ — $ 21,862 Total $ 2,812,901 $ 1,341,947 $ 896,983 $ 857,830 $ 698,323 $ 1,314,136 $ 1,447,865 $ 22,881 $ 9,392,866 (1) Loans origination dates in the tables above reflect the original date, or the date of a material modification of a previously originated loan, for both organic originations and acquired loans. (2) Loans originated as part of the Paycheck Protection Program ("PPP") established by the CARES Act are reported as commercial and industrial under the 2021 and 2020 vintage years and "Pass" category as these loans are 100% guaranteed by the U.S. Government. Outstanding PPP loans totaled $216.2 million and $791.9 million at December 31, 2021 and 2020, respectively, the former of which reflects PPP loans acquired in the Meridian acquisition. | |
Financing Receivable, Nonaccrual | The following table shows information regarding nonaccrual loans at the dates indicated: Nonaccrual Balances December 31, 2021 December 31, 2020 With Allowance for Credit Losses Without Allowance for Credit Losses Total (1) With Allowance for Credit Losses Without Allowance for Credit Losses Total (1) (Dollars in thousands) Commercial and industrial $ 3,420 $ 19 $ 3,439 $ 3,804 $ 30,925 $ 34,729 Commercial real estate 10,870 — 10,870 10,195 — 10,195 Small business 44 — 44 815 10 825 Residential real estate 8,580 602 9,182 10,935 4,593 15,528 Home equity 3,781 — 3,781 5,427 — 5,427 Other consumer 504 — 504 156 — 156 Total nonaccrual loans $ 27,199 $ 621 $ 27,820 $ 31,332 $ 35,528 $ 66,860 | |
Foreclosed Residential Real Estate Property | The following table shows information regarding foreclosed residential real estate property at the dates indicated: December 31, 2021 December 31, 2020 (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 $ 1,426 $ 1,750 | |
Financing Receivable, Past Due | The following tables show the age analysis of past due financing receivables at the dates indicated: December 31, 2021 30-59 days 60-89 days 90 days or more Total Past Due Total Amortized Cost Number Principal Number Principal Number Principal Number Principal Current (Dollars in thousands) Loan Portfolio Commercial and industrial 7 $ 143 2 $ 252 2 $ 24 11 $ 419 $ 1,562,860 $ 1,563,279 $ — Commercial real estate 15 32,845 — — 4 1,339 19 34,184 7,958,160 7,992,344 — Commercial construction — — — — — — — — 1,165,457 1,165,457 — Small business 11 136 6 53 4 24 21 213 192,976 193,189 — Residential real estate 12 2,709 5 714 76 3,922 93 7,345 1,597,341 1,604,686 — Home equity 15 1,375 6 381 21 1,671 42 3,427 1,036,184 1,039,611 — Other consumer (1) 458 719 41 277 16 112 515 1,108 27,612 28,720 — Total 518 $ 37,927 60 $ 1,677 123 $ 7,092 701 $ 46,696 $ 13,540,590 $ 13,587,286 $ — December 31, 2020 30-59 days 60-89 days 90 days or more Total Past Due Total Recorded Number Principal Number Principal Number Principal Number Principal Current (Dollars in thousands) Loan Portfolio Commercial and industrial 2 $ 318 1 $ 672 8 $ 785 11 $ 1,775 $ 2,101,377 $ 2,103,152 $ — Commercial real estate 3 409 — — 4 515 7 924 4,173,003 4,173,927 — Commercial construction — — 2 2,794 — — 2 2,794 551,135 553,929 — Small business 14 421 6 273 4 59 24 753 174,270 175,023 — Residential real estate 12 2,150 8 5,507 27 3,648 47 11,305 1,284,878 1,296,183 — Home equity 10 733 5 203 33 2,633 48 3,569 1,065,221 1,068,790 — Other consumer (1) 260 137 3 1 6 138 269 276 21,586 21,862 1 Total 301 $ 4,168 25 $ 9,450 82 $ 7,778 408 $ 21,396 $ 9,371,470 $ 9,392,866 $ 1 | |
Financing Receivable, Troubled Debt Restructuring | The following table shows the Company’s total TDRs and other pertinent information at the dates indicated: December 31, 2021 December 31, 2020 (Dollars in thousands) TDRs on accrual status $ 14,635 $ 16,983 TDRs on nonaccrual 1,993 22,209 Total TDRs $ 16,628 $ 39,192 Additional commitments to lend to a borrower who has been a party to a TDR $ 190 $ 263 | |
Troubled Debt Restructurings On Financing Receivables Post Modifications | The following table shows the troubled debt restructurings which occurred for the periods indicated and the change in the recorded investment subsequent to the modifications occurring: Year Ended December 31, 2021 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 1 $ 14,148 $ 14,148 Commercial real estate 5 3,964 3,964 Small business 2 189 189 Total (1) 8 $ 18,301 $ 18,301 Year Ended December 31, 2020 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 8 $ 732 $ 732 Commercial real estate 10 2,865 2,865 Small business 10 752 728 Residential real estate 2 559 642 Total (1) 30 $ 4,908 $ 4,967 Year Ended December 31, 2019 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 3 $ 268 $ 268 Commercial real estate 4 819 819 Small business 1 14 14 Residential real estate 3 967 1,009 Home equity 2 121 121 Total (1) 13 $ 2,189 $ 2,231 (1) The pre-modification and post-modification balances represent the legal principal balance of the loan. Activity presented in the tables above includes $14.3 million, $1.9 million, and $855,000 of modifications on existing TDRs during the years ended December 31, 2021, 2020 and 2019, respectively. | |
Troubled Debt Restructurings On Financing Receivables Post Modification | The following table shows the Company’s post-modification balance of TDRs listed by type of modification for the periods indicated: Years Ended December 31 2021 2020 2019 Extended maturity $ 4,153 $ 4,120 $ 1,565 Adjusted interest rate — 822 150 Combination rate and maturity 14,148 — 441 Court ordered concession — 25 75 Total $ 18,301 $ 4,967 $ 2,231 |
LOANS, ALLOWANCE FOR LOAN LOS_2
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Loans, Allowance for Loan Losses and Credit Quality [Abstract] | ||
Schedule of 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 periods indicated: Years Ended December 31, 2021 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance $ 21,086 $ 45,009 $ 5,397 $ 5,095 $ 14,275 $ 22,060 $ 470 $ 113,392 Charge-offs (3,474) — — (219) — (69) (1,182) (4,944) Recoveries 2,686 57 — 98 1 249 638 3,729 Initial reserve on PCD loans 166 14,397 1,019 — 429 163 366 16,540 Provision for credit loss expense (6,062) 24,023 5,900 (1,466) (221) (4,417) 448 18,205 Ending balance (1) $ 14,402 $ 83,486 $ 12,316 $ 3,508 $ 14,484 $ 17,986 $ 740 $ 146,922 Years Ended December 31, 2020 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for credit losses Beginning balance, pre adoption of ASU 2016-13 $ 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 (2,309) (3,885) — (380) (105) (142) (1,625) (8,446) Recoveries 289 9 — 33 2 210 1,035 1,578 Provision for credit loss expense 7,447 28,661 2,996 3,201 687 9,085 423 52,500 Ending balance (1) $ 21,086 $ 45,009 $ 5,397 $ 5,095 $ 14,275 $ 22,060 $ 470 $ 113,392 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $43.7 million and $36.0 million at December 31, 2021 and December 31, 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. | The following table bifurcates the amount of loans and the allowance allocated to each loan category based on the type of impairment analysis at December 31, 2019: December 31, 2019 Commercial Commercial Commercial Small Residential Home Other Consumer Total (Dollars in thousands) Allowance for loan losses Beginning balance $ 15,760 $ 32,370 $ 5,158 $ 1,756 $ 3,219 $ 5,608 $ 422 $ 64,293 Charge-offs (244) (2,614) — (509) — (240) (1,598) (5,205) Recoveries 1,131 152 — 122 142 318 787 2,652 Provision (benefit) 947 3,027 895 377 79 (110) 785 6,000 Ending balance $ 17,594 $ 32,935 $ 6,053 $ 1,746 $ 3,440 $ 5,576 $ 396 $ 67,740 |
Schedule of Internal Risk-Rating Categories for the Company's Commercial Portfolio | 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 dates indicated below: December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving converted to Term Total (1) (Dollars in thousands) Commercial and Pass (2) $ 478,141 $ 167,421 $ 92,657 $ 74,940 $ 12,432 $ 27,000 $ 681,155 $ 250 $ 1,533,996 Potential weakness 779 6,874 1,627 109 908 287 5,401 — 15,985 Definite weakness - loss unlikely 766 317 962 515 2,570 258 7,910 — 13,298 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial and industrial $ 479,686 $ 174,612 $ 95,246 $ 75,564 $ 15,910 $ 27,545 $ 694,466 $ 250 $ 1,563,279 Commercial real estate Pass $ 1,445,829 $ 1,232,824 $ 875,001 $ 950,540 $ 820,201 $ 1,913,217 $ 154,020 $ — $ 7,391,632 Potential weakness 51,024 86,781 53,250 69,137 53,455 185,847 13,617 — 513,111 Definite weakness - loss unlikely 20,078 4,106 3,380 1,663 35,727 22,647 — — 87,601 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial real estate $ 1,516,931 $ 1,323,711 $ 931,631 $ 1,021,340 $ 909,383 $ 2,121,711 $ 167,637 $ — $ 7,992,344 Commercial construction Pass $ 374,023 $ 451,987 $ 141,127 $ 62,752 $ 19,168 $ 48,175 $ 36,368 $ 2,289 $ 1,135,889 Potential weakness 9,646 2,550 — — — 12,811 — — 25,007 Definite weakness - loss unlikely 4,561 — — — — — — — 4,561 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial construction $ 388,230 $ 454,537 $ 141,127 $ 62,752 $ 19,168 $ 60,986 $ 36,368 $ 2,289 $ 1,165,457 Small business Pass $ 53,939 $ 37,017 $ 20,840 $ 13,459 $ 9,665 $ 18,603 $ 35,875 $ — $ 189,398 Potential weakness 210 456 379 198 4 285 803 — 2,335 Definite weakness - loss unlikely — 619 32 9 4 278 514 — 1,456 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total small business $ 54,149 $ 38,092 $ 21,251 $ 13,666 $ 9,673 $ 19,166 $ 37,192 $ — $ 193,189 Residential real estate Pass $ 454,162 $ 215,142 $ 114,762 $ 122,745 $ 133,961 $ 559,701 $ — $ — $ 1,600,473 Default — 392 — 1,010 — 2,811 — — 4,213 Total residential real estate $ 454,162 $ 215,534 $ 114,762 $ 123,755 $ 133,961 $ 562,512 $ — $ — $ 1,604,686 Home equity Pass $ 66,410 $ 63,870 $ 38,201 $ 33,505 $ 38,051 $ 109,544 $ 684,427 $ 3,932 $ 1,037,940 Default — — — — — — 1,555 116 1,671 Total home equity $ 66,410 $ 63,870 $ 38,201 $ 33,505 $ 38,051 $ 109,544 $ 685,982 $ 4,048 $ 1,039,611 Other consumer Pass $ 3,363 $ 2,702 $ 2,191 $ 859 $ 654 $ 4,462 $ 14,377 $ — $ 28,608 Default 16 6 29 25 — 35 1 — 112 Total other consumer $ 3,379 $ 2,708 $ 2,220 $ 884 $ 654 $ 4,497 $ 14,378 $ — $ 28,720 Total $ 2,962,947 $ 2,273,064 $ 1,344,438 $ 1,331,466 $ 1,126,800 $ 2,905,961 $ 1,636,023 $ 6,587 $ 13,587,286 December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving converted to Term Total (1) (Dollars in thousands) Commercial and Pass (2) $ 1,074,773 $ 141,859 $ 97,908 $ 30,431 $ 19,426 $ 19,749 $ 631,049 $ 2,538 $ 2,017,733 Potential weakness 9,020 1,869 670 4,997 1,539 294 20,766 — 39,155 Definite weakness - loss unlikely 2,009 1,310 19,575 2,997 320 429 6,991 — 33,631 Partial loss probable 672 — — — 156 143 11,662 — 12,633 Definite loss — — — — — — — — — Total commercial and industrial $ 1,086,474 $ 145,038 $ 118,153 $ 38,425 $ 21,441 $ 20,615 $ 670,468 $ 2,538 $ 2,103,152 Commercial real estate Pass $ 1,054,345 $ 726,276 $ 480,725 $ 544,826 $ 372,542 $ 664,256 $ 19,085 $ 14,737 $ 3,876,792 Potential weakness 27,877 55,166 30,286 19,531 25,462 71,252 13,610 — 243,184 Definite weakness - loss unlikely 25,878 3,502 3,857 10,185 3,376 7,153 — — 53,951 Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial real estate $ 1,108,100 $ 784,944 $ 514,868 $ 574,542 $ 401,380 $ 742,661 $ 32,695 $ 14,737 $ 4,173,927 Commercial construction Pass $ 255,679 $ 167,948 $ 30,706 $ 32,538 $ — $ 6,689 $ 31,705 $ 588 $ 525,853 Potential weakness 17,528 9,953 520 — — — 75 — 28,076 Definite weakness - loss unlikely — — — — — — — — — Partial loss probable — — — — — — — — — Definite loss — — — — — — — — — Total commercial construction $ 273,207 $ 177,901 $ 31,226 $ 32,538 $ — $ 6,689 $ 31,780 $ 588 $ 553,929 Small business Pass $ 41,713 $ 27,751 $ 19,497 $ 13,411 $ 13,837 $ 19,624 $ 35,451 $ — $ 171,284 Potential weakness — 10 15 15 6 217 822 — 1,085 Definite weakness - loss unlikely 684 438 122 11 137 353 883 — 2,628 Partial loss probable — — — — — — 26 — 26 Definite loss — — — — — — — — — Total small business $ 42,397 $ 28,199 $ 19,634 $ 13,437 $ 13,980 $ 20,194 $ 37,182 $ — $ 175,023 Residential real estate Pass $ 219,595 $ 146,058 $ 160,422 $ 144,638 $ 215,568 $ 401,279 $ — $ — $ 1,287,560 Default — — 427 — 4,158 4,038 — — 8,623 Definite loss — — — — — — — — — Total residential real estate $ 219,595 $ 146,058 $ 160,849 $ 144,638 $ 219,726 $ 405,317 $ — $ — $ 1,296,183 Home equity Pass $ 82,312 $ 59,409 $ 52,088 $ 53,570 $ 41,181 $ 111,360 $ 661,575 $ 4,663 $ 1,066,158 Default — — — — — 440 1,837 355 2,632 Definite loss — — — — — — — — — Total home equity $ 82,312 $ 59,409 $ 52,088 $ 53,570 $ 41,181 $ 111,800 $ 663,412 $ 5,018 $ 1,068,790 Other consumer Pass $ 816 $ 398 $ 165 $ 665 $ 615 $ 6,749 $ 12,317 $ — $ 21,725 Default — — — 15 — 111 11 — 137 Definite loss — — — — — — — — — Total other consumer $ 816 $ 398 $ 165 $ 680 $ 615 $ 6,860 $ 12,328 $ — $ 21,862 Total $ 2,812,901 $ 1,341,947 $ 896,983 $ 857,830 $ 698,323 $ 1,314,136 $ 1,447,865 $ 22,881 $ 9,392,866 (1) Loans origination dates in the tables above reflect the original date, or the date of a material modification of a previously originated loan, for both organic originations and acquired loans. (2) Loans originated as part of the Paycheck Protection Program ("PPP") established by the CARES Act are reported as commercial and industrial under the 2021 and 2020 vintage years and "Pass" category as these loans are 100% guaranteed by the U.S. Government. Outstanding PPP loans totaled $216.2 million and $791.9 million at December 31, 2021 and 2020, respectively, the former of which reflects PPP loans acquired in the Meridian acquisition. | |
Financing Receivable Credit Quality Indicators for Consumer and Residential Portfolio's | The following table shows the weighted average FICO scores and the weighted average combined LTV ratios at the dates indicated below: December 31 December 31 Residential portfolio FICO score (re-scored)(1) 749 749 LTV (re-valued)(2) 54.4 % 57.4 % Home equity portfolio FICO score (re-scored)(1) 772 771 LTV (re-valued)(2)(3) 42.4 % 46.0 % (1) The average FICO scores at December 31, 2021 are based upon rescores from December 2021, as available for previously originated loans, or origination score data for loans booked in December 2021. The average FICO scores at December 31, 2020 were based upon rescores from December 2020, as available for previously originated loans, or origination score data for loans booked in December 2020. (2) The combined LTV ratios for December 31, 2021 are based upon updated automated valuations as of November 2021, when available, and/or the most current valuation data available. The combined LTV ratios for December 31, 2020 were based upon updated automated valuations as of November 2020, 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, Nonaccrual | The following table shows information regarding nonaccrual loans at the dates indicated: Nonaccrual Balances December 31, 2021 December 31, 2020 With Allowance for Credit Losses Without Allowance for Credit Losses Total (1) With Allowance for Credit Losses Without Allowance for Credit Losses Total (1) (Dollars in thousands) Commercial and industrial $ 3,420 $ 19 $ 3,439 $ 3,804 $ 30,925 $ 34,729 Commercial real estate 10,870 — 10,870 10,195 — 10,195 Small business 44 — 44 815 10 825 Residential real estate 8,580 602 9,182 10,935 4,593 15,528 Home equity 3,781 — 3,781 5,427 — 5,427 Other consumer 504 — 504 156 — 156 Total nonaccrual loans $ 27,199 $ 621 $ 27,820 $ 31,332 $ 35,528 $ 66,860 | |
Foreclosed Residential Real Estate Property | The following table shows information regarding foreclosed residential real estate property at the dates indicated: December 31, 2021 December 31, 2020 (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 $ 1,426 $ 1,750 | |
Schedule of the Age Analysis of Past Due Financing Receivables | The following tables show the age analysis of past due financing receivables at the dates indicated: December 31, 2021 30-59 days 60-89 days 90 days or more Total Past Due Total Amortized Cost Number Principal Number Principal Number Principal Number Principal Current (Dollars in thousands) Loan Portfolio Commercial and industrial 7 $ 143 2 $ 252 2 $ 24 11 $ 419 $ 1,562,860 $ 1,563,279 $ — Commercial real estate 15 32,845 — — 4 1,339 19 34,184 7,958,160 7,992,344 — Commercial construction — — — — — — — — 1,165,457 1,165,457 — Small business 11 136 6 53 4 24 21 213 192,976 193,189 — Residential real estate 12 2,709 5 714 76 3,922 93 7,345 1,597,341 1,604,686 — Home equity 15 1,375 6 381 21 1,671 42 3,427 1,036,184 1,039,611 — Other consumer (1) 458 719 41 277 16 112 515 1,108 27,612 28,720 — Total 518 $ 37,927 60 $ 1,677 123 $ 7,092 701 $ 46,696 $ 13,540,590 $ 13,587,286 $ — December 31, 2020 30-59 days 60-89 days 90 days or more Total Past Due Total Recorded Number Principal Number Principal Number Principal Number Principal Current (Dollars in thousands) Loan Portfolio Commercial and industrial 2 $ 318 1 $ 672 8 $ 785 11 $ 1,775 $ 2,101,377 $ 2,103,152 $ — Commercial real estate 3 409 — — 4 515 7 924 4,173,003 4,173,927 — Commercial construction — — 2 2,794 — — 2 2,794 551,135 553,929 — Small business 14 421 6 273 4 59 24 753 174,270 175,023 — Residential real estate 12 2,150 8 5,507 27 3,648 47 11,305 1,284,878 1,296,183 — Home equity 10 733 5 203 33 2,633 48 3,569 1,065,221 1,068,790 — Other consumer (1) 260 137 3 1 6 138 269 276 21,586 21,862 1 Total 301 $ 4,168 25 $ 9,450 82 $ 7,778 408 $ 21,396 $ 9,371,470 $ 9,392,866 $ 1 | |
Schedule of Troubled Debt Restructuring and Other Pertinent Information | The following table shows the Company’s total TDRs and other pertinent information at the dates indicated: December 31, 2021 December 31, 2020 (Dollars in thousands) TDRs on accrual status $ 14,635 $ 16,983 TDRs on nonaccrual 1,993 22,209 Total TDRs $ 16,628 $ 39,192 Additional commitments to lend to a borrower who has been a party to a TDR $ 190 $ 263 | |
Schedule of Post-Modification Balance of Troubled Debt Restructuring by Type of Modification | The following table shows the troubled debt restructurings which occurred for the periods indicated and the change in the recorded investment subsequent to the modifications occurring: Year Ended December 31, 2021 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 1 $ 14,148 $ 14,148 Commercial real estate 5 3,964 3,964 Small business 2 189 189 Total (1) 8 $ 18,301 $ 18,301 Year Ended December 31, 2020 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 8 $ 732 $ 732 Commercial real estate 10 2,865 2,865 Small business 10 752 728 Residential real estate 2 559 642 Total (1) 30 $ 4,908 $ 4,967 Year Ended December 31, 2019 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 3 $ 268 $ 268 Commercial real estate 4 819 819 Small business 1 14 14 Residential real estate 3 967 1,009 Home equity 2 121 121 Total (1) 13 $ 2,189 $ 2,231 (1) The pre-modification and post-modification balances represent the legal principal balance of the loan. Activity presented in the tables above includes $14.3 million, $1.9 million, and $855,000 of modifications on existing TDRs during the years ended December 31, 2021, 2020 and 2019, respectively. |
BANK PREMISES AND EQUIPMENT (Ta
BANK PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Bank premises and equipment at December 31, were as follows: 2021 2020 Estimated (Dollars in thousands) (In years) Cost Land $ 54,295 $ 32,450 n/a Bank premises 96,887 63,544 5-40 Leasehold improvements 45,263 38,667 1-27 Furniture and equipment 89,029 81,815 2-12 Leased equipment 21,660 — 5 Total cost 307,134 216,476 Accumulated depreciation (111,544) (100,083) Net bank premises and equipment $ 195,590 $ 116,393 |
GOODWILL AND IDENTIFIABLE INT_2
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table sets forth the carrying value of goodwill and other intangible assets, net of accumulated amortization, at December 31: 2021 2020 (Dollars in thousands) Balances not subject to amortization Goodwill $ 985,072 $ 506,206 Balances subject to amortization Core deposit intangibles 27,053 22,215 Other intangible assets 5,719 892 Total other intangible assets 32,772 23,107 Total goodwill and other intangible assets $ 1,017,844 $ 529,313 |
Schedule of Goodwill | The changes in the carrying value of goodwill for the periods indicated were as follows: 2021 2020 (Dollars in thousands) Balance at beginning of year $ 506,206 $ 506,206 Acquisitions 478,866 — Balance at end of year $ 985,072 $ 506,206 |
Schedule of Other Intangible Assets | The gross carrying amount and accumulated amortization of other intangible assets were as follows at the dates indicated: December 31 2021 2020 Gross Accumulated Net Gross Accumulated Net (Dollars in thousands) Core deposit intangibles $ 48,920 $ (21,867) $ 27,053 $ 38,620 $ (16,405) $ 22,215 Other intangible assets 6,390 (671) 5,719 2,434 (1,542) 892 Total $ 55,310 $ (22,538) $ 32,772 $ 41,054 $ (17,947) $ 23,107 |
Schedule of Intangible Assets Estimated Annual Amortization Expense | The following table sets forth the estimated annual amortization expense of intangible assets for each of the next five years: Year Amount (Dollars in thousands) 2022 $ 7,662 2023 $ 6,884 2024 $ 5,911 2025 $ 4,720 2026 $ 2,824 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Schedule of Time Deposits Maturities | The following is a summary of the scheduled maturities of time deposits at December 31: 2021 2020 (Dollars in thousands) 1 year or less $ 1,216,437 79.4 % $ 789,237 83.0 % Over 1 year to 2 years 142,942 9.3 % 93,727 9.9 % Over 2 years to 3 years 85,650 5.6 % 36,739 3.9 % Over 3 years to 4 years 66,907 4.4 % 13,407 1.4 % Over 4 years to 5 years 19,214 1.3 % 17,519 1.8 % Total $ 1,531,150 100.0 % $ 950,629 100.0 % |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Federal Home Loan Bank Borrowings | Advances payable to the Federal Home Loan Bank at December 31, 2021 and 2020 were as follows: 2021 2020 Weighted Weighted Average Average Total Contractual Total Contractual Outstanding Rate Outstanding Rate (Dollars in thousands) Stated Maturity 2021 $ — — % $ 35,042 1.12 % 2022 25,000 0.34 % — — % Subtotal 25,000 0.34 % 35,042 1.12 % Amortizing advances 667 698 Total Federal Home Loan Bank Advances $ 25,667 $ 35,740 |
Schedule of Long-term Borrowings | The following table summarizes long-term debt, net of debt issuances costs, at the dates indicated: December 31 2021 2020 (Dollars in thousands) Long term borrowings, net $ 14,063 $ 32,773 Junior subordinated debentures Capital Trust V 51,512 51,510 Central Trust I 5,258 5,258 Central Trust II 6,083 6,083 Subordinated debentures 49,791 49,696 Total long-term debt $ 126,707 $ 145,320 |
Information relating to Trust Preferred Securities [Table Text Block] | Information relating to these trust preferred securities is as follows: Trust Description of Capital Securities Capital Trust V $50.0 million due in 2037, interest at a variable rate of 3 month LIBOR plus 1.48% (1.70% at December 31, 2021). Central Trust I $5.1 million due in 2034, bearing interest at a variable rate of 3 month LIBOR plus 2.44% (2.66% at December 31, 2021). These securities are callable quarterly, until maturity. Central Trust II $5.9 million due in 2037, bearing interest at a variable rate of 3 month LIBOR plus 1.65% (1.87% at December 31, 2021). These securities are callable quarterly, until maturity. |
Schedule of Maturities of Borrowings | The following table sets forth the contractual maturities of long-term debt over the next five years: 2022 2023 2024 2025 2026 Thereafter Total (Dollars in thousands) Long term borrowings $ 14,063 $ — $ — $ — $ — $ — $ 14,063 Junior subordinated debentures Capital trust V — — — — — 51,547 51,547 Central trust I — — — — — 5,258 5,258 Central trust II — — — — — 6,083 6,083 Subordinated debentures — — — — — 50,000 50,000 Total (1) $ 14,063 $ — $ — $ — $ — $ 112,888 $ 126,951 (1) Amounts in this table are presented on a gross basis, and do not include the capitalized issuance costs as presented in the Company's Consolidated Balance Sheet. |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Cumulatively Granted Stock Options and Restricted Stock Awards, Net of Forfeitures and Expirations | The following table presents the amount of cumulatively granted stock option awards and restricted stock awards, net of forfeitures and expirations, granted through December 31, 2021: Authorized Awards Cumulatively Granted, Net of Total Authorized Stock Restricted 2005 Plan 1,650,000 387,258 927,346 1,314,604 335,396 2018 Plan 300,000 — 30,258 30,258 269,742 |
Schedule of Pre-tax Compensation Expense and Related Tax Benefits | The following table presents the pre-tax expense associated with stock option and restricted stock awards and the related tax benefits recognized for the periods presented: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Stock based compensation expense Restricted stock awards (1) $ 3,580 $ 3,272 $ 3,679 Directors’ fee expense (2) Stock options — — 23 Restricted stock awards 729 851 701 Total stock based award expense $ 4,309 $ 4,123 $ 4,403 Related tax benefits recognized in earnings $ 1,212 $ 1,159 $ 1,238 (1) Inclusive of compensation expense associated with time-vested and performance-based restricted stock awards. (2) Expense related to awards issued to directors is recognized as directors’ fees within other noninterest expense. |
Schedule of Stock Options Granted | |
Schedule of Relevant Information Relating to Stock Options | The following table presents relevant information relating to the Company’s stock options for the periods presented: Years Ended December 31 2021 2020 2019 (Dollars in thousands, except per share data) Fair value of stock options vested based on grant date fair value n/a $ 22 $ 21 Intrinsic value of stock options exercised $ 414 $ 404 $ 883 Cash received from stock option exercises $ 233 $ 279 $ 396 Tax benefit realized on stock option exercises $ 116 $ 114 $ 248 |
Schedule of Stock Options | The following table presents a summary of stock option award activity for the year ended December 31, 2021: Outstanding Stock Option Weighted Weighted Aggregate (Dollars in thousands, except per share data) Balance at January 1, 2021 28,500 $ 47.61 Granted — — Exercised (8,500) 27.46 Balance of options outstanding, vested and exercisable at December 31, 2021 20,000 (2) $ 56.18 4.63 years $ 509 (1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the average of the high price and low price at which the Company’s common stock traded on December 31, 2021 of $81.65, which would have been received by in-the-money option holders had they all exercised their options as of that date. (2) Represents vested stock options outstanding to Directors. For the year ended December 31, 2021, all outstanding stock option awards are vested and there is no unrecognized compensation expense related to those options. |
Schedule of Restricted Stock Granted | During the years ended December 31, 2021, 2020, and 2019 the Company made the following restricted stock award grants: Shares Granted Plan Fair Value (1) Vesting Period Time-vested 2021 2/18/2021 49,550 2005 $ 81.84 Ratably over 5 years from grant date 5/25/2021 7,680 2018 $ 78.18 Immediately upon grant date 9/1/2021 640 2018 $ 76.78 Immediately upon grant date 2020 2/27/2020 46,550 2005 $ 70.24 Ratably over 5 years from grant date 4/15/2020 880 2005 $ 70.02 Ratably over 5 years from grant date 5/27/2020 9,438 2018 $ 72.86 Immediately upon grant date 2019 2/21/2019 43,250 2005 $ 83.87 Ratably over 5 years from grant date 3/15/2019 600 2005 $ 79.55 Ratably over 5 years from grant date 4/1/2019 1,090 2005 $ 82.62 Ratably over 3 years from grant date 5/21/2019 6,500 2018 $ 77.08 Immediately upon grant date Performance-based 2/18/2021 18,900 2005 $ 81.84 The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2024. 2/27/2020 17,100 2005 $ 70.24 The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2023. 2/21/2019 15,900 2005 $ 83.87 The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2022. (1) The fair value of the restricted stock awards are based upon the average of the high and low prices at which the Company’s common stock traded on the date of grant. The holders of time-vested restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. The holders of performance-based restricted stock awards do not participate in the rewards of stock ownership of the Company until vested. The holders of all restricted stock awards are not required to pay any consideration to the Company for the awards. |
Schedule of Share-based Compensation, Fair Value of Restricted Stock Awards Vesting [Table Text Block] | The following table presents the fair value of restricted stock awards that vesting during the periods presented: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Fair value of restricted stock awards upon vesting $ 5,754 $ 5,580 $ 6,005 |
Schedule of Restricted Stock Awards | The following table presents a summary of restricted stock award activity for the year ended December 31, 2021: Outstanding Restricted Stock Weighted Average (Dollars in thousands, except per share data) Balance at January 1, 2021 181,505 $ 71.46 Granted 76,770 81.43 Vested/released (68,137) 67.40 Forfeited (4,965) 73.44 Balance at December 31, 2021 185,173 (1) $ 77.03 Unrecognized compensation cost (inclusive of directors’ fees) $ 8,213 Weighted average remaining recognition period (years) 3.06 years (1) Inclusive of 4,500 restricted stock awards outstanding to Directors. |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | The following table reflects information about the Company’s derivative positions at the dates indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes: December 31, 2021 Weighted Average Rate Notional Amount Weighted Average Maturity Current Pay Fixed Fair Value (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 25,000 (1) 0.62 0.16 % 1.88 % $ (294) Current Rate Paid Receive Fixed Interest rate swaps on loans 550,000 2.58 0.11 % 2.16 % 11,830 Current Rate Paid Receive Fixed Swap Rate Interest rate collars on loans 400,000 1.66 0.11 % 2.73% - 2.20% 9,383 Total $ 975,000 $ 20,919 December 31, 2020 Weighted Average Rate Notional Amount Weighted Average Maturity Current Pay Fixed Fair Value (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 75,000 1.18 0.22 % 1.53 % $ (1,341) Current Rate Paid Receive Fixed Interest rate swaps on loans 450,000 2.66 0.15 % 2.37 % 27,021 Current Rate Paid Receive Fixed Swap Rate Interest rate collars on loans 400,000 2.66 0.15 % 2.73% - 2.20% 21,764 Total $ 925,000 $ 47,444 |
Summary of customer related derivative positions, not designated as hedging | The following table reflects the Company’s customer related derivative positions at the dates indicated below for those derivatives not designated as hedging: Number of Notional Amount Maturing Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2021 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 296 $ 37,589 $ 139,844 $ 123,507 $ 260,953 $ 1,060,276 $ 1,622,169 $ 55,984 Pay fixed, receive variable 296 37,589 139,844 123,507 260,953 1,060,276 1,622,169 (55,982) Foreign exchange contracts Buys foreign currency, sells U.S. currency 52 149,588 8,784 — — — 158,372 5,734 Buys U.S. currency, sells foreign currency 52 149,588 8,784 — — — 158,372 (5,734) Risk participation agreements Participation out 11 — 2,635 7,138 24,539 68,408 102,720 279 Participation in 7 29,972 28,235 — — 8,339 66,546 (55) Number of Notional Amount Maturing Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2020 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 322 $ 102,999 $ 76,487 $ 149,265 $ 147,422 $ 1,222,557 $ 1,698,730 $ 127,226 Pay fixed, receive variable 313 102,999 76,487 149,265 147,422 1,222,557 1,698,730 (127,216) Foreign exchange contracts Buys foreign currency, sells U.S. currency 33 87,557 5,300 — — — 92,857 (4,214) Buys U.S. currency, sells foreign currency 33 87,557 5,300 — — — 92,857 4,224 Risk participation agreements Participation out 12 6,721 — 2,675 7,307 93,378 110,081 512 Participation in 8 — 30,649 29,072 — 15,844 75,565 (118) (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 | Asset Derivatives (1) Liability Derivatives (2) Fair Value at Fair Value at Fair Value at Fair Value at December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (Dollars in thousands) Derivatives designated as hedges Interest rate derivatives $ 21,951 (3) $ 48,786 (3) $ 1,032 (4) $ 1,342 (4) Derivatives not designated as hedges Customer Related Positions: Loan level derivatives 68,726 (3) 127,228 (3) 68,724 (4) 127,218 (4) Foreign exchange contracts 6,147 4,359 6,147 4,349 Risk participation agreements 279 513 55 119 Mortgage Derivatives Interest rate lock commitments 753 6,513 — — Forward sale loan commitments 56 — — 1 Forward sale hedge commitments — — 57 1,035 Total derivatives not designated as hedges 75,961 138,613 74,983 132,722 Total 97,912 187,399 76,015 134,064 Netting Adjustments (5) (5,727) 23 6,769 16,105 Net Derivatives on the Balance Sheet 92,185 187,422 69,246 117,959 Financial instruments (6) 28,318 48,786 28,318 48,786 Cash collateral pledged (received) — — 33,838 62,460 Net Derivative Amounts $ 63,867 $ 138,636 $ 7,090 $ 6,713 (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 $1.2 million and $1.5 million of accrued interest receivable is included in the fair value of the interest rate and loan level asset derivatives, respectively, at December 31, 2021, in comparison to accrued interest receivable of approximately and $1.2 million and $2.0 million, respectively, at December 31, 2020. (4) Approximately $5,000 and $1.5 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities as of December 31, 2021, in comparison to accrued interest payable of approximately $81,000 and $2.0 million, respectively, at December 31, 2020. (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 December 31, 2021 and 2020. (6) Reflects offsetting derivative positions with the same counterparty that are not netted on the balance sheet. |
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: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Derivatives designated as hedges Gain (loss) in OCI on derivatives (effective portion), net of tax $ (19,139) $ 16,797 $ 10,331 Gain reclassified from OCI into interest income or interest expense (effective portion) $ 18,691 $ 14,306 $ 2,346 Loss reclassified from OCI into noninterest expense (loss on termination) $ — $ (684) $ — Interest expense $ — $ — $ — Other expense — — — Total $ — $ — $ — Derivatives not designated as hedges Changes in fair value of customer related positions Other income $ 217 $ 90 $ 39 Other expenses (405) (199) (18) Changes in fair value of mortgage derivatives Mortgage banking income (4,725) 4,005 1,275 Total $ (4,913) $ 3,896 $ 1,296 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | The provision for income taxes is comprised of the following components: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Current expense Federal $ 21,539 $ 32,171 $ 27,980 State 11,054 17,004 14,359 Total current expense 32,593 49,175 42,339 Deferred expense (benefit) Federal 3,032 (10,872) 9,080 State 58 (6,634) 1,514 Total deferred expense (benefit) 3,090 (17,506) 10,594 Total expense $ 35,683 $ 31,669 $ 52,933 |
Schedule of Income Tax Rate Reconciliation | The difference between the statutory federal income tax rate and the effective income tax rate reported for the last three years is detailed below: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Computed statutory federal income tax provision $ 32,902 21.00 % $ 32,096 21.00 % $ 45,803 21.00 % State taxes, net of federal tax benefit 8,754 5.59 % 8,147 5.33 % 12,262 5.63 % CARES Act - net operating loss carryback (1) — — % (4,809) (3.15) % — — % Change in valuation allowance 26 0.02 % — — % 17 0.01 % Increase in cash surrender value of life insurance (1,405) (0.90) % (1,345) (0.88) % (1,144) (0.52) % Low Income Housing Project Investments (2,308) (1.47) % (1,851) (1.21) % (1,696) (0.78) % Merger and other related costs (non-deductible) 630 0.40 % — — % 582 0.27 % New Markets Tax Credits — — % — — % (2,675) (1.23) % Nontaxable interest, net (1,022) (0.65) % (723) (0.47) % (757) (0.35) % Stock-based compensation (372) (0.24) % (1,067) (0.70) % (824) (0.38) % Other, net (1,522) (0.97) % 1,221 0.80 % 1,365 0.63 % Total expense $ 35,683 22.78 % $ 31,669 20.72 % $ 52,933 24.28 % |
Schedule of Net Deferred Tax Asset | The tax-effected components of the net deferred tax asset at December 31 of the years presented were as follows: 2021 2020 (Dollars in thousands) Deferred tax assets Accrued expenses not deducted for tax purposes $ 15,909 $ 13,804 Allowance for credit losses 41,541 32,265 Employee and director equity compensation 1,489 1,548 Foreign Tax Credit Carryforward 89 89 Loan basis difference fair value adjustment 2,286 4,791 Net operating loss carry-forward 637 226 Net unrealized loss on securities available for sale 2,921 — Operating lease liability 17,970 15,846 Other 1,188 999 Gross deferred tax assets $ 84,030 $ 69,568 Valuation allowance (306) (280) Total deferred tax assets net of valuation allowance $ 83,724 $ 69,288 Deferred tax liabilities Core deposit and other intangibles $ 5,927 $ 4,344 Deferred loan fees, net 6,107 336 Derivatives fair value adjustment 5,536 13,036 Fixed assets 18,437 7,786 Goodwill 11,249 10,947 Net unrealized gain on securities available for sale — 4,152 Prepaid pension 3,296 3,404 Right of use asset 16,829 12,979 Other 1,825 1,573 Gross deferred tax liabilities $ 69,206 $ 58,557 Total net deferred tax asset $ 14,518 $ 10,731 |
Reconciliation of Unrecognized Tax Benefits | The Company accounts for uncertainties in income taxes by providing a tax reserve for certain positions. The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits: (Dollars in thousands) Balance at December 31, 2019 $ 532 Reduction of tax positions for prior years (58) Balance at December 31, 2020 474 Reduction of tax positions for prior years (29) Increase for current year tax positions 2,433 Balance at December 31, 2021 $ 2,878 |
Schedule of changes in accrued interest and penalties related to uncertain tax positions | The following table summarizes the changes in accrued interest and penalties related to uncertain tax positions for the periods presented: As of December 31 2021 2020 2019 (Dollars in thousands) Beginning Balance $ 95 $ 43 $ 53 Expense (benefit) recognized in provision for income taxes 69 52 (10) Acquired obligation for interest and penalties (1) 756 n/a n/a Ending Balance $ 920 $ 95 $ 43 |
LOW INCOME HOUSING PROJECT IN_2
LOW INCOME HOUSING PROJECT INVESTMENTS Low Income Housing Project Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Low Income Housing Project Investments [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 December 31 of the years presented: 2021 2020 2019 (Dollars in thousands) Original investment value $ 179,481 $ 128,752 $ 96,275 Current recorded investment $ 135,497 $ 97,435 $ 72,510 Unfunded liability obligation $ 73,336 $ 49,586 $ 34,967 Tax credits and benefits earned during the year $ 14,198 $ 9,404 $ 7,342 Amortization of investments during the year $ 11,892 $ 7,552 $ 5,645 Net income tax benefit recognized during the year $ 2,306 $ 1,851 $ 1,696 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments for the BHB Plan are presented below: Amount (Dollars in thousands) 2022 $ 606 2023 $ 648 2024 $ 623 2025 $ 582 2026 $ 579 2027-2031 $ 3,216 Expected future benefit payments for the defined benefit supplemental executive retirement plans are presented below: Defined Benefit Supplemental Executive (Dollars in thousands) 2022 $ 471 2023 $ 585 2024 $ 1,235 2025 $ 1,225 2026 $ 1,214 2027-2031 $ 5,953 |
Schedule of Multiemployer Plan | Funding Status FIP/RP Status Surcharge Expiration Minimum EIN/Pension 2021 2020 Pentegra defined benefit plan for financial institutions 13-5645888/333 At least 80 percent At least 80 percent No No N/A $ — |
Schedule of Multiemployer Plan Contributions | The Company’s contributions to the Pension Plans were as follows for the periods indicated: Required Contributions - Plan Year Allocation Cash Payment 2021-2022 2020-2021 2019-2020 (Dollars in thousands) 2021 $ 626 $ 626 $ — $ — 2020 $ 929 $ — $ 929 $ — 2019 $ 2,063 $ — $ — $ 2,063 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Information pertaining to the BHB Plan is as follows: Years Ended December 31 2021 2020 (Dollars in thousands) Change in plan assets: Fair value of plan assets at beginning of year $ 12,225 $ 11,653 Actual return on plan assets 1,480 1,333 Employer contribution 950 — Benefits paid (556) (761) Settlement payments — — Fair value of plan assets at end of year $ 14,099 $ 12,225 Change in benefit obligation: Benefit obligation at beginning of year 15,052 13,687 Interest cost 344 416 Actuarial (gain) loss (901) 1,710 Benefits paid (556) (761) Settlement payments — — Benefit obligation at end of year $ 13,939 $ 15,052 Funded status and prepaid asset (accrued liability) at end of year $ 160 $ (2,827) |
Schedule of Net Benefit Costs [Table Text Block] | Years Ended December 31 2021 2020 (Dollars in thousands) Interest cost $ 344 $ 416 Expected return on plan assets (891) (908) Amortization of net actuarial loss 208 541 Settlement loss — 176 Net period pension cost (benefit) $ (339) $ 225 |
Defined Benefit Plan, Plan Assets, Allocation [Table Text Block] | The fair value of major categories of the BHB Plan assets are summarized below: Fair Value Measurements at Reporting Date Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs December 31, 2021 (Dollars in thousands) Collective funds $ 1,542 1,542 $ — $ — Equity securities 3,391 3,391 — — Mutual funds 1,702 1,702 — — Total investments in the fair value hierarchy $ 6,635 $ 6,635 $ — $ — Investments measured at net asset value (1) 7,464 $ 14,099 Fair Value Measurements at Reporting Date Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs December 31, 2020 (Dollars in thousands) Collective funds $ 1,300 1,300 $ — $ — Equity securities 3,239 3,239 — — Mutual funds 1,506 1,506 — — Total investments in the fair value hierarchy $ 6,045 $ 6,045 $ — $ — Investments measured at net asset value (1) 6,180 $ 12,225 (1) Under the Fair Value Measurements and Disclosure Topic of the FASB ASC, certain investments that were measured at fair value at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. |
Schedule of Supplemental Retirement Expense and Contributions Paid | The following table shows the defined benefit supplemental retirement expense, and the contributions paid to the plans which were used only to pay the current year benefits for the years indicated: 2021 2020 2019 (Dollars in thousands) Retirement expense $ 2,275 $ 1,770 $ 1,356 Contributions paid $ 475 $ 475 $ 486 |
Schedule of Supplemental Executive Retirement Plans | The following table illustrates the status of the defined benefit supplemental executive retirement plans at December 31 for the years presented: Defined Benefit Supplemental Executive 2021 2020 2019 (Dollars in thousands) Change in accumulated benefit obligation Benefit obligation at beginning of year $ 20,752 $ 17,361 $ 14,963 Service cost 574 505 433 Interest cost 424 518 601 Actuarial (gain) loss (1,777) 2,843 1,850 Benefits paid (475) (475) (486) Benefit obligation at end of year $ 19,498 $ 20,752 $ 17,361 Change in plan assets Fair value of plan assets at beginning of year $ — $ — $ — Employer contribution 475 475 486 Benefits paid (475) (475) (486) Fair value of plan assets at end of year $ — $ — $ — Funded status at end of year $ (19,498) $ (20,752) $ (17,361) Assets — — — Liabilities (19,498) (20,752) (17,361) Funded status at end of year $ (19,498) $ (20,752) $ (17,361) Amounts recognized in accumulated other comprehensive income ("AOCI") Net loss $ 3,002 $ 5,881 $ 3,509 Prior service cost 43 218 494 Amounts recognized in AOCI $ 3,045 $ 6,099 $ 4,003 Information for plans with an accumulated benefit obligation in excess of plan assets Projected benefit obligation $ 19,498 $ 20,752 $ 17,361 Accumulated benefit obligation $ 19,498 $ 20,752 $ 17,361 Net periodic benefit cost Service cost $ 574 $ 505 $ 433 Interest cost 424 518 601 Amortization of prior service cost 174 276 276 Recognized net actuarial loss 1,103 471 46 Net periodic benefit cost $ 2,275 $ 1,770 $ 1,356 Discount rate used for benefit obligation 1.28% - 2.57% 0.43% - 2.18% 2.00% - 3.04% Discount rate used for net periodic benefit cost 0.43% - 2.18% 2.00% - 3.04% 3.24% - 4.09% Rate of compensation increase n/a n/a n/a |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring 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 Significant Other Significant December 31, 2021 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 3,720 $ 3,720 $ — $ — Equity securities 23,173 23,173 — — Securities available for sale U.S. government agency securities 215,482 — 215,482 — U.S. treasury securities 861,448 — 861,448 — Agency mortgage-backed securities 363,933 — 363,933 — Agency collateralized mortgage obligations 79,677 — 79,677 — State, county, and municipal securities 203 — 203 — Single issuer trust preferred securities issued by banks and insurers 491 — 491 — Pooled trust preferred securities issued by banks and insurers 1,000 — 1,000 — Small business administration pooled securities 48,914 — 48,914 — Loans held for sale 24,679 — 24,679 — Derivative instruments 97,912 — 97,912 — Liabilities Derivative instruments 76,015 — 76,015 — Total recurring fair value measurements $ 1,644,617 $ 26,893 $ 1,617,724 $ — Nonrecurring fair value measurements Assets Individually assessed collateral dependent loans (1) $ 1,174 $ — $ — $ 1,174 Total nonrecurring fair value measurements $ 1,174 $ — $ — $ 1,174 Fair Value Measurements at Reporting Date Using Balance Quoted Significant Other Significant December 31, 2020 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 2,838 $ 2,838 $ — $ — Equity securities 22,107 22,107 — — Securities available for sale U.S. government agency securities 24,116 — 24,116 — Agency mortgage-backed securities 233,629 — 233,629 — Agency collateralized mortgage obligations 91,683 — 91,683 — State, county, and municipal securities 807 — 807 — Single issuer trust preferred securities issued by banks and insurers 488 — 488 — Pooled trust preferred securities issued by banks and insurers 1,056 — 1,056 — Small business administration pooled securities 61,081 — 61,081 — Loans held for sale 58,104 — 58,104 — Derivative instruments 187,399 — 187,399 — Liabilities Derivative instruments 134,064 — 134,064 — Total recurring fair value measurements $ 549,244 $ 24,945 $ 524,299 $ — Nonrecurring fair value measurements: Assets Individually assessed collateral dependent loans (1) $ 31,510 $ — $ — $ 31,510 Total nonrecurring fair value measurements $ 31,510 $ — $ — $ 31,510 (1) The fair value of individually assessed collateral dependent loans 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. |
Schedule of Fair Values and Related Carrying Amounts by Balance Sheet Grouping | 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) December 31, 2021 (Dollars in thousands) Financial assets Securities held to maturity (a) U.S. government agency securities $ 32,987 $ 32,546 $ — $ 32,546 $ — U.S. treasury securities 102,560 102,242 — 102,242 — Agency mortgage-backed securities 493,012 497,236 — 497,236 — Agency collateralized mortgage obligations 415,736 408,845 — 408,845 — Single issuer trust preferred securities issued by banks 1,500 1,508 — 1,508 — Small business administration pooled securities 21,023 21,756 — 21,756 — Loans, net of allowance for credit losses (b) 13,439,190 13,389,515 — — 13,389,515 Federal Home Loan Bank stock (c) 11,407 11,407 — 11,407 — Cash surrender value of life insurance policies (d) 289,304 289,304 — 289,304 — Financial liabilities Deposit liabilities, other than time deposits (e) $ 15,385,894 $ 15,385,894 $ — $ 15,385,894 $ — Time certificates of deposits (f) 1,531,150 1,529,857 — 1,529,857 — Federal Home Loan Bank borrowings (f) 25,667 25,663 — 25,663 — Long-term borrowings (f) 14,063 13,989 — 13,989 — Junior subordinated debentures (g) 62,853 67,019 — 67,019 — Subordinated debentures (f) 49,791 45,532 — — 45,532 Fair Value Measurements at Reporting Date Using Carrying Value Fair Value Quoted Significant Other Significant December 31, 2020 Financial assets (Dollars in thousands) Securities held to maturity (a) U.S. treasury securities $ 4,017 $ 4,077 $ — $ 4,077 $ — Agency mortgage-backed securities 356,085 374,121 — 374,121 — Agency collateralized mortgage obligations 335,993 344,119 — 344,119 — Single issuer trust preferred securities issued by banks 1,500 1,498 — 1,498 — Small business administration pooled securities 26,917 28,362 — 28,362 — Loans, net of allowance for loan losses (b) 9,247,964 9,253,381 — — 9,253,381 Federal Home Loan Bank stock (c) 10,250 10,250 — 10,250 — Cash surrender value of life insurance policies (d) 200,525 200,525 — 200,525 — Financial liabilities Deposit liabilities, other than time deposits (e) $ 10,042,541 $ 10,042,541 $ — $ 10,042,541 $ — Time certificates of deposits (f) 950,629 955,598 — 955,598 — Federal Home Loan Bank borrowings (f) 35,740 35,885 — 35,885 — Long-term borrowings (f) 32,773 32,033 — 32,033 — Junior subordinated debentures (g) 62,851 70,238 — 70,238 — Subordinated debentures (f) 49,696 46,486 — — 46,486 (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 individually assessed collateral dependent loans, which are deemed to be marked to fair value on a nonrecurring basis. (c) Federal Home Loan Bank 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 (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the revenue streams that the Company has disaggregated for the periods indicated: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Deposit account fees (inclusive of cash management fees) $ 16,745 $ 15,121 $ 20,040 Interchange fees 8,862 12,564 18,262 ATM fees 2,989 2,476 3,224 Investment management - wealth management and advisory services 31,617 27,157 25,940 Investment management - retail investments and insurance revenue 3,691 2,275 2,779 Merchant processing income 1,362 1,299 1,175 Credit card income 1,231 778 — Other noninterest income 5,312 4,235 8,696 Total noninterest income in-scope of ASC 606 71,809 65,905 80,116 Total noninterest income out-of-scope of ASC 606 34,041 45,535 35,178 Total noninterest income $ 105,850 111,440 $ 115,294 |
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: December 31, 2021 December 31, 2020 (Dollars in thousands) Receivables, included in other assets $ 5,385 $ 4,636 |
OTHER COMPREHENSIVE LOSS (Table
OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Other Comprehensive Loss | The following table presents 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): Year Ended December 31, 2021 Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ (29,995) $ 7,073 $ (22,922) Less: net security losses reclassified into other noninterest expense — — — Net change in fair value of securities available for sale (29,995) 7,073 (22,922) Change in fair value of cash flow hedges (7,938) 2,234 (5,704) Less: net cash flow hedge gains reclassified into interest income or interest expense 18,691 (5,256) 13,435 Net change in fair value of cash flow hedges (26,629) 7,490 (19,139) Net unamortized gain related to defined benefit pension and other postretirement adjustments arising during the period 3,414 (960) 2,454 Amortization of net actuarial losses 1,331 (374) 957 Amortization of net prior service costs 192 (54) 138 Net change in other comprehensive income for defined benefit postretirement plans (1) 4,937 (1,388) 3,549 Total other comprehensive loss $ (51,687) $ 13,175 $ (38,512) Year Ended December 31, 2020 Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 11,686 $ (2,829) $ 8,857 Less: net security losses reclassified into other noninterest expense — — — Net change in fair value of securities available for sale 11,686 (2,829) 8,857 Change in fair value of cash flow hedges 36,994 (10,406) 26,588 Less: net cash flow hedge gains reclassified into interest income or interest expense 14,306 (4,023) 10,283 Less: loss on termination of hedge reclassified into noninterest expense (684) 192 (492) Net change in fair value of cash flow hedges 23,372 (6,575) 16,797 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (5,785) 1,627 (4,158) Amortization of net actuarial losses 982 (276) 706 Amortization of net prior service costs 276 (78) 198 Amortization of net settlement costs 176 (50) 126 Net change in other comprehensive income for defined benefit postretirement plans (1) (4,351) 1,223 (3,128) Total other comprehensive income $ 30,707 $ (8,181) $ 22,526 Year Ended December 31, 2019 Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 12,055 $ (2,761) $ 9,294 Less: net security losses reclassified into other noninterest expense (1,462) 411 (1,051) Net change in fair value of securities available for sale 13,517 (3,172) 10,345 Change in fair value of cash flow hedges 16,725 (4,708) 12,017 Less: net cash flow hedge gains reclassified into interest income or interest expense 2,346 (660) 1,686 Net change in fair value of cash flow hedges 14,379 (4,048) 10,331 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (2,123) 597 (1,526) Amortization of net actuarial gains (8) 2 (6) Amortization of net prior service costs 276 (78) 198 Net change in other comprehensive income for defined benefit postretirement plans (1) (1,855) 521 (1,334) Total other comprehensive income $ 26,041 $ (6,699) $ 19,342 (1) The amortization of prior service costs is included in the computation of net periodic pension costs as disclosed in Note 14 - Employee Benefit Plans within the Notes to the Consolidated Financial Statements in Item 8. |
Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax | Information on the Company's accumulated other comprehensive income (loss), net of tax, was comprised of the following components for the periods indicated: Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedge Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss) (Dollars in Thousands) Beginning balance: January 1, 2019 $ (5,947) $ 6,148 $ (1,374) $ (1,173) Other comprehensive income (loss) 10,345 10,331 (1,334) 19,342 Ending balance: December 31, 2019 $ 4,398 $ 16,479 $ (2,708) $ 18,169 Other comprehensive income (loss) 8,857 16,797 (3,128) 22,526 Ending balance: December 31, 2020 $ 13,255 $ 33,276 $ (5,836) $ 40,695 Other comprehensive income (loss) (22,922) (19,139) 3,549 (38,512) Ending balance: December 31, 2021 $ (9,667) $ 14,137 $ (2,287) $ 2,183 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table provides information related to the Company's lease costs for the periods indicated: Years Ended December 31 2021 2020 2019 (Dollars in thousands) Operating lease costs (1) $ 14,550 $ 16,881 $ 10,718 Short-term lease costs 23 16 116 Variable lease costs — — — Total lease costs $ 14,573 $ 16,897 $ 10,834 Weighted-average remaining lease term - operating leases 5.72 years 5.59 years 6.43 years Weighted-average discount rate - operating leases 1.97 % 2.13 % 2.75 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding at December 31, 2021 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability recognized in the Company's Consolidated Balance Sheet in other liabilities: (Dollars in thousands) 2022 $ 16,288 2023 12,349 2024 10,585 2025 9,406 2026 7,028 Thereafter 12,038 Total minimum lease payments (1) 67,694 Less: amount representing interest 3,786 Present value of future minimum lease payments $ 63,908 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Off-Balance Sheet Financial Instruments | The following table summarizes the above financial instruments at the dates indicated: As of December 31 2021 2020 (Dollars in thousands) Commitments to extend credit $ 4,535,895 $ 3,301,692 Loan exposures sold with recourse $ 202,717 $ 303,265 Standby letters of credit $ 24,412 $ 20,686 Deferred standby letter of credit fees $ 124 $ 164 |
REGULATORY CAPITAL REQUIREMEN_2
REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulated Operations [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2021 and 2020 are also presented in the table that follows: Actual For Capital To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2021 (Dollars in thousands) Independent Bank Corp. Total capital (to risk weighted assets) $ 2,262,740 16.04 % $ 1,128,900 ≥ 8.0 % N/A N/A Common equity tier 1 capital (to risk weighted assets) $ 2,017,497 14.30 % $ 635,006 ≥ 4.5 % N/A N/A Tier 1 capital (to risk weighted assets) $ 2,017,497 14.30 % $ 846,675 ≥ 6.0 % N/A N/A Tier 1 capital (to average assets) leverage $ 2,017,497 12.03 % $ 670,659 ≥ 4.0 % N/A N/A Rockland Trust Company Total capital (to risk weighted assets) $ 2,083,689 14.77 % $ 1,128,536 ≥ 8.0 % $ 1,410,670 ≥ 10.0 % Common equity tier 1 capital (to risk weighted assets) $ 1,949,237 13.82 % $ 634,801 ≥ 4.5 % $ 916,935 ≥ 6.5 % Tier 1 capital (to risk weighted assets) $ 1,949,237 13.82 % $ 846,402 ≥ 6.0 % $ 1,128,536 ≥ 8.0 % Tier 1 capital (to average assets) leverage $ 1,949,237 11.62 % $ 670,827 ≥ 4.0 % $ 838,534 ≥ 5.0 % December 31, 2020 (Dollars in thousands) Independent Bank Corp. Total capital (to risk weighted assets) $ 1,374,349 15.13 % $ 726,482 ≥ 8.0 % N/A N/A Common equity tier 1 capital (to risk weighted assets) $ 1,150,177 12.67 % $ 408,646 ≥ 4.5 % N/A N/A Tier 1 capital (to risk weighted assets) $ 1,211,177 13.34 % $ 544,861 ≥ 6.0 % N/A N/A Tier 1 capital (to average assets) $ 1,211,177 9.56 % $ 506,805 ≥ 4.0 % N/A N/A Rockland Trust Company Total capital (to risk weighted assets) $ 1,320,056 14.54 % $ 726,313 ≥ 8.0 % $ 907,892 ≥ 10.0 % Common equity tier 1 capital (to risk weighted assets) $ 1,206,566 13.29 % $ 408,551 ≥ 4.5 % $ 590,130 ≥ 6.5 % Tier 1 capital (to risk weighted assets) $ 1,206,566 13.29 % $ 544,735 ≥ 6.0 % $ 726,313 ≥ 8.0 % Tier 1 capital (to average assets) $ 1,206,566 9.54 % $ 505,747 ≥ 4.0 % $ 632,184 ≥ 5.0 % |
PARENT COMPANY FINANCIALS ONLY
PARENT COMPANY FINANCIALS ONLY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets | BALANCE SHEETS December 31 2021 2020 (Dollars in thousands) Assets Cash (1) $ 212,119 $ 100,604 Investments in subsidiaries (2) 2,952,089 1,761,383 Prepaid income taxes 3,973 1,927 Deferred tax asset 472 642 Total assets $ 3,168,653 $ 1,864,556 Liabilities and stockholders’ equity Dividends payable $ 22,728 $ 15,164 Long-term borrowings (less unamortized debt issuance costs of $0 and $40) 14,063 32,773 Junior subordinated debentures (less unamortized debt issuance costs of $35 and $37) 62,853 62,851 Subordinated debentures (less unamortized debt issuance costs of $209 and $304) 49,791 49,696 Derivative instruments (1) — 569 Other liabilities 769 818 Total liabilities 150,204 161,871 Stockholders’ equity 3,018,449 1,702,685 Total liabilities and stockholders’ equity $ 3,168,653 $ 1,864,556 (1) Entire balance eliminates in consolidation. |
Schedule of Condensed Statements of Income | STATEMENTS OF INCOME Years Ended December 31 2021 2020 2019 (Dollars in thousands) Income Dividends received from subsidiaries (1) $ 77,673 $ 166,033 $ 181,790 Total income 77,673 166,033 181,790 Expenses Interest expense 4,493 5,432 8,236 Total expenses 4,493 5,432 8,236 Income before income taxes and equity in undistributed income of subsidiaries 73,180 160,601 173,554 Income tax benefit (1,241) (1,499) (2,262) Income of parent company 74,421 162,100 175,816 Equity (deficit) in undistributed income of subsidiaries 46,571 (40,933) (10,641) Net income $ 120,992 $ 121,167 $ 165,175 |
Schedule of Condensed Statements of Cash Flows | STATEMENTS OF CASH FLOWS Years Ended December 31 2021 2020 2019 (Dollars in thousands) Cash flows from operating activities Net income $ 120,992 $ 121,167 $ 165,175 Adjustments to reconcile net income to cash provided by operating activities Amortization 137 152 157 Deferred income tax expense 12 284 1,021 Change in prepaid income taxes and other assets (1) (229) (475) 20,556 Change in other liabilities (1,873) (169) (4,613) Deficit (equity) in undistributed income of subsidiaries (46,571) 40,933 10,641 Net cash provided by operating activities 72,468 161,892 192,937 Cash flows provided by (used in) investing activities Net cash acquired (paid) in business combinations 119,816 — (148,297) Net cash provided by (used) in investing activities 119,816 — (148,297) Cash flows provided by (used in) financing activities Proceeds from line of credit, net of issuance costs — — 49,980 Repayment of line of credit, net of issuance costs — — (49,980) Proceeds from (repayments of) long-term debt, net of issuance costs (18,750) (42,187) 74,867 Repayments of junior subordinated debentures, net of issuance costs — — (13,329) Proceeds from issuance of subordinated debentures, net of issuance costs — — 49,526 Repayments of subordinated debentures, net of issuance costs — — (34,767) Restricted stock awards issued, net of awards surrendered (1,249) (1,187) (1,463) Net proceeds from exercise of stock options (57) 197 281 Proceeds from shares issued under the direct stock purchase plan 2,023 2,132 4,951 Payments for shares repurchased under share repurchase program — (95,091) — Common dividends paid (62,736) (60,840) (53,274) Net cash provided by (used in) financing activities (80,769) (196,976) 26,792 Net increase (decrease) in cash and cash equivalents 111,515 (35,084) 71,432 Cash and cash equivalents at the beginning of the year 100,604 135,688 64,256 Cash and cash equivalents at the end of the year $ 212,119 $ 100,604 $ 135,688 |
TRANSACTIONS WITH RELATED PAR_2
TRANSACTIONS WITH RELATED PARTIES Activity of Loans to Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The following information represents annual activity of loans to related parties for the periods indicated: 2021 2020 (Dollars in thousands) Principal balance of loans outstanding at beginning of year $ 26,343 $ 55,830 Loan advances (1) 57,983 45,308 Loan payments/payoffs (39,293) (74,795) Principal balance of loans outstanding at end of year $ 45,033 $ 26,343 (1) The 2021 amount includes $10.6 million of loans associated with a new director, which represent the outstanding loans balances at the effective date of appointment. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended | |
Dec. 31, 2021centerbranch | Dec. 31, 2020 | |
Maximum [Member] | ||
Accounting Policies [Line Items] | ||
Lease Option Period | 15 years | |
Loans Receivable [Member] | Lender Concentration Risk [Member] | Residential Building [Member] | ||
Accounting Policies [Line Items] | ||
Loans of nonresidential buildings to total loan portfolio | 23.60% | 17.10% |
Full Service Retail Branch [Member] | Bank [Member] | ||
Accounting Policies [Line Items] | ||
Number of branches | branch | 120 | |
Limited Service Retail Branch [Member] | Bank [Member] | ||
Accounting Policies [Line Items] | ||
Number of branches | branch | 2 | |
Commercial Banking Center [Member] | Bank [Member] | ||
Accounting Policies [Line Items] | ||
Number of centers | center | 19 | |
Investment Management Office [Member] | Bank [Member] | ||
Accounting Policies [Line Items] | ||
Number of centers | center | 10 | |
Mortgage Lending Center [Member] | Bank [Member] | ||
Accounting Policies [Line Items] | ||
Number of centers | center | 9 | |
Mobile Unit | Bank [Member] | ||
Accounting Policies [Line Items] | ||
Number of branches | branch | 1 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Nov. 12, 2021 | Dec. 31, 2020 | Dec. 31, 2018 |
Assets | ||||
Goodwill | $ 985,072 | $ 506,206 | $ 506,206 | |
Blue Hills Bancorp, Inc. [Member] | ||||
Assets | ||||
Cash | $ 798,470 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Investments | 266 | |||
Loans | 4,908,949 | |||
Business Combination, Acquired Receivables, Estimated Uncollectible | (16,540) | |||
Premises and equipment | 66,825 | |||
Goodwill | 478,866 | |||
Core deposit intangible | 10,300 | |||
Other assets | 125,543 | |||
Total assets acquired | 6,372,679 | |||
Liabilities | ||||
Deposits | 4,440,432 | |||
Borrowings | 576,088 | |||
Other liabilities | 46,432 | |||
Total liabilities assumed | 5,062,952 | |||
Purchase price | $ 1,309,727 |
ACQUISITIONS (Details 2)
ACQUISITIONS (Details 2) - Blue Hills Bancorp, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Net interest income after provision for loan losses | $ 565,360 | $ 560,461 |
Net income | $ 178,936 | $ 186,218 |
ACQUISITIONS PCI Loans Acquired
ACQUISITIONS PCI Loans Acquired (Details) $ in Thousands | Nov. 12, 2021USD ($) |
Business Acquisition [Line Items] | |
Contractual cash flows not expected to be collected | $ 16,540 |
Blue Hills Bancorp, Inc. [Member] | |
Business Acquisition [Line Items] | |
Contractually required principal and interest at acquisition | 768,018 |
Contractual cash flows not expected to be collected | (16,540) |
Basis in PCI loans at acquisition - estimated fair value | 760,038 |
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | $ 8,560 |
ACQUISITIONS (Details Textual)
ACQUISITIONS (Details Textual) - USD ($) $ in Thousands | Nov. 12, 2021 | Apr. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||
Acquisition Related Costs | $ 40,840 | $ 26,433 | |||
Business Combination, Pro Forma Information [Abstract] | |||||
Contractual cash flows not expected to be collected | $ 16,540 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 18,205 | $ 52,500 | $ 6,000 | ||
Blue Hills Bancorp, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of shares of company stock issued for each share of Central common stock (in shares) | 0.2750 | ||||
Business transaction value | $ 1,300,000 | ||||
Cost of acquired entity, cash paid | $ 11,200 | ||||
Increase in acquirer outstanding shares | 14,300,000 | ||||
Acquisition Related Costs | 40,800 | ||||
Loans acquired | $ 4,908,949 | ||||
Business Combination, Pro Forma Information [Abstract] | |||||
Contractual cash flows not expected to be collected | (16,540) | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 50,700 | ||||
Combination of INDB and Blue Hills Bancorp, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition Related Costs | $ 42,200 |
SECURITIES Securities (Equity g
SECURITIES Securities (Equity gains and losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity Securities, FV-NI, Gain (Loss) [Abstract] | $ 554 | $ 528 | $ 1,566 |
Equity Securities, FV-NI, Realized Gain (Loss) | 192 | 14 | 18 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 362 | $ 514 | $ 1,548 |
SECURITIES (Reconciliation of f
SECURITIES (Reconciliation of fair value of Available for Sale securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Amortized Cost | $ 1,583,736 | $ 395,453 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8,808 | 17,869 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (21,396) | (462) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-sale | 1,571,148 | 412,860 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 217,393 | 22,476 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 990 | 1,640 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2,901) | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-sale | 215,482 | 24,116 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 873,467 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 172 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (12,191) | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-sale | 861,448 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 364,955 | 224,293 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4,512 | 9,337 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (5,534) | (1) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-sale | 363,933 | 233,629 |
Agency collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 78,966 | 88,687 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,282 | 3,083 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (571) | (87) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-sale | 79,677 | 91,683 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 192 | 790 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 11 | 17 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-sale | 203 | 807 |
Single issuer trust preferred securities issued by banks [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 489 | 489 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | (1) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-sale | 491 | 488 |
Pooled Trust Preferred Securities Issued By Banks And Insurers [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,199 | 1,429 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (199) | (373) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-sale | 1,000 | 1,056 |
Small Business Administration Pooled Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 47,075 | 57,289 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,839 | 3,792 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Available-for-sale | $ 48,914 | $ 61,081 |
SECURITIES (Available for Sale
SECURITIES (Available for Sale securities in continuous unrealized loss position) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)holding | Dec. 31, 2020USD ($)holding | Dec. 31, 2019USD ($) | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 37 | 7 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,210,544 | $ 24,248 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (21,197) | (89) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (1,000) | (1,056) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (199) | (373) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,211,544 | 25,304 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (21,396) | (462) | |
Equity Securities, FV-NI, Realized Gain (Loss) | $ 192 | $ 14 | $ 18 |
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 | 12 | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 214,678 | $ 437 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (5,534) | (1) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 214,678 | 437 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (5,534) | $ (1) | |
Agency collateralized mortgage obligations [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 1 | 2 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 22,960 | $ 23,323 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (571) | (87) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 22,960 | 23,323 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (571) | $ (87) | |
Single Issuer Trust Preferred Securities Issued By Banks [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 | $ 488 | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | ||
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 | 488 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (1) | ||
Pooled Trust Preferred Securities Issued By Banks And Insurers [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 1 | 1 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (1,000) | (1,056) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (199) | (373) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,000 | 1,056 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (199) | $ (373) | |
US Treasury Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 17 | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 811,993 | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (12,191) | ||
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 | 811,993 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (12,191) | ||
US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 6 | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 160,913 | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,901) | ||
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 | 160,913 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (2,901) |
SECURITIES (Reconciliation of a
SECURITIES (Reconciliation of amortized cost of held to maturity securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | $ 1,066,818 | $ 724,512 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 12,474 | 28,007 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (15,159) | (342) | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | |
Fair Value | 1,064,133 | 752,177 | |
Equity Securities, FV-NI, Realized Gain (Loss) | 192 | 14 | $ 18 |
Internal Investment Grade [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 1,066,818 | 724,512 | |
US Government Agencies Debt Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 32,987 | 0 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (441) | 0 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | |
Fair Value | 32,546 | ||
US Treasury Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 102,560 | 4,017 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 6 | 60 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (324) | 0 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | |
Fair Value | 102,242 | 4,077 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 493,012 | 356,085 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 8,495 | 18,036 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (4,271) | 0 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | |
Fair Value | 497,236 | 374,121 | |
Agency collateralized mortgage obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 415,736 | 335,993 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 3,232 | 8,466 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (10,123) | (340) | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | |
Fair Value | 408,845 | 344,119 | |
Single issuer trust preferred securities issued by banks [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 | 8 | 0 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (2) | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | |
Fair Value | 1,508 | 1,498 | |
Small Business Administration Pooled Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | 21,023 | 26,917 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 733 | 1,445 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | |
Fair Value | $ 21,756 | $ 28,362 |
SECURITIES (Schedule of Contrac
SECURITIES (Schedule of Contractual maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 1,583,736 | $ 395,453 |
Available for Sale, Fair Value | ||
Debt Securities, Available-for-sale | 1,571,148 | 412,860 |
Held to Maturity, Amortized Cost | ||
Debt Securities, Held-to-maturity | 1,066,818 | 724,512 |
Held to Maturity, Fair Value | ||
Fair Value | 1,064,133 | 752,177 |
AvailableForSaleandHeldToMaturityDebtSecuritiesMaturitiesWithinOneYearAmortizedCost | 26,414 | |
AvailableForSaleandHeldToMaturityDebtSecuritiesMaturitiesWithinOneYearFairValue | 26,579 | |
AvailableForSaleandHeldToMaturityDebtSecuritiesMaturitiesAfterOneThroughFiveYearsAmortizedCost | 818,467 | |
AvailableForSaleandHeldToMaturityDebtSecuritiesMaturitiesAfterOneThroughFiveYearsFair Value | 809,993 | |
AvailableForSaleandHeldToMaturityDebtSecuritiesMaturitiesAfterFiveThroughTenYearsAmortizedCost | 927,300 | |
AvailableForSaleandHeldToMaturityDebtSecuritiesMaturitiesAfterFiveThroughTenYearsFairValue | 917,542 | |
AvailableForSaleandHeldToMaturityDebtSecuritiesMaturitiesAfterTenYearsAmortizedCost | 878,373 | |
AvailableForSaleandHeldToMaturityDebtSecuritiesMaturitiesAfterTenYearsFairValue | 881,167 | |
AvailableForSaleandHeldToMaturityDebtSecuritiesAmortizedCost | 2,650,554 | |
Debt Securities, Available-for-sale and Held-to-maturity Fair Value | 2,635,281 | |
US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 10,000 | |
Due after one year to five years | 43,831 | |
Due after five to ten years | 163,562 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | 217,393 | 22,476 |
Available for Sale, Fair Value | ||
Due in one year or less | 10,007 | |
Due in one year or less | 44,065 | |
Due after five to ten years | 161,410 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale | 215,482 | 24,116 |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year to five years | 32,987 | |
Due after five to ten years | 0 | |
Due after ten years | 0 | |
Debt Securities, Held-to-maturity | 32,987 | 0 |
Held to Maturity, Fair Value | ||
Due in one year or less | 0 | |
Due after one year to five years | 32,546 | |
Due after five to ten years | 0 | |
Due after ten years | 0 | |
Fair Value | 32,546 | |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 24,411 | |
Due after one year to five years | 782,464 | |
Due after five to ten years | 536,691 | |
Due after ten years | 240,170 | |
Available for Sale, Fair Value | ||
Due in one year or less | 24,570 | |
Due in one year or less | 774,291 | |
Due after five to ten years | 528,685 | |
Due after ten years | 243,602 | |
Debt Securities, Available-for-sale | 1,571,148 | |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 2,003 | |
Due after one year to five years | 36,003 | |
Due after five to ten years | 390,609 | |
Due after ten years | 638,203 | |
Held to Maturity, Fair Value | ||
Due in one year or less | 2,009 | |
Due after one year to five years | 35,702 | |
Due after five to ten years | 388,857 | |
Due after ten years | 637,565 | |
Fair Value | 1,064,133 | |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 0 | |
Due after one year to five years | 643,068 | |
Due after five to ten years | 230,399 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | 873,467 | 0 |
Available for Sale, Fair Value | ||
Due in one year or less | 0 | |
Due in one year or less | 633,504 | |
Due after five to ten years | 227,944 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale | 861,448 | 0 |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 2,003 | |
Due after one year to five years | 0 | |
Due after five to ten years | 100,557 | |
Due after ten years | 0 | |
Debt Securities, Held-to-maturity | 102,560 | 4,017 |
Held to Maturity, Fair Value | ||
Due in one year or less | 2,009 | |
Due after one year to five years | 0 | |
Due after five to ten years | 100,233 | |
Due after ten years | 0 | |
Fair Value | 102,242 | 4,077 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 14,411 | |
Due after one year to five years | 95,373 | |
Due after five to ten years | 142,730 | |
Due after ten years | 112,441 | |
Debt Securities, Available-for-sale, Amortized Cost | 364,955 | 224,293 |
Available for Sale, Fair Value | ||
Due in one year or less | 14,563 | |
Due in one year or less | 96,519 | |
Due after five to ten years | 139,331 | |
Due after ten years | 113,520 | |
Debt Securities, Available-for-sale | 363,933 | 233,629 |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year to five years | 3,016 | |
Due after five to ten years | 288,552 | |
Due after ten years | 201,444 | |
Debt Securities, Held-to-maturity | 493,012 | 356,085 |
Held to Maturity, Fair Value | ||
Due in one year or less | 0 | |
Due after one year to five years | 3,156 | |
Due after five to ten years | 287,116 | |
Due after ten years | 206,964 | |
Fair Value | 497,236 | 374,121 |
Agency collateralized mortgage obligations [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 0 | |
Due after one year to five years | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 78,966 | |
Debt Securities, Available-for-sale, Amortized Cost | 78,966 | 88,687 |
Available for Sale, Fair Value | ||
Due in one year or less | 0 | |
Due in one year or less | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 79,677 | |
Debt Securities, Available-for-sale | 79,677 | 91,683 |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year to five years | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 415,736 | |
Debt Securities, Held-to-maturity | 415,736 | 335,993 |
Held to Maturity, Fair Value | ||
Due in one year or less | 0 | |
Due after one year to five years | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 408,845 | |
Fair Value | 408,845 | 344,119 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 0 | |
Due after one year to five years | 192 | |
Due after five to ten years | 0 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | 192 | 790 |
Available for Sale, Fair Value | ||
Due in one year or less | 0 | |
Due in one year or less | 203 | |
Due after five to ten years | 0 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale | 203 | 807 |
Single issuer trust preferred securities issued by banks [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 0 | |
Due after one year to five years | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 489 | |
Debt Securities, Available-for-sale, Amortized Cost | 489 | 489 |
Available for Sale, Fair Value | ||
Due in one year or less | 0 | |
Due in one year or less | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 491 | |
Debt Securities, Available-for-sale | 491 | 488 |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year to five years | 0 | |
Due after five to ten years | 1,500 | |
Due after ten years | 0 | |
Debt Securities, Held-to-maturity | 1,500 | 1,500 |
Held to Maturity, Fair Value | ||
Due in one year or less | 0 | |
Due after one year to five years | 0 | |
Due after five to ten years | 1,508 | |
Due after ten years | 0 | |
Fair Value | 1,508 | 1,498 |
Pooled Trust Preferred Securities Issued By Banks And Insurers [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 0 | |
Due after one year to five years | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 1,199 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,199 | 1,429 |
Available for Sale, Fair Value | ||
Due in one year or less | 0 | |
Due in one year or less | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 1,000 | |
Debt Securities, Available-for-sale | 1,000 | 1,056 |
Small Business Administration Pooled Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 0 | |
Due after one year to five years | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 47,075 | |
Debt Securities, Available-for-sale, Amortized Cost | 47,075 | 57,289 |
Available for Sale, Fair Value | ||
Due in one year or less | 0 | |
Due in one year or less | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 48,914 | |
Debt Securities, Available-for-sale | 48,914 | 61,081 |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year to five years | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 21,023 | |
Debt Securities, Held-to-maturity | 21,023 | 26,917 |
Held to Maturity, Fair Value | ||
Due in one year or less | 0 | |
Due after one year to five years | 0 | |
Due after five to ten years | 0 | |
Due after ten years | 21,756 | |
Fair Value | $ 21,756 | $ 28,362 |
SECURITIES (Details Textual)
SECURITIES (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Trading | $ 3,720 | $ 2,838 |
Equity Securities, FV-NI | 23,173 | 22,107 |
Investments in obligations of individual states, counties or municipalities which exceed 10% of equity | 0 | 0 |
Debt Securities, Available-for-sale | 1,571,148 | 412,860 |
Interest Receivable | 43,700 | 36,000 |
Debt Securities, Available-for-sale, Past due | 0 | 0 |
Debt Securities, Held-to-maturity, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss) | 0 | 0 |
Debt Securities, Held-to-Maturity, Accrued Interest, Writeoff | 0 | 0 |
Debt Securities, Available-for-Sale, Accrued Interest Writeoff | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 |
Callable securities in investment portfolio | 3,200 | |
Investment securities pledged | 740,600 | 419,600 |
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 | 0 |
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 |
Held-to-maturity Securities [Member] | ||
Interest Receivable | 2,000 | 1,500 |
Available-for-sale Securities [Member] | ||
Interest Receivable | $ 3,000 | $ 1,200 |
Credit Losses (Details)
Credit Losses (Details) - USD ($) $ in Thousands | Nov. 12, 2021 | Dec. 31, 2020 |
Credit Loss textual [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ (1,137) | |
Contractual cash flows not expected to be collected | $ 16,540 | |
Commercial And Industrial [Member] | ||
Credit Loss textual [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (1,984) | |
Contractual cash flows not expected to be collected | 166 | |
Commercial Real Estate [Member] | ||
Credit Loss textual [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (13,048) | |
Contractual cash flows not expected to be collected | 14,397 | |
Construction Loans [Member] | ||
Credit Loss textual [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (3,652) | |
Contractual cash flows not expected to be collected | 1,019 | |
Small Business [Member] | ||
Credit Loss textual [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 495 | |
Contractual cash flows not expected to be collected | 0 | |
Residential Real Estate [Member] | ||
Credit Loss textual [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 9,828 | |
Contractual cash flows not expected to be collected | 429 | |
Home Equity Line of Credit [Member] | ||
Credit Loss textual [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 7,012 | |
Contractual cash flows not expected to be collected | 163 | |
Consumer Portfolio Segment [Member] | ||
Credit Loss textual [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 212 | |
Contractual cash flows not expected to be collected | $ 366 |
Finance Receivable, Allowance f
Finance Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Thousands | Nov. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | $ 146,922 | $ 113,392 | $ 67,740 | $ 64,293 | |||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (1,137) | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration | 1,157 | ||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (4,944) | (8,446) | (5,205) | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 3,729 | 1,578 | 2,652 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 18,205 | 52,500 | 6,000 | ||||
Financing Receivable, Nonaccrual, No Allowance | 621 | [1] | 35,528 | ||||
Finance Receivable, Nonaccrual, with allowance | 27,199 | [1] | 31,332 | ||||
Financing Receivable, Nonaccrual | [1] | 27,820 | 66,860 | ||||
Blue Hills Bancorp, Inc. [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | 67,200 | ||||||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 50,700 | ||||||
Commercial And Industrial [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | 14,402 | 21,086 | 17,594 | 15,760 | |||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (1,984) | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration | 49 | ||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (3,474) | (2,309) | (244) | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,686 | 289 | 1,131 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | (6,062) | 7,447 | 947 | ||||
Financing Receivable, Nonaccrual, No Allowance | 19 | 30,925 | |||||
Finance Receivable, Nonaccrual, with allowance | 3,420 | 3,804 | |||||
Financing Receivable, Nonaccrual | [1] | 3,439 | 34,729 | ||||
Commercial Real Estate [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | 83,486 | 45,009 | 32,935 | 32,370 | |||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (13,048) | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration | 337 | ||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (3,885) | (2,614) | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 57 | 9 | 152 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 24,023 | 28,661 | 3,027 | ||||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |||||
Finance Receivable, Nonaccrual, with allowance | 10,870 | 10,195 | |||||
Financing Receivable, Nonaccrual | [1] | 10,870 | 10,195 | ||||
Construction Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | 12,316 | 5,397 | 6,053 | 5,158 | |||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (3,652) | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration | 0 | ||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 5,900 | 2,996 | 895 | ||||
Small Business [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | 3,508 | 5,095 | 1,746 | 1,756 | |||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 495 | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration | 0 | ||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (219) | (380) | (509) | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 98 | 33 | 122 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | (1,466) | 3,201 | 377 | ||||
Financing Receivable, Nonaccrual, No Allowance | 10 | ||||||
Finance Receivable, Nonaccrual, with allowance | 44 | 815 | |||||
Financing Receivable, Nonaccrual | [1] | 44 | 825 | ||||
Residential Real Estate [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | 14,484 | 14,275 | 3,440 | 3,219 | |||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 9,828 | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration | 423 | ||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (105) | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 1 | 2 | 142 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | (221) | 687 | 79 | ||||
Financing Receivable, Nonaccrual, No Allowance | 602 | 4,593 | |||||
Finance Receivable, Nonaccrual, with allowance | 8,580 | 10,935 | |||||
Financing Receivable, Nonaccrual | [1] | 9,182 | 15,528 | ||||
Home Equity Line of Credit [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | 17,986 | 22,060 | 5,576 | 5,608 | |||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 7,012 | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration | 319 | ||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (69) | (142) | (240) | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 249 | 210 | 318 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | (4,417) | 9,085 | (110) | ||||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |||||
Finance Receivable, Nonaccrual, with allowance | 3,781 | 5,427 | |||||
Financing Receivable, Nonaccrual | [1] | 3,781 | 5,427 | ||||
Consumer Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | 740 | 470 | 396 | $ 422 | |||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 212 | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration | 29 | ||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (1,182) | (1,625) | (1,598) | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 638 | 1,035 | 787 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 448 | 423 | $ 785 | ||||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |||||
Finance Receivable, Nonaccrual, with allowance | 504 | 156 | |||||
Financing Receivable, Nonaccrual | [1] | $ 504 | $ 156 | ||||
[1] | Included in these amounts are $2.0 million and $22.2 million of nonaccruing TDRs at December 31, 2021 and December 31, 2020, respectively. |
Financing Receivable Credit Qua
Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 9,371,470 | $ 13,540,590 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,812,901 | 2,962,947 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,341,947 | 2,273,064 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 896,983 | 1,344,438 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 857,830 | 1,331,466 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 698,323 | 1,126,800 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,314,136 | 2,905,961 | ||
Financing Receivable, Revolving | 1,447,865 | 1,636,023 | ||
Total loans | 9,392,866 | 13,587,286 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 39,242 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 56,605 | |||
Impaired Financing Receivable, Related Allowance | 980 | |||
Average Recorded Investment | 49,077 | |||
Interest Income Recognized | 1,090 | |||
Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 2,103,152 | 1,563,279 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,086,474 | 479,686 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 145,038 | 174,612 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 118,153 | 95,246 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 38,425 | 75,564 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 21,441 | 15,910 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 20,615 | 27,545 | ||
Financing Receivable, Revolving | 670,468 | 694,466 | ||
Total loans | 2,103,152 | 1,563,279 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4,173,927 | 7,992,344 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,108,100 | 1,516,931 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 784,944 | 1,323,711 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 514,868 | 931,631 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 574,542 | 1,021,340 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 401,380 | 909,383 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 742,661 | 2,121,711 | ||
Financing Receivable, Revolving | 32,695 | 167,637 | ||
Total loans | 4,173,927 | 7,992,344 | ||
Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 553,929 | 1,165,457 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 273,207 | 388,230 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 177,901 | 454,537 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 31,226 | 141,127 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 32,538 | 62,752 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 19,168 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,689 | 60,986 | ||
Financing Receivable, Revolving | 31,780 | 36,368 | ||
Total loans | 553,929 | 1,165,457 | ||
Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 175,023 | 193,189 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 42,397 | 54,149 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 28,199 | 38,092 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 19,634 | 21,251 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,437 | 13,666 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 13,980 | 9,673 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 20,194 | 19,166 | ||
Financing Receivable, Revolving | 37,182 | 37,192 | ||
Total loans | 175,023 | 193,189 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,296,183 | 1,604,686 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 219,595 | 454,162 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 146,058 | 215,534 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 160,849 | 114,762 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 144,638 | 123,755 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 219,726 | 133,961 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 405,317 | 562,512 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Total loans | 1,296,183 | 1,604,686 | ||
Home Equity Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 82,312 | 66,410 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 59,409 | 63,870 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 52,088 | 38,201 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 53,570 | 33,505 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 41,181 | 38,051 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 111,800 | 109,544 | ||
Financing Receivable, Revolving | 663,412 | 685,982 | ||
Total loans | 1,068,790 | 1,039,611 | ||
Consumer Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 816 | 3,379 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 398 | 2,708 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 165 | 2,220 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 680 | 884 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 615 | 654 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,860 | 4,497 | ||
Financing Receivable, Revolving | 12,328 | 14,378 | ||
Total loans | 21,862 | 28,720 | ||
Revolving converted to term [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 22,881 | 6,587 | ||
Revolving converted to term [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 2,538 | 250 | ||
Revolving converted to term [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 14,737 | 0 | ||
Revolving converted to term [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 588 | 2,289 | ||
Revolving converted to term [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Revolving converted to term [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Revolving converted to term [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 5,018 | 4,048 | ||
Revolving converted to term [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
With No Related Allowance Recorded [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 23,786 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 34,970 | |||
Average Recorded Investment | 27,056 | |||
Interest Income Recognized | 136 | |||
With No Related Allowance Recorded [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,213 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 12,101 | |||
Average Recorded Investment | 12,595 | |||
Interest Income Recognized | 523 | |||
With No Related Allowance Recorded [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 469 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 484 | |||
Average Recorded Investment | 471 | |||
Interest Income Recognized | 22 | |||
With No Related Allowance Recorded [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,976 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,123 | |||
Average Recorded Investment | 5,045 | |||
Interest Income Recognized | 222 | |||
With No Related Allowance Recorded [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,764 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,893 | |||
Average Recorded Investment | 3,869 | |||
Interest Income Recognized | 184 | |||
With No Related Allowance Recorded [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 34 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 34 | |||
Average Recorded Investment | 41 | |||
Interest Income Recognized | $ 3 | |||
Pass [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,074,773 | 478,141 | [1] | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 141,859 | 167,421 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 97,908 | 92,657 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 30,431 | 74,940 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,426 | 12,432 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 19,749 | 27,000 | ||
Financing Receivable, Revolving | 631,049 | 681,155 | ||
Total loans | 2,017,733 | 1,533,996 | ||
Pass [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,054,345 | 1,445,829 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 726,276 | 1,232,824 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 480,725 | 875,001 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 544,826 | 950,540 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 372,542 | 820,201 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 664,256 | 1,913,217 | ||
Financing Receivable, Revolving | 19,085 | 154,020 | ||
Total loans | 3,876,792 | 7,391,632 | ||
Pass [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 255,679 | 374,023 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 167,948 | 451,987 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 30,706 | 141,127 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 32,538 | 62,752 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 19,168 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,689 | 48,175 | ||
Financing Receivable, Revolving | 31,705 | 36,368 | ||
Total loans | 525,853 | 1,135,889 | ||
Pass [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 41,713 | 53,939 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 27,751 | 37,017 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 19,497 | 20,840 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,411 | 13,459 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 13,837 | 9,665 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 19,624 | 18,603 | ||
Financing Receivable, Revolving | 35,451 | 35,875 | ||
Total loans | 171,284 | 189,398 | ||
Pass [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 219,595 | 454,162 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 146,058 | 215,142 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 160,422 | 114,762 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 144,638 | 122,745 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 215,568 | 133,961 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 401,279 | 559,701 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Total loans | 1,287,560 | 1,600,473 | ||
Pass [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 82,312 | 66,410 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 59,409 | 63,870 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 52,088 | 38,201 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 53,570 | 33,505 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 41,181 | 38,051 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 111,360 | 109,544 | ||
Financing Receivable, Revolving | 661,575 | 684,427 | ||
Total loans | 1,066,158 | 1,037,940 | ||
Pass [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 816 | 3,363 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 398 | 2,702 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 165 | 2,191 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 665 | 859 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 615 | 654 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,749 | 4,462 | ||
Financing Receivable, Revolving | 12,317 | 14,377 | ||
Total loans | 21,725 | 28,608 | ||
Pass [Member] | Revolving converted to term [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 2,538 | 250 | ||
Pass [Member] | Revolving converted to term [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 14,737 | |||
Pass [Member] | Revolving converted to term [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 588 | 2,289 | ||
Pass [Member] | Revolving converted to term [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Pass [Member] | Revolving converted to term [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Pass [Member] | Revolving converted to term [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 4,663 | 3,932 | ||
Pass [Member] | Revolving converted to term [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Potential Weakness [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 9,020 | 779 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,869 | 6,874 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 670 | 1,627 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 4,997 | 109 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,539 | 908 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 294 | 287 | ||
Financing Receivable, Revolving | 20,766 | 5,401 | ||
Total loans | 39,155 | 15,985 | ||
Potential Weakness [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 27,877 | 51,024 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 55,166 | 86,781 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 30,286 | 53,250 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 19,531 | 69,137 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 25,462 | 53,455 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 71,252 | 185,847 | ||
Financing Receivable, Revolving | 13,610 | 13,617 | ||
Total loans | 243,184 | 513,111 | ||
Potential Weakness [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 17,528 | 9,646 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 9,953 | 2,550 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 520 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 12,811 | ||
Financing Receivable, Revolving | 75 | |||
Total loans | 28,076 | 25,007 | ||
Potential Weakness [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 210 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 10 | 456 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 15 | 379 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15 | 198 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6 | 4 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 217 | 285 | ||
Financing Receivable, Revolving | 822 | 803 | ||
Total loans | 1,085 | 2,335 | ||
Potential Weakness [Member] | Revolving converted to term [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Potential Weakness [Member] | Revolving converted to term [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Potential Weakness [Member] | Revolving converted to term [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Definite Weakness Loss Unlikely [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,009 | 766 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,310 | 317 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 19,575 | 962 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,997 | 515 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 320 | 2,570 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 429 | 258 | ||
Financing Receivable, Revolving | 6,991 | 7,910 | ||
Total loans | 33,631 | 13,298 | ||
Definite Weakness Loss Unlikely [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 25,878 | 20,078 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,502 | 4,106 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,857 | 3,380 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10,185 | 1,663 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,376 | 35,727 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7,153 | 22,647 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Total loans | 53,951 | 87,601 | ||
Definite Weakness Loss Unlikely [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 4,561 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | ||
Total loans | 4,561 | |||
Definite Weakness Loss Unlikely [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 684 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 438 | 619 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 122 | 32 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 11 | 9 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 137 | 4 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 353 | 278 | ||
Financing Receivable, Revolving | 883 | 514 | ||
Total loans | 2,628 | 1,456 | ||
Definite Weakness Loss Unlikely [Member] | Revolving converted to term [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Definite Weakness Loss Unlikely [Member] | Revolving converted to term [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Definite Weakness Loss Unlikely [Member] | Revolving converted to term [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Definite Weakness Loss Unlikely [Member] | Revolving converted to term [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Partial Loss Probable [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 672 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 156 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 143 | |||
Financing Receivable, Revolving | 11,662 | 0 | ||
Total loans | 12,633 | |||
Partial Loss Probable [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Total loans | 0 | 0 | ||
Partial Loss Probable [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Total loans | 0 | 0 | ||
Partial Loss Probable [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Revolving | 26 | 0 | ||
Total loans | 26 | 0 | ||
Partial Loss Probable [Member] | Revolving converted to term [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Partial Loss Probable [Member] | Revolving converted to term [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Partial Loss Probable [Member] | Revolving converted to term [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Partial Loss Probable [Member] | Revolving converted to term [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Definite Loss [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Definite Loss [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Total loans | 0 | 0 | ||
Definite Loss [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Total loans | 0 | 0 | ||
Definite Loss [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Total loans | 0 | 0 | ||
Definite Loss [Member] | Revolving converted to term [Member] | Commercial And Industrial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Definite Loss [Member] | Revolving converted to term [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Definite Loss [Member] | Revolving converted to term [Member] | Construction Loans [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Definite Loss [Member] | Revolving converted to term [Member] | Small Business [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Default [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 392 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 427 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 1,010 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,158 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,038 | 2,811 | ||
Financing Receivable, Revolving | 0 | 0 | ||
Total loans | 8,623 | 4,213 | ||
Default [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 440 | |||
Financing Receivable, Revolving | 1,837 | 1,555 | ||
Total loans | 2,632 | 1,671 | ||
Default [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 16 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 6 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 29 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15 | 25 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 111 | 35 | ||
Financing Receivable, Revolving | 11 | 1 | ||
Total loans | 137 | 112 | ||
Default [Member] | Revolving converted to term [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 0 | 0 | ||
Default [Member] | Revolving converted to term [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | 355 | 116 | ||
Default [Member] | Revolving converted to term [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, Revolving | $ 0 | $ 0 | ||
[1] | Loans originated as part of the Paycheck Protection Program ("PPP") established by the CARES Act are reported as commercial and industrial under the 2021 and 2020 vintage years and "Pass" category as these loans are 100% guaranteed by the U.S. Government. Outstanding PPP loans totaled $216.2 million and $791.9 million at December 31, 2021 and 2020, respectively, the former of which reflects PPP loans acquired in the Meridian acquisition. |
Credit Losses textual (Details)
Credit Losses textual (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Credit Loss [Line Items] | |||
Interest Receivable | $ 43,700,000 | $ 36,000,000 | |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (1,137,000) | ||
Loans and Leases Receivable, Allowance | (146,922,000) | (113,392,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ (33,500,000) | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) by percentage | 29.60% | ||
Provision for credit losses | $ 18,205,000 | 52,500,000 | $ 6,000,000 |
Off-Balance Sheet, Credit Loss, Liability | $ 1,500,000 | 1,200,000 | |
Days To Be Termed As Non Accrual Loans | 90 days | ||
Tdrs Recorded Investment On Nonaccrual Status | $ 1,993,000 | 22,209,000 | |
Financing Receivable, before Allowance for Credit Loss | 13,540,590,000 | 9,371,470,000 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 3,200,000 | 0 | $ 0 |
Loans with active Deferrals | 383,100,000 | 173,600,000 | |
US Government Insured Loan Program [Member] | |||
Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 216,200,000 | $ 791,900,000 | |
Blue Hills Bancorp, Inc. [Member] | |||
Credit Loss [Line Items] | |||
Loans with active Deferrals | $ 194,300,000 |
Finance Receivable Credit Quali
Finance Receivable Credit Quality Indicators for Consumer and Residential Portfolio's (Details) - score | Dec. 31, 2021 | Dec. 31, 2020 | |
Residential Portfolio Segment [Member] | |||
Finance Receivable Credit Quality Indicators For Consumer And Residential Portfolio [Line Items] | |||
Financing Receivable With Quality Of Loan Based On Weighted Average Fico Rating | [1] | 749 | 749 |
Financing Receivable With Credit Quality Of Loan Based Upon the Weighted Average Loan-To-Value Ratio | [2] | 54.40% | 57.40% |
Home Equity Line of Credit [Member] | |||
Finance Receivable Credit Quality Indicators For Consumer And Residential Portfolio [Line Items] | |||
Financing Receivable With Quality Of Loan Based On Weighted Average Fico Rating | [1] | 772 | 771 |
Financing Receivable With Credit Quality Of Loan Based Upon the Weighted Average Loan-To-Value Ratio | [2],[3] | 42.40% | 46.00% |
[1] | The average FICO scores at December 31, 2021 are based upon rescores from December 2021, as available for previously originated loans, or origination score data for loans booked in December 2021. The average FICO scores at December 31, 2020 were based upon rescores from December 2020, as available for previously originated loans, or origination score data for loans booked in December 2020. | ||
[2] | The combined LTV ratios for December 31, 2021 are based upon updated automated valuations as of November 2021, when available, and/or the most current valuation data available. The combined LTV ratios for December 31, 2020 were based upon updated automated valuations as of November 2020, 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. |
Finance Receivable, Nonaccrual
Finance Receivable, Nonaccrual (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | ||
Financing Receivable, Nonaccrual [Line Items] | ||||
Tdrs Recorded Investment On Nonaccrual Status | $ 1,993 | $ 22,209 | ||
Finance Receivable, Nonaccrual, with allowance | 27,199 | [1] | 31,332 | |
Financing Receivable, Nonaccrual, No Allowance | 621 | [1] | 35,528 | |
Financing Receivable, Nonaccrual | [1] | $ 27,820 | $ 66,860 | |
[1] | Included in these amounts are $2.0 million and $22.2 million of nonaccruing TDRs at December 31, 2021 and December 31, 2020, respectively. |
Foreclosed Residential Real Est
Foreclosed Residential Real Estate Property (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Credit Loss [Abstract] | ||
Foreclosed residential real estate property held by the creditor | $ 0 | $ 0 |
Mortgage Loans in Process of Foreclosure, Amount | $ 1,426 | $ 1,750 |
Financing Receivable Troubled D
Financing Receivable Troubled Debt Restructuring (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Tdrs Recorded Investment On Accrual Status | $ 14,635 | $ 16,983 |
Tdrs Recorded Investment On Nonaccrual Status | 1,993 | 22,209 |
Financing Receivable Recorded Investment Trouble Debt Restructuring | 16,628 | 39,192 |
Additional Commitments To Lend To Borrower For Trouble Debt Restructuring | $ 190 | $ 263 |
Loans, Allowance for Credit Los
Loans, Allowance for Credit Losses and Credit Quality Schedule of Debtor Troubled Debt Restructurings, Subsequent Period (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($)contract | Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||
Troubled Debt Restructurings On Financing Receivables Post Modifications | The following table shows the troubled debt restructurings which occurred for the periods indicated and the change in the recorded investment subsequent to the modifications occurring: Year Ended December 31, 2021 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 1 $ 14,148 $ 14,148 Commercial real estate 5 3,964 3,964 Small business 2 189 189 Total (1) 8 $ 18,301 $ 18,301 Year Ended December 31, 2020 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 8 $ 732 $ 732 Commercial real estate 10 2,865 2,865 Small business 10 752 728 Residential real estate 2 559 642 Total (1) 30 $ 4,908 $ 4,967 Year Ended December 31, 2019 Number of Pre-Modification Post-Modification Troubled debt restructurings (Dollars in thousands) Commercial and industrial 3 $ 268 $ 268 Commercial real estate 4 819 819 Small business 1 14 14 Residential real estate 3 967 1,009 Home equity 2 121 121 Total (1) 13 $ 2,189 $ 2,231 (1) The pre-modification and post-modification balances represent the legal principal balance of the loan. Activity presented in the tables above includes $14.3 million, $1.9 million, and $855,000 of modifications on existing TDRs during the years ended December 31, 2021, 2020 and 2019, respectively. | ||
Financing Receivable, Modifications, Number of Contracts | contract | 13 | 8 | 30 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 2,189 | $ 18,301 | $ 4,908 |
Post-Modification Outstanding Recorded Investment | $ 2,231 | $ 18,301 | $ 4,967 |
Commercial And Industrial [Member] | |||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | 1 | 8 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 268 | $ 14,148 | $ 732 |
Post-Modification Outstanding Recorded Investment | $ 268 | $ 14,148 | $ 732 |
Commercial Real Estate [Member] | |||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 5 | 10 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 819 | $ 3,964 | $ 2,865 |
Post-Modification Outstanding Recorded Investment | $ 819 | $ 3,964 | $ 2,865 |
Small Business [Member] | |||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 2 | 10 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 14 | $ 189 | $ 752 |
Post-Modification Outstanding Recorded Investment | $ 14 | $ 189 | $ 728 |
Residential Real Estate [Member] | |||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | 2 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 967 | $ 559 | |
Post-Modification Outstanding Recorded Investment | $ 1,009 | $ 642 | |
Home Equity Line of Credit [Member] | |||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 121 | ||
Post-Modification Outstanding Recorded Investment | $ 121 |
TDR Modification by Type (Detai
TDR Modification by Type (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
TDR On Financing Receivables Post Modification By Type [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 2,231 | $ 18,301 | $ 4,967 | |
Financing Receivable, Troubled Debt Restructuring, Increase (Decrease) from Modification | 18,301 | 4,967 | $ 2,231 | |
Contractual Interest Rate Reduction [Member] | ||||
TDR On Financing Receivables Post Modification By Type [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 822 | 150 | |
Court Ordered Concession [Member] | ||||
TDR On Financing Receivables Post Modification By Type [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 25 | 75 | |
Extended Maturity [Member] | ||||
TDR On Financing Receivables Post Modification By Type [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 4,153 | 4,120 | 1,565 | |
Combination Rate and Maturity member | ||||
TDR On Financing Receivables Post Modification By Type [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 14,148 | $ 0 | $ 441 |
Loans, Allowance for Credit L_2
Loans, Allowance for Credit Losses and Credit Quality Financing Receivable Past Due (Details) $ in Thousands | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 518 | 301 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 60 | 25 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 123 | 82 | |
Number of Loans Total Past Due | loan | 701 | 408 | |
Total loans | $ 13,587,286 | $ 9,392,866 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 1 | |
Financing Receivable, before Allowance for Credit Loss | 13,540,590 | 9,371,470 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,677 | 9,450 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 37,927 | 4,168 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 7,092 | 7,778 | |
Financial Asset, Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 46,696 | $ 21,396 | |
Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 7 | 2 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 2 | 1 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 2 | 8 | |
Number of Loans Total Past Due | loan | 11 | 11 | |
Total loans | $ 1,563,279 | $ 2,103,152 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 1,563,279 | 2,103,152 | |
Commercial And Industrial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 252 | 672 | |
Commercial And Industrial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 143 | 318 | |
Commercial And Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 24 | 785 | |
Commercial And Industrial [Member] | Financial Asset, Not Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,562,860 | 2,101,377 | |
Commercial And Industrial [Member] | Financial Asset, Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 419 | $ 1,775 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 15 | 3 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 0 | 0 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 4 | 4 | |
Number of Loans Total Past Due | loan | 19 | 7 | |
Total loans | $ 7,992,344 | $ 4,173,927 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 7,992,344 | 4,173,927 | |
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 32,845 | 409 | |
Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,339 | 515 | |
Commercial Real Estate [Member] | Financial Asset, Not Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 7,958,160 | 4,173,003 | |
Commercial Real Estate [Member] | Financial Asset, Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 34,184 | $ 924 | |
Construction Loans [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 0 | 0 | |
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 | 0 | 0 | |
Number of Loans Total Past Due | loan | 0 | 2 | |
Total loans | $ 1,165,457 | $ 553,929 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 1,165,457 | 553,929 | |
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 2,794 | |
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Construction Loans [Member] | Financial Asset, Not Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,165,457 | 551,135 | |
Construction Loans [Member] | Financial Asset, Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 0 | $ 2,794 | |
Small Business [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 11 | 14 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 6 | 6 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 4 | 4 | |
Number of Loans Total Past Due | loan | 21 | 24 | |
Total loans | $ 193,189 | $ 175,023 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 193,189 | 175,023 | |
Small Business [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 53 | 273 | |
Small Business [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 136 | 421 | |
Small Business [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 24 | 59 | |
Small Business [Member] | Financial Asset, Not Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 192,976 | 174,270 | |
Small Business [Member] | Financial Asset, Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 213 | $ 753 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 12 | 12 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 5 | 8 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 76 | 27 | |
Number of Loans Total Past Due | loan | 93 | 47 | |
Total loans | $ 1,604,686 | $ 1,296,183 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss | 1,604,686 | 1,296,183 | |
Residential Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 714 | 5,507 | |
Residential Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 2,709 | 2,150 | |
Residential Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 3,922 | 3,648 | |
Residential Real Estate [Member] | Financial Asset, Not Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,597,341 | 1,284,878 | |
Residential Real Estate [Member] | Financial Asset, Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 7,345 | $ 11,305 | |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 15 | 10 | |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 6 | 5 | |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 21 | 33 | |
Number of Loans Total Past Due | loan | 42 | 48 | |
Total loans | $ 1,039,611 | $ 1,068,790 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 381 | 203 | |
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,375 | 733 | |
Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,671 | 2,633 | |
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,036,184 | 1,065,221 | |
Home Equity Line of Credit [Member] | Financial Asset, Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 3,427 | $ 3,569 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number Of Financing Receivables Thirty To Fifty Nine Days Past Due | loan | 458 | 260 | [1] |
Number of Financing Receivables Sixty to Eighty Nine Days Past Due | loan | 41 | 3 | [1] |
Number Of Financing Receivables Equal To Greater Than Ninety Days | loan | 16 | 6 | [1] |
Number of Loans Total Past Due | loan | 515 | 269 | [1] |
Total loans | $ 28,720 | $ 21,862 | [1] |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 1 | [1] |
Financing Receivable, before Allowance for Credit Loss | 28,720 | 21,862 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 277 | 1 | [1] |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 719 | 137 | [1] |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 112 | 138 | [1] |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 27,612 | 21,586 | [1] |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 1,108 | $ 276 | [1] |
[1] | Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. |
Loans Allowance for Loan Losses
Loans Allowance for Loan Losses and Credit Quality (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans Allowance for Loan Losses and Credit Quality [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 39,242 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 10,386 | |
Impaired Financing Receivable, Recorded Investment | 49,628 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 56,605 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,535 | |
Impaired Financing Receivable, Unpaid Principal Balance | 68,140 | |
Impaired Financing Receivable, Related Allowance | 980 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 980 | |
Average Recorded Investment | 49,077 | |
Average Recorded Investment | 10,605 | |
Impaired Financing Receivable, Average Recorded Investment | 59,682 | |
Interest Income Recognized | $ 1,090 | |
Interest Income Recognized | 447 | |
Interest Income Recognized | 1,537 | |
With Allowance Recorded [Member] | Commercial And Industrial [Member] | ||
Loans Allowance for Loan Losses and Credit Quality [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 670 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 670 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 126 | |
Average Recorded Investment | 718 | |
Interest Income Recognized | 29 | |
With Allowance Recorded [Member] | Commercial Real Estate [Member] | ||
Loans Allowance for Loan Losses and Credit Quality [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,124 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,124 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 48 | |
Average Recorded Investment | 2,176 | |
Interest Income Recognized | 122 | |
With Allowance Recorded [Member] | Small Business [Member] | ||
Loans Allowance for Loan Losses and Credit Quality [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 68 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 105 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 8 | |
Average Recorded Investment | 74 | |
Interest Income Recognized | 2 | |
With Allowance Recorded [Member] | Residential Real Estate [Member] | ||
Loans Allowance for Loan Losses and Credit Quality [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 6,252 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7,163 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 637 | |
Average Recorded Investment | 6,326 | |
Interest Income Recognized | 239 | |
With Allowance Recorded [Member] | Home Equity Loan [Member] | ||
Loans Allowance for Loan Losses and Credit Quality [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,184 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,382 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 156 | |
Average Recorded Investment | 1,214 | |
Interest Income Recognized | 52 | |
With Allowance Recorded [Member] | Consumer Loan [Member] | ||
Loans Allowance for Loan Losses and Credit Quality [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 88 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 91 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 5 | |
Average Recorded Investment | 97 | |
Interest Income Recognized | $ 3 |
Internal Risk Rating Categories
Internal Risk Rating Categories for Commercial Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 2,962,947 | $ 2,812,901 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,273,064 | 1,341,947 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,344,438 | 896,983 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,331,466 | 857,830 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,126,800 | 698,323 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,905,961 | 1,314,136 | |
Financing Receivable, Revolving | 1,636,023 | 1,447,865 | |
Total loans | 13,587,286 | 9,392,866 | |
Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 6,587 | 22,881 | |
Commercial and Industrial [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 479,686 | 1,086,474 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 174,612 | 145,038 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 95,246 | 118,153 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 75,564 | 38,425 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 15,910 | 21,441 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 27,545 | 20,615 | |
Financing Receivable, Revolving | 694,466 | 670,468 | |
Total loans | 1,563,279 | 2,103,152 | |
Commercial and Industrial [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 250 | 2,538 | |
Commercial Real Estate [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,516,931 | 1,108,100 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,323,711 | 784,944 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 931,631 | 514,868 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,021,340 | 574,542 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 909,383 | 401,380 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,121,711 | 742,661 | |
Financing Receivable, Revolving | 167,637 | 32,695 | |
Total loans | 7,992,344 | 4,173,927 | |
Commercial Real Estate [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 14,737 | |
Construction Loans [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 388,230 | 273,207 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 454,537 | 177,901 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 141,127 | 31,226 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 62,752 | 32,538 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,168 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 60,986 | 6,689 | |
Financing Receivable, Revolving | 36,368 | 31,780 | |
Total loans | 1,165,457 | 553,929 | |
Construction Loans [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 2,289 | 588 | |
Small Business [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 54,149 | 42,397 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 38,092 | 28,199 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 21,251 | 19,634 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,666 | 13,437 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,673 | 13,980 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 19,166 | 20,194 | |
Financing Receivable, Revolving | 37,192 | 37,182 | |
Total loans | 193,189 | 175,023 | |
Small Business [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Residential Real Estate [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 454,162 | 219,595 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 215,534 | 146,058 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 114,762 | 160,849 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 123,755 | 144,638 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 133,961 | 219,726 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 562,512 | 405,317 | |
Financing Receivable, Revolving | 0 | 0 | |
Total loans | 1,604,686 | 1,296,183 | |
Residential Real Estate [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Home Equity Loan [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 66,410 | 82,312 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 63,870 | 59,409 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 38,201 | 52,088 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 33,505 | 53,570 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 38,051 | 41,181 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 109,544 | 111,800 | |
Financing Receivable, Revolving | 685,982 | 663,412 | |
Total loans | 1,039,611 | 1,068,790 | |
Home Equity Loan [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 4,048 | 5,018 | |
Consumer Loan [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,379 | 816 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,708 | 398 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,220 | 165 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 884 | 680 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 654 | 615 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,497 | 6,860 | |
Financing Receivable, Revolving | 14,378 | 12,328 | |
Total loans | 28,720 | 21,862 | |
Consumer Loan [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Pass [Member] | Commercial and Industrial [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 478,141 | [1] | 1,074,773 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 167,421 | 141,859 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 92,657 | 97,908 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 74,940 | 30,431 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 12,432 | 19,426 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 27,000 | 19,749 | |
Financing Receivable, Revolving | 681,155 | 631,049 | |
Total loans | 1,533,996 | 2,017,733 | |
Pass [Member] | Commercial and Industrial [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 250 | 2,538 | |
Pass [Member] | Commercial Real Estate [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,445,829 | 1,054,345 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,232,824 | 726,276 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 875,001 | 480,725 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 950,540 | 544,826 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 820,201 | 372,542 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,913,217 | 664,256 | |
Financing Receivable, Revolving | 154,020 | 19,085 | |
Total loans | 7,391,632 | 3,876,792 | |
Pass [Member] | Commercial Real Estate [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 14,737 | ||
Pass [Member] | Construction Loans [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 374,023 | 255,679 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 451,987 | 167,948 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 141,127 | 30,706 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 62,752 | 32,538 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,168 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 48,175 | 6,689 | |
Financing Receivable, Revolving | 36,368 | 31,705 | |
Total loans | 1,135,889 | 525,853 | |
Pass [Member] | Construction Loans [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 2,289 | 588 | |
Pass [Member] | Small Business [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 53,939 | 41,713 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 37,017 | 27,751 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 20,840 | 19,497 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,459 | 13,411 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,665 | 13,837 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18,603 | 19,624 | |
Financing Receivable, Revolving | 35,875 | 35,451 | |
Total loans | 189,398 | 171,284 | |
Pass [Member] | Small Business [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Pass [Member] | Residential Real Estate [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 454,162 | 219,595 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 215,142 | 146,058 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 114,762 | 160,422 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 122,745 | 144,638 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 133,961 | 215,568 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 559,701 | 401,279 | |
Financing Receivable, Revolving | 0 | 0 | |
Total loans | 1,600,473 | 1,287,560 | |
Pass [Member] | Residential Real Estate [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Pass [Member] | Home Equity Loan [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 66,410 | 82,312 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 63,870 | 59,409 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 38,201 | 52,088 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 33,505 | 53,570 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 38,051 | 41,181 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 109,544 | 111,360 | |
Financing Receivable, Revolving | 684,427 | 661,575 | |
Total loans | 1,037,940 | 1,066,158 | |
Pass [Member] | Home Equity Loan [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 3,932 | 4,663 | |
Pass [Member] | Consumer Loan [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,363 | 816 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,702 | 398 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,191 | 165 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 859 | 665 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 654 | 615 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,462 | 6,749 | |
Financing Receivable, Revolving | 14,377 | 12,317 | |
Total loans | 28,608 | 21,725 | |
Pass [Member] | Consumer Loan [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Potential weakness [Member] | Commercial and Industrial [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 779 | 9,020 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,874 | 1,869 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,627 | 670 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 109 | 4,997 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 908 | 1,539 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 287 | 294 | |
Financing Receivable, Revolving | 5,401 | 20,766 | |
Total loans | 15,985 | 39,155 | |
Potential weakness [Member] | Commercial Real Estate [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 51,024 | 27,877 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 86,781 | 55,166 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 53,250 | 30,286 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 69,137 | 19,531 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 53,455 | 25,462 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 185,847 | 71,252 | |
Financing Receivable, Revolving | 13,617 | 13,610 | |
Total loans | 513,111 | 243,184 | |
Potential weakness [Member] | Commercial Real Estate [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Potential weakness [Member] | Construction Loans [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 9,646 | 17,528 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,550 | 9,953 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 520 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12,811 | 0 | |
Financing Receivable, Revolving | 75 | ||
Total loans | 25,007 | 28,076 | |
Potential weakness [Member] | Construction Loans [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Potential weakness [Member] | Small Business [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 210 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 456 | 10 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 379 | 15 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 198 | 15 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4 | 6 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 285 | 217 | |
Financing Receivable, Revolving | 803 | 822 | |
Total loans | 2,335 | 1,085 | |
Potential weakness [Member] | Small Business [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Definite weakness [Member] | Commercial and Industrial [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 766 | 2,009 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 317 | 1,310 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 962 | 19,575 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 515 | 2,997 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,570 | 320 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 258 | 429 | |
Financing Receivable, Revolving | 7,910 | 6,991 | |
Total loans | 13,298 | 33,631 | |
Definite weakness [Member] | Commercial and Industrial [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Definite weakness [Member] | Commercial Real Estate [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 20,078 | 25,878 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,106 | 3,502 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,380 | 3,857 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,663 | 10,185 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 35,727 | 3,376 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 22,647 | 7,153 | |
Financing Receivable, Revolving | 0 | 0 | |
Total loans | 87,601 | 53,951 | |
Definite weakness [Member] | Commercial Real Estate [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Definite weakness [Member] | Construction Loans [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,561 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Total loans | 4,561 | ||
Definite weakness [Member] | Construction Loans [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Definite weakness [Member] | Small Business [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 684 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 619 | 438 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 32 | 122 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9 | 11 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4 | 137 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 278 | 353 | |
Financing Receivable, Revolving | 514 | 883 | |
Total loans | 1,456 | 2,628 | |
Definite weakness [Member] | Small Business [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Parital loss probable [Member] | Commercial and Industrial [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 672 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 156 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 143 | ||
Financing Receivable, Revolving | 0 | 11,662 | |
Total loans | 12,633 | ||
Parital loss probable [Member] | Commercial and Industrial [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Parital loss probable [Member] | Commercial Real Estate [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Revolving | 0 | 0 | |
Total loans | 0 | 0 | |
Parital loss probable [Member] | Commercial Real Estate [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Parital loss probable [Member] | Construction Loans [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Revolving | 0 | 0 | |
Total loans | 0 | 0 | |
Parital loss probable [Member] | Construction Loans [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Parital loss probable [Member] | Small Business [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Revolving | 0 | 26 | |
Total loans | 0 | 26 | |
Parital loss probable [Member] | Small Business [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Definite loss [Member] | Commercial and Industrial [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Revolving | 0 | 0 | |
Definite loss [Member] | Commercial and Industrial [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Definite loss [Member] | Commercial Real Estate [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Revolving | 0 | 0 | |
Total loans | 0 | 0 | |
Definite loss [Member] | Commercial Real Estate [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Definite loss [Member] | Construction Loans [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Revolving | 0 | 0 | |
Total loans | 0 | 0 | |
Definite loss [Member] | Construction Loans [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Definite loss [Member] | Small Business [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Revolving | 0 | 0 | |
Total loans | 0 | 0 | |
Definite loss [Member] | Small Business [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Default [Member] | Residential Real Estate [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 392 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 427 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,010 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 4,158 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,811 | 4,038 | |
Financing Receivable, Revolving | 0 | 0 | |
Total loans | 4,213 | 8,623 | |
Default [Member] | Residential Real Estate [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 0 | 0 | |
Default [Member] | Home Equity Loan [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 440 | ||
Financing Receivable, Revolving | 1,555 | 1,837 | |
Total loans | 1,671 | 2,632 | |
Default [Member] | Home Equity Loan [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | 116 | 355 | |
Default [Member] | Consumer Loan [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 16 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 29 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 25 | 15 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 35 | 111 | |
Financing Receivable, Revolving | 1 | 11 | |
Total loans | 112 | 137 | |
Default [Member] | Consumer Loan [Member] | Revolving converted to term [Member] | |||
Internal risk-rating categories for the Company's commercial portfolio | |||
Financing Receivable, Revolving | $ 0 | $ 0 | |
[1] | Loans originated as part of the Paycheck Protection Program ("PPP") established by the CARES Act are reported as commercial and industrial under the 2021 and 2020 vintage years and "Pass" category as these loans are 100% guaranteed by the U.S. Government. Outstanding PPP loans totaled $216.2 million and $791.9 million at December 31, 2021 and 2020, respectively, the former of which reflects PPP loans acquired in the Meridian acquisition. |
Weighted Average FICO Scores &
Weighted Average FICO Scores & weighted Average Combined LTV Ratios (Details) - score | Dec. 31, 2021 | Dec. 31, 2020 | |
Residential Portfolio Segment [Member] | |||
Weighted average FICO scores and the weighted average combined LTV Ratio | |||
FICO score (re-scored) | [1] | 749 | 749 |
Financing Receivable With Credit Quality Of Loan Based Upon the Weighted Average Loan-To-Value Ratio | [2] | 54.40% | 57.40% |
Home Equity [Member] | |||
Weighted average FICO scores and the weighted average combined LTV Ratio | |||
FICO score (re-scored) | [1] | 772 | 771 |
Financing Receivable With Credit Quality Of Loan Based Upon the Weighted Average Loan-To-Value Ratio | [2],[3] | 42.40% | 46.00% |
[1] | The average FICO scores at December 31, 2021 are based upon rescores from December 2021, as available for previously originated loans, or origination score data for loans booked in December 2021. The average FICO scores at December 31, 2020 were based upon rescores from December 2020, as available for previously originated loans, or origination score data for loans booked in December 2020. | ||
[2] | The combined LTV ratios for December 31, 2021 are based upon updated automated valuations as of November 2021, when available, and/or the most current valuation data available. The combined LTV ratios for December 31, 2020 were based upon updated automated valuations as of November 2020, 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 (De
Summary of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | |||
Tdrs Recorded Investment On Nonaccrual Status | $ 1,993 | $ 22,209 | |
Financing Receivable, Nonaccrual | [1] | 27,820 | 66,860 |
Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | [1] | 3,439 | 34,729 |
Commercial Real Estate [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | [1] | 10,870 | 10,195 |
Small Business [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | [1] | 44 | 825 |
Residential Real Estate [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | [1] | 9,182 | 15,528 |
Home Equity [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | [1] | 3,781 | 5,427 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Nonaccrual | [1] | $ 504 | $ 156 |
[1] | Included in these amounts are $2.0 million and $22.2 million of nonaccruing TDRs at December 31, 2021 and December 31, 2020, respectively. |
LOANS, ALLOWANCE FOR LOAN LOS_3
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY Foreclosed Residential Real Estate Property (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Foreclosed Residential Real Estate Property [Line Items] | ||
Foreclosed residential real estate property held by the creditor | $ 0 | $ 0 |
Mortgage Loans in Process of Foreclosure, Amount | $ 1,426 | $ 1,750 |
TDR's and Other Pertinent Infor
TDR's and Other Pertinent Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Summary of Troubled Debt Restructurings and other pertinent information | ||
Tdrs Recorded Investment On Accrual Status | $ 14,635 | $ 16,983 |
Tdrs Recorded Investment On Nonaccrual Status | 1,993 | 22,209 |
Financing Receivable Recorded Investment Trouble Debt Restructuring | 16,628 | 39,192 |
Additional Commitments To Lend To Borrower For Trouble Debt Restructuring | $ 190 | $ 263 |
Modification which Occurred Dur
Modification which Occurred During the Period & Change in Recorded Investment (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($)contract | Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 13 | 8 | 30 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ | $ 2,189 | $ 18,301 | $ 4,908 |
Commercial And Industrial [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | 1 | 8 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ | $ 268 | $ 14,148 | $ 732 |
Commercial Real Estate [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 5 | 10 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ | $ 819 | $ 3,964 | $ 2,865 |
Small Business [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 2 | 10 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ | $ 14 | $ 189 | $ 752 |
Residential Real Estate [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | 2 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ | $ 967 | $ 559 | |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ | $ 121 |
LOANS, ALLOWANCE FOR LOAN LOS_4
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Details Textual) - USD ($) | Nov. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans, Allowance for Loan Losses and Credit Quality [Abstract] | |||||
Days To Be Termed As Non Accrual Loans | 90 days | ||||
Tdrs Recorded Investment On Nonaccrual Status | $ 1,993,000 | $ 22,209,000 | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 13,540,590,000 | 9,371,470,000 | |||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | (1,137,000) | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 18,205,000 | 52,500,000 | $ 6,000,000 | ||
Financing Receivable, Allowance for Credit Loss | 146,922,000 | 113,392,000 | 67,740,000 | $ 64,293,000 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration | 1,157,000 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 3,200,000 | 0 | $ 0 | ||
Loans with active Deferrals | 383,100,000 | 173,600,000 | |||
Credit Loss Status [Domain] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Credit Loss, Expense (Reversal) | 32,500,000 | ||||
US Government Insured Loan Program [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 216,200,000 | $ 791,900,000 | |||
Blue Hills Bancorp, Inc. [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 50,700,000 | ||||
Financing Receivable, Allowance for Credit Loss | $ 67,200,000 |
BANK PREMISES AND EQUIPMENT (De
BANK PREMISES AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Total cost | $ 307,134,000 | $ 216,476,000 | ||
Accumulated depreciation | (111,544,000) | (100,083,000) | ||
Net bank premises and equipment | 195,590,000 | 116,393,000 | ||
Depreciation expense | 12,500,000 | 12,800,000 | $ 11,400,000 | |
Rental Income, Nonoperating | 890,000 | 1,500,000 | ||
Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total cost | 54,295,000 | 32,450,000 | ||
Bank Premises [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total cost | $ 96,887,000 | 63,544,000 | ||
Bank Premises [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 5 years | |||
Bank Premises [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 40 years | |||
Leasehold Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total cost | $ 45,263,000 | 38,667,000 | ||
Leasehold Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 1 year | |||
Leasehold Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 27 years | |||
Furniture and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total cost | $ 89,029,000 | $ 81,815,000 | ||
Furniture and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 2 years | |||
Furniture and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 12 years | |||
Machinery and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Total cost | $ 21,660,000 | $ 10,600,000 | ||
Machinery and Equipment | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 5 years |
GOODWILL AND IDENTIFIABLE INT_3
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 985,072 | $ 506,206 | $ 506,206 |
Other Intangible Assets | 32,772 | 23,107 | |
Total goodwill and other intangible assets | 1,017,844 | 529,313 | |
Core Deposits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other Intangible Assets | 27,053 | 22,215 | |
Other identifiable Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other Intangible Assets | $ 5,719 | $ 892 |
GOODWILL AND IDENTIFIABLE INT_4
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Acquisitions | $ 0 |
Balance at end of year | $ 506,206 |
GOODWILL AND IDENTIFIABLE INT_5
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Details 2) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 55,310 | $ 41,054 |
Accumulated Amortization | (22,538) | (17,947) |
Net Carrying Amount | 32,772 | 23,107 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 48,920 | 38,620 |
Accumulated Amortization | (21,867) | (16,405) |
Net Carrying Amount | 27,053 | 22,215 |
Other intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,390 | 2,434 |
Accumulated Amortization | (671) | (1,542) |
Net Carrying Amount | $ 5,719 | $ 892 |
GOODWILL AND IDENTIFIABLE INT_6
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Details 3) $ in Thousands | Dec. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2019 | $ 7,662 |
2020 | 6,884 |
2021 | 5,911 |
2022 | 4,720 |
2023 | $ 2,824 |
GOODWILL AND IDENTIFIABLE INT_7
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Details Textual) | 3 Months Ended |
Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period for intangible assets | 9 years 6 months |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 1,500 | $ 1,400 |
Deposit Liabilities, Collateral Issued, Financial Instruments | 740,600 | 419,600 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
1 year or less | 1,216,437 | 789,237 |
Over 1 year to 2 years | 142,942 | 93,727 |
Over 2 years to 3 years | 85,650 | 36,739 |
Over 3 years to 4 years | 66,907 | 13,407 |
Over 4 years to 5 years | 19,214 | 17,519 |
Time Deposits | $ 1,531,150 | $ 950,629 |
1 year or less (as percent) | 79.40% | 83.00% |
Over 1 years to 2 years (as percent) | 9.30% | 9.90% |
Over 2 years to 3 years (as percent) | 5.60% | 3.90% |
Over 3 years to 4 years (as percent) | 4.40% | 1.40% |
Over 4 years to 5 years (as percent) | 1.30% | 1.80% |
Time Deposits (as percent) | 100.00% | 100.00% |
Deposits over $250,000.00 | $ 339,300 | $ 202,200 |
BORROWINGS (FHLB Advances) (Det
BORROWINGS (FHLB Advances) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | $ 25,000 | $ 35,042 |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 0.34% | 1.12% |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Two | $ 0 | |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, One to Two Years from Balance Sheet Date | 0.00% | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 25,000 | $ 35,042 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 0.34% | 1.12% |
Debt Instrument, Unamortized Premium | $ 667 | $ 698 |
Total Federal Home Loan Bank Advances | $ 25,667 | $ 35,740 |
BORROWINGS (Long-Term Debt) (De
BORROWINGS (Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total Long-Term Borrowings | $ 126,707 | $ 145,320 |
Subordinated Debt | 49,791 | 49,696 |
Secured Debt | 14,063 | 32,773 |
Junior Subordinated Debentures [Member] | Capital Trust V Preferred Securities Due in 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Total Long-Term Borrowings | 51,512 | 51,510 |
Junior Subordinated Debentures [Member] | Central Bancorp Capital Trust I Securities Due in 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Total Long-Term Borrowings | 5,258 | 5,258 |
Junior Subordinated Debentures [Member] | Central Bancorp Capital Trust II Securities Due in 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Total Long-Term Borrowings | $ 6,083 | $ 6,083 |
BORROWINGS (Trust Preferred Sec
BORROWINGS (Trust Preferred Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Face Amount | $ 61 | $ 61 |
Junior Subordinated Debentures [Member] | Capital Trust V Preferred Securities Due in 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Face Amount | $ 50 | |
Fixed rate | 1.70% | |
Junior Subordinated Debentures [Member] | Capital Trust V Preferred Securities Due in 2037 [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.48% | |
Junior Subordinated Debentures [Member] | Central Bancorp Capital Trust I Securities Due in 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Face Amount | $ 5.1 | |
Basis spread on variable rate | 2.66% | |
Junior Subordinated Debentures [Member] | Central Bancorp Capital Trust I Securities Due in 2034 [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.44% | |
Junior Subordinated Debentures [Member] | Central Bancorp Capital Trust II Securities Due in 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Face Amount | $ 5.9 | |
Junior Subordinated Debentures [Member] | Central Bancorp Capital Trust II Securities Due in 2037 [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | |
Fixed rate | 1.87% | |
Subordinated Debt [Member] | Subordinated Debentures Due in November 2019 [Member] [Domain] | ||
Debt Instrument [Line Items] | ||
Fixed rate | 4.75% |
BORROWINGS (Maturities of Long-
BORROWINGS (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2015 | $ 14,063 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 112,888 | |
Long-term Debt, Gross | 126,951 | |
Long-term Debt [Member] | Long-term Debt [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2015 | 14,063 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 0 | |
Total | $ 14,063 | |
Junior Subordinated Debentures [Member] | Capital Trust V Preferred Securities Due in 2037 [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 51,547 | |
Total | 51,547 | |
Junior Subordinated Debentures [Member] | Central Bancorp Capital Trust I Securities Due in 2034 [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 5,258 | |
Total | 5,258 | |
Junior Subordinated Debentures [Member] | Central Bancorp Capital Trust II Securities Due in 2037 [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 6,083 | |
Total | 6,083 | |
Subordinated Debentures [Member] | Subordinated Debentures Due August 27, 2018 [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Subordinated Debentures [Member] | Subordinated note due 2029 [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Thereafter | 50,000 | |
Total | $ 50,000 |
BORROWINGS (Details Textual)
BORROWINGS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Subordinated Debt | $ 49,791,000 | $ 49,696,000 | |
Long-term Debt, Gross | 126,951,000 | ||
Interest Expense, Long-term Debt | 4,500,000 | 5,400,000 | $ 8,200,000 |
Loans Pledged as Collateral | $ 2,300,000,000 | $ 2,100,000,000 | |
Federal Home Loan Bank Advances Weighted Average Interest Rate inclusive of Swaps | 2.05% | 2.30% | |
Securities Sold under Agreements to Repurchase | $ 0 | ||
Interest expense on short-term borrowings | 0 | $ 104,000 | |
Total Long-Term Borrowings | $ 126,707,000 | $ 145,320,000 | |
Long-term Debt [Member] | Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 14,063,000 | ||
Fixed rate | 1.35% | ||
Long-term Debt [Member] | Long-term Debt [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, interest rate, stated rate inclusive of interest rate swap - expired | 1.25% | ||
Parent Company [Member] | Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Subordinated Debt | $ 50,000,000 | 50,000,000 | |
Long-term Debt | 50,000,000 | ||
Capital Trust V Preferred Securities Due in 2037 [Member] | Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 51,547,000 | ||
Total Long-Term Borrowings | $ 51,512,000 | $ 51,510,000 | |
Fixed rate | 1.70% | ||
Capital Trust V Preferred Securities Due in 2037 [Member] | Junior Subordinated Debt [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, interest rate, stated rate inclusive of interest rate swap - expired | 1.48% | ||
Subordinated Debentures Due in November 2019 [Member] [Domain] | Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Fixed rate | 4.75% | ||
Central Bancorp Capital Trust I Securities Due in 2034 [Member] | Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 5,258,000 | ||
Total Long-Term Borrowings | $ 5,258,000 | $ 5,258,000 | |
Debt Instrument, interest rate, stated rate inclusive of interest rate swap - expired | 2.66% | ||
Central Bancorp Capital Trust I Securities Due in 2034 [Member] | Junior Subordinated Debt [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, interest rate, stated rate inclusive of interest rate swap - expired | 2.44% | ||
Line of Credit [Member] | Long-term Debt [Member] | Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 14,100,000 | 32,800,000 | |
Federal Home Loan Bank Advances [Member] | |||
Debt Instrument [Line Items] | |||
Federal home loan bank unused remaining available borrowing capacity | 1,600,000,000 | $ 1,400,000,000 | |
Line of credit maximum borrowing capacity | $ 5,000,000 |
CUMULATIVELY GRANTED AWARDS (De
CUMULATIVELY GRANTED AWARDS (Details) | Dec. 31, 2021shares | |
2005 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized Stock Awards | 1,650,000 | |
Cumulative Granted, Net of Forfeitures and Expirations | 1,314,604 | |
Authorized but Unissued | 335,396 | |
2005 Plan [Member] | Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cumulative Granted, Net of Forfeitures and Expirations | 387,258 | |
2005 Plan [Member] | Restricted stock awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cumulative Granted, Net of Forfeitures and Expirations | 927,346 | |
Two Thousand Eighteen Nonemployee Director Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized Stock Awards | 300,000 | |
Cumulative Granted, Net of Forfeitures and Expirations | 30,258 | |
Authorized but Unissued | 269,742 | [1] |
Two Thousand Eighteen Nonemployee Director Stock Plan [Member] | Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cumulative Granted, Net of Forfeitures and Expirations | 0 | |
Two Thousand Eighteen Nonemployee Director Stock Plan [Member] | Restricted stock awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cumulative Granted, Net of Forfeitures and Expirations | 30,258 | |
[1] | not |
PRE TAX EXPENSE (Details 1)
PRE TAX EXPENSE (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock based award expense | $ 4,309 | $ 4,123 | $ 4,403 | |
Related tax benefits recognized in earnings | 1,212 | 1,159 | 1,238 | |
Stock options [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock based award expense | [1] | 0 | 0 | 23 |
Restricted stock awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock based award expense | [2] | 3,580 | 3,272 | 3,679 |
Restricted stock awards [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock based award expense | [1] | $ 729 | $ 851 | $ 701 |
[1] | Expense related to awards issued to directors is recognized as directors’ fees within other noninterest expense. | |||
[2] | Inclusive of compensation expense associated with time-vested and performance-based restricted stock awards. |
STOCK OPTION AWARDS DURING PERI
STOCK OPTION AWARDS DURING PERIOD (Details 3) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 0 | 0 |
RELEVANT STOCK OPTION INFORMATI
RELEVANT STOCK OPTION INFORMATION (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from stock option exercises | $ 197 | $ 281 | |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of stock options vested based on grant date fair value | 22 | 21 | |
Intrinsic value of stock options exercised | $ 414 | 404 | 883 |
Cash received from stock option exercises | 233 | 279 | 396 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 116 | $ 114 | $ 248 |
STOCK OPTION ROLLFORWARD (Detai
STOCK OPTION ROLLFORWARD (Details 5) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Stock Option Awards, Outstanding (in shares): | ||||
Granted | 0 | 0 | ||
Stock Option Awards, Nonvested (in shares) | ||||
Granted | 0 | 0 | ||
Stock options [Member] | ||||
Stock Option Awards, Outstanding (in shares): | ||||
Balance outstanding at beginning of period | 28,500 | |||
Granted | 0 | |||
Exercised | (8,500) | |||
Balance outstanding at end of period | 20,000 | [1] | 28,500 | |
Weighted Average Exercise Price, Outstanding (in usd per share): | ||||
Balance outstanding at beginning of period | $ 47.61 | |||
Granted | 0 | |||
Exercised | 27.46 | |||
Balance outstanding at end of period | $ 56.18 | $ 47.61 | ||
Balance at December 31, 2020, Weighted average remaining contractual term (years) | 4 years 7 months 17 days | |||
Balance at December 31, 2020, Aggregate Intrinsic Value | [2] | $ 509 | ||
Stock Option Awards, Nonvested (in shares) | ||||
Granted | 0 | |||
[1] | vested stock options outstanding to Directors. | |||
[2] | The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the average of the high price and low price at which the Company’s common stock traded on December 31, 2021 of $81.65, which would have been received by in-the-money option holders had they all exercised their options as of that date. |
RSA GRANTS (Details 6)
RSA GRANTS (Details 6) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Restricted stock awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 81.43 | |||
Restricted stock awards [Member] | Employee Stock Plan [Member] | 2/18/2021 | Ratably Over Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 49,550 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 81.84 | ||
Vesting terms | Ratably over 5 years from grant date | |||
Restricted stock awards [Member] | Employee Stock Plan [Member] | 2/27/2020 | Ratably Over Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 46,550 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 70.24 | ||
Vesting terms | Ratably over 5 years from grant date | |||
Restricted stock awards [Member] | Employee Stock Plan [Member] | 4/15/2020 | Ratably Over Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 880 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 70.02 | ||
Vesting terms | Ratably over 5 years from grant date | |||
Restricted stock awards [Member] | Employee Stock Plan [Member] | 2/21/2019 | Ratably Over Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 43,250 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 83.87 | ||
Vesting terms | Ratably over 5 years from grant date | |||
Restricted stock awards [Member] | Employee Stock Plan [Member] | 3/15/2019 | Ratably Over Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 79.55 | ||
Vesting terms | Ratably over 5 years from grant date | |||
Restricted stock awards [Member] | Employee Stock Plan [Member] | 4/1/2019 | Ratably Over Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 1,090 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 82.62 | ||
Vesting terms | Ratably over 3 years from grant date | |||
Restricted stock awards [Member] | Non Employee Director Stock Plan Member | 5/21/2019 | Immediately upon grant date | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 6,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 77.08 | ||
Vesting terms | Immediately upon grant date | |||
Restricted stock awards [Member] | Two Thousand Eighteen Nonemployee Director Stock Plan [Member] | 5/25/2021 | Immediately upon grant date | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 7,680 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 78.18 | ||
Vesting terms | Immediately upon grant date | |||
Restricted stock awards [Member] | Two Thousand Eighteen Nonemployee Director Stock Plan [Member] | 9/1/2021 | Immediately upon grant date | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 640 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 76.78 | ||
Vesting terms | Immediately upon grant date | |||
Restricted stock awards [Member] | Two Thousand Eighteen Nonemployee Director Stock Plan [Member] | 5/27/2020 | Immediately upon grant date | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 9,438 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 72.86 | ||
Vesting terms | Immediately upon grant date | |||
Performance Shares [Member] | Employee Stock Plan [Member] | 2/18/2021 | At The End of Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 18,900 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 81.84 | ||
Vesting terms | The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2024. | |||
Performance Shares [Member] | Employee Stock Plan [Member] | 2/27/2020 | At The End of Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares 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 | [1] | $ 70.24 | ||
Vesting terms | The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2023. | |||
Performance Shares [Member] | Employee Stock Plan [Member] | 2/21/2019 | At The End of Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 15,900 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 83.87 | ||
Vesting terms | The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2022. | |||
[1] | The fair value of the restricted stock awards are based upon the average of the high and low prices at which the Company’s common stock traded on the date of grant. The holders of time-vested restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. The holders of performance-based restricted stock awards do not participate in the rewards of stock ownership of the Company until vested. The holders of all restricted stock awards are not required to pay any consideration to the Company for the awards. |
FV OF RSA VESTS (Details 7)
FV OF RSA VESTS (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted stock awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock awards upon vesting | $ 5,754 | $ 5,580 | $ 6,005 |
RSA ROLLFORWARD (Details 8)
RSA ROLLFORWARD (Details 8) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / sharesshares | ||
Oustanding (in shares): | ||
Beginning balance | 135,205 | |
Ending balance | 135,273 | |
Restricted stock awards [Member] | ||
Oustanding (in shares): | ||
Beginning balance | 181,505 | |
Granted | 76,770 | |
Vested/Released | (68,137) | |
Forfeited | (4,965) | |
Ending balance | 185,173 | [1] |
Weighted Average Grant Price (in usd per share): | ||
Beginning balance | $ / shares | $ 71.46 | |
Granted | $ / shares | 81.43 | |
Vested/Released | $ / shares | 67.40 | |
Forfeited | $ / shares | 73.44 | |
Ending balance | $ / shares | $ 77.03 | |
Unrecognized compensation cost (inclusive of directors’ fees) | $ | $ 8,213 | |
Weighted average remaining recognition period (years) | 3 years 21 days | |
[1] | Inclusive of 4,500 restricted stock awards outstanding to Directors. |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details Textual) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 135,273 | 135,205 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Price Per Share Common Stock Average High And Low Price Intrinsic Value | $ 81.65 | ||
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 20,000 | [1] | 28,500 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 185,173 | [2] | 181,505 |
Weighted average remaining recognition period (years) | 3 years 21 days | ||
Director [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,500 | ||
Two Thousand Eighteen Nonemployee Director Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 | ||
Two Thousand Five Amended and Restated Employee Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,650,000 | ||
Two Thousand Ten Nonemployee Director Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 174,855 | ||
[1] | vested stock options outstanding to Directors. | ||
[2] | Inclusive of 4,500 restricted stock awards outstanding to Directors. |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Derivative Positions for Interest Rate Swaps which Qualify as Hedges) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Apr. 01, 2016 | ||
Interest rate swaps on borrowings [Member] | ||||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ||||
Fair Value | $ (294) | $ (1,341) | ||
Derivative, Notional Amount | $ 25,000 | [1] | $ 75,000 | $ 25,000 |
Derivative, Average Remaining Maturity | 7 months 13 days | 1 year 2 months 4 days | ||
Derivative, Average Variable Interest Rate | 0.16% | 0.22% | ||
Derivative, Average Fixed Interest Rate | 1.88% | 1.53% | ||
Interest rate swaps on loans [Member] | ||||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ||||
Fair Value | $ 11,830 | $ 27,021 | ||
Derivative, Notional Amount | $ 550,000 | $ 450,000 | ||
Derivative, Average Remaining Maturity | 2 years 6 months 29 days | 2 years 7 months 28 days | ||
Derivative, Average Variable Interest Rate | 0.11% | 0.15% | ||
Derivative, Average Fixed Interest Rate | 2.16% | 2.37% | ||
Interest rate collars on loans [Member] | ||||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ||||
Fair Value | $ 9,383 | $ 21,764 | ||
Derivative, Notional Amount | $ 400,000 | $ 400,000 | ||
Derivative, Average Remaining Maturity | 1 year 7 months 28 days | 2 years 7 months 28 days | ||
Derivative, Average Variable Interest Rate | 0.11% | 0.15% | ||
Derivative, Cap Interest Rate | 2.73% | 2.73% | ||
Derivative, Floor Interest Rate | 2.20% | 2.20% | ||
Interest Rate Swap [Member] | ||||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ||||
Fair Value | $ 20,919 | $ 47,444 | ||
Derivative, Notional Amount | $ 975,000 | $ 925,000 | ||
[1] | Two forward starting swaps with notional amounts of $25.0 million each matured in December 2021. The Company originally entered into these swaps in April 2016 for purposes of hedging $50.0 million of existing junior subordinated dentures |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Customer Related Derivative Positions - Not Designated as Hedges) (Details) - Not Designated as Hedging Instrument [Member] $ in Thousands | Dec. 31, 2021USD ($)position | Dec. 31, 2020USD ($)position | ||
Receive fixed, pay variable | Loan level swaps | ||||
Summary of customer related derivative positions, not designated as hedging | ||||
Number of Positions (1) | position | [1] | 296 | 322 | |
Less than 1 year | $ 37,589 | $ 102,999 | ||
Less than 2 years | 139,844 | 76,487 | ||
Less than 3 years | 123,507 | 149,265 | ||
Less than 4 years | 260,953 | 147,422 | ||
Thereafter | 1,060,276 | 1,222,557 | ||
Derivative, Notional Amount | 1,622,169 | 1,698,730 | ||
Fair Value | $ 55,984 | $ 127,226 | ||
Pay fixed, receive variable | Loan level swaps | ||||
Summary of customer related derivative positions, not designated as hedging | ||||
Number of Positions (1) | position | [1] | 296 | 313 | |
Less than 1 year | $ 37,589 | $ 102,999 | ||
Less than 2 years | 139,844 | 76,487 | ||
Less than 3 years | 123,507 | 149,265 | ||
Less than 4 years | 260,953 | 147,422 | ||
Thereafter | 1,060,276 | 1,222,557 | ||
Derivative, Notional Amount | 1,622,169 | 1,698,730 | ||
Fair Value | $ (55,982) | $ (127,216) | ||
Buys foreign currency, sells U.S. currency | Foreign exchange contracts | ||||
Summary of customer related derivative positions, not designated as hedging | ||||
Number of Positions (1) | position | [1] | 52 | 33 | |
Less than 1 year | $ 149,588 | $ 87,557 | ||
Less than 2 years | 8,784 | 5,300 | ||
Derivative, Notional Amount | 158,372 | 92,857 | ||
Fair Value | $ 5,734 | $ (4,214) | ||
Buys U.S. currency, sells foreign currency | Foreign exchange contracts | ||||
Summary of customer related derivative positions, not designated as hedging | ||||
Number of Positions (1) | position | [1] | 52 | 33 | |
Less than 1 year | $ 149,588 | $ 87,557 | ||
Less than 2 years | 8,784 | 5,300 | ||
Derivative, Notional Amount | 158,372 | 92,857 | ||
Fair Value | $ (5,734) | $ 4,224 | ||
Risk Participated Out [Member] | Risk Participation Agreement [Member] | ||||
Summary of customer related derivative positions, not designated as hedging | ||||
Number of Positions (1) | position | 11 | [1] | 12 | |
Less than 1 year | $ 6,721 | |||
Less than 2 years | $ 2,635 | |||
Less than 3 years | 7,138 | 2,675 | ||
Less than 4 years | 24,539 | 7,307 | ||
Thereafter | 68,408 | 93,378 | ||
Derivative, Notional Amount | 102,720 | 110,081 | ||
Fair Value | $ 279 | $ 512 | ||
Risk Participated In [Member] | Risk Participation Agreement [Member] | ||||
Summary of customer related derivative positions, not designated as hedging | ||||
Number of Positions (1) | position | 7 | [1] | 8 | |
Less than 1 year | $ 29,972 | |||
Less than 2 years | 28,235 | $ 30,649 | ||
Less than 3 years | 29,072 | |||
Thereafter | 8,339 | 15,844 | ||
Derivative, Notional Amount | 66,546 | 75,565 | ||
Fair Value | $ (55) | $ (118) | ||
[1] | The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (FV of Derivative Financial Instruments and Classification on Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | ||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 7,090 | $ 6,713 | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | ||
Derivative Asset | 92,185 | 187,422 | ||
Derivative Liability | 69,246 | 117,959 | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 63,867 | 138,636 | ||
Interest Receivable | 43,700 | 36,000 | ||
Derivative, Collateral, Obligation to Return Securities | [1] | 28,318 | 48,786 | |
Derivative, Collateral, Right to Reclaim Cash | 33,838 | 62,460 | ||
Derivative, Collateral, Right to Reclaim Securities | [1] | 28,318 | 48,786 | |
Other Assets [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 75,961 | 138,613 | ||
Total | 97,912 | 187,399 | ||
Other Liabilities [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 74,983 | 132,722 | ||
Total | 76,015 | 134,064 | ||
Interest rate derivatives | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Interest Receivable | 1,200 | 1,200 | ||
Interest rate derivatives | Derivatives designated as hedges: [Member] | Other Assets [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Interest Rate Derivative Assets, at Fair Value | [2],[3] | 21,951 | 48,786 | |
Interest rate derivatives | Derivatives designated as hedges: [Member] | Other Liabilities [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Interest rate derivatives | [4],[5] | 1,032 | 1,342 | |
Loan level swaps | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Interest Receivable | 1,500 | 2,000 | ||
Loan level swaps | Other Assets [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Total | [2],[3] | 68,726 | 127,228 | |
Loan level swaps | Other Liabilities [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Total | [4],[5] | 68,724 | 127,218 | |
Foreign exchange contracts | Other Assets [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Total | 6,147 | 4,359 | [2] | |
Foreign exchange contracts | Other Liabilities [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Total | 6,147 | 4,349 | [4] | |
Mortgage Derivatives | Derivatives not designated as hedges: [Member] | Other Assets [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Forward sale hedge commitments | [2] | 56 | 0 | |
Derivative Instrument Not Designated as a Hedge, Forward Sale Hedge Commitment, Asset at Fair Value | [2] | 0 | 0 | |
Interest rate lock commitments | [2] | 753 | 6,513 | |
Mortgage Derivatives | Derivatives not designated as hedges: [Member] | Other Liabilities [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Interest rate lock commitments | [4] | 0 | 0 | |
Forward sale hedge commitments | [4] | 0 | 1 | |
Derivative Instrument Not Designated as a Hedge, Forward Sale Hedge Commitment, Liability at Fair Value | [4] | 57 | 1,035 | |
CME [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Derivative, Collateral, Obligation to Return Cash | [6] | (5,727) | 23 | |
Derivative, Collateral, Right to Reclaim Cash | [6] | 6,769 | 16,105 | |
Risk Participation Agreement [Member] | Other Assets [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Credit Risk Derivative Assets, at Fair Value | [2] | 279 | 513 | |
Risk Participation Agreement [Member] | Other Liabilities [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Credit Risk Derivative Liabilities, at Fair Value | [4] | 55 | 119 | |
Derivative Financial Instruments, Assets [Member] | Fair Value, Recurring [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Total | 97,912 | 187,399 | ||
Derivative Financial Instruments, Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ||||
Total | $ 97,912 | $ 187,399 | ||
[1] | Reflects offsetting derivative positions with the same counterparty that are not netted on the balance sheet. | |||
[2] | All asset derivatives are located in other assets on the balance sheet | |||
[3] | Approximately $1.2 million and $1.5 million of accrued interest receivable is included in the fair value of the interest rate and loan level asset derivatives, respectively, at December 31, 2021, in comparison to accrued interest receivable of approximately and $1.2 million and $2.0 million, respectively, at December 31, 2020. | |||
[4] | All liability derivatives are located in other liabilities on the balance sheet | |||
[5] | Approximately $5,000 and $1.5 million of accrued interest payable is included in the fair value of interest rate and loan level derivative liabilities as of December 31, 2021, in comparison to accrued interest payable of approximately $81,000 and $2.0 million, respectively, at December 31, 2020. | |||
[6] | Netting adjustments represent the amounts recorded to convert derivative assets and liabilities cleared through CME from a gross basis to a net basis, inclusive of the variation margin payments, in accordance with applicable accounting guidance. As displayed in the table above, derivatives that cleared through the CME were either in a net asset position or a net liability position as of December 31, 2021 and 2020. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Derivative Financial Instruments included in OCI and Current Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 18,691 | $ 14,306 | $ 2,346 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Loss on Termination of Derivatives, before Tax | 0 | (684) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (19,139) | 16,797 | 10,331 |
Derivatives designated as hedges: [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | 0 | 0 | 0 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 14,306 | ||
Derivatives not designated as hedges: [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other income | (4,913) | 3,896 | 1,296 |
Other Expense [Member] | Derivatives designated as hedges: [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | 0 | 0 | 0 |
Other Expense [Member] | Derivatives not designated as hedges: [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other income | (405) | (199) | (18) |
Other Income [Member] | Derivatives not designated as hedges: [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other income | 217 | 90 | 39 |
Mortgage banking income | Derivatives not designated as hedges: [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Increase Decrease In Fair Value Of Unhedged Derivative Instruments Relating To Residential Loans | (4,725) | 4,005 | 1,275 |
Interest Expense [Member] | Derivatives designated as hedges: [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | 0 | 0 | 0 |
Derivatives designated as hedges: [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ (19,139) | $ 16,797 | $ 10,331 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Textual) (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 01, 2016 | |||
Derivative [Line Items] | ||||||
Derivative, Net Liability Position, Aggregate Fair Value | $ 34,800,000 | $ 79,800,000 | ||||
Derivative, Collateral, Right to Reclaim Cash | 33,838,000 | 62,460,000 | ||||
Increase (Decrease) in Loans Held-for-sale | (1,679,000) | 1,296,000 | $ 822,000 | |||
Exposure to Institutional Counterparties | $ 28,300,000 | 48,800,000 | ||||
Maximum length of time Company is currently hedging its exposure | 7 years 2 months 12 days | |||||
Customer related positions | $ 62,400,000 | 127,200,000 | ||||
Gain (Loss) on Sales of Loans, Net | 19,900,000 | 30,100,000 | 13,200,000 | |||
Fair Value Hedges, Net | 0 | 0 | $ 0 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Loss on Termination of Derivatives, before Tax | 0 | (684,000) | ||||
Interest Receivable | 43,700,000 | 36,000,000 | ||||
Interest Income [Member] | ||||||
Derivative [Line Items] | ||||||
Interest expense | 15,400,000 | |||||
Interest Expense [Member] | ||||||
Derivative [Line Items] | ||||||
Interest expense | (238,000) | |||||
CME [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Collateral, Right to Reclaim Cash | [1] | 6,769,000 | 16,105,000 | |||
Loan level swaps | ||||||
Derivative [Line Items] | ||||||
Interest Receivable | 1,500,000 | 2,000,000 | ||||
Interest Payable, Current | (1,500,000) | (2,000,000) | ||||
Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Interest Receivable | 1,200,000 | 1,200,000 | ||||
Interest Payable, Current | (5,000) | (81,000) | ||||
Derivative, Notional Amount | 975,000,000 | 925,000,000 | ||||
Interest rate swaps on borrowings [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 25,000,000 | [2] | $ 75,000,000 | $ 25,000,000 | ||
[1] | 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 December 31, 2021 and 2020. | |||||
[2] | Two forward starting swaps with notional amounts of $25.0 million each matured in December 2021. The Company originally entered into these swaps in April 2016 for purposes of hedging $50.0 million of existing junior subordinated dentures |
Accrued Interest & Penalties
Accrued Interest & Penalties - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accrued Interest & Penalties [Line Items] | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 920,000 | $ 95,000 | $ 43,000 | $ 53,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 69,000 | $ 52,000 | $ 10,000 | |
Acquired unrecognized tax benefits, income tax penalties and interest accrued | $ 756,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current expense | |||
Federal | $ 21,539 | $ 32,171 | $ 27,980 |
State | 11,054 | 17,004 | 14,359 |
Total current expense | 32,593 | 49,175 | 42,339 |
Deferred expense (benefit) | |||
Federal | 3,032 | (10,872) | 9,080 |
State | 58 | (6,634) | 1,514 |
Total deferred expense (benefit) | 3,090 | (17,506) | 10,594 |
Total expense | $ 35,683 | $ 31,669 | $ 52,933 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed statutory federal income tax provision | $ 32,902 | $ 32,096 | $ 45,803 |
State taxes, net of federal tax benefit | $ 8,754 | $ 8,147 | $ 12,262 |
Effective Income Tax Rate Reconciliation, CARES Act, Percent | 0.00% | (3.15%) | 0.00% |
Effective Income Tax Rate Reconciliation, CARES Act, Amount | $ 0 | $ (4,809) | $ 0 |
Merger and other related costs (non-deductible) | 630 | 0 | 582 |
Change in valuation allowance | 26 | 0 | 17 |
New Markets Tax Credits | 0 | 0 | (2,675) |
Increase in cash surrender value of life insurance | (1,405) | (1,345) | (1,144) |
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount | (2,308) | (1,851) | (1,696) |
Stock-based compensation | (372) | (1,067) | (824) |
Nontaxable interest, net | (1,022) | (723) | (757) |
Other, net | (1,522) | 1,221 | 1,365 |
Total expense | $ 35,683 | $ 31,669 | $ 52,933 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Computed statutory federal income tax provision | 21.00% | 21.00% | 21.00% |
State taxes, net of federal tax benefit | 5.59% | 5.33% | 5.63% |
Merger and other related costs (non-deductible) | 0.40% | 0.00% | 0.27% |
Change in valuation allowance | 0.02% | 0.00% | 0.01% |
New Markets Tax Credits | 0.00% | 0.00% | (1.23%) |
Increase in cash surrender value of life insurance | (0.90%) | (0.88%) | (0.52%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent | (1.47%) | (1.21%) | (0.78%) |
Stock-based compensation | (0.24%) | (0.70%) | (0.38%) |
Nontaxable interest, net | (0.65%) | (0.47%) | (0.35%) |
Other, net | (0.97%) | 0.80% | 0.63% |
Total expense | 22.78% | 20.72% | 24.28% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Accrued expenses not deducted for tax purposes | $ 15,909 | $ 13,804 |
Allowance for credit losses | 41,541 | 32,265 |
Employee and director equity compensation | 1,489 | 1,548 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 89 | 89 |
Loan basis difference fair value adjustment | 2,286 | 4,791 |
Deferred Tax Assets, Operating Loss Carryforwards | 637 | 226 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 2,921 | 0 |
Deferred Tax Asset, Operating Lease Liability | 17,970 | 15,846 |
Other | 1,188 | 999 |
Gross deferred tax assets | 84,030 | 69,568 |
Deferred Tax Assets, Valuation Allowance | (306) | (280) |
Deferred Tax Assets, Net of Valuation Allowance | 83,724 | 69,288 |
Deferred tax liabilities | ||
Core deposit and other intangibles | 5,927 | 4,344 |
Deferred loan fees, net | 6,107 | 336 |
Deferred Tax Liabilities, Derivatives | 5,536 | 13,036 |
Fixed assets | 18,437 | 7,786 |
Goodwill | 11,249 | 10,947 |
Deferred Tax Liabilities Unrealized Gains on Available for Sale | 0 | 4,152 |
Deferred Tax Liabilities, Prepaid Expenses | 3,296 | 3,404 |
Deferred Tax Liabilities, Leasing Arrangements | 16,829 | 12,979 |
Other | 1,825 | 1,573 |
Gross deferred tax liabilities | 69,206 | 58,557 |
Total net deferred tax asset | $ 14,518 | $ 10,731 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning Balance | $ 474 | $ 532 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 29 | 58 |
Increase for current year tax positions | 2,433 | |
Ending Balance | $ 2,878 | $ 474 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 604,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 69,000 | $ 52,000 | $ 10,000 | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 637,000 | $ 226,000 | ||
Computed statutory federal income tax provision | 21.00% | 21.00% | 21.00% | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 920,000 | $ 95,000 | $ 43,000 | $ 53,000 |
Effective Income Tax Rate Reconciliation, CARES Act, Amount | 0 | $ 4,809,000 | $ 0 | |
Investments in Low Income Housing Projects [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 306,000 |
LOW INCOME HOUSING PROJECT IN_3
LOW INCOME HOUSING PROJECT INVESTMENTS Low Income Housing Project Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | |
Original Investment in Low Income Housing Projects | $ 179,481 | $ 96,275 | $ 128,752 | ||
Amortization Method Qualified Affordable Housing Project Investments | 135,497 | 97,435 | $ 72,510 | ||
Qualified Affordable Housing Project Investments, Commitment | 73,336 | $ 49,586 | $ 34,967 | ||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 9,404 | 14,198 | 7,342 | ||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 7,552 | 11,892 | 5,645 | ||
Income (Loss) from Affordable Housing Projects, Equity Method Investments | $ 1,851 | $ 2,306 | $ 1,696 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Multiemployer Plans [Line Items] | ||||
Multiemployer Plans, Funded Status [Fixed List] | At least 80 percent | At least 80 percent | ||
FIP/RP Status Pending/Implemented | No | |||
Surcharge Imposed | No | |||
Expiration Date of Collective-Bargaining Agreement | N/A | |||
Minimum Contributions Required for Future Periods | $ 0 | |||
Supplemental Executive Retirement Plans [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 19,498,000 | $ 20,752,000 | $ 17,361,000 | $ 14,963,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,225,000 | |||
Contributions paid | 475,000 | $ 475,000 | $ 486,000 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | $ 1,214,000 |
Pension Plan Contributions (Det
Pension Plan Contributions (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Employer Contribution, Cost | $ 626 | $ 929 | $ 2,063 |
Multiemployer Plan Year Allocation One [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Employer Contribution, Cost | $ 626 | ||
Multiemployer Plan Year Allocation Two [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Employer Contribution, Cost | $ 929 | ||
Multiemployer Plan Year Allocation Three [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Employer Contribution, Cost | $ 2,063 |
EMPLOYEE BENEFIT PLANS BHBK Pen
EMPLOYEE BENEFIT PLANS BHBK Pension Plan Benefits Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 20,300 | $ 19,100 | |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 14,099 | 12,225 | $ 11,653 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 1,480 | 1,333 | |
Employer contribution | 950 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 556 | 761 | |
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation | 13,939 | 15,052 | $ 13,687 |
Defined Benefit Plan, Interest Cost | 344 | 416 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (901) | 1,710 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 556 | 761 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 160 | $ (2,827) |
EMPLOYEE BENEFIT PLANS BHBK P_2
EMPLOYEE BENEFIT PLANS BHBK Pension Plan Net Periodic Pension Benefit Cost (Details) - Other Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Interest Cost | $ 344 | $ 416 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (891) | (908) |
Defined Benefit Plan, Amortization of Gain (Loss) | 208 | 541 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 176 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (339) | $ 225 |
EMPLOYEE BENEFIT PLANS BHBK Sch
EMPLOYEE BENEFIT PLANS BHBK Schedule of Allocation of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 20,300 | $ 19,100 | ||
Schedule of Allocation of Plan Assets [Table Text Block] | The fair value of major categories of the BHB Plan assets are summarized below: Fair Value Measurements at Reporting Date Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs December 31, 2021 (Dollars in thousands) Collective funds $ 1,542 1,542 $ — $ — Equity securities 3,391 3,391 — — Mutual funds 1,702 1,702 — — Total investments in the fair value hierarchy $ 6,635 $ 6,635 $ — $ — Investments measured at net asset value (1) 7,464 $ 14,099 Fair Value Measurements at Reporting Date Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs December 31, 2020 (Dollars in thousands) Collective funds $ 1,300 1,300 $ — $ — Equity securities 3,239 3,239 — — Mutual funds 1,506 1,506 — — Total investments in the fair value hierarchy $ 6,045 $ 6,045 $ — $ — Investments measured at net asset value (1) 6,180 $ 12,225 (1) Under the Fair Value Measurements and Disclosure Topic of the FASB ASC, certain investments that were measured at fair value at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
DefinedBenefitPlanFairValueofPlanAssetsExcludingNetAssetValueInvestments | $ 6,635 | 6,045 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
DefinedBenefitPlanFairValueofPlanAssetsExcludingNetAssetValueInvestments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
DefinedBenefitPlanFairValueofPlanAssetsExcludingNetAssetValueInvestments | 0 | 0 | ||
Defined Benefit Plan, Common Collective Trust [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 1,542 | 1,300 | ||
Defined Benefit Plan, Common Collective Trust [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 1,542 | 1,300 | ||
Defined Benefit Plan, Common Collective Trust [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 0 | 0 | ||
Defined Benefit Plan, Common Collective Trust [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 0 | 0 | ||
Mutual Fund [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 1,702 | 1,506 | ||
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 1,702 | 1,506 | ||
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 0 | 0 | ||
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 0 | 0 | ||
Equity Securities [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 3,391 | 3,239 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 3,391 | 3,239 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 0 | 0 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 0 | 0 | ||
Other Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 14,099 | 12,225 | $ 11,653 | |
DefinedBenefitPlanFairValueofPlanAssetsExcludingNetAssetValueInvestments | 6,635 | 6,045 | ||
DefinedBenefitPlanAlternativeInvestmentsFairValueOfPlanAssets | [1] | $ 7,464 | $ 6,180 | |
[1] | Under the Fair Value Measurements and Disclosure Topic of the FASB ASC, certain investments that were measured at fair value at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. |
EMPLOYEE BENEFIT PLANS BHBK P_3
EMPLOYEE BENEFIT PLANS BHBK Pension Plan Expected Future Benefit Payments (Details) - Other Pension Plan [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 606 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 648 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 623 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 582 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 579 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 3,216 |
SERP Expense and Contributions
SERP Expense and Contributions paid (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Retirement expense | $ 1,200 | $ 1,900 | $ 1,400 |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Retirement expense | 2,275 | 1,770 | 1,356 |
Contributions paid | $ 475 | $ 475 | $ 486 |
Expected future benefit payment
Expected future benefit payments under SERP (Details) - Supplemental Executive Retirement Plans [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 471 |
2022 | 585 |
2023 | 1,235 |
2024 | 1,225 |
2025 | 1,214 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 5,953 |
SERP Benefits Table (Details)
SERP Benefits Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | $ 19,100 | ||
Fair value of plan assets at end of year | 20,300 | $ 19,100 | |
Supplemental Executive Retirement Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 20,752 | 17,361 | $ 14,963 |
Service cost | 574 | 505 | 433 |
Interest cost | 424 | 518 | 601 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (1,777) | 2,843 | 1,850 |
Accumulated benefit obligation at end of year | 19,498 | 20,752 | 17,361 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (475) | (475) | (486) |
Change in plan assets | |||
Employer contribution | 475 | 475 | 486 |
Defined Benefit Plan, Plan Assets, Benefits Paid | (475) | (475) | (486) |
Funded status at end of year | (19,498) | (20,752) | (17,361) |
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | 0 |
Liabilities | (19,498) | (20,752) | (17,361) |
Funded status at end of year | (19,498) | (20,752) | (17,361) |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 3,002 | 5,881 | 3,509 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 43 | 218 | 494 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 3,045 | 6,099 | 4,003 |
Information for plans with an accumulated benefit obligation in excess of plan assets | |||
Projected benefit obligation | 19,498 | 20,752 | 17,361 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 19,498 | 20,752 | 17,361 |
Net periodic benefit cost | |||
Service cost | 574 | 505 | 433 |
Interest cost | 424 | 518 | 601 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 174 | 276 | 276 |
Recognized net actuarial loss | 1,103 | 471 | 46 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 2,275 | $ 1,770 | $ 1,356 |
Minimum [Member] | Supplemental Executive Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.28% | 0.43% | 2.00% |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.43% | 2.00% | 3.24% |
Maximum [Member] | Supplemental Executive Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.57% | 2.18% | 3.04% |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.18% | 3.04% | 4.09% |
EMPLOYEE BENEFIT PLANS (Detai_2
EMPLOYEE BENEFIT PLANS (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021USD ($)age | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | |||
Incentive plans and discretionary bonus expense | $ 21,200,000 | $ 11,000,000 | $ 16,300,000 |
Employer matching contribution percent | 25.00% | ||
Employee contribution percent | 6.00% | ||
Nondiscretionary requisite service period | 1 year | ||
Defined Contribution Plan, Nondiscretionary Requisite service hours | 1,000 | ||
DefinedContributionPlanEmployerSafeHarborContributionAmount | 3.00% | ||
Nondiscretionary employer contribution, percent up to social security limit | 2.00% | ||
Nondiscretionary employer contribution, percent over social security limit | 5.00% | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 84,000 | 101,000 | 180,000 |
Multiemployer Plans [Abstract] | |||
Significance of contributions percentage | 5.00% | ||
Defined benefit plan expense | $ 1,200,000 | 1,900,000 | 1,400,000 |
Postretirement Benefits [Abstract] | |||
Retirement age | age | 65 | ||
Service period to be eligible for postretirement benefit | 10 years | ||
Death benefit | $ 5,000 | ||
Supplemental Executive Retirement Plans [Abstract] | |||
Plan assets | 20,300,000 | 19,100,000 | |
401(k) Restoration Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan expense | 303,000 | 400,000 | 356,000 |
Employee Savings Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan expense | 7,800,000 | 7,200,000 | 6,600,000 |
Executive Vice President [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Supplemental Unemployment Benefits, Salary Continuation | $ 210,000 | $ 207,000 | 295,000 |
Other Pension Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.35% | 3.11% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.00% | 8.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.68% | 2.35% | |
Supplemental Executive Retirement Plans [Abstract] | |||
Plan assets | $ 14,099,000 | $ 12,225,000 | $ 11,653,000 |
Minimum [Member] | Equity Securities [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 49.00% | ||
Minimum [Member] | Fixed Income Securities [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 28.00% | ||
Minimum [Member] | Other Investments [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3.00% | ||
Maximum [Member] | Equity Securities [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 63.00% | ||
Maximum [Member] | Fixed Income Securities [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 42.00% | ||
Maximum [Member] | Other Investments [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% |
Recurring and Nonrecurring basi
Recurring and Nonrecurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading | $ 3,720 | $ 2,838 | |
Equity Securities, FV-NI | 23,173 | 22,107 | |
Debt Securities, Available-for-sale | 1,571,148 | 412,860 | |
US Government Agencies Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 215,482 | 24,116 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 363,933 | 233,629 | |
Pooled Trust Preferred Securities Issued By Banks And Insurers [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,000 | 1,056 | |
Small Business Administration Pooled Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 48,914 | 61,081 | |
US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 861,448 | 0 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading | 3,720 | 2,838 | |
Assets and liabilities measured at fair value on a recurring basis | |||
Assets and Liabilities Fair Value Disclosure Recurring | 1,644,617 | 549,244 | |
Fair Value, Recurring [Member] | Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 23,173 | 22,107 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 215,482 | 24,116 | |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 363,933 | 233,629 | |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 79,677 | 91,683 | |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 203 | 807 | |
Fair Value, Recurring [Member] | Single Issuer Trust Preferred Securities Issued By Banks [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 491 | 488 | |
Fair Value, Recurring [Member] | Pooled Trust Preferred Securities Issued By Banks And Insurers [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,000 | 1,056 | |
Fair Value, Recurring [Member] | Small Business Administration Pooled Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 48,914 | 61,081 | |
Fair Value, Recurring [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 24,679 | 58,104 | |
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Total | 97,912 | 187,399 | |
Fair Value, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 76,015 | 134,064 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 861,448 | ||
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading | 3,720 | 2,838 | |
Assets and liabilities measured at fair value on a recurring basis | |||
Assets and Liabilities Fair Value Disclosure Recurring | 26,893 | 24,945 | |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 23,173 | 22,107 | |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | ||
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Small Business Administration Pooled Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Assets and Liabilities Fair Value Disclosure Recurring | 1,617,724 | 524,299 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 0 | 0 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | US Government Agencies Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 215,482 | 24,116 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 363,933 | 233,629 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 79,677 | 91,683 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 203 | 807 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Single Issuer Trust Preferred Securities Issued By Banks [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 491 | 488 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Pooled Trust Preferred Securities Issued By Banks And Insurers [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,000 | 1,056 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Small Business Administration Pooled Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 48,914 | 61,081 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 24,679 | 58,104 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Derivative Financial Instruments, Assets [Member] | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Total | 97,912 | 187,399 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 76,015 | 134,064 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 861,448 | ||
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 0 | 0 | |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | ||
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Small Business Administration Pooled Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Nonrecurring [Member] | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Assets And Liabilities Fair Value Disclosure Nonrecurring | 1,174 | 31,510 | |
Fair Value, Nonrecurring [Member] | Collateral Dependent Loans [Member] | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | 1,174 | 31,510 | |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Assets And Liabilities Fair Value Disclosure Nonrecurring | 1,174 | 31,510 | |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Collateral Dependent Loans [Member] | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Assets, Fair Value Disclosure | [1] | $ 1,174 | $ 31,510 |
[1] | The fair value of individually assessed collateral dependent loans 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 disclosure only tabl
Fair value disclosure only table (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Held-to-maturity | $ 1,066,818 | $ 724,512 | |
Loans and Leases Receivable, Net Amount | 13,440,364 | 9,279,474 | |
Securities held to maturity, fair value | 1,064,133 | 752,177 | |
Federal Home Loan Bank Stock | 11,407 | 10,250 | |
Bank Owned Life Insurance | 289,304 | 200,525 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Advances from Federal Home Loan Banks | 25,667 | 35,740 | |
Subordinated Debt | 49,791 | 49,696 | |
Deposits [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Financial Liabilities Book Value | 15,385,894 | 10,042,541 | |
Accrued Liabilities, Fair Value Disclosure | [1] | 15,385,894 | 10,042,541 |
Bank Time Deposits [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Financial Liabilities Book Value | 1,531,150 | 950,629 | |
Accrued Liabilities, Fair Value Disclosure | [2] | 1,529,857 | 955,598 |
Federal Home Loan Bank Advances [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Advances from Federal Home Loan Banks | 25,667 | 35,740 | |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | [2] | 25,663 | 35,885 |
Junior Subordinated Debt [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Junior subordinated debentures (less unamortized debt issuance costs of $35 and $37) | 62,853 | 62,851 | |
Accrued Liabilities, Fair Value Disclosure | [3] | 67,019 | 70,238 |
Subordinated Debt [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Subordinated Debt | 49,791 | 49,696 | |
Accrued Liabilities, Fair Value Disclosure | [2] | 45,532 | 46,486 |
Long-term Debt [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Long-term Debt | 14,063 | 32,773 | |
Long-term Debt, Fair Value | [2] | 13,989 | 32,033 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Long-term Debt [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Long-term Debt, Fair Value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Deposits [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Accrued Liabilities, Fair Value Disclosure | 15,385,894 | 10,042,541 | |
Significant Other Observable Inputs (Level 2) [Member] | Bank Time Deposits [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Accrued Liabilities, Fair Value Disclosure | 1,529,857 | 955,598 | |
Significant Other Observable Inputs (Level 2) [Member] | Federal Home Loan Bank Advances [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 25,663 | ||
Accrued Liabilities, Fair Value Disclosure | 35,885 | ||
Significant Other Observable Inputs (Level 2) [Member] | Junior Subordinated Debt [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Accrued Liabilities, Fair Value Disclosure | 67,019 | 70,238 | |
Significant Other Observable Inputs (Level 2) [Member] | Long-term Debt [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Long-term Debt, Fair Value | 13,989 | 32,033 | |
Significant Unobservable Inputs (Level 3) [Member] | Subordinated Debt [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Accrued Liabilities, Fair Value Disclosure | 45,532 | 46,486 | |
Significant Unobservable Inputs (Level 3) [Member] | Long-term Debt [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Long-term Debt, Fair Value | 0 | 0 | |
US Government Agencies Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Held-to-maturity | 32,987 | ||
Securities held to maturity, fair value | 32,546 | ||
US Government Agencies Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Securities held to maturity, fair value | 32,546 | ||
US Treasury Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Held-to-maturity | 102,560 | 4,017 | |
Securities held to maturity, fair value | [4] | 102,242 | 4,077 |
US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Securities held to maturity, fair value | 102,242 | 4,077 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Held-to-maturity | 493,012 | 356,085 | |
Securities held to maturity, fair value | [4] | 497,236 | 374,121 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Securities held to maturity, fair value | 497,236 | 374,121 | |
Collateralized Mortgage Obligations [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Held-to-maturity | 415,736 | 335,993 | |
Securities held to maturity, fair value | [4] | 408,845 | 344,119 |
Collateralized Mortgage Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Securities held to maturity, fair value | 408,845 | 344,119 | |
Single Issuer Trust Preferred Securities Issued By Banks [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Held-to-maturity | 1,500 | 1,500 | |
Securities held to maturity, fair value | [4] | 1,508 | 1,498 |
Single Issuer Trust Preferred Securities Issued By Banks [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Securities held to maturity, fair value | 1,508 | 1,498 | |
Small Business Administration Pooled Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Held-to-maturity | 21,023 | 26,917 | |
Securities held to maturity, fair value | [4] | 21,756 | 28,362 |
Small Business Administration Pooled Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Securities held to maturity, fair value | 0 | 0 | |
Small Business Administration Pooled Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Securities held to maturity, fair value | 21,756 | 28,362 | |
Small Business Administration Pooled Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Securities held to maturity, fair value | 0 | 0 | |
Loans Net Of Allowance For Loan Loses [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Loans and Leases Receivable, Net Amount | 13,439,190 | 9,247,964 | |
Loans, net of allowance for loan losses | [5] | 13,389,515 | 9,253,381 |
Loans Net Of Allowance For Loan Loses [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Loans, net of allowance for loan losses | 13,389,515 | 9,253,381 | |
Investment in Federal Home Loan Bank Stock [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal Home Loan Bank Stock | 11,407 | 10,250 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | [6] | 11,407 | 10,250 |
Investment in Federal Home Loan Bank Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | |
Investment in Federal Home Loan Bank Stock [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 11,407 | 10,250 | |
Investment in Federal Home Loan Bank Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | |
Cash Surrender Value [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Bank Owned Life Insurance | 289,304 | 200,525 | |
Cash Surrender Value, Fair Value Disclosure | [7] | 289,304 | 200,525 |
Cash Surrender Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash Surrender Value, Fair Value Disclosure | 0 | 0 | |
Cash Surrender Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash Surrender Value, Fair Value Disclosure | 289,304 | 200,525 | |
Cash Surrender Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash Surrender Value, Fair Value Disclosure | $ 0 | $ 0 | |
[1] | Fair value of demand deposits, savings and interest checking accounts and money market deposits is the amount payable on demand at the reporting date. | ||
[2] | Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. | ||
[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 individually assessed collateral dependent loans, which are deemed to be marked to fair value on a nonrecurring basis. | ||
[6] | Federal Home Loan Bank 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 (Details)
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Other noninterest income - ASC 606 | $ 5,312 | $ 4,235 | $ 8,696 |
Total noninterest income in scope of ASC 606 | 71,809 | 65,905 | 80,116 |
Total noninterest income out of scope of ASC 606 | 34,041 | 45,535 | 35,178 |
Noninterest Income | 105,850 | 111,440 | 115,294 |
Deposit Account [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,745 | 15,121 | 20,040 |
Credit Card, Merchant Discount [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,862 | 12,564 | 18,262 |
ATM Charge [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,989 | 2,476 | 3,224 |
Investment Advisory, Management and Administrative Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 31,617 | 27,157 | 25,940 |
Investment Advisory, Retail Investment and Insurance Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,691 | 2,275 | 2,779 |
Merchant Processing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,362 | 1,299 | 1,175 |
Credit Card Income [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,231 | $ 778 | $ 0 |
REVENUE RECOGNITION CONTRACT WI
REVENUE RECOGNITION CONTRACT WITH CUSTOMER (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Investment Management Income Receivable | $ 5,385 | $ 4,636 |
Reconciliation of changes in th
Reconciliation of changes in the components of OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | $ (5,704) | $ 26,588 | $ 12,017 | |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax, Portion Attributable to Parent | 7,073 | (2,829) | (3,172) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (7,938) | 36,994 | 16,725 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 2,234 | (10,406) | (4,708) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 18,691 | 14,306 | 2,346 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (5,256) | (4,023) | (660) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Loss on Termination of Derivatives, After Tax | (492) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Loss on Termination of Derivatives, Tax | 192 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Loss on Termination of Derivatives, before Tax | 0 | (684) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 176 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | 126 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | (50) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 7,490 | (6,575) | (4,048) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | [1] | (1,388) | 1,223 | 521 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 13,435 | 10,283 | 1,686 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 7,490 | (6,575) | (4,048) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (19,139) | 16,797 | 10,331 | |
Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (26,629) | 23,372 | 14,379 | |
Change in fair value of securities available for sale, pre tax amount | 29,995 | (11,686) | (12,055) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 3,414 | (5,785) | (2,123) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 1,331 | 982 | (8) | |
Amortization of certain costs included in net periodic retirement costs, pre tax amount | (192) | (276) | (276) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 4,937 | (4,351) | (1,855) |
Total other comprehensive loss, pre tax amount | (51,687) | 30,707 | 26,041 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | 7,073 | (2,829) | (2,761) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (960) | 1,627 | 597 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | (374) | (276) | 2 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | (54) | (78) | (78) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | [1] | (1,388) | 1,223 | 521 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 13,175 | (8,181) | (6,699) | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | (22,922) | 8,857 | 9,294 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | (22,922) | 8,857 | 10,345 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 2,454 | (4,158) | (1,526) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 957 | 706 | (6) | |
Amortization of certain costs included in net periodic retirement costs, after tax amount | 138 | 198 | 198 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | [1] | 3,549 | (3,128) | (1,334) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (38,512) | 22,526 | 19,342 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | 0 | (1,462) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 0 | 411 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | (1,051) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent | $ (29,995) | $ 11,686 | $ 13,517 | |
[1] | The amortization of prior service costs is included in the computation of net periodic pension costs as disclosed in Note 14 - Employee Benefit Plans within the Notes to the Consolidated Financial Statements in Item 8. |
Accumulated other comprehensive
Accumulated other comprehensive income table (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Prior Period Reclassification Adjustment | [1] | $ 1,553 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 40,695 | 18,169 | $ (1,173) | |
Total other comprehensive income (loss) | (38,512) | 22,526 | 19,342 | |
Ending Balance | 2,183 | 40,695 | 18,169 | |
Unrealized Gain (Loss) on Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 13,255 | 4,398 | (5,947) | |
Total other comprehensive income (loss) | (22,922) | 8,857 | 10,345 | |
Ending Balance | (9,667) | 13,255 | 4,398 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Total other comprehensive income (loss) | (19,139) | |||
Unrealized Gain (Loss) on Cash Flow Hedge | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 33,276 | 16,479 | 6,148 | |
Total other comprehensive income (loss) | 16,797 | 10,331 | ||
Ending Balance | 14,137 | 33,276 | 16,479 | |
Defined Benefit Postretirement Plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (5,836) | (2,708) | (1,374) | |
Total other comprehensive income (loss) | 3,549 | (3,128) | (1,334) | |
Ending Balance | (2,287) | (5,836) | (2,708) | |
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Total other comprehensive income (loss) | $ (38,512) | $ 22,526 | $ 19,342 | |
[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 ($736,000, net of tax) related to the reserve for unfunded commitments resulting from the Company's adoption of the standard. Amount shown in the table above is presented net of tax. |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | ||
Leases [Abstract] | |||||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 16,288 | ||||
Operating Lease, Cost | [1] | 14,550 | $ 16,881 | $ 10,718 | |
Short-term Lease, Cost | 23 | 16 | 116 | ||
Variable Lease, Cost | 0 | 0 | 0 | ||
Lease, Cost | 14,573 | $ 16,897 | $ 10,834 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 12,349 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 10,585 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9,406 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 7,028 | ||||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 12,038 | ||||
Lessee, Operating Lease, Liability, Payments, Due | [2] | 67,694 | |||
Operating Lease, Liability, Undiscounted Excess Amount | 3,786 | ||||
Operating Lease, Liability | $ 63,908 | $ 34,100 | |||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 8 months 19 days | 5 years 7 months 2 days | 6 years 5 months 4 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 1.97% | 2.13% | 2.75% | ||
[1] | Operating lease cost for the years ended December 31, 2021 and 2020, respectively, is inclusive of impairment charges recognized by the Company in relation to branch closure decisions made during each year. | ||||
[2] | These amounts are inclusive of termination payments associated with branch closure decisions made during 2021. |
LEASES Textual (Details)
LEASES Textual (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 8 months 19 days | 5 years 7 months 2 days | 6 years 5 months 4 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 1.97% | 2.13% | 2.75% | |
Operating Lease, Right-of-Use Asset | $ 60,200,000 | $ 49,700,000 | $ 32,800,000 | |
Operating Lease, Impairment Loss | $ 0 | 4,163,000 | $ 0 | |
Property Subject to or Available for Operating Lease, Number of Units | 126 | |||
Operating Lease, Impairment Loss | $ 0 | $ 4,163,000 | $ 0 | |
Blue Hills Bancorp, Inc. [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Business Acquisition, Operating Lease Impairment Charge | $ 2,300,000 | |||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 20 years | |||
Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 3 years |
COMMITMENTS AND CONTINGENCIES F
COMMITMENTS AND CONTINGENCIES Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet financial instruments | $ 4,535,895 | $ 3,301,692 |
Standby letters of credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet financial instruments | 24,412 | 20,686 |
Deferred standby letter of credit fees [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet financial instruments | 124 | 164 |
Obligation to Repurchase Receivables Sold [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet financial instruments | $ 202,717 | $ 303,265 |
REGULATORY CAPITAL REQUIREMEN_3
REGULATORY CAPITAL REQUIREMENTS (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Company (consolidated) [Member] | ||
Total capital (to risk weighted assets): | ||
Actual | $ 2,262,740 | $ 1,374,349 |
Actual Ratio | 0.1604 | 0.1513 |
Capital Required for Capital Adequacy | $ 1,128,900 | $ 726,482 |
For Capital Adequacy Purposes Ratio | 0.080 | 0.080 |
Common Equity Tier One Capital | $ 2,017,497 | $ 1,150,177 |
Common Equity tier One Capital to Risk Weighted Assets | 14.30% | 12.67% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 635,006 | $ 408,646 |
Common Equity Tier One Capital for Capitalized Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets): | ||
Actual | $ 2,017,497 | $ 1,211,177 |
Actual Ratio | 0.1430 | 0.1334 |
For Capital Adequacy Purposes | $ 846,675 | $ 544,861 |
For Capital Adequacy Purposes Ratio | 0.060 | 0.060 |
Tier 1 capital (to average assets): | ||
Actual | $ 2,017,497 | $ 1,211,177 |
Actual Ratio | 0.1203 | 0.0956 |
For Capital Adequacy Purposes | $ 670,659 | $ 506,805 |
For Capital Adequacy Purposes Ratio | 0.040 | 0.040 |
Bank [Member] | ||
Total capital (to risk weighted assets): | ||
Actual | $ 2,083,689 | $ 1,320,056 |
Actual Ratio | 0.1477 | 0.1454 |
Capital Required for Capital Adequacy | $ 1,128,536 | $ 726,313 |
For Capital Adequacy Purposes Ratio | 0.080 | 0.080 |
To Be Well Capitalized Under Prompt Corrective Action Provisions | $ 1,410,670 | $ 907,892 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.100 | 0.100 |
Common Equity Tier One Capital | $ 1,949,237 | $ 1,206,566 |
Common Equity tier One Capital to Risk Weighted Assets | 13.82% | 13.29% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 634,801 | $ 408,551 |
Common Equity Tier One Capital for Capitalized Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier 1 Capital to be Well Capitalized | $ 916,935 | $ 590,130 |
Common Equity Tier One Capital to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 capital (to risk weighted assets): | ||
Actual | $ 1,949,237 | $ 1,206,566 |
Actual Ratio | 0.1382 | 0.1329 |
For Capital Adequacy Purposes | $ 846,402 | $ 544,735 |
For Capital Adequacy Purposes Ratio | 0.060 | 0.060 |
To Be Well Capitalized Under Prompt Corrective Action Provisions | $ 1,128,536 | $ 726,313 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.080 | 0.080 |
Tier 1 capital (to average assets): | ||
Actual | $ 1,949,237 | $ 1,206,566 |
Actual Ratio | 0.1162 | 0.0954 |
For Capital Adequacy Purposes | $ 670,827 | $ 505,747 |
For Capital Adequacy Purposes Ratio | 0.040 | 0.040 |
To Be Well Capitalized Under Prompt Correction Action Provisions | $ 838,534 | $ 632,184 |
To Be Well Capitalized Under Prompt Correction Action Provisions Ratio | 0.050 | 0.050 |
REGULATORY CAPITAL REQUIREMEN_4
REGULATORY CAPITAL REQUIREMENTS Regulatory Capital Requirements (Details Textual) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Dividends received from subsidiaries | $ 77.6 | $ 166 |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 61 | $ 61 |
Parent Company Balance Sheet (D
Parent Company Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets: | |||||
Other Assets | $ 538,674 | $ 551,289 | |||
Derivative Asset | 92,185 | 187,422 | |||
Total assets | 20,423,405 | 13,204,301 | |||
Liabilities and stockholders’ equity | |||||
Subordinated debentures (less unamortized debt issuance costs of $209 and $304) | 49,791 | 49,696 | |||
Derivative Liability | 69,246 | 117,959 | |||
Other liabilities | 335,538 | 327,386 | |||
Total liabilities | 17,404,956 | 11,501,616 | |||
Stockholders’ equity | 3,018,449 | 1,702,685 | $ 1,708,143 | $ 1,073,490 | |
Liabilities and Equity | 20,423,405 | 13,204,301 | |||
Parent Company [Member] | |||||
Assets: | |||||
Cash | [1] | 212,119 | 100,604 | ||
Investments in subsidiaries | [2] | 2,952,089 | 1,761,383 | ||
Prepaid income taxes | 3,973 | 1,927 | |||
Other Assets | 472 | 642 | |||
Total assets | 3,168,653 | 1,864,556 | |||
Liabilities and stockholders’ equity | |||||
Dividends payable | 22,728 | 15,164 | |||
Long-term Debt | 14,063 | 32,773 | |||
Junior subordinated debentures (less unamortized debt issuance costs of $35 and $37) | 62,853 | 62,851 | |||
Subordinated debentures (less unamortized debt issuance costs of $209 and $304) | 49,791 | 49,696 | |||
Derivative Liability | [1] | 0 | 569 | ||
Other liabilities | 769 | 818 | |||
Total liabilities | 150,204 | 161,871 | |||
Stockholders’ equity | 3,018,449 | 1,702,685 | |||
Liabilities and Equity | 3,168,653 | 1,864,556 | |||
Parent Company [Member] | Junior Subordinated Debt [Member] | |||||
Liabilities and stockholders’ equity | |||||
Unamortized Debt Issuance Expense | 35 | 37 | |||
Long-term Debt [Member] | |||||
Liabilities and stockholders’ equity | |||||
Unamortized Debt Issuance Expense | 0 | 40 | |||
Long-term Debt [Member] | Parent Company [Member] | |||||
Liabilities and stockholders’ equity | |||||
Unamortized Debt Issuance Expense | 0 | 40 | |||
Subordinated Debt [Member] | |||||
Liabilities and stockholders’ equity | |||||
Unamortized Debt Issuance Expense | 209 | 304 | |||
Subordinated Debt [Member] | Parent Company [Member] | |||||
Liabilities and stockholders’ equity | |||||
Unamortized Debt Issuance Expense | $ 209 | $ 304 | |||
[1] | Entire balance eliminates in consolidation. | ||||
[2] | Majority of balance eliminates in consolidation |
Parent Company Income Statement
Parent Company Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Expenses | ||||
Interest expense | $ 13,717 | $ 34,341 | $ 53,879 | |
Income tax benefit | 35,683 | 31,669 | 52,933 | |
Net Income | 120,992 | 121,167 | 165,175 | |
Parent Company [Member] | ||||
Income | ||||
Dividend Income, Operating | [1] | 77,673 | 166,033 | 181,790 |
Total income | 77,673 | 166,033 | 181,790 | |
Expenses | ||||
Interest expense | 4,493 | 5,432 | 8,236 | |
Total expenses | 4,493 | 5,432 | 8,236 | |
Income before income taxes and equity in undistributed income of subsidiaries | 73,180 | 160,601 | 173,554 | |
Income tax benefit | (1,241) | (1,499) | (2,262) | |
Income of parent company | 74,421 | 162,100 | 175,816 | |
Equity (deficit) in undistributed income of subsidiaries | 46,571 | (40,933) | (10,641) | |
Net Income | $ 120,992 | $ 121,167 | $ 165,175 | |
[1] | Majority of balance eliminates in consolidation. |
Parent Company Cash Flow Statem
Parent Company Cash Flow Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income | $ 120,992 | $ 121,167 | $ 165,175 | ||
Adjustments to reconcile net income to net cash provided by operating activities | |||||
Deferred income tax expense | 3,090 | (17,506) | 10,594 | ||
Change in other liabilities | (58,503) | 76,140 | 19,283 | ||
Net cash provided by operating activities | 190,220 | 64,636 | 216,522 | ||
Cash flows provided by (used) in investing activities | |||||
Net cash used in investing activities | (63,136) | (488,211) | 20,160 | ||
Cash flows provided by (used in) financing activities | |||||
Proceeds from Lines of Credit | 0 | 0 | 49,980 | ||
Repayments of Lines of Credit | 0 | 0 | (49,980) | ||
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 0 | 49,526 | ||
Repayments of Subordinated Debt | 0 | 0 | (34,767) | ||
Cash received from stock option exercises | 197 | 281 | |||
Proceeds from shares issued under the direct stock purchase plan | 2,023 | 2,132 | 4,951 | ||
Common dividends paid | (62,736) | (60,840) | (53,274) | ||
Net cash provided by (used in) financing activities | 816,964 | 1,569,237 | (336,163) | ||
Cash and cash equivalents at beginning of year | 1,296,636 | 150,974 | 250,455 | ||
Cash and cash equivalents at end of period | 2,240,684 | 1,296,636 | 150,974 | ||
Payments for Repurchase of Common Stock | 0 | (95,091) | 0 | ||
RepaymentsOfJuniorSubordinatedDebt | 0 | 0 | (13,329) | ||
Repayments of Long-term Debt | (18,750) | (42,187) | |||
Proceeds from Issuance of Debt | 74,867 | ||||
Net payments from exercise of stock options | 57 | ||||
Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Investments in subsidiaries | [1] | 2,952,089 | 1,761,383 | ||
Net income | 120,992 | 121,167 | 165,175 | ||
Adjustments to reconcile net income to net cash provided by operating activities | |||||
Amortization | 137 | 152 | 157 | ||
Deferred income tax expense | 12 | 284 | 1,021 | ||
Change in prepaid income taxes and other assets | (229) | (475) | [2] | 20,556 | |
Change in other liabilities | (1,873) | (169) | (4,613) | ||
Equity (deficit) in undistributed income of subsidiaries | 46,571 | (40,933) | (10,641) | ||
Net cash provided by operating activities | 72,468 | 161,892 | 192,937 | ||
Cash flows provided by (used) in investing activities | |||||
Net cash acquired (paid) in business combinations | 119,816 | 0 | (148,297) | ||
Net cash used in investing activities | 119,816 | 0 | (148,297) | ||
Cash flows provided by (used in) financing activities | |||||
Proceeds from Lines of Credit | 0 | 0 | 49,980 | ||
Repayments of Lines of Credit | 0 | 0 | (49,980) | ||
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 0 | 49,526 | ||
Restricted stock awards issued, net of awards surrendered | (1,249) | (1,187) | (1,463) | ||
Cash received from stock option exercises | 197 | 281 | |||
Proceeds from shares issued under the direct stock purchase plan | 2,023 | 2,132 | 4,951 | ||
Common dividends paid | (62,736) | (60,840) | (53,274) | ||
Net cash provided by (used in) financing activities | (80,769) | (196,976) | 26,792 | ||
Net increase (decrease) in cash and cash equivalents | 111,515 | (35,084) | 71,432 | ||
Cash and cash equivalents at beginning of year | 100,604 | 135,688 | 64,256 | ||
Cash and cash equivalents at end of period | 212,119 | 100,604 | 135,688 | ||
Cash | [3] | 212,119 | 100,604 | ||
Payments for Repurchase of Common Stock | 0 | (95,091) | 0 | ||
RepaymentsOfJuniorSubordinatedDebt | 0 | 0 | (13,329) | ||
Repayments of Long-term Debt | (18,750) | (42,187) | |||
Proceeds from Issuance of Debt | 74,867 | ||||
Reallocation of tax asset from parent to bank subsidiary, noncash adjustment | 30,100 | ||||
Net payments from exercise of stock options | (57) | ||||
Subordinated Debt [Member] | Parent Company [Member] | |||||
Cash flows provided by (used in) financing activities | |||||
Repayments of Subordinated Debt | $ 0 | $ 0 | $ (34,767) | ||
[1] | Majority of balance eliminates in consolidation | ||||
[2] | Reflected in this line for the year ended December 31, 2020 is a noncash adjustment which decreased prepaid income taxes and increased investment in subsidiary by $30.1 million, which represents a reallocation of a tax asset from the parent to the bank subsidiary. | ||||
[3] | Entire balance eliminates in consolidation. |
TRANSACTIONS WITH RELATED PAR_3
TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Loans and Leases Receivable, Related Parties | $ 45,033 | $ 26,343 | $ 55,830 |
Loans and Leases Receivable, Related Parties, Additions | 57,983 | 45,308 | |
Loans and Leases Receivable, Related Parties, Collections | $ (39,293) | $ (74,795) |
TRANSACTIONS WITH RELATED PAR_4
TRANSACTIONS WITH RELATED PARTIES Related Parties Textual (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Nonaccrual/TDR Loans, with related parties | $ 0 | $ 0 |
Loans and Leases Receivable, Related Parties, Additions | 0 | |
Related Party Deposit Liabilities | 22,300,000 | 22,900,000 |
Loans and Leases Receivable, Related Parties, Additions | 57,983,000 | $ 45,308,000 |
Related Party [Domain] | ||
Related Party Transaction [Line Items] | ||
Loans and Leases Receivable, Related Parties, Additions | $ 10.6 |
Uncategorized Items - indb-2021
Label | Element | Value | |
Deferred Rent Credit | us-gaap_DeferredRentCredit | $ 1,300,000 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability | $ 32,777,000 | [1] |
[1] | 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. |