Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 28, 2019 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ATLANTIC UNION BANKSHARES CORPORATION | ||
Entity Central Index Key | 0000883948 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 0-20293 | ||
Entity Tax Identification Number | 54-1598552 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Address, Address Line One | 1051 East Cary Street | ||
Entity Address, Address Line Two | SuiteĀ 1200 | ||
Entity Address, City or Town | Richmond | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23219 | ||
City Area Code | 804 | ||
Local Phone Number | 633-5031 | ||
Title of 12(b) Security | Common Stock, par value $1.33 per share | ||
Trading Symbol | AUB | ||
Security Exchange Name | NASDAQ | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 2,850,450,474 | ||
Entity Common Stock, Shares Outstanding | 79,216,981 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 163,050,000 | $ 166,927,000 |
Interest-bearing deposits in other banks | 234,810,000 | 94,056,000 |
Federal funds sold | 38,172,000 | 216,000 |
Total cash and cash equivalents | 436,032,000 | 261,199,000 |
Securities available for sale, at fair value | 1,945,445,000 | 1,774,821,000 |
Securities held to maturity, at carrying value | 555,144,000 | 492,272,000 |
Restricted stock, at cost | 130,848,000 | 124,602,000 |
Loans held for sale, at fair value | 55,405,000 | |
Loans held for investment, net of deferred fees and costs | 12,610,936,000 | 9,716,207,000 |
Less allowance for loan losses | 42,294,000 | 41,045,000 |
Total loans held for investment, net | 12,568,642,000 | 9,675,162,000 |
Premises and equipment, net | 161,073,000 | 146,967,000 |
Goodwill | 935,560,000 | 727,168,000 |
Amortizable intangibles, net | 73,669,000 | 48,685,000 |
Bank owned life insurance | 322,917,000 | 263,034,000 |
Other assets | 377,587,000 | 250,210,000 |
Assets of discontinued operations | 668,000 | 1,479,000 |
Total assets | 17,562,990,000 | 13,765,599,000 |
LIABILITIES | ||
Noninterest-bearing demand deposits | 2,970,139,000 | 2,094,607,000 |
Interest-bearing deposits | 10,334,842,000 | 7,876,353,000 |
Total deposits | 13,304,981,000 | 9,970,960,000 |
Securities sold under agreements to repurchase | 66,053,000 | 39,197,000 |
Other short-term borrowings | 370,200,000 | 1,048,600,000 |
Long-term borrowings | 1,077,495,000 | 668,481,000 |
Other liabilities | 230,519,000 | 112,093,000 |
Liabilities of discontinued operations | 640,000 | 1,687,000 |
Total liabilities | 15,049,888,000 | 11,841,018,000 |
Commitments and contingencies (Note 10) | ||
STOCKHOLDERS' EQUITY | ||
Common stock, $1.33 par value; shares authorized of 200,000,000 and 100,000,000 at December 31, 2019 and December 31, 2018, respectively; 80,001,185 and 65,977,149 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively. | 105,827,000 | 87,250,000 |
Additional paid-in capital | 1,790,305,000 | 1,380,259,000 |
Retained earnings | 581,395,000 | 467,345,000 |
Accumulated other comprehensive income (loss) | 35,575,000 | (10,273,000) |
Total stockholders' equity | 2,513,102,000 | 1,924,581,000 |
Total liabilities and stockholders' equity | $ 17,562,990,000 | $ 13,765,599,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1.33 | $ 1.33 |
Common stock, shares authorized (in shares) | 200,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 80,001,185 | 65,977,149 |
Common stock, shares outstanding (in shares) | 80,001,185 | 65,977,149 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 612,115 | $ 469,856 | $ 293,996 |
Interest on deposits in other banks | 3,733 | 2,125 | 539 |
Interest and dividends on securities: | |||
Taxable | 51,437 | 36,851 | 20,305 |
Nontaxable | 32,047 | 19,956 | 14,204 |
Total interest and dividend income | 699,332 | 528,788 | 329,044 |
Interest expense: | |||
Interest on deposits | 114,972 | 59,336 | 26,106 |
Interest on short-term borrowings | 15,479 | 18,458 | 6,035 |
Interest on long-term borrowings | 31,009 | 24,303 | 17,896 |
Total interest expense | 161,460 | 102,097 | 50,037 |
Net interest income | 537,872 | 426,691 | 279,007 |
Provision for credit losses | 21,092 | 13,736 | 10,802 |
Net interest income after provision for credit losses | 516,780 | 412,955 | 268,205 |
Noninterest income: | |||
Mortgage banking income | 10,303 | 0 | 0 |
Gains (losses) on securities transactions | 7,675 | 383 | 800 |
Bank owned life insurance income | 8,311 | 7,198 | 6,144 |
Loan-related interest rate swap fees | 14,126 | 3,554 | 3,051 |
Gain on Shore Premier sale | 0 | 19,966 | 0 |
Other operating income | 17,791 | 7,145 | 2,772 |
Total noninterest income | 132,815 | 104,241 | 62,429 |
Noninterest expenses: | |||
Salaries and benefits | 195,349 | 159,378 | 115,968 |
Occupancy expenses | 29,793 | 25,368 | 18,558 |
Furniture and equipment expenses | 14,216 | 11,991 | 10,047 |
Printing, postage, and supplies | 5,056 | 4,650 | 4,901 |
Technology and data processing | 23,686 | 18,397 | 16,132 |
Professional services | 11,905 | 10,283 | 7,767 |
Marketing and advertising expense | 11,566 | 10,043 | 7,795 |
FDIC assessment premiums and other insurance | 6,874 | 6,644 | 4,048 |
Other taxes | 15,749 | 11,542 | 8,087 |
Loan-related expenses | 10,043 | 7,206 | 4,733 |
OREO and credit-related expenses | 4,708 | 4,131 | 3,764 |
Amortization of intangible assets | 18,521 | 12,839 | 6,088 |
Training and other personnel costs | 6,376 | 4,259 | 3,843 |
Merger-related costs | 27,824 | 39,728 | 5,393 |
Rebranding expense | 6,455 | 0 | 0 |
Loss on debt extinguishment | 16,397 | 0 | 0 |
Other expenses | 13,822 | 11,308 | 8,544 |
Total noninterest expenses | 418,340 | 337,767 | 225,668 |
Income from continuing operations before income taxes | 231,255 | 179,429 | 104,966 |
Income tax expense | 37,557 | 30,016 | 32,790 |
Income from continuing operations | 193,698 | 149,413 | 72,176 |
Discontinued operations: | |||
Income (loss) from operations of discontinued mortgage segment | (230) | (4,280) | 1,344 |
Income tax expense (benefit) | (60) | (1,115) | 597 |
Income (loss) on discontinued operations | (170) | (3,165) | 747 |
Net income | $ 193,528 | $ 146,248 | $ 72,923 |
Basic earnings per common share (in dollars per share) | $ 2.41 | $ 2.22 | $ 1.67 |
Diluted earnings per common share (in dollars per share) | 2.41 | 2.22 | 1.67 |
Dividends declared per common share (in dollars per share) | $ 0.96 | $ 0.88 | $ 0.81 |
Basic weighted average number of common shares outstanding (in shares) | 80,200,950 | 65,859,165 | 43,698,897 |
Diluted weighted average number of common shares outstanding (in shares) | 80,263,557 | 65,908,573 | 43,779,744 |
Service charges on deposit accounts | |||
Noninterest income: | |||
Noninterest income | $ 30,202 | $ 25,439 | $ 18,850 |
Other service charges, commissions and fees | |||
Noninterest income: | |||
Noninterest income | 6,423 | 5,603 | 4,593 |
Interchange fees | |||
Noninterest income: | |||
Noninterest income | 14,619 | 18,803 | 14,974 |
Fiduciary and asset management fees | |||
Noninterest income: | |||
Noninterest income | $ 23,365 | $ 16,150 | $ 11,245 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 193,528 | $ 146,248 | $ 72,923 |
Cash flow hedges: | |||
Change in fair value of cash flow hedges | (5,103) | 1,087 | (44) |
Reclassification adjustment for losses included in net income (net of tax, $154, $259, and $464 for the years ended December 31, 2019, 2018, 2017 respectively) (1) | 7,714 | 975 | 862 |
AFS securities: | |||
Unrealized holding gains (losses) arising during period (net of tax, ($13,262), $2,847, and $1,580 for the years ended December 31, 2019, 2018, 2017 respectively) | 49,890 | (10,711) | 2,936 |
Reclassification adjustment for gains included in net income (net of tax, $1,611, $95, and $280 for the years ended December 31, 2019, 2018, 2017 respectively) (2) | (6,064) | (362) | (520) |
HTM securities: | |||
Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM (net of tax, $5, $109, and $362 for the years ended December 31, 2019, 2018, 2017 respectively) (3) | (20) | (408) | (672) |
Bank owned life insurance: | |||
Unrealized holding gains (losses) arising during period | (646) | 0 | 0 |
Reclassification adjustment for losses included in net income (4) | 77 | 76 | 363 |
Other comprehensive income (loss) | 45,848 | (9,343) | 2,925 |
Comprehensive income | $ 239,376 | $ 136,905 | $ 75,848 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Tax expense (benefit) related to reclassification adjustment for losses included in net income | $ (2,051) | $ (259) | $ (464) |
Tax expense (benefit) related to unrealized holding gains (losses) arising during period | 13,262 | (2,847) | 1,580 |
Tax expense (benefit) related to gains on the sale of securities | 1,611 | 95 | 280 |
Tax expense (benefit) related to unrealized gain for AFS securities transferred to HTM | $ 5 | $ 109 | $ 362 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning balance at Dec. 31, 2016 | $ 57,506 | $ 605,397 | $ 341,938 | $ (3,809) | $ 1,001,032 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 72,923 | 72,923 | |||
Other comprehensive income (net of taxes) | 2,925 | 2,925 | |||
Issuance of common stock in regard to acquisitions | 0 | ||||
Dividends on common stock | (35,393) | (35,393) | |||
Issuance of common stock under Equity Compensation Plans | 84 | 953 | 1,037 | ||
Issuance of common stock for services rendered | 28 | 696 | 724 | ||
Vesting of restricted stock, including tax effects, under Equity Compensation Plan | 126 | (1,693) | (1,567) | ||
Stock-based compensation expense | 4,648 | 4,648 | |||
Ending balance at Dec. 31, 2017 | 57,744 | 610,001 | 379,468 | (884) | 1,046,329 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 146,248 | 146,248 | |||
Other comprehensive income (net of taxes) | (9,343) | (9,343) | |||
Issuance of common stock in regard to acquisitions | 29,156 | 765,653 | 794,809 | ||
Dividends on common stock | (58,001) | (58,001) | |||
Issuance of common stock under Equity Compensation Plans | 162 | 2,185 | 2,347 | ||
Issuance of common stock for services rendered | 31 | 883 | 914 | ||
Vesting of restricted stock, including tax effects, under Equity Compensation Plan | 157 | (3,065) | (2,908) | ||
Cancellation of warrants | (1,530) | (1,530) | |||
Impact of adoption of new guidance | (370) | (46) | (416) | ||
Stock-based compensation expense | 6,132 | 6,132 | |||
Ending balance at Dec. 31, 2018 | 87,250 | 1,380,259 | 467,345 | (10,273) | 1,924,581 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 193,528 | 193,528 | |||
Other comprehensive income (net of taxes) | 45,848 | 45,848 | |||
Issuance of common stock in regard to acquisitions | 21,070 | 478,904 | 499,974 | ||
Dividends on common stock | (78,345) | (78,345) | |||
Stock purchased under stock repurchase plan | (2,889) | (77,391) | (80,280) | ||
Issuance of common stock under Equity Compensation Plans | 104 | 1,884 | 1,988 | ||
Issuance of common stock for services rendered | 34 | 876 | 910 | ||
Vesting of restricted stock, including tax effects, under Equity Compensation Plan | 258 | (2,559) | (2,301) | ||
Impact of adoption of new guidance | (1,133) | (1,133) | |||
Stock-based compensation expense | 8,332 | 8,332 | |||
Ending balance at Dec. 31, 2019 | $ 105,827 | $ 1,790,305 | $ 581,395 | $ 35,575 | $ 2,513,102 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Other comprehensive income (loss), tax | $ 13,697 | $ 2,792 | $ 1,402 |
Issuance of Common Stock in regard to acquisition, shares | 15,842,026 | 21,922,077 | |
Dividends on common stock (in dollars per share) | $ 0.96 | $ 0.88 | $ 0.81 |
Issuance of common stock under Equity Compensation Plan, shares | 78,098 | 121,438 | 63,476 |
Stock purchased under stock repurchase plan, shares | 2,171,944 | ||
Issuance of common stock for services rendered, shares | 25,744 | 23,581 | 20,857 |
Vesting of restricted stock under Equity Compensation Plan, shares | 193,884 | 118,058 | 94,370 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net income | $ 193,528 | $ 146,248 | $ 72,923 |
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities: | |||
Depreciation of premises and equipment | 15,032 | 13,725 | 11,183 |
Write-down of foreclosed properties and former bank premises | 1,906 | 1,324 | 1,891 |
Amortization, net | 24,944 | 12,603 | 14,021 |
Amortization (accretion) related to acquisition, net | (7,899) | (6,711) | (866) |
Provision for credit losses | 21,092 | 13,551 | 10,756 |
Gains on securities transactions, net | (7,675) | (383) | (800) |
BOLI income | (8,311) | (7,198) | (5,306) |
Deferred tax expense (benefit) | 15,057 | 17,821 | 5,624 |
Decrease (increase) in loans held for sale, net | (34,178) | 40,662 | (4,175) |
Losses (gains) on sales of foreclosed properties and former bank premises, net | 102 | (220) | 143 |
Loss on debt extinguishment | 16,397 | 0 | 0 |
Gain on sale of Shore Premier loans | 0 | (19,966) | 0 |
Goodwill impairment losses | 0 | 864 | 0 |
Stock-based compensation expenses | 8,332 | 6,132 | 4,648 |
Issuance of common stock for services | 910 | 914 | 724 |
Net decrease (increase) in other assets | (57,348) | (26,606) | (5,785) |
Net increase in other liabilities | 12,910 | 24,005 | 5,352 |
Net cash and cash equivalents provided by (used in) operating activities | 194,799 | 216,765 | 110,333 |
Investing activities: | |||
Purchases of AFS securities and restricted stock | (444,398) | (1,047,611) | (298,958) |
Purchases of HTM securities | (47,217) | (485,629) | (7,836) |
Proceeds from sales of AFS securities and restricted stock | 514,070 | 515,764 | 139,046 |
Proceeds from maturities, calls and paydowns of AFS securities | 247,770 | 173,597 | 115,124 |
Proceeds from maturities, calls and paydowns of HTM securities | 3,142 | 0 | 5,048 |
Proceeds from sale of marketable equity securities | 0 | 28,913 | 0 |
Proceeds from sale of loans held for investment | 0 | 581,324 | 0 |
Net increase in loans held for investment | (741,146) | (704,582) | (838,668) |
Net increase in premises and equipment | (15,892) | 1,698 | (9,261) |
Proceeds from BOLI settlements | 0 | 0 | 2,497 |
Proceeds from sales of foreclosed properties and former bank premises | 12,118 | 6,295 | 2,448 |
Cash paid in acquisitions | (12) | (14,304) | (231) |
Cash acquired in acquisitions | 46,164 | 174,496 | 5,038 |
Net cash and cash equivalents provided by (used in) investing activities | (425,401) | (770,039) | (885,753) |
Financing activities: | |||
Net increase in noninterest-bearing deposits | 191,125 | 81,028 | 105,093 |
Net increase in interest-bearing deposits | 916,656 | 351,084 | 502,018 |
Net increase (decrease) in short-term borrowings | (872,229) | 58,645 | 217,371 |
Cash paid for contingent consideration | (565) | (565) | (3,003) |
Proceeds from issuance of long-term debt | 550,000 | 225,000 | 20,000 |
Repayments of long-term debt | (220,614) | (40,000) | (10,000) |
Cash dividends paid - common stock | (78,345) | (58,001) | (35,393) |
Cancellation of warrants | 0 | (1,530) | 0 |
Repurchase of common stock | (80,280) | 0 | 0 |
Issuance of common stock | 1,988 | 2,347 | 1,037 |
Vesting of restricted stock, net of shares held for taxes | (2,301) | (2,908) | (1,567) |
Net cash and cash equivalents provided by (used in) financing activities | 405,435 | 615,100 | 795,556 |
Increase (decrease) in cash and cash equivalents | 174,833 | 61,826 | 20,136 |
Cash and cash equivalents at beginning of the period | 261,199 | 199,373 | 179,237 |
Cash and cash equivalents at end of the period | 436,032 | 261,199 | 199,373 |
Cash payments for: | |||
Interest | 159,934 | 99,227 | 47,775 |
Income taxes | 25,058 | 10,830 | 24,000 |
Supplemental schedule of noncash investing and financing activities | |||
Transfers from loans (foreclosed properties) to foreclosed properties (loans) | 1,878 | 493 | 910 |
Stock received as consideration for sale of loans held for investment | 0 | 28,913 | 0 |
Securities Transfer From HTM to AFS | 0 | 187,425 | 0 |
Issuance of common stock in exchange for net assets in acquisition | 499,974 | 794,809 | 0 |
Transactions related to acquisitions | |||
Assets acquired | 2,849,673 | 3,253,328 | 293 |
Liabilities assumed | $ 2,558,063 | $ 2,873,718 | $ 5,437 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Effective May 17, 2019, Union Bankshares Corporation changed its name to Atlantic Union Bankshares Corporation and Union Bank & Trust changed its name to Atlantic Union Bank. Principles of Consolidation Transfers and Servicing Use of Estimates Variable Interest Entities Business Combinations and Divestitures - Business Combinations Merger-related costs are costs the Company incurs to effect a business combination. Those costs include advisory, legal, accounting, valuation, and other professional or consulting fees. Some other examples of costs to the Company include systems conversions, integration planning consultants, contract terminations, and advertising costs. The Company will account for merger-related costs as expenses in the periods in which the costs are incurred and the services are received. There is one exception to the aforementioned policy, which includes the costs to issue debt or equity securities, which will be recognized in accordance with other applicable accounting guidance. These merger-related costs are included on the Companyās Consolidated Statements of Income classified within the noninterest expense caption. Cash and Cash Equivalents Investment Securities Available for Sale Held to Maturity Equity Investments Restricted Stock, at cost The Company regularly evaluates all securities whose values have declined below amortized cost to assess whether the decline in fair value represents an OTTI. Declines in the fair value of held to maturity and AFS securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating OTTI losses, an impairment is other-than-temporary if any of the following conditions exist: the entity intends to sell the security; it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis; or, the entity does not expect to recover the securityās entire amortized cost basis (even if the entity does not intend to sell). If a credit loss exists, but an entity does not intend to sell the impaired debt security and is not more likely than not to be required to sell before recovery, the impairment is other-than-temporary and should be separated into a credit portion to be recognized in earnings and the remaining amount relating to all other factors recognized as other comprehensive loss. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Purchased premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Loans Held for Sale 14 āFair Value Measurements.ā In addition, the Company requires a firm purchase commitment from an investor before a loan can be closed, thus limiting interest rate risk. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The change in fair value of loans held for sale is recorded as a component of āMortgage banking incomeā within the Companyās Consolidated Statements of Income. The Company records loans held for sale per the aforementioned policy as of the acquisition date of Access through the year 2019. During 2018, the Company did not have any loans held for sale, due to the wind down of UMG, as noted in Note 19 āSegment Reporting & Discontinued Operations"; therefore, any activity prior to this point would have been reported in discontinued operations. Loans Held for Investment Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for any charge-offs, the ALL, and any deferred fees and costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Below is a summary of the current loan segments: Construction and Land Development Also, included in this category are loans generally made to residential home builders to support their lot and home construction inventory needs. Repayment relies upon the sale of the underlying residential real estate project. This type of lending carries a higher level of risk as compared to other commercial lending. This class of lending manages risks related to residential real estate market conditions, a functioning primary and secondary market in which to finance the sale of residential properties, and the borrowerās ability to manage inventory and run projects. The Company manages this risk by lending to experienced builders and developers by using specific underwriting policies and procedures for these types of loans and by avoiding excessive concentrations with any particular customer or geographic region. Commercial Real Estate ā Owner Occupied Commercial Real Estate ā Non-Owner Occupied Multifamily Real Estate requirements for multifamily properties are stricter than for other non-owner-occupied property types. The Company manages this risk by avoiding concentrations with any particular customer. Commercial & Industrial Residential 1-4 Family - Commercial Residential 1-4 Family - Consumer Residential 1-4 Family - Revolving Auto Consumer and all other Also included in this category are loans purchased through various third-party lending programs. These portfolios include consumer loans and carry risks associated with the borrower, changes in the economic environment, and the vendors themselves. The Company manages these risks through policies that require minimum credit scores and other underwriting requirements, robust analysis of actual performance versus expected performance, as well as ensuring compliance with the Companyās vendor management program. Nonaccruals, Past Dues, and Charge-offs The policy for placing commercial loans on nonaccrual status is generally when the loan is 90 days delinquent unless the credit is well secured and in process of collection. Consumer loans are typically charged-off when management judges the loan to be uncollectible but generally no later than 120 days past due for non-real estate secured loans and 180 days for real estate secured loans. Non-real estate secured consumer loans are generally not placed on nonaccrual status prior to charge off. Commercial loans are typically written down to net realizable value when it is determined that the Company will be unable to collect the principal amount in full and the amount is a confirmed loss. Loans in all classes of portfolios are considered past due or delinquent when a contractual payment has not been satisfied. Loans are placed on nonaccrual status or charged off at an earlier date if collection of principal and interest is considered doubtful and in accordance with regulatory requirements. The process for charge-offs of impaired collateral dependent loans is discussed in detail within the āAllowance for Loan Lossesā section of this Note. For both the commercial and consumer loan segments, all interest accrued but not collected for loans placed on nonaccrual status or charged-off is reversed against interest income and accrual of interest income is terminated. Payments and interest on these loans are accounted for using the cost-recovery method by applying all payments received as a reduction to the outstanding principal balance until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The determination of future payments being reasonably assured varies depending on the circumstances present with the loan; however, the timely payment of contractual amounts owed for six Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines 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 borrowerās prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loanās effective interest rate, the loanās obtainable market price, or the fair value of the collateral. The impairment loan policy is the same for all segments within the commercial loan segment. For the consumer loan segment, large groups of smaller balance homogeneous loans are collectively evaluated for impairment. This evaluation subjects each of the Companyās homogenous pools to a historical loss factor derived from net charge-offs experienced over the preceding 24 quarters. The Company applies payments received on impaired loans to principal and interest based on the contractual terms until they are placed on nonaccrual status. All payments received are then applied to reduce the principal balance and recognition of interest income is terminated as previously discussed. Allowance for Loan Losses The provision for loan losses charged to operations is an amount sufficient to bring the ALL to an estimated balance that management considers adequate to absorb probable losses inherent in the portfolio. Loans are charged against the allowance when management believes the collectability of the principal is unlikely, while recoveries of amounts previously charged-off are credited to the ALL. Managementās determination of the adequacy of the ALL is based on an evaluation of the composition of the loan portfolio, the value and adequacy of collateral, current economic conditions, historical loan loss experience, and other risk factors. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions, particularly those affecting real estate values. Management believes that the ALL is adequate. The Company performs regular credit reviews of the loan portfolio to review the credit quality and adherence to its underwriting standards. The credit reviews include annual commercial loan reviews performed by the Companyās commercial bankers in accordance with CLP, relationship reviews that accompany annual loan renewals, and reviews by its Loan Review Group. Upon origination, each commercial loan is assigned a risk rating ranging from one to nine, with loans closer to one having less risk. This risk rating scale is the Companyās primary credit quality indicator. Consumer loans are not risk rated unless past due status, bankruptcy, or other event results in the assignment of a Substandard or worse risk rating in accordance with the consumer loan policy. The Company has various committees that review and ensure that the ALL methodology is in accordance with GAAP and loss factors used appropriately reflect the risk characteristics of the loan portfolio. Specifically, the Companyās Allowance Committee oversees the Companyās Allowance for Loan Losses (under the Incurred Loss Model framework) and will also oversee the Allowance for Credit Losses (under the CECL framework) processes. The Allowance Committee is the authoritative committee for all quarterly qualitative factors, ALL estimates and changes to the Companyās ALL methodology. The Companyās ALL consists of specific, general, and qualitative components. Specific Reserve Component The specific reserve component relates to impaired loans. Upon being identified as impaired, for loans not considered to be collateral-dependent, an ALL is established when the discounted cash flows of the impaired loan are lower than the carrying value of that loan. The impairment of significant collateral-dependent loans is measured based on the fair value of the underlying collateral, less selling costs, compared to the carrying value of the loan. If the Company determines that the value of an impaired collateral dependent loan is less than the recorded investment in the loan, the Company charges off the deficiency if it is determined that such amount represents a confirmed loss. Typically, a loss is confirmed when the Company is moving towards foreclosure (or final disposition). The Company obtains appraisals from a pre-approved list of independent, third party appraisers located in the market in which the collateral is located. The Companyās approved appraiser list is continuously maintained by the Companyās REVG to ensure the list only includes such appraisers that have the experience, reputation, character, and knowledge of the respective real estate market. At a minimum, it is ascertained that the appraiser is currently licensed in the state in which the property is located, experienced in the appraisal of properties similar to the property being appraised, has knowledge of current real estate market conditions and financing trends, and is reputable. The Companyās internal REVG, which reports to the Enterprise Risk Management group, performs either a technical or administrative review of all appraisals obtained in accordance with the Companyās Appraisal Policy. The Appraisal Policy mirrors the Federal regulations governing appraisals, specifically the Interagency Appraisal and Evaluation Guidelines and FIRREA. A technical review will ensure the overall quality of the appraisal, while an administrative review ensures that all of the required components of an appraisal are present. Independent appraisals or valuations are updated every 12 months for all impaired loans. The Companyās impairment analysis documents the date of the appraisal used in the analysis. Adjustments to real estate appraised values are only permitted to be made by the REVG. The impairment analysis is reviewed and approved by senior Credit Administration officers and the Special Assets Loan Committee. External valuation sources are the primary source to value collateral dependent loans; however, the Company may also utilize values obtained through other valuation sources. These alternative sources of value are used only if deemed to be more representative of value based on updated information regarding collateral resolution. Impairment analyses are updated, reviewed, and approved on a quarterly basis at or near the end of each reporting period. General Reserve Component The general reserve component covers non-impaired loans and is quantitatively derived from an estimate of credit losses adjusted for various qualitative factors applicable to both commercial and consumer loan segments. The estimate of credit losses is a function of the net charge-off historical loss experience to the average loan balance of the portfolio averaged during a period that management has determined to be adequately reflective of the losses inherent in the loan portfolio. The Company has implemented a rolling 24-quarter look back period, which is re-evaluated on a periodic basis to ensure the reasonableness of the period being used. The following table shows the types of qualitative factors management considers: ā ā ā ā ā QUALITATIVE FACTORS Portfolio National / International Local Experience and ability of lending team ā Interest rates ā Gross state product Pace of loan growth ā Inflation ā Unemployment rate Footprint and expansion ā Unemployment ā Home prices Execution of loan risk rating process ā Level of economic activity ā CRE prices Degree of credit oversight ā Political and trade uncertainty ā ā Underwriting standards ā Asset prices ā ā Delinquency levels in portfolio ā ā ā ā Charge-off trends in portfolio ā ā ā ā Credit concentrations / nature and volume of the portfolio ā ā ā ā ā Acquired Loans loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and then applying a market-based discount rate to those cash flows. During evaluation upon acquisition, acquired loans are also classified as either acquired impaired (or PCI) or acquired performing. Acquired performing loans are accounted for under ASC 310-20, Receivables ā Nonrefundable Fees and Other Costs Acquired impaired loans reflect credit quality deterioration since origination, as it is probable at acquisition that the Company will not be able to collect all contractually required payments. These PCI loans are accounted for under ASC 310-30, Receivables ā Loans and Debt Securities Acquired with Deteriorated Credit Quality Quarterly, management performs a recast of PCI loans based on updated future expected cash flows, which are updated through reassessment of default rates, loss severity, and prepayment speed assumptions. The excess of the cash flows expected to be collected over a poolās carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the loan or pool using the effective yield method. The accretable yield may change due to changes in the timing and amounts of expected cash flows; these changes are disclosed in Note 4 āLoans and Allowance for Loan Losses.ā The excess of the undiscounted contractual balances due over the cash flows expected to be collected is considered to be the nonaccretable difference, which represents the estimate of credit losses expected to occur and was considered in determining the fair value of loan at the acquisition date. Any subsequent increases in expected cash flows over those expected at the acquisition date in excess of fair value are adjusted through an increase in the accretable yield on a prospective basis; any decreases in expected cash flows attributable to credit deterioration are recognized by recording a provision for loan losses. The PCI loans are and will continue to be subject to the Companyās internal and external credit review and monitoring. If further credit deterioration is experienced, such deterioration will be measured and the provision for loan losses will be increased. A loan will be removed from a pool (at its carrying value) only if the loan is sold, foreclosed, or assets are received in full satisfaction of the loan. Troubled Debt Restructurings - The Company strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms as early as possible. These modified terms may include extension of terms that are considered to be below market, conversion to interest only, and other actions intended to minimize the economic loss to avoid foreclosure or repossession of the collateral, rate reductions, and principal or interest forgiveness. Restructured loans for which there was no rate concession, and therefore make at market rate of interest, may subsequently be eligible to be removed from reportable TDR status in periods subsequent to the restructuring depending on the performance of the loan. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal, management measures any impairment on the restructuring as noted above for impaired loans. The Company reviews previously restructured loans quarterly in order to determine whether any have performed, subsequent to the restructure, at a level that would allow for them to be removed from reportable TDR status. The Company generally would consider a change in this classification if the borrower is no longer experiencing financial difficulty, the loan is current or less than certain restrictive circumstances. The removal of TDR designations must be approved by the Companyās Special Asset Loan Committee. Loans removed from reportable TDR status continue to be evaluated for impairment. The significant majority of these loans have been subject to new credit decisions due to the improvement in the expected future cash flows, the financial condition of the borrower, and other factors considered during the re-underwriting. Premises and Equipment - Goodwill and Intangible Assets - Goodwill resulting from business combinations prior to January 1, 2009 represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill resulting from business combinations after January 1, 2009 is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. The Company has selected April 30th as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives, which range from 4 to 10 years, to their estimated residual values. Goodwill is the only intangible asset with an indefinite life included on the Companyās Consolidated Balance Sheets. Long-lived assets, including purchased intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented on the Companyās Consolidated Balance Sheets and reported at the lower of the carrying amount or fair value less costs to sell, would no longer depreciated. Management concluded that no circumstances indicating an impairment of these assets existed as of the balance sheet date. The Company performed its annual impairment testing on April 30, 2019 and determined that there was no impairment to its goodwill. Management performed a review through December 31, 2019 and concluded that no impairment existed as of the balance sheet date. Foreclosed Properties Transfers of Financial Assets transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. Bank Owned Life Insurance Derivatives During the normal course of business, the Company enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (ārate lock commitmentsā). The Company commits to deliver the loan if settlement occurs ("best efforts") or commits to deliver the locked loan in a binding ("mandatory") delivery program with an investor. Certain loans under interest rate lock commitments are covered under forward sales contracts of MBS. Rate lock commitments on mortgage loans that are intended to be sold in the secondary market and commitments to deliver loans to investors are considered to be derivatives. The Company uses these derivatives as part of an overall strategy to manage market risk primarily due to fluctuations in interest rates, and to capture improved margins resulting from the mandatory delivery of loans. As of December 31, 2018, there were no mortgage banking derivatives due to the wind down of Union Mortgage Group. Mortgage banking derivatives as of December 31, 2019 did not have a material impact on the Companyās Consolidated Financial Statements. The market values of rate lock commitments and best efforts forward delivery commitments is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments, delivery contracts, and forward sales contracts of MBS by measuring the change in the value of the underlying asset, while taking into consideration the probability that the rate lock commitments will close or will be funded. Certain risks arise from the forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. Additional risks inherent in mandatory delivery programs include the risk that, if the Company does not close the loans subject to rate lock commitments, it will still be obligated to deliver MBS to the counterparty under the forward sales agreement. Affordable Housing Entities - investments in these qualified affordable housing projects for the years ended December 31, 2019 and 2018 were $29.6 million and $10.8 million, respectively. At December 31, 2019 and 2018, the Companyās recorded liability totaled $12.0 million and $9.9 million, respectively, for the related unfunded commitments, which are expected to be paid from 2020 to 2036. Loan Fees Stock Compensation Plan Compensation - Stock Compensation The Company did not issue stock options in 2018 or 2019; however, the Company assumed additional stock options with the acquisition of Access. For the options assumed, the fair value of the stock options is estimated based on the date of acquisition, using the Black-Scholes option valuation. The converted option price of the Companyās common stock at acquisition was used for determining the associated compensation expense for nonvested stock awards. The valuation was used in 2019 to determine the valuation of the stock options. The valuation employs the following assumptions: ā¢ Dividend yield - calculated as the ratio of forecasted dividend yield per share of common stock; ā¢ Expected life (term of the option) - based on the contractual life and vesting schedule for the respective option; ā¢ Expected volatility - based on the monthly historical volatility of the Companyās stock price over the expected life of the options; and ā¢ Risk-free interest rate - based upon the U. S. Department of the Treasury (the āTreasuryā) bill yield curve, for periods within the contractual life of the option, in effect at the time of grant. ā The fair value of PSUs granted in 2019 and 2018 is determined and fixed on the grant date based on the Companyās stock price, adjusted for the exclusion of dividend equivalents. The Monte Carlo simulation valuation was used to determine the grant date fair value of PSUs granted in 2019 and 2018. ā The fair value of restricted stock is based on the trading price of the Companyās stock on the date of the grant. ASC 718 requires the Company to estimate forfeitures when recognizing compensation expense and that this estimate of forfeitures be adjusted over the requisite service period or vesting schedule based on the extent to which actual forfeitures differ from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, and also will affect the amount of estimated unamortized compensation expense to be recognized in future periods. For more information and tables refer to Note 16 āEmployee Benefits and Stock Based Compensation.ā Income Taxes When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits on the Companyās Consolidated Balance Sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes on the Companyās Consolidated Statements of Income. The Company did not record any material interest or penalties for the periods ending December 31, 2019, 2018, or 2017 related to tax positions taken. As of December 31, 2019 and 2018, there were no accruals for uncertain tax positions. The Company and its wholly-owned subsidiaries file a consolidated income tax return. Each entity provides for income taxes based on its contribution to income or loss of the consolidated group. On December 22, 2017, the Tax Act was signed into law. Refer to Note 17 āIncome Taxesā for additional information on the impact of the Tax Act. Advertising Costs - Earnings Per Common Share Comprehensive Income Off Balance Sheet Credit Related Financial Instruments Fair Value Fair Value Measurements and Disclosures ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Companyās market assumptions. The three levels of the fair value hierarchy under ASC 820 based on these two types of inputs are as follows: Level 1 valuation is based on quoted prices in active markets for identical assets and liabilities; Level 2 valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the markets; and Level 3 valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. These unobservable inputs reflect the Companyās assumptions about what market participants would use and information that is reasonably available under the circumstances without undue cost and effort. For more specific information on the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value in the financial statements refer to Note 14 āFair Value Measurements.ā Concentrations of Credit Risk Reclassifications Adoption of New Accounting Standards - "Leases (Topic 842)." The adoption of this standard required lessees to recognize right of use assets and lease liabilities on the Consolidated Balance Sheets and disclose key information about leasing arrangements. The Company adopted this ASU on January 1, 2019 under the modified retrospective approach. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to not reassess the lease classification of existing leases, as well as not reassess whether any expired or existing contracts are or contain a lease; and maintain consistent treatment of initial direct costs on existing leases. In addition, the Company elected the short-term lease exemption practical expedient in which leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. The Company also elected the practical expedient related to accounting for lease and non-lease components as a single lease component. Adoption of this standard resulted in the Company recording a lease liability of In August 2018, the FAS |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS | 2. ACQUISITIONS Access Acquisition On February 1, 2019, the Company completed its acquisition of Access National Corporation (and its subsidiaries), a bank holding company based in Reston, Virginia. Holders of shares of Accessās common stock received 0.75 shares of the Companyās common stock in exchange for each share of Accessās common stock, resulting in the Company issuing 15,842,026 shares of the Companyās common stock at a fair value of approximately $500.0 million. In addition, the Company paid cash of approximately $12,000 in lieu of fractional shares. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition in accordance with ASC 350, Intangibles-Goodwill and Other The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands): ā ā ā ā ā ā ā Purchase Price: ā ā Fair value of shares of the Company's common stock issued ā ā $ 499,974 Cash paid for fractional shares ā ā 12 Total purchase price ā ā $ 499,986 ā ā ā ā ā ā ā Fair value of assets acquired: ā ā Cash and cash equivalents ā $ 46,164 ā Investments ā 464,742 ā Loans ā 2,173,060 ā Premises and equipment ā 24,198 ā Core deposit intangibles ā 40,860 ā Other assets ā 100,649 ā Total assets ā $ 2,849,673 ā ā ā ā ā ā ā ā Fair value of liabilities assumed: ā ā Deposits ā $ 2,227,073 ā Short-term borrowings ā 220,685 ā Long-term borrowings ā 70,535 ā Other liabilities ā 39,770 ā Total liabilities ā $ 2,558,063 ā ā ā ā ā ā ā ā Net assets acquired ā ā $ 291,610 Preliminary goodwill ā ā $ 208,376 ā The acquired loans were recorded at fair value at the acquisition date without carryover of Accessās previously established ALL. The fair value of the loans was determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and leases and then applying a market-based discount rate to those cash flows. In this regard, the acquired loans were segregated into pools based on loan type and credit risk. Loan type was determined based on collateral type, purpose, and lien position. Credit risk characteristics included risk rating groups (pass rated loans and adversely classified loans) and past due status. For valuation purposes, these pools were further disaggregated by maturity, pricing characteristics (e.g., fixed-rate, adjustable-rate) and re-payment structure (e.g., interest only, fully amortizing, balloon). If new information is obtained about facts and circumstances about expected cash flows that existed as of the acquisition date, management will adjust fair values in accordance with accounting for business combinations. The acquired loans were divided into loans with evidence of credit quality deterioration which are accounted for under ASC 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality Receivables - Nonrefundable Fees and Other Costs The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands): ā ā ā ā ā Contractually required principal and interest payments $ 44,429 Nonaccretable difference ā (6,062) Cash flows expected to be collected ā 38,367 Accretable difference ā (5,060) Fair value of loans acquired with a deterioration of credit quality ā $ 33,307 ā The following table presents certain pro forma information as if Access had been acquired on January 1, 2017. These results combine the historical results of Access in the Companyās Consolidated Statements of Income and, while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on January 1, 2017. In particular, no adjustments have been made to eliminate the amount of Accessā provision for credit losses that would not have been necessary had the acquired loans been recorded at fair value as of January 1, 2017. Pro forma adjustments below include the net impact of accretion as well as the elimination of merger-related costs. The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā For the years ended ā ā December 31, 2019 2018 2017 Total revenues ā $ 681,306 ā $ 666,921 ā $ 468,840 Net income ā $ 217,075 ā $ 185,698 ā $ 91,270 Earnings per share ā $ 2.53 ā $ 2.28 ā $ 1.59 ā Merger-related costs associated with the acquisition of Access were $26.2 million and $1.8 million for the years ended December 31, 2019 and 2018, respectively. Such costs include legal and accounting fees, lease and contract termination expenses, system conversion, and employee severances, which have been expensed as incurred. The Company completed the conversion of the core information systems during May 2019 which combined the former Access assets and results of operations into those of the Company. Therefore, reporting segregated Access revenue during 2019 is impracticable. Fair Value Premiums and Discounts The net effect of the amortization and accretion of premiums and discounts associated with the Companyās acquisition accounting adjustments, which includes previous acquisitions in addition to Access, had the following impact on the Consolidated Statements of Income during the years ended December 31, 2019, 2018, and 2017 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā For the years ended ā ā December 31, ā 2019 2018 2017 Loans (1) ā $ 24,846 ā $ 17,145 ā $ 6,784 Buildings (2) ā 50 ā 228 ā ā Core deposit intangible (3) ā (16,755) ā (11,464) ā (5,603) Other amortizable intangibles (3) ā (1,766) ā (1,375) ā (485) Borrowings (4) ā (360) ā (506) ā 170 Time deposits (5) ā 833 ā 2,553 ā ā Leases (2) ā 1,051 ā 130 ā ā Net impact to income before taxes ā $ 7,899 ā $ 6,711 ā $ 866 ā (1) Loan acquisition-related fair value adjustments accretion is included in "Interest and fees on loans" in the "Interest and dividend income" section of the Companyās Consolidated Statements of Income. (2) Building and lease acquisition-related fair value adjustments amortization is included in "Occupancy expenses" in the "Noninterest expense" section of the Companyās Consolidated Statements of Income. (3) Core deposit and other intangible premium amortization is included in "Amortization of intangible assets" in the "Noninterest expense" section of the Companyās Consolidated Statements of Income. (4) Borrowings acquisition-related fair value adjustments (amortization) accretion is included in "Interest on long-term borrowings" in the "Interest Expense" section of the Companyās Consolidated Statements of Income. (5) Certificate of deposit acquisition-related fair value adjustments accretion is included in "Interest on deposits" in the "Interest expense" section of the Companyās Consolidated Statements of Income. |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | 3. SECURITIES Available for Sale The amortized cost, gross unrealized gains and losses, and estimated fair values of securities AFS as of December 31, 2019 and 2018 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Amortized ā Gross Unrealized ā Estimated ā Cost Gains (Losses) Fair Value December 31, 2019 ā ā ā ā U.S. government and agency securities ā $ 4,487 ā $ 11 ā $ ā ā $ 4,498 Obligations of states and political subdivisions ā 417,397 ā 25,624 ā (29) ā 442,992 Corporate and other bonds (1) ā 259,213 ā 4,403 ā (546) ā 263,070 Mortgage-backed securities ā 1,209,251 ā 23,880 ā (1,325) ā 1,231,806 Other securities ā 3,079 ā ā ā ā ā 3,079 Total AFS securities ā $ 1,893,427 ā $ 53,918 ā $ (1,900) ā $ 1,945,445 ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2018 ā ā ā ā Obligations of states and political subdivisions ā $ 466,588 ā $ 3,844 ā $ (1,941) ā $ 468,491 Corporate and other bonds (1) ā 167,561 ā 1,118 ā (983) ā 167,696 Mortgage-backed securities ā 1,138,034 ā 4,452 ā (12,621) ā 1,129,865 Other securities ā 8,769 ā ā ā ā ā 8,769 Total AFS securities ā $ 1,780,952 ā $ 9,414 ā $ (15,545) ā $ 1,774,821 (1) Other bonds includes asset-backed securities. ā The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Companyās AFS securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of December 31, 2019 and 2018. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Less than 12 months ā More than 12 months ā Total ā Fair Unrealized Fair Unrealized Fair Unrealized ā ā Value ā Losses ā Value ā Losses ā Value ā Losses December 31, 2019 ā ā ā ā ā ā Obligations of states and political subdivisions ā $ 4,526 ā $ (29) ā $ ā ā $ ā ā $ 4,526 ā $ (29) Corporate and other bonds (1) ā 44,567 ā (255) ā 19,902 ā (291) ā 64,469 ā (546) Mortgage-backed securities ā 149,255 ā (920) ā 55,133 ā (405) ā 204,388 ā (1,325) Total AFS securities ā $ 198,348 ā $ (1,204) ā $ 75,035 ā $ (696) ā $ 273,383 ā $ (1,900) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2018 ā ā ā ā ā ā Obligations of states and political subdivisions ā $ 133,513 ā $ (1,566) ā $ 10,145 ā $ (375) ā $ 143,658 ā $ (1,941) Corporate and other bonds (1) ā 35,478 ā (315) ā 33,888 ā (668) ā 69,366 ā (983) Mortgage-backed securities ā 306,038 ā (3,480) ā 341,400 ā (9,141) ā 647,438 ā (12,621) Total AFS securities ā $ 475,029 ā $ (5,361) ā $ 385,433 ā $ (10,184) ā $ 860,462 ā $ (15,545) ā (1) Other bonds includes asset-backed securities ā As of December 31, 2019, there were $75.0 million, or 47 issues, of individual AFS securities that had been in a continuous loss position for more than 12 months. These securities had an unrealized loss of $696,000 and consisted of mortgage-backed securities, corporate bonds, and other securities. As of December 31, 2018, there were $385.4 million, or 138 issues, of individual securities that had been in a continuous loss position for more than 12 months. These securities had an unrealized loss of $10.2 million and consisted of municipal obligations, mortgage-backed securities, corporate bonds, and other securities. The Company has determined that these securities are temporarily impaired at December 31, 2019 and 2018 for the reasons set out below: Mortgage-backed securities. Obligations of state and political subdivisions. Corporate and other bonds. The following table presents the amortized cost and estimated fair value of AFS securities as of December 31, 2019 and 2018, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 December 31, 2018 ā Amortized Estimated Amortized Estimated ā ā Cost ā Fair Value ā Cost ā Fair Value Due in one year or less ā $ 35,046 ā $ 35,197 ā $ 22,653 ā $ 22,789 Due after one year through five years ā 164,605 ā 166,873 ā 191,003 ā 188,999 Due after five years through ten years ā 249,712 ā 254,790 ā 218,211 ā 217,304 Due after ten years ā 1,444,064 ā 1,488,585 ā 1,349,085 ā 1,345,729 Total AFS securities ā $ 1,893,427 ā $ 1,945,445 ā $ 1,780,952 ā $ 1,774,821 ā For information regarding the estimated fair value of AFS securities which were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of December 31, 2019 and 2018, see Note 10 "Commitments and Contingencies." Held to Maturity During the second quarter of 2018, the Company adopted ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." The Company reports HTM securities on the Consolidated Balance Sheets at carrying value. Carrying value is amortized cost which includes any unamortized unrealized gains and losses recognized in accumulated other comprehensive income prior to reclassifying the securities from securities AFS to securities held to maturity. Investment securities transferred into the HTM category from the AFS category are recorded at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in accumulated other comprehensive income and in the carrying value of the HTM securities. Such unrealized gains or losses are accreted over the remaining life of the security with no impact on future net income. The carrying value, gross unrealized gains and losses, and estimated fair values of securities held to maturity as of December 31, 2019 and 2018 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Carrying ā Gross Unrealized ā Estimated ā Value Gains (Losses) Fair Value December 31, 2019 ā ā ā ā Obligations of states and political subdivisions ā $ 545,148 ā $ 48,274 ā $ ā ā $ 593,422 Mortgage-backed securities ā 9,996 ā 85 ā ā ā 10,081 Total held-to-maturity securities ā $ 555,144 ā $ 48,359 ā $ ā ā $ 603,503 December 31, 2018 ā ā ā ā Obligations of states and political subdivisions ā $ 492,272 ā $ 7,375 ā $ (146) ā $ 499,501 ā The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Companyās held to maturity securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of December 31, 2019 and 2018. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Less than 12 months ā More than 12 months ā Total ā Fair Unrealized Fair Unrealized Fair Unrealized ā ā Value ā Losses ā Value ā Losses ā Value ā Losses December 31, 2019 ā ā ā ā ā ā Obligations of states and political subdivisions ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2018 ā ā ā ā ā ā Obligations of states and political subdivisions ā $ 43,206 ā $ (146) ā $ ā ā $ ā ā $ 43,206 ā $ (146) ā The following table presents the amortized cost and estimated fair value of HTM securities as of December 31, 2019 and 2018, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā December 31, 2018 ā Carrying Estimated Carrying Estimated ā ā Value ā Fair Value ā Value ā Fair Value Due in one year or less ā $ 502 ā $ 504 ā $ ā ā $ ā Due after one year through five years ā 10,258 ā 10,539 ā 3,893 ā 3,900 Due after five years through ten years ā 1,768 ā 1,800 ā 3,480 ā 3,507 Due after ten years ā 542,616 ā 590,660 ā 484,899 ā 492,094 Total HTM securities ā $ 555,144 ā $ 603,503 ā $ 492,272 ā $ 499,501 ā For information regarding the estimated fair value of HTM securities which were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of December 31, 2019 and 2018, see Note 10 "Commitments and Contingencies." Restricted Stock, at cost Due to restrictions placed upon the Bankās common stock investment in the Federal Reserve Bank and the FHLB, these securities have been classified as restricted equity securities and carried at cost. These restricted securities are not subject to the investment security classifications and are included as a separate line item on the Companyās Consolidated Balance Sheets. At both December 31, 2019 and 2018, the FHLB required the Bank to maintain stock in an amount equal to 4.25% of outstanding borrowings and a specific percentage of the Bankās total assets. The Federal Reserve Bank required the Bank to maintain stock with a par value equal to 6% of its outstanding capital at both December 31, 2019 and 2018. Restricted equity securities consist of Federal Reserve Bank stock in the amount of $67.0 million and $52.6 million for December 31, 2019 and 2018 and FHLB stock in the amount of $63.9 million and $72.0 million as of December 31, 2019 and 2018, respectively. Other-Than-Temporary Impairment During each quarter and at year end the Company conducts an assessment of the securities portfolio for OTTI consideration. The assessment considers factors such as external credit ratings, delinquency coverage ratios, market price, managementās judgment, expectations of future performance, and relevant industry research and analysis. An impairment is other-than-temporary if any of the following conditions exist: the entity intends to sell the security; it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis; or the entity does not expect to recover the securityās entire amortized cost basis (even if the entity does not intend to sell). If a credit loss exists, but an entity does not intend to sell the impaired debt security and is not more likely than not to be required to sell before recovery, the impairment is other-than-temporary and should be separated into a credit portion to be recognized in earnings and the remaining amount relating to all other factors recognized as other comprehensive loss. Based on the assessments during the years ended December 31, 2019 and 2018, and in accordance with the guidance, no OTTI was recognized. Realized Gains and Losses The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the years ended December 31, 2019, 2018, and 2017 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Realized gains (losses): ā ā ā ā ā ā ā ā ā Gross realized gains $ 9,530 $ 4,221 $ 1,170 Gross realized losses ā (1,855) ā (3,838) ā (370) Net realized gains $ 7,675 $ 383 $ 800 Proceeds from sales of securities $ 514,070 $ 515,764 $ 139,046 ā |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 12 Months Ended |
Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | ā ā 4. LOANS AND ALLOWANCE FOR LOAN LOSSES Loans are stated at their face amount, net of deferred fees and costs, and consist of the following at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā 2019 2018 Construction and Land Development ā $ 1,250,924 ā $ 1,194,821 Commercial Real Estate - Owner Occupied ā 2,041,243 ā 1,337,345 Commercial Real Estate - Non-Owner Occupied ā 3,286,098 ā 2,467,410 Multifamily Real Estate ā 633,743 ā 548,231 Commercial & Industrial ā 2,114,033 ā 1,317,135 Residential 1-4 Family - Commercial ā 724,337 ā 640,419 Residential 1-4 Family - Consumer ā 890,503 ā 673,909 Residential 1-4 Family - Revolving ā 659,504 ā 613,383 Auto ā 350,419 ā 301,943 Consumer ā 372,853 ā 379,694 Other Commercial ā 287,279 ā 241,917 Total loans held for investment, net ā $ 12,610,936 ā $ 9,716,207 ā The following table shows the aging of the Companyās loan portfolio, by segment, at December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Greater than ā ā ā ā ā ā ā ā ā ā 30-59 Days ā 60-89 Days ā 90 Days and ā ā ā ā ā ā ā ā ā ā ā ā ā ā Past Due ā Past Due ā still Accruing ā PCI ā Nonaccrual ā Current ā Total Loans Construction and Land Development ā $ 4,563 ā $ 482 ā $ 189 ā $ 10,944 ā $ 3,703 ā $ 1,231,043 ā $ 1,250,924 Commercial Real Estate - Owner Occupied ā 3,482 ā 2,184 ā 1,062 ā 27,438 ā 6,003 ā 2,001,074 ā 2,041,243 Commercial Real Estate - Non-Owner Occupied ā 457 ā ā ā 1,451 ā 14,565 ā 381 ā 3,269,244 ā 3,286,098 Multifamily Real Estate ā 223 ā ā ā 474 ā 94 ā ā ā 632,952 ā 633,743 Commercial & Industrial ā 8,698 ā 1,598 ā 449 ā 1,579 ā 1,735 ā 2,099,974 ā 2,114,033 Residential 1-4 Family - Commercial ā 1,479 ā 2,207 ā 674 ā 12,205 ā 4,301 ā 703,471 ā 724,337 Residential 1-4 Family - Consumer ā 16,244 ā 3,072 ā 4,515 ā 14,713 ā 9,292 ā 842,667 ā 890,503 Residential 1-4 Family - Revolving ā 10,190 ā 1,784 ā 3,357 ā 4,127 ā 2,080 ā 637,966 ā 659,504 Auto ā 2,525 ā 236 ā 272 ā 4 ā 563 ā 346,819 ā 350,419 Consumer ā 2,128 ā 1,233 ā 953 ā 668 ā 77 ā 367,794 ā 372,853 Other Commercial ā ā 464 ā ā ā ā ā ā ā ā 344 ā ā 97 ā ā 286,374 ā ā 287,279 Total loans held for investment ā $ 50,453 ā $ 12,796 ā $ 13,396 ā $ 86,681 ā $ 28,232 ā $ 12,419,378 ā $ 12,610,936 ā ā ā The following table shows the aging of the Companyās loan portfolio, by segment, at December 31, 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Greater than ā ā ā ā ā ā ā ā ā ā 30-59 Days ā 60-89 Days ā 90 Days and ā ā ā ā ā ā ā ā ā ā ā ā ā ā Past Due ā Past Due ā still Accruing ā PCI ā Nonaccrual ā Current ā Total Loans Construction and Land Development ā $ 759 ā $ 6 ā $ 180 ā $ 8,654 ā $ 8,018 ā $ 1,177,204 ā $ 1,194,821 Commercial Real Estate - Owner Occupied ā 8,755 ā 1,142 ā 3,193 ā 25,644 ā 3,636 ā 1,294,975 ā 1,337,345 Commercial Real Estate - Non-Owner Occupied ā 338 ā 41 ā ā ā 17,335 ā 1,789 ā 2,447,907 ā 2,467,410 Multifamily Real Estate ā ā ā 146 ā ā ā 88 ā ā ā 547,997 ā 548,231 Commercial & Industrial ā 3,353 ā 389 ā 132 ā 2,156 ā 1,524 ā 1,309,581 ā 1,317,135 Residential 1-4 Family - Commercial ā 6,619 ā 1,577 ā 1,409 ā 13,601 ā 2,481 ā 614,732 ā 640,419 Residential 1-4 Family - Consumer ā 12,049 ā 5,143 ā 2,437 ā 16,872 ā 7,276 ā 630,132 ā 673,909 Residential 1-4 Family - Revolving ā 4,611 ā 1,644 ā 440 ā 5,115 ā 1,518 ā 600,055 ā 613,383 Auto ā 3,320 ā 403 ā 195 ā 7 ā 576 ā 297,442 ā 301,943 Consumer ā 1,504 ā 1,096 ā 870 ā 32 ā 135 ā 376,057 ā 379,694 Other Commercial ā ā 126 ā ā ā ā ā ā ā ā 717 ā ā ā ā ā 241,074 ā ā 241,917 Total loans held for investment ā $ 41,434 ā $ 11,587 ā $ 8,856 ā $ 90,221 ā $ 26,953 ā $ 9,537,156 ā $ 9,716,207 ā ā Nonaccrual loans totaled $28.2 million, $27.0 million, and $21.7 million at December 31, 2019, 2018 and 2017, respectively. Had these loans performed in accordance with their original terms, interest income of approximately $1.8 million, $2.3 million, and $698,000 would have been recorded in 2019, 2018, and 2017, respectively. All nonaccrual loans were included in the impaired loan disclosure in 2019 and 2018. The following table shows the PCI loan portfolios, by segment and their delinquency status, at December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā 30-89 Days Greater than ā ā ā ā ā ā Past Due ā 90 Days ā Current ā Total Construction and Land Development ā $ 136 ā $ 343 ā $ 10,465 ā $ 10,944 Commercial Real Estate - Owner Occupied ā 480 ā 6,884 ā 20,074 ā 27,438 Commercial Real Estate - Non-Owner Occupied ā 848 ā 987 ā 12,730 ā 14,565 Multifamily Real Estate ā ā ā ā ā 94 ā 94 Commercial & Industrial ā ā ā 989 ā 590 ā 1,579 Residential 1-4 Family - Commercial ā 543 ā 1,995 ā 9,667 ā 12,205 Residential 1-4 Family - Consumer ā 927 ā 1,781 ā 12,005 ā 14,713 Residential 1-4 Family - Revolving ā 287 ā 205 ā 3,635 ā 4,127 Auto ā ā ā ā ā 4 ā 4 Consumer ā ā ā ā ā 9 ā ā 659 ā ā 668 Other Commercial ā ā ā ā ā 344 ā 344 Total ā $ 3,221 ā $ 13,193 ā $ 70,267 ā $ 86,681 ā ā The following table shows the PCI loan portfolios, by segment and their delinquency status, at December 31, 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā 30-89 Days Greater than ā ā ā ā ā ā Past Due ā 90 Days ā Current ā Total Construction and Land Development ā $ 108 ā $ 1,424 ā $ 7,122 ā $ 8,654 Commercial Real Estate - Owner Occupied ā 658 ā 4,281 ā 20,705 ā 25,644 Commercial Real Estate - Non-Owner Occupied ā 61 ā 1,810 ā 15,464 ā 17,335 Multifamily Real Estate ā ā ā ā ā 88 ā 88 Commercial & Industrial ā 47 ā 1,092 ā 1,017 ā 2,156 Residential 1-4 Family - Commercial ā 871 ā 3,454 ā 9,276 ā 13,601 Residential 1-4 Family - Consumer ā 1,959 ā 2,422 ā 12,491 ā 16,872 Residential 1-4 Family - Revolving ā 498 ā 252 ā 4,365 ā 5,115 Auto ā ā ā ā ā ā ā ā 7 ā ā 7 Consumer ā ā 5 ā ā 9 ā ā 18 ā ā 32 Other Commercial ā 57 ā ā ā 660 ā 717 Total ā $ 4,264 ā $ 14,744 ā $ 71,213 ā $ 90,221 ā ā The Company measures the amount of impairment by evaluating loans either in their collective homogeneous pools or individually. The following table shows the Companyās impaired loans, excluding PCI loans, by segment at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā December 31, 2018 ā ā ā Unpaid ā ā ā ā Unpaid ā ā ā ā Recorded ā Principal ā Related ā Recorded ā Principal ā Related ā ā Investment ā Balance ā Allowance ā Investment ā Balance ā Allowance Loans without a specific allowance ā ā ā ā ā ā Construction and Land Development ā $ 5,877 ā $ 7,174 ā $ ā ā $ 10,290 ā $ 12,038 ā $ ā Commercial Real Estate - Owner Occupied ā 8,801 ā 9,296 ā ā ā 8,386 ā 9,067 ā ā Commercial Real Estate - Non-Owner Occupied ā 3,510 ā 4,059 ā ā ā 6,578 ā 6,929 ā ā Commercial & Industrial ā 3,668 ā 3,933 ā ā ā 3,059 ā 3,251 ā ā Residential 1-4 Family - Commercial ā 4,047 ā 4,310 ā ā ā 3,378 ā 3,439 ā ā Residential 1-4 Family - Consumer ā 8,420 ā 9,018 ā ā ā 9,642 ā 10,317 ā ā Residential 1-4 Family - Revolving ā 862 ā 865 ā ā ā 1,150 ā 1,269 ā ā Consumer ā ā ā ā ā ā ā ā ā ā ā 30 ā ā 102 ā ā ā Other Commercial ā ā ā ā ā ā ā 478 ā 478 ā ā Total impaired loans without a specific allowance ā $ 35,185 ā $ 38,655 ā $ ā ā $ 42,991 ā $ 46,890 ā $ ā Loans with a specific allowance ā ā ā ā ā ā Construction and Land Development ā $ 984 ā $ 1,032 ā $ 49 ā $ 372 ā $ 491 ā $ 63 Commercial Real Estate - Owner Occupied ā 2,820 ā 3,093 ā 146 ā 4,304 ā 4,437 ā 359 Commercial Real Estate - Non-Owner Occupied ā 335 ā 383 ā 2 ā 391 ā 391 ā 1 Commercial & Industrial ā 2,568 ā 2,590 ā 619 ā 1,183 ā 1,442 ā 752 Residential 1-4 Family - Commercial ā 1,726 ā 1,819 ā 162 ā 2,120 ā 2,152 ā 89 Residential 1-4 Family - Consumer ā 12,026 ā 12,670 ā 1,242 ā 6,389 ā 6,645 ā 470 Residential 1-4 Family - Revolving ā 2,186 ā 2,369 ā 510 ā 724 ā 807 ā 188 Auto ā 563 ā 879 ā 221 ā 576 ā 830 ā 231 Consumer ā 168 ā 336 ā 46 ā 178 ā 467 ā 64 Other Commercial ā ā 562 ā ā 567 ā ā 30 ā ā ā ā ā ā ā ā ā Total impaired loans with a specific allowance ā $ 23,938 ā $ 25,738 ā $ 3,027 ā $ 16,237 ā $ 17,662 ā $ 2,217 Total impaired loans ā $ 59,123 ā $ 64,393 ā $ 3,027 ā $ 59,228 ā $ 64,552 ā $ 2,217 ā ā The following table shows the average recorded investment and interest income recognized for the Companyās impaired loans, excluding PCI loans, by segment for the years ended December 31, 2019, 2018 and 2017 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā December 31, 2018 ā December 31, 2017 ā ā ā Interest ā ā Interest ā ā Interest ā ā Average ā Income ā Average ā Income ā Average ā Income ā ā Investment ā Recognized ā Investment ā Recognized ā Investment ā Recognized Construction and Land Development ā $ 6,764 ā $ 110 ā $ 11,648 ā $ 234 ā $ 17,080 ā $ 590 Commercial Real Estate - Owner Occupied ā 12,258 ā 323 ā 13,383 ā 499 ā 6,580 ā 306 Commercial Real Estate - Non-Owner Occupied ā 4,775 ā 147 ā 7,157 ā 246 ā 6,083 ā 172 Commercial & Industrial ā 6,438 ā 293 ā 4,672 ā 232 ā 3,208 ā 150 Residential 1-4 Family - Commercial ā 6,145 ā 120 ā 5,667 ā 180 ā 4,422 ā 162 Residential 1-4 Family - Consumer ā 20,963 ā 308 ā 16,977 ā 236 ā 12,812 ā 222 Residential 1-4 Family - Revolving ā 3,256 ā 82 ā 2,000 ā 23 ā 2,659 ā 36 Auto ā 788 ā 15 ā 824 ā 20 ā 579 ā 19 Consumer ā 187 ā 5 ā 263 ā 5 ā 428 ā 14 Other Commercial ā ā 584 ā ā 22 ā ā 486 ā ā 27 ā ā 382 ā ā 22 Total impaired loans ā $ 62,158 ā $ 1,425 ā $ 63,077 ā $ 1,702 ā $ 54,233 ā $ 1,693 ā The Company considers TDRs to be impaired loans. A modification of a loanās terms constitutes a TDR if the creditor grants a concession that it would not otherwise consider to the borrower for economic or legal reasons related to the borrowerās financial difficulties. All loans that are considered to be TDRs are evaluated for impairment in accordance with the Companyās allowance for loan loss methodology and are included in the preceding impaired loan tables. For the year ended December 31, 2019, the recorded investment in TDRs prior to modifications was not materially impacted by the modifications. The following table provides a summary, by segment, of TDRs that continue to accrue interest under the terms of the restructuring agreement, which are considered to be performing, and TDRs that have been placed in nonaccrual status, which are considered to be nonperforming, as of December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā December 31, 2018 ā No. of Recorded Outstanding No. of Recorded Outstanding ā ā Loans ā Investment ā Commitment ā Loans ā Investment ā Commitment Performing ā ā ā ā Construction and Land Development 4 ā $ 1,114 ā $ ā 5 ā $ 2,496 ā $ ā Commercial Real Estate - Owner Occupied 6 ā 2,228 ā 26 8 ā 2,783 ā ā Commercial Real Estate - Non-Owner Occupied 1 ā 1,089 ā ā 4 ā 4,438 ā ā Commercial & Industrial 4 ā 1,020 ā ā 4 ā 978 ā ā Residential 1-4 Family - Commercial 5 ā 290 ā ā 8 ā 1,075 ā ā Residential 1-4 Family - Consumer 69 ā 9,396 ā ā 52 ā 6,882 ā ā Residential 1-4 Family - Revolving 2 ā 56 ā ā 2 ā 58 ā ā Consumer 4 ā 29 ā ā 1 ā 13 ā ā Other Commercial ā 1 ā ā 464 ā ā ā ā 1 ā ā 478 ā ā ā Total performing 96 ā $ 15,686 ā $ 26 85 ā $ 19,201 ā $ ā Nonperforming ā ā ā ā Construction and Land Development ā ā $ ā ā $ ā 2 ā $ 3,474 ā $ ā Commercial Real Estate - Owner Occupied 2 ā 176 ā ā 2 ā 198 ā ā Commercial & Industrial 1 ā 55 ā ā 6 ā 461 ā ā Residential 1-4 Family - Commercial ā ā ā ā ā 1 ā 60 ā ā Residential 1-4 Family - Consumer 19 ā 3,522 ā ā 15 ā 3,135 ā ā Residential 1-4 Family - Revolving 2 ā 57 ā ā 2 ā 62 ā ā Consumer ā ā ā ā ā ā ā ā ā 1 ā ā 7 ā ā ā Total nonperforming 24 ā $ 3,810 ā $ ā 29 ā $ 7,397 ā $ ā Total performing and nonperforming 120 ā $ 19,496 ā $ 26 114 ā $ 26,598 ā $ ā ā The Company considers a default of a TDR to occur when the borrower is 90 days past due following the restructure or a foreclosure and repossession of the applicable collateral occurs. During the years ended December 31, 2019 and 2018, the Company did not have any material loans that went into default that had been restructured in the twelve-month period prior to the time of default. The following table shows, by segment and modification type, TDRs that occurred during the years ended December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā All Restructurings ā ā 2019 ā 2018 ā ā Recorded ā Recorded ā ā No. of ā Investment at ā No. of ā Investment at ā ā Loans ā Period End ā Loans ā Period End Modified to interest only, at a market rate ā ā Total interest only at market rate of interest ā ā $ ā ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā Term modification, at a market rate ā ā Construction and Land Development ā ā $ ā 4 ā $ 4,675 Commercial Real Estate - Owner Occupied ā ā ā 5 ā 1,365 Commercial Real Estate - Non-Owner Occupied ā ā ā 1 ā 1,089 Commercial & Industrial 1 ā 376 3 ā 334 Residential 1-4 Family - Commercial 1 ā 72 1 ā 71 Residential 1-4 Family - Consumer 7 ā 1,688 9 ā 1,079 Consumer ā 3 ā ā 24 ā 1 ā ā 13 Total loan term extended at a market rate 12 ā $ 2,160 24 ā $ 8,626 ā ā ā ā ā ā ā ā ā ā ā Term modification, below market rate ā ā Construction and Land Development ā 3 ā $ 193 ā ā ā $ ā Commercial Real Estate - Non-Owner Occupied ā ā ā 1 ā ā 2,782 Residential 1-4 Family - Consumer 22 ā 2,658 19 ā 2,783 Residential 1-4 Family - Revolving ā ā ā 2 ā ā 46 Consumer 1 ā 5 ā ā ā Total loan term extended at a below market rate 26 ā $ 2,856 22 ā $ 5,611 ā ā ā ā ā ā ā ā ā ā ā Interest rate modification, below market rate ā ā Residential 1-4 Family - Commercial ā ā $ ā 1 ā $ 265 Total interest only at below market rate of interest ā ā $ ā 1 ā $ 265 ā ā ā ā ā ā ā ā ā ā ā Total 38 ā $ 5,016 47 ā $ 14,502 ā ā The following tables show the allowance for loan loss activity by segment for the year ended December 31, 2019, 2018, and 2017. The tables below include the provision for loan losses. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, 2019 ā ā Allowance for loan losses ā Balance, Recoveries Loans Provision Balance, ā ā beginning of ā credited to ā charged ā charged to ā end of ā ā the year ā allowance ā off ā operations ā period Construction and Land Development ā $ 6,803 ā $ 665 ā $ (4,218) ā $ 2,508 ā $ 5,758 Commercial Real Estate - Owner Occupied ā 4,023 ā 456 ā (1,346) ā 786 ā 3,919 Commercial Real Estate - Non-Owner Occupied ā 8,865 ā 109 ā (270) ā 839 ā 9,543 Multifamily Real Estate ā 649 ā 85 ā ā ā (102) ā 632 Commercial & Industrial ā 7,636 ā 1,132 ā (3,096) ā 2,932 ā 8,604 Residential 1-4 Family - Commercial ā 1,692 ā 372 ā (472) ā (227) ā 1,365 Residential 1-4 Family - Consumer ā 1,492 ā 466 ā (144) ā 199 ā 2,013 Residential 1-4 Family - Revolving ā 1,297 ā 692 ā (698) ā 32 ā 1,323 Auto ā 1,443 ā 549 ā (1,282) ā 743 ā 1,453 Consumer and all other (1) ā 7,145 ā 2,706 ā (16,582) ā 14,415 ā 7,684 Total ā $ 41,045 ā $ 7,232 ā $ (28,108) ā $ 22,125 ā $ 42,294 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, 2018 ā ā Allowance for loan losses ā Balance, Recoveries Loans Provision Balance, ā ā beginning of ā credited to ā charged ā charged to ā end of ā ā the year ā allowance ā off ā operations ā period Construction and Land Development ā $ 9,709 ā $ 447 ā $ (2,005) ā $ (1,348) ā $ 6,803 Commercial Real Estate - Owner Occupied ā 2,931 ā 610 ā (709) ā 1,191 ā 4,023 Commercial Real Estate - Non-Owner Occupied ā 7,544 ā 100 ā (94) ā 1,315 ā 8,865 Multifamily Real Estate ā 1,092 ā 5 ā ā ā (448) ā 649 Commercial & Industrial ā 4,552 ā 534 ā (833) ā 3,383 ā 7,636 Residential 1-4 Family - Commercial ā 4,437 ā 353 ā (176) ā (2,922) ā 1,692 Residential 1-4 Family - Consumer ā 1,524 ā 310 ā (852) ā 510 ā 1,492 Residential 1-4 Family - Revolving ā 1,360 ā 636 ā (1,206) ā 507 ā 1,297 Auto ā 975 ā 436 ā (1,074) ā 1,106 ā 1,443 Consumer and all other (1) ā 4,084 ā 1,737 ā (9,281) ā 10,605 ā 7,145 Total ā $ 38,208 ā $ 5,168 ā $ (16,230) ā $ 13,899 ā $ 41,045 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, 2017 ā ā Allowance for loan losses ā Balance, Recoveries Loans Provision Balance, ā ā beginning ā credited to ā charged ā charged to ā end of ā ā of the year ā allowance ā off ā operations ā period Construction and Land Development ā $ 10,055 ā $ 206 ā $ (2,190) ā $ 1,638 ā $ 9,709 Commercial Real Estate - Owner Occupied ā 3,801 ā 171 ā (46) ā (995) ā 2,931 Commercial Real Estate - Non-Owner Occupied ā 6,622 ā 2 ā (1,180) ā 2,100 ā 7,544 Multifamily Real Estate ā 1,236 ā ā ā ā ā (144) ā 1,092 Commercial & Industrial ā 4,627 ā 483 ā (2,277) ā 1,719 ā 4,552 Residential 1-4 Family - Commercial ā 3,698 ā 329 ā (463) ā 873 ā 4,437 Residential 1-4 Family - Consumer ā 2,701 ā 102 ā (588) ā (691) ā 1,524 Residential 1-4 Family - Revolving ā 1,328 ā 314 ā (1,019) ā 737 ā 1,360 Auto ā 946 ā 459 ā (1,038) ā 608 ā 975 Consumer and all other (1) ā 2,178 ā 1,189 ā (4,509) ā 5,226 ā 4,084 Total ā $ 37,192 ā $ 3,255 ā $ (13,310) ā $ 11,071 ā $ 38,208 ā (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following tables show the loan and allowance for loan loss balances based on impairment methodology by segment as of December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā ā Loans individually ā Loans collectively ā Loans acquired with ā ā ā ā ā ā ā ā evaluated for ā evaluated for ā deteriorated credit ā ā ā ā ā ā ā ā impairment ā impairment ā quality ā Total ā Loans ALL Loans ALL Loans ALL Loans ALL Construction and Land Development ā $ 6,861 ā $ 49 ā $ 1,233,119 ā $ 5,709 ā $ 10,944 ā $ ā ā $ 1,250,924 ā $ 5,758 Commercial Real Estate - Owner Occupied ā 11,621 ā 146 ā 2,002,184 ā 3,773 ā 27,438 ā ā ā 2,041,243 ā 3,919 Commercial Real Estate - Non-Owner Occupied ā 3,845 ā 2 ā 3,267,688 ā 9,541 ā 14,565 ā ā ā 3,286,098 ā 9,543 Multifamily Real Estate ā ā ā ā ā 633,649 ā 632 ā 94 ā ā ā 633,743 ā 632 Commercial & Industrial ā 6,236 ā 619 ā 2,106,218 ā 7,768 ā 1,579 ā 217 ā 2,114,033 ā 8,604 Residential 1-4 Family - Commercial ā 5,773 ā 162 ā 706,359 ā 1,203 ā 12,205 ā ā ā 724,337 ā 1,365 Residential 1-4 Family - Consumer ā 20,446 ā 1,242 ā 855,344 ā 771 ā 14,713 ā ā ā 890,503 ā 2,013 Residential 1-4 Family - Revolving ā 3,048 ā 510 ā 652,329 ā 813 ā 4,127 ā ā ā 659,504 ā 1,323 Auto ā 563 ā 221 ā 349,852 ā 1,232 ā 4 ā ā ā 350,419 ā 1,453 Consumer and all other (1) ā 730 ā 76 ā 658,390 ā 7,608 ā 1,012 ā ā ā 660,132 ā 7,684 Total loans held for investment, net ā $ 59,123 ā $ 3,027 ā $ 12,465,132 ā $ 39,050 ā $ 86,681 ā $ 217 ā $ 12,610,936 ā $ 42,294 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2018 ā ā Loans individually ā Loans collectively ā Loans acquired with ā ā ā ā ā ā ā ā evaluated for ā evaluated for ā deteriorated credit ā ā ā ā ā ā ā ā impairment ā impairment ā quality ā Total ā Loans ALL Loans ALL Loans ALL Loans ALL Construction and Land Development ā $ 10,662 ā $ 63 ā $ 1,175,505 ā $ 6,740 ā $ 8,654 ā $ ā ā $ 1,194,821 ā $ 6,803 Commercial Real Estate - Owner Occupied ā 12,690 ā 359 ā 1,299,011 ā 3,664 ā 25,644 ā ā ā 1,337,345 ā 4,023 Commercial Real Estate - Non-Owner Occupied ā 6,969 ā 1 ā 2,443,106 ā 8,864 ā 17,335 ā ā ā 2,467,410 ā 8,865 Multifamily Real Estate ā ā ā ā ā 548,143 ā 649 ā 88 ā ā ā 548,231 ā 649 Commercial & Industrial ā 4,242 ā 752 ā 1,310,737 ā 6,884 ā 2,156 ā ā ā 1,317,135 ā 7,636 Residential 1-4 Family - Commercial ā 5,498 ā 89 ā 621,320 ā 1,603 ā 13,601 ā ā ā 640,419 ā 1,692 Residential 1-4 Family - Consumer ā 16,031 ā 470 ā 641,006 ā 1,022 ā 16,872 ā ā ā 673,909 ā 1,492 Residential 1-4 Family - Revolving ā 1,874 ā 188 ā 606,394 ā 1,109 ā 5,115 ā ā ā 613,383 ā 1,297 Auto ā 576 ā 231 ā 301,360 ā 1,212 ā 7 ā ā ā 301,943 ā 1,443 Consumer and all other (1) ā 686 ā 64 ā 620,176 ā 7,081 ā 749 ā ā ā 621,611 ā 7,145 Total loans held for investment, net ā $ 59,228 ā $ 2,217 ā $ 9,566,758 ā $ 38,828 ā $ 90,221 ā $ ā ā $ 9,716,207 ā $ 41,045 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. ā The Company uses a risk rating system and past due status as the primary credit quality indicators for the loan categories. The risk rating system on a scale of 0 through 9 is used to determine risk level as used in the calculation of the allowance for loan losses; on those loans without a risk rating, the Company uses past due status to determine risk level. The risk levels, as described below, do not necessarily follow the regulatory definitions of risk levels with the same name. A general description of the characteristics of the risk levels follows: Pass is determined by the following criteria: ā Risk rated 0 loans have little or no risk and are with General Obligation Municipal Borrowers; ā Risk rated 1 loans have little or no risk and are generally secured by cash or cash equivalents; ā Risk rated 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety; ā Risk rated 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment; ā Risk rated 4 loans are satisfactory loans with borrowers not as strong as risk rated 3 loans and may exhibit a greater degree of financial risk based on the type of business supporting the loan; or ā Loans that are not risk rated but that are 0 to 29 days past due. Watch & Special Mention is determined by the following criteria: ā Risk rated 5 loans are watch loans that warrant more than the normal level of supervision and have the possibility of an event occurring that may weaken the borrowerās ability to repay; ā Risk rated 6 loans have increasing potential weaknesses beyond those at which the loan originally was granted and if not addressed could lead to inadequately protecting the Companyās credit position; or ā Loans that are not risk rated but that are 30 to 89 days past due. Substandard is determined by the following criteria: ā Risk rated 7 loans are substandard loans and are inadequately protected by the current sound worth or paying capacity of the obligor or the collateral pledged; these have well defined weaknesses that jeopardize the liquidation of the debt with the distinct possibility the Company will sustain some loss if the deficiencies are not corrected; or ā Loans that are not risk rated but that are 90 to 149 days past due. Doubtful is determined by the following criteria: ā Risk rated 8 loans are doubtful of collection and the possibility of loss is high but pending specific borrower plans for recovery, its classification as a loss is deferred until its more exact status is determined; ā Risk rated 9 loans are loss loans which are considered uncollectable and of such little value that their continuance as bankable assets is not warranted; or ā Loans that are not risk rated but that are over 149 days past due. The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development ā $ 1,197,066 ā $ 37,182 ā $ 5,732 ā $ ā ā $ 1,239,980 Commercial Real Estate - Owner Occupied ā 1,916,492 ā 87,004 ā 10,309 ā ā ā 2,013,805 Commercial Real Estate - Non-Owner Occupied ā 3,205,463 ā 62,368 ā 3,608 ā 94 ā 3,271,533 Multifamily Real Estate ā 613,844 ā 19,396 ā 409 ā ā ā 633,649 Commercial & Industrial ā 2,043,903 ā 60,495 ā 8,048 ā 8 ā 2,112,454 Residential 1-4 Family - Commercial ā 680,894 ā 24,864 ā 6,374 ā ā ā 712,132 Residential 1-4 Family - Consumer ā 841,408 ā 13,592 ā 20,534 ā 256 ā 875,790 Residential 1-4 Family - Revolving ā 641,069 ā 6,373 ā 7,935 ā ā ā 655,377 Auto ā 345,960 ā 2,630 ā 1,825 ā ā ā 350,415 Consumer ā 371,315 ā 550 ā 320 ā ā ā 372,185 Other Commercial ā ā 284,914 ā ā 1,863 ā ā 158 ā ā ā ā ā 286,935 Total ā $ 12,142,328 ā $ 316,317 ā $ 65,252 ā $ 358 ā $ 12,524,255 ā The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of December 31, 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development ā $ 1,130,577 ā $ 43,894 ā $ 11,696 ā $ ā ā $ 1,186,167 Commercial Real Estate - Owner Occupied ā 1,231,422 ā 50,939 ā 29,340 ā ā ā 1,311,701 Commercial Real Estate - Non-Owner Occupied ā 2,425,500 ā 17,648 ā 6,927 ā ā ā 2,450,075 Multifamily Real Estate ā 537,572 ā 10,571 ā ā ā ā ā 548,143 Commercial & Industrial ā 1,273,549 ā 34,864 ā 6,566 ā ā ā 1,314,979 Residential 1-4 Family - Commercial ā 606,955 ā 14,876 ā 4,987 ā ā ā 626,818 Residential 1-4 Family - Consumer ā 624,346 ā 17,065 ā 15,626 ā ā ā 657,037 Residential 1-4 Family - Revolving ā 598,444 ā 6,316 ā 3,508 ā ā ā 608,268 Auto ā 296,907 ā 3,590 ā 1,439 ā ā ā 301,936 Consumer ā 378,873 ā 547 ā 242 ā ā ā 379,662 Other Commercial ā 239,857 ā 864 ā 479 ā ā ā 241,200 Total ā $ 9,344,002 ā $ 201,174 ā $ 80,810 ā $ ā ā $ 9,625,986 ā The following table shows the recorded investment in only PCI loans by segment with their related risk level as of December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development ā $ 1,092 ā $ 3,692 ā $ 6,160 ā $ ā ā $ 10,944 Commercial Real Estate - Owner Occupied ā 8,264 ā 10,524 ā 8,650 ā ā ā 27,438 Commercial Real Estate - Non-Owner Occupied ā 3,826 ā 9,415 ā 1,324 ā ā ā 14,565 Multifamily Real Estate ā ā ā 94 ā ā ā ā ā 94 Commercial & Industrial ā 127 ā 25 ā 1,427 ā ā ā 1,579 Residential 1-4 Family - Commercial ā 6,000 ā 2,693 ā 3,512 ā ā ā 12,205 Residential 1-4 Family - Consumer ā 9,947 ā 557 ā 4,209 ā ā ā 14,713 Residential 1-4 Family - Revolving ā 2,887 ā 707 ā 533 ā ā ā 4,127 Auto ā 2 ā ā ā 2 ā ā ā 4 Consumer ā 657 ā ā ā 11 ā ā ā 668 Other Commercial ā ā 120 ā ā 224 ā ā ā ā ā ā ā ā 344 Total ā $ 32,922 ā $ 27,931 ā $ 25,828 ā $ ā ā $ 86,681 ā ā ā ā ā The following table shows the recorded investment in only PCI loans by segment with their related risk level as of December 31, 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development ā $ 1,835 ā $ 1,308 ā $ 5,511 ā $ ā ā $ 8,654 Commercial Real Estate - Owner Occupied ā 8,347 ā 6,685 ā 10,612 ā ā ā 25,644 Commercial Real Estate - Non-Owner Occupied ā 4,789 ā 7,992 ā 4,554 ā ā ā 17,335 Multifamily Real Estate ā ā ā 88 ā ā ā ā ā 88 Commercial & Industrial ā 762 ā 134 ā 1,260 ā ā ā 2,156 Residential 1-4 Family - Commercial ā 6,476 ā 2,771 ā 4,354 ā ā ā 13,601 Residential 1-4 Family - Consumer ā 9,930 ā 1,030 ā 5,912 ā ā ā 16,872 Residential 1-4 Family - Revolving ā 3,438 ā 1,031 ā 646 ā ā ā 5,115 Auto ā ā 7 ā ā ā ā ā ā ā ā ā ā ā 7 Consumer ā 17 ā ā ā 15 ā ā ā 32 Other Commercial ā ā 57 ā ā 660 ā ā ā ā ā ā ā ā 717 Total ā $ 35,658 ā $ 21,699 ā $ 32,864 ā $ ā ā $ 90,221 ā Loans acquired are originally recorded at fair value, with certain loans being identified as impaired at the date of purchase. The fair values were determined based on the credit quality of the portfolio, expected future cash flows, and timing of those expected future cash flows. The following shows changes in the accretable yield for loans accounted for under ASC 310-30, Receivables ā Loans and Debt Securities Acquired with Deteriorated Credit Quality, ā ā ā ā ā ā ā ā ā ā For the Year Ended December 31, ā 2019 2018 Balance at beginning of period ā $ 31,201 ā $ 14,563 Additions ā 5,060 ā 12,225 Accretion ā (13,432) ā (8,654) Reclass of nonaccretable difference due to improvement in expected cash flows ā 4,485 ā 1,876 Measurement period adjustment ā 631 ā 3,974 Other, net (1) ā 3,329 ā 7,217 Balance at end of period ā $ 31,274 ā $ 31,201 (1) This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate PCI loans, and discounted payoffs that occurred in the year. The carrying value of the Companyās PCI loan portfolio, accounted for under ASC 310-30, totaled $86.7 million at December 31, 2019 and $90.2 million at December 31, 2018. The outstanding balance of the Companyās PCI loan portfolio totaled $104.9 million at December 31, 2019 and $113.5 million at December 31, 2018. The carrying value of the Companyās acquired performing loan portfolio, accounted for under ASC 310-20, Receivables ā Nonrefundable Fees and Other Costs |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | ā 5. PREMISES AND EQUIPMENT Amounts presented exclude discontinued operations. Refer to Note 19 "Segment Reporting & Discontinued Operations" in Item 8 "Financial Statements and Supplementary Data" of this Form 10-K for further discussion regarding discontinued operations. The Companyās premises and equipment as of December 31, 2019 and 2018 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā 2019 2018 Land ā $ 44,578 ā $ 41,494 Land improvements and buildings ā 123,189 ā 119,649 Leasehold improvements ā 20,597 ā 10,266 Furniture and equipment ā 71,469 ā 62,154 Construction in progress ā 3,549 ā 6,956 Total ā 263,382 ā 240,519 Less accumulated depreciation and amortization ā 102,309 ā 93,552 Bank premises and equipment, net ā $ 161,073 ā $ 146,967 ā Depreciation expense for the years ended December 31, 2019, 2018, and 2017 was $15.0 million, $13.6 million, and $10.9 million, respectively. Refer to Note 7: āLeasesā in Item 8 āFinancial Statements and Supplementary Dataā of this Form 10-K for further discussion regarding the Companyās leasing arrangements. ā |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS The Companyās intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. The Company has determined that core deposit intangibles have finite lives and amortizes them over their estimated useful lives. Core deposit intangibles are being amortized over the period of expected benefit, which ranges from 4 to 10 years, using an accelerated method. Other amortizable intangible assets are being amortized over the period of expected benefit, which ranges from 4 to 10 years, using various methods. Refer to Note 2 "Acquisitions" for further information regarding intangible assets. In accordance with ASC 350, Intangibles-Goodwill and Other, Information concerning intangible assets with a finite life is presented in the following table (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Gross ā ā Net ā ā Carrying ā Accumulated ā Carrying ā ā Value ā Amortization ā Value December 31, 2019 ā ā ā Core deposit intangibles ā $ 135,300 ā $ 73,336 ā $ 61,964 Other amortizable intangibles ā 15,349 ā 3,644 ā 11,705 December 31, 2018 ā ā ā Core deposit intangibles ā $ 95,152 ā $ 57,293 ā $ 37,859 Other amortizable intangibles ā 12,695 ā 1,870 ā 10,825 ā Amortization expense of intangibles for the years ended December 31, 2019, 2018, and 2017 totaled $18.5 million, $12.8 million, and $6.1 million, respectively. As of December 31, 2019, the estimated remaining amortization expense of intangibles for the years ended is as follows (dollars in thousands): ā ā ā ā ā 2020 $ 16,483 2021 ā ā 13,874 2022 ā ā 11,490 2023 ā ā 9,687 2024 ā ā 7,819 Thereafter ā ā 14,316 Total estimated amortization expense ā $ 73,669 ā |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | ā ā 7. LEASES The Company leases branch locations, office space, land, and equipment. The Company determines if an arrangement is a lease at inception. As of December 31, 2019, all leases have been classified as operating leases with approximately 160 non-cancellable operating leases where the Company is the lessee. The Company does not have any material arrangements where the Company is the lessor or in a sublease contract. Leases where the Company is a lessee are primarily for real estate leases with remaining lease terms of up to 14 years. The Companyās real estate lease agreements do not contain residual value guarantees and most agreements do not contain restrictive covenants. Operating leases have been reported on the Companyās Consolidated Balance Sheets as an operating ROU Asset within Other Assets and an operating lease liability within Other Liabilities. The ROU Asset represents the Companyās right to use an underlying asset over the course of the lease term and operating lease liabilities represent the Companyās obligation to make lease payments arising from the lease. Operating lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments, discounted using the incremental borrowing rate. As most of the Companyās leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating ROU Asset is recognized at commencement date based on the initial measurement of the lease liability, any lease payments made excluding lease incentives, and any initial direct costs incurred. At December 31, 2019 the total ROU Asset was $54.9 million and total operating lease liabilities were $66.1 million. Most of the Companyās leases include one or more options to renew, however, the Company is not reasonably certain to exercise those options and therefore does not include the renewal options in the measurement of the ROU Asset and lease liabilities Total lease expenses are recorded in Occupancy Expense within noninterest expense on the Companyās Consolidated Statements of Income. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Total operating lease expenses for the year ended December 31, 2019 were $11.5 million. As of December 31, 2019 the Company had no material sales leaseback transactions or operating leases that have not yet commenced that create significant rights and obligations. Maturities of operating lease liabilities as of December 31, 2019 are as follows for the years ending (dollars in thousands): ā ā ā ā 2020 $ 13,046 2021 ā 11,321 2022 ā 10,344 2023 ā 9,377 2024 ā 8,065 Thereafter ā 21,025 Total future lease payments ā 73,178 Less: Interest ā 7,126 Present value of lease liabilities ā $ 66,052 ā ā Other lease information is as follows (dollars in thousands): ā ā ā ā ā ā December 31, 2019 Lease Term and Discount Rate of Operating leases: ā ā Weighted-average remaining lease term (years) ā 7.36 ā Weighted-average discount rate (1) ā 2.69 % Cash paid for amounts included in measurement of lease liabilities: ā ā Operating Cash Flows from Operating Leases ā $ 13,697 ā Right-of-use assets obtained in exchange for lease obligations: ā ā Operating leases ā 8,065 ā ā (1) An incremental borrowing rate is used based on information available at commencement date of lease. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2019 | |
Deposits, Interest-bearing and Noninterest-bearing, Alternative [Abstract] | |
DEPOSITS | 8. DEPOSITS The major types of interest-bearing deposits are as follows for the years ended December 31, (dollars in thousands): ā ā ā ā ā ā ā ā ā 2019 2018 Interest-bearing deposits: ā ā NOW accounts ā $ 2,905,714 ā $ 2,288,523 Money market accounts ā 3,951,856 ā 2,875,301 Savings accounts ā 727,847 ā 622,823 Time deposits of $250,000 and over ā 684,797 ā 292,224 Other time deposits ā 2,064,628 ā 1,797,482 Total interest-bearing deposits ā $ 10,334,842 ā $ 7,876,353 ā As of December 31, 2019, the scheduled maturities of time deposits are as follows for the years ended December 31, (dollars in thousands): ā ā ā ā ā 2020 $ 1,626,492 2021 ā 621,567 2022 ā 199,507 2023 ā 140,722 2024 ā 160,465 Thereafter ā 672 Total scheduled maturities of time deposits ā $ 2,749,425 ā The amount of time deposits held in CDARS accounts was $73.9 million and $118.3 million as of December 31, 2019 and 2018, respectively. The Company classifies deposit overdrafts as loans held for investment within the "Other Commercial" category. As of December 31, 2019 and 2018, these deposits totaled $2.6 million and $2.0 million, respectively. ā |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
BORROWINGS | 9. BORROWINGS Short-term Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Total short-term borrowings consist primarily of advances from the FHLB, federal funds purchased (which are secured overnight borrowings from other financial institutions), and other lines of credit. Also included in total short-term borrowings are securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. ā Total short-term borrowings consist of the following as of December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā 2019 ā 2018 Securities sold under agreements to repurchase ā $ 66,053 ā $ 39,197 ā FHLB advances ā 370,200 ā 1,043,600 ā Other short-term borrowings ā ā ā 5,000 ā Total short-term borrowings ā $ 436,253 ā $ 1,087,797 ā ā ā ā ā ā ā ā ā Average outstanding balance during the period ā $ 673,116 ā $ 968,014 ā Average interest rate (during the period) ā 2.30 % 1.91 % Average interest rate at end of period ā 1.52 % 2.43 % ā The Bank maintains federal funds lines with several correspondent banks; the remaining available balance was $682.0 million and $382.0 million at December 31, 2019 and 2018 respectively. The Company maintains an alternate line of credit at a correspondent bank; the available balance was $25.0 million at both December 31, 2019 and 2018. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and is considered to be in compliance with these covenants as of December 31, 2019. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $5.2 billion and $4.0 billion at December 31, 2019 and 2018, respectively. Long-term Borrowings In connection with several previous bank acquisitions, the Company issued and acquired trust preferred capital notes of $58.5 million and $87.0 million, respectively. Most recently, in connection with the acquisition of Access on February 1, 2019, the Company acquired additional trust preferred capital notes totaling $5.0 million. The remaining fair value discount on all acquired trust preferred capital notes was $14.9 million at December 31, 2019. The trust preferred capital notes currently qualify for Tier 2 capital of the Company for regulatory purposes. The Companyās trust preferred capital notes consist of the following as of December 31, 2019: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Trust ā ā ā ā ā ā ā Preferred ā ā ā ā ā ā ā ā ā ā ā Capital ā ā ā ā Spread to ā ā ā ā ā ā Securities (1) ā Investment (1) ā 3-Month LIBOR ā Rate (2) ā Maturity Trust Preferred Capital Note - Statutory Trust I ā $ 22,500,000 ā $ 696,000 2.75 % 4.66 % 6/17/2034 Trust Preferred Capital Note - Statutory Trust II ā 36,000,000 ā 1,114,000 1.40 % 3.31 % 6/15/2036 VFG Limited Liability Trust I Indenture ā 20,000,000 ā 619,000 2.73 % 4.64 % 3/18/2034 FNB Statutory Trust II Indenture ā 12,000,000 ā 372,000 3.10 % 5.01 % 6/26/2033 Gateway Capital Statutory Trust I ā 8,000,000 ā 248,000 3.10 % 5.01 % 9/17/2033 Gateway Capital Statutory Trust II ā 7,000,000 ā 217,000 2.65 % 4.56 % 6/17/2034 Gateway Capital Statutory Trust III ā 15,000,000 ā 464,000 1.50 % 3.41 % 5/30/2036 Gateway Capital Statutory Trust IV ā 25,000,000 ā 774,000 1.55 % 3.46 % 7/30/2037 MFC Capital Trust II ā 5,000,000 ā 155,000 2.85 % 4.76 % 1/23/2034 Total ā $ 150,500,000 ā $ 4,659,000 (1) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Companyās junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Companyās investment in the trusts is reported in "Other Assets" on the Consolidated Balance Sheets. (2) Rate as of December 31, 2019. ā During the fourth quarter of 2016, the Company issued $150.0 million of fixed-to-floating rate subordinated notes with an initial fixed interest rate of 5.00% through December 15, 2021. The interest rate then changes to a floating rate of LIBOR plus 3.175% through its maturity date on December 15, 2026. In connection with the acquisition of Xenith on January 1, 2018, the Company acquired $8.5 million of subordinated notes with a fair value premium of $259,000, which was $51,000 at December 31, 2019. The acquired subordinated notes have a fixed interest rate of 6.75% and a maturity date of June 30, 2025. At December 31, 2019 and 2018, the contractual principal reported for all subordinated notes was $158.5 million; remaining issuance discount as of December 31, 2019 and 2018 was $1.4 million and $1.6 million, respectively. The subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with the acquired subordinated notes and was considered to be in compliance with these covenants as of December 31, 2019. On August 23, 2012, the Company modified its fixed rate FHLB advances to floating rate advances, which resulted in reducing the Companyās FHLB borrowing costs. In connection with this modification, the Company incurred a prepayment penalty of $19.6 million on the original advances which was deferred and to be amortized over the term of the modified advances using the effective rate method. On August 29, 2019, the Company repaid the floating rate FHLB advances. In connection with this repayment, the remaining unamortized prepayment penalty of $7.4 million was immediately recognized as a component of noninterest expense. As of December 31, 2019, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā 3-Month ā Interest ā ā ā ā ā Long-term Type ā LIBOR ā Rate (1) ā Maturity Date ā Advance Amount Convertible Flipper (0.75) % 1.16 % 8/17/2029 ā $ 50,000 Convertible Flipper (0.50) % 1.41 % 5/15/2024 ā 200,000 Convertible Flipper (0.75) % 1.16 % 5/22/2029 ā 150,000 Convertible Flipper (0.75) % 1.16 % 5/30/2029 ā 50,000 Convertible Flipper ā (0.75) % 1.16 % 6/21/2029 ā ā 100,000 Fixed Rate Convertible ā - ā 1.78 % 10/26/2028 ā ā 200,000 Fixed Rate Hybrid ā - ā 1.58 % 5/18/2020 ā ā 20,000 Fixed Rate Credit ā - ā 1.54 % 10/2/2020 ā ā 10,000 ā ā ā ā ā ā ā ā $ 780,000 (1) Interest rates calculated using non-rounded numbers. As of December 31, 2018, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā 3-Month ā Interest ā ā ā ā ā Long-term Type ā LIBOR ā Rate (1) ā Maturity Date ā Advance Amount Adjustable Rate Credit 0.44 % 3.25 % 8/23/2022 ā $ 55,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 ā 65,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 ā 10,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 ā 10,000 Fixed Rate Convertible ā 1.78 % 10/26/2028 ā 200,000 Fixed Rate Hybrid ā 2.37 % 10/10/2019 ā 25,000 Fixed Rate Hybrid ā 1.58 % 5/18/2020 ā 20,000 ā ā ā ā ā ā ā ā $ 385,000 (1) Interest rates calculated using non-rounded numbers. For information on the carrying value of loans and securities pledged as collateral on FHLB advances as of December 31, 2019 and 2018, refer to Note 10 "Commitments and Contingencies". As of December 31, 2019, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Trust ā ā ā ā ā ā ā ā ā ā Preferred ā ā ā ā ā ā ā Fair Value ā ā ā ā ā Capital ā Subordinated ā FHLB ā Premium ā Total Long-term ā ā Notes ā Debt ā Advances ā (Discount) (1) ā Borrowings 2020 ā $ ā ā $ ā ā $ 30,000 ā $ (834) ā $ 29,166 2021 ā ā ā ā ā ā ā (1,008) ā (1,008) 2022 ā ā ā ā ā ā ā (1,030) ā (1,030) 2023 ā ā ā ā ā ā ā (1,053) ā (1,053) 2024 ā ā ā ā ā 200,000 ā (1,078) ā 198,922 Thereafter ā 155,159 ā 158,500 ā 550,000 ā (11,161) ā 852,498 Total long-term borrowings ā $ 155,159 ā $ 158,500 ā $ 780,000 ā $ (16,164) ā $ 1,077,495 ā (1) Includes discount on issued subordinated notes. ā |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 10. COMMITMENTS AND CONTINGENCIES Litigation Matters In the ordinary course of its operations, the Company and its subsidiaries are parties to various legal proceedings. Based on the information presently available, and after consultation with legal counsel, management believes that the ultimate outcome in such proceedings, in the aggregate, will not have a material adverse effect on the business, financial condition, or results of operations of the Company. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amount recognized on the Companyās Consolidated Balance Sheets. The contractual amounts of these instruments reflect the extent of the Companyās involvement in particular classes of financial instruments. The Companyās exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, the Company does not require collateral or other security to support off-balance sheet financial instruments with credit risk. The Company considers credit losses related to off-balance sheet commitments by undergoing a similar process in evaluating losses for loans that are carried on the balance sheet. The Company considers historical loss rates, current economic conditions, risk ratings, and past due status among other factors in the consideration of whether credit losses are inherent in the Companyās off-balance sheet commitments to extend credit. The Company also records an indemnification reserve that includes balances relating to mortgage loans previously sold based on historical statistics and loss rates. As of December 31, 2019 and 2018, the Companyās reserves for off-balance sheet credit risk and indemnification were $2.6 million and $1.4 million, respectively. Commitments to extend credit are agreements to lend to customers as long as there are no violations of any conditions established in the contracts. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of customers to third parties. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The following table presents the balances of commitments and contingencies as of December 31, (dollars in thousands): ā ā ā ā ā ā ā ā ā 2019 2018 Commitments with off-balance sheet risk: ā ā Commitments to extend credit (1) ā $ 4,691,272 ā $ 3,167,085 Standby letters of credit ā 209,658 ā 167,597 Total commitments with off-balance sheet risk ā $ 4,900,930 ā $ 3,334,682 ā ā ā ā ā ā ā (1) Includes unfunded overdraft protection. ā ā ā ā ā ā ā The Company must maintain a reserve against its deposits in accordance with Regulation D of the Federal Reserve Act. For the final weekly reporting period in the periods ended December 31, 2019 and 2018, the aggregate amount of daily average required reserves were approximately $6.3 million and $58.0 million, respectively, and was satisfied by deposits maintained with the Federal Reserve Bank. As of December 31, 2019, the Company had approximately $131.4 million in deposits in other financial institutions, of which $116.8 million served as collateral for cash flow and loan swap derivatives. The Company had approximately $11.6 million and $3.7 million in deposits in other financial institutions that were uninsured at December 31, 2019 and 2018, respectively. At least annually, the Companyās management evaluates the loss risk of its uninsured deposits in financial counterparties. For asset/liability management purposes, the Company uses interest rate swap agreements to hedge various exposures or to modify the interest rate characteristics of various balance sheet accounts. See Note 11 āDerivativesā for additional information. As part of the Companyās liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged, at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pledged Assets as of December 31, 2019 ā ā ā ā ā ā AFS HTM ā ā ā ā ā ā Cash ā Securities (1) ā Securities (1) ā Loans (2) ā Total Public deposits ā $ ā ā $ 467,266 ā $ 292,096 ā $ ā ā $ 759,362 Repurchase agreements ā ā ā 79,299 ā 7,602 ā ā ā 86,901 FHLB advances ā ā ā 63,812 ā ā ā 3,846,934 ā 3,910,746 Derivatives ā 116,839 ā 1,260 ā ā ā ā ā 118,099 Fed Funds ā ā ā ā ā ā ā ā ā ā ā 292,738 ā ā 292,738 Other purposes ā ā ā 122,358 ā 10,654 ā ā ā 133,012 Total pledged assets ā $ 116,839 ā $ 733,995 ā $ 310,352 ā $ 4,139,672 ā $ 5,300,858 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Balance represents market value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (2) Balance represents book value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pledged Assets as of December 31, 2018 ā ā ā ā ā ā AFS HTM ā ā ā ā ā ā Cash ā Securities (1) ā Securities (1) ā Loans (2) ā Total Public deposits ā $ ā ā $ 293,169 ā $ 7,407 ā $ ā ā $ 300,576 Repurchase agreements ā ā ā 55,269 ā ā ā ā ā 55,269 FHLB advances ā ā ā 488 ā ā ā 3,337,289 ā 3,337,777 Derivatives ā 13,509 ā 1,938 ā ā ā ā ā 15,447 Other purposes ā ā ā 23,217 ā ā ā ā ā 23,217 Total pledged assets ā $ 13,509 ā $ 374,081 ā $ 7,407 ā $ 3,337,289 ā $ 3,732,286 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Balance represents book value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (2) Balance represents market value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | 11. DERIVATIVES The Company is exposed to economic risks arising from its business operations and uses derivatives primarily to manage risk associated with changing interest rates, and to assist customers with their risk management objectives. The Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge). The remaining are classified as free-standing derivatives consisting of customer accommodation loan swaps and interest rate lock commitments that do not qualify for hedge accounting. Derivatives Counterparty Credit Risk Derivative instruments contain an element of credit risk that arises from the potential failure of a counterparty to perform according to the terms of the contract. The Companyās exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on the Companyās Consolidated Balance Sheets, assuming no recoveries of underlying collateral. ā Effective January 1, 2019, as required under the Dodd-Frank Act, the Company clears eligible derivative transactions through CCPs such as the CME and LCH, which are often referred to as ācentral clearinghousesā. The Company clears certain OTC derivatives with central clearinghouses through FCMs as part of the regulatory requirement. The use of the CCPs and the FCMs reduces the Companyās bilateral counterparty credit exposures while it increases the Companyās credit exposures to CCPs and FCMs. The Company is required by CCPs to post initial and variation margin to mitigate the risk of non-payment through the Companyās FCMs. The Companyās FCM agreements governing these derivative transactions generally include provisions that may require the Company to post more collateral or otherwise change terms in the Companyās agreements under certain circumstances. For CME and LCH-cleared OTC derivatives, the Company characterizes variation margin cash payments as settlements. ā The Company also enters into legally enforceable master netting agreements and collateral agreements, where possible, with certain derivative counterparties to mitigate the risk of default on a bilateral basis. These bilateral agreements typically provide the right to offset exposures and require one counterparty to post collateral on derivative instruments in a net liability position to the other counterparty. Cash Flow Hedges The Company designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows related to forecasted transactions on variable rate borrowings such as trust preferred capital notes, FHLB borrowings and certain prime based and commercial loans. The Company uses interest rate swap agreements as part of its hedging strategy by exchanging a notional amount, equal to the principal amount of the borrowings or commercial loans, for fixed-rate interest based on benchmarked interest rates. The original terms and conditions of the interest rate swaps vary and range in length with a maximum hedging time through January 2021. Amounts receivable or payable are recognized as accrued under the terms of the agreements. ā All swaps were entered into with counterparties that met the Companyās credit standards, and the agreements contain collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in the contract is not significant. ā The Company assesses the effectiveness of each hedging relationship on a periodic basis using statistical regression analysis. The Company also measures the ineffectiveness of each hedging relationship using the change in variable cash flows method which compares the cumulative changes in cash flows of the hedging instrument relative to cumulative changes in the hedged itemās cash flows. In accordance with ASC 815, Derivatives and Hedging During the quarter ended September 30, 2019, the Company terminated four interest rate swaps designated as cash flow hedges prior to their respective maturity dates. The net amount of losses immediately reclassified into earnings as the forecasted transaction will not occur totaled Fair Value Hedge Derivatives are designated as fair value hedges when they are used to manage exposure to changes in the fair value of certain financial assets and liabilities, referred to as the hedged items, which fluctuate in value as a result of movements in interest rates. ā Loans : ā AFS Securities: ā The Company applies hedge accounting in accordance with ASC 815, Derivatives and Hedging, Loan Swaps During the normal course of business, the Company enters into interest rate swap loan relationships (āloan swapsā) with borrowers to meet their financing needs. Upon entering into the loan swaps, the Company enters into offsetting positions with a third party in order to minimize interest rate risk. These back-to-back loan swaps qualify as financial derivatives with fair values as reported in āOther Assetsā and āOther Liabilitiesā on the Companyās Consolidated Balance Sheets. ā The following table summarizes key elements of the Companyās derivative instruments as of December 31, 2019 and 2018, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 December 31, 2018 ā ā ā ā ā Derivative (2) ā ā ā ā Derivative (2) ā Notional or ā ā ā ā Notional or ā ā ā ā ā ā Contractual ā ā ā ā ā ā ā Contractual ā ā ā ā ā ā ā ā Amount (1) ā Assets ā Liabilities ā Amount (1) ā Assets ā Liabilities Derivatives designated as accounting hedges: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Interest rate contracts: ā ā ā ā ā ā ā ā ā Cash flow hedges ā $ 100,000 ā $ ā ā $ 1,147 ā $ 152,500 ā $ ā ā $ 4,786 Fair value hedges ā 133,078 ā 182 ā 6,256 ā 137,596 ā 1,872 ā 1,684 Derivatives not designated as accounting hedges: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Loan Swaps : ā ā ā ā ā ā Pay fixed - receive floating interest rate swaps ā 1,575,149 ā 753 ā 53,592 ā 878,446 ā 10,120 ā 9,306 Pay floating - receive fixed interest rate swaps ā 1,575,149 ā 53,592 ā 753 ā 878,446 ā 9,306 ā 10,120 (1) Notional amounts are not recorded on the Companyās Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. ā The following table summarizes the carrying value of the Companyās hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā December 31, 2018 ā ā ā Cumulative ā Cumulative ā ā ā ā ā Amount of Basis ā ā ā Amount of Basis ā ā ā ā ā Adjustments ā ā ā Adjustments ā ā ā ā ā Included in the ā ā ā Included in the ā ā Carrying Amount ā Carrying ā Carrying Amount ā Carrying ā ā of Hedged ā Amount of the ā of Hedged ā Amount of the ā ā Assets/(Liabilities) ā Hedged ā Assets/(Liabilities) ā Hedged ā ā Amount (1) Assets/(Liabilities) ā Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: ā ā ā ā Securities available-for-sale (1) (2) ā $ 206,799 ā $ 4,072 ā $ 224,241 ā $ 1,399 Loans ā 83,078 ā 1,972 ā 87,596 ā (1,572) (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. For the periods ended December 31, 2019 and 2018, the amortized cost basis of this portfolio was $207 million and $224 million, respectively, and the cumulative basis adjustment associated with this hedge was $4.1 million and $1.4 million, respectively. The amount of the designated hedged item at December 31, 2019 and 2018 totaled $50 million. (2) Carrying value represents amortized cost. ā |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 12. STOCKHOLDERSā EQUITY Serial Preferred Stock The Company has the authority to issue up to 500,000 shares of serial preferred stock with a par value of $10.00 per share. As of December 31, 2019 and December 31, 2018, the Company had no shares issued or outstanding Accumulated Other Comprehensive Income (Loss) The change in accumulated other comprehensive income (loss) for the year ended December 31, 2019 is summarized as follows, net of tax (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized ā ā ā ā ā ā ā ā ā ā ā Gains ā ā ā ā ā ā ā ā ā ā ā ā ā ā (Losses) for ā ā ā ā ā ā ā ā ā ā ā Unrealized ā AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred ā Value of Cash ā (Losses) ā ā ā ā ā Securities ā to HTM ā Flow Hedges ā on BOLI ā Total Balance - December 31, 2018 ā $ (5,949) ā $ 95 ā $ (3,393) ā $ (1,026) ā $ (10,273) Other comprehensive income (loss): ā ā ā ā ā Other comprehensive income (loss) before reclassification ā 49,890 ā ā ā (5,103) ā (646) ā 44,141 Amounts reclassified from AOCI into earnings ā (6,064) ā (20) ā 7,714 ā 77 ā 1,707 Net current period other comprehensive income (loss) ā 43,826 ā (20) ā 2,611 ā (569) ā 45,848 Balance - December 31, 2019 ā $ 37,877 ā $ 75 ā $ (782) ā $ (1,595) ā $ 35,575 ā ā The change in accumulated other comprehensive income (loss) for the year ended December 31, 2018 is summarized as follows, net of tax (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized ā ā ā ā ā ā ā ā ā ā ā Gains ā ā ā ā ā ā ā ā ā ā ā ā ā ā (Losses) for ā ā ā ā ā ā ā ā ā ā ā Unrealized ā AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred ā Value of Cash ā (Losses) on ā ā ā ā ā Securities ā to HTM ā Flow Hedges ā BOLI ā Total Balance - December 31, 2017 ā $ 1,874 ā $ 2,705 ā $ (4,361) ā $ (1,102) ā $ (884) Transfer of HTM securities to AFS securities (1) ā 2,785 ā (2,785) ā ā ā ā ā ā Cumulative effects from adoption of new accounting standards (2) (3) ā 465 ā 583 ā (1,094) ā ā ā (46) Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā (10,711) ā ā ā 1,087 ā ā ā (9,624) Amounts reclassified from AOCI into earnings ā (362) ā (408) ā 975 ā 76 ā 281 Net current period other comprehensive income (loss) ā (11,073) ā (408) ā 2,062 ā 76 ā (9,343) Balance - December 31, 2018 ā $ (5,949) ā $ 95 ā $ (3,393) ā $ (1,026) ā $ (10,273) ____________________ (1) During the second quarter of 2018, the Company adopted ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities". As part of this adoption, the Company made a one-time election to transfer eligible HTM securities to the AFS category. The transfer of these securities resulted in an increase of approximately $400,000 to AOCI and is included as unrealized gains (losses) on AFS securities above. (2) During the second quarter of 2018, the Company adopted ASU No. 2018-02 "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." As part of this adoption, the Company reclassified approximately $107,000 of these amounts from AOCI to retained earnings. (3) During the first quarter of 2018, the Company adopted ASU No. 2016-01 "Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities." As part of this adoption, the Company reclassified approximately $61,000 of these amounts from AOCI to retained earnings. The change in accumulated other comprehensive income (loss) for the year ended December 31, 2017 is summarized as follows, net of tax (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized ā ā ā ā ā ā ā ā ā ā ā Gains ā ā ā ā ā ā ā ā ā ā ā ā ā ā (Losses) for ā ā ā ā ā ā ā ā ā ā ā Unrealized ā AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred ā Value of Cash ā (Losses) ā ā ā ā ā Securities ā to HTM ā Flow Hedges ā on BOLI ā Total Balance - December 31, 2016 ā $ (542) ā $ 3,377 ā $ (5,179) ā $ (1,465) ā $ (3,809) Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā ā 2,936 ā ā ā (44) ā ā ā 2,892 Amounts reclassified from AOCI into earnings ā (520) ā (672) ā 862 ā 363 ā 33 Net current period other comprehensive income (loss) ā ā 2,416 ā ā (672) ā ā 818 ā ā 363 ā ā 2,925 Balance - December 31, 2017 ā $ 1,874 ā $ 2,705 ā $ (4,361) ā $ (1,102) ā $ (884) ā |
REGULATORY MATTERS AND CAPITAL
REGULATORY MATTERS AND CAPITAL | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Capital Requirements [Abstract] | |
REGULATORY MATTERS AND CAPITAL | 13. REGULATORY MATTERS AND CAPITAL Capital resources represent funds, earned or obtained, over which financial institutions can exercise greater or longer control in comparison with deposits and borrowed funds. Management seeks to maintain a capital structure that will assure an adequate level of capital to support anticipated asset growth and to absorb potential losses, yet allow management to effectively leverage its capital to maximize return to shareholders. 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 financial statements of the Company and the Bank. Under capital adequacy guidelines and the regulatory framework for PCA, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. PCA provisions are not applicable to financial holding companies and bank holding companies, but only to their bank subsidiaries. As of December 31, 2019, the most recent notification from the Federal Reserve Bank categorized the Bank as āwell capitalizedā under the regulatory framework for PCA. To be categorized as āwell-capitalized,ā an institution must maintain minimum total risk-based, Tier 1 risk-based, Tier 1 leverage, and common equity Tier 1 ratios as set forth in the following tables. There are no conditions or events since that notification that management believes have changed the Bankās category. The Company and the Bankās capital amounts and ratios are also presented in the following table at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Required in Order to Be ā ā ā ā ā ā ā Required for Capital ā Well Capitalized Under ā ā Actual ā Adequacy Purposes ā PCA ā Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 ā ā ā Common equity Tier 1 capital to risk weighted assets: ā ā ā Consolidated ā $ 1,437,908 10.24 % $ 631,893 4.50 % NA NA ā Atlantic Union Bank ā 1,704,426 12.18 % 629,714 4.50 % 909,587 6.50 % Tier 1 capital to risk weighted assets: ā ā ā Consolidated ā 1,437,908 10.24 % 842,524 6.00 % NA NA ā Atlantic Union Bank ā 1,704,426 12.18 % 839,619 6.00 % 1,119,492 8.00 % Total capital to risk weighted assets: ā ā ā Consolidated ā 1,773,835 12.63 % 1,123,569 8.00 % NA NA ā Atlantic Union Bank ā 1,747,620 12.48 % 1,120,269 8.00 % 1,400,337 10.00 % Tier 1 capital to average adjusted assets: ā ā ā Consolidated ā 1,437,908 8.79 % 654,338 4.00 % NA NA ā Atlantic Union Bank ā 1,704,426 10.45 % 652,412 4.00 % 815,515 5.00 % As of December 31, 2018 ā ā ā Common equity Tier 1 capital to risk weighted assets: ā ā ā Consolidated ā $ 1,106,871 9.93 % $ 501,608 4.50 % NA NA ā Atlantic Union Bank ā 1,378,039 12.40 % 500,224 4.50 % 722,546 6.50 % Tier 1 capital to risk weighted assets: ā ā ā Consolidated ā 1,236,709 11.09 % 668,817 6.00 % NA NA ā Atlantic Union Bank ā 1,378,039 12.40 % 666,965 6.00 % 889,287 8.00 % Total capital to risk weighted assets: ā ā ā Consolidated ā 1,435,711 12.88 % 891,753 8.00 % NA NA ā Atlantic Union Bank ā 1,419,984 12.77 % 889,289 8.00 % 1,111,612 10.00 % Tier 1 capital to average adjusted assets: ā ā ā Consolidated ā 1,236,709 9.71 % 509,678 4.00 % NA NA ā Atlantic Union Bank ā 1,378,039 10.84 % 508,412 4.00 % 635,515 5.00 % ā In July 2013, the FRB issued a final rule that makes technical changes to its market risk capital rules to align them with the Basel III regulatory capital framework and meet certain requirements of the Dodd-Frank Act. The phase-in period for the final rules began on January 1, 2015. Full compliance with the final rules was phased in on January 1, 2019. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 14. FAIR VALUE MEASUREMENTS The Company follows ASC 820, Fair Value Measurements and Disclosures ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Companyās market assumptions. The three levels of the fair value hierarchy under ASC 820 based on these two types of inputs are as follows: ā ā Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the markets. Level 3 Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. These unobservable inputs reflect the Companyās assumptions about what market participants would use and information that is reasonably available under the circumstances without undue cost and effort. ā Assets and Liabilities Measured at Fair Value on a Recurring Basis The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Derivative instruments As discussed in Note 11 āDerivatives,ā the Company records derivative instruments at fair value on a recurring basis. The Company utilizes derivative instruments as part of the management of interest rate risk to modify the re-pricing characteristics of certain portions of the Companyās interest-bearing assets and liabilities. The Company has contracted with a third-party vendor to provide valuations for derivatives using standard valuation techniques and therefore classifies such valuations as Level 2. Third party valuations are validated by the Company using Bloomberg Valuation Serviceās derivative pricing functions. No material differences were identified during the validation as of December 31, 2019 and 2018. The Company has considered counterparty credit risk in the valuation of its derivative assets and has considered its own credit risk in the valuation of its derivative liabilities. Mortgage banking derivatives as of December 31, 2019 did not have a material impact on the Companyās Consolidated Financial Statements. ā AFS Securities AFS securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data (Level 2). If the inputs used to provide the evaluation for certain securities are unobservable and/or there is little, if any, market activity, then the security would fall to the lowest level of the hierarchy (Level 3). ā The Companyās investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third-party portfolio accounting service vendor for valuation of its securities portfolio. The vendorās primary source for security valuation is IDC, which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of December 31, 2019 and 2018. The carrying value of restricted Federal Reserve Bank and FHLB stock approximates fair value based on the redemption provisions of each entity and is therefore excluded from the following table. Loans held for sale Loans held for sale are carried at fair value. These loans currently consist of residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). Gains and losses on the sale of loans are recorded in current period earnings as a component of "Mortgage banking income" on the Companyās Consolidated Statements of Income. ā The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2019 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā AFS securities: ā ā ā ā ā U.S. government and agency securities ā $ ā ā $ 4,498 ā $ ā ā $ 4,498 Obligations of states and political subdivisions ā ā ā 442,992 ā ā ā 442,992 Corporate and other bonds (1) ā ā ā 263,070 ā ā ā 263,070 Mortgage-backed securities ā ā ā 1,231,806 ā ā ā 1,231,806 Other securities ā ā ā 3,079 ā ā ā 3,079 Loans held for sale ā ā ā 55,405 ā ā ā 55,405 Derivatives: ā ā ā ā Interest rate swap ā ā ā 54,345 ā ā ā 54,345 Fair value hedges ā ā ā 182 ā ā ā 182 ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā Derivatives: ā ā ā ā Interest rate swap ā $ ā ā $ 54,345 ā $ ā ā $ 54,345 Cash flow hedges ā ā ā 1,147 ā ā ā 1,147 Fair value hedges ā ā ā 6,256 ā ā ā 6,256 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2018 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā AFS securities: ā ā ā ā ā Obligations of states and political subdivisions ā $ ā ā $ 468,491 ā $ ā ā $ 468,491 Corporate and other bonds (1) ā ā ā 167,696 ā ā ā 167,696 Mortgage-backed securities ā ā ā 1,129,865 ā ā ā 1,129,865 Other securities ā ā ā 8,769 ā ā ā 8,769 Derivatives: ā ā ā ā Interest rate swap ā ā ā 19,426 ā ā ā 19,426 Fair value hedges ā ā ā 1,872 ā ā ā 1,872 ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā Derivatives: ā ā ā ā Interest rate swap ā $ ā ā $ 19,426 ā $ ā ā $ 19,426 Cash flow hedges ā ā ā 4,786 ā ā ā 4,786 Fair value hedges ā ā ā 1,684 ā ā ā 1,684 (1) Other bonds includes asset-backed securities. ā Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets are measured at fair value on a nonrecurring basis in accordance with U.S. GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements. Impaired loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreements will not be collected. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral dependent loans are reported at the fair value of the underlying collateral if repayment is solely from the underlying value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the Companyās collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser using observable market data. When evaluating the fair value, management may discount the appraisal further if, based on their understanding of the market conditions, it is determined the collateral is further impaired below the appraised value (Level 3). For the years ended December 31, 2019 and 2018, the Level 3 weighted average adjustments related to impaired loans were 5.9% and 5.3%, respectively. The value of business equipment is based upon an outside appraisal, of one year or less, if deemed significant, or the net book value on the applicable businessās financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Collateral dependent impaired loans allocated to the ALL are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Companyās Consolidated Statements of Income. ā Foreclosed Properties & Former Bank Premises Foreclosed properties and former bank premises are evaluated for impairment at least quarterly by the Bankās Special Asset Loan Committee and any necessary write downs to fair values are recorded as impairment and included as a component of noninterest expense. Foreclosed properties and former bank premises are carried at fair value less selling costs. Fair value is based upon independent market prices, appraised values of the collateral, or managementās estimation of the value of the collateral. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the foreclosed asset as Level 3 valuation. For the years ended December 31, 2019 and 2018, the Level 3 weighted average adjustments related to foreclosed property were approximately 4.5% and 3.7%, respectively. For the years ended December 31, 2019 and 2018, there were no Level 3 weighted average adjustments related to bank premises. ā Total valuation expenses related to foreclosed properties for the years ended December 31, 2019, 2018, and 2017 were $921,000, $1.3 million, and $1.6 million, respectively. Total valuation expenses related to former bank premises for the years ended December 31, 2019, 2018 and 2017 were $985,000, $0 and $339,000, respectively. The following tables summarize the Companyās financial assets that were measured at fair value on a nonrecurring basis at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2019 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā Impaired loans ā $ ā ā $ ā ā $ 3,593 ā $ 3,593 Foreclosed properties ā ā ā ā ā 4,708 ā 4,708 Former bank premises ā ā ā ā ā 3,557 ā 3,557 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2018 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā Impaired loans ā $ ā ā $ ā ā $ 3,734 ā $ 3,734 Foreclosed properties ā ā ā ā ā 6,722 ā 6,722 Former bank premises ā ā ā ā ā 2,090 ā 2,090 ā Fair Value of Financial Instruments ASC 825, Financial Instruments, Cash and cash equivalents For those short-term instruments, the carrying amount is a reasonable estimate of fair value. ā HTM Securities The Companyās investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third-party portfolio accounting service vendor for valuation of its securities portfolio. The vendorās primary source for security valuation is IDC, which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. ā The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of December 31, 2019 and 2018. The Companyās level 3 securities are a result of the Access acquisition and are comprised of asset-backed securities and municipal bonds. Valuations of the asset-backed securities are provided by a third party vendor specializing in the SBA markets, and are based on underlying loan pool information, market data, and recent trading activity for similar securities. Valuations of the municipal bonds are provided by a third party vendor that specializes in hard-to-value securities, and are based on a discounted cash flow model and considerations for the complexity of the instrument, likelihood it will be called and credit ratings. The Company reviews the valuation of both security types for reasonableness in the context of market conditions and to similar bonds in the Companyās portfolio. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of December 31, 2019. Loans With the adoption of ASU No. 2016-01 in 2018, the fair value of loans at December 31, 2019 were estimated using an exit price, representing the amount that would be expected to be received if the Company sold the loans. Beginning in the first quarter of 2019, the fair value of performing loans were estimated by utilizing two data sources for the selection of discount rates: either the recent origination rates from the Company over a 12-month period or an index to use recent originations from the market over a three-month period. At December 31, 2018, the fair value of performing loans were estimated by discounting expected future cash flows using a yield curve that was constructed by adding a loan spread to a market yield curve. Loan spreads were based on spreads observed in the market for loans of similar type and structure. Fair value for impaired loans and their respective level within the fair value hierarchy are described in the previous disclosure related to fair value measurements of assets that are measured on a nonrecurring basis. Bank owned life insurance The carrying value of BOLI approximates fair value. The Company records these policies at their cash surrender value, which is estimated using information provided by insurance carriers. ā Deposits The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposits were valued using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for certificates of deposits that mature in the same period. Accrued interest The carrying amounts of accrued interest approximate fair value. ā The carrying values and estimated fair values of the Companyās financial instruments as of December 31, 2019 and 2018 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2019 using ā ā ā Quoted Prices Significant ā ā ā ā ā ā ā ā ā in Active ā Other ā Significant ā ā ā ā ā ā ā ā Markets for ā Observable ā Unobservable ā Total Fair ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā Value ā ā Carrying ā ā ā ā ā ā ā ā ā ā ā ā ā Value ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Cash and cash equivalents ā $ 436,032 ā $ 436,032 ā $ ā ā $ ā ā $ 436,032 AFS securities ā 1,945,445 ā ā ā 1,945,445 ā ā ā 1,945,445 HTM securities ā 555,144 ā ā ā 585,820 ā 17,683 ā 603,503 Restricted stock ā 130,848 ā ā ā 130,848 ā ā ā 130,848 Loans held for sale ā 55,405 ā ā ā 55,405 ā ā ā 55,405 Net loans ā 12,568,642 ā ā ā ā ā 12,449,505 ā 12,449,505 Derivatives: ā ā ā ā ā Interest rate swap ā 54,345 ā ā ā 54,345 ā ā ā 54,345 Fair value hedges ā 182 ā ā ā 182 ā ā ā 182 Accrued interest receivable ā 52,721 ā ā ā 52,721 ā ā ā 52,721 BOLI ā 322,917 ā ā ā 322,917 ā ā ā 322,917 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 13,304,981 ā $ ā ā $ 13,349,943 ā $ ā ā $ 13,349,943 Borrowings ā 1,513,748 ā ā ā 1,479,606 ā ā ā 1,479,606 Accrued interest payable ā 6,108 ā ā ā 6,108 ā ā ā 6,108 Derivatives: ā ā ā ā ā Interest rate swap ā 54,345 ā ā ā 54,345 ā ā ā 54,345 Cash flow hedges ā 1,147 ā ā ā 1,147 ā ā ā 1,147 Fair value hedges ā 6,256 ā ā ā 6,256 ā ā ā 6,256 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2018 using ā ā ā ā ā Quoted Prices ā Significant ā ā ā ā ā ā ā ā ā ā ā in Active ā Other ā Significant ā ā ā ā ā ā ā ā Markets for ā Observable ā Unobservable ā Total Fair ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā Value ā ā Carrying ā ā ā ā ā ā ā ā ā ā ā ā ā ā Value ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Cash and cash equivalents ā $ 261,199 ā $ 261,199 ā $ ā ā $ ā ā $ 261,199 AFS securities ā 1,774,821 ā ā ā 1,774,821 ā ā ā 1,774,821 HTM securities ā 492,272 ā ā ā 499,501 ā ā ā 499,501 Restricted stock ā 124,602 ā ā ā 124,602 ā ā ā 124,602 Net loans ā 9,675,162 ā ā ā ā ā 9,534,717 ā 9,534,717 Derivatives: ā ā ā ā ā Interest rate swap ā 19,426 ā ā ā 19,426 ā ā ā 19,426 Fair value hedges ā 1,872 ā ā ā 1,872 ā ā ā 1,872 Accrued interest receivable ā 46,062 ā ā ā 46,062 ā ā ā 46,062 BOLI ā 263,034 ā ā ā 263,034 ā ā ā 263,034 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 9,970,960 ā $ ā ā $ 9,989,788 ā $ ā ā $ 9,989,788 Borrowings ā 1,756,278 ā ā ā 1,742,038 ā ā ā 1,742,038 Accrued interest payable ā 5,284 ā ā ā 5,284 ā ā ā 5,284 Derivatives: ā ā ā ā ā Interest rate swap ā 19,426 ā ā ā 19,426 ā ā ā 19,426 Cash flow hedges ā 4,786 ā ā ā 4,786 ā ā ā 4,786 Fair value hedges ā 1,684 ā ā ā 1,684 ā ā ā 1,684 ā The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Companyās financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. Borrowers with fixed rate obligations, however, are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Companyās overall interest rate risk. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | 15. REVENUE The majority of the Companyās noninterest income comes from short term contracts associated with fees for services provided on deposit accounts, credit cards, and wealth management accounts and is being accounted for in accordance with Topic 606. Typically, the duration of a contract does not extend beyond the services performed; therefore, the Company concluded that discussion regarding contract balances is immaterial. The Companyās performance obligations on revenue from interchange fees and deposit accounts are generally satisfied immediately, when the transaction occurs, or by month-end. Performance obligations on revenue from fiduciary and asset management fees are generally satisfied monthly or quarterly. For a majority of fee income on deposit accounts the Company is a principal, controlling the promised good or service before transferring it to the customer. For the majority of income related to wealth management income however, the Company is an agent, responsible for arranging for the provision of goods and services by another party. Noninterest income disaggregated by major source for the years ended December 31, 2019, 2018, and 2017 consisted of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Noninterest income: ā ā ā Deposit Service Charges (1) ā ā ā Overdraft fees ā $ 24,092 ā $ 21,052 ā $ 15,788 Maintenance fees & other ā 6,110 ā 4,387 ā 3,062 Other service charges and fees (1) ā 6,423 ā 5,603 ā 4,593 Interchange fees (1) ā 14,619 ā 18,803 ā 14,974 Fiduciary and asset management fees (1) ā ā ā ā Trust asset management fees ā 9,141 ā 5,536 ā 5,128 Registered advisor management fees ā 10,107 ā 6,589 ā 2,692 Brokerage management fees ā 4,117 ā 4,025 ā 3,425 Mortgage banking income ā 10,303 ā ā ā ā Gains (losses) on securities transactions ā 7,675 ā 383 ā 800 Bank owned life insurance income ā 8,311 ā 7,198 ā 6,144 Loan-related interest rate swap fees ā 14,126 ā 3,554 ā 3,051 Gain on Shore Premier sale ā ā ā 19,966 ā ā Other operating income (2) ā 17,791 ā 7,145 ā 2,772 Total noninterest income (3) ā $ 132,815 ā $ 104,241 ā $ 62,429 (1) Income within scope of Topic 606. (2) Includes income within the scope of Topic 606 of $4.0 million, $4.4 million and $2.3 million for the years ended December 31, 2019, 201 8, and 2017, respectively. The remaining balance is outside the scope of Topic 606. The December 31, 2019 remaining balance includes $9.8 million in life insurance proceeds related to a Xenith-acquired loan that had been charged off prior to the Companyās acquisition of Xenith. (3) Noninterest income for the discontinued mortgage segment is reported in Note 19 āSegment Reporting & Discontinued Operations.ā ā ā ā ā ā |
EMPLOYEE BENEFITS AND STOCK BAS
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | |
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION | 16. EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION The Company has a 401(k) Plan designed to qualify under Section 401 of the Code that allows employees to defer a portion of their salary compensation as savings for retirement. The 401(k) Plan provides for the Company to match employee contributions based on each employeeās elected contribution percentage. For each employeeās 1% through 3% dollar contributions, the Company will match 100% of such dollar contributions, and for each employeeās 4% through 5% dollar contributions, the Company will match 50% of such dollar contributions. All employees are eligible to participate in the 401(k) Plan after meeting minimum age and service requirements. The Company also has an ESOP. All employees of the Company meeting minimum age and service requirements are eligible to participate in the ESOP plan. The Company makes discretionary profit-sharing contributions into the 401(k) Plan, ESOP, and in cash bonus payments. Company discretionary contributions to both the 401(k) Plan and the ESOP are allocated to participant accounts in proportion to each participantās compensation and vest according to the respective planās vesting schedule. Employee contributions to the ESOP are not allowed. Amounts presented include discontinued operations. Refer to Note 19 "Segment Reporting & Discontinued Operations" in Item 8 "Financial Statements and Supplementary Data" of this Form 10-K for further discussion regarding discontinued operations. The following 401(k) Plan match and other discretionary contributions were made to the Companyās employees, in accordance with the plans described above, in 2019, 2018, and 2017 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 401(k) Plan ā $ 5,550 ā $ 4,592 ā $ 3,505 ESOP ā 1,163 ā 1,005 ā 1,255 Cash ā 780 ā 1,509 ā 1,461 Total ā $ 7,493 ā $ 7,106 ā $ 6,221 ā The Company maintains certain deferred compensation arrangements with employees and certain current and former members of the Bankās Boards of Directors. Under these deferred compensation plans, the Company had an obligation of $15.7 million at December 31, 2019 and $11.8 million at December 31, 2018. The Company owns life insurance policies on plan beneficiaries as an informal funding vehicle to meet future benefit obligations. On May 2, 2019, the Companyās Board of Directors authorized the name change of the Companyās equity compensation plan to the Atlantic Union Bankshares Corporation Stock and Incentive Plan (the āPlanā), which became effective on May 20, 2019. The Company may grant awards under the Plan until April 20, 2025. The Plan was previously called the Union Bankshares Corporation Stock and Incentive Plan (the āAmended and Restated SIPā), which amended and restated the former equity compensation plan (the ā2011 Planā). The Amended and Restated SIP became effective on April 21, 2015 upon shareholder approval. The Amended and Restated SIP amended the 2011 Plan to, among other things, increase the maximum number of shares of the Companyās common stock issuable under the plan from The Plan provides for the granting of stock-based awards to key employees and non-employee directors of the Company and its subsidiaries in the form of: (i) stock options; (ii) restricted stock awards (āRSAsā), (iii) restricted stock units (āRSUsā), (iv) stock awards; (v) performance share units (āPSUsā); and performance cash awards. The Company issues new shares to satisfy stock-based awards. For option awards, the option price cannot be less than the fair market value of the stock on the grant date. Stock option awards have a maximum term of ten years from the date of grant, and generally become exercisable over a 5-year period beginning on the first anniversary of the date of grant. No stock options have been granted since February 2012. RSAs and PSUs typically have vesting schedules over three For the years ended December 31, 2019, 2018, and 2017, the Company recognized stock-based compensation expense (included in salaries and benefits expense) (dollars in thousands, except per share data) as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2019 2018 2017 Stock-based compensation expense ā $ 8,332 ā $ 6,132 ā $ 4,648 Reduction of income tax expense ā 1,750 ā 1,287 ā 1,467 Per share compensation cost ā $ 0.08 ā $ 0.07 ā $ 0.06 ā Stock Options The following table summarizes the stock option activity during the year ended December 31, 2019: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted ā ā ā ā ā ā Weighted ā Average ā ā ā ā ā Stock ā Average ā Remaining ā Aggregate ā ā Options ā Exercise ā Contractual ā Intrinsic ā ā (shares) ā Price ā Life ā Value Outstanding as of December 31, 2018 47,585 ā $ 14.44 ā Options assumed in the Access acquisition ā 448,679 ā ā 33.45 ā ā ā ā ā Granted ā ā ā ā Exercised (56,619) ā 24.48 ā Forfeited (9,447) ā 31.94 ā Expired (8,060) ā 36.78 ā Outstanding as of December 31, 2019 422,138 ā 32.48 2.55 ā $ 2,313,739 Exercisable as of December 31, 2019 368,146 ā 32.57 2.33 ā 2,006,915 ā During the year ended December 31, 2019, there were 56,619 stock options exercised with a total intrinsic value (the amount by which the stock price exceeded the exercise price) and fair value of approximately $684,000 and $2.1 million, respectively. Cash received from the exercise of stock options for the year ended December 31, 2019 was approximately $1.4 million, and the tax benefit realized from tax deductions associated with options exercised during the year was approximately $127,000 . The total intrinsic value of all stock options outstanding was million as of December 31, 2019. During the year ended December 31, 2018, there were 72,743 stock options exercised with a total intrinsic value (the amount by which the stock price exceeded the exercise price) and fair value of approximately $1.9 million and $2.8 million, respectively. Cash received from the exercise of stock options for the year ended December 31, 2018 was approximately $983,000, and the tax benefit realized from tax deductions associated with options exercised during the year was approximately $390,000. The total intrinsic value of all stock options outstanding was $656,000 as of December 31, 2018. During the year ended December 31, 2017, there were 63,476 stock options exercised with a total intrinsic value (the amount by which the stock price exceeded the exercise price) and fair value of approximately $1.2 million and $2.2 million, respectively. Cash received from the exercise of stock options for the year ended December 31, 2017 was approximately $1.0 million, and the tax benefit realized from tax deductions associated with options exercised during the year was approximately $370,000. The total intrinsic value of all stock options outstanding was $2.7 million as of December 31, 2017. Restricted Stock The Plan permits the granting of RSAs. Generally, RSAs vest one-third The following table summarizes the restricted stock activity for the year ended December 31, 2019: ā ā ā ā ā ā ā ā Weighted ā ā Number of ā Average ā ā Shares of ā Grant-Date Fair ā ā RSAs ā Value Unvested as of December 31, 2018 375,414 ā $ 32.41 Granted 273,718 ā 35.06 Net settle for taxes (52,253) ā 52.01 Vested (148,584) ā 30.78 Forfeited (16,653) ā 34.31 Unvested as of December 31, 2019 431,642 ā 34.90 ā ā Performance Stock PSUs are granted to certain employees at no cost to the recipient and are subject to vesting based on achieving certain performance metrics; the grant of PSUs is subject to approval by the Companyās Compensation Committee at its sole discretion. PSUs may be paid in cash or shares of common stock or a combination thereof. Holders of PSUs have no right to vote the shares represented by the units. In 2019, the PSUs awarded were market based awards with the number of PSUs ultimately earned based on the Companyās total shareholder return as measured over the performance period. ā ā ā ā ā ā ā ā Number of Weighted Average ā ā Shares of ā Grant- ā ā PSUs ā Date Fair Value Unvested as of December 31, 2018 150,047 ā $ 31.67 Granted 85,543 ā 33.66 Net settle for taxes (15,018) ā 34.63 Vested (69,205) ā 24.27 Forfeited (6,658) ā 36.08 Unvested as of December 31, 2019 144,709 ā 37.24 ā During years ended December 31, 2019, 2018 and 2017 PSUs were awarded with a market based component based on total shareholder return. The fair value of each PSU granted is estimated on the date of grant using the Monte Carlo simulation lattice model that uses the assumptions noted in the following table: ā ā ā ā ā ā ā ā ā ā 2019 (5) 2018 (5) 2017 (5) Dividend yield (1) 2.57 % 2.25 % 2.15 % Expected life in years (2) 2.86 2.86 2.85 ā Expected volatility (3) 24.04 % 23.47 % 23.35 % Risk-free interest rate (4) 2.48 % 2.38 % 1.40 % (1) Calculated as the ratio of the current dividend paid per the stock price on the date of grant. (2) Represents the remaining performance period as of the grant date. (3) Based on the historical volatility for the period commensurate with the expected life of the PSUs. (4) Based upon the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the grant date. (5) Assumptions disclosed represent those used in the primary annual issuance. The estimated unamortized compensation expense, net of estimated forfeitures, related to, restricted stock and performance stock issued and outstanding as of December 31, 2019 that will be recognized in future periods is as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Restricted Performance ā ā ā ā Stock ā Stock ā Total 2020 ā $ 5,030 ā $ 1,406 ā $ 6,436 2021 ā 3,299 ā 887 ā 4,186 2022 ā 652 ā ā ā 652 2023 ā 100 ā ā ā 100 Total ā $ 9,081 ā $ 2,293 ā $ 11,374 ā At December 31, 2019, there was $11.4 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under the Plan. The cost is expected to be recognized through 2023. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 17. INCOME TAXES The Company files income tax returns in the U.S., the Commonwealth of Virginia, and other states. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years prior to 2016. On December 22, 2017, the Tax Act was signed into law. The Company applied the guidance in SAB 118 when accounting for the enactment-date effects of the Tax Act in 2017 and throughout 2018. Among other things, the Tax Act permanently reduced the corporate tax rate to 21% from the prior maximum rate of 35%, effective for tax years including or commencing January 1, 2018. As a result of the reduction of the corporate tax rate to 21%, companies were required to revalue their deferred tax assets and liabilities as of the date of enactment, with resulting tax effects accounted for in the fourth quarter of 2017. During 2017, the Company recorded $6.1 million in additional tax expense based on the Companyās analysis of the impact of the Tax Act. As of December 31, 2018, the Company had to complete our accounting for all of the enactment-date income tax effects of the Tax Act. No additional adjustments related the Tax Act were recorded in 2018. Net deferred tax assets and liabilities consist of the following components as of December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā 2019 2018 Deferred tax assets: ā ā Loan losses ā $ 18,938 ā $ 19,369 Benefit plans ā 3,507 ā 3,925 Acquisition accounting ā 16,021 ā 11,788 Lease right-of-use asset ā ā 13,507 ā ā ā Stock grants ā 2,032 ā 894 OREO ā 3,295 ā 2,515 Securities available for sale ā 1,169 ā 1,577 Net operating losses ā 55,023 ā 66,037 Nonaccrual loans ā 3,243 ā 3,990 Other ā 4,227 ā 4,618 Total deferred tax assets ā $ 120,962 ā $ 114,713 Deferred tax liabilities: ā ā Acquisition accounting ā $ 19,815 ā $ 13,053 Lease right-of-use liability ā ā 11,191 ā ā ā Premises and equipment ā 6,696 ā 3,877 Securities available for sale ā 10,069 ā 25 Other ā 511 ā 583 Total deferred tax liabilities ā 48,282 ā 17,538 Net deferred tax asset ā $ 72,680 ā $ 97,175 ā At December 31, 2019, the Company had federal net operating loss carryforwards of approximately $222.0 million, of which approximately $201.2 million under pre-2018 law can be carried forward 20 years, and $20.8 million that can be carried forward indefinitely. The Company also had state net operating loss carryforwards of approximately $283.6 million, of which approximately $233.2 million will begin to expire after 2026 The Bank is not subject to a state income tax in its primary place of business (Virginia). The Companyās other subsidiaries are subject to state income taxes and historically have generated losses for state income tax purposes. The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded it has no liability related to uncertain tax positions in accordance with applicable ASC 740, Accounting for Uncertainty in Income Taxes The provision for income taxes charged to continuing operations for the years ended December 31, 2019, 2018, and 2017 consists of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Current tax expense ā $ 22,500 ā $ 12,114 ā $ 27,255 Deferred tax expense (1) ā 15,057 ā 17,902 ā 5,535 Income tax expense ā $ 37,557 ā $ 30,016 ā $ 32,790 (1) The deferred tax expense for the year ended December 31, 2017 includes the impact of the Tax Act. The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income for the years ended December 31, 2019, 2018, and 2017, due to the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Computed "expected" tax expense ā $ 48,564 ā $ 37,680 ā $ 36,738 (Decrease) in taxes resulting from: ā ā ā Tax-exempt interest income, net ā (8,259) ā (5,188) ā (6,112) Valuation allowance adjustment ā ā ā ā ā (2,982) Impact of the Tax Act ā ā ā ā ā 6,105 State income tax benefit ā ā (1,078) ā ā (1,133) ā ā ā Other, net ā (1,670) ā (1,343) ā (959) Income tax expense ā $ 37,557 ā $ 30,016 ā $ 32,790 ā The effective tax rates were 16.2%, 16.7%, and 31.2% for years ended December 31, 2019, 2018, and 2017, respectively. Tax credits totaled approximately $2.9 million, $1.1 million, and $858,000 for the years ended December 31, 2019, 2018, and 2017, respectively. The change in the effective tax rates for 2019 and 2018 are primarily related to the impact of the Tax Act. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards. The following table presents earnings per share from continuing operations, discontinued operations and total net income available to common shareholders for the years ended December 31, (in thousands except per share data): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Net Income: ā ā ā Income from continuing operations ā $ 193,698 ā $ 149,413 ā $ 72,176 Income (loss) from discontinued operations ā (170) ā (3,165) ā 747 Net income available to common shareholders ā $ 193,528 ā $ 146,248 ā $ 72,923 ā ā ā ā ā ā ā ā ā ā Weighted average shares outstanding, basic ā 80,201 ā 65,859 ā 43,699 Dilutive effect of stock awards and warrants ā 63 ā 50 ā 81 Weighted average shares outstanding, diluted ā 80,264 ā 65,909 ā 43,780 ā ā ā ā ā ā ā ā ā ā Basic EPS: ā ā ā EPS from continuing operations ā $ 2.41 ā $ 2.27 ā $ 1.65 EPS from discontinued operations ā ā ā ā ā (0.05) ā ā 0.02 EPS available to common shareholders ā $ 2.41 ā $ 2.22 ā $ 1.67 ā ā ā ā ā ā ā ā ā ā Diluted EPS: ā ā ā EPS from continuing operations ā $ 2.41 ā $ 2.27 ā $ 1.65 EPS from discontinued operations ā ā ā ā ā (0.05) ā ā 0.02 EPS available to common shareholders ā $ 2.41 ā $ 2.22 ā $ 1.67 ā |
SEGMENT REPORTING & DISCONTINUE
SEGMENT REPORTING & DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING & DISCONTINUED OPERATIONS | 19. SEGMENT REPORTING & DISCONTINUED OPERATIONS On May 23, 2018, the Bank announced that it had entered into an agreement with a third-party mortgage company TFSB to allow TFSB to offer residential mortgages from certain Bank locations on the terms and conditions set forth in the agreement. Concurrently with this arrangement, the Bank began the process of winding down the operations of UMG, the Companyās reportable mortgage segment. Effective at the close of business June 1, 2018, UMG was no longer originating mortgages in its name. The decision to wind down the operations of UMG was based on a number of strategic priorities and other factors, including the additional investment in the business required to achieve the necessary scale to be competitive. As a result of this decision, the community bank segment is the only remaining reportable segment and does not require separate reporting disclosures. On May 30, 2019, the Bank notified TFSB that the Bank was terminating its primary agreement with TFSB and will no longer allow TFSB to offer residential mortgages from Bank locations. UMG operations remain discontinued, although the Company continues to offer residential mortgages through a division of the Bank. As of December 31, 2019, the Companyās Consolidated Balance Sheets included assets and liabilities from discontinued operations of $668,000 and $640,000, respectively. As of December 31, 2018, the Companyās Consolidated Balance Sheets included assets and liabilities from discontinued operations of $1.5 million and $1.7 million, respectively. Management believes there are no material on-going obligations with respect to UMGās business that have not been recorded in the Companyās consolidated financial statements. The following table presents summarized operating results of the discontinued mortgage segment at December 31, 2019, 2018 and 2017, respectively (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Net interest income ā $ ā ā $ 850 ā $ 1,150 Provision for credit losses ā ā ā (185) ā (46) Net interest income after provision for credit losses ā ā ā 1,035 ā 1,196 Noninterest income ā 1 ā 3,882 ā 9,245 Noninterest expenses ā 231 ā 9,197 ā 9,097 Income before income taxes ā (230) ā (4,280) ā 1,344 Income tax expense (benefit) ā (60) ā (1,115) ā 597 Net income (loss) on discontinued operations ā $ (170) ā $ (3,165) ā $ 747 ā |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | ā ā 20. RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company may have loans issued to its executive officers, directors, and principal shareholders. Pursuant to its policy, such loans are issued on the same terms as those prevailing at the time for comparable loans to unrelated persons and do not involve more than the normal risk of collectability. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | 21. PARENT COMPANY FINANCIAL INFORMATION The primary source of funds for the dividends paid by Atlantic Union Bankshares Corporation (for this note only, the āParent Companyā) is dividends received from its subsidiaries. The payments of dividends by the Bank to the Parent Company are subject to certain statutory limitations which contemplate that the current year earnings and earnings retained for the two preceding years may be paid to the Parent Company without regulatory approval. As of December 31, 2019, the aggregate amount of unrestricted funds that could be transferred from the Bank to the Parent Company without prior regulatory approval totaled approximately $383.7 million, or 15.27%, of the consolidated net assets. Financial information for the Parent Company is as follows: PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2019 and 2018 (Dollars in thousands) ā ā ā ā ā ā ā ā ā 2019 2018 ASSETS ā ā Cash ā $ 5,283 ā $ 3,681 Premises and equipment, net ā 10,568 ā 10,637 Other assets ā 27,438 ā 13,386 Investment in subsidiaries ā 2,786,842 ā 2,202,530 Total assets ā $ 2,830,131 ā $ 2,230,234 LIABILITIES AND STOCKHOLDERS' EQUITY ā ā Short-term borrowings ā ā ā 5,000 Long-term borrowings ā 157,155 ā 157,057 Trust preferred capital notes ā 140,237 ā 134,342 Other liabilities ā 19,637 ā 9,254 Total liabilities ā 317,029 ā 305,653 Total stockholders' equity ā 2,513,102 ā 1,924,581 Total liabilities and stockholders' equity ā $ 2,830,131 ā $ 2,230,234 ā ā PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2019, 2018, and 2017 (Dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 ā 2017 Income: ā ā ā Interest and dividend income ā $ 3 ā $ ā ā $ 3 Dividends received from subsidiaries ā 160,033 ā 50,750 ā 33,350 Other operating income ā 1,484 ā 2,719 ā 1,308 Total income ā 161,520 ā 53,469 ā 34,661 Expenses: ā ā ā Interest expense ā 15,935 ā 15,253 ā 11,423 Other operating expenses ā 11,434 ā 13,782 ā 7,130 Total expenses ā 27,369 ā 29,035 ā 18,553 Income before income taxes and equity in undistributed net income from subsidiaries ā 134,151 ā 24,434 ā 16,108 Income tax benefit ā (6,499) ā (6,176) ā (9,169) Equity in undistributed net income from subsidiaries ā 52,878 ā 115,638 ā 47,646 Net income ā $ 193,528 ā $ 146,248 ā $ 72,923 Comprehensive income ā $ 239,376 ā $ 136,905 ā $ 75,848 ā ā PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2019, 2018, and 2017 (Dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Operating activities: ā ā ā Net income ā $ 193,528 ā $ 146,248 ā $ 72,923 Adjustments to reconcile net income to net cash provided by operating activities: ā ā ā Equity in undistributed net income of subsidiaries ā (52,878) ā (115,638) ā (47,646) Depreciation of premises and equipment ā 424 ā 424 ā 439 Acquisition accounting amortization, net ā 662 ā 636 ā 260 Gain on sale of investment ā ā ā (1,416) ā ā Issuance of common stock for services ā 910 ā 914 ā 724 Net (increase) decrease in other assets ā (3,256) ā (584) ā (4,167) Net increase in other liabilities ā 4,964 ā (4,159) ā 5,283 Net cash and cash equivalents provided by (used in) operating activities ā 144,354 ā 26,425 ā 27,816 Investing activities: ā ā ā Net increase in premises and equipment ā (355) ā ā ā (35) Proceeds from sale of investment ā ā ā 3,761 ā ā Proceeds from (payments for) equity method investment ā ā ā ā ā 72 Cash paid in acquisitions ā ā (12) ā ā ā ā ā ā Cash received in acquisitions ā 21,553 ā 25,976 ā ā Net cash and cash equivalents provided by (used in) investing activities ā 21,186 ā 29,737 ā 37 Financing activities: ā ā ā Net increase (decrease) in short-term borrowings ā (5,000) ā 5,000 ā ā Cash dividends paid - common stock ā (78,345) ā (58,001) ā (35,393) Cancellation of warrants ā ā ā (1,530) ā ā Issuance (repurchase) of common stock ā (78,292) ā 2,347 ā 1,037 Vesting of restricted stock, net of shares held for taxes ā (2,301) ā (2,908) ā (1,567) Net cash and cash equivalents provided by (used in) financing activities ā (163,938) ā (55,092) ā (35,923) Increase (decrease) in cash and cash equivalents ā 1,602 ā 1,070 ā (8,070) Cash and cash equivalents at beginning of the period ā 3,681 ā 2,611 ā 10,681 Cash and cash equivalents at end of the period ā $ 5,283 ā $ 3,681 ā $ 2,611 Supplemental schedule of noncash investing and financing activities ā ā ā Issuance of common stock in exchange for net assets in acquisition ā $ 499,974 ā $ 794,809 ā $ ā ā ā ā ā ā ā ā ā ā ā Transactions related to bank acquisition ā ā ā Assets acquired ā 509,075 ā 859,176 ā ā Liabilities assumed ā 9,089 ā 64,367 ā ā ā |
SUBSEQUENT EVENTS (Notes)
SUBSEQUENT EVENTS (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 22. SUBSEQUENT EVENTS The Companyās management has evaluated subsequent events through February 25, 2020, the date the financial statements were available to be issued. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
The Company | The Company Effective May 17, 2019, Union Bankshares Corporation changed its name to Atlantic Union Bankshares Corporation and Union Bank & Trust changed its name to Atlantic Union Bank. |
Principles of Consolidation | Principles of Consolidation Transfers and Servicing |
Use of Estimates | Use of Estimates |
Variable Interest Entities | Variable Interest Entities |
Business Combinations and Divestitures | Business Combinations and Divestitures - Business Combinations Merger-related costs are costs the Company incurs to effect a business combination. Those costs include advisory, legal, accounting, valuation, and other professional or consulting fees. Some other examples of costs to the Company include systems conversions, integration planning consultants, contract terminations, and advertising costs. The Company will account for merger-related costs as expenses in the periods in which the costs are incurred and the services are received. There is one exception to the aforementioned policy, which includes the costs to issue debt or equity securities, which will be recognized in accordance with other applicable accounting guidance. These merger-related costs are included on the Companyās Consolidated Statements of Income classified within the noninterest expense caption. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Investment Securities | Investment Securities Available for Sale Held to Maturity Equity Investments Restricted Stock, at cost The Company regularly evaluates all securities whose values have declined below amortized cost to assess whether the decline in fair value represents an OTTI. Declines in the fair value of held to maturity and AFS securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating OTTI losses, an impairment is other-than-temporary if any of the following conditions exist: the entity intends to sell the security; it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis; or, the entity does not expect to recover the securityās entire amortized cost basis (even if the entity does not intend to sell). If a credit loss exists, but an entity does not intend to sell the impaired debt security and is not more likely than not to be required to sell before recovery, the impairment is other-than-temporary and should be separated into a credit portion to be recognized in earnings and the remaining amount relating to all other factors recognized as other comprehensive loss. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Purchased premiums and discounts are recognized in interest income using the interest method over the terms of the securities. |
Loans Held for Sale | Loans Held for Sale 14 āFair Value Measurements.ā In addition, the Company requires a firm purchase commitment from an investor before a loan can be closed, thus limiting interest rate risk. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The change in fair value of loans held for sale is recorded as a component of āMortgage banking incomeā within the Companyās Consolidated Statements of Income. The Company records loans held for sale per the aforementioned policy as of the acquisition date of Access through the year 2019. During 2018, the Company did not have any loans held for sale, due to the wind down of UMG, as noted in Note 19 āSegment Reporting & Discontinued Operations"; therefore, any activity prior to this point would have been reported in discontinued operations. |
Loans | Loans Held for Investment Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for any charge-offs, the ALL, and any deferred fees and costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Below is a summary of the current loan segments: Construction and Land Development Also, included in this category are loans generally made to residential home builders to support their lot and home construction inventory needs. Repayment relies upon the sale of the underlying residential real estate project. This type of lending carries a higher level of risk as compared to other commercial lending. This class of lending manages risks related to residential real estate market conditions, a functioning primary and secondary market in which to finance the sale of residential properties, and the borrowerās ability to manage inventory and run projects. The Company manages this risk by lending to experienced builders and developers by using specific underwriting policies and procedures for these types of loans and by avoiding excessive concentrations with any particular customer or geographic region. Commercial Real Estate ā Owner Occupied Commercial Real Estate ā Non-Owner Occupied Multifamily Real Estate requirements for multifamily properties are stricter than for other non-owner-occupied property types. The Company manages this risk by avoiding concentrations with any particular customer. Commercial & Industrial Residential 1-4 Family - Commercial Residential 1-4 Family - Consumer Residential 1-4 Family - Revolving Auto Consumer and all other Also included in this category are loans purchased through various third-party lending programs. These portfolios include consumer loans and carry risks associated with the borrower, changes in the economic environment, and the vendors themselves. The Company manages these risks through policies that require minimum credit scores and other underwriting requirements, robust analysis of actual performance versus expected performance, as well as ensuring compliance with the Companyās vendor management program. Nonaccruals, Past Dues, and Charge-offs The policy for placing commercial loans on nonaccrual status is generally when the loan is 90 days delinquent unless the credit is well secured and in process of collection. Consumer loans are typically charged-off when management judges the loan to be uncollectible but generally no later than 120 days past due for non-real estate secured loans and 180 days for real estate secured loans. Non-real estate secured consumer loans are generally not placed on nonaccrual status prior to charge off. Commercial loans are typically written down to net realizable value when it is determined that the Company will be unable to collect the principal amount in full and the amount is a confirmed loss. Loans in all classes of portfolios are considered past due or delinquent when a contractual payment has not been satisfied. Loans are placed on nonaccrual status or charged off at an earlier date if collection of principal and interest is considered doubtful and in accordance with regulatory requirements. The process for charge-offs of impaired collateral dependent loans is discussed in detail within the āAllowance for Loan Lossesā section of this Note. For both the commercial and consumer loan segments, all interest accrued but not collected for loans placed on nonaccrual status or charged-off is reversed against interest income and accrual of interest income is terminated. Payments and interest on these loans are accounted for using the cost-recovery method by applying all payments received as a reduction to the outstanding principal balance until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The determination of future payments being reasonably assured varies depending on the circumstances present with the loan; however, the timely payment of contractual amounts owed for six |
Impaired Loans | Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines 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 borrowerās prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loanās effective interest rate, the loanās obtainable market price, or the fair value of the collateral. The impairment loan policy is the same for all segments within the commercial loan segment. For the consumer loan segment, large groups of smaller balance homogeneous loans are collectively evaluated for impairment. This evaluation subjects each of the Companyās homogenous pools to a historical loss factor derived from net charge-offs experienced over the preceding 24 quarters. The Company applies payments received on impaired loans to principal and interest based on the contractual terms until they are placed on nonaccrual status. All payments received are then applied to reduce the principal balance and recognition of interest income is terminated as previously discussed. |
Acquired Loans | Acquired Loans loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and then applying a market-based discount rate to those cash flows. During evaluation upon acquisition, acquired loans are also classified as either acquired impaired (or PCI) or acquired performing. Acquired performing loans are accounted for under ASC 310-20, Receivables ā Nonrefundable Fees and Other Costs Acquired impaired loans reflect credit quality deterioration since origination, as it is probable at acquisition that the Company will not be able to collect all contractually required payments. These PCI loans are accounted for under ASC 310-30, Receivables ā Loans and Debt Securities Acquired with Deteriorated Credit Quality Quarterly, management performs a recast of PCI loans based on updated future expected cash flows, which are updated through reassessment of default rates, loss severity, and prepayment speed assumptions. The excess of the cash flows expected to be collected over a poolās carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the loan or pool using the effective yield method. The accretable yield may change due to changes in the timing and amounts of expected cash flows; these changes are disclosed in Note 4 āLoans and Allowance for Loan Losses.ā The excess of the undiscounted contractual balances due over the cash flows expected to be collected is considered to be the nonaccretable difference, which represents the estimate of credit losses expected to occur and was considered in determining the fair value of loan at the acquisition date. Any subsequent increases in expected cash flows over those expected at the acquisition date in excess of fair value are adjusted through an increase in the accretable yield on a prospective basis; any decreases in expected cash flows attributable to credit deterioration are recognized by recording a provision for loan losses. The PCI loans are and will continue to be subject to the Companyās internal and external credit review and monitoring. If further credit deterioration is experienced, such deterioration will be measured and the provision for loan losses will be increased. A loan will be removed from a pool (at its carrying value) only if the loan is sold, foreclosed, or assets are received in full satisfaction of the loan. |
Allowance for Loan Losses | Allowance for Loan Losses The provision for loan losses charged to operations is an amount sufficient to bring the ALL to an estimated balance that management considers adequate to absorb probable losses inherent in the portfolio. Loans are charged against the allowance when management believes the collectability of the principal is unlikely, while recoveries of amounts previously charged-off are credited to the ALL. Managementās determination of the adequacy of the ALL is based on an evaluation of the composition of the loan portfolio, the value and adequacy of collateral, current economic conditions, historical loan loss experience, and other risk factors. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions, particularly those affecting real estate values. Management believes that the ALL is adequate. The Company performs regular credit reviews of the loan portfolio to review the credit quality and adherence to its underwriting standards. The credit reviews include annual commercial loan reviews performed by the Companyās commercial bankers in accordance with CLP, relationship reviews that accompany annual loan renewals, and reviews by its Loan Review Group. Upon origination, each commercial loan is assigned a risk rating ranging from one to nine, with loans closer to one having less risk. This risk rating scale is the Companyās primary credit quality indicator. Consumer loans are not risk rated unless past due status, bankruptcy, or other event results in the assignment of a Substandard or worse risk rating in accordance with the consumer loan policy. The Company has various committees that review and ensure that the ALL methodology is in accordance with GAAP and loss factors used appropriately reflect the risk characteristics of the loan portfolio. Specifically, the Companyās Allowance Committee oversees the Companyās Allowance for Loan Losses (under the Incurred Loss Model framework) and will also oversee the Allowance for Credit Losses (under the CECL framework) processes. The Allowance Committee is the authoritative committee for all quarterly qualitative factors, ALL estimates and changes to the Companyās ALL methodology. The Companyās ALL consists of specific, general, and qualitative components. Specific Reserve Component The specific reserve component relates to impaired loans. Upon being identified as impaired, for loans not considered to be collateral-dependent, an ALL is established when the discounted cash flows of the impaired loan are lower than the carrying value of that loan. The impairment of significant collateral-dependent loans is measured based on the fair value of the underlying collateral, less selling costs, compared to the carrying value of the loan. If the Company determines that the value of an impaired collateral dependent loan is less than the recorded investment in the loan, the Company charges off the deficiency if it is determined that such amount represents a confirmed loss. Typically, a loss is confirmed when the Company is moving towards foreclosure (or final disposition). The Company obtains appraisals from a pre-approved list of independent, third party appraisers located in the market in which the collateral is located. The Companyās approved appraiser list is continuously maintained by the Companyās REVG to ensure the list only includes such appraisers that have the experience, reputation, character, and knowledge of the respective real estate market. At a minimum, it is ascertained that the appraiser is currently licensed in the state in which the property is located, experienced in the appraisal of properties similar to the property being appraised, has knowledge of current real estate market conditions and financing trends, and is reputable. The Companyās internal REVG, which reports to the Enterprise Risk Management group, performs either a technical or administrative review of all appraisals obtained in accordance with the Companyās Appraisal Policy. The Appraisal Policy mirrors the Federal regulations governing appraisals, specifically the Interagency Appraisal and Evaluation Guidelines and FIRREA. A technical review will ensure the overall quality of the appraisal, while an administrative review ensures that all of the required components of an appraisal are present. Independent appraisals or valuations are updated every 12 months for all impaired loans. The Companyās impairment analysis documents the date of the appraisal used in the analysis. Adjustments to real estate appraised values are only permitted to be made by the REVG. The impairment analysis is reviewed and approved by senior Credit Administration officers and the Special Assets Loan Committee. External valuation sources are the primary source to value collateral dependent loans; however, the Company may also utilize values obtained through other valuation sources. These alternative sources of value are used only if deemed to be more representative of value based on updated information regarding collateral resolution. Impairment analyses are updated, reviewed, and approved on a quarterly basis at or near the end of each reporting period. General Reserve Component The general reserve component covers non-impaired loans and is quantitatively derived from an estimate of credit losses adjusted for various qualitative factors applicable to both commercial and consumer loan segments. The estimate of credit losses is a function of the net charge-off historical loss experience to the average loan balance of the portfolio averaged during a period that management has determined to be adequately reflective of the losses inherent in the loan portfolio. The Company has implemented a rolling 24-quarter look back period, which is re-evaluated on a periodic basis to ensure the reasonableness of the period being used. The following table shows the types of qualitative factors management considers: ā ā ā ā ā QUALITATIVE FACTORS Portfolio National / International Local Experience and ability of lending team ā Interest rates ā Gross state product Pace of loan growth ā Inflation ā Unemployment rate Footprint and expansion ā Unemployment ā Home prices Execution of loan risk rating process ā Level of economic activity ā CRE prices Degree of credit oversight ā Political and trade uncertainty ā ā Underwriting standards ā Asset prices ā ā Delinquency levels in portfolio ā ā ā ā Charge-off trends in portfolio ā ā ā ā Credit concentrations / nature and volume of the portfolio ā ā ā ā |
Troubled Debt Restructurings | Troubled Debt Restructurings - The Company strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms as early as possible. These modified terms may include extension of terms that are considered to be below market, conversion to interest only, and other actions intended to minimize the economic loss to avoid foreclosure or repossession of the collateral, rate reductions, and principal or interest forgiveness. Restructured loans for which there was no rate concession, and therefore make at market rate of interest, may subsequently be eligible to be removed from reportable TDR status in periods subsequent to the restructuring depending on the performance of the loan. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal, management measures any impairment on the restructuring as noted above for impaired loans. The Company reviews previously restructured loans quarterly in order to determine whether any have performed, subsequent to the restructure, at a level that would allow for them to be removed from reportable TDR status. The Company generally would consider a change in this classification if the borrower is no longer experiencing financial difficulty, the loan is current or less than certain restrictive circumstances. The removal of TDR designations must be approved by the Companyās Special Asset Loan Committee. Loans removed from reportable TDR status continue to be evaluated for impairment. The significant majority of these loans have been subject to new credit decisions due to the improvement in the expected future cash flows, the financial condition of the borrower, and other factors considered during the re-underwriting. |
Premises and Equipment | Premises and Equipment - |
Goodwill and Intangible Assets | Goodwill and Intangible Assets - Goodwill resulting from business combinations prior to January 1, 2009 represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill resulting from business combinations after January 1, 2009 is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. The Company has selected April 30th as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives, which range from 4 to 10 years, to their estimated residual values. Goodwill is the only intangible asset with an indefinite life included on the Companyās Consolidated Balance Sheets. Long-lived assets, including purchased intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented on the Companyās Consolidated Balance Sheets and reported at the lower of the carrying amount or fair value less costs to sell, would no longer depreciated. Management concluded that no circumstances indicating an impairment of these assets existed as of the balance sheet date. The Company performed its annual impairment testing on April 30, 2019 and determined that there was no impairment to its goodwill. Management performed a review through December 31, 2019 and concluded that no impairment existed as of the balance sheet date. |
Foreclosed Properties | Foreclosed Properties |
Transfers of Financial Assets | Transfers of Financial Assets transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Bank Owned Life Insurance | Bank Owned Life Insurance |
Derivatives | Derivatives During the normal course of business, the Company enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (ārate lock commitmentsā). The Company commits to deliver the loan if settlement occurs ("best efforts") or commits to deliver the locked loan in a binding ("mandatory") delivery program with an investor. Certain loans under interest rate lock commitments are covered under forward sales contracts of MBS. Rate lock commitments on mortgage loans that are intended to be sold in the secondary market and commitments to deliver loans to investors are considered to be derivatives. The Company uses these derivatives as part of an overall strategy to manage market risk primarily due to fluctuations in interest rates, and to capture improved margins resulting from the mandatory delivery of loans. As of December 31, 2018, there were no mortgage banking derivatives due to the wind down of Union Mortgage Group. Mortgage banking derivatives as of December 31, 2019 did not have a material impact on the Companyās Consolidated Financial Statements. The market values of rate lock commitments and best efforts forward delivery commitments is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments, delivery contracts, and forward sales contracts of MBS by measuring the change in the value of the underlying asset, while taking into consideration the probability that the rate lock commitments will close or will be funded. Certain risks arise from the forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. Additional risks inherent in mandatory delivery programs include the risk that, if the Company does not close the loans subject to rate lock commitments, it will still be obligated to deliver MBS to the counterparty under the forward sales agreement. |
Affordable Housing Entities | Affordable Housing Entities - investments in these qualified affordable housing projects for the years ended December 31, 2019 and 2018 were $29.6 million and $10.8 million, respectively. At December 31, 2019 and 2018, the Companyās recorded liability totaled $12.0 million and $9.9 million, respectively, for the related unfunded commitments, which are expected to be paid from 2020 to 2036. |
Loan Fees | Loan Fees |
Stock Compensation Plan | Stock Compensation Plan Compensation - Stock Compensation The Company did not issue stock options in 2018 or 2019; however, the Company assumed additional stock options with the acquisition of Access. For the options assumed, the fair value of the stock options is estimated based on the date of acquisition, using the Black-Scholes option valuation. The converted option price of the Companyās common stock at acquisition was used for determining the associated compensation expense for nonvested stock awards. The valuation was used in 2019 to determine the valuation of the stock options. The valuation employs the following assumptions: ā¢ Dividend yield - calculated as the ratio of forecasted dividend yield per share of common stock; ā¢ Expected life (term of the option) - based on the contractual life and vesting schedule for the respective option; ā¢ Expected volatility - based on the monthly historical volatility of the Companyās stock price over the expected life of the options; and ā¢ Risk-free interest rate - based upon the U. S. Department of the Treasury (the āTreasuryā) bill yield curve, for periods within the contractual life of the option, in effect at the time of grant. ā The fair value of PSUs granted in 2019 and 2018 is determined and fixed on the grant date based on the Companyās stock price, adjusted for the exclusion of dividend equivalents. The Monte Carlo simulation valuation was used to determine the grant date fair value of PSUs granted in 2019 and 2018. ā The fair value of restricted stock is based on the trading price of the Companyās stock on the date of the grant. ASC 718 requires the Company to estimate forfeitures when recognizing compensation expense and that this estimate of forfeitures be adjusted over the requisite service period or vesting schedule based on the extent to which actual forfeitures differ from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, and also will affect the amount of estimated unamortized compensation expense to be recognized in future periods. For more information and tables refer to Note 16 āEmployee Benefits and Stock Based Compensation.ā |
Income Taxes | Income Taxes When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits on the Companyās Consolidated Balance Sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes on the Companyās Consolidated Statements of Income. The Company did not record any material interest or penalties for the periods ending December 31, 2019, 2018, or 2017 related to tax positions taken. As of December 31, 2019 and 2018, there were no accruals for uncertain tax positions. The Company and its wholly-owned subsidiaries file a consolidated income tax return. Each entity provides for income taxes based on its contribution to income or loss of the consolidated group. On December 22, 2017, the Tax Act was signed into law. Refer to Note 17 āIncome Taxesā for additional information on the impact of the Tax Act. |
Advertising Costs | Advertising Costs - |
Earnings Per Common Share | Earnings Per Common Share |
Comprehensive Income | Comprehensive Income |
Off Balance Sheet Credit Related Financial Instruments | Off Balance Sheet Credit Related Financial Instruments |
Fair Value | Fair Value Fair Value Measurements and Disclosures ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Companyās market assumptions. The three levels of the fair value hierarchy under ASC 820 based on these two types of inputs are as follows: Level 1 valuation is based on quoted prices in active markets for identical assets and liabilities; Level 2 valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the markets; and Level 3 valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. These unobservable inputs reflect the Companyās assumptions about what market participants would use and information that is reasonably available under the circumstances without undue cost and effort. For more specific information on the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value in the financial statements refer to Note 14 āFair Value Measurements.ā |
Concentrations of Credit Risk | Concentrations of Credit Risk |
Reclassifications | Reclassifications |
Adoption of New Accounting Standards and Recent Accounting Pronouncements | Adoption of New Accounting Standards - "Leases (Topic 842)." The adoption of this standard required lessees to recognize right of use assets and lease liabilities on the Consolidated Balance Sheets and disclose key information about leasing arrangements. The Company adopted this ASU on January 1, 2019 under the modified retrospective approach. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to not reassess the lease classification of existing leases, as well as not reassess whether any expired or existing contracts are or contain a lease; and maintain consistent treatment of initial direct costs on existing leases. In addition, the Company elected the short-term lease exemption practical expedient in which leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. The Company also elected the practical expedient related to accounting for lease and non-lease components as a single lease component. Adoption of this standard resulted in the Company recording a lease liability of In August 2018, the FASB issued ASU No. 2018-15, "IntangiblesāGoodwill and OtherāInternal-Use Software (Subtopic 350-40): Customerās Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." This ASU amends the IntangiblesāGoodwill and Other Topic of the Accounting Standards Codification to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU is effective for fiscal years beginning after December 15, 2019; however, early adoption is permitted. The Company adopted this standard in the first quarter of 2019 using the prospective approach. The adoption of ASU 2018-15 did not have a material impact on the Companyās consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Qualitative Factors | The following table shows the types of qualitative factors management considers: ā ā ā ā ā QUALITATIVE FACTORS Portfolio National / International Local Experience and ability of lending team ā Interest rates ā Gross state product Pace of loan growth ā Inflation ā Unemployment rate Footprint and expansion ā Unemployment ā Home prices Execution of loan risk rating process ā Level of economic activity ā CRE prices Degree of credit oversight ā Political and trade uncertainty ā ā Underwriting standards ā Asset prices ā ā Delinquency levels in portfolio ā ā ā ā Charge-off trends in portfolio ā ā ā ā Credit concentrations / nature and volume of the portfolio ā ā ā ā |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands): ā ā ā ā ā ā ā Purchase Price: ā ā Fair value of shares of the Company's common stock issued ā ā $ 499,974 Cash paid for fractional shares ā ā 12 Total purchase price ā ā $ 499,986 ā ā ā ā ā ā ā Fair value of assets acquired: ā ā Cash and cash equivalents ā $ 46,164 ā Investments ā 464,742 ā Loans ā 2,173,060 ā Premises and equipment ā 24,198 ā Core deposit intangibles ā 40,860 ā Other assets ā 100,649 ā Total assets ā $ 2,849,673 ā ā ā ā ā ā ā ā Fair value of liabilities assumed: ā ā Deposits ā $ 2,227,073 ā Short-term borrowings ā 220,685 ā Long-term borrowings ā 70,535 ā Other liabilities ā 39,770 ā Total liabilities ā $ 2,558,063 ā ā ā ā ā ā ā ā Net assets acquired ā ā $ 291,610 Preliminary goodwill ā ā $ 208,376 |
Outstanding Principal Balance and Carrying Amount of Acquired Impaired Loans | The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands): ā ā ā ā ā Contractually required principal and interest payments $ 44,429 Nonaccretable difference ā (6,062) Cash flows expected to be collected ā 38,367 Accretable difference ā (5,060) Fair value of loans acquired with a deterioration of credit quality ā $ 33,307 |
Business Acquisition, Pro Forma Information | The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā For the years ended ā ā December 31, 2019 2018 2017 Total revenues ā $ 681,306 ā $ 666,921 ā $ 468,840 Net income ā $ 217,075 ā $ 185,698 ā $ 91,270 Earnings per share ā $ 2.53 ā $ 2.28 ā $ 1.59 |
Schedule of Effect of Amortization and Accretion Related to Acquisition | The net effect of the amortization and accretion of premiums and discounts associated with the Companyās acquisition accounting adjustments, which includes previous acquisitions in addition to Access, had the following impact on the Consolidated Statements of Income during the years ended December 31, 2019, 2018, and 2017 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā For the years ended ā ā December 31, ā 2019 2018 2017 Loans (1) ā $ 24,846 ā $ 17,145 ā $ 6,784 Buildings (2) ā 50 ā 228 ā ā Core deposit intangible (3) ā (16,755) ā (11,464) ā (5,603) Other amortizable intangibles (3) ā (1,766) ā (1,375) ā (485) Borrowings (4) ā (360) ā (506) ā 170 Time deposits (5) ā 833 ā 2,553 ā ā Leases (2) ā 1,051 ā 130 ā ā Net impact to income before taxes ā $ 7,899 ā $ 6,711 ā $ 866 ā (1) Loan acquisition-related fair value adjustments accretion is included in "Interest and fees on loans" in the "Interest and dividend income" section of the Companyās Consolidated Statements of Income. (2) Building and lease acquisition-related fair value adjustments amortization is included in "Occupancy expenses" in the "Noninterest expense" section of the Companyās Consolidated Statements of Income. (3) Core deposit and other intangible premium amortization is included in "Amortization of intangible assets" in the "Noninterest expense" section of the Companyās Consolidated Statements of Income. (4) Borrowings acquisition-related fair value adjustments (amortization) accretion is included in "Interest on long-term borrowings" in the "Interest Expense" section of the Companyās Consolidated Statements of Income. (5) Certificate of deposit acquisition-related fair value adjustments accretion is included in "Interest on deposits" in the "Interest expense" section of the Companyās Consolidated Statements of Income. |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Gross Realized Gain and Losses on the Sale of Securities | The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the years ended December 31, 2019, 2018, and 2017 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Realized gains (losses): ā ā ā ā ā ā ā ā ā Gross realized gains $ 9,530 $ 4,221 $ 1,170 Gross realized losses ā (1,855) ā (3,838) ā (370) Net realized gains $ 7,675 $ 383 $ 800 Proceeds from sales of securities $ 514,070 $ 515,764 $ 139,046 |
Available-for-sale Securities | |
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of securities AFS as of December 31, 2019 and 2018 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Amortized ā Gross Unrealized ā Estimated ā Cost Gains (Losses) Fair Value December 31, 2019 ā ā ā ā U.S. government and agency securities ā $ 4,487 ā $ 11 ā $ ā ā $ 4,498 Obligations of states and political subdivisions ā 417,397 ā 25,624 ā (29) ā 442,992 Corporate and other bonds (1) ā 259,213 ā 4,403 ā (546) ā 263,070 Mortgage-backed securities ā 1,209,251 ā 23,880 ā (1,325) ā 1,231,806 Other securities ā 3,079 ā ā ā ā ā 3,079 Total AFS securities ā $ 1,893,427 ā $ 53,918 ā $ (1,900) ā $ 1,945,445 ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2018 ā ā ā ā Obligations of states and political subdivisions ā $ 466,588 ā $ 3,844 ā $ (1,941) ā $ 468,491 Corporate and other bonds (1) ā 167,561 ā 1,118 ā (983) ā 167,696 Mortgage-backed securities ā 1,138,034 ā 4,452 ā (12,621) ā 1,129,865 Other securities ā 8,769 ā ā ā ā ā 8,769 Total AFS securities ā $ 1,780,952 ā $ 9,414 ā $ (15,545) ā $ 1,774,821 (1) Other bonds includes asset-backed securities. |
Schedule of Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Companyās AFS securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of December 31, 2019 and 2018. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Less than 12 months ā More than 12 months ā Total ā Fair Unrealized Fair Unrealized Fair Unrealized ā ā Value ā Losses ā Value ā Losses ā Value ā Losses December 31, 2019 ā ā ā ā ā ā Obligations of states and political subdivisions ā $ 4,526 ā $ (29) ā $ ā ā $ ā ā $ 4,526 ā $ (29) Corporate and other bonds (1) ā 44,567 ā (255) ā 19,902 ā (291) ā 64,469 ā (546) Mortgage-backed securities ā 149,255 ā (920) ā 55,133 ā (405) ā 204,388 ā (1,325) Total AFS securities ā $ 198,348 ā $ (1,204) ā $ 75,035 ā $ (696) ā $ 273,383 ā $ (1,900) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2018 ā ā ā ā ā ā Obligations of states and political subdivisions ā $ 133,513 ā $ (1,566) ā $ 10,145 ā $ (375) ā $ 143,658 ā $ (1,941) Corporate and other bonds (1) ā 35,478 ā (315) ā 33,888 ā (668) ā 69,366 ā (983) Mortgage-backed securities ā 306,038 ā (3,480) ā 341,400 ā (9,141) ā 647,438 ā (12,621) Total AFS securities ā $ 475,029 ā $ (5,361) ā $ 385,433 ā $ (10,184) ā $ 860,462 ā $ (15,545) ā (1) Other bonds includes asset-backed securities ā |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of AFS securities as of December 31, 2019 and 2018, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 December 31, 2018 ā Amortized Estimated Amortized Estimated ā ā Cost ā Fair Value ā Cost ā Fair Value Due in one year or less ā $ 35,046 ā $ 35,197 ā $ 22,653 ā $ 22,789 Due after one year through five years ā 164,605 ā 166,873 ā 191,003 ā 188,999 Due after five years through ten years ā 249,712 ā 254,790 ā 218,211 ā 217,304 Due after ten years ā 1,444,064 ā 1,488,585 ā 1,349,085 ā 1,345,729 Total AFS securities ā $ 1,893,427 ā $ 1,945,445 ā $ 1,780,952 ā $ 1,774,821 |
Held-to-maturity Securities | |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of HTM securities as of December 31, 2019 and 2018, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā December 31, 2018 ā Carrying Estimated Carrying Estimated ā ā Value ā Fair Value ā Value ā Fair Value Due in one year or less ā $ 502 ā $ 504 ā $ ā ā $ ā Due after one year through five years ā 10,258 ā 10,539 ā 3,893 ā 3,900 Due after five years through ten years ā 1,768 ā 1,800 ā 3,480 ā 3,507 Due after ten years ā 542,616 ā 590,660 ā 484,899 ā 492,094 Total HTM securities ā $ 555,144 ā $ 603,503 ā $ 492,272 ā $ 499,501 |
Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities | The carrying value, gross unrealized gains and losses, and estimated fair values of securities held to maturity as of December 31, 2019 and 2018 are summarized as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Carrying ā Gross Unrealized ā Estimated ā Value Gains (Losses) Fair Value December 31, 2019 ā ā ā ā Obligations of states and political subdivisions ā $ 545,148 ā $ 48,274 ā $ ā ā $ 593,422 Mortgage-backed securities ā 9,996 ā 85 ā ā ā 10,081 Total held-to-maturity securities ā $ 555,144 ā $ 48,359 ā $ ā ā $ 603,503 December 31, 2018 ā ā ā ā Obligations of states and political subdivisions ā $ 492,272 ā $ 7,375 ā $ (146) ā $ 499,501 |
Gross Unrealized Losses and Fair Value of Securities | The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Companyās held to maturity securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of December 31, 2019 and 2018. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Less than 12 months ā More than 12 months ā Total ā Fair Unrealized Fair Unrealized Fair Unrealized ā ā Value ā Losses ā Value ā Losses ā Value ā Losses December 31, 2019 ā ā ā ā ā ā Obligations of states and political subdivisions ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2018 ā ā ā ā ā ā Obligations of states and political subdivisions ā $ 43,206 ā $ (146) ā $ ā ā $ ā ā $ 43,206 ā $ (146) |
LOANS AND ALLOWANCE FOR LOAN _2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Stated at Face Amount, Net of Unearned Income | Loans are stated at their face amount, net of deferred fees and costs, and consist of the following at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā 2019 2018 Construction and Land Development ā $ 1,250,924 ā $ 1,194,821 Commercial Real Estate - Owner Occupied ā 2,041,243 ā 1,337,345 Commercial Real Estate - Non-Owner Occupied ā 3,286,098 ā 2,467,410 Multifamily Real Estate ā 633,743 ā 548,231 Commercial & Industrial ā 2,114,033 ā 1,317,135 Residential 1-4 Family - Commercial ā 724,337 ā 640,419 Residential 1-4 Family - Consumer ā 890,503 ā 673,909 Residential 1-4 Family - Revolving ā 659,504 ā 613,383 Auto ā 350,419 ā 301,943 Consumer ā 372,853 ā 379,694 Other Commercial ā 287,279 ā 241,917 Total loans held for investment, net ā $ 12,610,936 ā $ 9,716,207 ā |
Summary of Aging of the Loan Portfolio by Class | The following table shows the aging of the Companyās loan portfolio, by segment, at December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Greater than ā ā ā ā ā ā ā ā ā ā 30-59 Days ā 60-89 Days ā 90 Days and ā ā ā ā ā ā ā ā ā ā ā ā ā ā Past Due ā Past Due ā still Accruing ā PCI ā Nonaccrual ā Current ā Total Loans Construction and Land Development ā $ 4,563 ā $ 482 ā $ 189 ā $ 10,944 ā $ 3,703 ā $ 1,231,043 ā $ 1,250,924 Commercial Real Estate - Owner Occupied ā 3,482 ā 2,184 ā 1,062 ā 27,438 ā 6,003 ā 2,001,074 ā 2,041,243 Commercial Real Estate - Non-Owner Occupied ā 457 ā ā ā 1,451 ā 14,565 ā 381 ā 3,269,244 ā 3,286,098 Multifamily Real Estate ā 223 ā ā ā 474 ā 94 ā ā ā 632,952 ā 633,743 Commercial & Industrial ā 8,698 ā 1,598 ā 449 ā 1,579 ā 1,735 ā 2,099,974 ā 2,114,033 Residential 1-4 Family - Commercial ā 1,479 ā 2,207 ā 674 ā 12,205 ā 4,301 ā 703,471 ā 724,337 Residential 1-4 Family - Consumer ā 16,244 ā 3,072 ā 4,515 ā 14,713 ā 9,292 ā 842,667 ā 890,503 Residential 1-4 Family - Revolving ā 10,190 ā 1,784 ā 3,357 ā 4,127 ā 2,080 ā 637,966 ā 659,504 Auto ā 2,525 ā 236 ā 272 ā 4 ā 563 ā 346,819 ā 350,419 Consumer ā 2,128 ā 1,233 ā 953 ā 668 ā 77 ā 367,794 ā 372,853 Other Commercial ā ā 464 ā ā ā ā ā ā ā ā 344 ā ā 97 ā ā 286,374 ā ā 287,279 Total loans held for investment ā $ 50,453 ā $ 12,796 ā $ 13,396 ā $ 86,681 ā $ 28,232 ā $ 12,419,378 ā $ 12,610,936 ā ā ā The following table shows the aging of the Companyās loan portfolio, by segment, at December 31, 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Greater than ā ā ā ā ā ā ā ā ā ā 30-59 Days ā 60-89 Days ā 90 Days and ā ā ā ā ā ā ā ā ā ā ā ā ā ā Past Due ā Past Due ā still Accruing ā PCI ā Nonaccrual ā Current ā Total Loans Construction and Land Development ā $ 759 ā $ 6 ā $ 180 ā $ 8,654 ā $ 8,018 ā $ 1,177,204 ā $ 1,194,821 Commercial Real Estate - Owner Occupied ā 8,755 ā 1,142 ā 3,193 ā 25,644 ā 3,636 ā 1,294,975 ā 1,337,345 Commercial Real Estate - Non-Owner Occupied ā 338 ā 41 ā ā ā 17,335 ā 1,789 ā 2,447,907 ā 2,467,410 Multifamily Real Estate ā ā ā 146 ā ā ā 88 ā ā ā 547,997 ā 548,231 Commercial & Industrial ā 3,353 ā 389 ā 132 ā 2,156 ā 1,524 ā 1,309,581 ā 1,317,135 Residential 1-4 Family - Commercial ā 6,619 ā 1,577 ā 1,409 ā 13,601 ā 2,481 ā 614,732 ā 640,419 Residential 1-4 Family - Consumer ā 12,049 ā 5,143 ā 2,437 ā 16,872 ā 7,276 ā 630,132 ā 673,909 Residential 1-4 Family - Revolving ā 4,611 ā 1,644 ā 440 ā 5,115 ā 1,518 ā 600,055 ā 613,383 Auto ā 3,320 ā 403 ā 195 ā 7 ā 576 ā 297,442 ā 301,943 Consumer ā 1,504 ā 1,096 ā 870 ā 32 ā 135 ā 376,057 ā 379,694 Other Commercial ā ā 126 ā ā ā ā ā ā ā ā 717 ā ā ā ā ā 241,074 ā ā 241,917 Total loans held for investment ā $ 41,434 ā $ 11,587 ā $ 8,856 ā $ 90,221 ā $ 26,953 ā $ 9,537,156 ā $ 9,716,207 |
Impaired Loans by Class | The following table shows the Companyās impaired loans, excluding PCI loans, by segment at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā December 31, 2018 ā ā ā Unpaid ā ā ā ā Unpaid ā ā ā ā Recorded ā Principal ā Related ā Recorded ā Principal ā Related ā ā Investment ā Balance ā Allowance ā Investment ā Balance ā Allowance Loans without a specific allowance ā ā ā ā ā ā Construction and Land Development ā $ 5,877 ā $ 7,174 ā $ ā ā $ 10,290 ā $ 12,038 ā $ ā Commercial Real Estate - Owner Occupied ā 8,801 ā 9,296 ā ā ā 8,386 ā 9,067 ā ā Commercial Real Estate - Non-Owner Occupied ā 3,510 ā 4,059 ā ā ā 6,578 ā 6,929 ā ā Commercial & Industrial ā 3,668 ā 3,933 ā ā ā 3,059 ā 3,251 ā ā Residential 1-4 Family - Commercial ā 4,047 ā 4,310 ā ā ā 3,378 ā 3,439 ā ā Residential 1-4 Family - Consumer ā 8,420 ā 9,018 ā ā ā 9,642 ā 10,317 ā ā Residential 1-4 Family - Revolving ā 862 ā 865 ā ā ā 1,150 ā 1,269 ā ā Consumer ā ā ā ā ā ā ā ā ā ā ā 30 ā ā 102 ā ā ā Other Commercial ā ā ā ā ā ā ā 478 ā 478 ā ā Total impaired loans without a specific allowance ā $ 35,185 ā $ 38,655 ā $ ā ā $ 42,991 ā $ 46,890 ā $ ā Loans with a specific allowance ā ā ā ā ā ā Construction and Land Development ā $ 984 ā $ 1,032 ā $ 49 ā $ 372 ā $ 491 ā $ 63 Commercial Real Estate - Owner Occupied ā 2,820 ā 3,093 ā 146 ā 4,304 ā 4,437 ā 359 Commercial Real Estate - Non-Owner Occupied ā 335 ā 383 ā 2 ā 391 ā 391 ā 1 Commercial & Industrial ā 2,568 ā 2,590 ā 619 ā 1,183 ā 1,442 ā 752 Residential 1-4 Family - Commercial ā 1,726 ā 1,819 ā 162 ā 2,120 ā 2,152 ā 89 Residential 1-4 Family - Consumer ā 12,026 ā 12,670 ā 1,242 ā 6,389 ā 6,645 ā 470 Residential 1-4 Family - Revolving ā 2,186 ā 2,369 ā 510 ā 724 ā 807 ā 188 Auto ā 563 ā 879 ā 221 ā 576 ā 830 ā 231 Consumer ā 168 ā 336 ā 46 ā 178 ā 467 ā 64 Other Commercial ā ā 562 ā ā 567 ā ā 30 ā ā ā ā ā ā ā ā ā Total impaired loans with a specific allowance ā $ 23,938 ā $ 25,738 ā $ 3,027 ā $ 16,237 ā $ 17,662 ā $ 2,217 Total impaired loans ā $ 59,123 ā $ 64,393 ā $ 3,027 ā $ 59,228 ā $ 64,552 ā $ 2,217 ā ā The following table shows the average recorded investment and interest income recognized for the Companyās impaired loans, excluding PCI loans, by segment for the years ended December 31, 2019, 2018 and 2017 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā December 31, 2018 ā December 31, 2017 ā ā ā Interest ā ā Interest ā ā Interest ā ā Average ā Income ā Average ā Income ā Average ā Income ā ā Investment ā Recognized ā Investment ā Recognized ā Investment ā Recognized Construction and Land Development ā $ 6,764 ā $ 110 ā $ 11,648 ā $ 234 ā $ 17,080 ā $ 590 Commercial Real Estate - Owner Occupied ā 12,258 ā 323 ā 13,383 ā 499 ā 6,580 ā 306 Commercial Real Estate - Non-Owner Occupied ā 4,775 ā 147 ā 7,157 ā 246 ā 6,083 ā 172 Commercial & Industrial ā 6,438 ā 293 ā 4,672 ā 232 ā 3,208 ā 150 Residential 1-4 Family - Commercial ā 6,145 ā 120 ā 5,667 ā 180 ā 4,422 ā 162 Residential 1-4 Family - Consumer ā 20,963 ā 308 ā 16,977 ā 236 ā 12,812 ā 222 Residential 1-4 Family - Revolving ā 3,256 ā 82 ā 2,000 ā 23 ā 2,659 ā 36 Auto ā 788 ā 15 ā 824 ā 20 ā 579 ā 19 Consumer ā 187 ā 5 ā 263 ā 5 ā 428 ā 14 Other Commercial ā ā 584 ā ā 22 ā ā 486 ā ā 27 ā ā 382 ā ā 22 Total impaired loans ā $ 62,158 ā $ 1,425 ā $ 63,077 ā $ 1,702 ā $ 54,233 ā $ 1,693 |
Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement | The following table provides a summary, by segment, of TDRs that continue to accrue interest under the terms of the restructuring agreement, which are considered to be performing, and TDRs that have been placed in nonaccrual status, which are considered to be nonperforming, as of December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā December 31, 2018 ā No. of Recorded Outstanding No. of Recorded Outstanding ā ā Loans ā Investment ā Commitment ā Loans ā Investment ā Commitment Performing ā ā ā ā Construction and Land Development 4 ā $ 1,114 ā $ ā 5 ā $ 2,496 ā $ ā Commercial Real Estate - Owner Occupied 6 ā 2,228 ā 26 8 ā 2,783 ā ā Commercial Real Estate - Non-Owner Occupied 1 ā 1,089 ā ā 4 ā 4,438 ā ā Commercial & Industrial 4 ā 1,020 ā ā 4 ā 978 ā ā Residential 1-4 Family - Commercial 5 ā 290 ā ā 8 ā 1,075 ā ā Residential 1-4 Family - Consumer 69 ā 9,396 ā ā 52 ā 6,882 ā ā Residential 1-4 Family - Revolving 2 ā 56 ā ā 2 ā 58 ā ā Consumer 4 ā 29 ā ā 1 ā 13 ā ā Other Commercial ā 1 ā ā 464 ā ā ā ā 1 ā ā 478 ā ā ā Total performing 96 ā $ 15,686 ā $ 26 85 ā $ 19,201 ā $ ā Nonperforming ā ā ā ā Construction and Land Development ā ā $ ā ā $ ā 2 ā $ 3,474 ā $ ā Commercial Real Estate - Owner Occupied 2 ā 176 ā ā 2 ā 198 ā ā Commercial & Industrial 1 ā 55 ā ā 6 ā 461 ā ā Residential 1-4 Family - Commercial ā ā ā ā ā 1 ā 60 ā ā Residential 1-4 Family - Consumer 19 ā 3,522 ā ā 15 ā 3,135 ā ā Residential 1-4 Family - Revolving 2 ā 57 ā ā 2 ā 62 ā ā Consumer ā ā ā ā ā ā ā ā ā 1 ā ā 7 ā ā ā Total nonperforming 24 ā $ 3,810 ā $ ā 29 ā $ 7,397 ā $ ā Total performing and nonperforming 120 ā $ 19,496 ā $ 26 114 ā $ 26,598 ā $ ā |
Schedule of TDR by Class and Modification Type | The following table shows, by segment and modification type, TDRs that occurred during the years ended December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā All Restructurings ā ā 2019 ā 2018 ā ā Recorded ā Recorded ā ā No. of ā Investment at ā No. of ā Investment at ā ā Loans ā Period End ā Loans ā Period End Modified to interest only, at a market rate ā ā Total interest only at market rate of interest ā ā $ ā ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā Term modification, at a market rate ā ā Construction and Land Development ā ā $ ā 4 ā $ 4,675 Commercial Real Estate - Owner Occupied ā ā ā 5 ā 1,365 Commercial Real Estate - Non-Owner Occupied ā ā ā 1 ā 1,089 Commercial & Industrial 1 ā 376 3 ā 334 Residential 1-4 Family - Commercial 1 ā 72 1 ā 71 Residential 1-4 Family - Consumer 7 ā 1,688 9 ā 1,079 Consumer ā 3 ā ā 24 ā 1 ā ā 13 Total loan term extended at a market rate 12 ā $ 2,160 24 ā $ 8,626 ā ā ā ā ā ā ā ā ā ā ā Term modification, below market rate ā ā Construction and Land Development ā 3 ā $ 193 ā ā ā $ ā Commercial Real Estate - Non-Owner Occupied ā ā ā 1 ā ā 2,782 Residential 1-4 Family - Consumer 22 ā 2,658 19 ā 2,783 Residential 1-4 Family - Revolving ā ā ā 2 ā ā 46 Consumer 1 ā 5 ā ā ā Total loan term extended at a below market rate 26 ā $ 2,856 22 ā $ 5,611 ā ā ā ā ā ā ā ā ā ā ā Interest rate modification, below market rate ā ā Residential 1-4 Family - Commercial ā ā $ ā 1 ā $ 265 Total interest only at below market rate of interest ā ā $ ā 1 ā $ 265 ā ā ā ā ā ā ā ā ā ā ā Total 38 ā $ 5,016 47 ā $ 14,502 |
Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology | The following tables show the allowance for loan loss activity by segment for the year ended December 31, 2019, 2018, and 2017. The tables below include the provision for loan losses. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, 2019 ā ā Allowance for loan losses ā Balance, Recoveries Loans Provision Balance, ā ā beginning of ā credited to ā charged ā charged to ā end of ā ā the year ā allowance ā off ā operations ā period Construction and Land Development ā $ 6,803 ā $ 665 ā $ (4,218) ā $ 2,508 ā $ 5,758 Commercial Real Estate - Owner Occupied ā 4,023 ā 456 ā (1,346) ā 786 ā 3,919 Commercial Real Estate - Non-Owner Occupied ā 8,865 ā 109 ā (270) ā 839 ā 9,543 Multifamily Real Estate ā 649 ā 85 ā ā ā (102) ā 632 Commercial & Industrial ā 7,636 ā 1,132 ā (3,096) ā 2,932 ā 8,604 Residential 1-4 Family - Commercial ā 1,692 ā 372 ā (472) ā (227) ā 1,365 Residential 1-4 Family - Consumer ā 1,492 ā 466 ā (144) ā 199 ā 2,013 Residential 1-4 Family - Revolving ā 1,297 ā 692 ā (698) ā 32 ā 1,323 Auto ā 1,443 ā 549 ā (1,282) ā 743 ā 1,453 Consumer and all other (1) ā 7,145 ā 2,706 ā (16,582) ā 14,415 ā 7,684 Total ā $ 41,045 ā $ 7,232 ā $ (28,108) ā $ 22,125 ā $ 42,294 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, 2018 ā ā Allowance for loan losses ā Balance, Recoveries Loans Provision Balance, ā ā beginning of ā credited to ā charged ā charged to ā end of ā ā the year ā allowance ā off ā operations ā period Construction and Land Development ā $ 9,709 ā $ 447 ā $ (2,005) ā $ (1,348) ā $ 6,803 Commercial Real Estate - Owner Occupied ā 2,931 ā 610 ā (709) ā 1,191 ā 4,023 Commercial Real Estate - Non-Owner Occupied ā 7,544 ā 100 ā (94) ā 1,315 ā 8,865 Multifamily Real Estate ā 1,092 ā 5 ā ā ā (448) ā 649 Commercial & Industrial ā 4,552 ā 534 ā (833) ā 3,383 ā 7,636 Residential 1-4 Family - Commercial ā 4,437 ā 353 ā (176) ā (2,922) ā 1,692 Residential 1-4 Family - Consumer ā 1,524 ā 310 ā (852) ā 510 ā 1,492 Residential 1-4 Family - Revolving ā 1,360 ā 636 ā (1,206) ā 507 ā 1,297 Auto ā 975 ā 436 ā (1,074) ā 1,106 ā 1,443 Consumer and all other (1) ā 4,084 ā 1,737 ā (9,281) ā 10,605 ā 7,145 Total ā $ 38,208 ā $ 5,168 ā $ (16,230) ā $ 13,899 ā $ 41,045 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, 2017 ā ā Allowance for loan losses ā Balance, Recoveries Loans Provision Balance, ā ā beginning ā credited to ā charged ā charged to ā end of ā ā of the year ā allowance ā off ā operations ā period Construction and Land Development ā $ 10,055 ā $ 206 ā $ (2,190) ā $ 1,638 ā $ 9,709 Commercial Real Estate - Owner Occupied ā 3,801 ā 171 ā (46) ā (995) ā 2,931 Commercial Real Estate - Non-Owner Occupied ā 6,622 ā 2 ā (1,180) ā 2,100 ā 7,544 Multifamily Real Estate ā 1,236 ā ā ā ā ā (144) ā 1,092 Commercial & Industrial ā 4,627 ā 483 ā (2,277) ā 1,719 ā 4,552 Residential 1-4 Family - Commercial ā 3,698 ā 329 ā (463) ā 873 ā 4,437 Residential 1-4 Family - Consumer ā 2,701 ā 102 ā (588) ā (691) ā 1,524 Residential 1-4 Family - Revolving ā 1,328 ā 314 ā (1,019) ā 737 ā 1,360 Auto ā 946 ā 459 ā (1,038) ā 608 ā 975 Consumer and all other (1) ā 2,178 ā 1,189 ā (4,509) ā 5,226 ā 4,084 Total ā $ 37,192 ā $ 3,255 ā $ (13,310) ā $ 11,071 ā $ 38,208 ā (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following tables show the loan and allowance for loan loss balances based on impairment methodology by segment as of December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā ā Loans individually ā Loans collectively ā Loans acquired with ā ā ā ā ā ā ā ā evaluated for ā evaluated for ā deteriorated credit ā ā ā ā ā ā ā ā impairment ā impairment ā quality ā Total ā Loans ALL Loans ALL Loans ALL Loans ALL Construction and Land Development ā $ 6,861 ā $ 49 ā $ 1,233,119 ā $ 5,709 ā $ 10,944 ā $ ā ā $ 1,250,924 ā $ 5,758 Commercial Real Estate - Owner Occupied ā 11,621 ā 146 ā 2,002,184 ā 3,773 ā 27,438 ā ā ā 2,041,243 ā 3,919 Commercial Real Estate - Non-Owner Occupied ā 3,845 ā 2 ā 3,267,688 ā 9,541 ā 14,565 ā ā ā 3,286,098 ā 9,543 Multifamily Real Estate ā ā ā ā ā 633,649 ā 632 ā 94 ā ā ā 633,743 ā 632 Commercial & Industrial ā 6,236 ā 619 ā 2,106,218 ā 7,768 ā 1,579 ā 217 ā 2,114,033 ā 8,604 Residential 1-4 Family - Commercial ā 5,773 ā 162 ā 706,359 ā 1,203 ā 12,205 ā ā ā 724,337 ā 1,365 Residential 1-4 Family - Consumer ā 20,446 ā 1,242 ā 855,344 ā 771 ā 14,713 ā ā ā 890,503 ā 2,013 Residential 1-4 Family - Revolving ā 3,048 ā 510 ā 652,329 ā 813 ā 4,127 ā ā ā 659,504 ā 1,323 Auto ā 563 ā 221 ā 349,852 ā 1,232 ā 4 ā ā ā 350,419 ā 1,453 Consumer and all other (1) ā 730 ā 76 ā 658,390 ā 7,608 ā 1,012 ā ā ā 660,132 ā 7,684 Total loans held for investment, net ā $ 59,123 ā $ 3,027 ā $ 12,465,132 ā $ 39,050 ā $ 86,681 ā $ 217 ā $ 12,610,936 ā $ 42,294 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2018 ā ā Loans individually ā Loans collectively ā Loans acquired with ā ā ā ā ā ā ā ā evaluated for ā evaluated for ā deteriorated credit ā ā ā ā ā ā ā ā impairment ā impairment ā quality ā Total ā Loans ALL Loans ALL Loans ALL Loans ALL Construction and Land Development ā $ 10,662 ā $ 63 ā $ 1,175,505 ā $ 6,740 ā $ 8,654 ā $ ā ā $ 1,194,821 ā $ 6,803 Commercial Real Estate - Owner Occupied ā 12,690 ā 359 ā 1,299,011 ā 3,664 ā 25,644 ā ā ā 1,337,345 ā 4,023 Commercial Real Estate - Non-Owner Occupied ā 6,969 ā 1 ā 2,443,106 ā 8,864 ā 17,335 ā ā ā 2,467,410 ā 8,865 Multifamily Real Estate ā ā ā ā ā 548,143 ā 649 ā 88 ā ā ā 548,231 ā 649 Commercial & Industrial ā 4,242 ā 752 ā 1,310,737 ā 6,884 ā 2,156 ā ā ā 1,317,135 ā 7,636 Residential 1-4 Family - Commercial ā 5,498 ā 89 ā 621,320 ā 1,603 ā 13,601 ā ā ā 640,419 ā 1,692 Residential 1-4 Family - Consumer ā 16,031 ā 470 ā 641,006 ā 1,022 ā 16,872 ā ā ā 673,909 ā 1,492 Residential 1-4 Family - Revolving ā 1,874 ā 188 ā 606,394 ā 1,109 ā 5,115 ā ā ā 613,383 ā 1,297 Auto ā 576 ā 231 ā 301,360 ā 1,212 ā 7 ā ā ā 301,943 ā 1,443 Consumer and all other (1) ā 686 ā 64 ā 620,176 ā 7,081 ā 749 ā ā ā 621,611 ā 7,145 Total loans held for investment, net ā $ 59,228 ā $ 2,217 ā $ 9,566,758 ā $ 38,828 ā $ 90,221 ā $ ā ā $ 9,716,207 ā $ 41,045 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. |
Loans Receivables Related Risk Rating | The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development ā $ 1,197,066 ā $ 37,182 ā $ 5,732 ā $ ā ā $ 1,239,980 Commercial Real Estate - Owner Occupied ā 1,916,492 ā 87,004 ā 10,309 ā ā ā 2,013,805 Commercial Real Estate - Non-Owner Occupied ā 3,205,463 ā 62,368 ā 3,608 ā 94 ā 3,271,533 Multifamily Real Estate ā 613,844 ā 19,396 ā 409 ā ā ā 633,649 Commercial & Industrial ā 2,043,903 ā 60,495 ā 8,048 ā 8 ā 2,112,454 Residential 1-4 Family - Commercial ā 680,894 ā 24,864 ā 6,374 ā ā ā 712,132 Residential 1-4 Family - Consumer ā 841,408 ā 13,592 ā 20,534 ā 256 ā 875,790 Residential 1-4 Family - Revolving ā 641,069 ā 6,373 ā 7,935 ā ā ā 655,377 Auto ā 345,960 ā 2,630 ā 1,825 ā ā ā 350,415 Consumer ā 371,315 ā 550 ā 320 ā ā ā 372,185 Other Commercial ā ā 284,914 ā ā 1,863 ā ā 158 ā ā ā ā ā 286,935 Total ā $ 12,142,328 ā $ 316,317 ā $ 65,252 ā $ 358 ā $ 12,524,255 ā The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of December 31, 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development ā $ 1,130,577 ā $ 43,894 ā $ 11,696 ā $ ā ā $ 1,186,167 Commercial Real Estate - Owner Occupied ā 1,231,422 ā 50,939 ā 29,340 ā ā ā 1,311,701 Commercial Real Estate - Non-Owner Occupied ā 2,425,500 ā 17,648 ā 6,927 ā ā ā 2,450,075 Multifamily Real Estate ā 537,572 ā 10,571 ā ā ā ā ā 548,143 Commercial & Industrial ā 1,273,549 ā 34,864 ā 6,566 ā ā ā 1,314,979 Residential 1-4 Family - Commercial ā 606,955 ā 14,876 ā 4,987 ā ā ā 626,818 Residential 1-4 Family - Consumer ā 624,346 ā 17,065 ā 15,626 ā ā ā 657,037 Residential 1-4 Family - Revolving ā 598,444 ā 6,316 ā 3,508 ā ā ā 608,268 Auto ā 296,907 ā 3,590 ā 1,439 ā ā ā 301,936 Consumer ā 378,873 ā 547 ā 242 ā ā ā 379,662 Other Commercial ā 239,857 ā 864 ā 479 ā ā ā 241,200 Total ā $ 9,344,002 ā $ 201,174 ā $ 80,810 ā $ ā ā $ 9,625,986 |
Schedule of Acquired Loan Portfolio and Accretable Yield | The following shows changes in the accretable yield for loans accounted for under ASC 310-30, Receivables ā Loans and Debt Securities Acquired with Deteriorated Credit Quality, ā ā ā ā ā ā ā ā ā ā For the Year Ended December 31, ā 2019 2018 Balance at beginning of period ā $ 31,201 ā $ 14,563 Additions ā 5,060 ā 12,225 Accretion ā (13,432) ā (8,654) Reclass of nonaccretable difference due to improvement in expected cash flows ā 4,485 ā 1,876 Measurement period adjustment ā 631 ā 3,974 Other, net (1) ā 3,329 ā 7,217 Balance at end of period ā $ 31,274 ā $ 31,201 (1) This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate PCI loans, and discounted payoffs that occurred in the year. |
Purchased Impaired | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Summary of Aging of the Loan Portfolio by Class | The following table shows the PCI loan portfolios, by segment and their delinquency status, at December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā 30-89 Days Greater than ā ā ā ā ā ā Past Due ā 90 Days ā Current ā Total Construction and Land Development ā $ 136 ā $ 343 ā $ 10,465 ā $ 10,944 Commercial Real Estate - Owner Occupied ā 480 ā 6,884 ā 20,074 ā 27,438 Commercial Real Estate - Non-Owner Occupied ā 848 ā 987 ā 12,730 ā 14,565 Multifamily Real Estate ā ā ā ā ā 94 ā 94 Commercial & Industrial ā ā ā 989 ā 590 ā 1,579 Residential 1-4 Family - Commercial ā 543 ā 1,995 ā 9,667 ā 12,205 Residential 1-4 Family - Consumer ā 927 ā 1,781 ā 12,005 ā 14,713 Residential 1-4 Family - Revolving ā 287 ā 205 ā 3,635 ā 4,127 Auto ā ā ā ā ā 4 ā 4 Consumer ā ā ā ā ā 9 ā ā 659 ā ā 668 Other Commercial ā ā ā ā ā 344 ā 344 Total ā $ 3,221 ā $ 13,193 ā $ 70,267 ā $ 86,681 ā ā The following table shows the PCI loan portfolios, by segment and their delinquency status, at December 31, 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā 30-89 Days Greater than ā ā ā ā ā ā Past Due ā 90 Days ā Current ā Total Construction and Land Development ā $ 108 ā $ 1,424 ā $ 7,122 ā $ 8,654 Commercial Real Estate - Owner Occupied ā 658 ā 4,281 ā 20,705 ā 25,644 Commercial Real Estate - Non-Owner Occupied ā 61 ā 1,810 ā 15,464 ā 17,335 Multifamily Real Estate ā ā ā ā ā 88 ā 88 Commercial & Industrial ā 47 ā 1,092 ā 1,017 ā 2,156 Residential 1-4 Family - Commercial ā 871 ā 3,454 ā 9,276 ā 13,601 Residential 1-4 Family - Consumer ā 1,959 ā 2,422 ā 12,491 ā 16,872 Residential 1-4 Family - Revolving ā 498 ā 252 ā 4,365 ā 5,115 Auto ā ā ā ā ā ā ā ā 7 ā ā 7 Consumer ā ā 5 ā ā 9 ā ā 18 ā ā 32 Other Commercial ā 57 ā ā ā 660 ā 717 Total ā $ 4,264 ā $ 14,744 ā $ 71,213 ā $ 90,221 |
Loans Receivables Related Risk Rating | The following table shows the recorded investment in only PCI loans by segment with their related risk level as of December 31, 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development ā $ 1,092 ā $ 3,692 ā $ 6,160 ā $ ā ā $ 10,944 Commercial Real Estate - Owner Occupied ā 8,264 ā 10,524 ā 8,650 ā ā ā 27,438 Commercial Real Estate - Non-Owner Occupied ā 3,826 ā 9,415 ā 1,324 ā ā ā 14,565 Multifamily Real Estate ā ā ā 94 ā ā ā ā ā 94 Commercial & Industrial ā 127 ā 25 ā 1,427 ā ā ā 1,579 Residential 1-4 Family - Commercial ā 6,000 ā 2,693 ā 3,512 ā ā ā 12,205 Residential 1-4 Family - Consumer ā 9,947 ā 557 ā 4,209 ā ā ā 14,713 Residential 1-4 Family - Revolving ā 2,887 ā 707 ā 533 ā ā ā 4,127 Auto ā 2 ā ā ā 2 ā ā ā 4 Consumer ā 657 ā ā ā 11 ā ā ā 668 Other Commercial ā ā 120 ā ā 224 ā ā ā ā ā ā ā ā 344 Total ā $ 32,922 ā $ 27,931 ā $ 25,828 ā $ ā ā $ 86,681 ā ā ā ā ā The following table shows the recorded investment in only PCI loans by segment with their related risk level as of December 31, 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development ā $ 1,835 ā $ 1,308 ā $ 5,511 ā $ ā ā $ 8,654 Commercial Real Estate - Owner Occupied ā 8,347 ā 6,685 ā 10,612 ā ā ā 25,644 Commercial Real Estate - Non-Owner Occupied ā 4,789 ā 7,992 ā 4,554 ā ā ā 17,335 Multifamily Real Estate ā ā ā 88 ā ā ā ā ā 88 Commercial & Industrial ā 762 ā 134 ā 1,260 ā ā ā 2,156 Residential 1-4 Family - Commercial ā 6,476 ā 2,771 ā 4,354 ā ā ā 13,601 Residential 1-4 Family - Consumer ā 9,930 ā 1,030 ā 5,912 ā ā ā 16,872 Residential 1-4 Family - Revolving ā 3,438 ā 1,031 ā 646 ā ā ā 5,115 Auto ā ā 7 ā ā ā ā ā ā ā ā ā ā ā 7 Consumer ā 17 ā ā ā 15 ā ā ā 32 Other Commercial ā ā 57 ā ā 660 ā ā ā ā ā ā ā ā 717 Total ā $ 35,658 ā $ 21,699 ā $ 32,864 ā $ ā ā $ 90,221 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Bank Premises and Equipment | The Companyās premises and equipment as of December 31, 2019 and 2018 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā 2019 2018 Land ā $ 44,578 ā $ 41,494 Land improvements and buildings ā 123,189 ā 119,649 Leasehold improvements ā 20,597 ā 10,266 Furniture and equipment ā 71,469 ā 62,154 Construction in progress ā 3,549 ā 6,956 Total ā 263,382 ā 240,519 Less accumulated depreciation and amortization ā 102,309 ā 93,552 Bank premises and equipment, net ā $ 161,073 ā $ 146,967 ā |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Information Concerning Intangible Assets with Finite Life | Information concerning intangible assets with a finite life is presented in the following table (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Gross ā ā Net ā ā Carrying ā Accumulated ā Carrying ā ā Value ā Amortization ā Value December 31, 2019 ā ā ā Core deposit intangibles ā $ 135,300 ā $ 73,336 ā $ 61,964 Other amortizable intangibles ā 15,349 ā 3,644 ā 11,705 December 31, 2018 ā ā ā Core deposit intangibles ā $ 95,152 ā $ 57,293 ā $ 37,859 Other amortizable intangibles ā 12,695 ā 1,870 ā 10,825 |
Estimated Remaining Amortization Expense of Intangibles | As of December 31, 2019, the estimated remaining amortization expense of intangibles for the years ended is as follows (dollars in thousands): ā ā ā ā ā 2020 $ 16,483 2021 ā ā 13,874 2022 ā ā 11,490 2023 ā ā 9,687 2024 ā ā 7,819 Thereafter ā ā 14,316 Total estimated amortization expense ā $ 73,669 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Maturity of Operating Leases | Maturities of operating lease liabilities as of December 31, 2019 are as follows for the years ending (dollars in thousands): ā ā ā ā 2020 $ 13,046 2021 ā 11,321 2022 ā 10,344 2023 ā 9,377 2024 ā 8,065 Thereafter ā 21,025 Total future lease payments ā 73,178 Less: Interest ā 7,126 Present value of lease liabilities ā $ 66,052 |
Other Lease Information | Other lease information is as follows (dollars in thousands): ā ā ā ā ā ā December 31, 2019 Lease Term and Discount Rate of Operating leases: ā ā Weighted-average remaining lease term (years) ā 7.36 ā Weighted-average discount rate (1) ā 2.69 % Cash paid for amounts included in measurement of lease liabilities: ā ā Operating Cash Flows from Operating Leases ā $ 13,697 ā Right-of-use assets obtained in exchange for lease obligations: ā ā Operating leases ā 8,065 ā ā (1) An incremental borrowing rate is used based on information available at commencement date of lease. |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits, Interest-bearing and Noninterest-bearing, Alternative [Abstract] | |
Schedule of Deposits by Type | The major types of interest-bearing deposits are as follows for the years ended December 31, (dollars in thousands): ā ā ā ā ā ā ā ā ā 2019 2018 Interest-bearing deposits: ā ā NOW accounts ā $ 2,905,714 ā $ 2,288,523 Money market accounts ā 3,951,856 ā 2,875,301 Savings accounts ā 727,847 ā 622,823 Time deposits of $250,000 and over ā 684,797 ā 292,224 Other time deposits ā 2,064,628 ā 1,797,482 Total interest-bearing deposits ā $ 10,334,842 ā $ 7,876,353 |
Scheduled Maturities of Time Deposits | As of December 31, 2019, the scheduled maturities of time deposits are as follows for the years ended December 31, (dollars in thousands): ā ā ā ā ā 2020 $ 1,626,492 2021 ā 621,567 2022 ā 199,507 2023 ā 140,722 2024 ā 160,465 Thereafter ā 672 Total scheduled maturities of time deposits ā $ 2,749,425 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Total short-term borrowings consist of the following as of December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā 2019 ā 2018 Securities sold under agreements to repurchase ā $ 66,053 ā $ 39,197 ā FHLB advances ā 370,200 ā 1,043,600 ā Other short-term borrowings ā ā ā 5,000 ā Total short-term borrowings ā $ 436,253 ā $ 1,087,797 ā ā ā ā ā ā ā ā ā Average outstanding balance during the period ā $ 673,116 ā $ 968,014 ā Average interest rate (during the period) ā 2.30 % 1.91 % Average interest rate at end of period ā 1.52 % 2.43 % |
Trust Preferred Capital Notes Qualify for Tier 2 Capital | The Companyās trust preferred capital notes consist of the following as of December 31, 2019: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Trust ā ā ā ā ā ā ā Preferred ā ā ā ā ā ā ā ā ā ā ā Capital ā ā ā ā Spread to ā ā ā ā ā ā Securities (1) ā Investment (1) ā 3-Month LIBOR ā Rate (2) ā Maturity Trust Preferred Capital Note - Statutory Trust I ā $ 22,500,000 ā $ 696,000 2.75 % 4.66 % 6/17/2034 Trust Preferred Capital Note - Statutory Trust II ā 36,000,000 ā 1,114,000 1.40 % 3.31 % 6/15/2036 VFG Limited Liability Trust I Indenture ā 20,000,000 ā 619,000 2.73 % 4.64 % 3/18/2034 FNB Statutory Trust II Indenture ā 12,000,000 ā 372,000 3.10 % 5.01 % 6/26/2033 Gateway Capital Statutory Trust I ā 8,000,000 ā 248,000 3.10 % 5.01 % 9/17/2033 Gateway Capital Statutory Trust II ā 7,000,000 ā 217,000 2.65 % 4.56 % 6/17/2034 Gateway Capital Statutory Trust III ā 15,000,000 ā 464,000 1.50 % 3.41 % 5/30/2036 Gateway Capital Statutory Trust IV ā 25,000,000 ā 774,000 1.55 % 3.46 % 7/30/2037 MFC Capital Trust II ā 5,000,000 ā 155,000 2.85 % 4.76 % 1/23/2034 Total ā $ 150,500,000 ā $ 4,659,000 (1) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Companyās junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Companyās investment in the trusts is reported in "Other Assets" on the Consolidated Balance Sheets. (2) Rate as of December 31, 2019. |
Advances from the FHLB | As of December 31, 2019, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā 3-Month ā Interest ā ā ā ā ā Long-term Type ā LIBOR ā Rate (1) ā Maturity Date ā Advance Amount Convertible Flipper (0.75) % 1.16 % 8/17/2029 ā $ 50,000 Convertible Flipper (0.50) % 1.41 % 5/15/2024 ā 200,000 Convertible Flipper (0.75) % 1.16 % 5/22/2029 ā 150,000 Convertible Flipper (0.75) % 1.16 % 5/30/2029 ā 50,000 Convertible Flipper ā (0.75) % 1.16 % 6/21/2029 ā ā 100,000 Fixed Rate Convertible ā - ā 1.78 % 10/26/2028 ā ā 200,000 Fixed Rate Hybrid ā - ā 1.58 % 5/18/2020 ā ā 20,000 Fixed Rate Credit ā - ā 1.54 % 10/2/2020 ā ā 10,000 ā ā ā ā ā ā ā ā $ 780,000 (1) Interest rates calculated using non-rounded numbers. As of December 31, 2018, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Spread to ā ā ā ā ā ā 3-Month ā Interest ā ā ā ā ā Long-term Type ā LIBOR ā Rate (1) ā Maturity Date ā Advance Amount Adjustable Rate Credit 0.44 % 3.25 % 8/23/2022 ā $ 55,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 ā 65,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 ā 10,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 ā 10,000 Fixed Rate Convertible ā 1.78 % 10/26/2028 ā 200,000 Fixed Rate Hybrid ā 2.37 % 10/10/2019 ā 25,000 Fixed Rate Hybrid ā 1.58 % 5/18/2020 ā 20,000 ā ā ā ā ā ā ā ā $ 385,000 (1) Interest rates calculated using non-rounded numbers. |
Contractual Maturities of Long-Term Debt | As of December 31, 2019, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Trust ā ā ā ā ā ā ā ā ā ā Preferred ā ā ā ā ā ā ā Fair Value ā ā ā ā ā Capital ā Subordinated ā FHLB ā Premium ā Total Long-term ā ā Notes ā Debt ā Advances ā (Discount) (1) ā Borrowings 2020 ā $ ā ā $ ā ā $ 30,000 ā $ (834) ā $ 29,166 2021 ā ā ā ā ā ā ā (1,008) ā (1,008) 2022 ā ā ā ā ā ā ā (1,030) ā (1,030) 2023 ā ā ā ā ā ā ā (1,053) ā (1,053) 2024 ā ā ā ā ā 200,000 ā (1,078) ā 198,922 Thereafter ā 155,159 ā 158,500 ā 550,000 ā (11,161) ā 852,498 Total long-term borrowings ā $ 155,159 ā $ 158,500 ā $ 780,000 ā $ (16,164) ā $ 1,077,495 ā (1) Includes discount on issued subordinated notes. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Balances of Commitments and Contingencies | The following table presents the balances of commitments and contingencies as of December 31, (dollars in thousands): ā ā ā ā ā ā ā ā ā 2019 2018 Commitments with off-balance sheet risk: ā ā Commitments to extend credit (1) ā $ 4,691,272 ā $ 3,167,085 Standby letters of credit ā 209,658 ā 167,597 Total commitments with off-balance sheet risk ā $ 4,900,930 ā $ 3,334,682 ā ā ā ā ā ā ā (1) Includes unfunded overdraft protection. ā ā ā ā ā ā |
Schedule of Pledged Assets, Not Separately Reported on Statement of Financial Position | As part of the Companyās liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged, at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pledged Assets as of December 31, 2019 ā ā ā ā ā ā AFS HTM ā ā ā ā ā ā Cash ā Securities (1) ā Securities (1) ā Loans (2) ā Total Public deposits ā $ ā ā $ 467,266 ā $ 292,096 ā $ ā ā $ 759,362 Repurchase agreements ā ā ā 79,299 ā 7,602 ā ā ā 86,901 FHLB advances ā ā ā 63,812 ā ā ā 3,846,934 ā 3,910,746 Derivatives ā 116,839 ā 1,260 ā ā ā ā ā 118,099 Fed Funds ā ā ā ā ā ā ā ā ā ā ā 292,738 ā ā 292,738 Other purposes ā ā ā 122,358 ā 10,654 ā ā ā 133,012 Total pledged assets ā $ 116,839 ā $ 733,995 ā $ 310,352 ā $ 4,139,672 ā $ 5,300,858 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Balance represents market value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (2) Balance represents book value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pledged Assets as of December 31, 2018 ā ā ā ā ā ā AFS HTM ā ā ā ā ā ā Cash ā Securities (1) ā Securities (1) ā Loans (2) ā Total Public deposits ā $ ā ā $ 293,169 ā $ 7,407 ā $ ā ā $ 300,576 Repurchase agreements ā ā ā 55,269 ā ā ā ā ā 55,269 FHLB advances ā ā ā 488 ā ā ā 3,337,289 ā 3,337,777 Derivatives ā 13,509 ā 1,938 ā ā ā ā ā 15,447 Other purposes ā ā ā 23,217 ā ā ā ā ā 23,217 Total pledged assets ā $ 13,509 ā $ 374,081 ā $ 7,407 ā $ 3,337,289 ā $ 3,732,286 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Balance represents book value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (2) Balance represents market value. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Derivatives | The following table summarizes key elements of the Companyās derivative instruments as of December 31, 2019 and 2018, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 December 31, 2018 ā ā ā ā ā Derivative (2) ā ā ā ā Derivative (2) ā Notional or ā ā ā ā Notional or ā ā ā ā ā ā Contractual ā ā ā ā ā ā ā Contractual ā ā ā ā ā ā ā ā Amount (1) ā Assets ā Liabilities ā Amount (1) ā Assets ā Liabilities Derivatives designated as accounting hedges: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Interest rate contracts: ā ā ā ā ā ā ā ā ā Cash flow hedges ā $ 100,000 ā $ ā ā $ 1,147 ā $ 152,500 ā $ ā ā $ 4,786 Fair value hedges ā 133,078 ā 182 ā 6,256 ā 137,596 ā 1,872 ā 1,684 Derivatives not designated as accounting hedges: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Loan Swaps : ā ā ā ā ā ā Pay fixed - receive floating interest rate swaps ā 1,575,149 ā 753 ā 53,592 ā 878,446 ā 10,120 ā 9,306 Pay floating - receive fixed interest rate swaps ā 1,575,149 ā 53,592 ā 753 ā 878,446 ā 9,306 ā 10,120 (1) Notional amounts are not recorded on the Companyās Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table summarizes the carrying value of the Companyās hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā December 31, 2018 ā ā ā Cumulative ā Cumulative ā ā ā ā ā Amount of Basis ā ā ā Amount of Basis ā ā ā ā ā Adjustments ā ā ā Adjustments ā ā ā ā ā Included in the ā ā ā Included in the ā ā Carrying Amount ā Carrying ā Carrying Amount ā Carrying ā ā of Hedged ā Amount of the ā of Hedged ā Amount of the ā ā Assets/(Liabilities) ā Hedged ā Assets/(Liabilities) ā Hedged ā ā Amount (1) Assets/(Liabilities) ā Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: ā ā ā ā Securities available-for-sale (1) (2) ā $ 206,799 ā $ 4,072 ā $ 224,241 ā $ 1,399 Loans ā 83,078 ā 1,972 ā 87,596 ā (1,572) (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. For the periods ended December 31, 2019 and 2018, the amortized cost basis of this portfolio was $207 million and $224 million, respectively, and the cumulative basis adjustment associated with this hedge was $4.1 million and $1.4 million, respectively. The amount of the designated hedged item at December 31, 2019 and 2018 totaled $50 million. (2) Carrying value represents amortized cost. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive Income | The change in accumulated other comprehensive income (loss) for the year ended December 31, 2019 is summarized as follows, net of tax (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized ā ā ā ā ā ā ā ā ā ā ā Gains ā ā ā ā ā ā ā ā ā ā ā ā ā ā (Losses) for ā ā ā ā ā ā ā ā ā ā ā Unrealized ā AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred ā Value of Cash ā (Losses) ā ā ā ā ā Securities ā to HTM ā Flow Hedges ā on BOLI ā Total Balance - December 31, 2018 ā $ (5,949) ā $ 95 ā $ (3,393) ā $ (1,026) ā $ (10,273) Other comprehensive income (loss): ā ā ā ā ā Other comprehensive income (loss) before reclassification ā 49,890 ā ā ā (5,103) ā (646) ā 44,141 Amounts reclassified from AOCI into earnings ā (6,064) ā (20) ā 7,714 ā 77 ā 1,707 Net current period other comprehensive income (loss) ā 43,826 ā (20) ā 2,611 ā (569) ā 45,848 Balance - December 31, 2019 ā $ 37,877 ā $ 75 ā $ (782) ā $ (1,595) ā $ 35,575 ā ā The change in accumulated other comprehensive income (loss) for the year ended December 31, 2018 is summarized as follows, net of tax (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized ā ā ā ā ā ā ā ā ā ā ā Gains ā ā ā ā ā ā ā ā ā ā ā ā ā ā (Losses) for ā ā ā ā ā ā ā ā ā ā ā Unrealized ā AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred ā Value of Cash ā (Losses) on ā ā ā ā ā Securities ā to HTM ā Flow Hedges ā BOLI ā Total Balance - December 31, 2017 ā $ 1,874 ā $ 2,705 ā $ (4,361) ā $ (1,102) ā $ (884) Transfer of HTM securities to AFS securities (1) ā 2,785 ā (2,785) ā ā ā ā ā ā Cumulative effects from adoption of new accounting standards (2) (3) ā 465 ā 583 ā (1,094) ā ā ā (46) Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā (10,711) ā ā ā 1,087 ā ā ā (9,624) Amounts reclassified from AOCI into earnings ā (362) ā (408) ā 975 ā 76 ā 281 Net current period other comprehensive income (loss) ā (11,073) ā (408) ā 2,062 ā 76 ā (9,343) Balance - December 31, 2018 ā $ (5,949) ā $ 95 ā $ (3,393) ā $ (1,026) ā $ (10,273) ____________________ (1) During the second quarter of 2018, the Company adopted ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities". As part of this adoption, the Company made a one-time election to transfer eligible HTM securities to the AFS category. The transfer of these securities resulted in an increase of approximately $400,000 to AOCI and is included as unrealized gains (losses) on AFS securities above. (2) During the second quarter of 2018, the Company adopted ASU No. 2018-02 "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." As part of this adoption, the Company reclassified approximately $107,000 of these amounts from AOCI to retained earnings. (3) During the first quarter of 2018, the Company adopted ASU No. 2016-01 "Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities." As part of this adoption, the Company reclassified approximately $61,000 of these amounts from AOCI to retained earnings. The change in accumulated other comprehensive income (loss) for the year ended December 31, 2017 is summarized as follows, net of tax (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unrealized ā ā ā ā ā ā ā ā ā ā ā Gains ā ā ā ā ā ā ā ā ā ā ā ā ā ā (Losses) for ā ā ā ā ā ā ā ā ā ā ā Unrealized ā AFS ā ā ā ā Unrealized ā ā ā ā ā Gains (Losses) ā Securities ā Change in Fair ā Gains ā ā ā ā ā on AFS ā Transferred ā Value of Cash ā (Losses) ā ā ā ā ā Securities ā to HTM ā Flow Hedges ā on BOLI ā Total Balance - December 31, 2016 ā $ (542) ā $ 3,377 ā $ (5,179) ā $ (1,465) ā $ (3,809) Other comprehensive income (loss): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Other comprehensive income (loss) before reclassification ā ā 2,936 ā ā ā (44) ā ā ā 2,892 Amounts reclassified from AOCI into earnings ā (520) ā (672) ā 862 ā 363 ā 33 Net current period other comprehensive income (loss) ā ā 2,416 ā ā (672) ā ā 818 ā ā 363 ā ā 2,925 Balance - December 31, 2017 ā $ 1,874 ā $ 2,705 ā $ (4,361) ā $ (1,102) ā $ (884) |
REGULATORY MATTERS AND CAPITAL
REGULATORY MATTERS AND CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Bank Capital Amount and Ratio | The Company and the Bankās capital amounts and ratios are also presented in the following table at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Required in Order to Be ā ā ā ā ā ā ā Required for Capital ā Well Capitalized Under ā ā Actual ā Adequacy Purposes ā PCA ā Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 ā ā ā Common equity Tier 1 capital to risk weighted assets: ā ā ā Consolidated ā $ 1,437,908 10.24 % $ 631,893 4.50 % NA NA ā Atlantic Union Bank ā 1,704,426 12.18 % 629,714 4.50 % 909,587 6.50 % Tier 1 capital to risk weighted assets: ā ā ā Consolidated ā 1,437,908 10.24 % 842,524 6.00 % NA NA ā Atlantic Union Bank ā 1,704,426 12.18 % 839,619 6.00 % 1,119,492 8.00 % Total capital to risk weighted assets: ā ā ā Consolidated ā 1,773,835 12.63 % 1,123,569 8.00 % NA NA ā Atlantic Union Bank ā 1,747,620 12.48 % 1,120,269 8.00 % 1,400,337 10.00 % Tier 1 capital to average adjusted assets: ā ā ā Consolidated ā 1,437,908 8.79 % 654,338 4.00 % NA NA ā Atlantic Union Bank ā 1,704,426 10.45 % 652,412 4.00 % 815,515 5.00 % As of December 31, 2018 ā ā ā Common equity Tier 1 capital to risk weighted assets: ā ā ā Consolidated ā $ 1,106,871 9.93 % $ 501,608 4.50 % NA NA ā Atlantic Union Bank ā 1,378,039 12.40 % 500,224 4.50 % 722,546 6.50 % Tier 1 capital to risk weighted assets: ā ā ā Consolidated ā 1,236,709 11.09 % 668,817 6.00 % NA NA ā Atlantic Union Bank ā 1,378,039 12.40 % 666,965 6.00 % 889,287 8.00 % Total capital to risk weighted assets: ā ā ā Consolidated ā 1,435,711 12.88 % 891,753 8.00 % NA NA ā Atlantic Union Bank ā 1,419,984 12.77 % 889,289 8.00 % 1,111,612 10.00 % Tier 1 capital to average adjusted assets: ā ā ā Consolidated ā 1,236,709 9.71 % 509,678 4.00 % NA NA ā Atlantic Union Bank ā 1,378,039 10.84 % 508,412 4.00 % 635,515 5.00 % |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2019 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā AFS securities: ā ā ā ā ā U.S. government and agency securities ā $ ā ā $ 4,498 ā $ ā ā $ 4,498 Obligations of states and political subdivisions ā ā ā 442,992 ā ā ā 442,992 Corporate and other bonds (1) ā ā ā 263,070 ā ā ā 263,070 Mortgage-backed securities ā ā ā 1,231,806 ā ā ā 1,231,806 Other securities ā ā ā 3,079 ā ā ā 3,079 Loans held for sale ā ā ā 55,405 ā ā ā 55,405 Derivatives: ā ā ā ā Interest rate swap ā ā ā 54,345 ā ā ā 54,345 Fair value hedges ā ā ā 182 ā ā ā 182 ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā Derivatives: ā ā ā ā Interest rate swap ā $ ā ā $ 54,345 ā $ ā ā $ 54,345 Cash flow hedges ā ā ā 1,147 ā ā ā 1,147 Fair value hedges ā ā ā 6,256 ā ā ā 6,256 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2018 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā AFS securities: ā ā ā ā ā Obligations of states and political subdivisions ā $ ā ā $ 468,491 ā $ ā ā $ 468,491 Corporate and other bonds (1) ā ā ā 167,696 ā ā ā 167,696 Mortgage-backed securities ā ā ā 1,129,865 ā ā ā 1,129,865 Other securities ā ā ā 8,769 ā ā ā 8,769 Derivatives: ā ā ā ā Interest rate swap ā ā ā 19,426 ā ā ā 19,426 Fair value hedges ā ā ā 1,872 ā ā ā 1,872 ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā Derivatives: ā ā ā ā Interest rate swap ā $ ā ā $ 19,426 ā $ ā ā $ 19,426 Cash flow hedges ā ā ā 4,786 ā ā ā 4,786 Fair value hedges ā ā ā 1,684 ā ā ā 1,684 (1) Other bonds includes asset-backed securities. |
Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis | The following tables summarize the Companyās financial assets that were measured at fair value on a nonrecurring basis at December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2019 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā Impaired loans ā $ ā ā $ ā ā $ 3,593 ā $ 3,593 Foreclosed properties ā ā ā ā ā 4,708 ā 4,708 Former bank premises ā ā ā ā ā 3,557 ā 3,557 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2018 using ā ā ā Significant ā ā ā ā ā ā Quoted Prices in ā Other ā Significant ā ā ā ā ā Active Markets for ā Observable ā Unobservable ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā ā ā ā ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā Impaired loans ā $ ā ā $ ā ā $ 3,734 ā $ 3,734 Foreclosed properties ā ā ā ā ā 6,722 ā 6,722 Former bank premises ā ā ā ā ā 2,090 ā 2,090 |
Carrying Values and Estimated Fair Values of the Company's Financial Instruments | The carrying values and estimated fair values of the Companyās financial instruments as of December 31, 2019 and 2018 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2019 using ā ā ā Quoted Prices Significant ā ā ā ā ā ā ā ā ā in Active ā Other ā Significant ā ā ā ā ā ā ā ā Markets for ā Observable ā Unobservable ā Total Fair ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā Value ā ā Carrying ā ā ā ā ā ā ā ā ā ā ā ā ā Value ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Cash and cash equivalents ā $ 436,032 ā $ 436,032 ā $ ā ā $ ā ā $ 436,032 AFS securities ā 1,945,445 ā ā ā 1,945,445 ā ā ā 1,945,445 HTM securities ā 555,144 ā ā ā 585,820 ā 17,683 ā 603,503 Restricted stock ā 130,848 ā ā ā 130,848 ā ā ā 130,848 Loans held for sale ā 55,405 ā ā ā 55,405 ā ā ā 55,405 Net loans ā 12,568,642 ā ā ā ā ā 12,449,505 ā 12,449,505 Derivatives: ā ā ā ā ā Interest rate swap ā 54,345 ā ā ā 54,345 ā ā ā 54,345 Fair value hedges ā 182 ā ā ā 182 ā ā ā 182 Accrued interest receivable ā 52,721 ā ā ā 52,721 ā ā ā 52,721 BOLI ā 322,917 ā ā ā 322,917 ā ā ā 322,917 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 13,304,981 ā $ ā ā $ 13,349,943 ā $ ā ā $ 13,349,943 Borrowings ā 1,513,748 ā ā ā 1,479,606 ā ā ā 1,479,606 Accrued interest payable ā 6,108 ā ā ā 6,108 ā ā ā 6,108 Derivatives: ā ā ā ā ā Interest rate swap ā 54,345 ā ā ā 54,345 ā ā ā 54,345 Cash flow hedges ā 1,147 ā ā ā 1,147 ā ā ā 1,147 Fair value hedges ā 6,256 ā ā ā 6,256 ā ā ā 6,256 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value Measurements at December 31, 2018 using ā ā ā ā ā Quoted Prices ā Significant ā ā ā ā ā ā ā ā ā ā ā in Active ā Other ā Significant ā ā ā ā ā ā ā ā Markets for ā Observable ā Unobservable ā Total Fair ā ā ā ā ā Identical Assets ā Inputs ā Inputs ā Value ā ā Carrying ā ā ā ā ā ā ā ā ā ā ā ā ā ā Value ā Level 1 ā Level 2 ā Level 3 ā Balance ASSETS ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Cash and cash equivalents ā $ 261,199 ā $ 261,199 ā $ ā ā $ ā ā $ 261,199 AFS securities ā 1,774,821 ā ā ā 1,774,821 ā ā ā 1,774,821 HTM securities ā 492,272 ā ā ā 499,501 ā ā ā 499,501 Restricted stock ā 124,602 ā ā ā 124,602 ā ā ā 124,602 Net loans ā 9,675,162 ā ā ā ā ā 9,534,717 ā 9,534,717 Derivatives: ā ā ā ā ā Interest rate swap ā 19,426 ā ā ā 19,426 ā ā ā 19,426 Fair value hedges ā 1,872 ā ā ā 1,872 ā ā ā 1,872 Accrued interest receivable ā 46,062 ā ā ā 46,062 ā ā ā 46,062 BOLI ā 263,034 ā ā ā 263,034 ā ā ā 263,034 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā LIABILITIES ā ā ā ā ā Deposits ā $ 9,970,960 ā $ ā ā $ 9,989,788 ā $ ā ā $ 9,989,788 Borrowings ā 1,756,278 ā ā ā 1,742,038 ā ā ā 1,742,038 Accrued interest payable ā 5,284 ā ā ā 5,284 ā ā ā 5,284 Derivatives: ā ā ā ā ā Interest rate swap ā 19,426 ā ā ā 19,426 ā ā ā 19,426 Cash flow hedges ā 4,786 ā ā ā 4,786 ā ā ā 4,786 Fair value hedges ā 1,684 ā ā ā 1,684 ā ā ā 1,684 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Noninterest income disaggregated by major source for the years ended December 31, 2019, 2018, and 2017 consisted of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Noninterest income: ā ā ā Deposit Service Charges (1) ā ā ā Overdraft fees ā $ 24,092 ā $ 21,052 ā $ 15,788 Maintenance fees & other ā 6,110 ā 4,387 ā 3,062 Other service charges and fees (1) ā 6,423 ā 5,603 ā 4,593 Interchange fees (1) ā 14,619 ā 18,803 ā 14,974 Fiduciary and asset management fees (1) ā ā ā ā Trust asset management fees ā 9,141 ā 5,536 ā 5,128 Registered advisor management fees ā 10,107 ā 6,589 ā 2,692 Brokerage management fees ā 4,117 ā 4,025 ā 3,425 Mortgage banking income ā 10,303 ā ā ā ā Gains (losses) on securities transactions ā 7,675 ā 383 ā 800 Bank owned life insurance income ā 8,311 ā 7,198 ā 6,144 Loan-related interest rate swap fees ā 14,126 ā 3,554 ā 3,051 Gain on Shore Premier sale ā ā ā 19,966 ā ā Other operating income (2) ā 17,791 ā 7,145 ā 2,772 Total noninterest income (3) ā $ 132,815 ā $ 104,241 ā $ 62,429 (1) Income within scope of Topic 606. (2) Includes income within the scope of Topic 606 of $4.0 million, $4.4 million and $2.3 million for the years ended December 31, 2019, 201 8, and 2017, respectively. The remaining balance is outside the scope of Topic 606. The December 31, 2019 remaining balance includes $9.8 million in life insurance proceeds related to a Xenith-acquired loan that had been charged off prior to the Companyās acquisition of Xenith. (3) Noninterest income for the discontinued mortgage segment is reported in Note 19 āSegment Reporting & Discontinued Operations.ā ā ā |
EMPLOYEE BENEFITS AND STOCK B_2
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | |
Payment Made for Employee Benefit Plans | The following 401(k) Plan match and other discretionary contributions were made to the Companyās employees, in accordance with the plans described above, in 2019, 2018, and 2017 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 401(k) Plan ā $ 5,550 ā $ 4,592 ā $ 3,505 ESOP ā 1,163 ā 1,005 ā 1,255 Cash ā 780 ā 1,509 ā 1,461 Total ā $ 7,493 ā $ 7,106 ā $ 6,221 |
Schedule of Recognized Stock-Based Compensation Expense | For the years ended December 31, 2019, 2018, and 2017, the Company recognized stock-based compensation expense (included in salaries and benefits expense) (dollars in thousands, except per share data) as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2019 2018 2017 Stock-based compensation expense ā $ 8,332 ā $ 6,132 ā $ 4,648 Reduction of income tax expense ā 1,750 ā 1,287 ā 1,467 Per share compensation cost ā $ 0.08 ā $ 0.07 ā $ 0.06 |
Summary of Stock Option Activity | The following table summarizes the stock option activity during the year ended December 31, 2019: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted ā ā ā ā ā ā Weighted ā Average ā ā ā ā ā Stock ā Average ā Remaining ā Aggregate ā ā Options ā Exercise ā Contractual ā Intrinsic ā ā (shares) ā Price ā Life ā Value Outstanding as of December 31, 2018 47,585 ā $ 14.44 ā Options assumed in the Access acquisition ā 448,679 ā ā 33.45 ā ā ā ā ā Granted ā ā ā ā Exercised (56,619) ā 24.48 ā Forfeited (9,447) ā 31.94 ā Expired (8,060) ā 36.78 ā Outstanding as of December 31, 2019 422,138 ā 32.48 2.55 ā $ 2,313,739 Exercisable as of December 31, 2019 368,146 ā 32.57 2.33 ā 2,006,915 |
Summary of Nonvested Stock Activity | The following table summarizes the restricted stock activity for the year ended December 31, 2019: ā ā ā ā ā ā ā ā Weighted ā ā Number of ā Average ā ā Shares of ā Grant-Date Fair ā ā RSAs ā Value Unvested as of December 31, 2018 375,414 ā $ 32.41 Granted 273,718 ā 35.06 Net settle for taxes (52,253) ā 52.01 Vested (148,584) ā 30.78 Forfeited (16,653) ā 34.31 Unvested as of December 31, 2019 431,642 ā 34.90 |
Summary of Performance Stock Activity | PSUs are granted to certain employees at no cost to the recipient and are subject to vesting based on achieving certain performance metrics; the grant of PSUs is subject to approval by the Companyās Compensation Committee at its sole discretion. PSUs may be paid in cash or shares of common stock or a combination thereof. Holders of PSUs have no right to vote the shares represented by the units. In 2019, the PSUs awarded were market based awards with the number of PSUs ultimately earned based on the Companyās total shareholder return as measured over the performance period. ā ā ā ā ā ā ā ā Number of Weighted Average ā ā Shares of ā Grant- ā ā PSUs ā Date Fair Value Unvested as of December 31, 2018 150,047 ā $ 31.67 Granted 85,543 ā 33.66 Net settle for taxes (15,018) ā 34.63 Vested (69,205) ā 24.27 Forfeited (6,658) ā 36.08 Unvested as of December 31, 2019 144,709 ā 37.24 |
Schedule of Performance Stock Units Valuation Assumptions | During years ended December 31, 2019, 2018 and 2017 PSUs were awarded with a market based component based on total shareholder return. The fair value of each PSU granted is estimated on the date of grant using the Monte Carlo simulation lattice model that uses the assumptions noted in the following table: ā ā ā ā ā ā ā ā ā ā 2019 (5) 2018 (5) 2017 (5) Dividend yield (1) 2.57 % 2.25 % 2.15 % Expected life in years (2) 2.86 2.86 2.85 ā Expected volatility (3) 24.04 % 23.47 % 23.35 % Risk-free interest rate (4) 2.48 % 2.38 % 1.40 % (1) Calculated as the ratio of the current dividend paid per the stock price on the date of grant. (2) Represents the remaining performance period as of the grant date. (3) Based on the historical volatility for the period commensurate with the expected life of the PSUs. (4) Based upon the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the grant date. (5) Assumptions disclosed represent those used in the primary annual issuance. |
Estimated Unamortized Compensation Expense Recognized in Future | The estimated unamortized compensation expense, net of estimated forfeitures, related to, restricted stock and performance stock issued and outstanding as of December 31, 2019 that will be recognized in future periods is as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Restricted Performance ā ā ā ā Stock ā Stock ā Total 2020 ā $ 5,030 ā $ 1,406 ā $ 6,436 2021 ā 3,299 ā 887 ā 4,186 2022 ā 652 ā ā ā 652 2023 ā 100 ā ā ā 100 Total ā $ 9,081 ā $ 2,293 ā $ 11,374 ā |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities consist of the following components as of December 31, 2019 and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā 2019 2018 Deferred tax assets: ā ā Loan losses ā $ 18,938 ā $ 19,369 Benefit plans ā 3,507 ā 3,925 Acquisition accounting ā 16,021 ā 11,788 Lease right-of-use asset ā ā 13,507 ā ā ā Stock grants ā 2,032 ā 894 OREO ā 3,295 ā 2,515 Securities available for sale ā 1,169 ā 1,577 Net operating losses ā 55,023 ā 66,037 Nonaccrual loans ā 3,243 ā 3,990 Other ā 4,227 ā 4,618 Total deferred tax assets ā $ 120,962 ā $ 114,713 Deferred tax liabilities: ā ā Acquisition accounting ā $ 19,815 ā $ 13,053 Lease right-of-use liability ā ā 11,191 ā ā ā Premises and equipment ā 6,696 ā 3,877 Securities available for sale ā 10,069 ā 25 Other ā 511 ā 583 Total deferred tax liabilities ā 48,282 ā 17,538 Net deferred tax asset ā $ 72,680 ā $ 97,175 |
Provision for Income Taxes Charged to Operations | The provision for income taxes charged to continuing operations for the years ended December 31, 2019, 2018, and 2017 consists of the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Current tax expense ā $ 22,500 ā $ 12,114 ā $ 27,255 Deferred tax expense (1) ā 15,057 ā 17,902 ā 5,535 Income tax expense ā $ 37,557 ā $ 30,016 ā $ 32,790 (1) The deferred tax expense for the year ended December 31, 2017 includes the impact of the Tax Act. |
Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income | The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income for the years ended December 31, 2019, 2018, and 2017, due to the following (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Computed "expected" tax expense ā $ 48,564 ā $ 37,680 ā $ 36,738 (Decrease) in taxes resulting from: ā ā ā Tax-exempt interest income, net ā (8,259) ā (5,188) ā (6,112) Valuation allowance adjustment ā ā ā ā ā (2,982) Impact of the Tax Act ā ā ā ā ā 6,105 State income tax benefit ā ā (1,078) ā ā (1,133) ā ā ā Other, net ā (1,670) ā (1,343) ā (959) Income tax expense ā $ 37,557 ā $ 30,016 ā $ 32,790 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Denominators of the Basic and Diluted EPS Computations | The following table presents earnings per share from continuing operations, discontinued operations and total net income available to common shareholders for the years ended December 31, (in thousands except per share data): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Net Income: ā ā ā Income from continuing operations ā $ 193,698 ā $ 149,413 ā $ 72,176 Income (loss) from discontinued operations ā (170) ā (3,165) ā 747 Net income available to common shareholders ā $ 193,528 ā $ 146,248 ā $ 72,923 ā ā ā ā ā ā ā ā ā ā Weighted average shares outstanding, basic ā 80,201 ā 65,859 ā 43,699 Dilutive effect of stock awards and warrants ā 63 ā 50 ā 81 Weighted average shares outstanding, diluted ā 80,264 ā 65,909 ā 43,780 ā ā ā ā ā ā ā ā ā ā Basic EPS: ā ā ā EPS from continuing operations ā $ 2.41 ā $ 2.27 ā $ 1.65 EPS from discontinued operations ā ā ā ā ā (0.05) ā ā 0.02 EPS available to common shareholders ā $ 2.41 ā $ 2.22 ā $ 1.67 ā ā ā ā ā ā ā ā ā ā Diluted EPS: ā ā ā EPS from continuing operations ā $ 2.41 ā $ 2.27 ā $ 1.65 EPS from discontinued operations ā ā ā ā ā (0.05) ā ā 0.02 EPS available to common shareholders ā $ 2.41 ā $ 2.22 ā $ 1.67 |
SEGMENT REPORTING & DISCONTIN_2
SEGMENT REPORTING & DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Information About Reportable Segments and Reconciliation | The following table presents summarized operating results of the discontinued mortgage segment at December 31, 2019, 2018 and 2017, respectively (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Net interest income ā $ ā ā $ 850 ā $ 1,150 Provision for credit losses ā ā ā (185) ā (46) Net interest income after provision for credit losses ā ā ā 1,035 ā 1,196 Noninterest income ā 1 ā 3,882 ā 9,245 Noninterest expenses ā 231 ā 9,197 ā 9,097 Income before income taxes ā (230) ā (4,280) ā 1,344 Income tax expense (benefit) ā (60) ā (1,115) ā 597 Net income (loss) on discontinued operations ā $ (170) ā $ (3,165) ā $ 747 |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company | 12 Months Ended |
Dec. 31, 2019 | |
Financial Information for the Parent Company - Balance Sheets | Financial information for the Parent Company is as follows: PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2019 and 2018 (Dollars in thousands) ā ā ā ā ā ā ā ā ā 2019 2018 ASSETS ā ā Cash ā $ 5,283 ā $ 3,681 Premises and equipment, net ā 10,568 ā 10,637 Other assets ā 27,438 ā 13,386 Investment in subsidiaries ā 2,786,842 ā 2,202,530 Total assets ā $ 2,830,131 ā $ 2,230,234 LIABILITIES AND STOCKHOLDERS' EQUITY ā ā Short-term borrowings ā ā ā 5,000 Long-term borrowings ā 157,155 ā 157,057 Trust preferred capital notes ā 140,237 ā 134,342 Other liabilities ā 19,637 ā 9,254 Total liabilities ā 317,029 ā 305,653 Total stockholders' equity ā 2,513,102 ā 1,924,581 Total liabilities and stockholders' equity ā $ 2,830,131 ā $ 2,230,234 |
Financial Information for the Parent Company - Statements of Income and Comprehensive Income | PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2019, 2018, and 2017 (Dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 ā 2017 Income: ā ā ā Interest and dividend income ā $ 3 ā $ ā ā $ 3 Dividends received from subsidiaries ā 160,033 ā 50,750 ā 33,350 Other operating income ā 1,484 ā 2,719 ā 1,308 Total income ā 161,520 ā 53,469 ā 34,661 Expenses: ā ā ā Interest expense ā 15,935 ā 15,253 ā 11,423 Other operating expenses ā 11,434 ā 13,782 ā 7,130 Total expenses ā 27,369 ā 29,035 ā 18,553 Income before income taxes and equity in undistributed net income from subsidiaries ā 134,151 ā 24,434 ā 16,108 Income tax benefit ā (6,499) ā (6,176) ā (9,169) Equity in undistributed net income from subsidiaries ā 52,878 ā 115,638 ā 47,646 Net income ā $ 193,528 ā $ 146,248 ā $ 72,923 Comprehensive income ā $ 239,376 ā $ 136,905 ā $ 75,848 |
Financial Information for the Parent Company - Statements of Cash Flows | PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2019, 2018, and 2017 (Dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 2017 Operating activities: ā ā ā Net income ā $ 193,528 ā $ 146,248 ā $ 72,923 Adjustments to reconcile net income to net cash provided by operating activities: ā ā ā Equity in undistributed net income of subsidiaries ā (52,878) ā (115,638) ā (47,646) Depreciation of premises and equipment ā 424 ā 424 ā 439 Acquisition accounting amortization, net ā 662 ā 636 ā 260 Gain on sale of investment ā ā ā (1,416) ā ā Issuance of common stock for services ā 910 ā 914 ā 724 Net (increase) decrease in other assets ā (3,256) ā (584) ā (4,167) Net increase in other liabilities ā 4,964 ā (4,159) ā 5,283 Net cash and cash equivalents provided by (used in) operating activities ā 144,354 ā 26,425 ā 27,816 Investing activities: ā ā ā Net increase in premises and equipment ā (355) ā ā ā (35) Proceeds from sale of investment ā ā ā 3,761 ā ā Proceeds from (payments for) equity method investment ā ā ā ā ā 72 Cash paid in acquisitions ā ā (12) ā ā ā ā ā ā Cash received in acquisitions ā 21,553 ā 25,976 ā ā Net cash and cash equivalents provided by (used in) investing activities ā 21,186 ā 29,737 ā 37 Financing activities: ā ā ā Net increase (decrease) in short-term borrowings ā (5,000) ā 5,000 ā ā Cash dividends paid - common stock ā (78,345) ā (58,001) ā (35,393) Cancellation of warrants ā ā ā (1,530) ā ā Issuance (repurchase) of common stock ā (78,292) ā 2,347 ā 1,037 Vesting of restricted stock, net of shares held for taxes ā (2,301) ā (2,908) ā (1,567) Net cash and cash equivalents provided by (used in) financing activities ā (163,938) ā (55,092) ā (35,923) Increase (decrease) in cash and cash equivalents ā 1,602 ā 1,070 ā (8,070) Cash and cash equivalents at beginning of the period ā 3,681 ā 2,611 ā 10,681 Cash and cash equivalents at end of the period ā $ 5,283 ā $ 3,681 ā $ 2,611 Supplemental schedule of noncash investing and financing activities ā ā ā Issuance of common stock in exchange for net assets in acquisition ā $ 499,974 ā $ 794,809 ā $ ā ā ā ā ā ā ā ā ā ā ā Transactions related to bank acquisition ā ā ā Assets acquired ā 509,075 ā 859,176 ā ā Liabilities assumed ā 9,089 ā 64,367 ā ā |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | Apr. 30, 2019USD ($) | Dec. 31, 2005item | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) |
Accounting Policies [Line Items] | ||||
Number of bank branches | item | 149 | |||
Number of ATM's | item | 170 | |||
Number of business acquisitions | item | 2 | |||
Accruals for uncertain tax positions | $ 0 | $ 0 | ||
Impairment charges for goodwill or intangible assets | $ 0 | 0 | ||
Goodwill | $ 935,560,000 | $ 727,168,000 | ||
Commercial loans on nonaccrual status, period | 90 days | |||
Number of days past due to charge-off real estate secured loans | 180 days | |||
Federal Home Loan Bank requires Bank to maintain percentage of stock equal to outstanding borrowings | 4.25% | 4.25% | ||
Percentage of Federal Reserve Bank of Richmond reserve | 6.00% | 6.00% | ||
Future payments, contractual term | 6 months | |||
Period of independent appraisal or valuation | 12 months | |||
Liabilities for post retirement benefits payable to other beneficiaries | $ 12,100,000 | $ 10,500,000 | ||
Minimum | ||||
Accounting Policies [Line Items] | ||||
Intangible assets, amortization period (years) | 4 years | |||
Period past due to change TDR status | 30 days | |||
Estimated useful life of bank premises | 3 years | |||
Percentage of fair value of the derivative instruments for the hedge to be highly effective | 80.00% | |||
Tax position benefit recognition threshold | 50.00% | |||
Maximum | ||||
Accounting Policies [Line Items] | ||||
Intangible assets, amortization period (years) | 10 years | |||
Period past due to charge off consumer loans non-real estate secured | 120 days | |||
Estimated useful life of bank premises | 50 years | |||
Percentage of fair value of the derivative instruments for the hedge to be highly effective | 125.00% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Affordable Housing Entities (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Affordable Housing Projects [Abstract] | ||
Affordable housing projects, recognized amortization | $ 1,900,000 | $ 922,000 |
Affordable housing projects, tax credits | 2,900,000 | 1,100,000 |
Affordable housing projects, investment amount | 29,600,000 | 10,800,000 |
Affordable housing projects, liability | $ 12,000,000 | $ 9,900,000 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New Accounting Standards (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, liability | $ 66,052,000 | ||
Operating lease, right-of-use asset | 54,900,000 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, liability | $ 53,200,000 | ||
Operating lease, right-of-use asset | $ 48,900,000 | ||
Accumulated Other Comprehensive Income (Loss) | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effects from adoption of new accounting standards | $ (46,000) | ||
Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effects from adoption of new accounting standards | $ (1,100,000) |
ACQUISITIONS (Narrative) (Detai
ACQUISITIONS (Narrative) (Details) - USD ($) | Feb. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Cash paid in acquisition | $ 12,000 | $ 14,304,000 | $ 231,000 | |
Merger-related costs | 27,824,000 | 39,728,000 | 5,393,000 | |
Goodwill | 935,560,000 | 727,168,000 | ||
Issuance of common stock in regard to acquisitions | 499,974,000 | 794,809,000 | $ 0 | |
Access National Bank | ||||
Business Acquisition [Line Items] | ||||
Number of shares equivalent to each share of acquired entity | 0.75 | |||
Company's common shares issued | 15,842,026 | |||
Consideration transferred, fair value | $ 499,974,000 | |||
Cash paid in acquisition | 12,000 | |||
Merger-related costs | $ 26,200,000 | $ 1,800,000 | ||
Goodwill | 208,376,000 | |||
Minimum | ||||
Business Acquisition [Line Items] | ||||
Intangible assets, amortization period | 4 years | |||
Maximum | ||||
Business Acquisition [Line Items] | ||||
Intangible assets, amortization period | 10 years | |||
Performing | Access National Bank | ||||
Business Acquisition [Line Items] | ||||
Acquired performing loans, fair value | 2,100,000,000 | |||
Contractually required principal and interest payments | 2,500,000,000 | |||
Contractual cash flows not expected to be collected | 17,900,000 | |||
Nonperforming | Access National Bank | ||||
Business Acquisition [Line Items] | ||||
Fair value of loans acquired with a deterioration of credit quality | 33,307,000 | |||
Contractually required principal and interest payments | $ 44,429,000 |
ACQUISITIONS (Schedule of Busin
ACQUISITIONS (Schedule of Business Acquisition and the Amounts of Acquired Identifiable Assets and Liabilities) (Details) - USD ($) | Feb. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Cash paid in acquisition | $ 12,000 | $ 14,304,000 | $ 231,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||
Goodwill | $ 935,560,000 | $ 727,168,000 | ||
Access National Bank | ||||
Business Acquisition [Line Items] | ||||
Fair value of shares of the Company's common stock issued & warrants converted | $ 499,974,000 | |||
Cash paid in acquisition | 12,000 | |||
Total purchase price | 499,986,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||
Cash and cash equivalents | 46,164,000 | |||
Investments | 464,742,000 | |||
Loans | 2,173,060,000 | |||
Premises and equipment | 24,198,000 | |||
Core deposit intangibles | 40,860,000 | |||
Other assets | 100,649,000 | |||
Total assets | 2,849,673,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||
Deposits | 2,227,073,000 | |||
Short-term borrowings | 220,685,000 | |||
Long-term borrowings | 70,535,000 | |||
Other liabilities | 39,770,000 | |||
Total liabilities | 2,558,063,000 | |||
Net identifiable assets acquired | 291,610,000 | |||
Goodwill | $ 208,376,000 |
ACQUISITIONS (Schedule of Acqui
ACQUISITIONS (Schedule of Acquired Impaired Loans Receivable) (Details) - Nonperforming - Access National Bank $ in Thousands | Feb. 01, 2019USD ($) |
Business Combination, Separately Recognized Transactions [Line Items] | |
Contractually required principal and interest payments | $ 44,429 |
Nonaccretable difference | (6,062) |
Cash flows expected to be collected | 38,367 |
Accretable difference | (5,060) |
Fair value of loans acquired with a deterioration of credit quality | $ 33,307 |
ACQUISITIONS (Business Acquisit
ACQUISITIONS (Business Acquisition, Pro Forma Information) (Details) - Access National Bank - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Total revenues | $ 681,306 | $ 666,921 | $ 468,840 |
Net income | $ 217,075 | $ 185,698 | $ 91,270 |
Earnings per share (in dollars per share) | $ 2.53 | $ 2.28 | $ 1.59 |
ACQUISITIONS (Schedule of Effec
ACQUISITIONS (Schedule of Effect of Amortization and Accretion Related to Acquisition) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | |||
Loans | $ 24,846 | $ 17,145 | $ 6,784 |
Buildings | 50 | 228 | 0 |
Core deposit intangibles | (16,755) | (11,464) | (5,603) |
Other amortizable intangibles | (1,766) | (1,375) | (485) |
Borrowings | (360) | (506) | 170 |
Time deposits | 833 | 2,553 | 0 |
Leases | 1,051 | 130 | 0 |
Net impact to income before taxes | $ 7,899 | $ 6,711 | $ 866 |
SECURITIES (Narrative) (Details
SECURITIES (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018USD ($) | Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($)security | |
Schedule of Investments [Line Items] | |||
Available for sale securities that had been in a continuous loss position for more than 12 months | $ 75,000,000 | $ 385,400,000 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | $ 696,000 | $ 10,184,000 | |
Federal Home Loan Bank requires Bank to maintain percentage of stock equal to outstanding borrowings | 4.25% | 4.25% | |
Percentage of Federal Reserve Bank of Richmond reserve | 6.00% | 6.00% | |
Restricted equity securities consist of Federal Reserve Bank stock | $ 67,000,000 | $ 52,600,000 | |
Federal Home Loan Bank Stock | 63,900,000 | 72,000,000 | |
Credit-related OTTI | $ 0 | $ 0 | |
Available-for-sale Securities | |||
Schedule of Investments [Line Items] | |||
Available for sale securities that had been in a continuous loss position | security | 47 | 138 | |
Accounting Standards Update 2017-12 | |||
Schedule of Investments [Line Items] | |||
Available for sale debt securities, transfer, amount | $ 187,400,000 |
SECURITIES (Amortized Cost, Gro
SECURITIES (Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities, Amortized Cost | $ 1,893,427 | $ 1,780,952 |
Gross Unrealized Gains | 53,918 | 9,414 |
Gross Unrealized (Losses) | (1,900) | (15,545) |
Total AFS securities, Estimated Fair Value | 1,945,445 | 1,774,821 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities, Amortized Cost | 4,487 | |
Gross Unrealized Gains | 11 | |
Gross Unrealized (Losses) | 0 | |
Total AFS securities, Estimated Fair Value | 4,498 | |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities, Amortized Cost | 417,397 | 466,588 |
Gross Unrealized Gains | 25,624 | 3,844 |
Gross Unrealized (Losses) | (29) | (1,941) |
Total AFS securities, Estimated Fair Value | 442,992 | 468,491 |
Corporate and other bonds | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities, Amortized Cost | 259,213 | 167,561 |
Gross Unrealized Gains | 4,403 | 1,118 |
Gross Unrealized (Losses) | (546) | (983) |
Total AFS securities, Estimated Fair Value | 263,070 | 167,696 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities, Amortized Cost | 1,209,251 | 1,138,034 |
Gross Unrealized Gains | 23,880 | 4,452 |
Gross Unrealized (Losses) | (1,325) | (12,621) |
Total AFS securities, Estimated Fair Value | 1,231,806 | 1,129,865 |
Other securities | ||
Debt Securities, Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Total AFS securities, Amortized Cost | 3,079 | 8,769 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Total AFS securities, Estimated Fair Value | $ 3,079 | $ 8,769 |
SECURITIES (Schedule of Gross U
SECURITIES (Schedule of Gross Unrealized Losses and Fair Value of Investments) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | $ 198,348,000 | $ 475,029,000 |
Less than 12 Months, Unrealized Losses | (1,204,000) | (5,361,000) |
More than 12 Months, Fair Value | 75,035,000 | 385,433,000 |
More than 12 Months, Unrealized Losses | (696,000) | (10,184,000) |
Total, Fair Value | 273,383,000 | 860,462,000 |
Unrealized Losses, Total | (1,900,000) | (15,545,000) |
Obligations of states and political subdivisions | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 4,526,000 | 133,513,000 |
Less than 12 Months, Unrealized Losses | (29,000) | (1,566,000) |
More than 12 Months, Fair Value | 0 | 10,145,000 |
More than 12 Months, Unrealized Losses | 0 | (375,000) |
Total, Fair Value | 4,526,000 | 143,658,000 |
Unrealized Losses, Total | (29,000) | (1,941,000) |
Corporate and other bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 44,567,000 | 35,478,000 |
Less than 12 Months, Unrealized Losses | (255,000) | (315,000) |
More than 12 Months, Fair Value | 19,902,000 | 33,888,000 |
More than 12 Months, Unrealized Losses | (291,000) | (668,000) |
Total, Fair Value | 64,469,000 | 69,366,000 |
Unrealized Losses, Total | (546,000) | (983,000) |
Mortgage-backed securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Less than 12 months, Fair Value | 149,255,000 | 306,038,000 |
Less than 12 Months, Unrealized Losses | (920,000) | (3,480,000) |
More than 12 Months, Fair Value | 55,133,000 | 341,400,000 |
More than 12 Months, Unrealized Losses | (405,000) | (9,141,000) |
Total, Fair Value | 204,388,000 | 647,438,000 |
Unrealized Losses, Total | $ (1,325,000) | $ (12,621,000) |
SECURITIES (Schedule of Amortiz
SECURITIES (Schedule of Amortized Cost and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
AFS Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 35,046 | $ 22,653 |
Due in one year or less, Estimated Fair Value | 35,197 | 22,789 |
Due after one year through five years, Amortized Cost | 164,605 | 191,003 |
Due after one year through five years, Estimated Fair Value | 166,873 | 188,999 |
Due after five years through ten years, Amortized Cost | 249,712 | 218,211 |
Due after five years through ten years, Estimated Fair Value | 254,790 | 217,304 |
Due after ten years, Amortized Cost | 1,444,064 | 1,349,085 |
Due after ten years, Estimated Fair Value | 1,488,585 | 1,345,729 |
Total AFS securities, Amortized Cost | 1,893,427 | 1,780,952 |
Total AFS securities, Estimated Fair Value | 1,945,445 | 1,774,821 |
HTM Securities [Abstract] | ||
Due in one year or less, Carrying Value | 502 | 0 |
Due in one year or less, Estimated Fair Value | 504 | 0 |
Due after one year through five years, Carrying Value | 10,258 | 3,893 |
Due after one year through five years, Estimated Fair Value | 10,539 | 3,900 |
Due after five years through ten years, Carrying Value | 1,768 | 3,480 |
Due after five years through ten years, Estimated Fair Value | 1,800 | 3,507 |
Due after ten years, Carrying Value | 542,616 | 484,899 |
Due after ten years, Estimated Fair Value | 590,660 | 492,094 |
Held-to-maturity Securities, Total | 555,144 | 492,272 |
Total securities held to maturity, Estimated Fair Value | $ 603,503 | $ 499,501 |
SECURITIES (Schedule of Carryin
SECURITIES (Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Total | $ 555,144 | $ 492,272 |
Gross Unrealized Gains | 48,359 | |
Gross Unrealized Losses | 0 | |
Held-to-maturity Securities, Fair Value | 603,503 | 499,501 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Total | 545,148 | 492,272 |
Gross Unrealized Gains | 48,274 | 7,375 |
Gross Unrealized Losses | 0 | (146) |
Held-to-maturity Securities, Fair Value | 593,422 | $ 499,501 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Total | 9,996 | |
Gross Unrealized Gains | 85 | |
Gross Unrealized Losses | 0 | |
Held-to-maturity Securities, Fair Value | $ 10,081 |
SECURITIES (Gross Unrealized Lo
SECURITIES (Gross Unrealized Losses and Fair Value of Securities) (Details) - Obligations of states and political subdivisions - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 0 | $ 43,206 |
Less than 12 months, Unrealized Losses | 0 | (146) |
More than 12 months, Fair Value | 0 | 0 |
More than 12 months, Unrealized Losses | 0 | 0 |
Fair Value, Total | 0 | 43,206 |
Unrealized Losses, Total | $ 0 | $ (146) |
SECURITIES (Gross Realized Gain
SECURITIES (Gross Realized Gains and Losses on the Sale of Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 9,530 | $ 4,221 | $ 1,170 |
Gross realized losses | (1,855) | (3,838) | (370) |
Gains on securities transactions, net | 7,675 | 383 | 800 |
Proceeds from sales of securities | $ 514,070 | $ 515,764 | $ 139,046 |
LOANS AND ALLOWANCE FOR LOAN _3
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Stated at Face Amount, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | $ 12,610,936 | $ 9,716,207 |
Construction and Land Development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 1,250,924 | 1,194,821 |
Commercial Real Estate - Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 2,041,243 | 1,337,345 |
Commercial Real Estate - Non-Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3,286,098 | 2,467,410 |
Multifamily Real Estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 633,743 | 548,231 |
Commercial and Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 2,114,033 | 1,317,135 |
Residential 1-4 Family - Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 724,337 | 640,419 |
Residential 1-4 Family - Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 890,503 | 673,909 |
Residential 1-4 Family - Revolving | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 659,504 | 613,383 |
Auto | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 350,419 | 301,943 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 372,853 | 379,694 |
Other Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment, net of deferred fees and costs | $ 287,279 | $ 241,917 |
LOANS AND ALLOWANCE FOR LOAN _4
LOANS AND ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $ 28,232 | $ 26,953 | $ 21,700 |
Nonaccrual interest lost | $ 1,800 | 2,300 | $ 698 |
Period for restructured loan to be considered default | 90 days | ||
Acquired performing loan portfolio | $ 12,610,936 | 9,716,207 | |
Acquired Performing Loan Portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired performing loan portfolio | 3,000,000 | 2,000,000 | |
Remaining discount on acquired loans | 50,100 | 30,300 | |
Purchased Impaired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired performing loan portfolio | 86,681 | 90,221 | |
Purchased impaired loans (gross) | $ 104,900 | $ 113,500 |
LOANS AND ALLOWANCE FOR LOAN _5
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Aging of the Loan Portfolio by Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | $ 13,396 | $ 8,856 | |
Total Loans | 12,610,936 | 9,716,207 | |
Nonaccrual | 28,232 | 26,953 | $ 21,700 |
Current | 12,419,378 | 9,537,156 | |
30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 50,453 | 41,434 | |
60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 12,796 | 11,587 | |
Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 86,681 | 90,221 | |
Current | 70,267 | 71,213 | |
Construction and Land Development | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 189 | 180 | |
Total Loans | 1,250,924 | 1,194,821 | |
Nonaccrual | 3,703 | 8,018 | |
Current | 1,231,043 | 1,177,204 | |
Construction and Land Development | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 4,563 | 759 | |
Construction and Land Development | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 482 | 6 | |
Construction and Land Development | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 10,944 | 8,654 | |
Current | 10,465 | 7,122 | |
Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 1,062 | 3,193 | |
Total Loans | 2,041,243 | 1,337,345 | |
Nonaccrual | 6,003 | 3,636 | |
Current | 2,001,074 | 1,294,975 | |
Commercial Real Estate - Owner Occupied | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 3,482 | 8,755 | |
Commercial Real Estate - Owner Occupied | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,184 | 1,142 | |
Commercial Real Estate - Owner Occupied | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 27,438 | 25,644 | |
Current | 20,074 | 20,705 | |
Commercial Real Estate - Non-Owner Occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 1,451 | 0 | |
Total Loans | 3,286,098 | 2,467,410 | |
Nonaccrual | 381 | 1,789 | |
Current | 3,269,244 | 2,447,907 | |
Commercial Real Estate - Non-Owner Occupied | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 457 | 338 | |
Commercial Real Estate - Non-Owner Occupied | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 41 | |
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 14,565 | 17,335 | |
Current | 12,730 | 15,464 | |
Multifamily Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 474 | 0 | |
Total Loans | 633,743 | 548,231 | |
Nonaccrual | 0 | 0 | |
Current | 632,952 | 547,997 | |
Multifamily Real Estate | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 223 | 0 | |
Multifamily Real Estate | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 146 | |
Multifamily Real Estate | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 94 | 88 | |
Current | 94 | 88 | |
Commercial and Industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 449 | 132 | |
Total Loans | 2,114,033 | 1,317,135 | |
Nonaccrual | 1,735 | 1,524 | |
Current | 2,099,974 | 1,309,581 | |
Commercial and Industrial | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 8,698 | 3,353 | |
Commercial and Industrial | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,598 | 389 | |
Commercial and Industrial | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 1,579 | 2,156 | |
Current | 590 | 1,017 | |
Residential 1-4 Family - Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 674 | 1,409 | |
Total Loans | 724,337 | 640,419 | |
Nonaccrual | 4,301 | 2,481 | |
Current | 703,471 | 614,732 | |
Residential 1-4 Family - Commercial | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,479 | 6,619 | |
Residential 1-4 Family - Commercial | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,207 | 1,577 | |
Residential 1-4 Family - Commercial | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 12,205 | 13,601 | |
Current | 9,667 | 9,276 | |
Residential 1-4 Family - Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 4,515 | 2,437 | |
Total Loans | 890,503 | 673,909 | |
Nonaccrual | 9,292 | 7,276 | |
Current | 842,667 | 630,132 | |
Residential 1-4 Family - Consumer | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 16,244 | 12,049 | |
Residential 1-4 Family - Consumer | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 3,072 | 5,143 | |
Residential 1-4 Family - Consumer | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 14,713 | 16,872 | |
Current | 12,005 | 12,491 | |
Residential 1-4 Family - Revolving | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 3,357 | 440 | |
Total Loans | 659,504 | 613,383 | |
Nonaccrual | 2,080 | 1,518 | |
Current | 637,966 | 600,055 | |
Residential 1-4 Family - Revolving | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 10,190 | 4,611 | |
Residential 1-4 Family - Revolving | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,784 | 1,644 | |
Residential 1-4 Family - Revolving | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 4,127 | 5,115 | |
Current | 3,635 | 4,365 | |
Auto | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 272 | 195 | |
Total Loans | 350,419 | 301,943 | |
Nonaccrual | 563 | 576 | |
Current | 346,819 | 297,442 | |
Auto | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,525 | 3,320 | |
Auto | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 236 | 403 | |
Auto | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 4 | 7 | |
Current | 4 | 7 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 953 | 870 | |
Total Loans | 372,853 | 379,694 | |
Nonaccrual | 77 | 135 | |
Current | 367,794 | 376,057 | |
Consumer | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,128 | 1,504 | |
Consumer | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,233 | 1,096 | |
Consumer | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 668 | 32 | |
Current | 659 | 18 | |
Other Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater Than 90 Days and Still Accruing | 0 | 0 | |
Total Loans | 287,279 | 241,917 | |
Nonaccrual | 97 | 0 | |
Current | 286,374 | 241,074 | |
Other Commercial | 30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 464 | 126 | |
Other Commercial | 60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Other Commercial | Purchased Impaired | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 344 | 717 | |
Current | $ 344 | $ 660 |
LOANS AND ALLOWANCE FOR LOAN _6
LOANS AND ALLOWANCE FOR LOAN LOSSES (PCI Loan Portfolios by Segment and Delinquency Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 12,419,378 | $ 9,537,156 |
Total Loans | 12,610,936 | 9,716,207 |
Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 70,267 | 71,213 |
Total Loans | 86,681 | 90,221 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,231,043 | 1,177,204 |
Total Loans | 1,250,924 | 1,194,821 |
Construction and Land Development | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 10,465 | 7,122 |
Total Loans | 10,944 | 8,654 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,001,074 | 1,294,975 |
Total Loans | 2,041,243 | 1,337,345 |
Commercial Real Estate - Owner Occupied | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 20,074 | 20,705 |
Total Loans | 27,438 | 25,644 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,269,244 | 2,447,907 |
Total Loans | 3,286,098 | 2,467,410 |
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 12,730 | 15,464 |
Total Loans | 14,565 | 17,335 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 632,952 | 547,997 |
Total Loans | 633,743 | 548,231 |
Multifamily Real Estate | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 94 | 88 |
Total Loans | 94 | 88 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,099,974 | 1,309,581 |
Total Loans | 2,114,033 | 1,317,135 |
Commercial and Industrial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 590 | 1,017 |
Total Loans | 1,579 | 2,156 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 703,471 | 614,732 |
Total Loans | 724,337 | 640,419 |
Residential 1-4 Family - Commercial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 9,667 | 9,276 |
Total Loans | 12,205 | 13,601 |
Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 842,667 | 630,132 |
Total Loans | 890,503 | 673,909 |
Residential 1-4 Family - Consumer | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 12,005 | 12,491 |
Total Loans | 14,713 | 16,872 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 637,966 | 600,055 |
Total Loans | 659,504 | 613,383 |
Residential 1-4 Family - Revolving | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,635 | 4,365 |
Total Loans | 4,127 | 5,115 |
Auto | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 346,819 | 297,442 |
Total Loans | 350,419 | 301,943 |
Auto | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4 | 7 |
Total Loans | 4 | 7 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 367,794 | 376,057 |
Total Loans | 372,853 | 379,694 |
Consumer | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 659 | 18 |
Total Loans | 668 | 32 |
Other Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 286,374 | 241,074 |
Total Loans | 287,279 | 241,917 |
Other Commercial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 344 | 660 |
Total Loans | 344 | 717 |
30 To 89 Days Past Due | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,221 | 4,264 |
30 To 89 Days Past Due | Construction and Land Development | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 136 | 108 |
30 To 89 Days Past Due | Commercial Real Estate - Owner Occupied | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 480 | 658 |
30 To 89 Days Past Due | Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 848 | 61 |
30 To 89 Days Past Due | Multifamily Real Estate | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
30 To 89 Days Past Due | Commercial and Industrial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 47 |
30 To 89 Days Past Due | Residential 1-4 Family - Commercial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 543 | 871 |
30 To 89 Days Past Due | Residential 1-4 Family - Consumer | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 927 | 1,959 |
30 To 89 Days Past Due | Residential 1-4 Family - Revolving | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 287 | 498 |
30 To 89 Days Past Due | Auto | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
30 To 89 Days Past Due | Consumer | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 5 |
30 To 89 Days Past Due | Other Commercial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 57 |
Greater Than 90 Days | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 13,193 | 14,744 |
Greater Than 90 Days | Construction and Land Development | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 343 | 1,424 |
Greater Than 90 Days | Commercial Real Estate - Owner Occupied | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 6,884 | 4,281 |
Greater Than 90 Days | Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 987 | 1,810 |
Greater Than 90 Days | Multifamily Real Estate | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Greater Than 90 Days | Commercial and Industrial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 989 | 1,092 |
Greater Than 90 Days | Residential 1-4 Family - Commercial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,995 | 3,454 |
Greater Than 90 Days | Residential 1-4 Family - Consumer | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,781 | 2,422 |
Greater Than 90 Days | Residential 1-4 Family - Revolving | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 205 | 252 |
Greater Than 90 Days | Auto | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Greater Than 90 Days | Consumer | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 9 | 9 |
Greater Than 90 Days | Other Commercial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _7
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impaired Loans Individually Evaluated for Impairment by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Recorded Investment | |||
Loans without a specific allowance | $ 35,185 | $ 42,991 | |
Loans with a specific allowance | 23,938 | 16,237 | |
Total impaired loans | 59,123 | 59,228 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 38,655 | 46,890 | |
Loans with a specific allowance | 25,738 | 17,662 | |
Total impaired loans | 64,393 | 64,552 | |
Related Allowance | 3,027 | 2,217 | |
Average Investment | 62,158 | 63,077 | $ 54,233 |
Interest Income Recognized | 1,425 | 1,702 | 1,693 |
Construction and Land Development | |||
Recorded Investment | |||
Loans without a specific allowance | 5,877 | 10,290 | |
Loans with a specific allowance | 984 | 372 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 7,174 | 12,038 | |
Loans with a specific allowance | 1,032 | 491 | |
Related Allowance | 49 | 63 | |
Average Investment | 6,764 | 11,648 | 17,080 |
Interest Income Recognized | 110 | 234 | 590 |
Commercial Real Estate - Owner Occupied | |||
Recorded Investment | |||
Loans without a specific allowance | 8,801 | 8,386 | |
Loans with a specific allowance | 2,820 | 4,304 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 9,296 | 9,067 | |
Loans with a specific allowance | 3,093 | 4,437 | |
Related Allowance | 146 | 359 | |
Average Investment | 12,258 | 13,383 | 6,580 |
Interest Income Recognized | 323 | 499 | 306 |
Commercial Real Estate - Non-Owner Occupied | |||
Recorded Investment | |||
Loans without a specific allowance | 3,510 | 6,578 | |
Loans with a specific allowance | 335 | 391 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 4,059 | 6,929 | |
Loans with a specific allowance | 383 | 391 | |
Related Allowance | 2 | 1 | |
Average Investment | 4,775 | 7,157 | 6,083 |
Interest Income Recognized | 147 | 246 | 172 |
Commercial and Industrial | |||
Recorded Investment | |||
Loans without a specific allowance | 3,668 | 3,059 | |
Loans with a specific allowance | 2,568 | 1,183 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 3,933 | 3,251 | |
Loans with a specific allowance | 2,590 | 1,442 | |
Related Allowance | 619 | 752 | |
Average Investment | 6,438 | 4,672 | 3,208 |
Interest Income Recognized | 293 | 232 | 150 |
Residential 1-4 Family - Commercial | |||
Recorded Investment | |||
Loans without a specific allowance | 4,047 | 3,378 | |
Loans with a specific allowance | 1,726 | 2,120 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 4,310 | 3,439 | |
Loans with a specific allowance | 1,819 | 2,152 | |
Related Allowance | 162 | 89 | |
Average Investment | 6,145 | 5,667 | 4,422 |
Interest Income Recognized | 120 | 180 | 162 |
Residential 1-4 Family - Consumer | |||
Recorded Investment | |||
Loans without a specific allowance | 8,420 | 9,642 | |
Loans with a specific allowance | 12,026 | 6,389 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 9,018 | 10,317 | |
Loans with a specific allowance | 12,670 | 6,645 | |
Related Allowance | 1,242 | 470 | |
Average Investment | 20,963 | 16,977 | 12,812 |
Interest Income Recognized | 308 | 236 | 222 |
Residential 1-4 Family - Revolving | |||
Recorded Investment | |||
Loans without a specific allowance | 862 | 1,150 | |
Loans with a specific allowance | 2,186 | 724 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 865 | 1,269 | |
Loans with a specific allowance | 2,369 | 807 | |
Related Allowance | 510 | 188 | |
Average Investment | 3,256 | 2,000 | 2,659 |
Interest Income Recognized | 82 | 23 | 36 |
Auto | |||
Recorded Investment | |||
Loans with a specific allowance | 563 | 576 | |
Unpaid Principal Balance | |||
Loans with a specific allowance | 879 | 830 | |
Related Allowance | 221 | 231 | |
Average Investment | 788 | 824 | 579 |
Interest Income Recognized | 15 | 20 | 19 |
Consumer | |||
Recorded Investment | |||
Loans without a specific allowance | 0 | 30 | |
Loans with a specific allowance | 168 | 178 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 0 | 102 | |
Loans with a specific allowance | 336 | 467 | |
Related Allowance | 46 | 64 | |
Average Investment | 187 | 263 | 428 |
Interest Income Recognized | 5 | 5 | 14 |
Other Commercial | |||
Recorded Investment | |||
Loans without a specific allowance | 0 | 478 | |
Loans with a specific allowance | 562 | 0 | |
Unpaid Principal Balance | |||
Loans without a specific allowance | 0 | 478 | |
Loans with a specific allowance | 567 | 0 | |
Related Allowance | 30 | 0 | |
Average Investment | 584 | 486 | 382 |
Interest Income Recognized | $ 22 | $ 27 | $ 22 |
LOANS AND ALLOWANCE FOR LOAN _8
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement) (Details) $ in Thousands | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan |
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 120 | 114 |
Recorded Investment | $ 19,496 | $ 26,598 |
Outstanding Commitment | $ 26 | $ 0 |
Performing | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 96 | 85 |
Recorded Investment | $ 15,686 | $ 19,201 |
Outstanding Commitment | $ 26 | $ 0 |
Performing | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 4 | 5 |
Recorded Investment | $ 1,114 | $ 2,496 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 6 | 8 |
Recorded Investment | $ 2,228 | $ 2,783 |
Outstanding Commitment | $ 26 | $ 0 |
Performing | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 4 |
Recorded Investment | $ 1,089 | $ 4,438 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 4 | 4 |
Recorded Investment | $ 1,020 | $ 978 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 5 | 8 |
Recorded Investment | $ 290 | $ 1,075 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 69 | 52 |
Recorded Investment | $ 9,396 | $ 6,882 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 2 |
Recorded Investment | $ 56 | $ 58 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 4 | 1 |
Recorded Investment | $ 29 | $ 13 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Other Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 464 | $ 478 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 24 | 29 |
Recorded Investment | $ 3,810 | $ 7,397 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 2 |
Recorded Investment | $ 0 | $ 3,474 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 2 |
Recorded Investment | $ 176 | $ 198 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 6 |
Recorded Investment | $ 55 | $ 461 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 1 |
Recorded Investment | $ 0 | $ 60 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 19 | 15 |
Recorded Investment | $ 3,522 | $ 3,135 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Revolving | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 2 |
Recorded Investment | $ 57 | $ 62 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 1 |
Recorded Investment | $ 0 | $ 7 |
Outstanding Commitment | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _9
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of TDR by Class and Modification Type) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 38 | 47 |
Recorded Investment at Period End | $ | $ 5,016 | $ 14,502 |
Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 12 | 24 |
Recorded Investment at Period End | $ | $ 2,160 | $ 8,626 |
Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 26 | 22 |
Recorded Investment at Period End | $ | $ 2,856 | $ 5,611 |
Interest rate modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 1 |
Recorded Investment at Period End | $ | $ 0 | $ 265 |
Modified to interest only, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 |
Construction and Land Development | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 4 |
Recorded Investment at Period End | $ | $ 0 | $ 4,675 |
Construction and Land Development | Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 0 |
Recorded Investment at Period End | $ | $ 193 | $ 0 |
Commercial Real Estate - Owner Occupied | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 5 |
Recorded Investment at Period End | $ | $ 0 | $ 1,365 |
Commercial Real Estate - Non-Owner Occupied | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 1 |
Recorded Investment at Period End | $ | $ 0 | $ 1,089 |
Commercial Real Estate - Non-Owner Occupied | Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 1 |
Recorded Investment at Period End | $ | $ 0 | $ 2,782 |
Commercial and Industrial | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 3 |
Recorded Investment at Period End | $ | $ 376 | $ 334 |
Residential 1-4 Family - Commercial | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment at Period End | $ | $ 72 | $ 71 |
Residential 1-4 Family - Commercial | Interest rate modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 1 |
Recorded Investment at Period End | $ | $ 0 | $ 265 |
Residential 1-4 Family - Consumer | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 7 | 9 |
Recorded Investment at Period End | $ | $ 1,688 | $ 1,079 |
Residential 1-4 Family - Consumer | Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 22 | 19 |
Recorded Investment at Period End | $ | $ 2,658 | $ 2,783 |
Residential 1-4 Family - Revolving | Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 2 |
Recorded Investment at Period End | $ | $ 0 | $ 46 |
Consumer | Term modification, at a market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 3 | 1 |
Recorded Investment at Period End | $ | $ 24 | $ 13 |
Consumer | Term modification, below market rate | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 0 |
Recorded Investment at Period End | $ | $ 5 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN_10
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Related Risk Rating Excluding Purchased Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 12,610,936 | $ 9,716,207 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,250,924 | 1,194,821 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,041,243 | 1,337,345 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,286,098 | 2,467,410 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 633,743 | 548,231 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,114,033 | 1,317,135 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 724,337 | 640,419 |
Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 890,503 | 673,909 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 659,504 | 613,383 |
Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 350,419 | 301,943 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 372,853 | 379,694 |
Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 287,279 | 241,917 |
Excluding Purchased Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,524,255 | 9,625,986 |
Excluding Purchased Impaired | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,142,328 | 9,344,002 |
Excluding Purchased Impaired | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 316,317 | 201,174 |
Excluding Purchased Impaired | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 65,252 | 80,810 |
Excluding Purchased Impaired | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 358 | 0 |
Excluding Purchased Impaired | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,239,980 | 1,186,167 |
Excluding Purchased Impaired | Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,197,066 | 1,130,577 |
Excluding Purchased Impaired | Construction and Land Development | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 37,182 | 43,894 |
Excluding Purchased Impaired | Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,732 | 11,696 |
Excluding Purchased Impaired | Construction and Land Development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,013,805 | 1,311,701 |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,916,492 | 1,231,422 |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 87,004 | 50,939 |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,309 | 29,340 |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,271,533 | 2,450,075 |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,205,463 | 2,425,500 |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 62,368 | 17,648 |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,608 | 6,927 |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 94 | 0 |
Excluding Purchased Impaired | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 633,649 | 548,143 |
Excluding Purchased Impaired | Multifamily Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 613,844 | 537,572 |
Excluding Purchased Impaired | Multifamily Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 19,396 | 10,571 |
Excluding Purchased Impaired | Multifamily Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 409 | 0 |
Excluding Purchased Impaired | Multifamily Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,112,454 | 1,314,979 |
Excluding Purchased Impaired | Commercial and Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,043,903 | 1,273,549 |
Excluding Purchased Impaired | Commercial and Industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 60,495 | 34,864 |
Excluding Purchased Impaired | Commercial and Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8,048 | 6,566 |
Excluding Purchased Impaired | Commercial and Industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8 | 0 |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 712,132 | 626,818 |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 680,894 | 606,955 |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 24,864 | 14,876 |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,374 | 4,987 |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 875,790 | 657,037 |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 841,408 | 624,346 |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,592 | 17,065 |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 20,534 | 15,626 |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 256 | 0 |
Excluding Purchased Impaired | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 655,377 | 608,268 |
Excluding Purchased Impaired | Residential 1-4 Family - Revolving | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 641,069 | 598,444 |
Excluding Purchased Impaired | Residential 1-4 Family - Revolving | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,373 | 6,316 |
Excluding Purchased Impaired | Residential 1-4 Family - Revolving | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 7,935 | 3,508 |
Excluding Purchased Impaired | Residential 1-4 Family - Revolving | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 350,415 | 301,936 |
Excluding Purchased Impaired | Auto | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 345,960 | 296,907 |
Excluding Purchased Impaired | Auto | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,630 | 3,590 |
Excluding Purchased Impaired | Auto | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,825 | 1,439 |
Excluding Purchased Impaired | Auto | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 372,185 | 379,662 |
Excluding Purchased Impaired | Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 371,315 | 378,873 |
Excluding Purchased Impaired | Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 550 | 547 |
Excluding Purchased Impaired | Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 320 | 242 |
Excluding Purchased Impaired | Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 286,935 | 241,200 |
Excluding Purchased Impaired | Other Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 284,914 | 239,857 |
Excluding Purchased Impaired | Other Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,863 | 864 |
Excluding Purchased Impaired | Other Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 158 | 479 |
Excluding Purchased Impaired | Other Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN_11
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for loan losses: | |||||
Balance, beginning of the year | $ 41,045 | $ 38,208 | $ 37,192 | ||
Recoveries credited to allowance | 7,232 | 5,168 | 3,255 | ||
Loans charged off | (28,108) | (16,230) | (13,310) | ||
Provision charged to operations | 22,125 | 13,899 | 11,071 | ||
Balance, end of period | 42,294 | 41,045 | 38,208 | ||
Loans: | |||||
Loans individually evaluated for impairment | $ 59,123 | $ 59,228 | |||
ALL individually evaluated for impairment | 3,027 | 2,217 | |||
Loans collectively evaluated for impairment | 12,465,132 | 9,566,758 | |||
ALL collectively evaluated for impairment | 39,050 | 38,828 | |||
Total Loans | 12,610,936 | 9,716,207 | |||
Total ALL | 42,294 | 38,208 | 38,208 | 42,294 | 41,045 |
Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 217 | 0 | |||
Loans: | |||||
Total Loans | 86,681 | 90,221 | |||
Total ALL | 0 | 0 | 217 | 0 | |
Construction and Land Development | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 6,803 | 9,709 | 10,055 | ||
Recoveries credited to allowance | 665 | 447 | 206 | ||
Loans charged off | (4,218) | (2,005) | (2,190) | ||
Provision charged to operations | 2,508 | (1,348) | 1,638 | ||
Balance, end of period | 5,758 | 6,803 | 9,709 | ||
Loans: | |||||
Loans individually evaluated for impairment | 6,861 | 10,662 | |||
ALL individually evaluated for impairment | 49 | 63 | |||
Loans collectively evaluated for impairment | 1,233,119 | 1,175,505 | |||
ALL collectively evaluated for impairment | 5,709 | 6,740 | |||
Total Loans | 1,250,924 | 1,194,821 | |||
Total ALL | 5,758 | 9,709 | 9,709 | 5,758 | 6,803 |
Construction and Land Development | Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 0 | 0 | |||
Loans: | |||||
Total Loans | 10,944 | 8,654 | |||
Total ALL | 0 | 0 | 0 | 0 | |
Commercial Real Estate - Owner Occupied | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 4,023 | 2,931 | 3,801 | ||
Recoveries credited to allowance | 456 | 610 | 171 | ||
Loans charged off | (1,346) | (709) | (46) | ||
Provision charged to operations | 786 | 1,191 | (995) | ||
Balance, end of period | 3,919 | 4,023 | 2,931 | ||
Loans: | |||||
Loans individually evaluated for impairment | 11,621 | 12,690 | |||
ALL individually evaluated for impairment | 146 | 359 | |||
Loans collectively evaluated for impairment | 2,002,184 | 1,299,011 | |||
ALL collectively evaluated for impairment | 3,773 | 3,664 | |||
Total Loans | 2,041,243 | 1,337,345 | |||
Total ALL | 3,919 | 2,931 | 2,931 | 3,919 | 4,023 |
Commercial Real Estate - Owner Occupied | Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 0 | 0 | |||
Loans: | |||||
Total Loans | 27,438 | 25,644 | |||
Total ALL | 0 | 0 | 0 | 0 | |
Commercial Real Estate - Non-Owner Occupied | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 8,865 | 7,544 | 6,622 | ||
Recoveries credited to allowance | 109 | 100 | 2 | ||
Loans charged off | (270) | (94) | (1,180) | ||
Provision charged to operations | 839 | 1,315 | 2,100 | ||
Balance, end of period | 9,543 | 8,865 | 7,544 | ||
Loans: | |||||
Loans individually evaluated for impairment | 3,845 | 6,969 | |||
ALL individually evaluated for impairment | 2 | 1 | |||
Loans collectively evaluated for impairment | 3,267,688 | 2,443,106 | |||
ALL collectively evaluated for impairment | 9,541 | 8,864 | |||
Total Loans | 3,286,098 | 2,467,410 | |||
Total ALL | 9,543 | 7,544 | 6,622 | 9,543 | 8,865 |
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 0 | 0 | |||
Loans: | |||||
Total Loans | 14,565 | 17,335 | |||
Total ALL | 0 | 0 | 0 | 0 | |
Multifamily Real Estate | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 649 | 1,092 | 1,236 | ||
Recoveries credited to allowance | 85 | 5 | 0 | ||
Loans charged off | 0 | 0 | 0 | ||
Provision charged to operations | (102) | (448) | (144) | ||
Balance, end of period | 632 | 649 | 1,092 | ||
Loans: | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
ALL individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 633,649 | 548,143 | |||
ALL collectively evaluated for impairment | 632 | 649 | |||
Total Loans | 633,743 | 548,231 | |||
Total ALL | 632 | 1,092 | 1,092 | 632 | 649 |
Multifamily Real Estate | Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 0 | 0 | |||
Loans: | |||||
Total Loans | 94 | 88 | |||
Total ALL | 0 | 0 | 0 | 0 | |
Commercial and Industrial | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 7,636 | 4,552 | 4,627 | ||
Recoveries credited to allowance | 1,132 | 534 | 483 | ||
Loans charged off | (3,096) | (833) | (2,277) | ||
Provision charged to operations | 2,932 | 3,383 | 1,719 | ||
Balance, end of period | 8,604 | 7,636 | 4,552 | ||
Loans: | |||||
Loans individually evaluated for impairment | 6,236 | 4,242 | |||
ALL individually evaluated for impairment | 619 | 752 | |||
Loans collectively evaluated for impairment | 2,106,218 | 1,310,737 | |||
ALL collectively evaluated for impairment | 7,768 | 6,884 | |||
Total Loans | 2,114,033 | 1,317,135 | |||
Total ALL | 8,604 | 4,552 | 4,552 | 8,604 | 7,636 |
Commercial and Industrial | Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 217 | 0 | |||
Loans: | |||||
Total Loans | 1,579 | 2,156 | |||
Total ALL | 0 | 0 | 217 | 0 | |
Residential 1-4 Family - Commercial | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 1,692 | 4,437 | 3,698 | ||
Recoveries credited to allowance | 372 | 353 | 329 | ||
Loans charged off | (472) | (176) | (463) | ||
Provision charged to operations | (227) | (2,922) | 873 | ||
Balance, end of period | 1,365 | 1,692 | 4,437 | ||
Loans: | |||||
Loans individually evaluated for impairment | 5,773 | 5,498 | |||
ALL individually evaluated for impairment | 162 | 89 | |||
Loans collectively evaluated for impairment | 706,359 | 621,320 | |||
ALL collectively evaluated for impairment | 1,203 | 1,603 | |||
Total Loans | 724,337 | 640,419 | |||
Total ALL | 1,365 | 4,437 | 4,437 | 1,365 | 1,692 |
Residential 1-4 Family - Commercial | Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 0 | 0 | |||
Loans: | |||||
Total Loans | 12,205 | 13,601 | |||
Total ALL | 0 | 0 | 0 | 0 | |
Residential 1-4 Family - Consumer | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 1,492 | 1,524 | 2,701 | ||
Recoveries credited to allowance | 466 | 310 | 102 | ||
Loans charged off | (144) | (852) | (588) | ||
Provision charged to operations | 199 | 510 | (691) | ||
Balance, end of period | 2,013 | 1,492 | 1,524 | ||
Loans: | |||||
Loans individually evaluated for impairment | 20,446 | 16,031 | |||
ALL individually evaluated for impairment | 1,242 | 470 | |||
Loans collectively evaluated for impairment | 855,344 | 641,006 | |||
ALL collectively evaluated for impairment | 771 | 1,022 | |||
Total Loans | 890,503 | 673,909 | |||
Total ALL | 2,013 | 1,524 | 2,701 | 2,013 | 1,492 |
Residential 1-4 Family - Consumer | Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 0 | 0 | |||
Loans: | |||||
Total Loans | 14,713 | 16,872 | |||
Total ALL | 0 | 0 | 0 | 0 | |
Auto | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 1,443 | 975 | 946 | ||
Recoveries credited to allowance | 549 | 436 | 459 | ||
Loans charged off | (1,282) | (1,074) | (1,038) | ||
Provision charged to operations | 743 | 1,106 | 608 | ||
Balance, end of period | 1,453 | 1,443 | 975 | ||
Loans: | |||||
Loans individually evaluated for impairment | 563 | 576 | |||
ALL individually evaluated for impairment | 221 | 231 | |||
Loans collectively evaluated for impairment | 349,852 | 301,360 | |||
ALL collectively evaluated for impairment | 1,232 | 1,212 | |||
Total Loans | 350,419 | 301,943 | |||
Total ALL | 1,453 | 975 | 946 | 1,453 | 1,443 |
Auto | Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 0 | 0 | |||
Loans: | |||||
Total Loans | 4 | 7 | |||
Total ALL | 0 | 0 | 0 | 0 | |
Residential 1-4 Family - Revolving | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 1,297 | 1,360 | 1,328 | ||
Recoveries credited to allowance | 692 | 636 | 314 | ||
Loans charged off | (698) | (1,206) | (1,019) | ||
Provision charged to operations | 32 | 507 | 737 | ||
Balance, end of period | 1,323 | 1,297 | 1,360 | ||
Loans: | |||||
Loans individually evaluated for impairment | 3,048 | 1,874 | |||
ALL individually evaluated for impairment | 510 | 188 | |||
Loans collectively evaluated for impairment | 652,329 | 606,394 | |||
ALL collectively evaluated for impairment | 813 | 1,109 | |||
Total Loans | 659,504 | 613,383 | |||
Total ALL | 1,323 | 1,360 | 1,360 | 1,323 | 1,297 |
Residential 1-4 Family - Revolving | Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 0 | 0 | |||
Loans: | |||||
Total Loans | 4,127 | 5,115 | |||
Total ALL | 0 | 0 | 0 | 0 | |
Consumer and all other | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 7,145 | 4,084 | 2,178 | ||
Recoveries credited to allowance | 2,706 | 1,737 | 1,189 | ||
Loans charged off | (16,582) | (9,281) | (4,509) | ||
Provision charged to operations | 14,415 | 10,605 | 5,226 | ||
Balance, end of period | 7,684 | 7,145 | 4,084 | ||
Loans: | |||||
Loans individually evaluated for impairment | 730 | 686 | |||
ALL individually evaluated for impairment | 76 | 64 | |||
Loans collectively evaluated for impairment | 658,390 | 620,176 | |||
ALL collectively evaluated for impairment | 7,608 | 7,081 | |||
Total Loans | 660,132 | 621,611 | |||
Total ALL | 7,684 | 4,084 | $ 4,084 | 7,684 | 7,145 |
Consumer and all other | Purchased Impaired | |||||
Allowance for loan losses: | |||||
Balance, beginning of the year | 0 | ||||
Balance, end of period | 0 | 0 | |||
Loans: | |||||
Total Loans | 1,012 | 749 | |||
Total ALL | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN_12
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Related Risk Rating Including Purchased Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 12,610,936 | $ 9,716,207 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,250,924 | 1,194,821 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,041,243 | 1,337,345 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,286,098 | 2,467,410 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 633,743 | 548,231 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,114,033 | 1,317,135 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 724,337 | 640,419 |
Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 890,503 | 673,909 |
Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 659,504 | 613,383 |
Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 350,419 | 301,943 |
Consumer and all other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 660,132 | 621,611 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 372,853 | 379,694 |
Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 287,279 | 241,917 |
Purchased Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 86,681 | 90,221 |
Purchased Impaired | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,944 | 8,654 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 27,438 | 25,644 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 14,565 | 17,335 |
Purchased Impaired | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 94 | 88 |
Purchased Impaired | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,579 | 2,156 |
Purchased Impaired | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,205 | 13,601 |
Purchased Impaired | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 14,713 | 16,872 |
Purchased Impaired | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,127 | 5,115 |
Purchased Impaired | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4 | 7 |
Purchased Impaired | Consumer and all other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,012 | 749 |
Purchased Impaired | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 668 | 32 |
Purchased Impaired | Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 344 | 717 |
Purchased Impaired | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 32,922 | 35,658 |
Purchased Impaired | Pass | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,092 | 1,835 |
Purchased Impaired | Pass | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8,264 | 8,347 |
Purchased Impaired | Pass | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,826 | 4,789 |
Purchased Impaired | Pass | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Purchased Impaired | Pass | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 127 | 762 |
Purchased Impaired | Pass | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,000 | 6,476 |
Purchased Impaired | Pass | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,947 | 9,930 |
Purchased Impaired | Pass | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,887 | 3,438 |
Purchased Impaired | Pass | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2 | 7 |
Purchased Impaired | Pass | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 657 | 17 |
Purchased Impaired | Pass | Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 120 | 57 |
Purchased Impaired | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 27,931 | 21,699 |
Purchased Impaired | Special Mention | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,692 | 1,308 |
Purchased Impaired | Special Mention | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,524 | 6,685 |
Purchased Impaired | Special Mention | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,415 | 7,992 |
Purchased Impaired | Special Mention | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 94 | 88 |
Purchased Impaired | Special Mention | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 25 | 134 |
Purchased Impaired | Special Mention | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,693 | 2,771 |
Purchased Impaired | Special Mention | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 557 | 1,030 |
Purchased Impaired | Special Mention | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 707 | 1,031 |
Purchased Impaired | Special Mention | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Purchased Impaired | Special Mention | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Purchased Impaired | Special Mention | Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 224 | 660 |
Purchased Impaired | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 25,828 | 32,864 |
Purchased Impaired | Substandard | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,160 | 5,511 |
Purchased Impaired | Substandard | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8,650 | 10,612 |
Purchased Impaired | Substandard | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,324 | 4,554 |
Purchased Impaired | Substandard | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Purchased Impaired | Substandard | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,427 | 1,260 |
Purchased Impaired | Substandard | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,512 | 4,354 |
Purchased Impaired | Substandard | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,209 | 5,912 |
Purchased Impaired | Substandard | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 533 | 646 |
Purchased Impaired | Substandard | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2 | |
Purchased Impaired | Substandard | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11 | 15 |
Purchased Impaired | Substandard | Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Purchased Impaired | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Residential 1-4 Family - Revolving | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Purchased Impaired | Doubtful | Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN_13
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Acquired Loan Portfolio and Accretable Yield) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accretable Yield | ||
Balance at beginning of period | $ 31,201 | $ 14,563 |
Additions | 5,060 | 12,225 |
Accretion | (13,432) | (8,654) |
Reclass of nonaccretable difference due to improvement in expected cash flows | 4,485 | 1,876 |
Measurement period adjustment | 631 | 3,974 |
Other, net | 3,329 | 7,217 |
Balance at end of period | $ 31,274 | $ 31,201 |
PREMISES AND EQUIPMENT (Narrati
PREMISES AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 15 | $ 13.6 | $ 10.9 |
PREMISES AND EQUIPMENT (Summary
PREMISES AND EQUIPMENT (Summary of Bank Premises and Equipment) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 263,382,000 | $ 240,519,000 |
Less accumulated depreciation and amortization | 102,309,000 | 93,552,000 |
Bank premises and equipment, net | 161,073,000 | 146,967,000 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 44,578,000 | 41,494,000 |
Land Improvements and Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | 123,189,000 | 119,649,000 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 20,597,000 | 10,266,000 |
Furniture and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 71,469,000 | 62,154,000 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 3,549,000 | $ 6,956,000 |
INTANGIBLE ASSETS (Narrative) (
INTANGIBLE ASSETS (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill, written off | $ 0 | $ 864,000 | |||
Intangible assets, amortization expense | $ 18,521,000 | $ 12,839,000 | $ 6,088,000 | ||
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 4 years | ||||
Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 10 years | ||||
Core Deposits | Minimum | Access National Bank | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 4 years | ||||
Core Deposits | Maximum | Access National Bank | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 10 years | ||||
Other Amortizable Intangibles | Minimum | Access National Bank | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 4 years | ||||
Other Amortizable Intangibles | Maximum | Access National Bank | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 10 years | ||||
Core Deposits and Other Intangible Assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization expense | $ 18,500,000 | $ 12,800,000 | $ 6,100,000 |
INTANGIBLE ASSETS (Information
INTANGIBLE ASSETS (Information Concerning Intangible Assets with Finite Life) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Total estimated amortization expense | $ 73,669,000 | |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 135,300,000 | $ 95,152,000 |
Accumulated Amortization | 73,336,000 | 57,293,000 |
Total estimated amortization expense | 61,964,000 | 37,859,000 |
Other Amortizable Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 15,349,000 | 12,695,000 |
Accumulated Amortization | 3,644,000 | 1,870,000 |
Total estimated amortization expense | $ 11,705,000 | $ 10,825,000 |
INTANGIBLE ASSETS (Estimated Re
INTANGIBLE ASSETS (Estimated Remaining Amortization Expense of Intangibles) (Details) | Dec. 31, 2019USD ($) |
Estimated Remaining Amortization of Intangibles | |
2020 | $ 16,483,000 |
2021 | 13,874,000 |
2022 | 11,490,000 |
2023 | 9,687,000 |
2024 | 7,819,000 |
Thereafter | 14,316,000 |
Total estimated amortization expense | $ 73,669,000 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)lease | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating lease, number of leases | lease | 160 |
Operating lease, right-of-use asset | $ 54,900,000 |
Operating lease, liability | 66,052,000 |
Operating lease, expense | 11,500,000 |
Lessee, operating lease, lease not yet commenced, amount | $ 0 |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, remaining lease term (years) | 14 years |
LEASES (Maturity of Operating L
LEASES (Maturity of Operating Leases Under Topic 842) (Details) | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 13,046,000 |
2021 | 11,321,000 |
2022 | 10,344,000 |
2023 | 9,377,000 |
2024 | 8,065,000 |
Thereafter | 21,025,000 |
Total future lease payments | 73,178,000 |
Less: Interest | 7,126,000 |
Present value of lease liabilities | $ 66,052,000 |
LEASES (Other Lease Information
LEASES (Other Lease Information) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease, weighted average remaining lease term (years) | 7 years 4 months 9 days |
Operating lease, weighted average discount rate, percent | 2.69% |
Operating Cash Flows from Operating Leases | $ 13,697,000 |
Right-of-use assets obtained in exchange for lease obligations, operating lease | $ 8,065,000 |
DEPOSITS (Narrative) (Details)
DEPOSITS (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Line Items] | ||
Time deposits held in Certificates of Deposit | $ 2,749,425 | |
Deposit overdrafts as other commercial/consumer loans | 2,600 | $ 2,000 |
CDARS | ||
Cash and Cash Equivalents [Line Items] | ||
Time deposits held in Certificates of Deposit | $ 73,900 | $ 118,300 |
DEPOSITS (Schedule of Deposits
DEPOSITS (Schedule of Deposits by Type) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits, Interest-bearing and Noninterest-bearing, Alternative [Abstract] | ||
NOW accounts | $ 2,905,714 | $ 2,288,523 |
Money market accounts | 3,951,856 | 2,875,301 |
Savings accounts | 727,847 | 622,823 |
Time deposits of $250,000 and over | 684,797 | 292,224 |
Other time deposits | 2,064,628 | 1,797,482 |
Total interest-bearing deposits | $ 10,334,842 | $ 7,876,353 |
DEPOSITS (Scheduled Maturities
DEPOSITS (Scheduled Maturities of Time Deposits) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Deposits, Interest-bearing and Noninterest-bearing, Alternative [Abstract] | |
2020 | $ 1,626,492 |
2021 | 621,567 |
2022 | 199,507 |
2023 | 140,722 |
2024 | 160,465 |
Thereafter | 672 |
Total scheduled maturities of time deposits | $ 2,749,425 |
BORROWINGS (Short-Term Borrowin
BORROWINGS (Short-Term Borrowings) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Securities sold under agreements to repurchase | $ 66,053,000 | $ 39,197,000 |
FHLB Advances | 370,200,000 | 1,043,600,000 |
Other short-term borrowings | 0 | 5,000,000 |
Total short-term borrowings | 436,253,000 | 1,087,797,000 |
Average outstanding balance during the period | $ 673,116,000 | $ 968,014,000 |
Average interest rate | 2.30% | 1.91% |
Average interest rate at end of period | 1.52% | 2.43% |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) | Aug. 29, 2019 | Feb. 01, 2019 | Aug. 23, 2012 | Dec. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Subordinated Borrowing [Line Items] | |||||||
Remaining available balance for the federal funds lines | $ 682,000,000 | $ 382,000,000 | |||||
Remaining borrowing capacity with correspondent banks | 25,000,000 | 25,000,000 | |||||
Maximum collateral dependent line of credit with the FHLB | 5,200,000,000 | 4,000,000,000 | |||||
Subordinated debt | $ 150,000,000 | 158,500,000 | 158,500,000 | ||||
Prepayment penalty | $ 19,600,000 | ||||||
Unamortized prepayment penalty recognized as a component of noninterest expense | $ 7,400,000 | ||||||
Trust Preferred Capital Notes | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred capital notes principal balance | 150,500,000 | ||||||
Remaining fair value discount on acquired notes | 14,900,000 | ||||||
Subordinated Debt | |||||||
Subordinated Borrowing [Line Items] | |||||||
Remaining fair value discount on acquired notes | $ 1,400,000 | $ 1,600,000 | |||||
Stated percentage on debt instrument | 5.00% | ||||||
Subordinated debt maturity date | Dec. 15, 2021 | Dec. 15, 2026 | |||||
LIBOR | Subordinated Debt | |||||||
Subordinated Borrowing [Line Items] | |||||||
Three-month LIBOR rate plus | 3.175% | ||||||
Acquisitions, Prior To 2006 | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred capital notes principal balance | $ 58,500,000 | ||||||
StellarOne Bank and Xenith [Member] | Trust Preferred Capital Notes | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred securities acquired | 87,000,000 | ||||||
Xenith | |||||||
Subordinated Borrowing [Line Items] | |||||||
Subordinated debt | $ 8,500,000 | ||||||
Xenith | Subordinated Debt | |||||||
Subordinated Borrowing [Line Items] | |||||||
Remaining fair value discount on acquired notes | $ 51,000 | $ 259,000 | |||||
Stated percentage on debt instrument | 6.75% | ||||||
Access National Bank | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred securities acquired | $ 5,000,000 |
BORROWINGS (Trust Preferred Cap
BORROWINGS (Trust Preferred Capital Notes Qualify for Tier 1 Capital) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Investment | $ 377,587,000 | $ 250,210,000 |
Trust Preferred Capital Notes | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | 150,500,000 | |
Investment | 4,659,000 | |
Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | 22,500,000 | |
Investment | $ 696,000 | |
Rate | 4.66% | |
Subordinated debt maturity date | Jun. 17, 2034 | |
Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.75% | |
Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 36,000,000 | |
Investment | $ 1,114,000 | |
Rate | 3.31% | |
Subordinated debt maturity date | Jun. 15, 2036 | |
Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.40% | |
VFG Limited Liability Trust I Indenture | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 20,000,000 | |
Investment | $ 619,000 | |
Rate | 4.64% | |
Subordinated debt maturity date | Mar. 18, 2034 | |
VFG Limited Liability Trust I Indenture | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.73% | |
FNB Statutory Trust II Indenture | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 12,000,000 | |
Investment | $ 372,000 | |
Rate | 5.01% | |
Subordinated debt maturity date | Jun. 26, 2033 | |
FNB Statutory Trust II Indenture | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 3.10% | |
Gateway Capital Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 8,000,000 | |
Investment | $ 248,000 | |
Rate | 5.01% | |
Subordinated debt maturity date | Sep. 17, 2033 | |
Gateway Capital Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 3.10% | |
Gateway Capital Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 7,000,000 | |
Investment | $ 217,000 | |
Rate | 4.56% | |
Subordinated debt maturity date | Jun. 17, 2034 | |
Gateway Capital Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.65% | |
Gateway Capital Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 15,000,000 | |
Investment | $ 464,000 | |
Rate | 3.41% | |
Subordinated debt maturity date | May 30, 2036 | |
Gateway Capital Statutory Trust III | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.50% | |
Gateway Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 25,000,000 | |
Investment | $ 774,000 | |
Rate | 3.46% | |
Subordinated debt maturity date | Jul. 30, 2037 | |
Gateway Capital Statutory Trust IV | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.55% | |
MFC Capital Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 5,000,000 | |
Investment | $ 155,000 | |
Rate | 4.76% | |
Subordinated debt maturity date | Jan. 23, 2034 | |
MFC Capital Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.85% |
BORROWINGS (Advances from the F
BORROWINGS (Advances from the FHLB) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Advances from the FHLB | ||
Advance Amount | $ 780,000 | $ 385,000 |
Adjustable Rate Credit One | ||
Advances from the FHLB | ||
Interest Rate | 1.16% | 3.25% |
Maturity Date | Aug. 17, 2029 | Aug. 23, 2022 |
Advance Amount | $ 50,000 | $ 55,000 |
Adjustable Rate Credit Two | ||
Advances from the FHLB | ||
Interest Rate | 1.41% | 3.26% |
Maturity Date | May 15, 2024 | Nov. 23, 2022 |
Advance Amount | $ 200,000 | $ 65,000 |
Adjustable Rate Credit Three | ||
Advances from the FHLB | ||
Interest Rate | 1.16% | 3.26% |
Maturity Date | May 22, 2029 | Nov. 23, 2022 |
Advance Amount | $ 150,000 | $ 10,000 |
Adjustable Rate Credit Four | ||
Advances from the FHLB | ||
Interest Rate | 1.16% | 3.26% |
Maturity Date | May 30, 2029 | Nov. 23, 2022 |
Advance Amount | $ 50,000 | $ 10,000 |
Adjustable Rate Credit Five | ||
Advances from the FHLB | ||
Interest Rate | 1.16% | |
Maturity Date | Jun. 21, 2029 | |
Advance Amount | $ 100,000 | |
Fixed Rate Convertible | ||
Advances from the FHLB | ||
Interest Rate | 1.78% | 1.78% |
Maturity Date | Oct. 26, 2028 | Oct. 26, 2028 |
Advance Amount | $ 200,000 | $ 200,000 |
Fixed Rate Hybrid One | ||
Advances from the FHLB | ||
Interest Rate | 1.58% | 2.37% |
Maturity Date | May 18, 2020 | Oct. 10, 2019 |
Advance Amount | $ 20,000 | $ 25,000 |
Fixed Rate Hybrid Two | ||
Advances from the FHLB | ||
Interest Rate | 1.58% | |
Maturity Date | May 18, 2020 | |
Advance Amount | $ 20,000 | |
Fixed Rate Credit | ||
Advances from the FHLB | ||
Interest Rate | 1.54% | |
Maturity Date | Oct. 2, 2020 | |
Advance Amount | $ 10,000 | |
LIBOR | Adjustable Rate Credit One | ||
Advances from the FHLB | ||
Spread on LIBOR | (0.75%) | 0.44% |
LIBOR | Adjustable Rate Credit Two | ||
Advances from the FHLB | ||
Spread on LIBOR | (0.50%) | 0.45% |
LIBOR | Adjustable Rate Credit Three | ||
Advances from the FHLB | ||
Spread on LIBOR | (0.75%) | 0.45% |
LIBOR | Adjustable Rate Credit Four | ||
Advances from the FHLB | ||
Spread on LIBOR | (0.75%) | 0.45% |
LIBOR | Adjustable Rate Credit Five | ||
Advances from the FHLB | ||
Spread on LIBOR | (0.75%) |
BORROWINGS (Contractual Maturit
BORROWINGS (Contractual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Premium (Discount) | ||
2020 | $ (834) | |
2021 | (1,008) | |
2022 | (1,030) | |
2023 | (1,053) | |
2024 | (1,078) | |
Thereafter | (11,161) | |
Total Long-term borrowings | (16,164) | |
Total Long-term Borrowings | ||
2020 | 29,166 | |
2021 | (1,008) | |
2022 | (1,030) | |
2023 | (1,053) | |
2024 | 198,922 | |
Thereafter | 852,498 | |
Long-term Debt | 1,077,495 | $ 668,481 |
Trust Preferred Capital Notes | ||
Total Long-term Borrowings, Gross | ||
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 155,159 | |
Total Long-term borrowings | 155,159 | |
Subordinated Debt | ||
Total Long-term Borrowings, Gross | ||
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 158,500 | |
Total Long-term borrowings | 158,500 | |
FHLB advances | ||
Total Long-term Borrowings, Gross | ||
2020 | 30,000 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 200,000 | |
Thereafter | 550,000 | |
Total Long-term borrowings | $ 780,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Daily average required reserves | $ 6.3 | $ 58 |
Deposits with other financial institutions | 131.4 | |
Uninsured deposits with other financial institutions | 11.6 | 3.7 |
Reserve for Off-balance Sheet Activities | ||
Off-balance sheet credit risks, amount, liability | 2.6 | $ 1.4 |
Cash Flow Hedging | ||
Deposits with other financial institutions serves as collateral for cash flow hedge | $ 116.8 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Balances of Commitments and Contingencies) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 4,900,930 | $ 3,334,682 |
Commitments to Extend Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 4,691,272 | 3,167,085 |
Standby Letters of Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 209,658 | $ 167,597 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Schedule of Securities Pledged as Collateral) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | $ 116,839 | $ 13,509 |
Loans | 4,139,672 | 3,337,289 |
Total pledged assets | 5,300,858 | 3,732,286 |
Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 733,995 | 374,081 |
Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 310,352 | 7,407 |
Public deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 759,362 | 300,576 |
Public deposits | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 467,266 | 293,169 |
Public deposits | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 292,096 | 7,407 |
Repurchase agreements | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 86,901 | 55,269 |
Repurchase agreements | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 79,299 | 55,269 |
Repurchase agreements | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 7,602 | 0 |
FHLB advances | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 3,846,934 | 3,337,289 |
Total pledged assets | 3,910,746 | 3,337,777 |
FHLB advances | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 63,812 | 488 |
FHLB advances | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
Federal Funds [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | |
Loans | 292,738 | |
Total pledged assets | 292,738 | |
Federal Funds [Member] | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | |
Federal Funds [Member] | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | |
Derivatives | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 116,839 | 13,509 |
Loans | 0 | 0 |
Total pledged assets | 118,099 | 15,447 |
Derivatives | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 1,260 | 1,938 |
Derivatives | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
Other purposes | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 133,012 | 23,217 |
Other purposes | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 122,358 | 23,217 |
Other purposes | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | $ 10,654 | $ 0 |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)derivative | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000 | $ 50,000 | |
Cash Flow Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Number of interest rate derivatives terminated | derivative | 4 | ||
Cash Flow Hedging | Operating Income (Loss) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Unrealized gain within accumulated other comprehensive income, to be reclassified into earnings | $ 9,000 | ||
Loans | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Amount of Hedged Asset/(Liabilities) | 83,078 | 87,596 | |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 1,972 | (1,572) | |
Loans | Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | 83,100 | 87,600 | |
Fair value of aggregate notional amount of the hedged items, unrealized loss | (2,000) | (1,600) | |
Available-for-sale Securities | |||
Derivatives, Fair Value [Line Items] | |||
Carrying Amount of Hedged Asset/(Liabilities) | 206,799 | 224,241 | |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 4,072 | 1,399 | |
Available-for-sale Securities | Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | 50,000 | 50,000 | |
Fair value of aggregate notional amount of the hedged items, unrealized loss | (4,100) | (1,400) | |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | $ 4,100 | $ 1,400 |
DERIVATIVES (Summary of the Der
DERIVATIVES (Summary of the Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Pay Fixed - Receive Floating Interest Rate Swaps | Not Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | $ 1,575,149 | $ 878,446 |
Asset | 753 | 10,120 |
Liabilities | 53,592 | 9,306 |
Pay Floating - Receive Fixed Interest Rate Swaps | Not Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 1,575,149 | 878,446 |
Asset | 53,592 | 9,306 |
Liabilities | 753 | 10,120 |
Cash Flow Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 100,000 | 152,500 |
Asset | 0 | 0 |
Liabilities | 1,147 | 4,786 |
Fair Value Hedging | Designated as accounting hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Derivative, amount | 133,078 | 137,596 |
Asset | 182 | 1,872 |
Liabilities | $ 6,256 | $ 1,684 |
DERIVATIVES (Summary of the Car
DERIVATIVES (Summary of the Carrying Value of the Company's Hedged Assets in Fair Value Hedges) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000 | $ 50,000 |
Portfolio, last-of-layer, amortized cost | 207,000 | 224,000 |
Available-for-sale Securities | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 206,799 | 224,241 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 4,072 | 1,399 |
Available-for-sale Securities | Fair Value Hedging | ||
Derivative [Line Items] | ||
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 4,100 | 1,400 |
Fair value of aggregate notional amount of the hedged items, unrealized loss | (4,100) | (1,400) |
Loans | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 83,078 | 87,596 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 1,972 | (1,572) |
Loans | Fair Value Hedging | ||
Derivative [Line Items] | ||
Fair value of aggregate notional amount of the hedged items, unrealized loss | $ (2,000) | $ (1,600) |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassifications of unrealized gains (losses) on AFS | $ 7,675 | $ 383 | $ 800 | ||
Accounting Standards Update 2017-12 | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassifications of unrealized gains (losses) on AFS | $ 400 | ||||
Accounting Standards Update 2018-02 | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from accumulated other comprehensive income | $ (107) | ||||
Accounting Standards Update 2016-01 | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from accumulated other comprehensive income | $ (61) | ||||
Serial Preferred Stock | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Preferred stock, shares authorized | 500,000 | ||||
Preferred stock, par value (usd per share) | $ 10 | ||||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 |
STOCKHOLDERS' EQUITY (Change in
STOCKHOLDERS' EQUITY (Change in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,924,581 | $ 1,046,329 | $ 1,001,032 |
Other comprehensive income (loss) | 45,848 | (9,343) | 2,925 |
Ending balance | 2,513,102 | 1,924,581 | 1,046,329 |
Unrealized Gains (Losses) on AFS Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (5,949) | 1,874 | (542) |
Transfer of HTM securities to AFS securities | 2,785 | ||
Cumulative effects from adoption of new accounting standards | 465 | ||
Other comprehensive income (loss) before reclassification | 49,890 | (10,711) | 2,936 |
Amounts reclassified from accumulated other comprehensive income | (6,064) | (362) | (520) |
Other comprehensive income (loss) | 43,826 | (11,073) | 2,416 |
Ending balance | 37,877 | (5,949) | 1,874 |
Unrealized Gains (Losses) for AFS Securities Transferred to HTM | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 95 | 2,705 | 3,377 |
Transfer of HTM securities to AFS securities | (2,785) | ||
Cumulative effects from adoption of new accounting standards | 583 | ||
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | (20) | (408) | (672) |
Other comprehensive income (loss) | (20) | (408) | (672) |
Ending balance | 75 | 95 | 2,705 |
Change in Fair Value of Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (3,393) | (4,361) | (5,179) |
Transfer of HTM securities to AFS securities | 0 | ||
Cumulative effects from adoption of new accounting standards | (1,094) | ||
Other comprehensive income (loss) before reclassification | (5,103) | 1,087 | (44) |
Amounts reclassified from accumulated other comprehensive income | 7,714 | 975 | 862 |
Other comprehensive income (loss) | 2,611 | 2,062 | 818 |
Ending balance | (782) | (3,393) | (4,361) |
Unrealized Gains (Losses) on BOLI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,026) | (1,102) | (1,465) |
Transfer of HTM securities to AFS securities | 0 | ||
Cumulative effects from adoption of new accounting standards | 0 | ||
Other comprehensive income (loss) before reclassification | (646) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 77 | 76 | 363 |
Other comprehensive income (loss) | (569) | 76 | 363 |
Ending balance | (1,595) | (1,026) | (1,102) |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (10,273) | (884) | (3,809) |
Transfer of HTM securities to AFS securities | 0 | ||
Cumulative effects from adoption of new accounting standards | (46) | ||
Other comprehensive income (loss) before reclassification | 44,141 | (9,624) | 2,892 |
Amounts reclassified from accumulated other comprehensive income | 1,707 | 281 | 33 |
Other comprehensive income (loss) | 45,848 | (9,343) | 2,925 |
Ending balance | $ 35,575 | $ (10,273) | $ (884) |
REGULATORY MATTERS AND CAPITA_2
REGULATORY MATTERS AND CAPITAL (Schedule of Bank Capital and Ratio) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 capital to risk weighted assets, actual amount | $ 1,437,908 | $ 1,106,871 |
Common Equity Tier 1 capital to risk weighted assets, actual ratio | 10.24% | 9.93% |
Common Equity Tier 1 capital to risk weighted assets, required for capital adequacy purposes, amount | $ 631,893 | $ 501,608 |
Common Equity Tier 1 capital to risk weighted assets, required for capital adequacy purposes, ratio | 4.50% | 4.50% |
Tier 1 capital to risk weighted assets, actual amount | $ 1,437,908 | $ 1,236,709 |
Tier 1 capital to risk weighted assets, actual ratio | 10.24% | 11.09% |
Tier 1 capital to risk weighted assets, required for capital adequacy purposes, amount | $ 842,524 | $ 668,817 |
Tier 1 capital ratio of risk-weighted assets, required for capital adequacy purposes, ratio | 6.00% | 6.00% |
Total capital to risk weighted assets, actual amount | $ 1,773,835 | $ 1,435,711 |
Total capital to risk weighted assets, actual ratio | 12.63% | 12.88% |
Total capital to risk weighted assets, Required for Capital adequacy purposes, amount | $ 1,123,569 | $ 891,753 |
Total capital to risk weighted assets, required for capital adequacy purposes, ratio | 8.00% | 8.00% |
Tier 1 capital to average adjusted assets, actual amount | $ 1,437,908 | $ 1,236,709 |
Tier 1 capital to average adjusted assets, actual ratio | 8.79% | 9.71% |
Tier 1 capital to average adjusted assets, required for capital adequacy purposes, amount | $ 654,338 | $ 509,678 |
Tier 1 capital to average adjusted assets, required for capital adequacy purposes, ratio | 4.00% | 4.00% |
Atlantic Union Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 capital to risk weighted assets, actual amount | $ 1,704,426 | $ 1,378,039 |
Common Equity Tier 1 capital to risk weighted assets, actual ratio | 12.18% | 12.40% |
Common Equity Tier 1 capital to risk weighted assets, required for capital adequacy purposes, amount | $ 629,714 | $ 500,224 |
Common Equity Tier 1 capital to risk weighted assets, required for capital adequacy purposes, ratio | 4.50% | 4.50% |
Common Equity Tier 1 capital to risk weighted assets, required in order to be well capitalized under PCA, amount | $ 909,587 | $ 722,546 |
Common Equity Tier 1 capital to risk weighted assets, required in order to be well capitalized under PCA, ratio | 6.50% | 6.50% |
Tier 1 capital to risk weighted assets, actual amount | $ 1,704,426 | $ 1,378,039 |
Tier 1 capital to risk weighted assets, actual ratio | 12.18% | 12.40% |
Tier 1 capital to risk weighted assets, required for capital adequacy purposes, amount | $ 839,619 | $ 666,965 |
Tier 1 capital ratio of risk-weighted assets, required for capital adequacy purposes, ratio | 6.00% | 6.00% |
Tier 1 capital to risk weighted assets, required in order to be well capitalized under PCA, amount | $ 1,119,492 | $ 889,287 |
Tier 1 capital to risk weighted assets, required in order to be well capitalized under PCA, ratio | 8.00% | 8.00% |
Total capital to risk weighted assets, actual amount | $ 1,747,620 | $ 1,419,984 |
Total capital to risk weighted assets, actual ratio | 12.48% | 12.77% |
Total capital to risk weighted assets, Required for Capital adequacy purposes, amount | $ 1,120,269 | $ 889,289 |
Total capital to risk weighted assets, required for capital adequacy purposes, ratio | 8.00% | 8.00% |
Total capital to risk weighted assets, required in order to be well capitalized under PCA, amount | $ 1,400,337 | $ 1,111,612 |
Total capital to risk weighted assets, required in order to be well capitalized under PCA, ratio | 10.00% | 10.00% |
Tier 1 capital to average adjusted assets, actual amount | $ 1,704,426 | $ 1,378,039 |
Tier 1 capital to average adjusted assets, actual ratio | 10.45% | 10.84% |
Tier 1 capital to average adjusted assets, required for capital adequacy purposes, amount | $ 652,412 | $ 508,412 |
Tier 1 capital to average adjusted assets, required for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 capital to average adjusted assets, required in order to be well capitalized under PCA, amount | $ 815,515 | $ 635,515 |
Tier 1 capital to average adjusted assets, required in order to be well capitalized under PCA, ratio | 5.00% | 5.00% |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value Disclosures [Abstract] | |||
Minimum number of market participants | item | 4,000 | ||
Level 3 Fair value measurements weighted average related to impaired loans | 5.90% | 5.30% | |
Level 3 fair value measurements weighted average related to foreclosed property | 4.50% | 3.70% | |
Level 3 fair value measurements weighted average related to former bank premises | 0.00% | 0.00% | |
Total valuation expenses related to foreclosed properties | $ 921,000 | $ 1,300,000 | $ 1,600,000 |
Total Valuation expenses related to former bank premises | 985,000 | $ 0 | $ 339,000 |
Loans held for sale, at fair value | $ 55,405,000 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Securities available for sale, at fair value | $ 1,945,445 | $ 1,774,821 |
Loans held for sale, at fair value | 55,405 | |
Fair value hedges | 182 | 1,872 |
LIABILITIES | ||
Cash flow hedges | 1,147 | 4,786 |
Fair value hedges | 6,256 | 1,684 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Loans held for sale, at fair value | 0 | |
Fair value hedges | 0 | 0 |
LIABILITIES | ||
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 1,945,445 | 1,774,821 |
Loans held for sale, at fair value | 55,405 | |
Fair value hedges | 182 | 1,872 |
LIABILITIES | ||
Cash flow hedges | 1,147 | 4,786 |
Fair value hedges | 6,256 | 1,684 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Loans held for sale, at fair value | 0 | |
Fair value hedges | 0 | 0 |
LIABILITIES | ||
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
Recurring | ||
ASSETS | ||
Loans held for sale, at fair value | 55,405 | |
Interest rate swap | 54,345 | 19,426 |
Fair value hedges | 182 | 1,872 |
LIABILITIES | ||
Interest rate swap | 54,345 | 19,426 |
Cash flow hedges | 1,147 | 4,786 |
Fair value hedges | 6,256 | 1,684 |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Loans held for sale, at fair value | 0 | |
Interest rate swap | 0 | 0 |
Fair value hedges | 0 | 0 |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Loans held for sale, at fair value | 55,405 | |
Interest rate swap | 54,345 | 19,426 |
Fair value hedges | 182 | 1,872 |
LIABILITIES | ||
Interest rate swap | 54,345 | 19,426 |
Cash flow hedges | 1,147 | 4,786 |
Fair value hedges | 6,256 | 1,684 |
Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Loans held for sale, at fair value | 0 | |
Interest rate swap | 0 | 0 |
Fair value hedges | 0 | 0 |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
U.S. government and agency securities | ||
ASSETS | ||
Securities available for sale, at fair value | 4,498 | |
U.S. government and agency securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 4,498 | |
U.S. government and agency securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | |
U.S. government and agency securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 4,498 | |
U.S. government and agency securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | |
Obligations of states and political subdivisions | ||
ASSETS | ||
Securities available for sale, at fair value | 442,992 | 468,491 |
Obligations of states and political subdivisions | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 442,992 | 468,491 |
Obligations of states and political subdivisions | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Obligations of states and political subdivisions | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 442,992 | 468,491 |
Obligations of states and political subdivisions | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate and other bonds | ||
ASSETS | ||
Securities available for sale, at fair value | 263,070 | 167,696 |
Corporate and other bonds | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 263,070 | 167,696 |
Corporate and other bonds | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate and other bonds | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 263,070 | 167,696 |
Corporate and other bonds | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities | ||
ASSETS | ||
Securities available for sale, at fair value | 1,231,806 | 1,129,865 |
Mortgage-backed securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 1,231,806 | 1,129,865 |
Mortgage-backed securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 1,231,806 | 1,129,865 |
Mortgage-backed securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Other securities | ||
ASSETS | ||
Securities available for sale, at fair value | 3,079 | 8,769 |
Other securities | Recurring | ||
ASSETS | ||
Securities available for sale, at fair value | 3,079 | 8,769 |
Other securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Other securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale, at fair value | 3,079 | 8,769 |
Other securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale, at fair value | 0 | 0 |
Interest Rate Swap | ||
ASSETS | ||
Interest rate swap | 54,345 | 19,426 |
LIABILITIES | ||
Interest rate swap | 54,345 | 19,426 |
Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Interest rate swap | 0 | 0 |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Interest Rate Swap | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Interest rate swap | 54,345 | 19,426 |
LIABILITIES | ||
Interest rate swap | 54,345 | 19,426 |
Interest Rate Swap | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Interest rate swap | 0 | 0 |
LIABILITIES | ||
Interest rate swap | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Sche_2
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Impaired loans | $ 3,593 | $ 3,734 |
Foreclosed properties | 4,708 | 6,722 |
Former bank premises | 3,557 | 2,090 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Former bank premises | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Former bank premises | 0 | 0 |
Significant Unobservable Inputs Level 3 | ||
Schedule of financial assets measured at fair value on nonrecurring basis | ||
Impaired loans | 3,593 | 3,734 |
Foreclosed properties | 4,708 | 6,722 |
Former bank premises | $ 3,557 | $ 2,090 |
FAIR VALUE MEASUREMENTS (Carryi
FAIR VALUE MEASUREMENTS (Carrying Values and Estimated Fair Values of the Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 436,032 | $ 261,199 |
Securities available for sale, at fair value | 1,945,445 | 1,774,821 |
HTM securities | 603,503 | 499,501 |
Restricted stock | 130,848 | 124,602 |
Loans held for sale, at fair value | 55,405 | |
Net loans | 12,449,505 | 9,534,717 |
Derivatives: | ||
Fair value hedges | 182 | 1,872 |
Accrued interest receivable | 52,721 | 46,062 |
Bank owned life insurance | 322,917 | 263,034 |
LIABILITIES | ||
Deposits | 13,349,943 | 9,989,788 |
Borrowings | 1,479,606 | 1,742,038 |
Accrued interest payable | 6,108 | 5,284 |
Derivatives: | ||
Cash flow hedges | 1,147 | 4,786 |
Fair value hedges | 6,256 | 1,684 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Cash and cash equivalents | 436,032 | 261,199 |
Securities available for sale, at fair value | 0 | 0 |
HTM securities | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale, at fair value | 0 | |
Net loans | 0 | 0 |
Derivatives: | ||
Fair value hedges | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivatives: | ||
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 1,945,445 | 1,774,821 |
HTM securities | 585,820 | 499,501 |
Restricted stock | 130,848 | 124,602 |
Loans held for sale, at fair value | 55,405 | |
Net loans | 0 | 0 |
Derivatives: | ||
Fair value hedges | 182 | 1,872 |
Accrued interest receivable | 52,721 | 46,062 |
Bank owned life insurance | 322,917 | 263,034 |
LIABILITIES | ||
Deposits | 13,349,943 | 9,989,788 |
Borrowings | 1,479,606 | 1,742,038 |
Accrued interest payable | 6,108 | 5,284 |
Derivatives: | ||
Cash flow hedges | 1,147 | 4,786 |
Fair value hedges | 6,256 | 1,684 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
HTM securities | 17,683 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale, at fair value | 0 | |
Net loans | 12,449,505 | 9,534,717 |
Derivatives: | ||
Fair value hedges | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivatives: | ||
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
Interest Rate Swap | ||
Derivatives: | ||
Interest rate swap | 54,345 | 19,426 |
Derivatives: | ||
Interest rate swap | 54,345 | 19,426 |
Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Derivatives: | ||
Interest rate swap | 0 | 0 |
Derivatives: | ||
Interest rate swap | 0 | 0 |
Interest Rate Swap | Significant Other Observable Inputs Level 2 | ||
Derivatives: | ||
Interest rate swap | 54,345 | 19,426 |
Derivatives: | ||
Interest rate swap | 54,345 | 19,426 |
Interest Rate Swap | Significant Unobservable Inputs Level 3 | ||
Derivatives: | ||
Interest rate swap | 0 | 0 |
Derivatives: | ||
Interest rate swap | 0 | 0 |
Carrying Value | ||
ASSETS | ||
Cash and cash equivalents | 436,032 | 261,199 |
Securities available for sale, at fair value | 1,945,445 | 1,774,821 |
HTM securities | 555,144 | 492,272 |
Restricted stock | 130,848 | 124,602 |
Loans held for sale, at fair value | 55,405 | |
Net loans | 12,568,642 | 9,675,162 |
Derivatives: | ||
Fair value hedges | 182 | 1,872 |
Accrued interest receivable | 52,721 | 46,062 |
Bank owned life insurance | 322,917 | 263,034 |
LIABILITIES | ||
Deposits | 13,304,981 | 9,970,960 |
Borrowings | 1,513,748 | 1,756,278 |
Accrued interest payable | 6,108 | 5,284 |
Derivatives: | ||
Cash flow hedges | 1,147 | 4,786 |
Fair value hedges | 6,256 | 1,684 |
Carrying Value | Interest Rate Swap | ||
Derivatives: | ||
Interest rate swap | 54,345 | 19,426 |
Derivatives: | ||
Interest rate swap | $ 54,345 | $ 19,426 |
REVENUE (Disaggregation of Reve
REVENUE (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue | |||
Mortgage banking income | $ 10,303 | $ 0 | $ 0 |
Gains (losses) on securities transactions | 7,675 | 383 | 800 |
Bank owned life insurance income | 8,311 | 7,198 | 6,144 |
Loan-related interest rate swap fees | 14,126 | 3,554 | 3,051 |
Gain on Shore Premier sale | 0 | 19,966 | 0 |
Other operating income | 17,791 | 7,145 | 2,772 |
Total noninterest income | 132,815 | 104,241 | 62,429 |
Noninterest income in Scope of Topic 606 | |||
Disaggregation of Revenue | |||
Revenue from contract with customer | 4,000 | 4,400 | 2,300 |
Overdraft fees | |||
Disaggregation of Revenue | |||
Revenue from contract with customer | 24,092 | 21,052 | 15,788 |
Maintenance fees & other | |||
Disaggregation of Revenue | |||
Revenue from contract with customer | 6,110 | 4,387 | 3,062 |
Other service charges, commissions and fees | |||
Disaggregation of Revenue | |||
Revenue from contract with customer | 6,423 | 5,603 | 4,593 |
Interchange fees | |||
Disaggregation of Revenue | |||
Revenue from contract with customer | 14,619 | 18,803 | 14,974 |
Trust asset management fees | |||
Disaggregation of Revenue | |||
Revenue from contract with customer | 9,141 | 5,536 | 5,128 |
Registered advisor management fees | |||
Disaggregation of Revenue | |||
Revenue from contract with customer | 10,107 | 6,589 | 2,692 |
Brokerage management fees | |||
Disaggregation of Revenue | |||
Revenue from contract with customer | 4,117 | $ 4,025 | $ 3,425 |
Xenith | |||
Disaggregation of Revenue | |||
Life insurance proceeds | $ 9,800 |
EMPLOYEE BENEFITS AND STOCK B_3
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 20, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Deferred compensation plans obligation to Board of Directors | $ 15,700,000 | $ 11,800,000 | ||
Maximum term of stock options | 10 years | |||
Stock options term from the grant date | 2 years 6 months 18 days | |||
Number of stock option awards exercised | 56,619 | 72,743 | 63,476 | |
Intrinsic value of stock options exercised | $ 684,000 | $ 1,900,000 | $ 1,200,000 | |
Fair value of stock options exercised | 2,100,000 | 2,800,000 | 2,200,000 | |
Cash received from the exercise of stock options | 1,400,000 | 983,000 | 1,000,000 | |
Tax benefit from exercise of equity-based awards | $ 127,000 | 390,000 | 370,000 | |
Restricted stock vesting percentage | 33.33% | |||
Intrinsic value of stock options outstanding | $ 2,313,739 | $ 656,000 | $ 2,700,000 | |
Unamortized compensation costs | $ 11,374,000 | |||
Stock and Incentive Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of shares authorized to be issued, maximum | 2,500,000 | |||
Number of shares available for future issuance | 964,713 | |||
2011 Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of shares authorized to be issued, maximum | 1,000,000 | |||
Restricted Stock | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Restricted stock units, vesting terms | RSAs vest one-third on each of the first, second and third anniversaries from the date of the grant | |||
Restricted Stock and Performance Stock Awards | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Vesting period of restricted stock awards and performance stock units | 3 years | |||
Restricted Stock and Performance Stock Awards | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Vesting period of restricted stock awards and performance stock units | 4 years | |||
1% through 3% | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employer's match for 401(k) plan | 100.00% | |||
1% through 3% | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employee's gross pay for 401(k) plan | 1.00% | |||
1% through 3% | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employee's gross pay for 401(k) plan | 3.00% | |||
4% through 5% | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employer's match for 401(k) plan | 50.00% | |||
4% through 5% | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employee's gross pay for 401(k) plan | 4.00% | |||
4% through 5% | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employee's gross pay for 401(k) plan | 5.00% |
EMPLOYEE BENEFITS AND STOCK B_4
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Payment Made for Employee Benefit Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | |||
401(K) Plan | $ 5,550 | $ 4,592 | $ 3,505 |
ESOP | 1,163 | 1,005 | 1,255 |
Cash | 780 | 1,509 | 1,461 |
Total | $ 7,493 | $ 7,106 | $ 6,221 |
EMPLOYEE BENEFITS AND STOCK B_5
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Schedule of Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefits and Share-based Compensation, Noncash [Abstract] | |||
Stock-based compensation expense | $ 8,332 | $ 6,132 | $ 4,648 |
Reduction of income tax expense | $ 1,750 | $ 1,287 | $ 1,467 |
Per share compensation cost | $ 0.08 | $ 0.07 | $ 0.06 |
EMPLOYEE BENEFITS AND STOCK B_6
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Summary of Stock Option Activity) (Details) - USD ($) | Feb. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Stock Options (shares) | ||||
Number of Stock Options, Outstanding beginning balance | 47,585 | |||
Number of Stock Options, Exercised | (56,619) | (72,743) | (63,476) | |
Number of Stock Options, Forfeited | (9,447) | |||
Number of Stock Options, Expired | (8,060) | |||
Number of Stock Options, Outstanding ending balance | 422,138 | 47,585 | ||
Number of Stock Options, Exercisable | 368,146 | |||
Weighted Average Exercise Price | ||||
Weighted Average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ 14.44 | |||
Weighted Average Exercise Price, Exercised (in dollars per share) | 24.48 | |||
Weighted Average Exercise Price, Forfeited (in dollars per share) | 31.94 | |||
Weighted Average Exercise Price, Expired (in dollars per share) | 36.78 | |||
Weighted Average Exercise Price, Outstanding, beginning balance (in dollars per share) | 32.48 | $ 14.44 | ||
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 32.57 | |||
Weighted Average Remaining Contractual Life, Outstanding | 2 years 6 months 18 days | |||
Weighted Average Remaining Contractual Life, Exercisable | 2 years 3 months 29 days | |||
Aggregate Intrinsic Value, Outstanding | $ 2,313,739 | $ 656,000 | $ 2,700,000 | |
Aggregate Intrinsic Value, Exercisable | $ 2,006,915 | |||
Access National Bank | ||||
Stock Options (shares) | ||||
Options assumed in the Access acquisition | 448,679 | |||
Weighted Average Exercise Price | ||||
Weighted average exercise price, Options assumed in the Access acquisition | $ 33.45 |
EMPLOYEE BENEFITS AND STOCK B_7
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Summary of Nonvested Stock Activity) (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted Stock | |
Number of Shares of RSAs | |
Beginning balance (in shares) | shares | 375,414 |
Granted (in shares) | shares | 273,718 |
Net settle for taxes (in shares) | shares | (52,253) |
Vested (in shares) | shares | (148,584) |
Forfeited (in shares) | shares | (16,653) |
Ending balance (in shares) | shares | 431,642 |
Weighted Average Grant-Date Fair Value | |
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares | $ 32.41 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 35.06 |
Weighted Average Grant Date Fair Value, Net settle for taxes (in dollars per share) | $ / shares | 52.01 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 30.78 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 34.31 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares | $ 34.90 |
Performance Stock | |
Number of Shares of RSAs | |
Beginning balance (in shares) | shares | 150,047 |
Granted (in shares) | shares | 85,543 |
Net settle for taxes (in shares) | shares | (15,018) |
Vested (in shares) | shares | (69,205) |
Forfeited (in shares) | shares | (6,658) |
Ending balance (in shares) | shares | 144,709 |
Weighted Average Grant-Date Fair Value | |
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares | $ 31.67 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 33.66 |
Weighted Average Grant Date Fair Value, Net settle for taxes (in dollars per share) | $ / shares | 34.63 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 24.27 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 36.08 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares | $ 37.24 |
EMPLOYEE BENEFITS AND STOCK B_8
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Schedule of Performance Stock Units Valuation Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Performance Stock Units Valuation Assumptions | |||
Dividend yield | 2.57% | 2.25% | 2.15% |
Expected life in years | 2 years 10 months 9 days | 2 years 10 months 9 days | 2 years 10 months 6 days |
Expected volatility | 24.04% | 23.47% | 23.35% |
Risk-free interest rate | 2.48% | 2.38% | 1.40% |
EMPLOYEE BENEFITS AND STOCK B_9
EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Estimated Unamortized Compensation Expense Recognized in Future) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Estimated unamortized compensation expense recognized in future | |
2020 | $ 6,436 |
2021 | 4,186 |
2022 | 652 |
2023 | 100 |
Total | 11,374 |
Restricted Stock | |
Estimated unamortized compensation expense recognized in future | |
2020 | 5,030 |
2021 | 3,299 |
2022 | 652 |
2023 | 100 |
Total | 9,081 |
Performance Stock | |
Estimated unamortized compensation expense recognized in future | |
2020 | 1,406 |
2021 | 887 |
2022 | 0 |
2023 | 0 |
Total | $ 2,293 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | Dec. 22, 2017 | Dec. 21, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Examination [Line Items] | |||||
Federal statutory income tax rate, percent | 21.00% | 35.00% | |||
Tax expense due to the tax act | $ 0 | $ 0 | $ 6,105,000 | ||
Effective income taxes | 16.20% | 16.70% | 31.20% | ||
Tax credits | $ 2,900,000 | $ 1,100,000 | $ 858,000 | ||
Accruals for uncertain tax positions | 0 | $ 0 | |||
Federal | |||||
Income Tax Examination [Line Items] | |||||
Operating loss carryforwards | $ 222,000,000 | ||||
Operating loss carryforwards, limitations on use | operating loss carryforwards of approximately $222.0 million, of which approximately $201.2 million under pre-2018 law can be carried forward 20Ā years, and $20.8 million that can be carried forward indefinitely | ||||
State | |||||
Income Tax Examination [Line Items] | |||||
Operating loss carryforwards | $ 283,600,000 | ||||
Operating loss carryforwards, limitations on use | operating loss carryforwards of approximately $283.6 million, of which approximately $233.2 million will begin to expire after 2026, and $50.4 million that can be carried forward indefinitely. | ||||
Operating loss carryforward subject to expiration | $ 233,200,000 | ||||
Operating loss carryforward not subject to expiration | $ 50,400,000 | ||||
Operating loss carryforwards expiration date | Dec. 31, 2026 | ||||
Pre-2018 | Federal | |||||
Income Tax Examination [Line Items] | |||||
Tax carryforward | $ 201,200,000 | ||||
Post-2018 | Federal | |||||
Income Tax Examination [Line Items] | |||||
Tax carryforward | $ 20,800,000 |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 18,938 | $ 19,369 |
Benefit plans | 3,507 | 3,925 |
Acquisition accounting | 16,021 | 11,788 |
Lease right-of-Use Asset | 13,507 | 0 |
Stock grants | 2,032 | 894 |
OREO | 3,295 | 2,515 |
Securities available for sale | 1,169 | 1,577 |
Net operating losses | 55,023 | 66,037 |
Nonaccrual loans | 3,243 | 3,990 |
Other | 4,227 | 4,618 |
Total deferred tax assets | 120,962 | 114,713 |
Deferred tax liabilities: | ||
Acquisition accounting | 19,815 | 13,053 |
Lease right-of-use liability | 11,191 | 0 |
Premises and equipment | 6,696 | 3,877 |
Securities available for sale | 10,069 | 25 |
Other | 511 | 583 |
Total deferred tax liabilities | 48,282 | 17,538 |
Net deferred tax asset | $ 72,680 | $ 97,175 |
INCOME TAXES (Provision for Inc
INCOME TAXES (Provision for Income Taxes Charged to Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Tax Assets, Net [Abstract] | |||
Current tax expense | $ 22,500 | $ 12,114 | $ 27,255 |
Deferred tax expense | 15,057 | 17,902 | 5,535 |
Income tax expense | $ 37,557 | $ 30,016 | $ 32,790 |
INCOME TAXES (Schedule of Incom
INCOME TAXES (Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Tax Assets, Net [Abstract] | |||
Computed expected tax expense | $ 48,564 | $ 37,680 | $ 36,738 |
Tax-exempt interest income, net | (8,259) | (5,188) | (6,112) |
Valuation allowance adjustment | 0 | 0 | (2,982) |
Impact of the Tax Act | 0 | 0 | 6,105 |
State income tax benefit | (1,078) | (1,133) | 0 |
Other, net | (1,670) | (1,343) | (959) |
Income tax expense | $ 37,557 | $ 30,016 | $ 32,790 |
EARNINGS PER SHARE (Reconciliat
EARNINGS PER SHARE (Reconciliation of the Denominators of the Basic and Diluted EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Income: | |||
Income from continuing operations | $ 193,698 | $ 149,413 | $ 72,176 |
Income (loss) from discontinued operations | (170) | (3,165) | 747 |
Net Income (Loss) Available to Common Stockholders, Basic, Total | $ 193,528 | $ 146,248 | $ 72,923 |
Basic weighted average number of common shares outstanding (in shares) | 80,200,950 | 65,859,165 | 43,698,897 |
Dilutive effect of stock awards and warrants | 63,000 | 50,000 | 81,000 |
Weighted average shares outstanding, diluted | 80,263,557 | 65,908,573 | 43,779,744 |
Basic EPS: | |||
Earnings per share from continuing operations, basic (dollar per share) | $ 2.41 | $ 2.27 | $ 1.65 |
Earnings per share from discontinued operations, basic (dollar per share) | 0 | (0.05) | 0.02 |
Earnings per share available to common shareholders, basic (dollar per share) | 2.41 | 2.22 | 1.67 |
Diluted EPS: | |||
Earnings per share from continuing operations, diluted (dollar per share) | 2.41 | 2.27 | 1.65 |
Earnings per share from discontinued operations, diluted (dollar per share) | 0 | (0.05) | 0.02 |
Earnings per share available to common shareholders, diluted (dollar per share) | $ 2.41 | $ 2.22 | $ 1.67 |
SEGMENT REPORTING & DISCONTIN_3
SEGMENT REPORTING & DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting [Abstract] | ||
Assets of discontinued operations | $ 668,000 | $ 1,479,000 |
Liabilities of discontinued operations | 640,000 | $ 1,687,000 |
Loans held for sale, at fair value | $ 55,405,000 |
SEGMENT REPORTING & DISCONTIN_4
SEGMENT REPORTING & DISCONTINUED OPERATIONS (Information About Reportable Segments and Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 537,872 | $ 426,691 | $ 279,007 |
Provision for credit losses | 21,092 | 13,736 | 10,802 |
Net interest income after provision for credit losses | 516,780 | 412,955 | 268,205 |
Noninterest income | 132,815 | 104,241 | 62,429 |
Noninterest expenses | 418,340 | 337,767 | 225,668 |
Income tax expense (benefit) | (60) | (1,115) | 597 |
Mortgage | Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 0 | 850 | 1,150 |
Provision for credit losses | 0 | (185) | (46) |
Net interest income after provision for credit losses | 0 | 1,035 | 1,196 |
Noninterest income | 1 | 3,882 | 9,245 |
Noninterest expenses | 231 | 9,197 | 9,097 |
Income before income taxes | (230) | (4,280) | 1,344 |
Income tax expense (benefit) | (60) | (1,115) | 597 |
Net income (loss) on discontinued operations | $ (170) | $ (3,165) | $ 747 |
PARENT COMPANY FINANCIAL INFO_3
PARENT COMPANY FINANCIAL INFORMATION (Narrative) (Details) - Parent Company $ in Millions | Dec. 31, 2019USD ($) |
Aggregate amount of unrestricted funds | $ 383.7 |
Aggregate amount of unrestricted funds percentage | 15.27% |
PARENT COMPANY FINANCIAL INFO_4
PARENT COMPANY FINANCIAL INFORMATION (Financial Information for the Parent Company - Balance Sheets) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash | $ 436,032,000 | $ 261,199,000 | $ 199,373,000 | $ 179,237,000 |
Premises and equipment, net | 161,073,000 | 146,967,000 | ||
Other assets | 377,587,000 | 250,210,000 | ||
Total assets | 17,562,990,000 | 13,765,599,000 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other short-term borrowings | 0 | 5,000,000 | ||
Long-term borrowings | 1,077,495,000 | 668,481,000 | ||
Other liabilities | 230,519,000 | 112,093,000 | ||
Total liabilities | 15,049,888,000 | 11,841,018,000 | ||
Total stockholders' equity | 2,513,102,000 | 1,924,581,000 | 1,046,329,000 | 1,001,032,000 |
Total liabilities and stockholders' equity | 17,562,990,000 | 13,765,599,000 | ||
Parent Company | ||||
ASSETS | ||||
Cash | 5,283,000 | 3,681,000 | $ 2,611,000 | $ 10,681,000 |
Premises and equipment, net | 10,568,000 | 10,637,000 | ||
Other assets | 27,438,000 | 13,386,000 | ||
Investment in subsidiaries | 2,786,842,000 | 2,202,530,000 | ||
Total assets | 2,830,131,000 | 2,230,234,000 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other short-term borrowings | 0 | 5,000,000 | ||
Long-term borrowings | 157,155,000 | 157,057,000 | ||
Trust preferred capital notes | 140,237,000 | 134,342,000 | ||
Other liabilities | 19,637,000 | 9,254,000 | ||
Total liabilities | 317,029,000 | 305,653,000 | ||
Total stockholders' equity | 2,513,102,000 | 1,924,581,000 | ||
Total liabilities and stockholders' equity | $ 2,830,131,000 | $ 2,230,234,000 |
PARENT COMPANY FINANCIAL INFO_5
PARENT COMPANY FINANCIAL INFORMATION (Financial Information for the Parent Company - Statements of Income and Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income: | |||
Interest and dividend income | $ 699,332 | $ 528,788 | $ 329,044 |
Other operating income | 17,791 | 7,145 | 2,772 |
Expenses: | |||
Interest expense | 161,460 | 102,097 | 50,037 |
Other expenses | 13,822 | 11,308 | 8,544 |
Income before income taxes | 231,255 | 179,429 | 104,966 |
Income tax benefit | 37,557 | 30,016 | 32,790 |
Net income | 193,528 | 146,248 | 72,923 |
Parent Company | |||
Income: | |||
Interest and dividend income | 3 | 0 | 3 |
Dividends received from subsidiaries | 160,033 | 50,750 | 33,350 |
Other operating income | 1,484 | 2,719 | 1,308 |
Total income | 161,520 | 53,469 | 34,661 |
Expenses: | |||
Interest expense | 15,935 | 15,253 | 11,423 |
Other expenses | 11,434 | 13,782 | 7,130 |
Total expenses | 27,369 | 29,035 | 18,553 |
Income before income taxes | 134,151 | 24,434 | 16,108 |
Income tax benefit | (6,499) | (6,176) | (9,169) |
Equity in undistributed net income from subsidiaries | 52,878 | 115,638 | 47,646 |
Net income | 193,528 | 146,248 | 72,923 |
Comprehensive income | $ 239,376 | $ 136,905 | $ 75,848 |
PARENT COMPANY FINANCIAL INFO_6
PARENT COMPANY FINANCIAL INFORMATION (Financial Information for the Parent Company - Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net income | $ 193,528 | $ 146,248 | $ 72,923 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of premises and equipment | 15,032 | 13,725 | 11,183 |
Amortization (accretion) related to acquisition, net | (7,899) | (6,711) | (866) |
Issuance of common stock for services | 910 | 914 | 724 |
Net (increase) decrease in other assets | (57,348) | (26,606) | (5,785) |
Net increase in other liabilities | 12,910 | 24,005 | 5,352 |
Net cash and cash equivalents provided by operating activities | 194,799 | 216,765 | 110,333 |
Investing activities: | |||
Net increase in premises and equipment | (15,892) | 1,698 | (9,261) |
Cash paid in acquisitions | (12) | (14,304) | (231) |
Cash received in acquisitions | 46,164 | 174,496 | 5,038 |
Net cash and cash equivalents provided by (used in) investing activities | (425,401) | (770,039) | (885,753) |
Financing activities: | |||
Net increase (decrease) in short-term borrowings | (872,229) | 58,645 | 217,371 |
Proceeds from issuance of long-term borrowings | 550,000 | 225,000 | 20,000 |
Cash dividends paid - common stock | (78,345) | (58,001) | (35,393) |
Cancellation of warrants | 0 | (1,530) | 0 |
Vesting of restricted stock, net of shares held for taxes | (2,301) | (2,908) | (1,567) |
Net cash and cash equivalents provided by (used in) financing activities | 405,435 | 615,100 | 795,556 |
Net increase (decrease) in cash and cash equivalents | 174,833 | 61,826 | 20,136 |
Cash and cash equivalents at beginning of the period | 261,199 | 199,373 | 179,237 |
Cash and cash equivalents at end of the period | 436,032 | 261,199 | 199,373 |
Supplemental schedule of noncash investing and financing activities | |||
Issuance of common stock in regard to acquisitions | 499,974 | 794,809 | 0 |
Assets acquired | 2,849,673 | 3,253,328 | 293 |
Liabilities assumed | 2,558,063 | 2,873,718 | 5,437 |
Parent Company | |||
Operating activities: | |||
Net income | 193,528 | 146,248 | 72,923 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed net income of subsidiaries | (52,878) | (115,638) | (47,646) |
Depreciation of premises and equipment | 424 | 424 | 439 |
Amortization (accretion) related to acquisition, net | 662 | 636 | 260 |
Gain on sale of investment | 0 | (1,416) | 0 |
Issuance of common stock for services | 910 | 914 | 724 |
Net (increase) decrease in other assets | (3,256) | (584) | (4,167) |
Net increase in other liabilities | 4,964 | (4,159) | 5,283 |
Net cash and cash equivalents provided by operating activities | 144,354 | 26,425 | 27,816 |
Investing activities: | |||
Net increase in premises and equipment | (355) | 0 | (35) |
Proceeds from sale of investment | 0 | 3,761 | 0 |
Proceeds from (payments for) equity method investment | 0 | 0 | 72 |
Cash paid in acquisitions | (12) | 0 | 0 |
Cash received in acquisitions | 21,553 | 25,976 | 0 |
Net cash and cash equivalents provided by (used in) investing activities | 21,186 | 29,737 | 37 |
Financing activities: | |||
Net increase (decrease) in short-term borrowings | (5,000) | 5,000 | 0 |
Cash dividends paid - common stock | (78,345) | (58,001) | (35,393) |
Cancellation of warrants | 0 | (1,530) | 0 |
Issuance (repurchase) of common stock | (78,292) | 2,347 | 1,037 |
Vesting of restricted stock, net of shares held for taxes | (2,301) | (2,908) | (1,567) |
Net cash and cash equivalents provided by (used in) financing activities | (163,938) | (55,092) | (35,923) |
Net increase (decrease) in cash and cash equivalents | 1,602 | 1,070 | (8,070) |
Cash and cash equivalents at beginning of the period | 3,681 | 2,611 | 10,681 |
Cash and cash equivalents at end of the period | 5,283 | 3,681 | 2,611 |
Supplemental schedule of noncash investing and financing activities | |||
Issuance of common stock in regard to acquisitions | 499,974 | 794,809 | 0 |
Assets acquired | 509,075 | 859,176 | 0 |
Liabilities assumed | $ 9,089 | $ 64,367 | $ 0 |