Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 01, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Entity Registrant Name | Premier Financial Corp. | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,296,613 | |
Entity Central Index Key | 0000946647 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Trading Symbol | PFC | |
City Area Code | 419 | |
Title of 12(b) Security | Common Stock, Par Value $0.01 Per Share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Address Line One | 601 Clinton Street | |
Entity Address, City or Town | Defiance | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43512 | |
Entity File Number | 0-26850 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1803915 | |
Local Phone Number | 782-5015 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents: | ||
Cash and amounts due from depository institutions | $ 78,213 | $ 46,254 |
Interest-bearing deposits | 114,468 | 85,000 |
Cash and cash equivalents, federal funds sold | 192,681 | 131,254 |
Securities available-for-sale, carried at fair value | 567,527 | 283,448 |
Loans held for sale, carried at fair value | 160,467 | |
Loans held for sale, at lower of cost or market | 18,008 | |
Loans receivable, net of allowance for credit losses of $88,555 at June 30, 2020 and $31,243 at December 31, 2019, respectively | 5,368,683 | 2,746,321 |
Mortgage servicing rights | 14,646 | 10,267 |
Accrued interest receivable | 23,694 | 10,244 |
Federal Home Loan Bank stock | 45,955 | 11,915 |
Bank owned life insurance | 143,097 | 75,544 |
Premises and equipment | 59,533 | 39,563 |
Real estate and other assets held for sale | 573 | 100 |
Goodwill | 317,948 | 100,069 |
Core deposit and other intangibles | 33,731 | 3,772 |
Other assets | 85,276 | 38,487 |
Total assets | 7,013,811 | 3,468,992 |
Liabilities: | ||
Deposits | 5,759,843 | 2,870,325 |
Advances from the Federal Home Loan Bank and PPPLF advances | 139,327 | 85,063 |
Subordinated debentures | 36,083 | 36,083 |
Securities sold under repurchase agreements | 6,948 | 2,999 |
Advance payments by borrowers | 31,470 | 5,491 |
Other liabilities | 99,172 | 42,864 |
Total liabilities | 6,072,843 | 3,042,825 |
Stockholders’ equity: | ||
Preferred stock, $.01 par value per share: 4,963,000 shares authorized; no shares issued | ||
Common stock, $.01 par value per share: 50,000,000 shares authorized; 43,297,259 and 25,371,086 shares issued and 37,296,069 and 19,729,886 shares outstanding at June 30, 2020 and December 31, 2019, respectively | 306 | 127 |
Additional paid-in capital | 688,574 | 161,955 |
Accumulated other comprehensive income, net of tax of $3,871 and $1,221, respectively | 14,564 | 4,595 |
Retained earnings | 316,321 | 329,175 |
Treasury stock, at cost, 6,001,191 shares at June 30, 2020 and 5,641,200 shares at December 31, 2019 | (78,797) | (69,685) |
Total stockholders’ equity | 940,968 | 426,167 |
Total liabilities and stockholders’ equity | $ 7,013,811 | $ 3,468,992 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans receivable, net of allowance for credit losses (in dollars) | $ 88,555 | $ 31,243 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 4,963,000 | 4,963,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 43,297,259 | 25,371,086 |
Common stock, shares outstanding | 37,296,069 | 19,729,886 |
Accumulated other comprehensive income (loss), tax effect (in dollars) | $ 3,871 | $ 1,221 |
Treasury stock, shares | 6,001,191 | 5,641,200 |
Cumulative Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 37,000 | 37,000 |
Preferred stock, shares issued | 0 | 0 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Interest Income | |||||
Loans | $ 58,796,000 | $ 32,660,000 | $ 110,256,000 | $ 63,874,000 | |
Investment securities: | |||||
Taxable | 2,047,000 | 1,289,000 | 3,914,000 | 2,655,000 | |
Non-taxable | 876,000 | 849,000 | 1,727,000 | 1,688,000 | |
Interest-bearing deposits | 79,000 | 260,000 | 309,000 | 545,000 | |
FHLB stock dividends | 651,000 | 183,000 | 766,000 | 398,000 | |
Total interest income | 62,449,000 | 35,241,000 | 116,972,000 | 69,160,000 | |
Interest Expense | |||||
Deposits | 7,435,000 | 5,581,000 | 15,206,000 | 10,586,000 | |
FHLB advances and other | 516,000 | 304,000 | 1,523,000 | 580,000 | |
Subordinated debentures | 179,000 | 350,000 | 452,000 | 714,000 | |
Notes payable | 15,000 | 17,000 | 24,000 | 21,000 | |
Total interest expense | 8,145,000 | 6,252,000 | 17,205,000 | 11,901,000 | |
Net interest income | 54,304,000 | 28,989,000 | 99,767,000 | 57,259,000 | |
Credit loss expense - loans and leases | [1] | 1,868,000 | 282,000 | 45,655,000 | 494,000 |
Credit loss expense (benefit) - unfunded commitments | [1] | 1,107,000 | (85,000) | 2,565,000 | 1,000 |
Net interest income after credit loss expense | 51,329,000 | 28,792,000 | 51,547,000 | 56,764,000 | |
Non-interest Income | |||||
Service fees and other charges | 5,614,000 | 3,301,000 | 10,797,000 | 6,308,000 | |
Insurance commissions | 4,005,000 | 3,616,000 | 9,160,000 | 7,731,000 | |
Mortgage banking income | 9,868,000 | 2,137,000 | 10,716,000 | 3,978,000 | |
Gain on sale of non-mortgage loans | 21,000 | 234,000 | 110,000 | ||
Loss on sale of securities available for sale | (2,000) | (2,000) | 0 | ||
Wealth management income | 1,802,000 | 660,000 | 2,893,000 | 1,358,000 | |
Income from Bank Owned Life Insurance | 838,000 | 527,000 | 1,619,000 | 919,000 | |
Other non-interest income | 890,000 | 224,000 | 1,597,000 | 895,000 | |
Total non-interest income | 23,015,000 | 10,486,000 | 37,014,000 | 21,299,000 | |
Non-interest Expense | |||||
Compensation and benefits | 19,575,000 | 14,398,000 | 37,160,000 | 28,483,000 | |
Occupancy | 4,128,000 | 2,304,000 | 7,859,000 | 4,545,000 | |
FDIC insurance premium | 411,000 | 258,000 | 903,000 | 531,000 | |
Financial institutions tax | 1,116,000 | 556,000 | 1,950,000 | 1,112,000 | |
Data processing | 3,805,000 | 2,267,000 | 6,845,000 | 4,564,000 | |
Acquisition related charges | 2,099,000 | 13,585,000 | |||
Amortization of intangibles | 1,809,000 | 276,000 | 3,054,000 | 575,000 | |
Other non-interest expense | 5,041,000 | 4,261,000 | 8,937,000 | 9,290,000 | |
Total non-interest expense | 37,984,000 | 24,320,000 | 80,293,000 | 49,100,000 | |
Income before income taxes | 36,360,000 | 14,958,000 | 8,268,000 | 28,963,000 | |
Federal income taxes | 7,303,000 | 2,759,000 | 1,693,000 | 5,282,000 | |
Net income | $ 29,057,000 | $ 12,199,000 | $ 6,575,000 | $ 23,681,000 | |
Earnings per common share | |||||
Basic | $ 0.78 | $ 0.62 | $ 0.19 | $ 1.19 | |
Diluted | $ 0.78 | $ 0.61 | $ 0.19 | $ 1.19 | |
[1] | Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology. |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 29,057 | $ 12,199 | $ 6,575 | $ 23,681 |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on securities available for sale | 3,160 | 3,289 | 12,618 | 7,892 |
Reclassification adjustment for securities (losses) included in net income | 2 | 2 | ||
Income tax effect | (666) | (691) | (2,651) | (1,659) |
Net of tax amount | 2,496 | 2,598 | 9,969 | 6,233 |
Change in unrealized gain/(loss) on postretirement benefit: | ||||
Reclassification adjustment for deferred tax on defined benefit postretirement medical plan | 82 | |||
Net of tax amount | 82 | |||
Total other comprehensive income | 2,496 | 2,598 | 9,969 | 6,315 |
Comprehensive income | $ 31,553 | $ 14,797 | $ 16,544 | $ 29,996 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2018 | $ 399,589,000 | $ 127,000 | $ 161,593,000 | $ (2,148,000) | $ 295,588,000 | $ (55,571,000) |
Balance (in shares) at Dec. 31, 2018 | 20,171,392 | |||||
Net (loss) income | 11,482,000 | 11,482,000 | ||||
Other comprehensive income | 3,717,000 | 3,717,000 | ||||
Deferred compensation plan | 20,000 | (22,000) | 42,000 | |||
Stock based compensation expenses | 11,000 | 11,000 | ||||
Shares issued under stock option plan | 185,000 | (22,000) | (5,000) | 212,000 | ||
Shares issued under stock option plan (in shares) | 17,822 | |||||
Restricted share issuance/ Restricted share activity under stock incentive plans | (311,000) | (751,000) | 440,000 | |||
Restricted share issuance/Restricted share activity under stock incentive plan (in shares) | 38,890 | |||||
Shares issued from direct stock sales | 31,000 | 19,000 | 12,000 | |||
Shares issued from direct stock sales (in shares) | 1,065 | |||||
Shares repurchased | (15,147,000) | (15,147,000) | ||||
Shares repurchased (In Shares) | (515,977) | |||||
Common stock dividend payment | (3,788,000) | (3,788,000) | ||||
Balance at Mar. 31, 2019 | 395,789,000 | $ 127,000 | 160,828,000 | 1,569,000 | 303,277,000 | (70,012,000) |
Balance (in shares) at Mar. 31, 2019 | 19,713,192 | |||||
Balance at Dec. 31, 2018 | 399,589,000 | $ 127,000 | 161,593,000 | (2,148,000) | 295,588,000 | (55,571,000) |
Balance (in shares) at Dec. 31, 2018 | 20,171,392 | |||||
Net (loss) income | 23,681,000 | |||||
Other comprehensive income | 6,315,000 | |||||
Balance at Jun. 30, 2019 | 407,216,000 | $ 127,000 | 161,205,000 | 4,167,000 | 311,576,000 | (69,859,000) |
Balance (in shares) at Jun. 30, 2019 | 19,727,630 | |||||
Balance at Mar. 31, 2019 | 395,789,000 | $ 127,000 | 160,828,000 | 1,569,000 | 303,277,000 | (70,012,000) |
Balance (in shares) at Mar. 31, 2019 | 19,713,192 | |||||
Net (loss) income | 12,199,000 | 12,199,000 | ||||
Other comprehensive income | 2,598,000 | 2,598,000 | ||||
Deferred compensation plan | 17,000 | (12,000) | 29,000 | |||
Stock based compensation expenses | 255,000 | 255,000 | ||||
Shares issued under stock option plan | 6,000 | (9,000) | 15,000 | |||
Shares issued under stock option plan (in shares) | 1,200 | |||||
Restricted share issuance/ Restricted share activity under stock incentive plans | 74,000 | 129,000 | (153,000) | 98,000 | ||
Restricted share issuance/Restricted share activity under stock incentive plan (in shares) | 12,304 | |||||
Shares issued from direct stock sales | 25,000 | 14,000 | 11,000 | |||
Shares issued from direct stock sales (in shares) | 934 | |||||
Common stock dividend payment | (3,747,000) | (3,747,000) | ||||
Balance at Jun. 30, 2019 | 407,216,000 | $ 127,000 | 161,205,000 | 4,167,000 | 311,576,000 | (69,859,000) |
Balance (in shares) at Jun. 30, 2019 | 19,727,630 | |||||
Balance at Dec. 31, 2019 | 426,167,000 | $ 127,000 | 161,955,000 | 4,595,000 | 329,175,000 | (69,685,000) |
Balance (in shares) at Dec. 31, 2019 | 19,729,886 | |||||
Net (loss) income | (22,482,000) | (22,482,000) | ||||
Other comprehensive income | 7,473,000 | 7,473,000 | ||||
Adoption of ASC 326 | ASC 326 [Member] | (2,566,000) | (2,566,000) | ||||
Deferred compensation plan | (94,000) | 94,000 | ||||
Deferred compensation plan (in shares) | 7,524 | |||||
Stock based compensation expenses | 1,236,000 | 1,230,000 | 6,000 | |||
Capital stock issuance related to acquisition | 526,875,000 | $ 179,000 | 526,696,000 | |||
Capital stock issuance (in shares) | 17,927,017 | |||||
Vesting of incentive plans | (1,496,000) | (1,989,000) | 493,000 | |||
Vesting of incentive plans (in shares) | 39,548 | |||||
Restricted share issuance/ Restricted share activity under stock incentive plans | 198,000 | (374,000) | 176,000 | |||
Restricted share issuance/Restricted share activity under stock incentive plan (in shares) | 13,349 | |||||
Restricted share forfeitures (in shares) | (750) | |||||
Shares repurchased | (10,078,000) | (10,078,000) | ||||
Shares repurchased (In Shares) | (430,000) | |||||
Common stock dividend payment | (8,286,000) | (8,286,000) | ||||
Balance at Mar. 31, 2020 | 916,843,000 | $ 306,000 | 687,996,000 | 12,068,000 | 295,467,000 | (78,994,000) |
Balance (in shares) at Mar. 31, 2020 | 37,286,574 | |||||
Balance at Dec. 31, 2019 | 426,167,000 | $ 127,000 | 161,955,000 | 4,595,000 | 329,175,000 | (69,685,000) |
Balance (in shares) at Dec. 31, 2019 | 19,729,886 | |||||
Net (loss) income | 6,575,000 | |||||
Other comprehensive income | 9,969,000 | |||||
Adoption of ASC 326 | ASC 326 [Member] | (2,600,000) | |||||
Fair value of option exchange from merger | 461,000 | |||||
Balance at Jun. 30, 2020 | 940,968,000 | $ 306,000 | 688,574,000 | 14,564,000 | 316,321,000 | (78,797,000) |
Balance (in shares) at Jun. 30, 2020 | 37,296,069 | |||||
Balance at Mar. 31, 2020 | 916,843,000 | $ 306,000 | 687,996,000 | 12,068,000 | 295,467,000 | (78,994,000) |
Balance (in shares) at Mar. 31, 2020 | 37,286,574 | |||||
Net (loss) income | 29,057,000 | 29,057,000 | ||||
Other comprehensive income | 2,496,000 | 2,496,000 | ||||
Deferred compensation plan | 166,000 | (166,000) | ||||
Stock based compensation expenses | 356,000 | 356,000 | ||||
Adjustment for capital stock issuance | (25,000) | (25,000) | ||||
Adjustment for capital stock issuance, Shares | (843) | |||||
Fair value of option exchange from merger | 461,000 | 461,000 | ||||
Prior period adjustments | (258,000) | 258,000 | ||||
Shares issued under stock option plan | (122,000) | 122,000 | ||||
Shares issued under stock option plan (in shares) | 11,408 | |||||
Shares repurchased | (17,000) | (17,000) | ||||
Shares repurchased (In Shares) | (1,070) | |||||
Common stock dividend payment | (8,203,000) | (8,203,000) | ||||
Balance at Jun. 30, 2020 | $ 940,968,000 | $ 306,000 | $ 688,574,000 | $ 14,564,000 | $ 316,321,000 | $ (78,797,000) |
Balance (in shares) at Jun. 30, 2020 | 37,296,069 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Dividend payment per share | $ 0.19 | $ 0.19 |
Employee Stock Option [Member] | ||
Stock Repurchased and Retired (in shares) | 0 | 178 |
Restricted Stock [Member] | ||
Stock Repurchased and Retired (in shares) | 2,533 | 25,195 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Activities | ||
Net income | $ 6,575,000 | $ 23,681,000 |
Items not requiring (providing) cash: | ||
Provision for credit losses | 48,220,000 | 495,000 |
Depreciation | 3,105,000 | 2,073,000 |
Amortization of mortgage servicing rights, net of impairment charges/recoveries | 9,198,000 | 980,000 |
Amortization of core deposit and other intangible assets | 3,054,000 | 575,000 |
Net accretion of premiums and discounts on loans and deposits | (4,458,000) | (450,000) |
Amortization of premiums and discounts on securities | 1,851,000 | 633,000 |
Change in deferred taxes | (10,418,000) | (246,000) |
Proceeds from the sale of loans held for sale | 331,341,000 | 99,438,000 |
Originations of loans held for sale | (406,074,000) | (104,974,000) |
Gain from sale of loans | (16,666,000) | (3,186,000) |
Loss on sale or write down of property plant and equipment | 10,000 | |
Gain/loss on sale / write-down of real estate and other assets held for sale | 17,000 | 278,000 |
Loss on sale of available for sale securities | 2,000 | 0 |
Stock option expense | 1,592,000 | 266,000 |
Restricted stock vesting | (1,496,000) | (239,000) |
Income from bank owned life insurance | (1,619,000) | (919,000) |
Excess tax benefit on stock compensation plans | (106,000) | |
Changes in: | ||
Other assets | (20,255,000) | (6,548,000) |
Other liabilities | 22,123,000 | 1,246,000 |
Net cash provided by operating activities | (33,908,000) | 13,007,000 |
Investing Activities | ||
Proceeds from maturities of held-to maturity securities | 38,000 | |
Proceeds from maturities, calls and pay-downs of available-for-sale securities | 50,544,000 | 16,432,000 |
Proceeds from sale of available-for-sale securities | 622,000 | |
Proceeds from sale of premises and equipment, real estate and other assets held for sale | 509,000 | 1,073,000 |
Proceeds from sale of non-mortgage loans | 5,241,000 | 14,378,000 |
Purchases of available-for-sale securities | (61,725,000) | (11,211,000) |
Net change in Federal Home Loan Bank stock | (21,287,000) | 2,302,000 |
Net cash from acquisition | 52,580,000 | |
Cash paid for acquisition | (132,000) | |
Purchases of premises and equipment, net | (2,822,000) | (1,372,000) |
Investment in bank owned life insurance | (6,600,000) | |
Proceeds from bank owned life insurance death benefit | 93,000 | |
Net increase in loans receivable | (386,945,000) | (98,035,000) |
Net cash used by investing activities | (363,415,000) | (82,902,000) |
Financing Activities | ||
Net increase in deposits and advance payments by borrowers | 808,121,000 | 59,652,000 |
Net change in Federal Home Loan Bank advances and PPPLF | (326,736,000) | 19,989,000 |
Decrease in securities sold under repurchase agreements | 3,949,000 | (2,677,000) |
Net cash paid for repurchase of common stock | (10,095,000) | (15,147,000) |
Proceeds from exercise of stock options | 191,000 | |
Proceeds from direct stock sales | 57,000 | |
Cash dividends paid on common stock | (16,489,000) | (7,535,000) |
Net cash provided by financing activities | 458,750,000 | 54,530,000 |
Increase in cash and cash equivalents | 61,427,000 | (15,365,000) |
Cash and cash equivalents at beginning of period | 131,254,000 | 98,962,000 |
Cash and cash equivalents at end of period | 192,681,000 | 83,597,000 |
Supplemental cash flow information: | ||
Interest paid | 17,751,000 | 11,811,000 |
Income taxes paid | 4,200,000 | |
Initial recognition of right-of-use asset | 10,100,000 | 8,808,000 |
Initial recognition of lease liability | 10,249,000 | 9,339,000 |
Initial recognition of ASC 326 | 2,566,000 | |
Transfers from loans to real estate and other assets held for sale | $ 97,000 | $ 146,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation On June 19, 2020, First Defiance Financial Corp. (the “Company”) changed its name to Premier Financial Corp. (“Premier” or the “Company”). In connection with the name change, Premier’s stock continued to be traded on the NASDAQ Global Select Market, but under the ticker PFC. On this same date, First Federal Bank of the Midwest, the wholly owned subsidiary of the Company, changed its name to Premier Bank (the “Bank”). Premier is a financial holding company that conducts business through its wholly-owned subsidiaries, the Bank, First Insurance Group of the Midwest, Inc. (“First Insurance”), First Defiance Risk Management Inc. (“First Defiance Risk Management”), HSB Capital, LLC (“HSB Capital”), and HSB Insurance, Inc. (“HSB Insurance”). All significant intercompany transactions and balances are eliminated in consolidation. On January 31, 2020, Premier completed its previously announced acquisition of United Community Financial Corp., an Ohio corporation (“UCFC”), pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of September 9, 2019, by and between Premier and UCFC. At the effective time of the merger (the “Merger”), UCFC merged with and into Premier, with Premier surviving the Merger. Simultaneously with the completion of the Merger, Premier converted from a unitary thrift holding company to a bank holding company, making an election to be a financial holding company. Immediately following the Merger, the Bank, acquired UCFC’s wholly-owned bank subsidiary, Home Savings Bank (“Home Savings”). Immediately prior to the merger of the banks, the Bank converted from a federal thrift into an Ohio state-chartered bank. In addition, immediately following the merger of the banks, UCFC’s wholly-owned insurance subsidiaries, HSB Insurance, LLC and United American Financial Services, Inc., each merged into First Insurance, with First Insurance surviving the mergers. Premier acquired two additional subsidiaries in the Merger, HSB Capital and HSB Insurance. The Bank is primarily engaged in community banking. It attracts deposits from the general public through its offices and website, and uses those and other available sources of funds to originate residential real estate loans, commercial real estate loans, commercial loans, home improvement and home equity loans and consumer loans. In addition, the Bank invests in U.S. Treasury and federal government agency obligations, obligations of states and political subdivisions, mortgage-backed securities that are issued by federal agencies, collateralized mortgage obligations (“CMOs”), and corporate bonds. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Bank is a member of the Federal Home Loan Bank (“FHLB”) System. HSB Capital was formed as an Ohio limited liability company by UCFC during 2016 for the purpose of providing mezzanine funding for customers of Home Savings. Mezzanine loans are offered by HSB Capital to customers in the Company’s market area and are expected to be repaid from the cash flow from operations of the business. First Insurance is an insurance agency that conducts business throughout Premier’s markets. The Maumee and Oregon, Ohio, offices were consolidated into a new office in Sylvania, Ohio, in January 2018. First Insurance offers property and casualty insurance, life insurance and group health insurance. First Defiance Risk Management i s a wholly-owned insurance company subsidiary of the Company that insure s the Company and its subsidiaries against certain risks unique to the operations of the Company and for which insurance may not be currently available or economically feasible in today’s insurance marketplace. First Defiance Risk Management pools resources with several other similar insurance company subsidiaries of financial institutions to help minimize the risk allocable to each participating insurer . HSB Insurance was formed on June 1, 2017, as a Delaware-based captive insurance company that insures against certain risks that are unique to the operations of the Company and its subsidiaries and for which insurance may not be currently available or economically feasible by pooling resources with several other insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. HSB Insurance is subject to regulations of the State of Delaware and undergoes periodic examinations by the Delaware Division of Insurance. The consolidated condensed statement of financial condition at December 31, 2019, was derived from the audited financial statements at that date, which were The accompanying consolidated condensed financial statements as of June 30, 2020, and for the three and six month periods ended June 30, 2020 and 2019 have been prepared by the Company without audit and do not include information or footnotes necessary for the complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). These consolidated condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the 2019 Form 10-K. However, in the opinion of management, all adjustments, consisting of only normal recurring items, necessary for the fair presentation of the financial statements have been made. The results for the three month period ended June 30, 2020, are not necessarily indicative of the results that may be expected for the entire year. The COVID-19 pandemic is creating extensive disruptions to the global economy and to the lives of individuals throughout the world. Business and consumer customers of the Bank are experiencing varying degrees of financial distress, which is expected to continue over the coming months and will likely adversely affect their ability to pay interest and principal on their loans and the value of the collateral securing their obligations may decline. These uncertainties may negatively impact the Statement of Financial Condition, the Statement of Income and the Statement of Cash Flows of the Company. The Company tests goodwill at least annually and, more frequently, if events or changes in circumstances indicate that it may be more likely than not that there is a possible impairment. Due to the ongoing economic impacts from the COVID-19 pandemic, the Company conducted a quantitative interim goodwill impairment assessment at June 30, 2020. The impairment assessment compares the fair value of identified reporting units with their carrying amount (including goodwill). If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the excess. The Company's interim assessment estimated fair value on an income approach that incorporated a discounted cash flow model that involves management assumptions based upon future growth projections, which include estimates of the COVID-19 impact on the Company’s business. Results of the interim assessment indicated no goodwill impairment as of June 30, 2020. The Company will continue to monitor its goodwill for possible impairment. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2 . Accounting Standards Adopted in 2020 ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement: In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurement by removing, modifying and adding certain requirements. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of this ASU. An entity is permitted to early adopt and remove or modify disclosures upon issuance of the ASU and delay adoption of the additional disclosures until their effective date. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment: Issued in January 2017, ASU 2017-04 simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. In computing the implied fair value of goodwill under Step 2, an entity, prior to the amendments in ASU 2017-04, had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, in accordance with the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. However, under the amendments in ASU 2017-04, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. ASU 2017-04 became effective for the Company on January 1, 2020, and the amendments of this ASU will be applicable to the goodwill impairment testing for 2020. The Company performed a goodwill impairment test as of June 30, 2020 utilizing a discounted cash flow analysis. The results of this analysis indicate no impairment of the Company’s goodwill at this time. ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments: Issued in June 2016, ASU 2016-13 will add FASB ASC Topic 326, “Financial Instruments-Credit Losses” and finalizes amendments to FASB ASC Subtopic 825-15, “Financial Instruments-Credit Losses.” The amendments of ASU 2016-13 are intended to provide financial statement users with more decision-useful information related to expected credit losses on financial instruments and other commitments to extend credit by replacing the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The amendments of ASU 2016-13 eliminate the probable initial recognition threshold and, in turn, reflect an entity’s current estimate of all expected credit losses. ASU 2016-13 does not specify the method for measuring expected credit losses, and an entity is allowed to apply methods that reasonably reflect its expectations of the credit loss estimate. The amendments of ASU 2016-13, and all subsequent ASUs issued by FASB to provide additional guidance and clarification related to this Topic, became effective for the Company on January 1, 2020. As a result of adopting the amendments of ASU 2016-13, the Company recorded an increase to its allowance for credit losses of $2.4 million and an increase to its allowance for credit losses on off-balance sheet credit exposures of $0.9 million resulting in a one-time cumulative effect adjustment through retained earnings of $2.6 million net of $.7 million tax at the date of adoption. This adjustment included a qualitative adjustment to the allowance for credit losses related to loans and an allowance on off-balance sheet credit exposures. The Company estimates losses over an approximate one-year forecast period using Moody’s baseline economic forecasts, and then reverts to longer term historical loss experience over a three-year period. Accounting Standards not yet adopted: ASU No. 2020-04: Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848): This guidance provides temporary options to ease the potential burden in accounting for reference rate reform. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective as of March 12, 2020 through December 31, 2022. The Company anticipates being fully prepared to implement a replacement for the reference rate and has determined that any change will not have a material impact to the consolidated financial statements. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 3. Fair Value FASB ASC Topic 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. FASB ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on the best information available. In that regard, FASB ASC Topic 820 established a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 : Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by a correlation or other means. • Level 3 : Unobservable inputs for determining fair value of assets and liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Available for sale securities - Securities classified as available for sale are generally reported at fair value utilizing Level 2 inputs where the Company obtains fair value measurements from an independent pricing service that uses matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows and the bonds’ terms and conditions, among other things. Securities in Level 2 include U.S. federal government agencies, mortgage-backed securities, corporate bonds and municipal securities. Loans held for sale, carried at fair value – The Company elected the fair value option for all conventional residential one-to four-family loans held for sale and all permanent construction loans held for sale that were acquired from UCFC in the Merger. In addition, the Company has elected the fair value option for all loans held for sale originated after January 31, 2020. The fair value of conventional loans held for sale is determined using the current 15 day forward contract price for either 15 or year conventional mortgages and the 60 day forward contract price for either 15 or 30 year Federal Housing Authority mortgages (Level 2). The fair value of permanent construction loans held for sale is determined using the current 60 day forward contract price for 15 or 30 years conventional mortgages which is then adjusted for unobservable market data such as estimated fall out rates and estimated time from origination to completion of construction (Level 3). Impaired loans - Fair values for impaired collateral dependent loans are generally based on appraisals obtained from licensed real estate appraisers and in certain circumstances consideration of offers obtained to purchase properties prior to foreclosure. Appraisals for commercial real estate generally use three methods to derive value: cost, sales or market comparison and income approach. The cost method bases value on the cost to replace the current property. Value of market comparison approach evaluates the sales price of similar properties in the same market area. The income approach considers net operating income generated by the property and an investor’s required return. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Comparable sales adjustments are based on known sales prices of similar type and similar use properties and duration of time that the property has been on the market to sell. Such adjustments made in the appraisal process are typically significant and result in a Level 3 classification of the inputs for determining fair value. Real estate held for sale - Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are then reviewed monthly by members of the asset review committee for valuation changes and are accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals which may utilize a single valuation approach or a combination of approaches including cost, comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Company’s asset quality or collections department reviews the assumptions and approaches utilized in the appraisal. Appraisal values are discounted from 0% to 30% to account for other factors that may impact the value of collateral. In determining the value of impaired collateral dependent loans and other real estate owned, significant unobservable inputs may be used, which include but are not limited to: physical condition of comparable properties sold, net operating income generated by the property and investor rates of return. Mortgage servicing rights - On a quarterly basis, mortgage servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. Fair value is determined at a tranche level based on a model that calculates the present value of estimated future net servicing income. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and are validated against available market data (Level 2). Mortgage banking derivative - The fair value of mortgage banking derivatives are evaluated monthly based on derivative valuation models using quoted prices for similar assets adjusted for specific attributes of the commitments and other observable market data at the valuation date (Level 2). Purchased and written certificate of deposit option – The Company acquired purchased and written certificate of deposit options in its Merger with UCFC. These written and purchased options are mirror derivative instruments which are carried at fair value on the statement of financial condition. The Company uses an independent third party that performs a market valuation analysis for purchased and written certificate of deposit options. (Level 2) Interest rate swaps – The Company periodically enters into interest rate swap agreements with its commercial customers who desire a fixed rate loan term that is longer than the Company is willing to extend. The Company then enters into a reciprocal swap agreement with a third party that offsets the interest rate risk from the interest rate swap extended to the customer. The interest rate swaps are derivative instruments which are carried at fair value on the statement of financial condition. The Company uses an independent third party that performs a market valuation analysis for both swap positions. (Level 2) The following table summarizes the financial assets measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Assets and Liabilities Measured on a Recurring Basis June 30, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Assets: Available for sale securities: Obligations of U.S. federal government corporations and agencies $ — $ 40,819 $ — $ 40,819 Mortgage-backed securities — 233,888 — 233,888 Collateralized mortgage obligations — 124,678 — 124,678 Corporate bonds — 25,229 — 25,229 Obligations of state and political subdivisions — 142,913 — 142,913 Loans held for sale, at fair value — 84,728 75,739 160,467 Purchased certificate of deposit option — 81 — 81 Interest rate swaps — 2,450 — 2,450 Mortgage banking derivative — 7,167 — 7,167 Liabilities: Written certificate of deposit option — 81 — 81 Interest rate swaps — 2,733 — 2,733 December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Available for sale securities: Obligations of U.S. federal government corporations and agencies $ — $ 2,524 $ — $ 2,524 Mortgage-backed securities — 89,647 — 89,647 REMICs — 1,636 — 1,636 Collateralized mortgage obligations — 82,101 — 82,101 Corporate bonds — 12,101 — 12,101 Obligations of state and political subdivisions — 92,028 3,411 95,439 Mortgage banking derivative - asset — 892 — 892 The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six month periods ended June 30, 2020 and 2019. Construction loans held for sale Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance of recurring Level 3 assets at beginning of period $ 44,420 $ — $ — $ — Total gains (losses) for the period Included in change in fair value of loans held for sale 2,238 — 7,201 — Originations 32,685 — 42,265 — Acquired in acquisition — — 37,711 — Sales (3,604 ) — (11,438 ) — Balance of recurring Level 3 assets at end of period $ 75,739 $ — $ 75,739 $ — Securities available-for-sale Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance of recurring Level 3 assets at beginning of period $ 5,830 $ — $ 3,411 $ — Balance of Level 3 assets moved to Level 2 during the period (5,830 ) — (3,411 ) — Balance of recurring Level 3 assets at end of period $ — $ — $ — $ — For Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2020, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Valuation Technique Unobservable Inputs Range of Inputs (Dollars in Thousands) Construction loans held for sale $ 75,739 Comparable sales Time discount using the 60 day forward contract 0.00% - 2.08% The following table summarizes the financial assets measured at fair value on a non-recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Assets and Liabilities Measured on a Non-Recurring Basis June 30, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Impaired loans Commercial real estate — — — — Commercial — — 80 80 Total impaired loans — — 80 80 Mortgage servicing rights — 14,646 — 14,646 December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Impaired loans Commercial real estate $ — $ — $ 68 $ 68 Commercial — — 38 38 Total impaired loans — — 106 106 Mortgage servicing rights — 273 — 273 For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2020, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Valuation Technique Unobservable Inputs Range of Inputs Weighted Average (Dollars in Thousands) Impaired Loans- Applies to all loan Classes $ 80 Appraisals which utilize sales comparison, net income and cost approach Discounts for collection issues and changes in market conditions 10-13% 10.86 % For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Valuation Technique Unobservable Inputs Range of Inputs Weighted Average (Dollars in Thousands) Impaired Loans- Applies to all loan classes $ 106 Appraisals which utilize sales comparison, net income and cost approach Discounts for collection issues and changes in market conditions 10-13% 10.86 % The Company has elected the fair value option for new applications taken post January 31, 2020, and subsequently originated for residential mortgage and permanent construction loans held for sale. These loans are intended for sale and the Company believes that fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policies. None of these loans are 90 or more days past due nor on nonaccrual status as of June 30, 2020. There were no loans at December 31, 2019, where the fair value option had been elected. The aggregate fair value of the residential mortgage loans held for sale at June 30, 2020 was $84.7 million and they had a contractual balance of $80.4 million for this same period. The difference between these two figures is recorded in gains and losses on the sale of loans held for sale. For the three and six months ended June 30, 2020, $3.7 million and $4.3 million, respectively, was recorded in gains on the sale of loans held for sale for the change in fair value. The aggregate fair value of the permanent construction loans held for sale at June 30, 2020 was $75.7 million and they had a contractual balance of $68.5 million for this same period. The difference between these two figures is recorded in gains and losses on the sale of loans held for sale. For the three and six months ended June 30, 2020, $1.6 million and $7.2 million, respectively, was recorded in gains on the sale of loans held for sale for the change in fair value. In accordance with FASB ASC Topic 825, the Fair Value Measurements tables are a comparative condensed consolidated statement of financial condition based on carrying amount and estimated fair values of financial instruments as of June 30, 2020, and December 31, 2019. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of Premier. Much of the information used to arrive at “fair value” is highly subjective and judgmental in nature and therefore the results may not be precise. Subjective factors include, among other things, estimated cash flows, risk characteristics and interest rates, all of which are subject to change. With the exception of investment securities, the Company’s financial instruments are not readily marketable and market prices do not exist. Since negotiated prices for the instruments, which are not readily marketable, depend greatly on the motivation of the buyer and seller, the amounts that will actually be realized or paid per settlement or maturity of these instruments could be significantly different. The carrying amount of cash and cash equivalents and notes payable, as a result of their short-term nature, is considered to be equal to fair value and are classified as Level 1. It was not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. The Company’s loans were valued on an individual basis, with consideration given to the loans ’ underlying characteristics, including account types, remaining terms (in months), annual interest rates or coupons, interest types, past delinquencies, timing of principal and interest payments, current market rates, loss exposures, and remaining balances. The model utilizes a discounted cash flow approach to estimate the fair value of the loans using assumptions for the coupon rates, remaining maturities, prepayment speeds, projected default probabilities, losses given defaults, and estimates of prevailing discount rates. The discounted cash flow approach models the credit losses directly in the projected cash flows. The model applies various assumptions regarding credit, interest, and prepayment risks for the loans based on loan types, payment types and fixed or variable classifications. T he estimated fair value of impaired loans is based on the fair value of the collateral, less estimated cost to sell, or the present value of the loan’s expected future cash flows (discounted at the loan’s effective interest rate). All impaired loans are classified as Level 3 within the valuation hierarchy. The fair value of accrued interest receivable is equal to the carrying amounts resulting in a Level 2 or Level 3 classification which is consistent with its underlying value. The fair value of non-interest bearing deposits are considered equal to the amount payable on demand at the reporting date (i.e. carrying value) and are classified as Level 1. The fair value of savings, checking and certain money market accounts are equal to their carrying amounts and are a Level 2 classification. Fair values of fixed rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. The fair values of securities sold under repurchase agreements are equal to their carrying amounts resulting in a Level 1 classification. The carrying value of subordinated debentures was considered to be the carrying value as the debt is floating rate and can be prepaid at any time without penalty. FHLB advances with maturities greater than 90 days are valued based on a discounted cash flow analysis, using interest rates currently being quoted for similar characteristics and maturities resulting in a Level 2 classification. The cost or value of any call or put options is based on the estimated cost to settle the option at June 30, 2020. Fair Value Measurements at June 30, 2020 (In Thousands) Carrying Value Total Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 192,681 $ 192,681 $ 192,681 $ — $ — Investment securities 567,527 567,527 — 567,527 — Federal Home Loan Bank Stock 45,955 N/A N/A N/A N/A Loans receivable, net 5,368,683 5,447,099 — — 5,447,099 Loans held for sale, carried at fair value 160,467 160,467 — 84,728 75,739 Financial Liabilities: Deposits $ 5,759,843 $ 5,775,526 $ 4,487,978 $ 1,287,548 $ — Advances from Federal Home Loan Bank and PPPLF 139,327 140,532 — 140,532 — Securities sold under repurchase agreements 6,948 6,933 — 6,933 — Subordinated debentures 36,083 36,083 — 36,083 — Fair Value Measurements at December 31, 2019 (In Thousands) Carrying Value Total Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 131,254 $ 131,254 $ 131,254 $ — $ — Investment securities 283,448 283,448 — 280,037 3,411 FHLB Stock 11,915 N/A N/A N/A N/A Loans, net, including loans held for sale 2,764,329 2,756,092 — 18,456 2,737,636 Financial Liabilities: Deposits $ 2,870,325 $ 2,871,166 $ 2,131,537 $ 739,629 $ — Advances from FHLB 85,063 85,003 — 85,003 — Securities sold under repurchase agreements 2,999 2,999 2,999 — — Subordinated debentures 36,083 36,083 — 36,083 — |
Stock Compensation Plans
Stock Compensation Plans | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation Plans | 4. Stock Compensation Plans Premier has established equity based compensation plans for its directors and employees. On February 27, 2018, the Board adopted, and the shareholders approved at the 2018 Annual Shareholders Meeting, the Premier Financial Corp. 2018 Equity Incentive Plan (the “2018 Equity Plan”). The 2018 Equity Plan replaced all existing plans, although the Company’s former equity plans remain in existence to the extent there were outstanding grants thereunder at the time the 2018 Equity Plan was approved. In addition, as a result of the Merger, Premier assumed certain outstanding stock options granted under UCFC’s Amended and Restated 2007 Long-Term Incentive Plan and UCFC’s 2015 Long Term Incentive Plan (the “UCFC 2015 Plan”). Premier also assumed the UCFC 2015 Plan with respect to the available shares under the UCFC 2015 Plan as of the effective date of the Merger, with appropriate adjustments to the number of shares available to reflect the Merger. The stock options assumed from UCFC in the Merger will become exercisable solely to purchase shares of Premier, with appropriate adjustments to the number of shares subject to the assumed stock options and the exercise price of such stock options. All awards currently outstanding under prior plans will remain in effect in accordance with their respective terms. Any new awards will be made under the 2018 Equity Plan. The 2018 Equity Plan allows for issuance of up to 900,000 common shares through the award of options, stock grants, restricted stock units (“RSU”), stock appreciation rights or other stock-based awards. As of June 30, 2020, 37,761 options to acquire Premier shares were outstanding at option prices based on the market value of the underlying shares on the date the options were granted. On the date of the Merger, 39,983 Premier options were exchanged for all of the outstanding stock options on the books of UCFC at the same conversion price and ratio applied to UCFC common shares at January 31, 2020. All of these options were fully vested at the time of acquisition. The Company has approved a Short-Term Incentive Plan (“STIP”) and a Long-Term Equity Incentive Plan (“LTIP”) for selected members of management. Under the 2019 and 2020 STIPs, the participants could earn between 10% to 45% of their salary for potential payout based on the achievement of certain corporate performance targets during the calendar year. The final amount of benefits under the STIPs is determined as of December 31 of the same year and paid out in cash in the first quarter of the following year. The participants are required to be employed on the day of payout in order to receive the payment. Under each LTIP, the participants could earn between 20% to 45% of their salary for potential payout in the form of equity awards based on the achievement of certain corporate performance targets over a three-year In the six months ended June 30, 2020, the Company also granted 13,349 shares of restricted stock to directors. These shares have a one-year Following is stock option activity under the plans during the six months ended June 30, 2020: Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in 000’s) Options outstanding, January 1, 2020 17,700 $ 17.60 Forfeited or cancelled — — Exercised (19,922 ) 7.10 Exchanged 39,983 16.00 Granted — — Options outstanding, June 30, 2020 37,761 $ 21.44 6.23 $ 23 Exercisable at June 30, 2020 35,861 $ 21.58 6.27 $ 23 All of the 39,983 Proceeds, related tax benefits realized from options exercised and intrinsic value of options exercised were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Proceeds of options exercised $ — $ 6 $ — $ 191 Related tax benefit recognized 40 — 40 4 Intrinsic value of options exercised 189 30 189 390 As of June 30, 2020, there was $7,000 of total unrecognized compensation cost related to unvested stock options granted under the Company’s equity plans. The cost is expected to be recognized over a weighted-average period of 0.52 years . At June 30, 2020, 147,795 RSUs and 52,392 restricted stock grants were unvested. Compensation expense related to RSUs and STIP is recognized over the performance period based on the achievements of targets as established under the plan documents. Total expense of $974,000 and $2.0 million was recorded during the three and six months ended June 30, 2020, compared to expense of $437,000 and $960,000 for the three and six months ended June 30, 2019. There was approximately $1.6 million and $1.2 million included within other liabilities at June 30, 2020 and December 31, 2019, respectively, related to the STIP. Restricted Stock Units Stock Grants Unvested Shares Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Unvested at January 1, 2020 158,470 $ 25.72 48,545 $ 27.49 Granted 101,666 29.09 13,349 25.75 Vested (86,050 ) 25.48 (9,502 ) 27.84 Forfeited (26,291 ) 25.58 — — Unvested at June 30, 2020 147,795 $ 28.20 52,392 $ 26.99 The maximum amount of compensation expense that may be recorded for the active LTIPs at June 30, 2020, is approximately $2.7 million of which $2.2 million is unrecognized at June 30, 2020, and will be recognized over the remaining performance periods. |
Dividends on Common Stock
Dividends on Common Stock | 6 Months Ended |
Jun. 30, 2020 | |
Dividends Common Stock [Abstract] | |
Dividends on Common Stock | 5 . Dividends on Common Premier declared and paid a $0.22 per common stock dividend in the second quarter of 2020 and declared and paid a $0.19 per common stock dividend in the second quarter of 2019. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 6 . Earnings Per Common Share Basic earnings per share are calculated using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated from common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings distributed and undistributed, are allocated to participating securities and common shares based on their respective rights to receive dividends. Unvested share-based payment awards that contain non-forfeitable rights to dividends are considered participating securities (i.e., unvested restricted stock), not subject to performance based measures. The following table sets forth the computation of basic and diluted earnings per common share: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In Thousands, except per share data) Basic Earnings Per Share: Net income available to common shareholders $ 29,057 $ 12,199 $ 6,575 $ 23,681 Less: income allocated to participating securities 44 1 10 2 Net income allocated to common shareholders 29,013 12,198 6,565 23,679 Weighted average common shares outstanding including participating securities 37,347 19,791 34,534 19,908 Less: Participating securities 57 11 50 11 Average common shares 37,290 19,780 34,484 19,897 Basic earnings per common share $ 0.78 $ 0.62 $ 0.19 $ 1.19 Diluted Earnings Per Share: Net income allocated to common shareholders $ 29,013 $ 12,198 $ 6,565 $ 23,679 Weighted average common shares outstanding for basic (loss) earnings per common share 37,290 19,780 34,484 19,897 Add: Dilutive effects of stock options 33 80 42 79 Average shares and dilutive potential common shares 37,323 19,860 34,526 19,976 Diluted earnings per common share $ 0.78 $ 0.61 $ 0.19 $ 1.19 T here were and 15,411 shares for the three and six month periods ending June 30, 2020, respectively, that were excluded from the diluted earnings per common share calculation as they were anti-dilutive. There were 6,171 shares for both the three and six month periods in 2019 that were excluded from the diluted earnings per common share calculation as they were anti-dilutive. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2020 | |
Marketable Securities [Abstract] | |
Investment Securities | 7 . Investment Securities The following is a summary of available-for-sale securities: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) At June 30, 2020 Available-for-Sale Securities: Obligations of U.S. government corporations and agencies $ 39,215 $ 1,604 $ — $ 40,819 Mortgage-backed securities 226,329 7,586 (27 ) 233,888 Collateralized mortgage obligations 121,043 3,635 — 124,678 Corporate bonds 25,326 194 (291 ) 25,229 Obligations of state and political subdivisions 136,869 6,139 (95 ) 142,913 Total Available-for-Sale $ 548,782 $ 19,158 $ (413 ) $ 567,527 As a result of the Merger, securities with a fair value of $262.8 million were acquired on January 31, 2020. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) At December 31, 2019 Available-for-sale Obligations of U.S. government corporations and agencies $ 2,518 $ 6 $ — $ 2,524 Mortgage-backed securities 88,380 1,380 (113 ) 89,647 Collateralized mortgage obligations 83,008 814 (85 ) 83,737 Corporate bonds 12,011 90 — 12,101 Obligations of state and political subdivisions 91,406 4,042 (9 ) 95,439 Total Available-for-Sale $ 277,323 $ 6,332 $ (207 ) $ 283,448 The amortized cost and fair value of the investment securities portfolio at June 30, 2020, are shown below by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMO”) which are not due at a single maturity date, have not been allocated over the maturity groupings. These securities may mature earlier than their weighted-average contractual maturities because of principal prepayments. Available-for-Sale Amortized Cost Fair Value (In Thousands) Due in one year or less $ 4,393 $ 4,421 Due after one year through five years 17,894 17,969 Due after five years through ten years 69,714 72,411 Due after ten years 109,409 114,160 MBS/CMO 347,372 358,566 $ 548,782 $ 567,527 Investment securities with a carrying amount of $218.5 million at June 30, 2020, were pledged as collateral on public deposits and securities sold under repurchase agreements. The following tables summarize Premier’s securities that were in an unrealized loss position at June 30, 2020, and December 31, 2019: Duration of Unrealized Loss Position Less than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Unrealized Losses (In Thousands) At June 30, 2020 Available-for-sale securities: Mortgage-backed securities — — 10,269 (27 ) 10,269 (27 ) Corporate bonds — — 7,985 (291 ) 7,985 (291 ) Obligations of state and political subdivisions — — 2,705 (95 ) 2,705 (95 ) Total temporarily impaired securities $ — $ — $ 20,959 $ (413 ) $ 20,959 $ (413 ) Duration of Unrealized Loss Position Less than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Unrealized Losses (In Thousands) At December 31, 2019 Available-for-sale securities: Mortgage-backed securities-residential $ 13,830 $ (42 ) $ 9,721 $ (71 ) $ 23,551 $ (113 ) Collateralized mortgage obligations 7,448 (29 ) 5,549 (56 ) 12,997 (85 ) Obligations of state and political subdivisions 1,413 (9 ) - - 1,413 (9 ) Total temporarily impaired securities $ 22,691 $ (80 ) $ 15,270 $ (127 ) $ 37,961 $ (207 ) The Company realized losses from the sale of investment securities totaling $2,000 in the three and six month period ending June 30, 2020. There were no sales of securities during the six months ended June 30, 2019. ASU 2016-13 makes targeted improvements to the accounting for credit losses on securities available for sale. The concept of other than-temporarily impaired has been replaced with the allowance for credit losses. Unlike securities held to maturity, securities available for sale are evaluated on an individual level and pooling of securities is not allowed. Quarterly, the Company evaluates if any security has a fair value less than its amortized cost. Once these securities are identified, in order to determine whether a decline in fair value resulted from a credit loss or other factors, the Company performs further analysis as outlined below: • Review the extent to which the fair value is less than the amortized cost and observe the security’s lowest credit rating as reported by third-party credit ratings companies. • Any securities that are downgraded by a third party ratings company above would be subjected to additional analysis that may include, but is not limited to: changes in market interest rates, changes in securities credit ratings, security type, service area economic factors, financial performance of the issuer/or obligor of the underlying issue and third-party guarantee. • If the Company determines that a credit loss exists, the credit portion of the allowance will be measured using a discounted cash flow (DCF) analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss the Company records will be limited to the amount by which the amortized cost exceeds the fair value. As of June 30, 2020, management had determined that no credit loss exists. Accrued interest on AFS debt securities totaled $2.3 million at June 30, 2020, and is excluded from the ACLS. Accrued interest on AFS debt securities is presented as a component of other assets on the Company’s balance sheet. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2020 | |
Loans And Leases Receivable Net Reported Amount [Abstract] | |
Loans | 8. Loans Loan segments have been identified by evaluating the portfolio based on collateral and credit risk characteristics. Loans receivable consist of the following: June 30, 2020 December 31, 2019 (In Thousands) Real Estate: Residential $ 1,226,106 $ 324,773 Commercial 2,266,189 1,506,026 Construction 509,548 305,305 4,001,843 2,136,104 Other Loans: Commercial 1,244,549 578,071 Home equity and improvement 290,459 122,864 Consumer finance 146,138 37,649 1,681,146 738,584 Loans before deferred loan origination fees and costs 5,682,989 2,874,688 Deduct: Undisbursed construction loan funds (221,136 ) (126,108 ) Net deferred loan origination fees and costs (4,615 ) (2,259 ) Allowance for credit losses (88,555 ) (31,243 ) Total loans $ 5,368,683 $ 2,715,078 The following table discloses allowance for credit loss activity for the quarters ended June 30, 2020 and 2019 by portfolio segment (In Thousands): Quarter Ended June 30, 2020 Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Beginning Allowance $ 23,324 $ 42,515 $ 884 $ 11,901 $ 3,954 $ 3,281 $ 85,859 Charge-Offs (73 ) (49 ) (1 ) (37 ) (56 ) (79 ) (295 ) Recoveries 114 190 — 667 94 58 1,123 Provisions (1) 418 1,401 254 (692 ) 224 263 1,868 Ending Allowance $ 23,783 $ 44,057 $ 1,137 $ 11,839 $ 4,216 $ 3,523 $ 88,555 (1) Allowance/provision are not comparable to prior periods due to the adoption of CECL. Quarter Ended June 30, 2019 Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Beginning Allowance $ 5,879 $ 12,001 $ 731 $ 7,276 $ 1,928 $ 349 $ 28,164 Charge-Offs (11 ) (15 ) — (13 ) (64 ) (33 ) (136 ) Recoveries 180 269 — 94 60 21 624 Provisions (153 ) (106 ) 156 531 (161 ) 15 282 Ending Allowance $ 5,895 $ 12,149 $ 887 $ 7,888 $ 1,763 $ 352 $ 28,934 The following table discloses allowance for credit loss activity for the six months ended June 30, 2020 and 2019 by portfolio segment (In Thousands): Year-to-date Period Ended June 30, 2020 1-4 Family Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Beginning Allowance $ 2,867 $ 16,302 $ 996 $ 9,003 $ 1,700 $ 375 $ 31,243 Impact of ASC 326 Adoption 1,765 3,682 (223 ) (2,263 ) (521 ) (86 ) 2,354 Acquisition related allowance for credit loss (PCD) 1,077 4,053 — 2,272 248 48 7,698 Charge-Offs (257 ) (65 ) (1 ) (133 ) (86 ) (187 ) (729 ) Recoveries 215 529 — 1,336 136 118 2,334 Provisions (1)(2) 18,116 19,556 365 1,624 2,739 3,255 45,655 Ending Allowance $ 23,783 $ 44,057 $ 1,137 $ 11,839 $ 4,216 $ 3,523 $ 88,555 (1) Allowance/provision are not comparable to prior periods due to the adoption of CECL. (2) Provision for the six months ended June, 30, 2020, includes $25.9 million as a result of the Merger with UCFC in the first quarter Year-to-date Period Ended June 30, 2019 1-4 Family Residential Real Estate Multi- Family Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Beginning Allowance $ 2,881 $ 3,101 $ 12,041 $ 682 $ 7,281 $ 2,026 $ 319 $ 28,331 Charge-Offs (183 ) — (15 ) — (200 ) (97 ) (175 ) (670 ) Recoveries 170 36 353 — 106 84 30 779 Provisions (75 ) (35 ) (230 ) 205 701 (250 ) 178 494 Ending Allowance $ 2,793 $ 3,102 $ 12,149 $ 887 $ 7,888 $ 1,763 $ 352 $ 28,934 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2019 (in thousands): As of December 31, 2019 Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Allowance for credit loss attributable to: Individually evaluated for impairment $ 115 $ 85 $ — $ 174 $ 48 $ — $ 422 Collectively evaluated for impairment 2,752 16,217 996 8,829 1,652 375 30,821 Acquired with deteriorated credit quality — — — — — — — Total Allowance $ 2,867 $ 16,302 $ 996 $ 9,003 $ 1,700 $ 375 $ 31,243 Loans: Individually evaluated for impairment $ 7,049 $ 21,132 $ — $ 6,655 $ 759 $ 28 $ 35,623 Collectively evaluated for impairment 318,106 1,490,306 206,721 573,244 122,963 37,808 2,749,148 Acquired with deteriorated credit quality 989 921 — 12 — — 1,922 Total loans $ 326,144 $ 1,512,359 $ 206,721 $ 579,911 $ 123,722 $ 37,836 $ 2,786,693 The following table presents the average balance, interest income recognized and cash basis income recognized on impaired loans by class of loans for the three and six months ended June 31, 2019 (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Average Balance Interest Income Recognized Cash Basis Income Recognized Average Balance Interest Income Recognized Cash Basis Income Recognized Residential Owner Occupied $ 5,212 $ 46 $ 44 $ 4,882 $ 110 $ 104 Residential Non Owner Occupied 2,040 26 26 2,060 56 56 Total Residential Real Estate 7,252 72 70 6,942 166 160 CRE Owner Occupied 7,514 57 45 7,439 223 177 CRE Non Owner Occupied 1,942 18 18 1,966 51 44 Multi-Family Real Estate 305 7 7 819 27 27 Agriculture Land 13,734 170 94 13,319 376 291 Other CRE 796 19 17 975 53 50 Total Commercial Real Estate 24,291 271 181 24,518 730 589 Construction — — — — — — Commercial Working Capital 7,594 83 71 7,842 226 162 Agriculture Production — — — — — — Commercial Other 1,549 21 21 1,709 48 45 Total Commercial 9,143 104 92 9,551 274 207 Home Equity and Improvement 889 6 5 905 20 18 Consumer Finance 25 — — 30 1 1 Total Impaired Loans $ 41,600 $ 453 $ 348 $ 41,946 $ 1,191 $ 975 The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of June 30, 2020 (in thousands): June 30, 2020 Real Estate Equipment and Machinery Inventory and Receivables Vehicles Total Real Estate: Residential $ 1,395 $ — $ — $ — $ 1,395 Commercial 14,292 — — — 14,292 Construction — — — — — Other Loans: Commercial 438 1,881 1,069 275 3,663 Home equity and improvement — — — — — Consumer finance — — — — Total $ 16,125 $ 1,881 $ 1,069 $ 275 $ 19,350 The following table presents loans individually evaluated for impairment by class of loans (in thousands): December 31, 2019 Unpaid Principal Balance* Recorded Investment Allowance for Credit Loss Allocated With no allowance recorded: Residential Owner Occupied $ 86 $ 86 $ — Residential Non Owner Occupied 962 967 — Total Residential Real Estate 1,048 1,053 — CRE Owner Occupied 5,098 4,814 — CRE Non Owner Occupied 1,815 1,006 — Multi-Family Real Estate 128 130 — Agriculture Land 12,734 12,792 — Other CRE — — — Total Commercial Real Estate 19,775 18,742 — Construction — — — Commercial Working Capital 5,417 5,435 — Agriculture Production — — — Commercial Other 469 471 — Total Commercial 5,886 5,906 — Home Equity and Improvement 151 151 — Consumer Finance — — — Total loans with no allowance recorded $ 26,860 $ 25,852 $ — With an allowance recorded: Residential Owner Occupied $ 5,137 $ 4,977 $ 104 Residential Non Owner Occupied 1,014 1,019 11 Total Residential Real Estate 6,151 5,996 115 CRE Owner Occupied 2,085 1,623 60 CRE Non Owner Occupied 317 319 13 Multi-Family Real Estate — — — Agriculture Land 262 268 3 Other CRE 401 180 9 Total Commercial Real Estate 3,065 2,390 85 Construction — — — Commercial Working Capital 682 450 150 Agriculture Production — — — Commercial Other 318 299 24 Total Commercial 1,000 749 174 Home Equity and Improvement 654 608 48 Consumer Finance 28 28 — Total loans with an allowance recorded $ 10,898 $ 9,771 $ 422 *Presented gross of charge-offs Non-performing loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. All loans greater than 90 days past due are placed on non-accrual status. Effective January 1, 2020 with the adoption of ASC Topic 326, the Company began including non-accrual purchase credit deteriorated (PCD) loans in its non-performing loans. As such, the non-performing loans as of June 30, 2020 include PCD loans accounted for pursuant to ASC Topic 326 as these loans are individually evaluated. The non-performing loans do not include PCD (formerly purchase credit impaired (PCI)) loans as of December 31, 2019, as the PCD loans prior to adopting ASC Topic 326 were evaluated on a pool basis. The following table presents the current balance of the aggregate amounts of non-performing assets, comprised of non-performing loans and real estate owned as of the dates indicated: June 30, 2020 December 31, 2019 (In Thousands) Non-accrual loans $ 39,470 $ 13,437 Loans over 90 days past due and still accruing — — Total non-performing loans 39,470 13,437 Real estate and other assets held for sale 573 100 Total non-performing assets $ 40,043 $ 13,537 Troubled debt restructuring, still accruing $ 7,916 $ 8,486 The following table presents the aging of the amortized cost in past due and non- accrual loans as of June 30, 2020, by class of loans (In Thousands): Current 30 - 59 days 60 - 89 days 90 + days Total Past Due Total Non- Accrual Real Estate: Residential 1,204,467 1,542 2,481 — 4,023 4,000 Commercial 2,226,094 — 1,040 — 1,040 4,468 Construction 287,239 — — — — — Other Loans: Commercial 1,222,377 533 146 — 679 524 Home equity and improvement 282,287 1,273 420 — 1,693 943 Consumer finance 135,538 808 53 — 861 366 PCD 48,765 1,952 753 — 2,705 29,169 Total Loans $ 5,406,767 $ 6,108 $ 4,893 $ — $ 11,001 $ 39,470 The following table presents the aging of the recorded investment in past due and non-accrual loans as of December 31, 2019 , by class of loans (In Thousands): Current 30 - 59 days 60 - 89 days 90 + days Total Past Due Total Non Accrual Real Estate: Residential 323,600 1,328 570 646 2,544 2,411 Commercial 1,509,132 339 172 2,716 3,227 7,609 Construction 206,721 — — — — — Other Loans: Commercial 576,988 273 206 2,444 2,923 2,961 Home equity and improvement 122,487 956 240 39 1,235 449 Consumer finance 37,622 143 64 7 214 7 Total Loans $ 2,776,550 $ 3,039 $ 1,252 $ 5,852 $ 10,143 $ 13,437 Troubled Debt Restructurings As of June 30, 2020, and December 31, 2019, the Company had a recorded investment in troubled debt restructurings (“TDRs”) of $18.8 million and $15.1 million, respectively. The Company allocated $355,000 and $388,000 of specific reserves to those loans at June 30, 2020, and December 31, 2019, respectively, and had committed to lend additional amounts totaling up to $235,000 and $226,000 at June 30, 2020, and December 31, 2019, respectively. The Company has responded to the pandemic in numerous ways, including by actively participating in the Paycheck Protection Program (“PPP”) and distributing $434 million to small businesses in our markets. Additionally, the Company is working with borrowers impacted by the COVID-19 pandemic and providing modifications to include either interest only deferral or principal and interest deferral. These modifications range from two to six months. Through June 30, 2020, the Company had approximately 1,354 deferrals totaling $813 million. A majority of these modifications are excluded from TDR classification under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators. A breakout of deferrals by loan category is as follows (in thousands): Balance deferred Residential real estate 65,754 Commercial real estate 561,699 Construction 46,010 Commercial 131,923 Home equity and improvement 2,456 Consumer finance 5,056 Total 812,898 The following table is a breakout of commercial deferrals which represent $740 million of the total $813 million deferred (in thousands):. Commercial deferral expirations Balance July $ 100,769 August 187,225 September 130,295 October 241,539 November 70,477 December 9,327 Total 739,632 The Company offers various types of concessions when modifying a loan, however, forgiveness of principal is rarely granted. Each TDR is uniquely designed to meet the specific needs of the borrower. Commercial and industrial loans modified in a TDR often involve temporary interest-only payments, term extensions and converting revolving credit lines to term loans. Additional collateral or an additional guarantor is often requested when granting a concession. Commercial mortgage loans modified in a TDR often involve temporary interest-only payments, re-amortization of remaining debt in order to lower payments and sometimes reducing the interest rate lower than the current market rate. Residential mortgage loans modified in a TDR are comprised of loans where monthly payments are lowered, either through interest rate reductions or principal only payments for a period of time, to accommodate the borrowers’ financial needs, interest is capitalized into principal, or the term and amortization are extended. Home equity modifications are made infrequently and usually involve providing an interest rate that is lower than the borrower would be able to obtain due to credit issues. All retail loans where the borrower is in bankruptcy are classified as TDRs regardless of whether or not a concession is made. Of the loans modified in a TDR as of June 30, 2020, $7.9 million were on non-accrual status and partial charge-offs have in some cases been taken against the outstanding balance. Loans modified as a TDR may have the financial effect of increasing the allowance associated with the loan. If the loan is determined to be collateral dependent, the estimated fair value of the collateral, less any selling costs is used to determine if there is a need for a specific allowance or charge-off. If the loan is determined to be cash flow dependent, the allowance is measured based on the present value of expected future cash flows discounted at the loan’s pre-modification effective interest rate. The following tables present loans by class modified as TDRs that occurred during the three and six month periods ending June 30, 2020, and June 30, 2019: Loans Modified as a TDR for the Three Months Ended June 30, 2020 ($ in thousands) Loans Modified as a TDR for the Six Months Ended June 30, 2020 ($ in thousands) Troubled Debt Restructurings Number of Loans Recorded Investment (as of period end) Number of Loans Recorded Investment (as of period end) Real Estate: Residential 3 $ 231 5 $ 609 Commercial 3 6,783 4 6,876 Construction — — — — Other Loans: Commercial — — 5 156 Home equity and improvement — — 1 26 Consumer finance — — — — Total 6 $ 7,014 15 $ 7,667 The loans described above increased the allowance for credit losses (“ACL”) by $3,000 and $32,000 Loans Modified as a TDR for the Three Months Ended June 30, 2019 ($ in thousands) Loans Modified as a TDR for the Six Months Ended June 30, 2019 ($ in thousands) Troubled Debt Restructurings Number of Loans Recorded Investment (as of period end) Number of Loans Recorded Investment (as of period end) Real Estate: Residential 4 $ 434 7 $ 907 Commercial — — — — Construction 1 46 1 46 Other Loans: Commercial — — 1 13 Home equity and improvement 1 26 2 26 Consumer finance 1 1 2 1 Total 7 $ 507 13 $ 993 The loans described above increased the ACL by $27,000 and $21,000 in the three and six month periods ending June 30, 2019. The following tables present loans by class modified as TDRs for which there was a payment default within twelve months following the modification during the three and six month periods ended June 30, 2020, and June 30, 2019: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 ($ in thousands) ($ in thousands) Troubled Debt Restructurings That Subsequently Defaulted Number of Loans Recorded Investment (as of period end) Number of Loans Recorded Investment (as of period end) Real Estate: Residential 3 $ 168 6 $ 436 Commercial 1 22 2 194 Construction — — — — Other Loans: Commercial 1 118 2 250 Home equity and improvement 2 180 3 326 Consumer finance 1 21 1 21 Total 8 $ 509 14 $ 1,227 The TDRs that subsequently defaulted described above increased the ACL by $30,000 and $45,000 for the three month and six month period ended June 30, 2020. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed on the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 ($ in thousands) ($ in thousands) Troubled Debt Restructurings That Subsequently Defaulted Number of Loans Recorded Investment (as of period end) Number of Loans Recorded Investment (as of period end) Real Estate: Residential 2 $ 113 3 $ 189 Commercial — — 3 2,311 Construction — — — — Other Loans: Commercial — — — — Home equity and improvement — — 1 61 Consumer finance — — — — Total 2 $ 113 7 $ 2,561 The TDRs that subsequently defaulted described above increased the ACL by $5,000 and $4,000 for the three and six month periods ended June 30, 2019. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed on the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. Credit Quality Indicators Loans are categorized into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are analyzed individually by classifying the loans as to credit risk. This analysis includes all non-homogeneous loans, such as commercial and commercial real estate loans and certain homogenous mortgage, home equity and consumer loans. This analysis is performed on a quarterly basis. Premier uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Not Graded. Loans classified as not graded are generally smaller balance residential real estate, home equity and consumer installment loans which are originated primarily by using an automated underwriting system. These loans are monitored based on their delinquency status and are evaluated individually only if they are seriously delinquent. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of June 30, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (In Thousands): Class Unclassified Special Mention Substandard Doubtful Total classified Total Real Estate: Residential 1,206,062 304 6,124 — 6,124 1,212,490 Commercial 2,191,433 21,436 18,733 — 18,733 2,231,602 Construction 287,174 65 — — — 287,239 Other Loans: Commercial 1,193,020 23,979 6,581 — 6,581 1,223,580 Home equity and improvement 284,188 — 735 — 735 284,923 Consumer finance 136,449 — 316 — 316 136,765 PCD 21,817 13,985 44,837 — 44,837 80,639 Total Loans $ 5,320,143 $ 59,769 $ 77,326 $ — $ 77,326 $ 5,457,238 As of December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (In Thousands): Class Unclassified Special Mention Substandard Doubtful Total classified Total Real Estate: Residential 322,250 415 3,479 — 3,479 326,144 Commercial 1,462,065 27,197 23,097 — 23,097 1,512,359 Construction 205,076 1,645 — — — 206,721 Other Loans: Commercial 548,012 24,162 7,737 — 7,737 579,911 Home equity and improvement 123,407 — 315 — 315 123,722 Consumer finance 37,816 — 20 — 20 37,836 Total Loans $ 2,698,626 $ 53,419 $ 34,648 $ — $ 34,648 $ 2,786,693 The table below presents the amortized cost basis of loans by credit quality indicator and class of loans based on the most recent analysis performed ($ in thousands): Term of loans by origination 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of June 30, 2020 Real Estate Residential: Risk Rating Pass $ 83,735 $ 184,881 $ 180,901 $ 171,796 $ 173,300 $ 408,215 $ 3,234 $ 1,206,062 Special Mention — 40 56 — 121 87 — 304 Substandard — 195 622 311 224 4,763 9 6,124 Doubtful — — — — — — — — Total $ 83,735 $ 185,116 $ 181,579 $ 172,107 $ 173,645 $ 413,065 $ 3,243 $ 1,212,490 Commercial: Risk Rating Pass $ 266,383 $ 442,274 $ 360,246 $ 375,059 $ 229,020 $ 505,233 $ 13,218 $ 2,191,433 Special Mention — 5,330 997 2,325 30 12,032 722 21,436 Substandard — 284 1,605 1,231 1,283 11,655 2,675 18,733 Doubtful — — — — — — — — Total $ 266,383 $ 447,888 $ 362,848 $ 378,615 $ 230,333 $ 528,920 $ 16,615 $ 2,231,602 Construction: Risk Rating Pass $ 15,730 $ 134,260 $ 87,891 $ 39,552 $ 9,736 $ 5 $ - $ 287,174 Special Mention 65 — — — — — — 65 Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 15,795 $ 134,260 $ 87,891 $ 39,552 $ 9,736 $ 5 $ - $ 287,239 Other Loans Commercial: Risk Rating Pass $ 518,471 $ 181,028 $ 95,494 $ 56,402 $ 29,621 $ 37,348 $ 274,656 $ 1,193,020 Special Mention 25 713 2,413 2,355 48 4,182 14,243 23,979 Substandard 226 81 610 204 280 197 4,983 6,581 Doubtful — — — — — — — — Total $ 518,722 $ 181,822 $ 98,517 $ 58,961 $ 29,949 $ 41,727 $ 293,882 $ 1,223,580 Home equity and Improvement: Risk Rating Pass $ 3,573 $ 9,532 $ 5,512 $ 9,502 $ 9,052 $ 34,250 $ 212,767 $ 284,188 Special Mention — — — — — — — — Substandard — — 12 — — 291 432 735 Doubtful — — — — — — — — Total $ 3,573 $ 9,532 $ 5,524 $ 9,502 $ 9,052 $ 34,541 $ 213,199 $ 284,923 Consumer Finance: Risk Rating Pass $ 28,102 $ 48,520 $ 26,920 $ 14,943 $ 7,131 $ 4,578 $ 6,255 $ 136,449 Special Mention — — — — — — — — Substandard — 224 55 12 25 — — 316 Doubtful — — — — — — — — Total $ 28,102 $ 48,744 $ 26,975 $ 14,955 $ 7,156 $ 4,578 $ 6,255 $ 136,765 PCD: Risk Rating Pass $ - $ 259 $ 984 $ 2,482 $ 1,077 $ 16,207 $ 808 $ 21,817 Special Mention — — 2,162 4,225 1,389 4,123 2,086 13,985 Substandard — 65 66 18,114 1,704 10,716 14,172 44,837 Doubtful — — — — — — — — Total $ - $ 324 $ 3,212 $ 24,821 $ 4,170 $ 31,046 $ 17,066 $ 80,639 Allowance for Credit Losses (ACL) The Company has adopted ASU 2016-13 (Topic 326 – Credit Losses) to calculate the ACL, which requires a projection of credit loss over the contract lifetime of the credit adjusted for prepayment tendencies. This valuation account is deducted from the loans amortized cost basis to present the net amount expected to be collected on the loan. The ACL is adjusted through the provision for credit losses and reduced by net charge offs of loans. The credit loss estimation process involves procedures that consider the unique characteristics of the Company’s portfolio segments. These segments are further disaggregated into the loan pools for monitoring. When computing allowance levels, a model of risk characteristics, such as loss history and delinquency status, along with current conditions and a supportable forecast is used to determine credit loss assumptions. The Company is generally utilizing two methodologies to analyze loan pools, discounted cash flows (“DCF”) and probability of default/loss given default (“PD/LGD”). A default can be triggered by one of several different asset quality factors including past due status, non-accrual status or if the loan has had a charge-off. The PD/LGD utilizes charge off data from the Federal Financial Institutions Examination Council to construct a default rate. The Company estimates losses over an approximate one-year forecast period using Moody’s baseline economic forecasts, and then reverts to longer term historical loss experience over a three-year period. This default rate is further segmented based on the risk of the credit assigning a higher default rate to riskier credits. The DCF methodology was selected as the most appropriate for loan segments with longer average lives and regular payment structures. The DCF model has two key components, the loss driver analysis combined with a cash flow analysis. The contractual cash flow is adjusted for PD/LGD and prepayment speed to establish a reserve level. The prepayment studies are updated quarterly by a third-party for each applicable pool. The remaining life method was selected for the consumer loan segment since the pool contains loans with many different structures and payment streams and collateral. The weighted average remaining life uses an average annual charge-off rate applied to the contractual term, further adjusted for estimated prepayments to determine the unadjusted historical charge-off rate for the remaining balance of assets. Portfolio Segments Loan Pool Methodology Loss Drivers Residential real estate 1-4 Family nonowner occupied DCF National unemployment 1-4 Family owner occupied DCF National unemployment Commercial real estate Commercial real estate nonowner occupied DCF National unemployment Commercial real estate owner occupied DCF National unemployment Multi Family DCF National unemployment Agriculture Land DCF National unemployment Other commercial real estate DCF National unemployment Construction secured by real estate Construction PD/LGD Call report loss history Commercial Commercial working capital PD/LGD Call report loss history Agriculture production PD/LGD Call report loss history Other commercial PD/LGD Call report loss history Home equity and improvement Home equity and improvement PD/LGD Call report loss history Consumer finance Consumer finance Remaining life Call report loss history According to the accounting standard an entity may make an accounting policy election not to measure an allowance for credit losses for accrued interest receivable if the entity writes off the applicable accrued interest receivable balance in a timely manner. The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables for all loan segments. Current policy dictates that a loan will be placed on nonaccrual status, with the current accrued interest receivable balance being written off, upon the loan being 90 days delinquent or when the loan is deemed to be collateral dependent and the collateral analysis shows less than 1.2 times discounted collateral coverage based on a current assessment of the value of the collateral. In addition to the ASC Topic 326 requires the Company to establish a liability for anticipated credit losses for unfunded commitments. To accomplish this, the company must first establishes a loss expectation for extended (funded) commitments. This loss expectation, expressed as a ratio to the amortized cost basis, is then applied to the portion of unfunded commitments not considered unilaterally cancelable, and considered by the company’s management as likely to fund over the life of the instrument. At June 30, 2020, the Company had $1.4 billion in unfunded commitments and set aside $6.8 million in anticipated credit losses. This reserve is recorded in other liabilities as opposed to the ACL. The determination of ACL is complex and the Company makes decisions on the effects of matters that are inherently uncertain. Evaluations of the loan portfolio and individual credits require certain estimates, assumptions and judgements as to the facts and circumstances related to particular situations or credits. There may be significant changes in the ACL in future periods determined by prevailing factors at that point in time along with future forecasts. Purchased Loans As a result of the Merger, the Company acquired $2.3 billion in loans. Par value of purchased loans follows (in thousands): 2020 Par value of acquired loans at acquisition $ 2,314,588 Credit discount 34,610 Non-credit discount/(premium) at acquisition (8,497 ) Purchase price of loans at acquisition $ 2,340,701 Under ASU Topic 326, when loans are purchased with evidence of more than insignificant deterioration of credit, they are accounted for as purchase credit deteriorated (“PCD”). PCD loans acquired in a transaction are marked to fair value and a mark on yield is recorded. In addition, an adjustment is made to the ACL for the expected loss on the acquisition date. These loans are assessed on a regular basis and subsequent adjustments to the ACL are recorded on the income statement. On January 31, 2020, the Company acquired PCD loans with a fair value of $79.1 million, credit discount $7.7 million and a noncredit discount of $4.1 million . Loan Balance ACL Balance (In Thousands) Real Estate: Residential $ 16,679 $ 1,247 Commercial 34,175 3,955 Construction 953 8 51,807 5,210 Other Loans: Commercial 22,234 1,781 Home equity and improvement 5,587 250 Consumer finance 1,011 56 28,832 2,087 Total $ 80,639 $ 7,297 At June 30, 2020 the Company had $2.0 million in loans that had previously been accounted for as purchase credit impaired. Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $6.7 million as of June 30, 2020, and $981,000 as of December 31, 2019. The increase is primarily a result of the Merger. |
Mortgage Banking
Mortgage Banking | 6 Months Ended |
Jun. 30, 2020 | |
Mortgage Banking [Abstract] | |
Mortgage Banking | 9 . Mortgage Banking Net revenues from servicing Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In Thousands) Gain from sale of mortgage loans $ 11,530 $ 1,775 $ 16,432 $ 3,076 Mortgage loans servicing revenue (expense): Mortgage loans servicing revenue 1,888 943 3,482 1,882 Amortization of mortgage servicing rights (2,181 ) (391 ) (3,344 ) (677 ) Mortgage servicing rights valuation adjustments (1,369 ) (190 ) (5,854 ) (303 ) (1,662 ) 362 (5,716 ) 902 Net revenue from sale and servicing of mortgage loans $ 9,868 $ 2,137 $ 10,716 $ 3,978 The unpaid principal balance of residential mortgage loans serviced for third parties was $3.0 billion at June 30, 2020, and $1.46 billion at December 31, 2019. Activity for capitalized mortgage servicing rights and the related valuation allowance follows for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In Thousands) Mortgage servicing assets: Balance at beginning of period $ 20,761 $ 10,411 $ 10,801 $ 10,419 Loans sold, servicing retained 2,454 438 3,830 716 Mortgage servicing rights acquired — — 9,747 — Amortization (2,181 ) (391 ) (3,344 ) (677 ) Carrying value before valuation allowance at end of period 21,034 10,458 21,034 10,458 Valuation allowance: Balance at beginning of period (5,019 ) (413 ) (534 ) (300 ) Impairment recovery (charges) (1,369 ) (190 ) (5,854 ) (303 ) Balance at end of period (6,388 ) (603 ) (6,388 ) (603 ) Net carrying value of MSRs at end of period $ 14,646 $ 9,855 $ 14,646 $ 9,855 Fair value of MSRs at end of period $ 14,646 $ 9,925 $ 14,646 $ 9,925 Amortization of mortgage servicing rights is computed based on payments and payoffs of the related mortgage loans serviced. Estimates of future amortization expense are not easily estimable. The Company has established an accrual for secondary market buy-back activity. A liability of $43,000 was accrued at both June 30, 2020, and December 31, 2019, respectively. There was no expense or credit recognized related to the accrual in the three and six months ended June 30, 2020 or 2019. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 10. Leases Due to the Merger with UCFC, on January 31, 2020, the Company performed a valuation on UCFC’s leases to determine an initial right of use asset (ROU asset) and lease liability. The Company recorded an initial ROU asset of $5.0 million and a lease liability of $5.1 million for these leases. The Company’s lease agreements have maturity dates ranging from December 2020 to September 2044, some of which include options for multiple five and ten year extensions. The weighted average remaining life of the lease term for these leases was 15.11 years as of June 30, 2020 and 17.07 years as of December 31, 2019. The weighted average discount rate for leases was 2.57% as of June 30, 2020 and 3.17% as of December 31, 2019. The total operating lease costs were $592,000 and $1.1 million for the three and six months ended June 30, 2020, and $233,000 and $475,000 for the three and six months ended June 30, 2019, respectively. The right-of-use asset, included in other assets, was $18.2 million and $8.9 million at June 30, 2020 and December 31, 2019, respectively. The lease liabilities, included in other liabilities, were $18.8 million and $9.5 million as of June 30, 2020 and December 31, 2019, respectively. Undiscounted cash flows included in lease liabilities have expected contractual payments as follows: (in thousands) June 30, 2020 2020 $ 1,274 2021 2,298 2022 1,944 2023 1,539 2024 1,311 Thereafter 14,911 Total undiscounted minimum lease payments $ 23,277 Present value adjustment (4,471 ) Total lease liabilities $ 18,806 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Deposits | 1 1 . Deposits A summary of deposit June 30, 2020 December 31, 2019 (In Thousands) Non-interest-bearing checking accounts $ 1,454,842 $ 630,359 Interest-bearing checking and money market accounts 2,361,486 1,198,012 Savings deposits 671,650 303,166 Retail certificates of deposit less than $250,000 1,078,758 631,253 Retail certificates of deposit greater than $250,000 193,107 107,535 $ 5,759,843 $ 2,870,325 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Subordinated Borrowings [Abstract] | |
Borrowings | 1 2 . Borrowings Premier’s FHLB advances, Paycheck Protection Program Lending Facility (PPPLF) advances and junior subordinated debentures owed to unconsolidated subsidiary trusts are comprised of the following: June 30, 2020 December 31, 2019 (In Thousands) FHLB Advances: Single maturity fixed rate advances $ 35,000 $ 83,999 Amortizable mortgage advances — 1,085 Overnight advances 100,000 — Fair value adjustment on acquired balances — (21 ) Total $ 135,000 $ 85,063 PPPLF advances $ 4,327 $ — Junior subordinated debentures owed to unconsolidated subsidiary trusts $ 36,083 $ 36,083 The FHLB advances outstanding at June 30, 2020, have maturities of $100.0 million in 2020, $5.0 million in 2021 and $10.0 million maturing in each of 2022, 2023 and 2024. The PPPLF advances are term funding provided by the Federal Reserve for depository institutions that can be accessed by depository institutions that originate loans to small businesses under the Paycheck Protection Program which the Company is a participant in. The $4.3 million advance balance at June 30, 2020 matures in 2022 and carries an interest rate of 0.35%. In March 2007, the Company sponsored an affiliated trust, Premier Statutory Trust II (“Trust Affiliate II”) that issued $15 million of Guaranteed Capital Trust Securities (“Trust Preferred Securities”). In connection with this transaction, the Company issued $15.5 million of Junior Subordinated Deferrable Interest Debentures (Subordinated Debentures) to Trust Affiliate II. The Company formed Trust Affiliate II for the purpose of issuing Trust Preferred Securities to third-party investors and investing the proceeds from the sale of these capital securities solely in Subordinated Debentures of the Company. The Subordinated Debentures held by Trust Affiliate II are the sole assets of that trust. The Company is not considered the primary beneficiary of Trust Affiliate II (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability. The Trust Preferred Securities issued by Trust Affiliate II are subject to mandatory redemption, in whole or part, upon repayment of the Subordinated Debentures. The Company has entered into an agreement that fully and unconditionally guarantees the Trust Preferred Securities subject to the terms of the guarantee. The Trust Preferred Securities and Subordinated Debentures mature on June 15, 2037, but can be redeemed at the Company’s option at any time now. The Company also sponsored an affiliated trust, Premier Statutory Trust I (“Trust Affiliate I”), that issued $20 million of Trust Preferred Securities in 2005. In connection with this transaction, the Company issued $20.6 million of Subordinated Debentures to Trust Affiliate I. Trust Affiliate I was formed for the purpose of issuing Trust Preferred Securities to third-party investors and investing the proceeds from the sale of these capital securities solely in Subordinated Debentures of the Company. The Junior Debentures held by Trust Affiliate I are the sole assets of the trust. The Company is not considered the primary beneficiary of Trust Affiliate I (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability. The Trust Preferred Securities issued by Trust Affiliate I are subject to mandatory redemption, in whole or in part, upon repayment of the Subordinated Debentures. The Company has entered into an agreement that fully and unconditionally guarantees the Trust Preferred Securities subject to the terms of the guarantee. The Trust Preferred Securities and Subordinated Debentures mature on December 15, 2035, but can be redeemed at the Company’s option at any time now. The subordinated debentures may be included in Tier 1 capital (with certain limitations applicable) under current regulatory guidelines and interpretations. Interest on both issues of Trust Preferred Securities may be deferred for a period of up to five years at the option of the issuer. Repurchase Agreements . We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agent. The balance of repurchase agreements was $6.9 million and $3.0 million at June 30, 2020 and December 31, 2019, respectively. All of the repurchase agreements were overnight and continuous as of June 30, 2020 and December 31, 2019. The repurchase agreements were collateralized by investment securities having a market value of $34.0 million and $5.8 million at June 30, 2020 and December 31, 2019, respectively. |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Guarantees and Contingent Liabilities | 1 3 . Commitments, Guarantees and Contingent Liabilities Loan commitments are made to accommodate the financial needs of Premier’s customers commitments that result in market risk. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. They primarily are issued to facilitate customers’ trade transactions. Both arrangements have credit risk, essentially the same as that involved in extending loans to customers, and are subject to the Company’s normal credit policies. Collateral (e.g., securities, receivables, inventory and equipment) is obtained based on management’s credit assessment of the customer. The Company’s maximum obligation to extend credit for loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding as of the periods stated below were as follows (In Thousands): June 30, 2020 December 31, 2019 Commitments to make loans $ 391,586 $ 178,811 Unused lines of credit 1,155,367 433,109 Standby letters of credit 16,873 14,215 Total $ 1,563,826 $ 626,135 Commitments to make loans are generally made for periods of 60 days or less. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 4 . Income Taxes The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in the state of Indiana. The Company is no longer subject to examination by taxing authorities for years before 2015. The Company currently operates primarily in the states of Ohio, Michigan, Pennsylvania and West Virginia which tax financial institutions based on their equity rather than their income. For further information on taxes refer to the discussion on CECL in Note 8. Loans Note 18. Business Combinations |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 1 5 . Derivative Financial Instruments At June 30, 2020, the Company had approximately $210.2 million of interest rate lock commitments and $299.0 million of forward sales of mortgage backed securities. These commitments are considered derivatives. The Company had $17.0 million of interest rate lock commitments and $34.4 million of forward commitments at December 31, 2019. The fair value of these mortgage banking derivatives are reflected by a derivative asset recorded in other assets and a derivative liability recorded in other liabilities in the Consolidated Statements of Financial Condition. The table below provides data about the carrying values of these derivative instruments: June 30, 2020 December 31, 2019 Assets (Liabilities) Assets (Liabilities) Derivative Derivative Carrying Carrying Net Carrying Carrying Carrying Net Carrying Value Value Value Value Value Value (In Thousands) Derivatives not designated as hedging instruments Mortgage Banking Derivatives $ 7,167 $ — $ 7,167 $ 883 $ (9 ) $ 892 Interest Rate Swaps The Company maintains an interest rate protection program for commercial loan customers that was acquired in the Merger. Under this program, the Company provides a customer with a fixed rate loan while creating a variable rate asset for the Company by the customer entering into an interest rate swap with terms that match the loan. The Company offsets its risk exposure by entering into an offsetting interest rate swap with an unaffiliated institution. The Company had interest rate swaps associated with commercial loans with a notional value of $ million and fair value of $ 2.4 million in other assets and $ million in other liabilities at June 30 , 2020. The difference in fair value of $ between the asset and liability represents a credit valuation adjustment that flows through noninterest income. For the three and six months ended June 30, 2020, $ 32,000 and $ 197,000 of this figure flowed through noninterest income. The remainder was part of the M erger consideration. The Company had no interest rate swaps outstanding at December 31, 2019. Equity Linked Time Deposit The Company also acquired time deposits in its acquisition of UCFC that have written and purchased option derivatives to facilitate an equity linked time deposit product. The time deposit provides the purchaser a guaranteed return of principal at maturity plus a potential equity return (a written option), while the Bank receives a known stream of funds based on the equity return (a purchase option). The written and purchased options are mirror derivative instruments which are carried at fair value on the consolidated statement of financial condition. At June 30, 2020, the balance of the equity linked time deposits was $8.6 million and the written and purchased options each had a fair value of $81,000. |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2020 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | |
Other Comprehensive Income | 1 6 . Other Comprehensive Income The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below. Reclassification adjustments related to securities available for sale are included in gains on sale or call of securities in the accompanying consolidated condensed statements of income. Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (In Thousands) Three months ended June 30, 2020: Securities available for sale and transferred securities: Change in net unrealized gain/loss during the period $ 3,160 $ (665 ) $ 2,495 Reclassification adjustment for net losses included in net income 2 (1 ) 1 Defined benefit postretirement medical plan: Reclassification adjustment for deferred tax on defined benefit postretirement medical plan — — — Total other comprehensive gain $ 3,162 $ (666 ) $ 2,496 Six months ended June 30, 2020 Securities available for sale: Change in net unrealized gain/loss during the period $ 12,618 $ (2,650 ) $ 9,968 Reclassification adjustment for net losses included in net income 2 (1 ) 1 Defined benefit postretirement medical plan: Reclassification adjustment for deferred tax on defined benefit postretirement medical plan — — — Total other comprehensive gain $ 12,620 $ (2,651 ) $ 9,969 Before Tax Amount Tax Expense (Benefit) Net of Tax Amount (In Thousands) Three months ended June 30, 2019: Securities available for sale: Change in net unrealized gain/loss during the period $ 3,289 $ (691 ) $ 2,598 Reclassification adjustment for net gains included in net income — — — Defined benefit postretirement medical plan: Reclassification adjustment for deferred tax on defined benefit Postretirement medical plan — — — Total other comprehensive loss $ 3,289 $ (691 ) $ 2,598 Six months ended June 30, 2019 Securities available for sale: Change in net unrealized gain/loss during the period $ 7,892 $ (1,659 ) $ 6,233 Reclassification adjustment for net gains included in net income — — — Defined benefit postretirement medical plan: Reclassification adjustment for deferred tax on defined benefit Postretirement medical plan — 82 82 Total other comprehensive loss $ 7,892 $ (1,577 ) $ 6,315 Activity in accumulated other comprehensive income (loss), net of tax, was as follows: Securities Available For Sale Post- retirement Benefit Accumulated Other Comprehensive Income (Loss) (In Thousands) Balance January 1, 2020 $ 4,839 $ (244 ) $ 4,595 Other comprehensive income before reclassifications 9,968 — 9,968 Amounts reclassified from accumulated other comprehensive income 1 — 1 Net other comprehensive income during period 9,969 — 9,969 Balance June 30, 2020 $ 14,808 $ (244 ) $ 14,564 Balance January 1, 2019 $ (2,057 ) $ (91 ) $ (2,148 ) Other comprehensive income (loss) before reclassifications 6,233 — 6,233 Amounts reclassified from accumulated other comprehensive income — 82 82 Net other comprehensive income during period 6,233 82 6,315 Balance June 30, 2019 $ 4,176 $ (9 ) $ 4,167 |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | 1 7 . Business Combinations Effective January 31, 2020, the Company merged with UCFC and its subsidiaries, pursuant to the Merger Agreement. Pursuant to the Merger Agreement, UCFC was merged with and into Premier. Immediately following the Merger, Home Savings was merged with and into the Bank, with the Bank surviving the Merger. In addition, UCFC’s wholly-owned insurance subsidiaries, HSB Insurance, LLC and United American Financial Services, Inc., each merged with the Company’s wholly - owned insurance subsidiary, First Insurance Group of the Midwest, Inc., with First I nsurance Group of the Midwest, Inc. surviving the M erger. UCFC’s consolidated assets and equity (unaudited) as of January 31, 2020 totaled $ 2.8 billion and $ 324.5 million, respectively. The Company accounted for the transaction under the acquisition method of accounting , which means that the acquired assets and liabilities were recorded at fair value at the date of acquisition. The fair value estimates included in these financial statements are based on preliminary valuations. On June 19, 2020, the Company changed its name from First Defiance Financial Corp. to Premier Financial Corp. and the Bank changed its name from First Federal Bank of the Midwest to Premier Bank. In accordance with ASC 805, the Company expensed approximately $2.1 million and $13.6 million of direct acquisition costs during the three and six months ended June 30, 2020, respectively. The Company recorded $217.9 million of goodwill and $33.0 million of intangible assets in 2020 as a result of the combination. Goodwill represents the future economic benefits arising from net assets acquired that are not individually identified and separately recognized and is attributable to synergies expected to be derived from the combination of the two entities. The Merger was consistent with the Company’s strategy to enhance and expand its presence in northern Ohio. The Merger offers the Company the opportunity to increase profitability by introducing existing products and services to the acquired customer base as well as add new customers in the expanded market area. The intangible assets are related to core deposits, which are being amortized over 10 years on an accelerated basis, and customer relationships, which are being amortized over 10 years on a straight-line basis. For tax purposes, goodwill is non-deductible but will be evaluated annually for impairment. January 31, 2020 (In Thousands) Cash Consideration $ 132 Fair Value of Options Exchanged $ 461 Equity - Dollar Value of Issued Shares 526,850 Fair Value of Total Consideration Transferred 527,443 Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: Cash and Cash Equivalents 52,580 Securities available for sale 262,753 Net loans, including loans held for sale and allowance 2,340,701 FHLB Stock 12,753 Office Properties and Equipment 20,253 Intangible Assets 33,014 Bank Owned Life Insurance 65,934 Mortgage Servicing Rights 9,747 Accrued Interest Receivable and Other Assets 35,423 Deposits - Non-Interest Bearing (430,921 ) Deposits - Interest Bearing (1,651,669 ) Advances from FHLB (381,000 ) Accrued Interest Payable and Other Liabilities (60,004 ) Total Identifiable Net Assets 309,564 Goodwill $ 217,879 As a result of the Merger and in accordance with the Merger Agreement, each share of UCFC common stock issued and outstanding immediately prior to the effective time was converted into 0.3715 share of Premier common stock. No fractional shares of Premier common stock were issued in the Merger, and UCFC’s shareholders became entitled to receive cash in lieu of fractional shares. The Company issued 17,926,174 Premier common shares and paid approximately $132,000 to UCFC shareholders as a result of the Merger. The fair value of Premier common shares issued as part of the consideration paid for the UCFC common shares was determined based on the closing price of the Company’s common shares on the effective date of the Merger. The following table presents unaudited pro forma information as if the acquisition had occurred on January 1, 2019, after giving effect to certain adjustments. The unaudited pro forma information for the six months ended June 30, 2020 and June 30, 2019 includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, interest expense on deposits and borrowings acquired, and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date. Six Months Ended June 30, 2020 2019 (In Thousands) Net interest income $ 107,684 $ 107,525 Provision for credit losses 22,265 504 Non-interest income 40,296 33,863 Non-interest expense 75,568 85,518 Income before income taxes 50,147 55,366 Income tax expense 10,478 10,102 Net income $ 39,669 $ 45,264 Diluted earnings per share $ 1.06 $ 1.19 The above pro forma financial information related to 2020 excludes non-recurring merger costs that totaled $13.6 million on a pre-tax basis. The above pro forma financial information excludes the $25.9 million pre-tax provision expense recognized for the six months ended June 30, 2020, under CECL for acquired non-PCD loans as CECL was not effective as of the assumed transaction date of January 1, 2019. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Accounting Standards Adopted in 2020 | Accounting Standards Adopted in 2020 ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement: In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurement by removing, modifying and adding certain requirements. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of this ASU. An entity is permitted to early adopt and remove or modify disclosures upon issuance of the ASU and delay adoption of the additional disclosures until their effective date. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment: Issued in January 2017, ASU 2017-04 simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. In computing the implied fair value of goodwill under Step 2, an entity, prior to the amendments in ASU 2017-04, had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, in accordance with the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. However, under the amendments in ASU 2017-04, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. ASU 2017-04 became effective for the Company on January 1, 2020, and the amendments of this ASU will be applicable to the goodwill impairment testing for 2020. The Company performed a goodwill impairment test as of June 30, 2020 utilizing a discounted cash flow analysis. The results of this analysis indicate no impairment of the Company’s goodwill at this time. ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments: Issued in June 2016, ASU 2016-13 will add FASB ASC Topic 326, “Financial Instruments-Credit Losses” and finalizes amendments to FASB ASC Subtopic 825-15, “Financial Instruments-Credit Losses.” The amendments of ASU 2016-13 are intended to provide financial statement users with more decision-useful information related to expected credit losses on financial instruments and other commitments to extend credit by replacing the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The amendments of ASU 2016-13 eliminate the probable initial recognition threshold and, in turn, reflect an entity’s current estimate of all expected credit losses. ASU 2016-13 does not specify the method for measuring expected credit losses, and an entity is allowed to apply methods that reasonably reflect its expectations of the credit loss estimate. The amendments of ASU 2016-13, and all subsequent ASUs issued by FASB to provide additional guidance and clarification related to this Topic, became effective for the Company on January 1, 2020. As a result of adopting the amendments of ASU 2016-13, the Company recorded an increase to its allowance for credit losses of $2.4 million and an increase to its allowance for credit losses on off-balance sheet credit exposures of $0.9 million resulting in a one-time cumulative effect adjustment through retained earnings of $2.6 million net of $.7 million tax at the date of adoption. This adjustment included a qualitative adjustment to the allowance for credit losses related to loans and an allowance on off-balance sheet credit exposures. The Company estimates losses over an approximate one-year forecast period using Moody’s baseline economic forecasts, and then reverts to longer term historical loss experience over a three-year period. |
Accounting Standards Not Yet Adopted | Accounting Standards not yet adopted: ASU No. 2020-04: Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848): This guidance provides temporary options to ease the potential burden in accounting for reference rate reform. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective as of March 12, 2020 through December 31, 2022. The Company anticipates being fully prepared to implement a replacement for the reference rate and has determined that any change will not have a material impact to the consolidated financial statements. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets measured at fair value on a recurring basis | The following table summarizes the financial assets measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Assets and Liabilities Measured on a Recurring Basis June 30, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Assets: Available for sale securities: Obligations of U.S. federal government corporations and agencies $ — $ 40,819 $ — $ 40,819 Mortgage-backed securities — 233,888 — 233,888 Collateralized mortgage obligations — 124,678 — 124,678 Corporate bonds — 25,229 — 25,229 Obligations of state and political subdivisions — 142,913 — 142,913 Loans held for sale, at fair value — 84,728 75,739 160,467 Purchased certificate of deposit option — 81 — 81 Interest rate swaps — 2,450 — 2,450 Mortgage banking derivative — 7,167 — 7,167 Liabilities: Written certificate of deposit option — 81 — 81 Interest rate swaps — 2,733 — 2,733 December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Available for sale securities: Obligations of U.S. federal government corporations and agencies $ — $ 2,524 $ — $ 2,524 Mortgage-backed securities — 89,647 — 89,647 REMICs — 1,636 — 1,636 Collateralized mortgage obligations — 82,101 — 82,101 Corporate bonds — 12,101 — 12,101 Obligations of state and political subdivisions — 92,028 3,411 95,439 Mortgage banking derivative - asset — 892 — 892 |
Summary of Reconciliation of all Assets Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level 3) | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six month periods ended June 30, 2020 and 2019. Construction loans held for sale Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance of recurring Level 3 assets at beginning of period $ 44,420 $ — $ — $ — Total gains (losses) for the period Included in change in fair value of loans held for sale 2,238 — 7,201 — Originations 32,685 — 42,265 — Acquired in acquisition — — 37,711 — Sales (3,604 ) — (11,438 ) — Balance of recurring Level 3 assets at end of period $ 75,739 $ — $ 75,739 $ — Securities available-for-sale Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance of recurring Level 3 assets at beginning of period $ 5,830 $ — $ 3,411 $ — Balance of Level 3 assets moved to Level 2 during the period (5,830 ) — (3,411 ) — Balance of recurring Level 3 assets at end of period $ — $ — $ — $ — |
Schedule of Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis | For Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2020, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Valuation Technique Unobservable Inputs Range of Inputs (Dollars in Thousands) Construction loans held for sale $ 75,739 Comparable sales Time discount using the 60 day forward contract 0.00% - 2.08% For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2020, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Valuation Technique Unobservable Inputs Range of Inputs Weighted Average (Dollars in Thousands) Impaired Loans- Applies to all loan Classes $ 80 Appraisals which utilize sales comparison, net income and cost approach Discounts for collection issues and changes in market conditions 10-13% 10.86 % For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: Fair Value Valuation Technique Unobservable Inputs Range of Inputs Weighted Average (Dollars in Thousands) Impaired Loans- Applies to all loan classes $ 106 Appraisals which utilize sales comparison, net income and cost approach Discounts for collection issues and changes in market conditions 10-13% 10.86 % |
Schedule of financial assets measured at fair value on a non-recurring basis | The following table summarizes the financial assets measured at fair value on a non-recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Assets and Liabilities Measured on a Non-Recurring Basis June 30, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Impaired loans Commercial real estate — — — — Commercial — — 80 80 Total impaired loans — — 80 80 Mortgage servicing rights — 14,646 — 14,646 December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Impaired loans Commercial real estate $ — $ — $ 68 $ 68 Commercial — — 38 38 Total impaired loans — — 106 106 Mortgage servicing rights — 273 — 273 |
Schedule of FHLB advances with maturities | FHLB advances with maturities greater than 90 days are valued based on a discounted cash flow analysis, using interest rates currently being quoted for similar characteristics and maturities resulting in a Level 2 classification. The cost or value of any call or put options is based on the estimated cost to settle the option at June 30, 2020. Fair Value Measurements at June 30, 2020 (In Thousands) Carrying Value Total Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 192,681 $ 192,681 $ 192,681 $ — $ — Investment securities 567,527 567,527 — 567,527 — Federal Home Loan Bank Stock 45,955 N/A N/A N/A N/A Loans receivable, net 5,368,683 5,447,099 — — 5,447,099 Loans held for sale, carried at fair value 160,467 160,467 — 84,728 75,739 Financial Liabilities: Deposits $ 5,759,843 $ 5,775,526 $ 4,487,978 $ 1,287,548 $ — Advances from Federal Home Loan Bank and PPPLF 139,327 140,532 — 140,532 — Securities sold under repurchase agreements 6,948 6,933 — 6,933 — Subordinated debentures 36,083 36,083 — 36,083 — Fair Value Measurements at December 31, 2019 (In Thousands) Carrying Value Total Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 131,254 $ 131,254 $ 131,254 $ — $ — Investment securities 283,448 283,448 — 280,037 3,411 FHLB Stock 11,915 N/A N/A N/A N/A Loans, net, including loans held for sale 2,764,329 2,756,092 — 18,456 2,737,636 Financial Liabilities: Deposits $ 2,870,325 $ 2,871,166 $ 2,131,537 $ 739,629 $ — Advances from FHLB 85,063 85,003 — 85,003 — Securities sold under repurchase agreements 2,999 2,999 2,999 — — Subordinated debentures 36,083 36,083 — 36,083 — |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of stock option activity under the plans | Following is stock option activity under the plans during the six months ended June 30, 2020: Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in 000’s) Options outstanding, January 1, 2020 17,700 $ 17.60 Forfeited or cancelled — — Exercised (19,922 ) 7.10 Exchanged 39,983 16.00 Granted — — Options outstanding, June 30, 2020 37,761 $ 21.44 6.23 $ 23 Exercisable at June 30, 2020 35,861 $ 21.58 6.27 $ 23 |
Schedule of proceeds, related tax benefits realized from options exercised and intrinsic value of options exercised | All of the 39,983 Proceeds, related tax benefits realized from options exercised and intrinsic value of options exercised were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Proceeds of options exercised $ — $ 6 $ — $ 191 Related tax benefit recognized 40 — 40 4 Intrinsic value of options exercised 189 30 189 390 |
Schedule of restricted stock units and stock grants | Total expense of $974,000 and $2.0 million was recorded during the three and six months ended June 30, 2020, compared to expense of $437,000 and $960,000 for the three and six months ended June 30, 2019. There was approximately $1.6 million and $1.2 million included within other liabilities at June 30, 2020 and December 31, 2019, respectively, related to the STIP. Restricted Stock Units Stock Grants Unvested Shares Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Unvested at January 1, 2020 158,470 $ 25.72 48,545 $ 27.49 Granted 101,666 29.09 13,349 25.75 Vested (86,050 ) 25.48 (9,502 ) 27.84 Forfeited (26,291 ) 25.58 — — Unvested at June 30, 2020 147,795 $ 28.20 52,392 $ 26.99 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per common share | The following table sets forth the computation of basic and diluted earnings per common share: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In Thousands, except per share data) Basic Earnings Per Share: Net income available to common shareholders $ 29,057 $ 12,199 $ 6,575 $ 23,681 Less: income allocated to participating securities 44 1 10 2 Net income allocated to common shareholders 29,013 12,198 6,565 23,679 Weighted average common shares outstanding including participating securities 37,347 19,791 34,534 19,908 Less: Participating securities 57 11 50 11 Average common shares 37,290 19,780 34,484 19,897 Basic earnings per common share $ 0.78 $ 0.62 $ 0.19 $ 1.19 Diluted Earnings Per Share: Net income allocated to common shareholders $ 29,013 $ 12,198 $ 6,565 $ 23,679 Weighted average common shares outstanding for basic (loss) earnings per common share 37,290 19,780 34,484 19,897 Add: Dilutive effects of stock options 33 80 42 79 Average shares and dilutive potential common shares 37,323 19,860 34,526 19,976 Diluted earnings per common share $ 0.78 $ 0.61 $ 0.19 $ 1.19 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Marketable Securities [Abstract] | |
Summary of available-for-sale securities | The following is a summary of available-for-sale securities: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) At June 30, 2020 Available-for-Sale Securities: Obligations of U.S. government corporations and agencies $ 39,215 $ 1,604 $ — $ 40,819 Mortgage-backed securities 226,329 7,586 (27 ) 233,888 Collateralized mortgage obligations 121,043 3,635 — 124,678 Corporate bonds 25,326 194 (291 ) 25,229 Obligations of state and political subdivisions 136,869 6,139 (95 ) 142,913 Total Available-for-Sale $ 548,782 $ 19,158 $ (413 ) $ 567,527 As a result of the Merger, securities with a fair value of $262.8 million were acquired on January 31, 2020. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) At December 31, 2019 Available-for-sale Obligations of U.S. government corporations and agencies $ 2,518 $ 6 $ — $ 2,524 Mortgage-backed securities 88,380 1,380 (113 ) 89,647 Collateralized mortgage obligations 83,008 814 (85 ) 83,737 Corporate bonds 12,011 90 — 12,101 Obligations of state and political subdivisions 91,406 4,042 (9 ) 95,439 Total Available-for-Sale $ 277,323 $ 6,332 $ (207 ) $ 283,448 |
Schedule of investments classified by contractual maturity date | The amortized cost and fair value of the investment securities portfolio at June 30, 2020, are shown below by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMO”) which are not due at a single maturity date, have not been allocated over the maturity groupings. These securities may mature earlier than their weighted-average contractual maturities because of principal prepayments. Available-for-Sale Amortized Cost Fair Value (In Thousands) Due in one year or less $ 4,393 $ 4,421 Due after one year through five years 17,894 17,969 Due after five years through ten years 69,714 72,411 Due after ten years 109,409 114,160 MBS/CMO 347,372 358,566 $ 548,782 $ 567,527 |
Schedule of securities that were in an unrealized loss position | The following tables summarize Premier’s securities that were in an unrealized loss position at June 30, 2020, and December 31, 2019: Duration of Unrealized Loss Position Less than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Unrealized Losses (In Thousands) At June 30, 2020 Available-for-sale securities: Mortgage-backed securities — — 10,269 (27 ) 10,269 (27 ) Corporate bonds — — 7,985 (291 ) 7,985 (291 ) Obligations of state and political subdivisions — — 2,705 (95 ) 2,705 (95 ) Total temporarily impaired securities $ — $ — $ 20,959 $ (413 ) $ 20,959 $ (413 ) Duration of Unrealized Loss Position Less than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Unrealized Losses (In Thousands) At December 31, 2019 Available-for-sale securities: Mortgage-backed securities-residential $ 13,830 $ (42 ) $ 9,721 $ (71 ) $ 23,551 $ (113 ) Collateralized mortgage obligations 7,448 (29 ) 5,549 (56 ) 12,997 (85 ) Obligations of state and political subdivisions 1,413 (9 ) - - 1,413 (9 ) Total temporarily impaired securities $ 22,691 $ (80 ) $ 15,270 $ (127 ) $ 37,961 $ (207 ) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Loans And Leases Receivable Net Reported Amount [Abstract] | |
Schedule of loans receivable | Loan segments have been identified by evaluating the portfolio based on collateral and credit risk characteristics. Loans receivable consist of the following: June 30, 2020 December 31, 2019 (In Thousands) Real Estate: Residential $ 1,226,106 $ 324,773 Commercial 2,266,189 1,506,026 Construction 509,548 305,305 4,001,843 2,136,104 Other Loans: Commercial 1,244,549 578,071 Home equity and improvement 290,459 122,864 Consumer finance 146,138 37,649 1,681,146 738,584 Loans before deferred loan origination fees and costs 5,682,989 2,874,688 Deduct: Undisbursed construction loan funds (221,136 ) (126,108 ) Net deferred loan origination fees and costs (4,615 ) (2,259 ) Allowance for credit losses (88,555 ) (31,243 ) Total loans $ 5,368,683 $ 2,715,078 |
Schedule of allowance for loan loss activity | The following table discloses allowance for credit loss activity for the quarters ended June 30, 2020 and 2019 by portfolio segment (In Thousands): Quarter Ended June 30, 2020 Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Beginning Allowance $ 23,324 $ 42,515 $ 884 $ 11,901 $ 3,954 $ 3,281 $ 85,859 Charge-Offs (73 ) (49 ) (1 ) (37 ) (56 ) (79 ) (295 ) Recoveries 114 190 — 667 94 58 1,123 Provisions (1) 418 1,401 254 (692 ) 224 263 1,868 Ending Allowance $ 23,783 $ 44,057 $ 1,137 $ 11,839 $ 4,216 $ 3,523 $ 88,555 (1) Allowance/provision are not comparable to prior periods due to the adoption of CECL. Quarter Ended June 30, 2019 Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Beginning Allowance $ 5,879 $ 12,001 $ 731 $ 7,276 $ 1,928 $ 349 $ 28,164 Charge-Offs (11 ) (15 ) — (13 ) (64 ) (33 ) (136 ) Recoveries 180 269 — 94 60 21 624 Provisions (153 ) (106 ) 156 531 (161 ) 15 282 Ending Allowance $ 5,895 $ 12,149 $ 887 $ 7,888 $ 1,763 $ 352 $ 28,934 |
Schedule of balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method | The following table discloses allowance for credit loss activity for the six months ended June 30, 2020 and 2019 by portfolio segment (In Thousands): Year-to-date Period Ended June 30, 2020 1-4 Family Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Beginning Allowance $ 2,867 $ 16,302 $ 996 $ 9,003 $ 1,700 $ 375 $ 31,243 Impact of ASC 326 Adoption 1,765 3,682 (223 ) (2,263 ) (521 ) (86 ) 2,354 Acquisition related allowance for credit loss (PCD) 1,077 4,053 — 2,272 248 48 7,698 Charge-Offs (257 ) (65 ) (1 ) (133 ) (86 ) (187 ) (729 ) Recoveries 215 529 — 1,336 136 118 2,334 Provisions (1)(2) 18,116 19,556 365 1,624 2,739 3,255 45,655 Ending Allowance $ 23,783 $ 44,057 $ 1,137 $ 11,839 $ 4,216 $ 3,523 $ 88,555 (1) Allowance/provision are not comparable to prior periods due to the adoption of CECL. (2) Provision for the six months ended June, 30, 2020, includes $25.9 million as a result of the Merger with UCFC in the first quarter Year-to-date Period Ended June 30, 2019 1-4 Family Residential Real Estate Multi- Family Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Beginning Allowance $ 2,881 $ 3,101 $ 12,041 $ 682 $ 7,281 $ 2,026 $ 319 $ 28,331 Charge-Offs (183 ) — (15 ) — (200 ) (97 ) (175 ) (670 ) Recoveries 170 36 353 — 106 84 30 779 Provisions (75 ) (35 ) (230 ) 205 701 (250 ) 178 494 Ending Allowance $ 2,793 $ 3,102 $ 12,149 $ 887 $ 7,888 $ 1,763 $ 352 $ 28,934 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2019 (in thousands): As of December 31, 2019 Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Allowance for credit loss attributable to: Individually evaluated for impairment $ 115 $ 85 $ — $ 174 $ 48 $ — $ 422 Collectively evaluated for impairment 2,752 16,217 996 8,829 1,652 375 30,821 Acquired with deteriorated credit quality — — — — — — — Total Allowance $ 2,867 $ 16,302 $ 996 $ 9,003 $ 1,700 $ 375 $ 31,243 Loans: Individually evaluated for impairment $ 7,049 $ 21,132 $ — $ 6,655 $ 759 $ 28 $ 35,623 Collectively evaluated for impairment 318,106 1,490,306 206,721 573,244 122,963 37,808 2,749,148 Acquired with deteriorated credit quality 989 921 — 12 — — 1,922 Total loans $ 326,144 $ 1,512,359 $ 206,721 $ 579,911 $ 123,722 $ 37,836 $ 2,786,693 |
Schedule of presents the average balance, interest income recognized and cash basis income recognized on impaired loans | The following table presents the average balance, interest income recognized and cash basis income recognized on impaired loans by class of loans for the three and six months ended June 31, 2019 (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Average Balance Interest Income Recognized Cash Basis Income Recognized Average Balance Interest Income Recognized Cash Basis Income Recognized Residential Owner Occupied $ 5,212 $ 46 $ 44 $ 4,882 $ 110 $ 104 Residential Non Owner Occupied 2,040 26 26 2,060 56 56 Total Residential Real Estate 7,252 72 70 6,942 166 160 CRE Owner Occupied 7,514 57 45 7,439 223 177 CRE Non Owner Occupied 1,942 18 18 1,966 51 44 Multi-Family Real Estate 305 7 7 819 27 27 Agriculture Land 13,734 170 94 13,319 376 291 Other CRE 796 19 17 975 53 50 Total Commercial Real Estate 24,291 271 181 24,518 730 589 Construction — — — — — — Commercial Working Capital 7,594 83 71 7,842 226 162 Agriculture Production — — — — — — Commercial Other 1,549 21 21 1,709 48 45 Total Commercial 9,143 104 92 9,551 274 207 Home Equity and Improvement 889 6 5 905 20 18 Consumer Finance 25 — — 30 1 1 Total Impaired Loans $ 41,600 $ 453 $ 348 $ 41,946 $ 1,191 $ 975 |
Summary of amortized cost basis of collateral-dependent loans by class of loans and collateral type | The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of June 30, 2020 (in thousands): June 30, 2020 Real Estate Equipment and Machinery Inventory and Receivables Vehicles Total Real Estate: Residential $ 1,395 $ — $ — $ — $ 1,395 Commercial 14,292 — — — 14,292 Construction — — — — — Other Loans: Commercial 438 1,881 1,069 275 3,663 Home equity and improvement — — — — — Consumer finance — — — — Total $ 16,125 $ 1,881 $ 1,069 $ 275 $ 19,350 |
Schedule of loans individually evaluated for impairment by class of loans | The following table presents loans individually evaluated for impairment by class of loans (in thousands): December 31, 2019 Unpaid Principal Balance* Recorded Investment Allowance for Credit Loss Allocated With no allowance recorded: Residential Owner Occupied $ 86 $ 86 $ — Residential Non Owner Occupied 962 967 — Total Residential Real Estate 1,048 1,053 — CRE Owner Occupied 5,098 4,814 — CRE Non Owner Occupied 1,815 1,006 — Multi-Family Real Estate 128 130 — Agriculture Land 12,734 12,792 — Other CRE — — — Total Commercial Real Estate 19,775 18,742 — Construction — — — Commercial Working Capital 5,417 5,435 — Agriculture Production — — — Commercial Other 469 471 — Total Commercial 5,886 5,906 — Home Equity and Improvement 151 151 — Consumer Finance — — — Total loans with no allowance recorded $ 26,860 $ 25,852 $ — With an allowance recorded: Residential Owner Occupied $ 5,137 $ 4,977 $ 104 Residential Non Owner Occupied 1,014 1,019 11 Total Residential Real Estate 6,151 5,996 115 CRE Owner Occupied 2,085 1,623 60 CRE Non Owner Occupied 317 319 13 Multi-Family Real Estate — — — Agriculture Land 262 268 3 Other CRE 401 180 9 Total Commercial Real Estate 3,065 2,390 85 Construction — — — Commercial Working Capital 682 450 150 Agriculture Production — — — Commercial Other 318 299 24 Total Commercial 1,000 749 174 Home Equity and Improvement 654 608 48 Consumer Finance 28 28 — Total loans with an allowance recorded $ 10,898 $ 9,771 $ 422 |
Schedule of current balance of the aggregate amounts of non-performing assets, comprised of non-performing loans and real estate owned | Non-performing loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. All loans greater than 90 days past due are placed on non-accrual status. Effective January 1, 2020 with the adoption of ASC Topic 326, the Company began including non-accrual purchase credit deteriorated (PCD) loans in its non-performing loans. As such, the non-performing loans as of June 30, 2020 include PCD loans accounted for pursuant to ASC Topic 326 as these loans are individually evaluated. The non-performing loans do not include PCD (formerly purchase credit impaired (PCI)) loans as of December 31, 2019, as the PCD loans prior to adopting ASC Topic 326 were evaluated on a pool basis. The following table presents the current balance of the aggregate amounts of non-performing assets, comprised of non-performing loans and real estate owned as of the dates indicated: June 30, 2020 December 31, 2019 (In Thousands) Non-accrual loans $ 39,470 $ 13,437 Loans over 90 days past due and still accruing — — Total non-performing loans 39,470 13,437 Real estate and other assets held for sale 573 100 Total non-performing assets $ 40,043 $ 13,537 Troubled debt restructuring, still accruing $ 7,916 $ 8,486 |
Schedule of aging of the amortized cost/ recorded investment in past due and non- accrual loans | The following table presents the aging of the amortized cost in past due and non- accrual loans as of June 30, 2020, by class of loans (In Thousands): Current 30 - 59 days 60 - 89 days 90 + days Total Past Due Total Non- Accrual Real Estate: Residential 1,204,467 1,542 2,481 — 4,023 4,000 Commercial 2,226,094 — 1,040 — 1,040 4,468 Construction 287,239 — — — — — Other Loans: Commercial 1,222,377 533 146 — 679 524 Home equity and improvement 282,287 1,273 420 — 1,693 943 Consumer finance 135,538 808 53 — 861 366 PCD 48,765 1,952 753 — 2,705 29,169 Total Loans $ 5,406,767 $ 6,108 $ 4,893 $ — $ 11,001 $ 39,470 The following table presents the aging of the recorded investment in past due and non-accrual loans as of December 31, 2019 , by class of loans (In Thousands): Current 30 - 59 days 60 - 89 days 90 + days Total Past Due Total Non Accrual Real Estate: Residential 323,600 1,328 570 646 2,544 2,411 Commercial 1,509,132 339 172 2,716 3,227 7,609 Construction 206,721 — — — — — Other Loans: Commercial 576,988 273 206 2,444 2,923 2,961 Home equity and improvement 122,487 956 240 39 1,235 449 Consumer finance 37,622 143 64 7 214 7 Total Loans $ 2,776,550 $ 3,039 $ 1,252 $ 5,852 $ 10,143 $ 13,437 |
Summary of Breakout of Commercial Deferrals | A breakout of deferrals by loan category is as follows (in thousands): Balance deferred Residential real estate 65,754 Commercial real estate 561,699 Construction 46,010 Commercial 131,923 Home equity and improvement 2,456 Consumer finance 5,056 Total 812,898 The following table is a breakout of commercial deferrals which represent $740 million of the total $813 million deferred (in thousands):. Commercial deferral expirations Balance July $ 100,769 August 187,225 September 130,295 October 241,539 November 70,477 December 9,327 Total 739,632 |
Summary of Breakout of Deferrals by Loan Category | A breakout of deferrals by loan category is as follows (in thousands): Balance deferred Residential real estate 65,754 Commercial real estate 561,699 Construction 46,010 Commercial 131,923 Home equity and improvement 2,456 Consumer finance 5,056 Total 812,898 |
Schedule of present loans by class modified as TDRs that occurred | The following tables present loans by class modified as TDRs that occurred during the three and six month periods ending June 30, 2020, and June 30, 2019: Loans Modified as a TDR for the Three Months Ended June 30, 2020 ($ in thousands) Loans Modified as a TDR for the Six Months Ended June 30, 2020 ($ in thousands) Troubled Debt Restructurings Number of Loans Recorded Investment (as of period end) Number of Loans Recorded Investment (as of period end) Real Estate: Residential 3 $ 231 5 $ 609 Commercial 3 6,783 4 6,876 Construction — — — — Other Loans: Commercial — — 5 156 Home equity and improvement — — 1 26 Consumer finance — — — — Total 6 $ 7,014 15 $ 7,667 The loans described above increased the allowance for credit losses (“ACL”) by $3,000 and $32,000 Loans Modified as a TDR for the Three Months Ended June 30, 2019 ($ in thousands) Loans Modified as a TDR for the Six Months Ended June 30, 2019 ($ in thousands) Troubled Debt Restructurings Number of Loans Recorded Investment (as of period end) Number of Loans Recorded Investment (as of period end) Real Estate: Residential 4 $ 434 7 $ 907 Commercial — — — — Construction 1 46 1 46 Other Loans: Commercial — — 1 13 Home equity and improvement 1 26 2 26 Consumer finance 1 1 2 1 Total 7 $ 507 13 $ 993 |
Schedule of present loans by class modified as TDRs for which there was a payment default within twelve months | The following tables present loans by class modified as TDRs for which there was a payment default within twelve months following the modification during the three and six month periods ended June 30, 2020, and June 30, 2019: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 ($ in thousands) ($ in thousands) Troubled Debt Restructurings That Subsequently Defaulted Number of Loans Recorded Investment (as of period end) Number of Loans Recorded Investment (as of period end) Real Estate: Residential 3 $ 168 6 $ 436 Commercial 1 22 2 194 Construction — — — — Other Loans: Commercial 1 118 2 250 Home equity and improvement 2 180 3 326 Consumer finance 1 21 1 21 Total 8 $ 509 14 $ 1,227 The TDRs that subsequently defaulted described above increased the ACL by $30,000 and $45,000 for the three month and six month period ended June 30, 2020. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed on the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 ($ in thousands) ($ in thousands) Troubled Debt Restructurings That Subsequently Defaulted Number of Loans Recorded Investment (as of period end) Number of Loans Recorded Investment (as of period end) Real Estate: Residential 2 $ 113 3 $ 189 Commercial — — 3 2,311 Construction — — — — Other Loans: Commercial — — — — Home equity and improvement — — 1 61 Consumer finance — — — — Total 2 $ 113 7 $ 2,561 |
Schedule of risk category of loans by class of loans | As of June 30, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (In Thousands): Class Unclassified Special Mention Substandard Doubtful Total classified Total Real Estate: Residential 1,206,062 304 6,124 — 6,124 1,212,490 Commercial 2,191,433 21,436 18,733 — 18,733 2,231,602 Construction 287,174 65 — — — 287,239 Other Loans: Commercial 1,193,020 23,979 6,581 — 6,581 1,223,580 Home equity and improvement 284,188 — 735 — 735 284,923 Consumer finance 136,449 — 316 — 316 136,765 PCD 21,817 13,985 44,837 — 44,837 80,639 Total Loans $ 5,320,143 $ 59,769 $ 77,326 $ — $ 77,326 $ 5,457,238 As of December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (In Thousands): Class Unclassified Special Mention Substandard Doubtful Total classified Total Real Estate: Residential 322,250 415 3,479 — 3,479 326,144 Commercial 1,462,065 27,197 23,097 — 23,097 1,512,359 Construction 205,076 1,645 — — — 206,721 Other Loans: Commercial 548,012 24,162 7,737 — 7,737 579,911 Home equity and improvement 123,407 — 315 — 315 123,722 Consumer finance 37,816 — 20 — 20 37,836 Total Loans $ 2,698,626 $ 53,419 $ 34,648 $ — $ 34,648 $ 2,786,693 |
Summary of Amortized Cost Basis of Loans by Credit Quality Indicator and Class of Loans | The table below presents the amortized cost basis of loans by credit quality indicator and class of loans based on the most recent analysis performed ($ in thousands): Term of loans by origination 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of June 30, 2020 Real Estate Residential: Risk Rating Pass $ 83,735 $ 184,881 $ 180,901 $ 171,796 $ 173,300 $ 408,215 $ 3,234 $ 1,206,062 Special Mention — 40 56 — 121 87 — 304 Substandard — 195 622 311 224 4,763 9 6,124 Doubtful — — — — — — — — Total $ 83,735 $ 185,116 $ 181,579 $ 172,107 $ 173,645 $ 413,065 $ 3,243 $ 1,212,490 Commercial: Risk Rating Pass $ 266,383 $ 442,274 $ 360,246 $ 375,059 $ 229,020 $ 505,233 $ 13,218 $ 2,191,433 Special Mention — 5,330 997 2,325 30 12,032 722 21,436 Substandard — 284 1,605 1,231 1,283 11,655 2,675 18,733 Doubtful — — — — — — — — Total $ 266,383 $ 447,888 $ 362,848 $ 378,615 $ 230,333 $ 528,920 $ 16,615 $ 2,231,602 Construction: Risk Rating Pass $ 15,730 $ 134,260 $ 87,891 $ 39,552 $ 9,736 $ 5 $ - $ 287,174 Special Mention 65 — — — — — — 65 Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 15,795 $ 134,260 $ 87,891 $ 39,552 $ 9,736 $ 5 $ - $ 287,239 Other Loans Commercial: Risk Rating Pass $ 518,471 $ 181,028 $ 95,494 $ 56,402 $ 29,621 $ 37,348 $ 274,656 $ 1,193,020 Special Mention 25 713 2,413 2,355 48 4,182 14,243 23,979 Substandard 226 81 610 204 280 197 4,983 6,581 Doubtful — — — — — — — — Total $ 518,722 $ 181,822 $ 98,517 $ 58,961 $ 29,949 $ 41,727 $ 293,882 $ 1,223,580 Home equity and Improvement: Risk Rating Pass $ 3,573 $ 9,532 $ 5,512 $ 9,502 $ 9,052 $ 34,250 $ 212,767 $ 284,188 Special Mention — — — — — — — — Substandard — — 12 — — 291 432 735 Doubtful — — — — — — — — Total $ 3,573 $ 9,532 $ 5,524 $ 9,502 $ 9,052 $ 34,541 $ 213,199 $ 284,923 Consumer Finance: Risk Rating Pass $ 28,102 $ 48,520 $ 26,920 $ 14,943 $ 7,131 $ 4,578 $ 6,255 $ 136,449 Special Mention — — — — — — — — Substandard — 224 55 12 25 — — 316 Doubtful — — — — — — — — Total $ 28,102 $ 48,744 $ 26,975 $ 14,955 $ 7,156 $ 4,578 $ 6,255 $ 136,765 PCD: Risk Rating Pass $ - $ 259 $ 984 $ 2,482 $ 1,077 $ 16,207 $ 808 $ 21,817 Special Mention — — 2,162 4,225 1,389 4,123 2,086 13,985 Substandard — 65 66 18,114 1,704 10,716 14,172 44,837 Doubtful — — — — — — — — Total $ - $ 324 $ 3,212 $ 24,821 $ 4,170 $ 31,046 $ 17,066 $ 80,639 |
Summary of Credit Loss Estimation | Portfolio Segments Loan Pool Methodology Loss Drivers Residential real estate 1-4 Family nonowner occupied DCF National unemployment 1-4 Family owner occupied DCF National unemployment Commercial real estate Commercial real estate nonowner occupied DCF National unemployment Commercial real estate owner occupied DCF National unemployment Multi Family DCF National unemployment Agriculture Land DCF National unemployment Other commercial real estate DCF National unemployment Construction secured by real estate Construction PD/LGD Call report loss history Commercial Commercial working capital PD/LGD Call report loss history Agriculture production PD/LGD Call report loss history Other commercial PD/LGD Call report loss history Home equity and improvement Home equity and improvement PD/LGD Call report loss history Consumer finance Consumer finance Remaining life Call report loss history |
Schedule of Par Value of Purchased Loans | Par value of purchased loans follows (in thousands): 2020 Par value of acquired loans at acquisition $ 2,314,588 Credit discount 34,610 Non-credit discount/(premium) at acquisition (8,497 ) Purchase price of loans at acquisition $ 2,340,701 |
Schedule of Outstanding Balance and Related Allowance on Loans | The outstanding balance at June 30, 2020 and related allowance on these loans is as follows (in thousands): Loan Balance ACL Balance (In Thousands) Real Estate: Residential $ 16,679 $ 1,247 Commercial 34,175 3,955 Construction 953 8 51,807 5,210 Other Loans: Commercial 22,234 1,781 Home equity and improvement 5,587 250 Consumer finance 1,011 56 28,832 2,087 Total $ 80,639 $ 7,297 |
Mortgage Banking (Tables)
Mortgage Banking (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Mortgage Banking [Abstract] | |
Schedule of net revenues from the sales and servicing of mortgage loans | Net revenues from servicing Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In Thousands) Gain from sale of mortgage loans $ 11,530 $ 1,775 $ 16,432 $ 3,076 Mortgage loans servicing revenue (expense): Mortgage loans servicing revenue 1,888 943 3,482 1,882 Amortization of mortgage servicing rights (2,181 ) (391 ) (3,344 ) (677 ) Mortgage servicing rights valuation adjustments (1,369 ) (190 ) (5,854 ) (303 ) (1,662 ) 362 (5,716 ) 902 Net revenue from sale and servicing of mortgage loans $ 9,868 $ 2,137 $ 10,716 $ 3,978 |
Schedule of capitalized mortgage and valuation allowance | Activity for capitalized mortgage servicing rights and the related valuation allowance follows for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In Thousands) Mortgage servicing assets: Balance at beginning of period $ 20,761 $ 10,411 $ 10,801 $ 10,419 Loans sold, servicing retained 2,454 438 3,830 716 Mortgage servicing rights acquired — — 9,747 — Amortization (2,181 ) (391 ) (3,344 ) (677 ) Carrying value before valuation allowance at end of period 21,034 10,458 21,034 10,458 Valuation allowance: Balance at beginning of period (5,019 ) (413 ) (534 ) (300 ) Impairment recovery (charges) (1,369 ) (190 ) (5,854 ) (303 ) Balance at end of period (6,388 ) (603 ) (6,388 ) (603 ) Net carrying value of MSRs at end of period $ 14,646 $ 9,855 $ 14,646 $ 9,855 Fair value of MSRs at end of period $ 14,646 $ 9,925 $ 14,646 $ 9,925 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Undiscounted Cash Flows Included in Lease Liabilities | Undiscounted cash flows included in lease liabilities have expected contractual payments as follows: (in thousands) June 30, 2020 2020 $ 1,274 2021 2,298 2022 1,944 2023 1,539 2024 1,311 Thereafter 14,911 Total undiscounted minimum lease payments $ 23,277 Present value adjustment (4,471 ) Total lease liabilities $ 18,806 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Summary of deposit balances | A summary of deposit June 30, 2020 December 31, 2019 (In Thousands) Non-interest-bearing checking accounts $ 1,454,842 $ 630,359 Interest-bearing checking and money market accounts 2,361,486 1,198,012 Savings deposits 671,650 303,166 Retail certificates of deposit less than $250,000 1,078,758 631,253 Retail certificates of deposit greater than $250,000 193,107 107,535 $ 5,759,843 $ 2,870,325 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Subordinated Borrowings [Abstract] | |
Schedule of Federal Home Loan Bank Advances, Paycheck Protection Program Lending Facility and Junior Subordinated Debentures | Premier’s FHLB advances, Paycheck Protection Program Lending Facility (PPPLF) advances and junior subordinated debentures owed to unconsolidated subsidiary trusts are comprised of the following: June 30, 2020 December 31, 2019 (In Thousands) FHLB Advances: Single maturity fixed rate advances $ 35,000 $ 83,999 Amortizable mortgage advances — 1,085 Overnight advances 100,000 — Fair value adjustment on acquired balances — (21 ) Total $ 135,000 $ 85,063 PPPLF advances $ 4,327 $ — Junior subordinated debentures owed to unconsolidated subsidiary trusts $ 36,083 $ 36,083 |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of line of credit facilities | The Company’s maximum obligation to extend credit for loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding as of the periods stated below were as follows (In Thousands): June 30, 2020 December 31, 2019 Commitments to make loans $ 391,586 $ 178,811 Unused lines of credit 1,155,367 433,109 Standby letters of credit 16,873 14,215 Total $ 1,563,826 $ 626,135 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of carrying values of the derivative instruments | The table below provides data about the carrying values of these derivative instruments: June 30, 2020 December 31, 2019 Assets (Liabilities) Assets (Liabilities) Derivative Derivative Carrying Carrying Net Carrying Carrying Carrying Net Carrying Value Value Value Value Value Value (In Thousands) Derivatives not designated as hedging instruments Mortgage Banking Derivatives $ 7,167 $ — $ 7,167 $ 883 $ (9 ) $ 892 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | |
Schedule of reclassification adjustments related to securities available for sale are included in gains on sale or call of securities | Reclassification adjustments related to securities available for sale are included in gains on sale or call of securities in the accompanying consolidated condensed statements of income. Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (In Thousands) Three months ended June 30, 2020: Securities available for sale and transferred securities: Change in net unrealized gain/loss during the period $ 3,160 $ (665 ) $ 2,495 Reclassification adjustment for net losses included in net income 2 (1 ) 1 Defined benefit postretirement medical plan: Reclassification adjustment for deferred tax on defined benefit postretirement medical plan — — — Total other comprehensive gain $ 3,162 $ (666 ) $ 2,496 Six months ended June 30, 2020 Securities available for sale: Change in net unrealized gain/loss during the period $ 12,618 $ (2,650 ) $ 9,968 Reclassification adjustment for net losses included in net income 2 (1 ) 1 Defined benefit postretirement medical plan: Reclassification adjustment for deferred tax on defined benefit postretirement medical plan — — — Total other comprehensive gain $ 12,620 $ (2,651 ) $ 9,969 Before Tax Amount Tax Expense (Benefit) Net of Tax Amount (In Thousands) Three months ended June 30, 2019: Securities available for sale: Change in net unrealized gain/loss during the period $ 3,289 $ (691 ) $ 2,598 Reclassification adjustment for net gains included in net income — — — Defined benefit postretirement medical plan: Reclassification adjustment for deferred tax on defined benefit Postretirement medical plan — — — Total other comprehensive loss $ 3,289 $ (691 ) $ 2,598 Six months ended June 30, 2019 Securities available for sale: Change in net unrealized gain/loss during the period $ 7,892 $ (1,659 ) $ 6,233 Reclassification adjustment for net gains included in net income — — — Defined benefit postretirement medical plan: Reclassification adjustment for deferred tax on defined benefit Postretirement medical plan — 82 82 Total other comprehensive loss $ 7,892 $ (1,577 ) $ 6,315 |
Schedule of accumulated other comprehensive income (loss), net of tax | Activity in accumulated other comprehensive income (loss), net of tax, was as follows: Securities Available For Sale Post- retirement Benefit Accumulated Other Comprehensive Income (Loss) (In Thousands) Balance January 1, 2020 $ 4,839 $ (244 ) $ 4,595 Other comprehensive income before reclassifications 9,968 — 9,968 Amounts reclassified from accumulated other comprehensive income 1 — 1 Net other comprehensive income during period 9,969 — 9,969 Balance June 30, 2020 $ 14,808 $ (244 ) $ 14,564 Balance January 1, 2019 $ (2,057 ) $ (91 ) $ (2,148 ) Other comprehensive income (loss) before reclassifications 6,233 — 6,233 Amounts reclassified from accumulated other comprehensive income — 82 82 Net other comprehensive income during period 6,233 82 6,315 Balance June 30, 2019 $ 4,176 $ (9 ) $ 4,167 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Summary of Fair Value of Consideration Transferred and Fair Value of Identifiable Assets and Liabilities Assumed | The following table summarizes the fair value of the total consideration transferred as part of the Merger as well as the fair value of identifiable assets and liabilities assumed as of the effective date of the transaction. January 31, 2020 (In Thousands) Cash Consideration $ 132 Fair Value of Options Exchanged $ 461 Equity - Dollar Value of Issued Shares 526,850 Fair Value of Total Consideration Transferred 527,443 Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: Cash and Cash Equivalents 52,580 Securities available for sale 262,753 Net loans, including loans held for sale and allowance 2,340,701 FHLB Stock 12,753 Office Properties and Equipment 20,253 Intangible Assets 33,014 Bank Owned Life Insurance 65,934 Mortgage Servicing Rights 9,747 Accrued Interest Receivable and Other Assets 35,423 Deposits - Non-Interest Bearing (430,921 ) Deposits - Interest Bearing (1,651,669 ) Advances from FHLB (381,000 ) Accrued Interest Payable and Other Liabilities (60,004 ) Total Identifiable Net Assets 309,564 Goodwill $ 217,879 |
Business acquisition, pro forma information | The following table presents unaudited pro forma information as if the acquisition had occurred on January 1, 2019, after giving effect to certain adjustments. The unaudited pro forma information for the six months ended June 30, 2020 and June 30, 2019 includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, interest expense on deposits and borrowings acquired, and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date. Six Months Ended June 30, 2020 2019 (In Thousands) Net interest income $ 107,684 $ 107,525 Provision for credit losses 22,265 504 Non-interest income 40,296 33,863 Non-interest expense 75,568 85,518 Income before income taxes 50,147 55,366 Income tax expense 10,478 10,102 Net income $ 39,669 $ 45,264 Diluted earnings per share $ 1.06 $ 1.19 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2020Subsidiary | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of additional subsidiaries acquired | 2 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional information (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2020 | Jun. 30, 2020 | |
Accounting Standards Update 2018-13 [Member] | ||
Property Plant And Equipment [Line Items] | ||
Accounting standards update, adoption date | Jan. 1, 2020 | |
Accounting Standards Update 2017-04 [Member] | ||
Property Plant And Equipment [Line Items] | ||
Accounting standards update, adoption date | Jan. 1, 2020 | |
Accounting Standards Update 2017-04 [Member] | Discounted Cash Flow [Member] | ||
Property Plant And Equipment [Line Items] | ||
Goodwill impairment | $ 0 | |
ASC 326 [Member] | ||
Property Plant And Equipment [Line Items] | ||
Increase in allowance for credit losses | 2,400,000 | |
Off-balance sheet credit exposures | 900,000 | |
Cumulative effect adjustment through retained earnings, net of tax | $ 2,566,000 | 2,600,000 |
Cumulative effect adjustment through retained earnings, tax | $ 7,000,000 |
Fair Value - Additional informa
Fair Value - Additional information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value Option Quantitative Disclosures [Line Items] | |||
Loans held for sale, fair value disclosure | $ 160,467,000 | $ 160,467,000 | |
Fair value determination of loans held for sale description | The fair value of conventional loans held for sale is determined using the current 15 day forward contract price for either 15 or year conventional mortgages and the 60 day forward contract price for either 15 or 30 year Federal Housing Authority mortgages (Level 2). The fair value of permanent construction loans held for sale is determined using the current 60 day forward contract price for 15 or 30 years conventional mortgages which is then adjusted for unobservable market data such as estimated fall out rates and estimated time from origination to completion of construction (Level 3). | ||
Minimum [Member] | Real Estate held for sale [Member] | |||
Fair Value Option Quantitative Disclosures [Line Items] | |||
Fair Value Input Discount Rate | 0.00% | ||
Maximum [Member] | Real Estate held for sale [Member] | |||
Fair Value Option Quantitative Disclosures [Line Items] | |||
Fair Value Input Discount Rate | 30.00% | ||
Permanent Construction Loans [Member] | |||
Fair Value Option Quantitative Disclosures [Line Items] | |||
Loans held for sale, fair value disclosure | 75,700,000 | $ 75,700,000 | |
Loans held for sale, contractual balance | 68,500,000 | 68,500,000 | |
Gain on sale of loans held for sale for the change in fair value | 1,600,000 | 7,200,000 | |
Residential Mortgage and Permanent Construction Loans [Member] | |||
Fair Value Option Quantitative Disclosures [Line Items] | |||
Loans held for sale, fair value disclosure | $ 0 | ||
Loans held for sale, 90 or more days past due | 0 | 0 | |
Loans held for sale, nonaccrual status | 0 | 0 | |
Residential Mortgage Loans [Member] | |||
Fair Value Option Quantitative Disclosures [Line Items] | |||
Loans held for sale, fair value disclosure | 84,700,000 | 84,700,000 | |
Loans held for sale, contractual balance | 80,400,000 | 80,400,000 | |
Gain on sale of loans held for sale for the change in fair value | $ 3,700,000 | $ 4,300,000 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | $ 567,527 | $ 283,448 |
Collateralized mortgage obligations [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 124,678 | 82,101 |
Fair Value, Inputs, Level 2 [Member] | Collateralized mortgage obligations [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 124,678 | 82,101 |
Obligations of U.S. government corporations and agencies [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 40,819 | 2,524 |
Obligations of U.S. government corporations and agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 40,819 | 2,524 |
Mortgage-Backed Securities [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 233,888 | 89,647 |
Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 233,888 | 89,647 |
Corporate bonds [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 25,229 | 12,101 |
Corporate bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 25,229 | 12,101 |
Obligations of state and political subdivisions [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 142,913 | 95,439 |
Obligations of state and political subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 142,913 | 92,028 |
Obligations of state and political subdivisions [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 3,411 | |
Loans Held for Sale, at Fair Value [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 160,467 | |
Loans Held for Sale, at Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 84,728 | |
Loans Held for Sale, at Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 75,739 | |
Purchased Certificate of Deposit Option [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 81 | |
Purchased Certificate of Deposit Option [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 81 | |
Interest Rate Swap Assets [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 2,450 | |
Interest Rate Swap Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 2,450 | |
Mortgage banking derivative - asset [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 7,167 | 892 |
Mortgage banking derivative - asset [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 7,167 | 892 |
Written Certificate of Deposit Option [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 81 | |
Written Certificate of Deposit Option [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 81 | |
Interest Rate Swap Liability [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 2,733 | |
Interest Rate Swap Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | $ 2,733 | |
REMICs [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 1,636 | |
REMICs [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | $ 1,636 |
Fair Value - Summary of Reconci
Fair Value - Summary of Reconciliation of all Assets Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level 3) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Construction Loans Held for Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance of recurring Level 3 assets at beginning of period | $ 44,420 | |
Total gains (losses) for the period, Included in change in fair value of loans held for sale | 2,238 | $ 7,201 |
Originations | 32,685 | 42,265 |
Acquired in acquisition | 37,711 | |
Sales | (3,604) | (11,438) |
Balance of recurring Level 3 assets at end of period | 75,739 | 75,739 |
Securities Available-For-Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance of recurring Level 3 assets at beginning of period | 5,830 | 3,411 |
Balance of Level 3 assets moved to Level 2 during the period | $ (5,830) | $ (3,411) |
Fair Value - Schedule of Level
Fair Value - Schedule of Level 3 Assets and Liabilities Measured At Fair Value on a Recurring Basis (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Loans held for sale, carried at fair value | $ 160,467 |
Range of Input 0.00% - 2.08% [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Loans held for sale, carried at fair value | $ 75,739 |
Fair Value Measurements, Valuation Processes, Description | Comparable sales |
Unobservable Inputs, Fair Value | Time discount using the 60 day forward contract |
Fair Value, Range of Input, Minimum | 0.00% |
Fair Value, Range of Input, Maximum | 2.08% |
Fair Value - Assets and Liabi_2
Fair Value - Assets and Liabilities Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Impaired loans | ||
Total impaired loans | $ 80 | $ 106 |
Mortgage servicing rights | 14,646 | 273 |
Commercial Real Estate [Member] | ||
Impaired loans | ||
Total impaired loans | 68 | |
Commercial [Member] | ||
Impaired loans | ||
Total impaired loans | 80 | 38 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Mortgage servicing rights | 14,646 | 273 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | ||
Total impaired loans | 80 | 106 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate [Member] | ||
Impaired loans | ||
Total impaired loans | 68 | |
Fair Value, Inputs, Level 3 [Member] | Commercial [Member] | ||
Impaired loans | ||
Total impaired loans | $ 80 | $ 38 |
Fair Value - Schedule of Leve_2
Fair Value - Schedule of Level 3 Assets and Liabilities Measured At Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Impaired Loans- Applies to all loan classes, Fair Value | $ 80 | $ 106 |
Range Of Input 10-13% [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Impaired Loans- Applies to all loan classes, Fair Value | $ 80 | $ 106 |
Fair Value Measurements, Valuation Processes, Description | Appraisals which utilize sales comparison, net income and cost approach | Appraisals which utilize sales comparison, net income and cost approach |
Unobservable Inputs, Fair Value | Discounts for collection issues and changes in market conditions | Discounts for collection issues and changes in market conditions |
Fair Value, Range of Input, Minimum | 10.00% | 10.00% |
Fair Value, Range of Input, Maximum | 13.00% | 13.00% |
Fair Value Measurement Weighted Average Range | 10.86% | 10.86% |
Fair Value - Balance Sheet Grou
Fair Value - Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Financial Assets, Carrying Value: | ||||
Cash and cash equivalents, Carrying Value | $ 192,681 | $ 131,254 | $ 83,597 | $ 98,962 |
Investment securities, Carrying Value | 567,527 | 283,448 | ||
Federal Home Loan Bank Stock, Carrying Value | 45,955 | 11,915 | ||
Loans receivable, net, Carrying Value | 5,368,683 | |||
Loans held for sale, Carrying Value | 160,467 | |||
Loans, net, including loans held for sale, Carrying Value | 2,764,329 | |||
Financial Liabilities, Carrying Value: | ||||
Deposits, Carrying Value | 5,759,843 | 2,870,325 | ||
Advances from the Federal Home Loan Bank and PPPLF advances | 139,327 | 85,063 | ||
Securities sold under repurchase agreements, Carrying Value | 6,948 | 2,999 | ||
Subordinated debentures, Carrying Value | 36,083 | 36,083 | ||
Advances from Federal Home Loan Bank, Carrying Value | 85,063 | |||
Financial Assets, Fair Value: | ||||
Cash and cash equivalents, Fair Value | 192,681 | 131,254 | ||
Investment securities, Fair Value | 567,527 | 283,448 | ||
Loans receivable, net, Fair Value | 5,447,099 | 2,756,092 | ||
Loans held for sale, carried at fair value | 160,467 | |||
Financial Liabilities, Fair Value: | ||||
Deposits, Fair Value | 5,775,526 | 2,871,166 | ||
Advances from Federal Home Loan Bank and PPPLF | 140,532 | |||
Securities sold under repurchase agreements, Fair Value | 6,933 | 2,999 | ||
Subordinated debentures, Fair Value | 36,083 | 36,083 | ||
Advances from Federal Home Loan Bank, Fair Value | 85,003 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial Assets, Fair Value: | ||||
Cash and cash equivalents, Fair Value | 192,681 | 131,254 | ||
Financial Liabilities, Fair Value: | ||||
Deposits, Fair Value | 4,487,978 | 2,131,537 | ||
Securities sold under repurchase agreements, Fair Value | 2,999 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial Assets, Fair Value: | ||||
Investment securities, Fair Value | 567,527 | 280,037 | ||
Loans receivable, net, Fair Value | 18,456 | |||
Loans held for sale, carried at fair value | 84,728 | |||
Financial Liabilities, Fair Value: | ||||
Deposits, Fair Value | 1,287,548 | 739,629 | ||
Advances from Federal Home Loan Bank and PPPLF | 140,532 | |||
Securities sold under repurchase agreements, Fair Value | 6,933 | |||
Subordinated debentures, Fair Value | 36,083 | 36,083 | ||
Advances from Federal Home Loan Bank, Fair Value | 85,003 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial Assets, Fair Value: | ||||
Investment securities, Fair Value | 3,411 | |||
Loans receivable, net, Fair Value | 5,447,099 | $ 2,737,636 | ||
Loans held for sale, carried at fair value | $ 75,739 |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 37,761 | 37,761 | 17,700 | ||
Conversion of outstanding stock options | 39,983 | 39,983 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Vested Percentage, Year | 20.00% | ||||
Stock Option Period, Description | All options expire ten years from the date of grant. Vested options of retirees expire on the earlier of the scheduled expiration date or three months after the retirement date | ||||
Fair value of option exchange from merger | $ 461,000 | $ 461,000 | |||
Fair value of option exchange from merger per share | $ 11.52 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 7,000 | $ 7,000 | |||
Employee Service Share Based Compensation Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period For Recognition (in years) | 6 months 7 days | ||||
Allocated Share-based Compensation Expense | 974,000 | $ 437,000 | $ 2,000,000 | $ 960,000 | |
Compensation Expense, Maximum | 2,700,000 | 2,700,000 | |||
Unrecognized Compensation Expense | $ 2,200,000 | $ 2,200,000 | |||
Equity Plan 2018 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 | 900,000 | |||
Short Term Equity Incentive Plan 2015 [Member] | |||||
Stock Option Period, Description | The final amount of benefits under the STIPs is determined as of December 31 of the same year and paid out in cash in the first quarter of the following year | ||||
Short Term Equity Incentive Plan 2015 [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | 10.00% | |||
Short Term Equity Incentive Plan 2015 [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 45.00% | 45.00% | |||
Long Term Equity Incentive Plan 2015 [Member] | |||||
Stock Option Period, Description | The amount of benefit under each LTIP will be determined individually at the end of the 36 month performance period ending December 31. The benefits earned under each LTIP will be paid out in equity in the first quarter following the end of the performance period. The participants are required to be employed on the day of payout in order to receive the payment. | ||||
Share-based Compensation, Performance Period | 3 years | ||||
Long Term Equity Incentive Plan 2015 [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 20.00% | 20.00% | |||
Long Term Equity Incentive Plan 2015 [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 45.00% | 45.00% | |||
Restricted Stock Grants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 13,349 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 52,392 | 52,392 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 147,795 | 147,795 | 158,470 | ||
Short Term Equity Incentive Plan 2011 [Member] | |||||
Allocated Share-based Compensation Expense | $ 1,600,000 | $ 1,200,000 |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock option activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options outstanding, January 1, 2020 | shares | 17,700 |
Option Outstanding, Exercised | shares | (19,922) |
Option Outstanding, Exchanged | shares | 39,983 |
Options outstanding, June 30, 2020 | shares | 37,761 |
Exercisable at June 30, 2020 | shares | 35,861 |
Weighted Average Exercise Price, Options outstanding, January 1, 2020 | $ / shares | $ 17.60 |
Weighted Average Exercise Price, Exercised | $ / shares | 7.10 |
Weighted Average Exercise Price, Exchanged | $ / shares | 16 |
Weighted Average Exercise Price, Options outstanding, March 31, 2020 | $ / shares | 21.44 |
Weighted Average Exercise Price, Exercisable at March 31, 2020 | $ / shares | $ 21.58 |
Weighted Average Remaining Contractual Term (In years), outstanding, March 31, 2020 | 6 years 2 months 23 days |
Weighted Average Remaining Contractual Terms (In years), Exercisable at March 31, 2020 | 6 years 3 months 7 days |
Aggregate Intrinsic Value, outstanding, March 31, 2020 | $ | $ 23 |
Aggregate Intrinsic Value, Exercisable at March 31, 2020 | $ | $ 23 |
Stock Compensation Plans - Tax
Stock Compensation Plans - Tax benefits realized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Proceeds of options exercised | $ 6 | $ 191 | ||
Related tax benefit recognized | $ 40 | $ 40 | 4 | |
Intrinsic value of options exercised | $ 189 | $ 30 | $ 189 | $ 390 |
Stock Compensation Plans - Rest
Stock Compensation Plans - Restricted stock grants (Details) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Shares, Unvested at January 1, 2020 | shares | 158,470 |
Shares, Granted | shares | 101,666 |
Shares, Vested | shares | (86,050) |
Shares, Forfeited | shares | (26,291) |
Shares, Unvested at March 31, 2020 | shares | 147,795 |
Weighted -Average Grant Date Fair Value, Unvested at January 1, 2020 | $ / shares | $ 25.72 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 29.09 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 25.48 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 25.58 |
Weighted-Average Grant Date Fair Value, Unvested at March 31, 2020 | $ / shares | $ 28.20 |
Stock Grants [Member] | |
Shares, Unvested at January 1, 2020 | shares | 48,545 |
Shares, Granted | shares | 13,349 |
Shares, Vested | shares | (9,502) |
Shares, Unvested at March 31, 2020 | shares | 52,392 |
Weighted -Average Grant Date Fair Value, Unvested at January 1, 2020 | $ / shares | $ 27.49 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 25.75 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 27.84 |
Weighted-Average Grant Date Fair Value, Unvested at March 31, 2020 | $ / shares | $ 26.99 |
Dividends on Common Stock (Deta
Dividends on Common Stock (Details) - $ / shares | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Dividends Common Stock [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.22 | $ 0.22 | $ 0.19 | $ 0.19 |
Common Stock, Dividends, Per Share, Declared | $ 0.22 | $ 0.19 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of basic and diluted earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic Earnings Per Share: | ||||||
Net (loss) income | $ 29,057 | $ (22,482) | $ 12,199 | $ 11,482 | $ 6,575 | $ 23,681 |
Less: income allocated to participating securities | 44 | 1 | 10 | 2 | ||
Net income allocated to common shareholders | $ 29,013 | $ 12,198 | $ 6,565 | $ 23,679 | ||
Weighted average common shares outstanding including participating securities | 37,347 | 19,791 | 34,534 | 19,908 | ||
Less: Participating securities | 57 | 11 | 50 | 11 | ||
Average common shares | 37,290 | 19,780 | 34,484 | 19,897 | ||
Basic earnings per common share | $ 0.78 | $ 0.62 | $ 0.19 | $ 1.19 | ||
Diluted Earnings Per Share: | ||||||
Net income allocated to common shareholders | $ 29,013 | $ 12,198 | $ 6,565 | $ 23,679 | ||
Weighted average common shares outstanding for basic (loss) earnings per common share | 37,290 | 19,780 | 34,484 | 19,897 | ||
Add: Dilutive effects of stock options | 33 | 80 | 42 | 79 | ||
Average shares and dilutive potential common shares | 37,323 | 19,860 | 34,526 | 19,976 | ||
Diluted earnings per common share | $ 0.78 | $ 0.61 | $ 0.19 | $ 1.19 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share Basic [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17,100 | 6,171 | 15,411 | 6,171 |
Investment Securities - Summary
Investment Securities - Summary of available-for-sale securities - (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | $ 548,782 | $ 277,323 |
Available-for-Sale Securities, Gross Unrealized Gains | 19,158 | 6,332 |
Available-for-Sale Securities, Gross Unrealized Losses | (413) | (207) |
Available-for-Sale Securities, Fair Value | 567,527 | 283,448 |
Obligations of U.S. government corporations and agencies [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 39,215 | 2,518 |
Available-for-Sale Securities, Gross Unrealized Gains | 1,604 | 6 |
Available-for-Sale Securities, Fair Value | 40,819 | 2,524 |
Mortgage-Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 226,329 | 88,380 |
Available-for-Sale Securities, Gross Unrealized Gains | 7,586 | 1,380 |
Available-for-Sale Securities, Gross Unrealized Losses | (27) | (113) |
Available-for-Sale Securities, Fair Value | 233,888 | 89,647 |
Collateralized mortgage obligations [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 121,043 | 83,008 |
Available-for-Sale Securities, Gross Unrealized Gains | 3,635 | 814 |
Available-for-Sale Securities, Gross Unrealized Losses | (85) | |
Available-for-Sale Securities, Fair Value | 124,678 | 83,737 |
Corporate bonds [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 25,326 | 12,011 |
Available-for-Sale Securities, Gross Unrealized Gains | 194 | 90 |
Available-for-Sale Securities, Gross Unrealized Losses | (291) | |
Available-for-Sale Securities, Fair Value | 25,229 | 12,101 |
Obligations of state and political subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 136,869 | 91,406 |
Available-for-Sale Securities, Gross Unrealized Gains | 6,139 | 4,042 |
Available-for-Sale Securities, Gross Unrealized Losses | (95) | (9) |
Available-for-Sale Securities, Fair Value | $ 142,913 | $ 95,439 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 31, 2020 | |
Marketable Securities [Line Items] | ||||
Securities acquired in merger, fair value | $ 262,800,000 | |||
Security Owned And Pledged As Collateral Carrying Value | $ 218,500,000 | $ 218,500,000 | ||
Realized Investment Gains (Losses) | (2,000) | (2,000) | $ 0 | |
AFS Debt Securities [Member] | ||||
Marketable Securities [Line Items] | ||||
Accrued interest | $ 2,300,000 | $ 2,300,000 |
Investment Securities - Schedul
Investment Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Marketable Securities [Abstract] | ||
Available-for-sale, Due in one year or less, Amortized Cost | $ 4,393 | |
Available-for-sale, Due after one year through five years, Amortized Cost | 17,894 | |
Available-for-sale, Due after five years through ten years, Amortized Cost | 69,714 | |
Available-for-sale, Due after ten years, Amortized Cost | 109,409 | |
Available-for-sale, MBS/CMO, Amortized Cost | 347,372 | |
Available-for-Sale Securities, Amortized Cost | 548,782 | $ 277,323 |
Available-for-sale, Due in one year or less, Fair Value | 4,421 | |
Available-for-sale, Due after one year through five years, Fair Value | 17,969 | |
Available-for-sale, Due after five years through ten years, Fair Value | 72,411 | |
Available-for-sale, Due after ten years, Fair Value | 114,160 | |
Available-for-sale,MBS/CMO, Fair Value | 358,566 | |
Available-for-sale, Fair Value | $ 567,527 | $ 283,448 |
Investment Securities - Unreali
Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Total temporarily impaired securities, Duration Unrealized Loss Position, Less Than Twelve Months, Fair Value | $ 22,691 | |
Total temporarily impaired securities, Duration of Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | (80) | |
Total temporarily impaired securities, Duration of Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 20,959 | 15,270 |
Total temporarily impaired securities, Duration of Unrealized Loss Position, Twelve Months or Longer, Gross Unrealized Loss | (413) | (127) |
Total temporarily impaired securities, Duration of Unrealized Loss Position, Fair Value | 20,959 | 37,961 |
Total temporarily impaired securities, Duration of Unrealized Loss Position, Unrealized Loss | (413) | (207) |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, 12 Month or Longer, Fair Value | 10,269 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, 12 Month or Longer, Gross Unrealized Loss | (27) | |
Available-for-sale securities, Total, Fair Value | 10,269 | |
Available-for-sale securities, Total, Unrealized Loss | (27) | |
Corporate bonds [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, 12 Month or Longer, Fair Value | 7,985 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, 12 Month or Longer, Gross Unrealized Loss | (291) | |
Available-for-sale securities, Total, Fair Value | 7,985 | |
Available-for-sale securities, Total, Unrealized Loss | (291) | |
Obligations of state and political subdivisions [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | 1,413 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (9) | |
Available-for-sale securities, Duration of Unrealized Loss Position, 12 Month or Longer, Fair Value | 2,705 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, 12 Month or Longer, Gross Unrealized Loss | (95) | |
Available-for-sale securities, Total, Fair Value | 2,705 | 1,413 |
Available-for-sale securities, Total, Unrealized Loss | $ (95) | (9) |
Mortgage-backed - residential [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | 13,830 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (42) | |
Available-for-sale securities, Duration of Unrealized Loss Position, 12 Month or Longer, Fair Value | 9,721 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, 12 Month or Longer, Gross Unrealized Loss | (71) | |
Available-for-sale securities, Total, Fair Value | 23,551 | |
Available-for-sale securities, Total, Unrealized Loss | (113) | |
Collateralized mortgage obligations [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | 7,448 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (29) | |
Available-for-sale securities, Duration of Unrealized Loss Position, 12 Month or Longer, Fair Value | 5,549 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, 12 Month or Longer, Gross Unrealized Loss | (56) | |
Available-for-sale securities, Total, Fair Value | 12,997 | |
Available-for-sale securities, Total, Unrealized Loss | $ (85) |
Loans - Loans receivable (Detai
Loans - Loans receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Real Estate: | ||||||
Real Estate | $ 4,001,843 | $ 2,136,104 | ||||
Other Loans: | ||||||
Total loans | 5,368,683 | 2,715,078 | ||||
Loans before deferred loan origination fees and costs | 5,682,989 | 2,874,688 | ||||
Deduct: | ||||||
Undisbursed construction loan funds | (221,136) | (126,108) | ||||
Net deferred loan origination fees and costs | (4,615) | (2,259) | ||||
Allowance for credit losses | (88,555) | $ (85,859) | (31,243) | $ (28,934) | $ (28,164) | $ (28,331) |
Other Loan [Member] | ||||||
Other Loans: | ||||||
Total loans | 1,681,146 | 738,584 | ||||
Residential Real Estate [Member] | ||||||
Real Estate: | ||||||
Real Estate | 1,226,106 | 324,773 | ||||
Commercial Real Estate [Member] | ||||||
Real Estate: | ||||||
Real Estate | 2,266,189 | 1,506,026 | ||||
Construction Loans [Member] | ||||||
Real Estate: | ||||||
Real Estate | 509,548 | 305,305 | ||||
Commercial [Member] | ||||||
Other Loans: | ||||||
Total loans | 1,244,549 | 578,071 | ||||
Deduct: | ||||||
Allowance for credit losses | (11,839) | (11,901) | (9,003) | (7,888) | (7,276) | (7,281) |
Home Equity and Improvement [Member] | ||||||
Other Loans: | ||||||
Total loans | 290,459 | 122,864 | ||||
Consumer Finance [Member] | ||||||
Other Loans: | ||||||
Total loans | 146,138 | 37,649 | ||||
Deduct: | ||||||
Allowance for credit losses | $ (3,523) | $ (3,281) | $ (375) | $ (352) | $ (349) | $ (319) |
Loans - Allowance for credit lo
Loans - Allowance for credit loss activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning Allowance | $ 85,859 | $ 28,164 | $ 31,243 | $ 28,331 | ||
Impact of ASC 326 Adoption | 2,354 | |||||
Acquisition related allowance for credit loss (PCD) | 7,698 | |||||
Charge-Offs | (295) | (136) | (729) | (670) | ||
Recoveries | 1,123 | 624 | 2,334 | 779 | ||
Provisions | 1,868 | [1] | 282 | 45,655 | [1],[2] | 494 |
Ending Allowance | 88,555 | 28,934 | 88,555 | 28,934 | ||
One To Four Family Residential Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning Allowance | 2,867 | 2,881 | ||||
Impact of ASC 326 Adoption | 1,765 | |||||
Acquisition related allowance for credit loss (PCD) | 1,077 | |||||
Charge-Offs | (257) | (183) | ||||
Recoveries | 215 | 170 | ||||
Provisions | 18,116 | [1],[2] | (75) | |||
Ending Allowance | 23,783 | 2,793 | 23,783 | 2,793 | ||
Multi Family Residential Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning Allowance | 3,101 | |||||
Recoveries | 36 | |||||
Provisions | (35) | |||||
Ending Allowance | 3,102 | 3,102 | ||||
Residential Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning Allowance | 23,324 | 5,879 | ||||
Charge-Offs | (73) | (11) | ||||
Recoveries | 114 | 180 | ||||
Provisions | 418 | [1] | (153) | |||
Ending Allowance | 23,783 | 5,895 | 23,783 | 5,895 | ||
Commercial Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning Allowance | 42,515 | 12,001 | 16,302 | 12,041 | ||
Impact of ASC 326 Adoption | 3,682 | |||||
Acquisition related allowance for credit loss (PCD) | 4,053 | |||||
Charge-Offs | (49) | (15) | (65) | (15) | ||
Recoveries | 190 | 269 | 529 | 353 | ||
Provisions | 1,401 | [1] | (106) | 19,556 | [1],[2] | (230) |
Ending Allowance | 44,057 | 12,149 | 44,057 | 12,149 | ||
Construction Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning Allowance | 884 | 731 | 996 | 682 | ||
Impact of ASC 326 Adoption | (223) | |||||
Charge-Offs | (1) | (1) | ||||
Provisions | 254 | [1] | 156 | 365 | [1],[2] | 205 |
Ending Allowance | 1,137 | 887 | 1,137 | 887 | ||
Home Equity and Improvement [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning Allowance | 3,954 | 1,928 | 1,700 | 2,026 | ||
Impact of ASC 326 Adoption | (521) | |||||
Acquisition related allowance for credit loss (PCD) | 248 | |||||
Charge-Offs | (56) | (64) | (86) | (97) | ||
Recoveries | 94 | 60 | 136 | 84 | ||
Provisions | 224 | [1] | (161) | 2,739 | [1],[2] | (250) |
Ending Allowance | 4,216 | 1,763 | 4,216 | 1,763 | ||
Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning Allowance | 11,901 | 7,276 | 9,003 | 7,281 | ||
Impact of ASC 326 Adoption | (2,263) | |||||
Acquisition related allowance for credit loss (PCD) | 2,272 | |||||
Charge-Offs | (37) | (13) | (133) | (200) | ||
Recoveries | 667 | 94 | 1,336 | 106 | ||
Provisions | (692) | [1] | 531 | 1,624 | [1],[2] | 701 |
Ending Allowance | 11,839 | 7,888 | 11,839 | 7,888 | ||
Consumer Finance [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning Allowance | 3,281 | 349 | 375 | 319 | ||
Impact of ASC 326 Adoption | (86) | |||||
Acquisition related allowance for credit loss (PCD) | 48 | |||||
Charge-Offs | (79) | (33) | (187) | (175) | ||
Recoveries | 58 | 21 | 118 | 30 | ||
Provisions | 263 | [1] | 15 | 3,255 | [1],[2] | 178 |
Ending Allowance | $ 3,523 | $ 352 | $ 3,523 | $ 352 | ||
[1] | Allowance/provision are not comparable to prior periods due to the adoption of CECL. | |||||
[2] | Provision for the six months ended June, 30, 2020, includes $25.9 million as a result of the Merger with UCFC in the first quarter |
Loans - Allowance for credit _2
Loans - Allowance for credit loss activity - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
UCFC [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Merger with UCFC | $ 25.9 |
Loans - Allowance for loan loss
Loans - Allowance for loan losses and the recorded investment (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Allowance for credit loss attributable to: | ||
Individually evaluated for impairment | $ 422 | |
Collectively evaluated for impairment | 30,821 | |
Total Allowance | 31,243 | |
Loans: | ||
Individually evaluated for impairment | 35,623 | |
Collectively evaluated for impairment | 2,749,148 | |
Acquired with deteriorated credit quality | 1,922 | |
Total loans | $ 5,457,238 | 2,786,693 |
Residential Real Estate [Member] | ||
Allowance for credit loss attributable to: | ||
Individually evaluated for impairment | 115 | |
Collectively evaluated for impairment | 2,752 | |
Total Allowance | 2,867 | |
Loans: | ||
Individually evaluated for impairment | 7,049 | |
Collectively evaluated for impairment | 318,106 | |
Acquired with deteriorated credit quality | 989 | |
Total loans | 326,144 | |
Commercial Real Estate [Member] | ||
Allowance for credit loss attributable to: | ||
Individually evaluated for impairment | 85 | |
Collectively evaluated for impairment | 16,217 | |
Total Allowance | 16,302 | |
Loans: | ||
Individually evaluated for impairment | 21,132 | |
Collectively evaluated for impairment | 1,490,306 | |
Acquired with deteriorated credit quality | 921 | |
Total loans | 1,512,359 | |
Construction Loans [Member] | ||
Allowance for credit loss attributable to: | ||
Collectively evaluated for impairment | 996 | |
Total Allowance | 996 | |
Loans: | ||
Collectively evaluated for impairment | 206,721 | |
Total loans | 287,239 | 206,721 |
Home Equity and Improvement [Member] | ||
Allowance for credit loss attributable to: | ||
Individually evaluated for impairment | 48 | |
Collectively evaluated for impairment | 1,652 | |
Total Allowance | 1,700 | |
Loans: | ||
Individually evaluated for impairment | 759 | |
Collectively evaluated for impairment | 122,963 | |
Total loans | 123,722 | |
Commercial [Member] | ||
Allowance for credit loss attributable to: | ||
Individually evaluated for impairment | 174 | |
Collectively evaluated for impairment | 8,829 | |
Total Allowance | 9,003 | |
Loans: | ||
Individually evaluated for impairment | 6,655 | |
Collectively evaluated for impairment | 573,244 | |
Acquired with deteriorated credit quality | 12 | |
Total loans | 1,223,580 | 579,911 |
Consumer Finance [Member] | ||
Allowance for credit loss attributable to: | ||
Collectively evaluated for impairment | 375 | |
Total Allowance | 375 | |
Loans: | ||
Individually evaluated for impairment | 28 | |
Collectively evaluated for impairment | 37,808 | |
Total loans | $ 136,765 | $ 37,836 |
Loans - Loans Receivable, Impai
Loans - Loans Receivable, Impaired, Interest Income, Cash Basis Method (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | $ 41,600 | $ 41,946 |
Interest Income Recognized | 453 | 1,191 |
Cash Basis Income Recognized | 348 | 975 |
Residential Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 5,212 | 4,882 |
Interest Income Recognized | 46 | 110 |
Cash Basis Income Recognized | 44 | 104 |
Residential Non Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 2,040 | 2,060 |
Interest Income Recognized | 26 | 56 |
Cash Basis Income Recognized | 26 | 56 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 7,252 | 6,942 |
Interest Income Recognized | 72 | 166 |
Cash Basis Income Recognized | 70 | 160 |
Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 7,514 | 7,439 |
Interest Income Recognized | 57 | 223 |
Cash Basis Income Recognized | 45 | 177 |
Commercial Real Estate Non Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 1,942 | 1,966 |
Interest Income Recognized | 18 | 51 |
Cash Basis Income Recognized | 18 | 44 |
Multi-Family Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 305 | 819 |
Interest Income Recognized | 7 | 27 |
Cash Basis Income Recognized | 7 | 27 |
Agriculture Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 13,734 | 13,319 |
Interest Income Recognized | 170 | 376 |
Cash Basis Income Recognized | 94 | 291 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 24,291 | 24,518 |
Interest Income Recognized | 271 | 730 |
Cash Basis Income Recognized | 181 | 589 |
Commercial Working Capital [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 7,594 | 7,842 |
Interest Income Recognized | 83 | 226 |
Cash Basis Income Recognized | 71 | 162 |
Commercial Loans Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 1,549 | 1,709 |
Interest Income Recognized | 21 | 48 |
Cash Basis Income Recognized | 21 | 45 |
Home Equity and Improvement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 889 | 905 |
Interest Income Recognized | 6 | 20 |
Cash Basis Income Recognized | 5 | 18 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 9,143 | 9,551 |
Interest Income Recognized | 104 | 274 |
Cash Basis Income Recognized | 92 | 207 |
Consumer Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 25 | 30 |
Interest Income Recognized | 1 | |
Cash Basis Income Recognized | 1 | |
Commercial Real Estate Other Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Balance | 796 | 975 |
Interest Income Recognized | 19 | 53 |
Cash Basis Income Recognized | $ 17 | $ 50 |
Loans - Summary of Amortized Co
Loans - Summary of Amortized Cost Basis of Collateral-dependent Loans by Class of Loans and Collateral Type (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | $ 5,368,683 | $ 2,746,321 |
Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 16,125 | |
Equipment and Machinery [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 1,881 | |
Inventory and Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 1,069 | |
Vehicles [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 275 | |
Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 19,350 | |
Real Estate Loans [Member] | Real Estate [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 1,395 | |
Real Estate Loans [Member] | Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 14,292 | |
Real Estate Loans [Member] | Collateral Pledged [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 1,395 | |
Real Estate Loans [Member] | Collateral Pledged [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 14,292 | |
Other Loans [Member] | Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 438 | |
Other Loans [Member] | Equipment and Machinery [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 1,881 | |
Other Loans [Member] | Inventory and Receivables [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 1,069 | |
Other Loans [Member] | Vehicles [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | 275 | |
Other Loans [Member] | Collateral Pledged [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, net amount | $ 3,663 |
Loans - Impaired Financing Rece
Loans - Impaired Financing Receivables (Details) $ in Thousands | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | $ 26,860 | [1] |
Recorded Investment, With no allowance | 25,852 | |
Unpaid Principal Balance, With an Allowance | 10,898 | [1] |
Recorded Investment, With an Allowance | 9,771 | |
Allowance for Loan Losses Allocated, With an Allowance | 422 | |
Residential Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 86 | [1] |
Recorded Investment, With no allowance | 86 | |
Unpaid Principal Balance, With an Allowance | 5,137 | [1] |
Recorded Investment, With an Allowance | 4,977 | |
Allowance for Loan Losses Allocated, With an Allowance | 104 | |
Residential Non Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 962 | [1] |
Recorded Investment, With no allowance | 967 | |
Unpaid Principal Balance, With an Allowance | 1,014 | [1] |
Recorded Investment, With an Allowance | 1,019 | |
Allowance for Loan Losses Allocated, With an Allowance | 11 | |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 1,048 | [1] |
Recorded Investment, With no allowance | 1,053 | |
Unpaid Principal Balance, With an Allowance | 6,151 | [1] |
Recorded Investment, With an Allowance | 5,996 | |
Allowance for Loan Losses Allocated, With an Allowance | 115 | |
Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 5,098 | [1] |
Recorded Investment, With no allowance | 4,814 | |
Unpaid Principal Balance, With an Allowance | 2,085 | [1] |
Recorded Investment, With an Allowance | 1,623 | |
Allowance for Loan Losses Allocated, With an Allowance | 60 | |
Commercial Real Estate Non Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 1,815 | [1] |
Recorded Investment, With no allowance | 1,006 | |
Unpaid Principal Balance, With an Allowance | 317 | [1] |
Recorded Investment, With an Allowance | 319 | |
Allowance for Loan Losses Allocated, With an Allowance | 13 | |
Multi-Family Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 128 | [1] |
Recorded Investment, With no allowance | 130 | |
Agriculture Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 12,734 | [1] |
Recorded Investment, With no allowance | 12,792 | |
Unpaid Principal Balance, With an Allowance | 262 | [1] |
Recorded Investment, With an Allowance | 268 | |
Allowance for Loan Losses Allocated, With an Allowance | 3 | |
Other Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With an Allowance | 401 | [1] |
Recorded Investment, With an Allowance | 180 | |
Allowance for Loan Losses Allocated, With an Allowance | 9 | |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 19,775 | [1] |
Recorded Investment, With no allowance | 18,742 | |
Unpaid Principal Balance, With an Allowance | 3,065 | [1] |
Recorded Investment, With an Allowance | 2,390 | |
Allowance for Loan Losses Allocated, With an Allowance | 85 | |
Commercial Working Capital [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 5,417 | [1] |
Recorded Investment, With no allowance | 5,435 | |
Unpaid Principal Balance, With an Allowance | 682 | [1] |
Recorded Investment, With an Allowance | 450 | |
Allowance for Loan Losses Allocated, With an Allowance | 150 | |
Commercial Loans Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 469 | [1] |
Recorded Investment, With no allowance | 471 | |
Unpaid Principal Balance, With an Allowance | 318 | [1] |
Recorded Investment, With an Allowance | 299 | |
Allowance for Loan Losses Allocated, With an Allowance | 24 | |
Home Equity and Improvement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 151 | [1] |
Recorded Investment, With no allowance | 151 | |
Unpaid Principal Balance, With an Allowance | 654 | [1] |
Recorded Investment, With an Allowance | 608 | |
Allowance for Loan Losses Allocated, With an Allowance | 48 | |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With no allowance | 5,886 | [1] |
Recorded Investment, With no allowance | 5,906 | |
Unpaid Principal Balance, With an Allowance | 1,000 | [1] |
Recorded Investment, With an Allowance | 749 | |
Allowance for Loan Losses Allocated, With an Allowance | 174 | |
Consumer Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, With an Allowance | 28 | [1] |
Recorded Investment, With an Allowance | $ 28 | |
[1] | Presented gross of charge-offs |
Loans - Schedule of Non-Perform
Loans - Schedule of Non-Performing Loans and Real Estate Owned (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans And Leases Receivable Net Reported Amount [Abstract] | ||
Non-accrual loans | $ 39,470 | $ 13,437 |
Total non-performing loans | 39,470 | 13,437 |
Real estate and other assets held for sale | 573 | 100 |
Total non-performing assets | 40,043 | 13,537 |
Troubled debt restructuring, still accruing | $ 7,916 | $ 8,486 |
Loans - Schedule of Financing R
Loans - Schedule of Financing Receivables, Non Accrual Status (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 5,406,767 | $ 2,776,550 |
Total Past Due | 11,001 | 10,143 |
Total Non-Accrual | 39,470 | 13,437 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,204,467 | 323,600 |
Total Past Due | 4,023 | 2,544 |
Total Non-Accrual | 4,000 | 2,411 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 2,226,094 | 1,509,132 |
Total Past Due | 1,040 | 3,227 |
Total Non-Accrual | 4,468 | 7,609 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,108 | 3,039 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,542 | 1,328 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 339 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,893 | 1,252 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,481 | 570 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,040 | 172 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,852 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 646 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,716 | |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 287,239 | 206,721 |
Home Equity and Improvement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 282,287 | 122,487 |
Total Past Due | 1,693 | 1,235 |
Total Non-Accrual | 943 | 449 |
Home Equity and Improvement [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,273 | 956 |
Home Equity and Improvement [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 420 | 240 |
Home Equity and Improvement [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 39 | |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,222,377 | 576,988 |
Total Past Due | 679 | 2,923 |
Total Non-Accrual | 524 | 2,961 |
Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 533 | 273 |
Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 146 | 206 |
Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,444 | |
Consumer Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 135,538 | 37,622 |
Total Past Due | 861 | 214 |
Total Non-Accrual | 366 | 7 |
Consumer Finance [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 808 | 143 |
Consumer Finance [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 53 | 64 |
Consumer Finance [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 7 | |
PCD [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 48,765 | |
Total Past Due | 2,705 | |
Total Non-Accrual | 29,169 | |
PCD [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,952 | |
PCD [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 753 |
Loans - Additional Information
Loans - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020USD ($)LoanDeferral | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)LoanDeferral | Jun. 30, 2019USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Cash paid for paycheck protection program | $ 434,000,000 | ||||||
Anticipated credit losses | [1] | $ 1,868,000 | $ 282,000 | 45,655,000 | $ 494,000 | ||
Loan balance | 5,368,683,000 | 5,368,683,000 | $ 2,715,078,000 | ||||
Loans and Leases Receivable, Loans in Process | 221,136,000 | 221,136,000 | 126,108,000 | ||||
Consumer Portfolio Segment [Member] | |||||||
Loans and Leases Receivable, Loans in Process | 6,700,000 | 6,700,000 | 981,000 | ||||
Purchase Credit Impaired [Member] | |||||||
Loan balance | 2,000,000 | 2,000,000 | |||||
Loan Purchase [Member] | |||||||
Purchase price of loans at acquisition | 2,340,701,000 | 2,340,701,000 | |||||
Fair value of purchase price of loans at acquisition | 2,314,588,000 | 2,314,588,000 | $ 79,100,000 | ||||
Financing receivable credit discount | 7,700,000 | ||||||
Financing receivable non credit discount | $ 4,100,000 | ||||||
Loan balance | 80,639,000 | 80,639,000 | |||||
Scenario Plan [Member] | |||||||
Anticipated credit losses | 6,800,000 | ||||||
Unfunded Loan Commitments [Member] | |||||||
Unfunded loan commitments | 1,400,000,000 | 1,400,000,000 | |||||
Subsequently Defaulted [Member] | |||||||
Financing Receivable, Allowance for Credit Losses, Period Increase (decrease) | 30,000 | 45,000 | |||||
TDRs [Member] | |||||||
Financing Receivable, Modifications, Recorded Investment | 18,800,000 | 18,800,000 | 15,100,000 | ||||
Specified Reserves, Provision for Troubled Debt Restructurings | 355,000 | 355,000 | 388,000 | ||||
Loans and Leases Receivable, Impaired, Commitment to Lend | 235,000 | 235,000 | $ 226,000 | ||||
Loans receivable deferred | 812,898,000 | 812,898,000 | |||||
Commercial deferral expirations balance | 739,632,000 | 739,632,000 | |||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 7,900,000 | ||||||
Financing Receivable, Allowance for Credit Losses, Period Increase (decrease) | $ 32,000 | 27,000 | $ 32,000 | 21,000 | |||
TDRs [Member] | Subsequently Defaulted [Member] | |||||||
Financing Receivable, Allowance for Credit Losses, Period Increase (decrease) | $ 5,000 | $ 4,000 | |||||
TDRs [Member] | Minimum [Member] | |||||||
Number of loan deferrals | LoanDeferral | 1,354 | 1,354 | |||||
Loans receivable deferred | $ 813,000,000 | $ 813,000,000 | |||||
TDRs [Member] | Minimum [Member] | COVID-19 [Member] | |||||||
Loan modification payment term for either interest only deferral or principal and interest deferral | 2 months | ||||||
TDRs [Member] | Maximum [Member] | COVID-19 [Member] | |||||||
Loan modification payment term for either interest only deferral or principal and interest deferral | 6 months | ||||||
[1] | Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology. |
Loans - Summary of Breakout of
Loans - Summary of Breakout of Deferrals by Loan Category (Details) - TDRs [Member] $ in Thousands | Jun. 30, 2020USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable deferred | $ 812,898 |
Residential Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable deferred | 65,754 |
Commercial Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable deferred | 561,699 |
Construction Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable deferred | 46,010 |
Commercial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable deferred | 131,923 |
Home Equity and Improvement [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable deferred | 2,456 |
Consumer Finance [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable deferred | $ 5,056 |
Loans - Summary of Breakout o_2
Loans - Summary of Breakout of Commercial Deferrals (Details) - TDRs [Member] $ in Thousands | Jun. 30, 2020USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial deferral expirations balance | $ 739,632 |
July [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial deferral expirations balance | 100,769 |
August [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial deferral expirations balance | 187,225 |
September [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial deferral expirations balance | 130,295 |
October [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial deferral expirations balance | 241,539 |
November [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial deferral expirations balance | 70,477 |
December [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial deferral expirations balance | $ 9,327 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings on Financing Receivables (Details) - TDRs [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)Loan | Jun. 30, 2019USD ($)Loan | Jun. 30, 2020USD ($)Loan | Jun. 30, 2019USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings, Number of Loans | Loan | 6 | 7 | 15 | 13 |
Troubled Debt Restructurings, Recorded Investment | $ | $ 7,014 | $ 507 | $ 7,667 | $ 993 |
Residential Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings, Number of Loans | Loan | 3 | 4 | 5 | 7 |
Troubled Debt Restructurings, Recorded Investment | $ | $ 231 | $ 434 | $ 609 | $ 907 |
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings, Number of Loans | Loan | 3 | 4 | ||
Troubled Debt Restructurings, Recorded Investment | $ | $ 6,783 | $ 6,876 | ||
Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings, Number of Loans | Loan | 1 | 1 | ||
Troubled Debt Restructurings, Recorded Investment | $ | $ 46 | $ 46 | ||
Home Equity and Improvement [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings, Number of Loans | Loan | 1 | 1 | 2 | |
Troubled Debt Restructurings, Recorded Investment | $ | $ 26 | $ 26 | $ 26 | |
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings, Number of Loans | Loan | 5 | 1 | ||
Troubled Debt Restructurings, Recorded Investment | $ | $ 156 | $ 13 | ||
Consumer Finance [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings, Number of Loans | Loan | 1 | 2 | ||
Troubled Debt Restructurings, Recorded Investment | $ | $ 1 | $ 1 |
Loans - Troubled Debt Restruc_2
Loans - Troubled Debt Restructurings on Payments (Details) - Subsequently Defaulted [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)Loan | Jun. 30, 2019USD ($)Loan | Jun. 30, 2020USD ($)Loan | Jun. 30, 2019USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 8 | 2 | 14 | 7 |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 509 | $ 113 | $ 1,227 | $ 2,561 |
Residential Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 3 | 2 | 6 | 3 |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 168 | $ 113 | $ 436 | $ 189 |
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 1 | 2 | 3 | |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 22 | $ 194 | $ 2,311 | |
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 1 | 2 | ||
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 118 | $ 250 | ||
Home Equity and Improvement [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 2 | 3 | 1 | |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 180 | $ 326 | $ 61 | |
Consumer Finance [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 1 | 1 | ||
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 21 | $ 21 |
Loans - Financing Receivable Cr
Loans - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | $ 5,457,238 | $ 2,786,693 |
Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 5,320,143 | 2,698,626 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 59,769 | 53,419 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 77,326 | 34,648 |
Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 77,326 | 34,648 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,212,490 | 326,144 |
Residential Real Estate [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,206,062 | 322,250 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 304 | 415 |
Residential Real Estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 6,124 | 3,479 |
Residential Real Estate [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 6,124 | 3,479 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 2,231,602 | 1,512,359 |
Commercial Real Estate [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 2,191,433 | 1,462,065 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 21,436 | 27,197 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 18,733 | 23,097 |
Commercial Real Estate [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 18,733 | 23,097 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 287,239 | 206,721 |
Construction Loans [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 287,174 | 205,076 |
Construction Loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 65 | 1,645 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,223,580 | 579,911 |
Commercial [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,193,020 | 548,012 |
Commercial [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 23,979 | 24,162 |
Commercial [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 6,581 | 7,737 |
Commercial [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 6,581 | 7,737 |
Home Equity and Improvement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 284,923 | 123,722 |
Home Equity and Improvement [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 284,188 | 123,407 |
Home Equity and Improvement [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 735 | 315 |
Home Equity and Improvement [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 735 | 315 |
PCD [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 80,639 | |
PCD [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 21,817 | |
PCD [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 13,985 | |
PCD [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 44,837 | |
PCD [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 44,837 | |
Consumer Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 136,765 | 37,836 |
Consumer Finance [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 136,449 | 37,816 |
Consumer Finance [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 316 | 20 |
Consumer Finance [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | $ 316 | $ 20 |
Loans - Schedule of Amortized C
Loans - Schedule of Amortized Cost Basis of Loans by Credit Quality Indicator and Class of Loans Based on Recent Analysis Performed (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Total | $ 5,457,238 | $ 2,786,693 |
Residential [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 83,735 | |
2019 | 185,116 | |
2018 | 181,579 | |
2017 | 172,107 | |
2016 | 173,645 | |
Prior | 413,065 | |
Revolving Loans | 3,243 | |
Total | 1,212,490 | |
Commercial [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 266,383 | |
2019 | 447,888 | |
2018 | 362,848 | |
2017 | 378,615 | |
2016 | 230,333 | |
Prior | 528,920 | |
Revolving Loans | 16,615 | |
Total | 2,231,602 | |
Construction [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 15,795 | |
2019 | 134,260 | |
2018 | 87,891 | |
2017 | 39,552 | |
2016 | 9,736 | |
Prior | 5 | |
Total | 287,239 | |
Commercial [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 518,722 | |
2019 | 181,822 | |
2018 | 98,517 | |
2017 | 58,961 | |
2016 | 29,949 | |
Prior | 41,727 | |
Revolving Loans | 293,882 | |
Total | 1,223,580 | |
Home Equity and Improvement [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 3,573 | |
2019 | 9,532 | |
2018 | 5,524 | |
2017 | 9,502 | |
2016 | 9,052 | |
Prior | 34,541 | |
Revolving Loans | 213,199 | |
Total | 284,923 | |
Consumer Finance [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 28,102 | |
2019 | 48,744 | |
2018 | 26,975 | |
2017 | 14,955 | |
2016 | 7,156 | |
Prior | 4,578 | |
Revolving Loans | 6,255 | |
Total | 136,765 | |
PCD [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 324 | |
2018 | 3,212 | |
2017 | 24,821 | |
2016 | 4,170 | |
Prior | 31,046 | |
Revolving Loans | 17,066 | |
Total | 80,639 | |
Pass [Member] | Residential [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 83,735 | |
2019 | 184,881 | |
2018 | 180,901 | |
2017 | 171,796 | |
2016 | 173,300 | |
Prior | 408,215 | |
Revolving Loans | 3,234 | |
Total | 1,206,062 | |
Pass [Member] | Commercial [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 266,383 | |
2019 | 442,274 | |
2018 | 360,246 | |
2017 | 375,059 | |
2016 | 229,020 | |
Prior | 505,233 | |
Revolving Loans | 13,218 | |
Total | 2,191,433 | |
Pass [Member] | Construction [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 15,730 | |
2019 | 134,260 | |
2018 | 87,891 | |
2017 | 39,552 | |
2016 | 9,736 | |
Prior | 5 | |
Total | 287,174 | |
Pass [Member] | Commercial [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 518,471 | |
2019 | 181,028 | |
2018 | 95,494 | |
2017 | 56,402 | |
2016 | 29,621 | |
Prior | 37,348 | |
Revolving Loans | 274,656 | |
Total | 1,193,020 | |
Pass [Member] | Home Equity and Improvement [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 3,573 | |
2019 | 9,532 | |
2018 | 5,512 | |
2017 | 9,502 | |
2016 | 9,052 | |
Prior | 34,250 | |
Revolving Loans | 212,767 | |
Total | 284,188 | |
Pass [Member] | Consumer Finance [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 28,102 | |
2019 | 48,520 | |
2018 | 26,920 | |
2017 | 14,943 | |
2016 | 7,131 | |
Prior | 4,578 | |
Revolving Loans | 6,255 | |
Total | 136,449 | |
Pass [Member] | PCD [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 259 | |
2018 | 984 | |
2017 | 2,482 | |
2016 | 1,077 | |
Prior | 16,207 | |
Revolving Loans | 808 | |
Total | 21,817 | |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | 59,769 | 53,419 |
Special Mention [Member] | Residential [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 40 | |
2018 | 56 | |
2016 | 121 | |
Prior | 87 | |
Total | 304 | |
Special Mention [Member] | Commercial [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 5,330 | |
2018 | 997 | |
2017 | 2,325 | |
2016 | 30 | |
Prior | 12,032 | |
Revolving Loans | 722 | |
Total | 21,436 | |
Special Mention [Member] | Construction [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 65 | |
Total | 65 | |
Special Mention [Member] | Commercial [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 25 | |
2019 | 713 | |
2018 | 2,413 | |
2017 | 2,355 | |
2016 | 48 | |
Prior | 4,182 | |
Revolving Loans | 14,243 | |
Total | 23,979 | |
Special Mention [Member] | PCD [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2018 | 2,162 | |
2017 | 4,225 | |
2016 | 1,389 | |
Prior | 4,123 | |
Revolving Loans | 2,086 | |
Total | 13,985 | |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | 77,326 | $ 34,648 |
Substandard [Member] | Residential [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 195 | |
2018 | 622 | |
2017 | 311 | |
2016 | 224 | |
Prior | 4,763 | |
Revolving Loans | 9 | |
Total | 6,124 | |
Substandard [Member] | Commercial [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 284 | |
2018 | 1,605 | |
2017 | 1,231 | |
2016 | 1,283 | |
Prior | 11,655 | |
Revolving Loans | 2,675 | |
Total | 18,733 | |
Substandard [Member] | Commercial [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 226 | |
2019 | 81 | |
2018 | 610 | |
2017 | 204 | |
2016 | 280 | |
Prior | 197 | |
Revolving Loans | 4,983 | |
Total | 6,581 | |
Substandard [Member] | Home Equity and Improvement [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2018 | 12 | |
Prior | 291 | |
Revolving Loans | 432 | |
Total | 735 | |
Substandard [Member] | Consumer Finance [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 224 | |
2018 | 55 | |
2017 | 12 | |
2016 | 25 | |
Total | 316 | |
Substandard [Member] | PCD [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 65 | |
2018 | 66 | |
2017 | 18,114 | |
2016 | 1,704 | |
Prior | 10,716 | |
Revolving Loans | 14,172 | |
Total | $ 44,837 |
Loans - Summary of Credit Loss
Loans - Summary of Credit Loss Estimation (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Residential Portfolio Segment [Member] | Real Estate [Member] | 1-4 Family Nonowner Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Residential real estate |
Loan Pool | 1-4 Family nonowner occupied |
Methodology | DCF |
Loss Drivers | National unemployment |
Residential Portfolio Segment [Member] | Real Estate [Member] | 1-4 Family Owner Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Residential real estate |
Loan Pool | 1-4 Family owner occupied |
Methodology | DCF |
Loss Drivers | National unemployment |
Commercial Portfolio Segment [Member] | Real Estate [Member] | Commercial Real Estate Nonowner Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Commercial real estate |
Loan Pool | Commercial real estate nonowner occupied |
Methodology | DCF |
Loss Drivers | National unemployment |
Commercial Portfolio Segment [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Commercial real estate |
Loan Pool | Commercial real estate owner occupied |
Methodology | DCF |
Loss Drivers | National unemployment |
Commercial Portfolio Segment [Member] | Real Estate [Member] | Multi Family [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Commercial real estate |
Loan Pool | Multi Family |
Methodology | DCF |
Loss Drivers | National unemployment |
Commercial Portfolio Segment [Member] | Real Estate [Member] | Agriculture Land [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Commercial real estate |
Loan Pool | Agriculture Land |
Methodology | DCF |
Loss Drivers | National unemployment |
Commercial Portfolio Segment [Member] | Real Estate [Member] | Commercial Loans Other [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Commercial real estate |
Loan Pool | Other commercial real estate |
Methodology | DCF |
Loss Drivers | National unemployment |
Construction Portfolio Segment [Member] | Real Estate [Member] | Construction Loans [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Construction secured by real estate |
Loan Pool | Construction |
Methodology | PD/LGD |
Loss Drivers | Call report loss history |
Commercial Loan Portfolio Segment [Member] | Other Loans [Member] | Commercial Loans Other [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Commercial |
Loan Pool | Other commercial |
Methodology | PD/LGD |
Loss Drivers | Call report loss history |
Commercial Loan Portfolio Segment [Member] | Other Loans [Member] | Commercial Working Capital [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Commercial |
Loan Pool | Commercial working capital |
Methodology | PD/LGD |
Loss Drivers | Call report loss history |
Commercial Loan Portfolio Segment [Member] | Other Loans [Member] | Agriculture Production [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Commercial |
Loan Pool | Agriculture production |
Methodology | PD/LGD |
Loss Drivers | Call report loss history |
Home Equity and Improvement Portfolio Segment [Member] | Other Loans [Member] | Home Equity and Improvement [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Home equity and improvement |
Loan Pool | Home equity and improvement |
Methodology | PD/LGD |
Loss Drivers | Call report loss history |
Consumer Portfolio Segment [Member] | Other Loans [Member] | Consumer Finance [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Portfolio Segments | Consumer finance |
Loan Pool | Consumer finance |
Methodology | Remaining life |
Loss Drivers | Call report loss history |
Loans - Schedule of Deteriorati
Loans - Schedule of Deterioration of Credit Quality Contractual Purchased Loans (Details) - Loan Purchase [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 31, 2020 |
Par value of acquired loans at acquisition | $ 2,314,588 | $ 79,100 |
Credit discount | 34,610 | |
Non-credit discount/(premium) at acquisition | (8,497) | |
Purchase price of loans at acquisition | $ 2,340,701 |
Loans - Schedule of Outstanding
Loans - Schedule of Outstanding Balance and Related Allowance on Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loan Balance | $ 5,368,683 | $ 2,715,078 |
ACL Balance | $ 31,243 | |
Loan Purchase [Member] | ||
Loan Balance | 80,639 | |
ACL Balance | 7,297 | |
Loan Purchase [Member] | Real Estate [Member] | ||
Loan Balance | 51,807 | |
ACL Balance | 5,210 | |
Loan Purchase [Member] | Real Estate [Member] | Residential [Member] | ||
Loan Balance | 16,679 | |
ACL Balance | 1,247 | |
Loan Purchase [Member] | Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan Balance | 34,175 | |
ACL Balance | 3,955 | |
Loan Purchase [Member] | Real Estate [Member] | Construction [Member] | ||
Loan Balance | 953 | |
ACL Balance | 8 | |
Loan Purchase [Member] | Other Loans [Member] | ||
Loan Balance | 28,832 | |
ACL Balance | 2,087 | |
Loan Purchase [Member] | Other Loans [Member] | Commercial [Member] | ||
Loan Balance | 22,234 | |
ACL Balance | 1,781 | |
Loan Purchase [Member] | Other Loans [Member] | Home Equity and Improvement [Member] | ||
Loan Balance | 5,587 | |
ACL Balance | 250 | |
Loan Purchase [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | ||
Loan Balance | 1,011 | |
ACL Balance | $ 56 |
Mortgage Banking - Net revenues
Mortgage Banking - Net revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Mortgage Banking [Abstract] | ||||
Gain from sale of mortgage loans | $ 11,530 | $ 1,775 | $ 16,432 | $ 3,076 |
Mortgage loans servicing revenue (expense): | ||||
Mortgage loans servicing revenue | 1,888 | 943 | 3,482 | 1,882 |
Amortization of mortgage servicing rights | (2,181) | (391) | (3,344) | (677) |
Mortgage servicing rights valuation adjustments | (1,369) | (190) | (5,854) | (303) |
Mortgage loans servicing revenue (expense), Total | (1,662) | 362 | (5,716) | 902 |
Net revenue from sale and servicing of mortgage loans | $ 9,868 | $ 2,137 | $ 10,716 | $ 3,978 |
Mortgage Banking - Additional i
Mortgage Banking - Additional information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Mortgage Banking [Abstract] | |||||
Residential Mortgage Loans, Unpaid Balance | $ 3,000,000,000 | $ 3,000,000,000 | $ 1,460,000,000 | ||
Accrued Liabilities and Other Liabilities | 43,000 | 43,000 | $ 43,000 | ||
Expenses (credit) relating to secondary market buy-back activity | $ 0 | $ 0 | $ 0 | $ 0 |
Mortgage Banking - Capitalized
Mortgage Banking - Capitalized Mortgage and Valuation Allowance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Mortgage servicing assets: | ||||
Balance at beginning of period | $ 20,761 | $ 10,411 | $ 10,801 | $ 10,419 |
Loans sold, servicing retained | 2,454 | 438 | 3,830 | 716 |
Mortgage servicing rights acquired | 9,747 | |||
Amortization | (2,181) | (391) | (3,344) | (677) |
Carrying value before valuation allowance at end of period | 21,034 | 10,458 | 21,034 | 10,458 |
Valuation allowance: | ||||
Balance at beginning of period | (5,019) | (413) | (534) | (300) |
Impairment recovery (charges) | (1,369) | (190) | (5,854) | (303) |
Balance at end of period | (6,388) | (603) | (6,388) | (603) |
Net carrying value of MSRs at end of period | 14,646 | 9,855 | 14,646 | 9,855 |
Fair value of MSRs at end of period | $ 14,646 | $ 9,925 | $ 14,646 | $ 9,925 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 31, 2020 | Dec. 31, 2019 | |
Lessee Lease Description [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 18,200,000 | $ 18,200,000 | $ 8,900,000 | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | |||
Operating Lease, Liability | $ 18,806,000 | $ 18,806,000 | $ 9,500,000 | |||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesMember | us-gaap:OtherLiabilitiesMember | us-gaap:OtherLiabilitiesMember | |||
Option extensions | true | |||||
Operating lease, option to extend | five and ten year | |||||
Operating lease, weighted average remaining lease term | 15 years 1 month 9 days | 15 years 1 month 9 days | 17 years 25 days | |||
Operating lease, weighted average discount rate | 2.57% | 2.57% | 3.17% | |||
Operating Lease, Cost | $ 592,000 | $ 233,000 | $ 1,100,000 | $ 475,000 | ||
Minimum [Member] | ||||||
Lessee Lease Description [Line Items] | ||||||
Lessee, Operating Lease, Renewal Term | 5 years | 5 years | ||||
Maximum [Member] | ||||||
Lessee Lease Description [Line Items] | ||||||
Lessee, Operating Lease, Renewal Term | 10 years | 10 years | ||||
United Community Financial Corp [Member] | ||||||
Lessee Lease Description [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 5,000,000 | |||||
Operating Lease, Liability | $ 5,100,000 |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Cash Flows Included in Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 1,274 | |
2021 | 2,298 | |
2022 | 1,944 | |
2023 | 1,539 | |
2024 | 1,311 | |
Thereafter | 14,911 | |
Total undiscounted minimum lease payments | 23,277 | |
Present value adjustment | (4,471) | |
Total lease liabilities | $ 18,806 | $ 9,500 |
Deposits - Summary of Deposit B
Deposits - Summary of Deposit Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Non-interest-bearing checking accounts | $ 1,454,842 | $ 630,359 |
Interest-bearing checking and money market accounts | 2,361,486 | 1,198,012 |
Savings deposits | 671,650 | 303,166 |
Retail certificates of deposit less than $250,000 | 1,078,758 | 631,253 |
Retail certificates of deposit greater than $250,000 | 193,107 | 107,535 |
Total | $ 5,759,843 | $ 2,870,325 |
Borrowings - Schedule of Federa
Borrowings - Schedule of Federal Home Loan Bank Advances, Paycheck Protection Program Lending Facility and Junior Subordinated Debentures (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Advances From Federal Home Loan Banks [Abstract] | ||
Single maturity fixed rate advances | $ 35,000 | $ 83,999 |
Amortizable mortgage advances | 1,085 | |
Overnight advances | 100,000 | |
Fair value adjustment on acquired balances | (21) | |
Total | 135,000 | 85,063 |
PPPLF advances | 4,327 | |
Junior subordinated debentures owed to unconsolidated subsidiary trusts | $ 36,083 | $ 36,083 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
FHLB advances, maturity due 2020 | $ 100,000 | |
FHLB advances, maturity due 2021 | 5,000 | |
FHLB advances, maturity due 2022 | 10,000 | |
FHLB advances, maturity due 2023 | 10,000 | |
FHLB advances, maturity due 2024 | 10,000 | |
PPPLF advances | $ 4,327 | |
PPPLF advances maturity period | 2022 | |
PPPLF advances interest rate | 0.35% | |
Period for Interest Deferral on Trust Preferred Securities | 5 years | |
Securities sold under repurchase agreements | $ 6,948 | $ 2,999 |
Maturity Overnight [Member] | ||
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements | 6,900 | 3,000 |
Maturity Overnight [Member] | Collateralized mortgage obligations [Member] | ||
Debt Instrument [Line Items] | ||
Investment securities under repurchase agreement, market value | 34,000 | $ 5,800 |
Premier Statutory Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from Issuance of Trust Preferred Securities | 15,000 | |
Proceeds from Issuance of Subordinated Long-term Debt | $ 15,500 | |
Coupon Rate on Preferred Securities, Period End | 1.81% | 3.39% |
Preferred Securities Variable Interest Rate | LIBOR rate plus 1.5% | |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Description | The Trust Preferred Securities and Subordinated Debentures mature on June 15, 2037, but can be redeemed at the Company’s option at any time now. | |
Premier Statutory Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from Issuance of Trust Preferred Securities | $ 20,000 | |
Proceeds from Issuance of Subordinated Long-term Debt | $ 20,600 | |
Coupon Rate on Preferred Securities, Period End | 1.69% | 3.27% |
Preferred Securities Variable Interest Rate | LIBOR rate plus 1.38% | |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Description | The Trust Preferred Securities and Subordinated Debentures mature on December 15, 2035, but can be redeemed at the Company’s option at any time now. |
Commitments, Guarantees and C_3
Commitments, Guarantees and Contingent Liabilities - Maximum obligation to extend credit (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Commitments to make loans | $ 391,586 | $ 178,811 |
Unused lines of credit | 1,155,367 | 433,109 |
Standby letters of credit | 16,873 | 14,215 |
Total | $ 1,563,826 | $ 626,135 |
Commitments, Guarantees and C_4
Commitments, Guarantees and Contingent Liabilities - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Loan Commitments Maturities Range Description | 60 days or less |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Derivatives Fair Value [Line Items] | |||||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ 210,200,000 | $ 210,200,000 | $ 17,000,000 | ||
Notional Amount of Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 299,000,000 | 299,000,000 | 34,400,000 | ||
Noninterest Income | 23,015,000 | $ 10,486,000 | 37,014,000 | $ 21,299,000 | |
Interest Rate Swaps [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Notional Amount of Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 88,700,000 | 88,700,000 | |||
Difference in fair value of asset and liability | 283,000 | 283,000 | |||
Noninterest Income | 32,000,000 | 197,000,000 | |||
Equity Linked Time Deposit [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Time deposits | 8,600,000 | 8,600,000 | |||
Written option at fair value | 81,000 | 81,000 | |||
Purchased option at fair value | 81,000 | 81,000 | |||
Other Assets [Member] | Interest Rate Swaps [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fair value of derivative assets | 2,400,000 | 2,400,000 | 0 | ||
Other Liabilities [Member] | Interest Rate Swaps [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fair value of derivative liabilities | $ 2,700,000 | $ 2,700,000 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Carrying values (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivatives not designated as hedging instruments | ||
Mortgage Banking Derivatives Assets, Carrying Value | $ 7,167 | $ 883 |
Mortgage Banking Derivatives (Liabilities), Carrying Value | (9) | |
Mortgage Banking Derivatives, Derivatives Net Carrying Value | $ 7,167 | $ 892 |
Other Comprehensive Income - Re
Other Comprehensive Income - Reclassification adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Securities available for sale and transferred securities: | ||||||
Change in net unrealized gain/loss during the period | $ 3,160 | $ 3,289 | $ 12,618 | $ 7,892 | ||
Reclassification adjustment for securities (losses) included in net income | 2 | 2 | ||||
Total other comprehensive gain (loss) | 3,162 | 3,289 | 12,620 | 7,892 | ||
Change in net unrealized gain/loss during the period | 2,495 | 2,598 | 9,968 | 6,233 | ||
Reclassification adjustment for net gains (losses) included in net income | 1 | 1 | ||||
Reclassification adjustment for deferred tax on defined benefit postretirement medical plan | 82 | |||||
Total other comprehensive income | 2,496 | $ 7,473 | 2,598 | $ 3,717 | 9,969 | 6,315 |
Securities available for sale and transferred securities: Tax (Expense) Benefit | ||||||
Change in net unrealized gain/loss during the period | (665) | (691) | (2,650) | (1,659) | ||
Reclassification adjustment for net gains (losses) included in net income | (1) | (1) | ||||
Reclassification adjustment for deferred tax on defined benefit postretirement medical plan | 82 | |||||
Total other comprehensive income gain (loss) | (666) | (691) | (2,651) | (1,577) | ||
Securities available for sale and transferred securities: Before Tax Amount | ||||||
Change in net unrealized gain/loss during the period | 3,160 | 3,289 | 12,618 | 7,892 | ||
Reclassification adjustment for securities (losses) included in net income | 2 | 2 | ||||
Total other comprehensive gain (loss) | $ 3,162 | $ 3,289 | $ 12,620 | $ 7,892 |
Other Comprehensive Income - Ac
Other Comprehensive Income - Activity in AOCI, net of tax (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | ||
Securities Available For Sale, Beginning balance | $ 4,839 | $ (2,057) |
Securities Available For Sale, Other comprehensive income before reclassifications | 9,968 | 6,233 |
Securities Available For Sale, Amounts reclassified from accumulated other comprehensive income | 1 | |
Securities Available For Sale, Net other comprehensive income during period | 9,969 | 6,233 |
Securities Available For Sale, Ending balance | 14,808 | 4,176 |
Post-retirement Benefit, Beginning balance | (244) | (91) |
Post-retirement Benefit, Amounts reclassified from accumulated other comprehensive income | 82 | |
Post-retirement Benefit, Net other comprehensive income during period | 82 | |
Post-retirement Benefit, Ending balance | (244) | (9) |
Accumulated Other Comprehensive Income (Loss), Beginning balance | 4,595 | (2,148) |
Accumulated Other Comprehensive Income (Loss), Other comprehensive income before reclassifications | 9,968 | 6,233 |
Accumulated Other Comprehensive Income (Loss), Amounts reclassified from accumulated other comprehensive income | 1 | 82 |
Accumulated Other Comprehensive Income (Loss), Net other comprehensive income during period | 9,969 | 6,315 |
Accumulated Other Comprehensive Income (Loss), Ending balance | $ 14,564 | $ 4,167 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) | Sep. 09, 2019shares | Jan. 31, 2020USD ($)shares | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Business Combination, Acquisition Related Costs | $ 2,099,000 | $ 13,585,000 | |||||
Labor and Related Expense | 19,575,000 | $ 14,398,000 | 37,160,000 | $ 28,483,000 | |||
Goodwill | 317,948,000 | $ 317,948,000 | $ 100,069,000 | ||||
Number of entities for merger | 2 | ||||||
Payments to Acquire Businesses, Gross | $ 132,000 | ||||||
Noncash Merger Related Costs | 13,600,000 | ||||||
Provision expense for loan losses | 25,900,000 | ||||||
UCFC [Member] | |||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets | $ 2,800,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 324,500,000 | ||||||
Business Combination, Acquisition Related Costs | 2,100,000 | 13,600,000 | |||||
Goodwill | 217,879,000 | 217,900,000 | 217,900,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 33,014,000 | $ 33,000,000 | $ 33,000,000 | ||||
Outstanding shares converted into common stock | shares | 0.3715 | ||||||
Capital stock issuance (in shares) | shares | 17,926,174 | ||||||
Payments to Acquire Businesses, Gross | $ 132,000 | ||||||
UCFC [Member] | Customer Relationships [Member] | |||||||
Number of years for amortization expense | 10 years |
Business Combinations - Schedul
Business Combinations - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Cash Consideration | $ 132,000 | ||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | |||
Goodwill | 317,948,000 | $ 100,069,000 | |
UCFC [Member] | |||
Cash Consideration | $ 132,000 | ||
Fair Value of Options Exchanged | 461,000 | ||
Equity - Dollar Value of Issued Shares | 526,850,000 | ||
Fair Value of Total Consideration Transferred | 527,443,000 | ||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | |||
Cash and Cash Equivalents | 52,580,000 | ||
Securities available for sale | 262,753,000 | ||
Net loans, including loans held for sale and allowance | 2,340,701,000 | ||
FHLB Stock | 12,753,000 | ||
Office Properties and Equipment | 20,253,000 | ||
Intangible Assets | 33,014,000 | 33,000,000 | |
Bank Owned Life Insurance | 65,934,000 | ||
Mortgage Servicing Rights | 9,747,000 | ||
Accrued Interest Receivable and Other Assets | 35,423,000 | ||
Deposits - Non-Interest Bearing | (430,921,000) | ||
Deposits - Interest Bearing | (1,651,669,000) | ||
Advances from FHLB | (381,000,000) | ||
Accrued Interest Payable and Other Liabilities | (60,004,000) | ||
Total Identifiable Net Assets | 309,564,000 | ||
Goodwill | $ 217,879,000 | $ 217,900,000 |
Business Combinations - Busines
Business Combinations - Business Acquisition, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Net interest income | $ 62,449 | $ 35,241 | $ 116,972 | $ 69,160 | |
Provision for credit losses | [1] | 1,868 | 282 | 45,655 | 494 |
Non-interest income | 51,329 | 28,792 | 51,547 | 56,764 | |
Non-interest expense | 37,984 | 24,320 | 80,293 | 49,100 | |
Income before income taxes | 36,360 | 14,958 | 8,268 | 28,963 | |
Income tax expense | $ 7,303 | $ 2,759 | 1,693 | 5,282 | |
Pro Forma [Member] | |||||
Net interest income | 107,684 | 107,525 | |||
Provision for credit losses | 22,265 | 504 | |||
Non-interest income | 40,296 | 33,863 | |||
Non-interest expense | 75,568 | 85,518 | |||
Income before income taxes | 50,147 | 55,366 | |||
Income tax expense | 10,478 | 10,102 | |||
Net income | $ 39,669 | $ 45,264 | |||
Diluted earnings per share | $ 1.06 | $ 1.19 | |||
[1] | Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology. |