Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
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 | 37,303,971 | |
Entity Central Index Key | 0000946647 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents: | ||
Cash and amounts due from depository institutions | $ 68,689 | $ 79,593 |
Interest-bearing deposits | 235,058 | 79,673 |
Cash and cash equivalents, federal funds sold | 303,747 | 159,266 |
Securities available-for-sale, carried at fair value | 918,590 | 736,654 |
Equity securities | 13,753 | 1,090 |
Loans held for sale, carried at fair value | 215,945 | 221,616 |
Loans receivable, net of allowance for credit losses of $74,754 at March 31, 2021 and $82,079 at December 31, 2020, respectively | 5,384,929 | 5,409,161 |
Mortgage servicing rights | 18,503 | 13,153 |
Accrued interest receivable | 24,762 | 25,434 |
Federal Home Loan Bank stock | 9,328 | 16,026 |
Bank owned life insurance | 145,060 | 144,784 |
Premises and equipment | 57,358 | 58,665 |
Real estate and other assets held for sale | 54 | 343 |
Goodwill | 317,948 | 317,948 |
Core deposit and other intangibles | 28,714 | 30,337 |
Other assets | 91,771 | 77,257 |
Total assets | 7,530,462 | 7,211,734 |
Liabilities: | ||
Deposits | 6,351,919 | 6,047,841 |
Subordinated debentures | 84,881 | 84,860 |
Advance payments by borrowers | 20,773 | 21,748 |
Reserve for credit losses - unfunded commitments | 5,901 | 5,350 |
Other liabilities | 68,802 | 69,659 |
Total liabilities | 6,532,276 | 6,229,458 |
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; 43,297,260 and 43,297,260 shares issued and 37,274,844 and 37,291,480 shares outstanding at March 31, 2021 and December 31, 2020, respectively | 306 | 306 |
Additional paid-in capital | 689,747 | 689,390 |
Accumulated other comprehensive (loss) income, net of tax of $133 and $3,988, respectively | (502) | 15,004 |
Retained earnings | 388,467 | 356,414 |
Treasury stock, at cost, 6,022,416 shares at March 31, 2021 and 6,005,780 shares at December 31, 2020 | (79,832) | (78,838) |
Total stockholders’ equity | 998,186 | 982,276 |
Total liabilities and stockholders’ equity | $ 7,530,462 | $ 7,211,734 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans receivable, allowance (in dollars) | $ 74,754 | $ 82,079 |
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 | 43,297,260 | 43,297,260 |
Common stock, shares outstanding | 37,274,844 | 37,291,480 |
Accumulated other comprehensive (loss) income, tax effect (in dollars) | $ 133 | $ 3,988 |
Treasury stock, shares | 6,022,416 | 6,005,780 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Income | ||
Loans | $ 57,565,000 | $ 51,460,000 |
Investment securities: | ||
Taxable | 2,782,000 | 1,834,000 |
Non-taxable | 900,000 | 883,000 |
Interest-bearing deposits | 66,000 | 230,000 |
FHLB stock dividends | 59,000 | 115,000 |
Total interest income | 61,372,000 | 54,522,000 |
Interest Expense | ||
Deposits | 4,164,000 | 7,771,000 |
FHLB advances and other | 1,006,000 | |
Subordinated debentures | 695,000 | 273,000 |
Notes payable | 9,000 | |
Total interest expense | 4,859,000 | 9,059,000 |
Net interest income | 56,513,000 | 45,463,000 |
Credit (benefit) loss expense - loans and leases | (7,514,000) | 43,786,000 |
Credit loss expense - unfunded commitments | 551,000 | 1,458,000 |
Net interest income after credit loss expense | 63,476,000 | 219,000 |
Non-interest Income | ||
Service fees and other charges | 5,469,000 | 5,318,000 |
Insurance commissions | 4,882,000 | 5,155,000 |
Mortgage banking income | 10,533,000 | 848,000 |
Gain on sale of non-mortgage loans | 234,000 | |
Gain on sale of securities available for sale | 516,000 | |
Gain on equity securities | 1,610,000 | 0 |
Wealth management income | 1,757,000 | 1,091,000 |
Income from Bank Owned Life Insurance | 1,168,000 | 781,000 |
Other non-interest income | 340,000 | 572,000 |
Total non-interest income | 26,275,000 | 13,999,000 |
Non-interest Expense | ||
Compensation and benefits | 21,997,000 | 17,585,000 |
Occupancy | 4,112,000 | 3,731,000 |
FDIC insurance premium | 898,000 | 492,000 |
Financial institutions tax | 1,190,000 | 834,000 |
Data processing | 3,382,000 | 3,040,000 |
Acquisition related charges | 11,486,000 | |
Amortization of intangibles | 1,623,000 | 1,245,000 |
Other non-interest expense | 5,601,000 | 3,897,000 |
Total non-interest expense | 38,803,000 | 42,310,000 |
Income (loss) before income taxes | 50,948,000 | (28,092,000) |
Income tax expense (benefit) | 9,952,000 | (5,610,000) |
Net income (loss) | $ 40,996,000 | $ (22,482,000) |
Earnings (loss) per common share | ||
Basic | $ 1.10 | $ (0.71) |
Diluted | $ 1.10 | $ (0.71) |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ 40,996 | $ (22,482) |
Other comprehensive (loss) income: | ||
Unrealized (losses) gains on securities available for sale | (19,112) | 9,458 |
Reclassification adjustment for securities gains included in net income | (516) | |
Income tax effect | 4,122 | (1,985) |
Net of tax amount | (15,506) | 7,473 |
Change in unrealized gain/(loss) on postretirement benefit: | ||
Total other comprehensive income (loss) | (15,506) | 7,473 |
Comprehensive income (loss) | $ 25,490 | $ (15,009) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2019 | $ 426,167 | $ 127 | $ 161,955 | $ 4,595 | $ 329,175 | $ (69,685) |
Balance (in shares) at Dec. 31, 2019 | 19,729,886 | |||||
Net income (loss) | (22,482) | (22,482) | ||||
Other comprehensive income (loss) | 7,473 | 7,473 | ||||
Adoption of ASC 326 | ASC 326 [Member] | (2,566) | (2,566) | ||||
Deferred compensation plan | (94) | 94 | ||||
Deferred compensation plan (in shares) | 7,524 | |||||
Stock based compensation expenses | 1,236 | 1,230 | 6 | |||
Capital stock issuance related to acquisition | 526,875 | $ 179 | 526,696 | |||
Capital stock issuance (in shares) | 17,927,017 | |||||
Vesting of incentive plans | (1,496) | (1,989) | 493 | |||
Vesting of incentive plans (in shares) | 39,548 | |||||
Restricted share issuance | 198 | (374) | 176 | |||
Restricted share issuance (in shares) | 13,349 | |||||
Restricted share forfeitures (in shares) | (750) | |||||
Shares repurchased | (10,078) | (10,078) | ||||
Shares repurchased (In Shares) | (430,000) | |||||
Common stock dividend payment | (8,286) | (8,286) | ||||
Balance at Mar. 31, 2020 | 916,843 | $ 306 | 687,996 | 12,068 | 295,467 | (78,994) |
Balance (in shares) at Mar. 31, 2020 | 37,286,574 | |||||
Balance at Dec. 31, 2020 | 982,276 | $ 306 | 689,390 | 15,004 | 356,414 | (78,838) |
Balance (in shares) at Dec. 31, 2020 | 37,291,480 | |||||
Net income (loss) | 40,996 | 40,996 | ||||
Other comprehensive income (loss) | (15,506) | (15,506) | ||||
Adoption of ASC 326 | ASC 326 [Member] | 2,600 | |||||
Deferred compensation plan | 51 | (51) | ||||
Deferred compensation plan (in shares) | 7,911 | |||||
Stock based compensation expenses | 551 | 551 | ||||
Vesting of incentive plans | (82) | 82 | ||||
Vesting of incentive plans (in shares) | 6,124 | |||||
Shares issued under stock option plan | 8 | 8 | ||||
Shares issued under stock option plan (in shares) | 600 | |||||
Restricted share issuance | (183) | 183 | ||||
Restricted share issuance (in shares) | 13,708 | |||||
Restricted share forfeitures | (118) | 20 | (138) | |||
Restricted share forfeitures (in shares) | (5,779) | |||||
Shares repurchased | (1,078) | (1,078) | ||||
Shares repurchased (In Shares) | (39,200) | |||||
Common stock dividend payment | (8,943) | (8,943) | ||||
Balance at Mar. 31, 2021 | $ 998,186 | $ 306 | $ 689,747 | $ (502) | $ 388,467 | $ (79,832) |
Balance (in shares) at Mar. 31, 2021 | 37,274,844 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividend payment per share | $ 0.24 | $ 0.22 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net income (loss) | $ 40,996,000 | $ (22,482,000) |
Items not requiring (providing) cash: | ||
Provision (benefit) for credit losses | (6,963,000) | 43,786,000 |
Depreciation | 1,647,000 | 1,631,000 |
Amortization of premium and discounts on loans, securities, deposits and debt obligations | 143,000 | (1,112,000) |
Amortization of mortgage servicing rights, net of impairment charges/recoveries | (2,976,000) | 5,648,000 |
Amortization of intangibles | 1,623,000 | 1,245,000 |
Change in deferred taxes | 77,000 | |
Proceeds from the sale of loans held for sale | 258,544,000 | 101,090,000 |
Originations of loans held for sale | (249,607,000) | (110,026,000) |
Gain from sale of loans | (5,640,000) | (5,136,000) |
Gain/loss on sale / write-down of real estate and other assets held for sale | 6,000 | 10,000 |
Gain on sale of available for sale securities | (516,000) | |
Unrealized gain on equity securities | (1,610,000) | 0 |
Stock option expense | 551,000 | 1,236,000 |
Restricted stock forfeitures for taxes and option exercises | (110,000) | (1,496,000) |
Income from bank owned life insurance | (1,168,000) | (781,000) |
Changes in: | ||
Accrued interest receivable and other assets | (9,833,000) | (2,854,000) |
Other liabilities | (744,000) | 2,525,000 |
Net cash provided by operating activities | 24,343,000 | 13,361,000 |
Investing Activities | ||
Proceeds from maturities, calls and pay-downs of available-for-sale securities | 41,123,000 | 19,389,000 |
Proceeds from sale of available-for-sale securities | 22,380,000 | |
Proceeds from sale of premises and equipment, real estate and other assets held for sale | 117,000 | 481,000 |
Proceeds from sale of non-mortgage loans | 3,241,000 | |
Purchases of available-for-sale securities | (267,079,000) | |
Purchases of equity securities | (11,053,000) | |
Net change in Federal Home Loan Bank stock | 6,698,000 | (64,584,000) |
Net cash received (paid) from acquisition (Reference Footnote 17 Business Combinations) | 52,448,000 | |
Purchases of premises and equipment, net | (120,000) | (722,000) |
Proceeds from bank owned life insurance | 892,000 | |
Net increase in loans receivable | 33,669,000 | (44,623,000) |
Net cash used by investing activities | (173,373,000) | (34,370,000) |
Financing Activities | ||
Net increase in deposits and advance payments by borrowers | 303,532,000 | 34,437,000 |
Net change in Federal Home Loan Bank advances | 19,937,000 | |
Decrease in securities sold under repurchase agreements | (1,038,000) | |
Net cash paid for repurchase of common stock | (1,078,000) | (10,078,000) |
Cash dividends paid on common stock | (8,943,000) | (8,286,000) |
Net cash provided by financing activities | 293,511,000 | 34,972,000 |
Increase in cash and cash equivalents | 144,481,000 | 13,963,000 |
Cash and cash equivalents at beginning of period | 159,266,000 | 131,254,000 |
Cash and cash equivalents at end of period | 303,747,000 | 145,217,000 |
Supplemental cash flow information: | ||
Interest paid | 5,425,000 | 9,028,000 |
Initial recognition of right-of-use asset | 500,000 | 8,994,000 |
Initial recognition of lease liability | 500,000 | 9,143,000 |
Initial recognition of ASC 326 | 2,566,000 | |
Transfers from loans to real estate and other assets held for sale | $ 54,000 | $ 37,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation On June 19, 2020, First Defiance Financial Corp. 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 new ticker PFC. On this same date, First Federal Bank of the Midwest, a 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”) and HSB Capital, LLC (“HSB Capital”). 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, Inc. HSB Insurance, Inc. was dissolved in September 2020. 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 in 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. 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 . The COVID-19 pandemic has continued to create 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. Further, 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 consolidated condensed statement of financial condition at December 31, 2020, was derived from the audited financial statements at that date, which were The accompanying consolidated condensed financial statements as of March 31, 2021, and for the three months ended March 31, 2021 and 2020 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 2020 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 March 31, 2021, are not necessarily indicative of the results that may be expected for the entire year. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2 . Accounting Standards Update 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 $0.7 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, 2021, 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 | 3 Months Ended |
Mar. 31, 2021 | |
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, asset-backed securities, corporate bonds and municipal securities. Equity securities – These securities are reported at fair value utilizing Level 1 inputs where the Company obtains fair value measurements from a broker. 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 30 year conventional 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). Collateral dependent loans - Fair values for individually analyzed 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 individually analyzed collateral-dependent 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 individually analyzed 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 that are carried at fair value on the statement of financial condition. The Company uses an independent third party to perform 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 to perform 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 March 31, 2021 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 $ — $ 38,793 $ — $ 38,793 Mortgage-backed securities — 243,022 — 243,022 Collateralized mortgage obligations — 110,227 — 110,227 Asset-backed securities — 191,913 — 191,913 Corporate bonds — 55,258 — 55,258 Obligations of state and political subdivisions — 279,377 — 279,377 Equity securities 13,753 — — 13,753 Loans held for sale, at fair value — 81,307 134,638 215,945 Purchased certificate of deposit option — 59 — 59 Interest rate swaps — 406 — 406 Mortgage banking derivative — 7,957 — 7,957 Liabilities: Written certificate of deposit option — 59 — 59 Interest rate swaps — 375 — 375 December 31, 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 $ — $ 40,940 $ — $ 40,940 Mortgage-backed securities — 277,182 — 277,182 Collateralized mortgage obligations — 106,299 — 106,299 Asset-backed securities — 30,546 — 30,546 Corporate bonds — 44,169 — 44,169 Obligations of state and political subdivisions — 237,518 — 237,518 Equity securities 1,090 — — 1,090 Loans held for sale, at fair value — 98,587 123,029 221,616 Purchased certificate of deposit option — 56 — 56 Interest rate swaps — 1,870 — 1,870 Mortgage banking derivative - asset — 3,833 — 3,833 Liabilities: Written certificate of deposit option — 56 — 56 Interest rate swaps — 2,036 — 2,036 The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month periods ended March 31, 2021 and 2020. Construction loans held for sale Three Months Ended March 31, 2021 2020 Balance of recurring Level 3 assets at beginning of period $ 123,029 $ — Total gains (losses) for the period Included in change in fair value of loans held for sale (5,568 ) 4,962 Originations 34,003 9,581 Acquired in acquisition — 37,711 Sales (16,826 ) (7,834 ) Balance of recurring Level 3 assets at end of period $ 134,638 $ 44,420 Securities available-for-sale Three Months Ended March 31, 2021 2020 Balance of recurring Level 3 assets at beginning of period $ — $ 3,411 Balance of assets classified as Level 3 assets during the period — 2,419 Balance of recurring Level 3 assets at end of period $ — $ 5,830 For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows: March 31, 2021 Fair Value Valuation Technique Unobservable Inputs Range of Inputs (Dollars in Thousands) Construction loans held for sale $ 134,638 Comparable sales Time discount using the 60 day forward contract 0.00% - 2.18% December 31, 2020 Fair Value Valuation Technique Unobservable Inputs Range of Inputs (Dollars in Thousands) Construction loans held for sale $ 123,029 Comparable sales Time discount using the 60 day forward contract 0.00% - 0.24% 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 March 31, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Individually analyzed loans Commercial real estate $ - $ - $ 7,617 $ 7,617 Commercial — — 4,781 4,781 Total individually analyzed loans — — 12,398 12,398 Mortgage servicing rights — 13,868 — 13,868 December 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Individually analyzed loans Commercial real estate $ — $ — $ 4,601 $ 4,601 Commercial — — 7,151 7,151 Total individually analyzed loans — — 11,752 11,752 Mortgage servicing rights — 13,153 — 13,153 For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2021, 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) Individually analyzed Loans- Applies to all loan classes $ 12,398 Appraisals which utilize sales comparison, net income and cost approach Discounts for collection issues and changes in market conditions 10-35% 16.23 % For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 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) Individually analyzed Loans- Applies to all loan classes $ 11,752 Appraisals which utilize sales comparison, net income and cost approach Discounts for collection issues and changes in market conditions 5-37% 24.17 % The Company has elected the fair value option for new applications accepted after 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. The aggregate fair value of the residential mortgage loans held for sale at March 31, 2021 and December 31, 2020 was $81.3 million and $98.6 million, respectively, and they had a contractual balance of $80.2 million and $93.2 million, respectively, for these same periods. The difference between the fair value and the contractual balance is recorded in gains and losses on the sale of loans held for sale. For the three months ended March 31, 2021 and 2020, ($4.3) million and $31,000, 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 March 31, 2021 and December 31, 2020, was $134.6 million and $123.0 million, respectively, and they had a contractual balance of $126.7 million and $109.5 million, respectively, for these same periods. The difference between the fair value and the contractual balance is recorded in gains and losses on the sale of loans held for sale. For the three months ended March 31 , 2021 and 2020 , ( $ 5.6 ) million and $ 5.0 million, respectively, were 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 March 31, 2021, and December 31, 2020. Accordingly, the aggregate fair value amounts presented do not represent the underlying value to 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 (“DCF”) 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 DCF 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. The estimated fair value of individually analyzed 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 individually analyzed loans are classified as Level 3 within the valuation hierarchy. 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 1 classification. Fair values of fixed rate certificates of deposit are estimated using a DCF 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 floating rate subordinated debentures was considered to be the carrying value as the debt is floating rate and can be prepaid at any time without penalty. The carrying value of fixed rate subordinated debt is estimated using a DCF calculation that applies interest rates currently being offered in the market to the expected maturity of the debt. FHLB advances with maturities greater than 90 days are valued based on a DCF 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 March 31, 2021. Fair Value Measurements at March 31, 2021 (In Thousands) Carrying Value Total Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 303,747 $ 303,747 $ 303,747 $ — $ — Securities available for sale 918,590 918,590 — 918,590 — Equity securities 13,753 13,753 13,753 — — Federal Home Loan Bank Stock 9,328 N/A N/A N/A N/A Loans receivable, net 5,384,929 5,428,651 — — 5,428,651 Loans held for sale, carried at fair value 215,945 215,945 — 81,307 134,638 Financial Liabilities: Deposits $ 6,351,919 $ 6,358,858 $ 5,297,065 $ 1,061,793 $ — Subordinated debentures 84,881 83,707 — 83,707 — Fair Value Measurements at December 31, 2020 (In Thousands) Carrying Value Total Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 159,266 $ 159,266 $ 159,266 $ — $ — Securities available for sale 736,654 736,654 — 736,654 — Equity securities 1,090 1,090 1,090 — — Federal Home Loan Bank Stock 16,026 N/A N/A N/A N/A Loans receivable, net 5,409,161 5,412,814 — — 5,412,814 Loans held for sale, carried at fair value 221,616 221,616 — 98,587 123,029 Financial Liabilities: Deposits $ 6,047,841 $ 6,056,426 $ 4,925,411 $ 1,131,015 $ — Subordinated debentures 84,860 83,237 — — 83,237 |
Stock Compensation Plans
Stock Compensation Plans | 3 Months Ended |
Mar. 31, 2021 | |
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 or the UCFC 2015 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. The UCFC 2015 Plan had 126,758 Premier common shares available for issuance immediately after the effective time of the Merger. As of March 31, 2021, 35,661 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. There are two types of LTIP awards: an Executive LTIP and a Key LTIP. Under the STIPs, the participants can earn a cash payout. 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. Under each Executive LTIP, the participants may earn between 20% to 50% 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 Under each Key LTIP, the participants are granted shares based upon the achievement of certain targets in the prior year. The participants can earn from 5% to 10% of their salary in restricted stock units that vest three years from the date of grant. The Company granted 17,542 RSU’s in the first quarter of 2021 under the 2021 Key LTIP. In the three months ending March 31, 2021, the Company also granted 3,122 discretionary RSUs that vest three years from the date of grant and 13,708 restricted stock grants. Of the 13,708 restricted stock grants, all were issued to directors and have a one-year Following is stock option activity under the plans during the three months ended March 31, 2021: Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in 000’s) Options outstanding, January 1, 2021 36,261 $ 21.59 Forfeited or cancelled Exercised (600 ) 13.80 Granted — — Options outstanding, March 31, 2021 35,661 $ 21.72 5.57 $ 411 Exercisable at March 31, 2021 35,661 $ 21.72 5.57 $ 411 Proceeds, related tax benefits realized from options exercised and intrinsic value of options exercised were as follows (in thousands): Three Months Ended March 31, 2021 2020 Proceeds of options exercised $ 8 $ — Related tax benefit recognized — — Intrinsic value of options exercised 11 — At March 31, 2021, 176,949 PSUs, 46,324 RSUs and 34,416 restricted stock grants were unvested. Compensation expense related to PSUs, RSUs, restricted stock grants and the STIP is recognized over the performance period based on the achievements of targets as established under the plan documents or according to a vesting schedule. Total expense of $1.0 million was recorded during each of the three months ended March 31, 2021 and 2020. There was approximately $2.3 million and $3.2 million included within other liabilities at March 31, 2021, and December 31, 2020, respectively, related to the STIP. Performance Stock Units Restricted Stock Units Restricted Stock Grants Unvested Shares Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Unvested at January 1, 2021 90,891 $ 26.48 55,759 $ 25.18 41,057 $ 26.93 Granted 86,058 30.32 20,664 29.11 13,708 29.37 Vested — — (30,099 ) 26.15 (20,349 ) 26.75 Forfeited — — — — — — Unvested at March 31, 2021 176,949 $ 28.35 46,324 $ 26.29 34,416 $ 28.01 The maximum amount of compensation expense that may be earned for the PSUs at March 31, 2021, is approximately $4.9 million in the aggregate. However, the estimated expense that is expected to be earned as of March 31, 2021, is $ 3.3 million of which $ million is unrecognized at March 31 , 2021 , and will be recognized over the remaining performance periods. |
Dividends on Common Stock
Dividends on Common Stock | 3 Months Ended |
Mar. 31, 2021 | |
Dividends Common Stock [Abstract] | |
Dividends on Common Stock | 5 . Dividends on Common Premier declared and paid a $0.24 per common stock dividend in the first quarter of 2021 and declared and paid a $0.22 per common stock dividend in the first quarter of 2020. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | 6 . Earnings (Loss) Per Common Share Basic earnings (loss) per share are calculated using the two-class method. The two-class method is an earnings allocation formula under which earnings (loss) 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 (losses) 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 (loss) per common share: Three Months Ended March 31, 2021 2020 (In Thousands, except per share data) Basic Earnings (Loss) Per Share: Net income (loss) available to common shareholders $ 40,996 $ (22,482 ) Less: income (loss) allocated to participating securities 43 (39 ) Net income (loss) allocated to common shareholders 40,953 (22,443 ) Weighted average common shares outstanding including participating securities 37,332 31,721 Less: Participating securities 39 55 Average common shares 37,293 31,666 Basic earnings (loss) per common share $ 1.10 $ (0.71 ) Diluted Earnings (Loss) Per Share: Net income (loss) allocated to common shareholders $ 40,953 $ (22,443 ) Weighted average common shares outstanding for basic earnings (loss) per common share 37,293 31,666 Add: Dilutive effects of stock options and restricted stock units 64 — Average shares and dilutive potential common shares 37,357 31,666 Diluted earnings (loss) per common share $ 1.10 $ (0.71 ) T here were no shares for the three month period ending March 31, 2021 that were excluded from the diluted earnings per common share calculation as no shares were anti-dilutive during this period. Since net income allocated to common shareholders was negative for the quarter ended March 31, 2020, there was no dilutive effect from stock options or restricted stock units included in the diluted (loss) per common share calculation. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Available-for-Sale Securities: Obligations of U.S. government corporations and agencies $ 38,868 $ 771 $ (846 ) $ 38,793 Mortgage-backed securities 243,126 3,284 (3,388 ) 243,022 Collateralized mortgage obligations 109,552 1,225 (550 ) 110,227 Asset-backed securities 191,788 484 (359 ) 191,913 Corporate bonds 55,049 524 (315 ) 55,258 Obligations of state and political subdivisions 280,743 6,051 (7,417 ) 279,377 Total Available-for-Sale $ 919,126 $ 12,339 $ (12,875 ) $ 918,590 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, 2020 Available-for-sale Obligations of U.S. government corporations and agencies $ 39,233 $ 1,707 $ — $ 40,940 Mortgage-backed securities 270,683 6,746 (247 ) 277,182 Collateralized mortgage obligations 103,532 2,927 (160 ) 106,299 Asset-backed securities 30,643 1 (98 ) 30,546 Corporate bonds 43,826 489 (146 ) 44,169 Obligations of state and political subdivisions 229,645 8,069 (196 ) 237,518 Total Available-for-Sale $ 717,562 $ 19,939 $ (847 ) $ 736,654 The amortized cost and fair value of the investment securities portfolio at March 31, 2021, 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”), CMOs and asset-backed securities (“ABS”), 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 $ 5,853 $ 5,869 Due after one year through five years 29,787 30,284 Due after five years through ten years 93,585 95,386 Due after ten years 245,435 241,889 MBS/CMO/ABS 544,466 545,162 $ 919,126 $ 918,590 Investment securities with a carrying amount of $388.9 million at March 31, 2021, were pledged as collateral on public deposits. The following tables summarize Premier’s securities that were in an unrealized loss position at March 31, 2021, and December 31, 2020: 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 March 31, 2021 Available-for-sale securities: Obligations of U.S. government corporations and agencies $ 9,520 $ (846 ) $ - $ - $ 9,520 $ (846 ) Mortgage-backed securities 152,648 (3,388 ) — — 152,648 (3,388 ) Collateralized mortgage obligations 26,477 (550 ) — — 26,477 (550 ) Asset-backed securities 76,023 (359 ) — — 76,023 (359 ) Corporate bonds 24,995 (256 ) 2,528 (59 ) 27,523 (315 ) Obligations of state and political subdivisions 132,120 (7,417 ) — — 132,120 (7,417 ) Total available-for-sale $ 421,783 $ (12,816 ) $ 2,528 $ (59 ) $ 424,311 $ (12,875 ) 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, 2020 Available-for-sale securities: Mortgage-backed securities-residential $ 26,361 $ (247 ) $ — $ — $ 26,361 $ (247 ) Collateralized mortgage obligations 5,161 (160 ) — — 5,161 (160 ) Asset-backed securities 18,439 (98 ) — — 18,439 (98 ) Corporate bonds 12,177 (146 ) — — 12,177 (146 ) Obligations of state and political subdivisions 41,088 (196 ) — — 41,088 (196 ) Total available-for-sale $ 103,226 $ (847 ) $ — $ — $ 103,226 $ (847 ) The Company realized gains from the sale of available-for-sale securities totaling $516,000 in the three month period ending March 31, 2021. For the three months ended March 31, 2020, the Company had no gains or losses from the sale of available-for-sale securities. 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 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 March 31, 2021, management had determined that no credit loss exists. At March 31, 2021 and December 31, 2020, the Company held preferred and common stock of various bank holding companies totaling $13.8 million and $1.1 million, respectively. During the three months ended March 31, 2021, $1.6 million of unrealized gains were recorded within Gain on equity securities on the Consolidated Condensed Statements of Income. During the three months ended March 31, 2020, there were no unrealized gains or losses recognized. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 (In Thousands) Real Estate: Residential $ 1,168,559 $ 1,201,051 Commercial 2,402,067 2,383,001 Construction 749,190 667,649 4,319,816 4,251,701 Other Loans: Commercial 1,172,910 1,202,353 Home equity and improvement 257,764 272,701 Consumer finance 117,539 120,729 1,548,213 1,595,783 Loans before deferred loan origination fees and costs 5,868,029 5,847,484 Deduct: Undisbursed construction loan funds (405,983 ) (355,065 ) Net deferred loan origination fees and costs (2,363 ) (1,179 ) Allowance for credit losses (74,754 ) (82,079 ) Total loans $ 5,384,929 $ 5,409,161 The Company has responded to the pandemic in numerous ways, including by actively participating in the Paycheck Protection Program (“PPP”) and distributing over $600 million to small businesses in our markets. As of March 31, 2021, the company had $443.8 million in PPP loans, which remained unpaid and were included in other commercial loans in the above loan table. The following table discloses allowance for credit loss (“ACL”) activity for the three months ended March 31, 2021 and 2020 by portfolio segment (in thousands): Three Months Ended March 31, 2021 1-4 Family Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Beginning Allowance $ 17,534 $ 43,417 $ 2,741 $ 11,665 $ 4,739 $ 1,983 $ 82,079 Charge-Offs — — — (70 ) (3 ) (36 ) (109 ) Recoveries 8 36 — 198 29 27 298 Provisions (34 ) (8,181 ) 35 398 416 (148 ) (7,514 ) Ending Allowance $ 17,508 $ 35,272 $ 2,776 $ 12,191 $ 5,181 $ 1,826 $ 74,754 Three Months Ended March 31, 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 (184 ) (16 ) — (96 ) (30 ) (108 ) (434 ) Recoveries 101 340 — 669 42 60 1,212 Provisions (1) 17,698 18,154 111 2,316 2,515 2,992 43,786 Ending Allowance $ 23,324 $ 42,515 $ 884 $ 11,901 $ 3,954 $ 3,281 $ 85,859 (1) Provision for the three months ended March 31, 2020, includes $25.9 million as a result of the Merger with UCFC. The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Real Estate Equipment and Machinery Inventory and Receivables Vehicles Total Real Estate: Residential $ 1,008 $ — $ — $ — $ 1,008 Commercial 30,419 — — — 30,419 Construction — — — — — Other Loans: Commercial 2,530 672 6,613 33 9,848 Home equity and improvement — — — — — Consumer finance — — — — — Total $ 33,957 $ 672 $ 6,613 $ 33 $ 41,275 December 31, 2020 Real Estate Equipment and Machinery Inventory and Receivables Vehicles Total Real Estate: Residential $ 1,024 $ — $ — $ — $ 1,024 Commercial 33,999 — — — 33,999 Construction — — — — — Other Loans: Commercial 1,426 5,317 4,943 125 11,811 Home equity and improvement — — — — — Consumer finance — — — — — Total $ 36,449 $ 5,317 $ 4,943 $ 125 $ 46,834 Non-performing loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually analyzed loans. All loans greater than 90 days past due are placed on non-accrual status. 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: March 31, 2021 December 31, 2020 (In Thousands) Non-accrual loans with reserve $ 35,835 $ 35,234 Non-accrual loans without reserve $ 13,463 $ 16,448 Loans over 90 days past due and still accruing — — Total non-performing loans 49,298 51,682 Real estate and other assets held for sale 54 343 Total non-performing assets $ 49,352 $ 52,025 Troubled debt restructuring, still accruing $ 6,068 $ 7,173 The following table presents the aging of the amortized cost in past due and non-accrual loans as of March 31, 2021, by class of loans (in thousands): Current 30 - 59 days 60 - 89 days 90 + days Total Past Due Total Non- Accrual Real Estate: Residential 1,145,380 757 4,624 8,182 13,563 9,197 Commercial 2,381,959 216 574 957 1,747 11,799 Construction 342,379 21 564 243 828 243 Other Loans: Commercial 1,145,483 235 63 389 687 1,686 Home equity and improvement 250,442 727 233 1,647 2,607 2,173 Consumer finance 114,402 878 461 1,577 2,916 1,676 PCD 41,778 728 344 14,440 15,512 22,524 Total Loans $ 5,421,823 $ 3,562 $ 6,863 $ 27,435 $ 37,860 $ 49,298 The following table presents the aging of the recorded investment in past due and non-accrual loans as of December 31, 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 $ 1,173,979 $ 433 $ 7,669 $ 9,000 $ 17,102 $ 10,178 Commercial 2,357,909 1,033 369 844 2,246 11,980 Construction 310,152 — 1,626 806 2,432 806 Other Loans: Commercial 1,172,636 9 4 394 407 1,365 Home equity and improvement 262,373 3,440 839 1,137 5,416 1,537 Consumer finance 117,088 1,687 491 1,521 3,699 1,624 PCD 50,218 402 1,882 13,299 15,583 24,192 Total Loans $ 5,444,355 $ 7,004 $ 12,880 $ 27,001 $ 46,885 $ 51,682 Troubled Debt Restructurings As of March 31, 2021, and December 31, 2020, the Company had a recorded investment in troubled debt restructurings (“TDRs”) of $12.5 million and $16.6 million, respectively. The Company allocated $697,000 and $883,000 of specific reserves to those loans at March 31, 2021, and December 31, 2020, respectively, and had committed to lend additional amounts totaling up to $277,000 and $303,000 at March 31, 2021, and December 31, 2020, respectively. The Company is working with borrowers impacted by the COVID-19 pandemic by providing modifications to include either interest only deferral or principal and interest deferral. These modifications range from one to nine months. As of March 31, 2021, the Company had approximately $35.8 million in active deferrals compared to December 31, 2020 at $ 53.4 A breakout of deferrals by loan category is as follows (in thousands): March 31, 2021 Balance deferred December 31, 2020 Balance deferred Residential real estate $ 3,399 $ 7,016 Commercial real estate 31,232 34,831 Construction 13 9,579 Commercial 1,125 1,628 Home equity and improvement - 114 Consumer finance 15 282 Total $ 35,784 $ 53,450 The following table is a breakout of commercial deferrals by expiration (in thousands): Commercial deferral expirations Balance April $ 25,320 May 7,050 June - July - August - September - Total $ 32,370 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 March 31, 2021, $6.5 million were on non-accrual status and partial charge-offs have in some cases been taken against the outstanding balance. Loans modified as a TDR may have the financial effect of increasing the allowance associated with the loan. If the loan is determined to be collateral dependent, the estimated fair value of the collateral, less any selling costs is used to determine if there is a need for a specific allowance or charge-off. If the loan is determined to be cash flow dependent, the allowance is measured based on the present value of expected future cash flows discounted at the loan’s pre-modification effective interest rate. The following tables present loans by class modified as TDRs that occurred during the three months ended March 31, 2021, and March 31, 2020: Loans Modified as a TDR for the Three Months Ended March 31, 2021 ($ in thousands) Troubled Debt Restructurings Number of Loans Recorded Investment (as of period end) Real Estate: Residential 2 $ 150 Commercial Construction — — Other Loans: Commercial 3 709 Home equity and improvement Consumer finance — — Total 5 $ 859 The loans described above increased the ACL by $6,000 in the three months ended March 31, 2021. Loans Modified as a TDR for the Three Months Ended March 31, 2020 ($ in thousands) Troubled Debt Restructurings Number of Loans Recorded Investment (as of period end) Real Estate: Residential 2 $ 378 Commercial 1 93 Construction — — Other Loans: Commercial 5 156 Home equity and improvement 1 26 Consumer finance — — Total 9 $ 653 The loans described above increased the ACL by $29,000 in the three months ended March 31, 2020. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed on the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. There were no TDRs that subsequently defaulted as of March 31, 2021. The following table presents loans by class modified as TDRs for which there was a payment default within twelve months following the modification during the three months ended March 31, 2020: Three Months Ended March 31, 2020 ($ in thousands) Troubled Debt Restructurings That Subsequently Defaulted Number of Loans Recorded Investment (as of period end) Real Estate: Residential 3 $ 268 Commercial 1 172 Construction — — Other Loans: Commercial 1 132 Home equity and improvement 1 146 Consumer finance — — Total 6 $ 718 The TDRs that subsequently defaulted described above increased the ACL by 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 by 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. 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 March 31, 2021, 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 1,150,158 1,173 7,612 — 7,612 1,158,943 Commercial 2,219,717 115,758 48,231 — 48,231 2,383,706 Construction 321,838 21,126 243 — 243 343,207 Other Loans: Commercial 1,097,603 25,400 23,167 — 23,167 1,146,170 Home equity and improvement 250,944 — 2,105 — 2,105 253,049 Consumer finance 115,639 — 1,679 — 1,679 117,318 PCD 23,956 1,748 31,586 — 31,586 57,290 Total Loans $ 5,179,855 $ 165,205 $ 114,623 $ — $ 114,623 $ 5,459,683 As of December 31, 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 1,187,923 795 2,363 — 2,363 1,191,081 Commercial 2,203,652 111,039 45,464 — 45,464 2,360,155 Construction 299,866 12,718 — — — 312,584 Other Loans: Commercial 1,142,289 23,907 6,847 — 6,847 1,173,043 Home equity and improvement 267,350 — 439 — 439 267,789 Consumer finance 120,682 — 105 — 105 120,787 PCD 26,829 3,813 35,159 — 35,159 65,801 Total Loans $ 5,248,591 $ 152,272 $ 90,377 $ — $ 90,377 $ 5,491,240 The tables below presents the amortized cost basis of loans by credit quality indicator and class of loans as of March 31, 2021 and December 31, 2020 (in thousands): Term of loans by origination 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of March 31, 2021 Real Estate Residential: Risk Rating Pass $ 24,792 $ 315,724 $ 163,589 $ 114,232 $ 110,887 $ 419,110 $ 1,824 $ 1,150,158 Special Mention — 197 — — 61 222 693 1,173 Substandard — — 812 957 816 5,027 — 7,612 Doubtful — — — — — — — — Total $ 24,792 $ 315,921 $ 164,401 $ 115,189 $ 111,764 $ 424,359 $ 2,517 $ 1,158,943 Commercial: Risk Rating Pass $ 94,527 $ 524,710 $ 451,219 $ 284,383 $ 279,152 $ 570,348 $ 15,378 $ 2,219,717 Special Mention — 5,992 6,768 13,063 59,870 29,170 895 115,758 Substandard — 439 6,967 16,886 1,106 20,703 2,130 48,231 Doubtful — — — — — — — — Total $ 94,527 $ 531,141 $ 464,954 $ 314,332 $ 340,128 $ 620,221 $ 18,403 $ 2,383,706 Construction: Risk Rating Pass $ 25,201 $ 121,539 $ 89,755 $ 71,267 $ 10,548 $ 3,528 $ - $ 321,838 Special Mention — 6,767 — 13,302 1,057 — — 21,126 Substandard — — 243 — — — — 243 Doubtful — — — — — — — — Total $ 25,201 $ 128,306 $ 89,998 $ 84,569 $ 11,605 $ 3,528 $ - $ 343,207 Other Loans Commercial: Risk Rating Pass $ 191,460 $ 431,081 $ 118,396 $ 73,640 $ 35,277 $ 34,149 $ 213,600 $ 1,097,603 Special Mention — 999 5,546 2,363 1,849 5,095 9,548 25,400 Substandard 100 16,676 1,290 429 812 467 3,393 23,167 Doubtful — — — — — — — — Total $ 191,560 $ 448,756 $ 125,232 $ 76,432 $ 37,938 $ 39,711 $ 226,541 $ 1,146,170 Home equity and Improvement: Risk Rating Pass $ 4,768 $ 8,419 $ 6,740 $ 4,014 $ 7,113 $ 35,013 $ 184,877 $ 250,944 Special Mention — — — — — — — — Substandard — — 28 52 19 552 1,454 2,105 Doubtful — — — — — — — — Total $ 4,768 $ 8,419 $ 6,768 $ 4,066 $ 7,132 $ 35,565 $ 186,331 $ 253,049 Consumer Finance: Risk Rating Pass $ 8,784 $ 33,962 $ 33,007 $ 16,542 $ 8,571 $ 5,926 $ 8,847 $ 115,639 Special Mention — — — — — — — — Substandard — 639 696 111 42 164 27 1,679 Doubtful — — — — — — — — Total $ 8,784 $ 34,601 $ 33,703 $ 16,653 $ 8,613 $ 6,090 $ 8,874 $ 117,318 PCD: Risk Rating Pass $ - $ - $ 219 $ 2,236 $ 1,907 $ 16,895 $ 2,699 $ 23,956 Special Mention — — — — — 1,748 — 1,748 Substandard — — 35 90 14,766 10,551 6,144 31,586 Doubtful — — — — — — — — Total $ - $ - $ 254 $ 2,326 $ 16,673 $ 29,194 $ 8,843 $ 57,290 Term of loans by origination 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of December 31, 2020 Real Estate Residential: Risk Rating Pass $ 250,979 $ 196,158 $ 136,247 $ 130,759 $ 137,581 $ 333,572 $ 2,627 $ 1,187,923 Special Mention 199 — — 62 116 211 207 795 Substandard — 74 289 252 136 1,612 2,363 Doubtful — — — — — — — — Total $ 251,178 $ 196,232 $ 136,536 $ 131,073 $ 137,833 $ 335,395 $ 2,834 $ 1,191,081 Commercial: Risk Rating Pass $ 517,691 $ 457,905 $ 299,072 $ 300,573 $ 198,247 $ 414,082 $ 16,082 $ 2,203,652 Special Mention 6,014 7,239 10,452 60,712 7,977 17,723 922 111,039 Substandard — 279 18,851 1,937 3,143 19,107 2,147 45,464 Doubtful — — — — — — — — Total $ 523,705 $ 465,423 $ 328,375 $ 363,222 $ 209,367 $ 450,912 $ 19,151 $ 2,360,155 Construction: Risk Rating Pass $ 101,616 $ 100,553 $ 82,972 $ 11,666 $ 2,911 $ 148 $ - $ 299,866 Special Mention 5,587 — 7,131 — — — — 12,718 Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 107,203 $ 100,553 $ 90,103 $ 11,666 $ 2,911 $ 148 $ - $ 312,584 Other Loans Commercial: Risk Rating Pass $ 568,678 $ 144,977 $ 82,492 $ 42,421 $ 21,262 $ 21,969 $ 260,490 $ 1,142,289 Special Mention 1,180 2,026 2,514 2,109 37 5,121 10,920 23,907 Substandard 148 201 497 543 257 269 4,932 6,847 Doubtful — — — — — — — — Total $ 570,006 $ 147,204 $ 85,503 $ 45,073 $ 21,556 $ 27,359 $ 276,342 $ 1,173,043 Home equity and Improvement: Risk Rating Pass $ 8,736 $ 7,483 $ 4,508 $ 7,963 $ 7,748 $ 31,382 $ 199,530 $ 267,350 Special Mention — — — — — — — — Substandard — — — — — 86 353 439 Doubtful — — — — — — — — Total $ 8,736 $ 7,483 $ 4,508 $ 7,963 $ 7,748 $ 31,468 $ 199,883 $ 267,789 Consumer Finance: Risk Rating Pass $ 38,665 $ 37,601 $ 19,401 $ 10,607 $ 4,393 $ 3,272 $ 6,743 $ 120,682 Special Mention — — — — — — — — Substandard — 98 3 — 4 — — 105 Doubtful — — — — — — — — Total $ 38,665 $ 37,699 $ 19,404 $ 10,607 $ 4,397 $ 3,272 $ 6,743 $ 120,787 PCD: Risk Rating Pass $ - $ 45 $ 2,378 $ 2,547 $ 1,524 $ 18,998 $ 1,337 $ 26,829 Special Mention — — — 1,160 509 1,758 386 3,813 Substandard — — — 14,371 2,502 7,207 11,079 35,159 Doubtful — — — — — — — — Total $ - $ 45 $ 2,378 $ 18,078 $ 4,535 $ 27,963 $ 12,802 $ 65,801 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, 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, TDR 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. 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 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. 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 March 31, 2021, the Company had $1.4 billion in unfunded commitments and set aside $6.0 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 C ompany acquired $ billion in loans. Par value of purchased loans follows (in thousands): 2020 Par value of acquired loans at acquisition $ 2,247,317 Credit discount (34,610 ) Non-credit (discount)/premium at acquisition 8,497 Purchase price of loans at acquisition $ 2,221,204 Under ASU Topic 326, when loans are purchased with evidence of more than insignificant deterioration of credit, they are accounted for as 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 . As of March 31, 2021 As of December 31, 2020 Loan Balance ACL Balance Loan Balance ACL Balance (In Thousands) (In Thousands) Real Estate: Residential $ 14,418 $ 278 $ 14,895 $ 201 Commercial 21,380 2,098 24,334 2,286 Construction — — — — 35,798 2,376 39,229 2,487 Other Loans: Commercial 15,962 2,149 20,990 1,896 Home equity and improvement 4,715 235 4,912 214 Consumer finance 815 15 670 20 21,492 2,399 26,572 2,130 Total $ 57,290 $ 4,775 $ 65,801 $ 4,617 Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $835,000 as of March 31, 2021, and $784,000 as of December 31, 2020. |
Mortgage Banking
Mortgage Banking | 3 Months Ended |
Mar. 31, 2021 | |
Mortgage Banking [Abstract] | |
Mortgage Banking | 9 . Mortgage Banking Net revenues from servicing Three Months Ended March 31, 2021 2020 (In Thousands) Gain from sale of mortgage loans $ 5,640 $ 4,902 Mortgage loans servicing revenue (expense): Mortgage loans servicing revenue 1,917 1,594 Amortization of mortgage servicing rights (2,344 ) (1,163 ) Mortgage servicing rights valuation adjustments 5,320 (4,485 ) 4,893 (4,054 ) Net revenue from sale and servicing of mortgage loans $ 10,533 $ 848 The unpaid principal balance of residential mortgage loans serviced for third parties was $2.9 billion at March 31, 2021, and $3.0 billion at December 31, 2020. Activity for capitalized mortgage servicing rights and the related valuation allowance follows for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (In Thousands) Mortgage servicing assets: Balance at beginning of period $ 21,666 $ 10,801 Loans sold, servicing retained 2,374 1,376 Mortgage servicing rights acquired — 9,747 Amortization (2,344 ) (1,163 ) Carrying value before valuation allowance at end of period 21,696 20,761 Valuation allowance: Balance at beginning of period (8,513 ) (534 ) Impairment recovery (charges) 5,320 (4,485 ) Balance at end of period (3,193 ) (5,019 ) Net carrying value of MSRs at end of period $ 18,503 $ 15,742 Fair value of MSRs at end of period $ 18,695 $ 16,105 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 no accrual for secondary market buy-back activity at March 31, 2021 based on management’s estimate of potential losses from this activity. A liability of $43,000 was accrued at December 31, 2020. The Company recognized a credit of $43,000 related to the reduction of the accrual in the three months ended March 31, 2021. There was no expense or credit recognized in the three months ended March 31, 2020. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 10. Leases The Company’s lease agreements have maturity dates ranging from April 2021 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 14.84 years as of March 31, 2021 and 15.09 years as of December 31, 2020. The weighted average discount rate for leases was 2.59% as of March 31, 2021 and 2.61% as of December 31, 2020. The total operating lease costs were $664,000 for the three months ended March 31, 2021, and $517,000 for the three months ended March 31, 2020. The right-of-use asset, included in other assets, was $16.9 million and $16.9 million at March 31, 2021 and December 31, 2020, respectively. The lease liabilities, included in other liabilities, were $17.7 million and $17.8 million as of March 31, 2021 and December 31, 2020, respectively. Undiscounted cash flows included in lease liabilities have expected contractual payments as follows: (in thousands) March 31, 2021 2021 $ 1,764 2022 2,020 2023 1,638 2024 1,412 2025 1,259 Thereafter 13,761 Total undiscounted minimum lease payments $ 21,854 Present value adjustment (4,132 ) Total lease liabilities $ 17,722 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Deposits | 1 1 . Deposits A summary of deposit March 31, 2021 December 31, 2020 (In Thousands) Non-interest-bearing checking accounts $ 1,728,895 $ 1,597,262 Interest-bearing checking and money market accounts 2,806,271 2,627,669 Savings deposits 761,899 700,480 Retail certificates of deposit less than $250,000 842,624 912,006 Retail certificates of deposit greater than $250,000 212,230 210,424 $ 6,351,919 $ 6,047,841 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Subordinated Borrowings [Abstract] | |
Borrowings | 1 2 . Borrowings Premier had no FHLB advances outstanding at either March 31, 2021 or December 31, 2020. Premier’s junior subordinated debentures owed to unconsolidated subsidiary trusts and subordinated debentures are comprised of the following: March 31, 2021 December 31, 2020 (In Thousands) Junior subordinated debentures owed to unconsolidated subsidiary trusts $ 36,083 $ 36,083 Subordinated debentures 48,798 48,777 In September 2020, the Company completed the issuance of $50.0 million aggregate principal amount, fixed-to-floating rate subordinated notes due September 30, 2030 in a private offering exempt from the registration requirements under the Securities Act of 1933, as amended. The notes carry a fixed rate of 4.0% for five years at which time they will convert to a floating rate based on the secured overnight borrowing rate, plus a spread of In March 2007, the Company sponsored an affiliated trust, First Defiance Statutory Trust II (“Trust Affiliate II”) that issued $15.0 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 September 15, 2037, but can be redeemed at the Company’s option at any time now. The Company also sponsored an affiliated trust, First Defiance Statutory Trust I (“Trust Affiliate I”) that issued $20.0 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 related to the Trust Preferred Securities 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. |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
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 a 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): March 31, 2021 December 31, 2020 Commitments to make loans $ 773,625 $ 702,103 Unused lines of credit 927,333 918,470 Standby letters of credit 23,268 22,250 Total $ 1,724,226 $ 1,642,823 Commitments to make loans are generally made for periods of 60 days or less. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
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 and West Virginia. The Company is no longer subject to examination by taxing authorities for years before 2017. The Company currently operates primarily in the states of Ohio, Michigan and Pennsylvania which tax financial institutions based on their equity rather than their income. The components of income tax expense (benefit) are as follows: For the Three Months Ended March 31, 2021 2020 (In Thousands) Current: Federal $ 6,362 $ (5,140 ) State and local 163 75 Deferred 3,427 (545 ) $ 9,952 $ (5,610 ) The effective tax rates differ from federal statutory rate applied to income due to the following: For the Three Months Ended March 31, 2021 2020 (In Thousands) Tax expense (benefit) at statutory rate (21%) $ 10,699 $ (5,899 ) Increases (decreases) in taxes from: State income tax - net of federal tax benefit 128 59 Tax exempt interest income, net of TEFRA (200 ) (198 ) Bank owned life insurance (245 ) (164 ) Captive insurance (90 ) (92 ) Other (340 ) 684 Totals $ 9,952 $ (5,610 ) |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 1 5 . Derivative Financial Instruments At March 31, 2021, the Company had approximately $133.8 million of interest rate lock commitments and $322.0 million of forward sales of mortgage backed securities. These commitments are considered derivatives. The Company had $135.7 million of interest rate lock commitments and $265.0 million of forward commitments at December 31, 2020. The fair value of these mortgage banking derivatives are reflected by a derivative asset recorded in other assets in the Consolidated Statements of Financial Condition. The table below provides data about the carrying values of these derivative instrument assets: March 31, 2021 December 31, 2020 Assets Assets Carrying Carrying Value Value (In Thousands) Derivatives not designated as hedging instruments Mortgage Banking Derivatives $ 7,957 $ 3,833 The table below provides data about the amount of gains and losses recognized in income on derivative instruments not designated as hedging instruments. The difference in derivative carrying value at March 31, 2021 and 2020 represents a fair value adjustment that runs through mortgage banking income. Three Months Ended March 31, 2021 2020 (In Thousands) Derivatives not designated as hedging instruments Mortgage Banking Derivatives – Gain (Loss) $ 4,124 $ 471 Interest Rate Swaps The Company maintains an interest rate protection program for commercial loan customers that were 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 $87.2 million and fair value of $406,000 in other assets and $375,000 in other liabilities at March 31, 2021. As of December 31, 2020, the Company had interest rate swaps associated with commercial loans with a notional value of $87.8 million and fair value of $1.9 million in other assets and $2.0 million in other liabilities. The difference in fair value of $31,000 between the asset and liability at March 31, 2021 represents a credit valuation adjustment that flows through noninterest income. For the three months ended March 31, 2021 and 2020, $198,000 and $(108,000) flowed through noninterest income. 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 March 3 1 , 2021 and December 31, 2020 , the balance of the equity linked time deposits was $ 3.2 million and $ 5.7 million , respectively, and the written and purchased options each had a fair value of $ and $ 56,000 , respectively . |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2021 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | |
Other Comprehensive (Loss) Income | 1 6 . Other Comprehensive (Loss) 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 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 March 31, 2021: Securities available for sale: Change in net unrealized gain/loss during the period $ (19,112 ) $ 4,014 $ (15,098 ) Reclassification adjustment for net gains included in net income (516 ) 108 (408 ) Total other comprehensive loss $ (19,628 ) $ 4,122 $ (15,506 ) Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (In Thousands) Three months ended March 31, 2020: Securities available for sale: Change in net unrealized gain/loss during the period $ 9,458 $ (1,985 ) $ 7,473 Reclassification adjustment for net gains included in net income — — — Total other comprehensive loss $ 9,458 $ (1,985 ) $ 7,473 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, 2021 $ 15,083 $ (79 ) $ 15,004 Other comprehensive income/(loss) before reclassifications (15,098 ) — (15,098 ) Amounts reclassified from accumulated other comprehensive income (408 ) — (408 ) Net other comprehensive income/(loss) during period (15,506 ) — (15,506 ) Balance March 31, 2021 $ (423 ) $ (79 ) $ (502 ) Balance January 1, 2020 $ 4,839 $ (244 ) $ 4,595 Other comprehensive income (loss) before reclassifications 7,473 — 7,473 Amounts reclassified from accumulated other comprehensive income — — 0 Net other comprehensive income during period 7,473 — 7,473 Balance March 31, 2020 $ 12,312 $ (244 ) $ 12,068 |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | 1 7 . Business Combinations The Merger became effective January 31, 2020. Immediately following the Merger, Home Savings was merged with and into the Bank, with the Bank surviving. In addition, UCFC’s wholly-owned insurance subsidiaries, HSB Insurance, LLC, and United American Financial Services, Inc., each merged with and into First Insurance. 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. In accordance with ASC 805, the Company expensed approximately $11.5 million of direct acquisition costs during the three months ended March 31, 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 35,943 Deposits - Non-Interest Bearing (430,921 ) Deposits - Interest Bearing (1,651,669 ) Advances from FHLB (381,000 ) Accrued Interest Payable and Other Liabilities (60,524 ) 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 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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Standards Update | Accounting Standards Update 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 $0.7 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, 2021, 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) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 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 $ — $ 38,793 $ — $ 38,793 Mortgage-backed securities — 243,022 — 243,022 Collateralized mortgage obligations — 110,227 — 110,227 Asset-backed securities — 191,913 — 191,913 Corporate bonds — 55,258 — 55,258 Obligations of state and political subdivisions — 279,377 — 279,377 Equity securities 13,753 — — 13,753 Loans held for sale, at fair value — 81,307 134,638 215,945 Purchased certificate of deposit option — 59 — 59 Interest rate swaps — 406 — 406 Mortgage banking derivative — 7,957 — 7,957 Liabilities: Written certificate of deposit option — 59 — 59 Interest rate swaps — 375 — 375 December 31, 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 $ — $ 40,940 $ — $ 40,940 Mortgage-backed securities — 277,182 — 277,182 Collateralized mortgage obligations — 106,299 — 106,299 Asset-backed securities — 30,546 — 30,546 Corporate bonds — 44,169 — 44,169 Obligations of state and political subdivisions — 237,518 — 237,518 Equity securities 1,090 — — 1,090 Loans held for sale, at fair value — 98,587 123,029 221,616 Purchased certificate of deposit option — 56 — 56 Interest rate swaps — 1,870 — 1,870 Mortgage banking derivative - asset — 3,833 — 3,833 Liabilities: Written certificate of deposit option — 56 — 56 Interest rate swaps — 2,036 — 2,036 |
Summary of Reconciliation of all Assets Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level 3) | The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month periods ended March 31, 2021 and 2020. Construction loans held for sale Three Months Ended March 31, 2021 2020 Balance of recurring Level 3 assets at beginning of period $ 123,029 $ — Total gains (losses) for the period Included in change in fair value of loans held for sale (5,568 ) 4,962 Originations 34,003 9,581 Acquired in acquisition — 37,711 Sales (16,826 ) (7,834 ) Balance of recurring Level 3 assets at end of period $ 134,638 $ 44,420 Securities available-for-sale Three Months Ended March 31, 2021 2020 Balance of recurring Level 3 assets at beginning of period $ — $ 3,411 Balance of assets classified as Level 3 assets during the period — 2,419 Balance of recurring Level 3 assets at end of period $ — $ 5,830 |
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, the significant unobservable inputs used in the fair value measurements were as follows: March 31, 2021 Fair Value Valuation Technique Unobservable Inputs Range of Inputs (Dollars in Thousands) Construction loans held for sale $ 134,638 Comparable sales Time discount using the 60 day forward contract 0.00% - 2.18% December 31, 2020 Fair Value Valuation Technique Unobservable Inputs Range of Inputs (Dollars in Thousands) Construction loans held for sale $ 123,029 Comparable sales Time discount using the 60 day forward contract 0.00% - 0.24% For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2021, 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) Individually analyzed Loans- Applies to all loan classes $ 12,398 Appraisals which utilize sales comparison, net income and cost approach Discounts for collection issues and changes in market conditions 10-35% 16.23 % For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 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) Individually analyzed Loans- Applies to all loan classes $ 11,752 Appraisals which utilize sales comparison, net income and cost approach Discounts for collection issues and changes in market conditions 5-37% 24.17 % |
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 March 31, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Individually analyzed loans Commercial real estate $ - $ - $ 7,617 $ 7,617 Commercial — — 4,781 4,781 Total individually analyzed loans — — 12,398 12,398 Mortgage servicing rights — 13,868 — 13,868 December 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (In Thousands) Individually analyzed loans Commercial real estate $ — $ — $ 4,601 $ 4,601 Commercial — — 7,151 7,151 Total individually analyzed loans — — 11,752 11,752 Mortgage servicing rights — 13,153 — 13,153 |
Schedule of FHLB advances with maturities | FHLB advances with maturities greater than 90 days are valued based on a DCF 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 March 31, 2021. Fair Value Measurements at March 31, 2021 (In Thousands) Carrying Value Total Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 303,747 $ 303,747 $ 303,747 $ — $ — Securities available for sale 918,590 918,590 — 918,590 — Equity securities 13,753 13,753 13,753 — — Federal Home Loan Bank Stock 9,328 N/A N/A N/A N/A Loans receivable, net 5,384,929 5,428,651 — — 5,428,651 Loans held for sale, carried at fair value 215,945 215,945 — 81,307 134,638 Financial Liabilities: Deposits $ 6,351,919 $ 6,358,858 $ 5,297,065 $ 1,061,793 $ — Subordinated debentures 84,881 83,707 — 83,707 — Fair Value Measurements at December 31, 2020 (In Thousands) Carrying Value Total Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 159,266 $ 159,266 $ 159,266 $ — $ — Securities available for sale 736,654 736,654 — 736,654 — Equity securities 1,090 1,090 1,090 — — Federal Home Loan Bank Stock 16,026 N/A N/A N/A N/A Loans receivable, net 5,409,161 5,412,814 — — 5,412,814 Loans held for sale, carried at fair value 221,616 221,616 — 98,587 123,029 Financial Liabilities: Deposits $ 6,047,841 $ 6,056,426 $ 4,925,411 $ 1,131,015 $ — Subordinated debentures 84,860 83,237 — — 83,237 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 three months ended March 31, 2021: Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in 000’s) Options outstanding, January 1, 2021 36,261 $ 21.59 Forfeited or cancelled Exercised (600 ) 13.80 Granted — — Options outstanding, March 31, 2021 35,661 $ 21.72 5.57 $ 411 Exercisable at March 31, 2021 35,661 $ 21.72 5.57 $ 411 |
Schedule of proceeds, related tax benefits realized from options exercised and intrinsic value of options exercised | Proceeds, related tax benefits realized from options exercised and intrinsic value of options exercised were as follows (in thousands): Three Months Ended March 31, 2021 2020 Proceeds of options exercised $ 8 $ — Related tax benefit recognized — — Intrinsic value of options exercised 11 — |
Schedule of restricted stock units and stock grants | Total expense of $1.0 million was recorded during each of the three months ended March 31, 2021 and 2020. There was approximately $2.3 million and $3.2 million included within other liabilities at March 31, 2021, and December 31, 2020, respectively, related to the STIP. Performance Stock Units Restricted Stock Units Restricted Stock Grants Unvested Shares Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Unvested at January 1, 2021 90,891 $ 26.48 55,759 $ 25.18 41,057 $ 26.93 Granted 86,058 30.32 20,664 29.11 13,708 29.37 Vested — — (30,099 ) 26.15 (20,349 ) 26.75 Forfeited — — — — — — Unvested at March 31, 2021 176,949 $ 28.35 46,324 $ 26.29 34,416 $ 28.01 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings (loss) per common share | The following table sets forth the computation of basic and diluted earnings (loss) per common share: Three Months Ended March 31, 2021 2020 (In Thousands, except per share data) Basic Earnings (Loss) Per Share: Net income (loss) available to common shareholders $ 40,996 $ (22,482 ) Less: income (loss) allocated to participating securities 43 (39 ) Net income (loss) allocated to common shareholders 40,953 (22,443 ) Weighted average common shares outstanding including participating securities 37,332 31,721 Less: Participating securities 39 55 Average common shares 37,293 31,666 Basic earnings (loss) per common share $ 1.10 $ (0.71 ) Diluted Earnings (Loss) Per Share: Net income (loss) allocated to common shareholders $ 40,953 $ (22,443 ) Weighted average common shares outstanding for basic earnings (loss) per common share 37,293 31,666 Add: Dilutive effects of stock options and restricted stock units 64 — Average shares and dilutive potential common shares 37,357 31,666 Diluted earnings (loss) per common share $ 1.10 $ (0.71 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Available-for-Sale Securities: Obligations of U.S. government corporations and agencies $ 38,868 $ 771 $ (846 ) $ 38,793 Mortgage-backed securities 243,126 3,284 (3,388 ) 243,022 Collateralized mortgage obligations 109,552 1,225 (550 ) 110,227 Asset-backed securities 191,788 484 (359 ) 191,913 Corporate bonds 55,049 524 (315 ) 55,258 Obligations of state and political subdivisions 280,743 6,051 (7,417 ) 279,377 Total Available-for-Sale $ 919,126 $ 12,339 $ (12,875 ) $ 918,590 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, 2020 Available-for-sale Obligations of U.S. government corporations and agencies $ 39,233 $ 1,707 $ — $ 40,940 Mortgage-backed securities 270,683 6,746 (247 ) 277,182 Collateralized mortgage obligations 103,532 2,927 (160 ) 106,299 Asset-backed securities 30,643 1 (98 ) 30,546 Corporate bonds 43,826 489 (146 ) 44,169 Obligations of state and political subdivisions 229,645 8,069 (196 ) 237,518 Total Available-for-Sale $ 717,562 $ 19,939 $ (847 ) $ 736,654 |
Schedule of investments classified by contractual maturity date | The amortized cost and fair value of the investment securities portfolio at March 31, 2021, 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”), CMOs and asset-backed securities (“ABS”), 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 $ 5,853 $ 5,869 Due after one year through five years 29,787 30,284 Due after five years through ten years 93,585 95,386 Due after ten years 245,435 241,889 MBS/CMO/ABS 544,466 545,162 $ 919,126 $ 918,590 |
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 March 31, 2021, and December 31, 2020: 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 March 31, 2021 Available-for-sale securities: Obligations of U.S. government corporations and agencies $ 9,520 $ (846 ) $ - $ - $ 9,520 $ (846 ) Mortgage-backed securities 152,648 (3,388 ) — — 152,648 (3,388 ) Collateralized mortgage obligations 26,477 (550 ) — — 26,477 (550 ) Asset-backed securities 76,023 (359 ) — — 76,023 (359 ) Corporate bonds 24,995 (256 ) 2,528 (59 ) 27,523 (315 ) Obligations of state and political subdivisions 132,120 (7,417 ) — — 132,120 (7,417 ) Total available-for-sale $ 421,783 $ (12,816 ) $ 2,528 $ (59 ) $ 424,311 $ (12,875 ) 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, 2020 Available-for-sale securities: Mortgage-backed securities-residential $ 26,361 $ (247 ) $ — $ — $ 26,361 $ (247 ) Collateralized mortgage obligations 5,161 (160 ) — — 5,161 (160 ) Asset-backed securities 18,439 (98 ) — — 18,439 (98 ) Corporate bonds 12,177 (146 ) — — 12,177 (146 ) Obligations of state and political subdivisions 41,088 (196 ) — — 41,088 (196 ) Total available-for-sale $ 103,226 $ (847 ) $ — $ — $ 103,226 $ (847 ) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 (In Thousands) Real Estate: Residential $ 1,168,559 $ 1,201,051 Commercial 2,402,067 2,383,001 Construction 749,190 667,649 4,319,816 4,251,701 Other Loans: Commercial 1,172,910 1,202,353 Home equity and improvement 257,764 272,701 Consumer finance 117,539 120,729 1,548,213 1,595,783 Loans before deferred loan origination fees and costs 5,868,029 5,847,484 Deduct: Undisbursed construction loan funds (405,983 ) (355,065 ) Net deferred loan origination fees and costs (2,363 ) (1,179 ) Allowance for credit losses (74,754 ) (82,079 ) Total loans $ 5,384,929 $ 5,409,161 |
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 (“ACL”) activity for the three months ended March 31, 2021 and 2020 by portfolio segment (in thousands): Three Months Ended March 31, 2021 1-4 Family Residential Real Estate Commercial Real Estate Construction Commercial Home Equity and Improvement Consumer Finance Total Beginning Allowance $ 17,534 $ 43,417 $ 2,741 $ 11,665 $ 4,739 $ 1,983 $ 82,079 Charge-Offs — — — (70 ) (3 ) (36 ) (109 ) Recoveries 8 36 — 198 29 27 298 Provisions (34 ) (8,181 ) 35 398 416 (148 ) (7,514 ) Ending Allowance $ 17,508 $ 35,272 $ 2,776 $ 12,191 $ 5,181 $ 1,826 $ 74,754 Three Months Ended March 31, 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 (184 ) (16 ) — (96 ) (30 ) (108 ) (434 ) Recoveries 101 340 — 669 42 60 1,212 Provisions (1) 17,698 18,154 111 2,316 2,515 2,992 43,786 Ending Allowance $ 23,324 $ 42,515 $ 884 $ 11,901 $ 3,954 $ 3,281 $ 85,859 (1) Provision for the three months ended March 31, 2020, includes $25.9 million as a result of the Merger with UCFC. |
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 March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Real Estate Equipment and Machinery Inventory and Receivables Vehicles Total Real Estate: Residential $ 1,008 $ — $ — $ — $ 1,008 Commercial 30,419 — — — 30,419 Construction — — — — — Other Loans: Commercial 2,530 672 6,613 33 9,848 Home equity and improvement — — — — — Consumer finance — — — — — Total $ 33,957 $ 672 $ 6,613 $ 33 $ 41,275 December 31, 2020 Real Estate Equipment and Machinery Inventory and Receivables Vehicles Total Real Estate: Residential $ 1,024 $ — $ — $ — $ 1,024 Commercial 33,999 — — — 33,999 Construction — — — — — Other Loans: Commercial 1,426 5,317 4,943 125 11,811 Home equity and improvement — — — — — Consumer finance — — — — — Total $ 36,449 $ 5,317 $ 4,943 $ 125 $ 46,834 |
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 analyzed loans. All loans greater than 90 days past due are placed on non-accrual status. 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: March 31, 2021 December 31, 2020 (In Thousands) Non-accrual loans with reserve $ 35,835 $ 35,234 Non-accrual loans without reserve $ 13,463 $ 16,448 Loans over 90 days past due and still accruing — — Total non-performing loans 49,298 51,682 Real estate and other assets held for sale 54 343 Total non-performing assets $ 49,352 $ 52,025 Troubled debt restructuring, still accruing $ 6,068 $ 7,173 |
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 March 31, 2021, by class of loans (in thousands): Current 30 - 59 days 60 - 89 days 90 + days Total Past Due Total Non- Accrual Real Estate: Residential 1,145,380 757 4,624 8,182 13,563 9,197 Commercial 2,381,959 216 574 957 1,747 11,799 Construction 342,379 21 564 243 828 243 Other Loans: Commercial 1,145,483 235 63 389 687 1,686 Home equity and improvement 250,442 727 233 1,647 2,607 2,173 Consumer finance 114,402 878 461 1,577 2,916 1,676 PCD 41,778 728 344 14,440 15,512 22,524 Total Loans $ 5,421,823 $ 3,562 $ 6,863 $ 27,435 $ 37,860 $ 49,298 The following table presents the aging of the recorded investment in past due and non-accrual loans as of December 31, 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 $ 1,173,979 $ 433 $ 7,669 $ 9,000 $ 17,102 $ 10,178 Commercial 2,357,909 1,033 369 844 2,246 11,980 Construction 310,152 — 1,626 806 2,432 806 Other Loans: Commercial 1,172,636 9 4 394 407 1,365 Home equity and improvement 262,373 3,440 839 1,137 5,416 1,537 Consumer finance 117,088 1,687 491 1,521 3,699 1,624 PCD 50,218 402 1,882 13,299 15,583 24,192 Total Loans $ 5,444,355 $ 7,004 $ 12,880 $ 27,001 $ 46,885 $ 51,682 |
Summary of Breakout of Commercial Deferrals | A breakout of deferrals by loan category is as follows (in thousands): March 31, 2021 Balance deferred December 31, 2020 Balance deferred Residential real estate $ 3,399 $ 7,016 Commercial real estate 31,232 34,831 Construction 13 9,579 Commercial 1,125 1,628 Home equity and improvement - 114 Consumer finance 15 282 Total $ 35,784 $ 53,450 The following table is a breakout of commercial deferrals by expiration (in thousands): Commercial deferral expirations Balance April $ 25,320 May 7,050 June - July - August - September - Total $ 32,370 |
Summary of Breakout of Deferrals by Loan Category | A breakout of deferrals by loan category is as follows (in thousands): March 31, 2021 Balance deferred December 31, 2020 Balance deferred Residential real estate $ 3,399 $ 7,016 Commercial real estate 31,232 34,831 Construction 13 9,579 Commercial 1,125 1,628 Home equity and improvement - 114 Consumer finance 15 282 Total $ 35,784 $ 53,450 |
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 months ended March 31, 2021, and March 31, 2020: Loans Modified as a TDR for the Three Months Ended March 31, 2021 ($ in thousands) Troubled Debt Restructurings Number of Loans Recorded Investment (as of period end) Real Estate: Residential 2 $ 150 Commercial Construction — — Other Loans: Commercial 3 709 Home equity and improvement Consumer finance — — Total 5 $ 859 The loans described above increased the ACL by $6,000 in the three months ended March 31, 2021. Loans Modified as a TDR for the Three Months Ended March 31, 2020 ($ in thousands) Troubled Debt Restructurings Number of Loans Recorded Investment (as of period end) Real Estate: Residential 2 $ 378 Commercial 1 93 Construction — — Other Loans: Commercial 5 156 Home equity and improvement 1 26 Consumer finance — — Total 9 $ 653 |
Schedule of Present Loans by Class Modified as TDRs for Which there was a Payment Default within Twelve Months | There were no TDRs that subsequently defaulted as of March 31, 2021. The following table presents loans by class modified as TDRs for which there was a payment default within twelve months following the modification during the three months ended March 31, 2020: Three Months Ended March 31, 2020 ($ in thousands) Troubled Debt Restructurings That Subsequently Defaulted Number of Loans Recorded Investment (as of period end) Real Estate: Residential 3 $ 268 Commercial 1 172 Construction — — Other Loans: Commercial 1 132 Home equity and improvement 1 146 Consumer finance — — Total 6 $ 718 |
Schedule of Risk Category of Loans by Class of Loans | As of March 31, 2021, 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 1,150,158 1,173 7,612 — 7,612 1,158,943 Commercial 2,219,717 115,758 48,231 — 48,231 2,383,706 Construction 321,838 21,126 243 — 243 343,207 Other Loans: Commercial 1,097,603 25,400 23,167 — 23,167 1,146,170 Home equity and improvement 250,944 — 2,105 — 2,105 253,049 Consumer finance 115,639 — 1,679 — 1,679 117,318 PCD 23,956 1,748 31,586 — 31,586 57,290 Total Loans $ 5,179,855 $ 165,205 $ 114,623 $ — $ 114,623 $ 5,459,683 As of December 31, 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 1,187,923 795 2,363 — 2,363 1,191,081 Commercial 2,203,652 111,039 45,464 — 45,464 2,360,155 Construction 299,866 12,718 — — — 312,584 Other Loans: Commercial 1,142,289 23,907 6,847 — 6,847 1,173,043 Home equity and improvement 267,350 — 439 — 439 267,789 Consumer finance 120,682 — 105 — 105 120,787 PCD 26,829 3,813 35,159 — 35,159 65,801 Total Loans $ 5,248,591 $ 152,272 $ 90,377 $ — $ 90,377 $ 5,491,240 |
Summary of Amortized Cost Basis of Loans by Credit Quality Indicator and Class of Loans | The tables below presents the amortized cost basis of loans by credit quality indicator and class of loans as of March 31, 2021 and December 31, 2020 (in thousands): Term of loans by origination 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of March 31, 2021 Real Estate Residential: Risk Rating Pass $ 24,792 $ 315,724 $ 163,589 $ 114,232 $ 110,887 $ 419,110 $ 1,824 $ 1,150,158 Special Mention — 197 — — 61 222 693 1,173 Substandard — — 812 957 816 5,027 — 7,612 Doubtful — — — — — — — — Total $ 24,792 $ 315,921 $ 164,401 $ 115,189 $ 111,764 $ 424,359 $ 2,517 $ 1,158,943 Commercial: Risk Rating Pass $ 94,527 $ 524,710 $ 451,219 $ 284,383 $ 279,152 $ 570,348 $ 15,378 $ 2,219,717 Special Mention — 5,992 6,768 13,063 59,870 29,170 895 115,758 Substandard — 439 6,967 16,886 1,106 20,703 2,130 48,231 Doubtful — — — — — — — — Total $ 94,527 $ 531,141 $ 464,954 $ 314,332 $ 340,128 $ 620,221 $ 18,403 $ 2,383,706 Construction: Risk Rating Pass $ 25,201 $ 121,539 $ 89,755 $ 71,267 $ 10,548 $ 3,528 $ - $ 321,838 Special Mention — 6,767 — 13,302 1,057 — — 21,126 Substandard — — 243 — — — — 243 Doubtful — — — — — — — — Total $ 25,201 $ 128,306 $ 89,998 $ 84,569 $ 11,605 $ 3,528 $ - $ 343,207 Other Loans Commercial: Risk Rating Pass $ 191,460 $ 431,081 $ 118,396 $ 73,640 $ 35,277 $ 34,149 $ 213,600 $ 1,097,603 Special Mention — 999 5,546 2,363 1,849 5,095 9,548 25,400 Substandard 100 16,676 1,290 429 812 467 3,393 23,167 Doubtful — — — — — — — — Total $ 191,560 $ 448,756 $ 125,232 $ 76,432 $ 37,938 $ 39,711 $ 226,541 $ 1,146,170 Home equity and Improvement: Risk Rating Pass $ 4,768 $ 8,419 $ 6,740 $ 4,014 $ 7,113 $ 35,013 $ 184,877 $ 250,944 Special Mention — — — — — — — — Substandard — — 28 52 19 552 1,454 2,105 Doubtful — — — — — — — — Total $ 4,768 $ 8,419 $ 6,768 $ 4,066 $ 7,132 $ 35,565 $ 186,331 $ 253,049 Consumer Finance: Risk Rating Pass $ 8,784 $ 33,962 $ 33,007 $ 16,542 $ 8,571 $ 5,926 $ 8,847 $ 115,639 Special Mention — — — — — — — — Substandard — 639 696 111 42 164 27 1,679 Doubtful — — — — — — — — Total $ 8,784 $ 34,601 $ 33,703 $ 16,653 $ 8,613 $ 6,090 $ 8,874 $ 117,318 PCD: Risk Rating Pass $ - $ - $ 219 $ 2,236 $ 1,907 $ 16,895 $ 2,699 $ 23,956 Special Mention — — — — — 1,748 — 1,748 Substandard — — 35 90 14,766 10,551 6,144 31,586 Doubtful — — — — — — — — Total $ - $ - $ 254 $ 2,326 $ 16,673 $ 29,194 $ 8,843 $ 57,290 Term of loans by origination 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of December 31, 2020 Real Estate Residential: Risk Rating Pass $ 250,979 $ 196,158 $ 136,247 $ 130,759 $ 137,581 $ 333,572 $ 2,627 $ 1,187,923 Special Mention 199 — — 62 116 211 207 795 Substandard — 74 289 252 136 1,612 2,363 Doubtful — — — — — — — — Total $ 251,178 $ 196,232 $ 136,536 $ 131,073 $ 137,833 $ 335,395 $ 2,834 $ 1,191,081 Commercial: Risk Rating Pass $ 517,691 $ 457,905 $ 299,072 $ 300,573 $ 198,247 $ 414,082 $ 16,082 $ 2,203,652 Special Mention 6,014 7,239 10,452 60,712 7,977 17,723 922 111,039 Substandard — 279 18,851 1,937 3,143 19,107 2,147 45,464 Doubtful — — — — — — — — Total $ 523,705 $ 465,423 $ 328,375 $ 363,222 $ 209,367 $ 450,912 $ 19,151 $ 2,360,155 Construction: Risk Rating Pass $ 101,616 $ 100,553 $ 82,972 $ 11,666 $ 2,911 $ 148 $ - $ 299,866 Special Mention 5,587 — 7,131 — — — — 12,718 Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 107,203 $ 100,553 $ 90,103 $ 11,666 $ 2,911 $ 148 $ - $ 312,584 Other Loans Commercial: Risk Rating Pass $ 568,678 $ 144,977 $ 82,492 $ 42,421 $ 21,262 $ 21,969 $ 260,490 $ 1,142,289 Special Mention 1,180 2,026 2,514 2,109 37 5,121 10,920 23,907 Substandard 148 201 497 543 257 269 4,932 6,847 Doubtful — — — — — — — — Total $ 570,006 $ 147,204 $ 85,503 $ 45,073 $ 21,556 $ 27,359 $ 276,342 $ 1,173,043 Home equity and Improvement: Risk Rating Pass $ 8,736 $ 7,483 $ 4,508 $ 7,963 $ 7,748 $ 31,382 $ 199,530 $ 267,350 Special Mention — — — — — — — — Substandard — — — — — 86 353 439 Doubtful — — — — — — — — Total $ 8,736 $ 7,483 $ 4,508 $ 7,963 $ 7,748 $ 31,468 $ 199,883 $ 267,789 Consumer Finance: Risk Rating Pass $ 38,665 $ 37,601 $ 19,401 $ 10,607 $ 4,393 $ 3,272 $ 6,743 $ 120,682 Special Mention — — — — — — — — Substandard — 98 3 — 4 — — 105 Doubtful — — — — — — — — Total $ 38,665 $ 37,699 $ 19,404 $ 10,607 $ 4,397 $ 3,272 $ 6,743 $ 120,787 PCD: Risk Rating Pass $ - $ 45 $ 2,378 $ 2,547 $ 1,524 $ 18,998 $ 1,337 $ 26,829 Special Mention — — — 1,160 509 1,758 386 3,813 Substandard — — — 14,371 2,502 7,207 11,079 35,159 Doubtful — — — — — — — — Total $ - $ 45 $ 2,378 $ 18,078 $ 4,535 $ 27,963 $ 12,802 $ 65,801 |
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 $ 2,247,317 Credit discount (34,610 ) Non-credit (discount)/premium at acquisition 8,497 Purchase price of loans at acquisition $ 2,221,204 |
Schedule of Outstanding Balance and Related Allowance on Loans | The outstanding balance and related allowance on these loans as of March 31, 2021 and December 31, 2020 is as follows (in thousands): As of March 31, 2021 As of December 31, 2020 Loan Balance ACL Balance Loan Balance ACL Balance (In Thousands) (In Thousands) Real Estate: Residential $ 14,418 $ 278 $ 14,895 $ 201 Commercial 21,380 2,098 24,334 2,286 Construction — — — — 35,798 2,376 39,229 2,487 Other Loans: Commercial 15,962 2,149 20,990 1,896 Home equity and improvement 4,715 235 4,912 214 Consumer finance 815 15 670 20 21,492 2,399 26,572 2,130 Total $ 57,290 $ 4,775 $ 65,801 $ 4,617 |
Mortgage Banking (Tables)
Mortgage Banking (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Mortgage Banking [Abstract] | |
Schedule of net revenues from the sales and servicing of mortgage loans | Net revenues from servicing Three Months Ended March 31, 2021 2020 (In Thousands) Gain from sale of mortgage loans $ 5,640 $ 4,902 Mortgage loans servicing revenue (expense): Mortgage loans servicing revenue 1,917 1,594 Amortization of mortgage servicing rights (2,344 ) (1,163 ) Mortgage servicing rights valuation adjustments 5,320 (4,485 ) 4,893 (4,054 ) Net revenue from sale and servicing of mortgage loans $ 10,533 $ 848 |
Schedule of capitalized mortgage and valuation allowance | Activity for capitalized mortgage servicing rights and the related valuation allowance follows for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (In Thousands) Mortgage servicing assets: Balance at beginning of period $ 21,666 $ 10,801 Loans sold, servicing retained 2,374 1,376 Mortgage servicing rights acquired — 9,747 Amortization (2,344 ) (1,163 ) Carrying value before valuation allowance at end of period 21,696 20,761 Valuation allowance: Balance at beginning of period (8,513 ) (534 ) Impairment recovery (charges) 5,320 (4,485 ) Balance at end of period (3,193 ) (5,019 ) Net carrying value of MSRs at end of period $ 18,503 $ 15,742 Fair value of MSRs at end of period $ 18,695 $ 16,105 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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) March 31, 2021 2021 $ 1,764 2022 2,020 2023 1,638 2024 1,412 2025 1,259 Thereafter 13,761 Total undiscounted minimum lease payments $ 21,854 Present value adjustment (4,132 ) Total lease liabilities $ 17,722 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Summary of deposit balances | A summary of deposit March 31, 2021 December 31, 2020 (In Thousands) Non-interest-bearing checking accounts $ 1,728,895 $ 1,597,262 Interest-bearing checking and money market accounts 2,806,271 2,627,669 Savings deposits 761,899 700,480 Retail certificates of deposit less than $250,000 842,624 912,006 Retail certificates of deposit greater than $250,000 212,230 210,424 $ 6,351,919 $ 6,047,841 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Subordinated Borrowings [Abstract] | |
Schedule of Federal Home Loan Bank Advances, Junior Subordinated Debentures and Subordinated Debentures | Premier’s junior subordinated debentures owed to unconsolidated subsidiary trusts and subordinated debentures are comprised of the following: March 31, 2021 December 31, 2020 (In Thousands) Junior subordinated debentures owed to unconsolidated subsidiary trusts $ 36,083 $ 36,083 Subordinated debentures 48,798 48,777 |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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): March 31, 2021 December 31, 2020 Commitments to make loans $ 773,625 $ 702,103 Unused lines of credit 927,333 918,470 Standby letters of credit 23,268 22,250 Total $ 1,724,226 $ 1,642,823 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax expense (benefit) | The components of income tax expense (benefit) are as follows: For the Three Months Ended March 31, 2021 2020 (In Thousands) Current: Federal $ 6,362 $ (5,140 ) State and local 163 75 Deferred 3,427 (545 ) $ 9,952 $ (5,610 ) |
Schedule of effective income tax rate reconciliation | The effective tax rates differ from federal statutory rate applied to income due to the following: For the Three Months Ended March 31, 2021 2020 (In Thousands) Tax expense (benefit) at statutory rate (21%) $ 10,699 $ (5,899 ) Increases (decreases) in taxes from: State income tax - net of federal tax benefit 128 59 Tax exempt interest income, net of TEFRA (200 ) (198 ) Bank owned life insurance (245 ) (164 ) Captive insurance (90 ) (92 ) Other (340 ) 684 Totals $ 9,952 $ (5,610 ) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of carrying values of the derivative instrument assets | The table below provides data about the carrying values of these derivative instrument assets: March 31, 2021 December 31, 2020 Assets Assets Carrying Carrying Value Value (In Thousands) Derivatives not designated as hedging instruments Mortgage Banking Derivatives $ 7,957 $ 3,833 |
Schedule of amount of gains and losses recognized in income on derivative instruments not designated as hedging instruments | The table below provides data about the amount of gains and losses recognized in income on derivative instruments not designated as hedging instruments. The difference in derivative carrying value at March 31, 2021 and 2020 represents a fair value adjustment that runs through mortgage banking income. Three Months Ended March 31, 2021 2020 (In Thousands) Derivatives not designated as hedging instruments Mortgage Banking Derivatives – Gain (Loss) $ 4,124 $ 471 |
Other Comprehensive (Loss) In_2
Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 of securities | Reclassification adjustments related to securities available for sale are included in gains on sale 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 March 31, 2021: Securities available for sale: Change in net unrealized gain/loss during the period $ (19,112 ) $ 4,014 $ (15,098 ) Reclassification adjustment for net gains included in net income (516 ) 108 (408 ) Total other comprehensive loss $ (19,628 ) $ 4,122 $ (15,506 ) Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (In Thousands) Three months ended March 31, 2020: Securities available for sale: Change in net unrealized gain/loss during the period $ 9,458 $ (1,985 ) $ 7,473 Reclassification adjustment for net gains included in net income — — — Total other comprehensive loss $ 9,458 $ (1,985 ) $ 7,473 |
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, 2021 $ 15,083 $ (79 ) $ 15,004 Other comprehensive income/(loss) before reclassifications (15,098 ) — (15,098 ) Amounts reclassified from accumulated other comprehensive income (408 ) — (408 ) Net other comprehensive income/(loss) during period (15,506 ) — (15,506 ) Balance March 31, 2021 $ (423 ) $ (79 ) $ (502 ) Balance January 1, 2020 $ 4,839 $ (244 ) $ 4,595 Other comprehensive income (loss) before reclassifications 7,473 — 7,473 Amounts reclassified from accumulated other comprehensive income — — 0 Net other comprehensive income during period 7,473 — 7,473 Balance March 31, 2020 $ 12,312 $ (244 ) $ 12,068 |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 35,943 Deposits - Non-Interest Bearing (430,921 ) Deposits - Interest Bearing (1,651,669 ) Advances from FHLB (381,000 ) Accrued Interest Payable and Other Liabilities (60,524 ) Total Identifiable Net Assets 309,564 Goodwill $ 217,879 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021Subsidiary | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of additional subsidiaries acquired | 2 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional information (Details) - ASC 326 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property Plant And Equipment [Line Items] | ||
Accounting standards update, adoption date | Jan. 1, 2020 | |
Increase in allowance for credit losses | $ 2,400 | |
Off-balance sheet credit exposures | 900 | |
Cumulative effect adjustment through retained earnings, net of tax | 2,600 | $ (2,566) |
Cumulative effect adjustment through retained earnings, tax | $ 700 |
Fair Value - Additional informa
Fair Value - Additional information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Option Quantitative Disclosures [Line Items] | ||
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 30 year conventional 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). | |
Loans held for sale, fair value disclosure | $ 215,945,000 | $ 221,616,000 |
Residential Mortgage Loans [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value disclosure | 81,300,000 | 98,600,000 |
Loans held for sale, contractual balance | 80,200,000 | 93,200,000 |
Gain on sale of loans held for sale for the change in fair value | (4,300,000) | 31,000 |
Permanent Construction Loans [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value disclosure | 134,600,000 | 123,000,000 |
Loans held for sale, contractual balance | 126,700,000 | 109,500,000 |
Gain on sale of loans held for sale for the change in fair value | $ (5,600,000) | $ 5,000,000 |
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% |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | $ 918,590 | $ 736,654 |
Collateralized mortgage obligations [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 110,227 | 106,299 |
Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 918,590 | 736,654 |
Fair Value, Inputs, Level 2 [Member] | Collateralized mortgage obligations [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 110,227 | 106,299 |
Obligations of U.S. government corporations and agencies [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 38,793 | 40,940 |
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 | 38,793 | 40,940 |
Mortgage-Backed Securities [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 243,022 | 277,182 |
Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 243,022 | 277,182 |
Asset-backed Securities [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 191,913 | 30,546 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 191,913 | 30,546 |
Corporate bonds [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 55,258 | 44,169 |
Corporate bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 55,258 | 44,169 |
Obligations of state and political subdivisions [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 279,377 | 237,518 |
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 | 279,377 | 237,518 |
Equity Securities [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 13,753 | 1,090 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 13,753 | 1,090 |
Loans Held for Sale, at Fair Value [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 215,945 | 221,616 |
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 | 81,307 | 98,587 |
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 | 134,638 | 123,029 |
Purchased Certificate of Deposit Option [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 59 | 56 |
Purchased Certificate of Deposit Option [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 59 | 56 |
Interest Rate Swap Assets [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 406 | 1,870 |
Interest Rate Swap Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 406 | 1,870 |
Mortgage banking derivative - asset [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 7,957 | 3,833 |
Mortgage banking derivative - asset [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 7,957 | 3,833 |
Written Certificate of Deposit Option [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 59 | 56 |
Written Certificate of Deposit Option [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 59 | 56 |
Interest Rate Swap Liability [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | 375 | 2,036 |
Interest Rate Swap Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Securities available-for-sale, carried at fair value | $ 375 | $ 2,036 |
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 | |
Mar. 31, 2021 | Mar. 31, 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 | $ 123,029 | |
Total gains (losses) for the period, Included in change in fair value of loans held for sale | (5,568) | $ 4,962 |
Originations | 34,003 | 9,581 |
Acquired in acquisition | 37,711 | |
Sales | (16,826) | (7,834) |
Balance of recurring Level 3 assets at end of period | $ 134,638 | 44,420 |
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 | 3,411 | |
Balance of assets classified as Level 3 assets during the period | 2,419 | |
Balance of recurring Level 3 assets at end of period | $ 5,830 |
Fair Value - Schedule of Level
Fair Value - Schedule of Level 3 Assets and Liabilities Measured At Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Loans held for sale, carried at fair value | $ 215,945 | $ 221,616 |
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% | 5.00% |
Fair Value, Range of Input, Maximum | 35.00% | 37.00% |
Range of Input 0.00% - 2.18% [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Loans held for sale, carried at fair value | $ 134,638 | |
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 | 2.18% | |
Range of Input 0.00% - 0.24% [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Loans held for sale, carried at fair value | $ 123,029 | |
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 | 0.24% |
Fair Value - Assets and Liabi_2
Fair Value - Assets and Liabilities Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Individually analyzed loans | ||
Total individually analyzed loans | $ 12,398 | $ 11,752 |
Mortgage servicing rights | 13,868 | 13,153 |
Commercial Real Estate [Member] | ||
Individually analyzed loans | ||
Total individually analyzed loans | 7,617 | 4,601 |
Commercial [Member] | ||
Individually analyzed loans | ||
Total individually analyzed loans | 4,781 | 7,151 |
Fair Value, Inputs, Level 2 [Member] | ||
Individually analyzed loans | ||
Mortgage servicing rights | 13,868 | 13,153 |
Fair Value, Inputs, Level 3 [Member] | ||
Individually analyzed loans | ||
Total individually analyzed loans | 12,398 | 11,752 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate [Member] | ||
Individually analyzed loans | ||
Total individually analyzed loans | 7,617 | 4,601 |
Fair Value, Inputs, Level 3 [Member] | Commercial [Member] | ||
Individually analyzed loans | ||
Total individually analyzed loans | $ 4,781 | $ 7,151 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Individually analyzed Loans- Applies to all loan classes | $ 12,398 | $ 11,752 |
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% | 5.00% |
Fair Value, Range of Input, Maximum | 35.00% | 37.00% |
Fair Value Measurement Weighted Average Range | 16.23% | 24.17% |
Total individually analyzed loans | $ 12,398 | $ 11,752 |
Fair Value - Balance Sheet Grou
Fair Value - Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Assets, Carrying Value: | ||||
Cash and cash equivalents, Carrying Value | $ 303,747 | $ 159,266 | $ 145,217 | $ 131,254 |
Securities available for sale, Carrying Value | 918,590 | 736,654 | ||
Equity securities, Carrying Value | 13,753 | 1,090 | ||
Federal Home Loan Bank Stock, Carrying Value | 9,328 | 16,026 | ||
Loans receivable, net, Carrying Value | 5,384,929 | 5,409,161 | ||
Loans held for sale, Carrying Value | 215,945 | 221,616 | ||
Financial Liabilities, Carrying Value: | ||||
Deposits, Carrying Value | 6,351,919 | 6,047,841 | ||
Subordinated debentures, Carrying Value | 84,881 | 84,860 | ||
Financial Assets, Fair Value: | ||||
Cash and cash equivalents, Fair Value | 303,747 | 159,266 | ||
Securities available-for-sale, carried at fair value | 918,590 | 736,654 | ||
Equity securities, Fair Value | 13,753 | 1,090 | ||
Loans receivable, net, Fair Value | 5,428,651 | 5,412,814 | ||
Loans held for sale, fair value disclosure | 215,945 | 221,616 | ||
Financial Liabilities, Fair Value: | ||||
Deposits, Fair Value | 6,358,858 | 6,056,426 | ||
Subordinated debentures, Fair Value | 83,707 | 83,237 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial Assets, Fair Value: | ||||
Cash and cash equivalents, Fair Value | 303,747 | 159,266 | ||
Equity securities, Fair Value | 13,753 | 1,090 | ||
Financial Liabilities, Fair Value: | ||||
Deposits, Fair Value | 5,297,065 | 4,925,411 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial Assets, Fair Value: | ||||
Securities available-for-sale, carried at fair value | 918,590 | 736,654 | ||
Loans held for sale, fair value disclosure | 81,307 | 98,587 | ||
Financial Liabilities, Fair Value: | ||||
Deposits, Fair Value | 1,061,793 | 1,131,015 | ||
Subordinated debentures, Fair Value | 83,707 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial Assets, Fair Value: | ||||
Loans receivable, net, Fair Value | 5,428,651 | 5,412,814 | ||
Loans held for sale, fair value disclosure | $ 134,638 | 123,029 | ||
Financial Liabilities, Fair Value: | ||||
Subordinated debentures, Fair Value | $ 83,237 |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 35,661 | 36,261 | |
Conversion of outstanding stock options | 39,983 | ||
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. | ||
Allocated Share-based Compensation Expense | $ 1 | $ 1 | |
Compensation Expense, Maximum | 4.9 | ||
Estimated Compensation Expense, Excepted | 3.3 | ||
Unrecognized Compensation Expense | $ 2.4 | ||
Executive Long-Term Equity Incentive Plan [Member] | |||
Stock Option Period, Description | The amount of benefit under the 2020 and 2021 Executive LTIPs will be determined individually at the end of the 36 month performance period ending December 31. The benefits earned under these LTIPs 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 | ||
Executive Long-Term Equity Incentive Plan [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 20.00% | ||
Executive Long-Term Equity Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 50.00% | ||
Equity Plan 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 | ||
UCFC 2015 Plan [Member] | |||
Common shares available for issuance immediately after effective time of Merger | 126,758 | ||
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. | ||
Performance Stock Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 86,058 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 176,949 | 90,891 | |
Performance Stock Units (PSUs) [Member] | Executive Long-Term Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 86,058 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,664 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,122 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 46,324 | 55,759 | |
Restricted Stock Units (RSUs) [Member] | Key Long-Term Equity Incentive Plan 2015 [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 5.00% | ||
Restricted Stock Units (RSUs) [Member] | Key Long-Term Equity Incentive Plan 2015 [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | ||
Restricted Stock Units (RSUs) [Member] | 2021 Key LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 17,542 | ||
Restricted Stock Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 13,708 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 13,708 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 34,416 | 41,057 | |
Restricted Stock Grants [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 13,708 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Short Term Equity Incentive Plan 2011 [Member] | |||
Allocated Share-based Compensation Expense | $ 2.3 | $ 3.2 |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock option activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options outstanding, January 1, 2021 | shares | 36,261 |
Option Outstanding, Exercised | shares | (600) |
Options outstanding, March 31, 2021 | shares | 35,661 |
Exercisable at March 31, 2021 | shares | 35,661 |
Weighted Average Exercise Price, Options outstanding, January 1, 2021 | $ / shares | $ 21.59 |
Weighted Average Exercise Price, Exercised | $ / shares | 13.80 |
Weighted Average Exercise Price, Options outstanding, March 31, 2021 | $ / shares | 21.72 |
Weighted Average Exercise Price, Exercisable at March 31, 2021 | $ / shares | $ 21.72 |
Weighted Average Remaining Contractual Term (In years), outstanding, March 31, 2021 | 5 years 6 months 25 days |
Weighted Average Remaining Contractual Terms (In years), Exercisable at March 31, 2021 | 5 years 6 months 25 days |
Aggregate Intrinsic Value, outstanding, March 31, 2021 | $ | $ 411 |
Aggregate Intrinsic Value, Exercisable at March 31, 2021 | $ | $ 411 |
Stock Compensation Plans - Tax
Stock Compensation Plans - Tax benefits realized (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Proceeds of options exercised | $ 8 |
Intrinsic value of options exercised | $ 11 |
Stock Compensation Plans - Rest
Stock Compensation Plans - Restricted stock grants (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Performance Stock Units [Member] | |
Shares, Unvested at January 1, 2021 | shares | 90,891 |
Shares, Granted | shares | 86,058 |
Shares, Unvested at March 31, 2021 | shares | 176,949 |
Weighted -Average Grant Date Fair Value, Unvested at January 1, 2021 | $ / shares | $ 26.48 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 30.32 |
Weighted-Average Grant Date Fair Value, Unvested at March 31, 2021 | $ / shares | $ 28.35 |
Restricted Stock Units (RSUs) [Member] | |
Shares, Unvested at January 1, 2021 | shares | 55,759 |
Shares, Granted | shares | 20,664 |
Shares, Vested | shares | (30,099) |
Shares, Unvested at March 31, 2021 | shares | 46,324 |
Weighted -Average Grant Date Fair Value, Unvested at January 1, 2021 | $ / shares | $ 25.18 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 29.11 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 26.15 |
Weighted-Average Grant Date Fair Value, Unvested at March 31, 2021 | $ / shares | $ 26.29 |
Restricted Stock Grants [Member] | |
Shares, Unvested at January 1, 2021 | shares | 41,057 |
Shares, Granted | shares | 13,708 |
Shares, Vested | shares | (20,349) |
Shares, Unvested at March 31, 2021 | shares | 34,416 |
Weighted -Average Grant Date Fair Value, Unvested at January 1, 2021 | $ / shares | $ 26.93 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 29.37 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 26.75 |
Weighted-Average Grant Date Fair Value, Unvested at March 31, 2021 | $ / shares | $ 28.01 |
Dividends on Common Stock (Deta
Dividends on Common Stock (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividends Common Stock [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.24 | $ 0.22 |
Common Stock, Dividends, Per Share, Declared | $ 0.24 | $ 0.22 |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share - Computation of basic and diluted earnings (Loss) per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic Earnings (Loss) Per Share: | ||
Net income (loss) available to common shareholders | $ 40,996 | $ (22,482) |
Less: income (loss) allocated to participating securities | 43 | (39) |
Net income (loss) allocated to common shareholders | $ 40,953 | $ (22,443) |
Weighted average common shares outstanding including participating securities | 37,332 | 31,721 |
Less: Participating securities | 39 | 55 |
Average common shares | 37,293 | 31,666 |
Basic earnings (loss) per common share | $ 1.10 | $ (0.71) |
Diluted Earnings (Loss) Per Share: | ||
Net income (loss) allocated to common shareholders | $ 40,953 | $ (22,443) |
Weighted average common shares outstanding for basic earnings (loss) per common share | 37,293 | 31,666 |
Add: Dilutive effects of stock options and restricted stock units | 64 | |
Average shares and dilutive potential common shares | 37,357 | 31,666 |
Diluted earnings (loss) per common share | $ 1.10 | $ (0.71) |
Earnings (Loss) Per Common Sh_4
Earnings (Loss) Per Common Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share Basic [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Investment Securities - Summary
Investment Securities - Summary of available-for-sale securities - (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | $ 919,126 | $ 717,562 |
Available-for-Sale Securities, Gross Unrealized Gains | 12,339 | 19,939 |
Available-for-Sale Securities, Gross Unrealized Losses | (12,875) | (847) |
Available-for-Sale Securities, Fair Value | 918,590 | 736,654 |
Obligations of U.S. government corporations and agencies [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 38,868 | 39,233 |
Available-for-Sale Securities, Gross Unrealized Gains | 771 | 1,707 |
Available-for-Sale Securities, Gross Unrealized Losses | (846) | |
Available-for-Sale Securities, Fair Value | 38,793 | 40,940 |
Mortgage-Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 243,126 | 270,683 |
Available-for-Sale Securities, Gross Unrealized Gains | 3,284 | 6,746 |
Available-for-Sale Securities, Gross Unrealized Losses | (3,388) | (247) |
Available-for-Sale Securities, Fair Value | 243,022 | 277,182 |
Collateralized mortgage obligations [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 109,552 | 103,532 |
Available-for-Sale Securities, Gross Unrealized Gains | 1,225 | 2,927 |
Available-for-Sale Securities, Gross Unrealized Losses | (550) | (160) |
Available-for-Sale Securities, Fair Value | 110,227 | 106,299 |
Asset-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 191,788 | 30,643 |
Available-for-Sale Securities, Gross Unrealized Gains | 484 | 1 |
Available-for-Sale Securities, Gross Unrealized Losses | (359) | (98) |
Available-for-Sale Securities, Fair Value | 191,913 | 30,546 |
Corporate bonds [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 55,049 | 43,826 |
Available-for-Sale Securities, Gross Unrealized Gains | 524 | 489 |
Available-for-Sale Securities, Gross Unrealized Losses | (315) | (146) |
Available-for-Sale Securities, Fair Value | 55,258 | 44,169 |
Obligations of state and political subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 280,743 | 229,645 |
Available-for-Sale Securities, Gross Unrealized Gains | 6,051 | 8,069 |
Available-for-Sale Securities, Gross Unrealized Losses | (7,417) | (196) |
Available-for-Sale Securities, Fair Value | $ 279,377 | $ 237,518 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 31, 2020 | |
Marketable Securities [Line Items] | ||||
Securities acquired in merger, fair value | $ 262,800,000 | |||
Security Owned and Pledged as Collateral Carrying Value | $ 388,900,000 | |||
Realized available-for-sale securities gains (losses) | 516,000 | $ 0 | ||
Preferred and common stock held as investment securities | 13,753,000 | $ 1,090,000 | ||
Unrealized gain on equity securities | 1,610,000 | $ 0 | ||
Preferred and Common Stock [Member] | ||||
Marketable Securities [Line Items] | ||||
Preferred and common stock held as investment securities | $ 13,800,000 | $ 1,100,000 |
Investment Securities - Schedul
Investment Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Abstract] | ||
Available-for-sale, Due in one year or less, Amortized Cost | $ 5,853 | |
Available-for-sale, Due after one year through five years, Amortized Cost | 29,787 | |
Available-for-sale, Due after five years through ten years, Amortized Cost | 93,585 | |
Available-for-sale, Due after ten years, Amortized Cost | 245,435 | |
Available-for-sale, MBS/CMO/ABS, Amortized Cost | 544,466 | |
Available-for-Sale Securities, Amortized Cost | 919,126 | $ 717,562 |
Available-for-sale, Due in one year or less, Fair Value | 5,869 | |
Available-for-sale, Due after one year through five years, Fair Value | 30,284 | |
Available-for-sale, Due after five years through ten years, Fair Value | 95,386 | |
Available-for-sale, Due after ten years, Fair Value | 241,889 | |
Available-for-sale,MBS/CMO/ABS, Fair Value | 545,162 | |
Available-for-sale, Fair Value | $ 918,590 | $ 736,654 |
Investment Securities - Unreali
Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | $ 421,783 | $ 103,226 |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (12,816) | (847) |
Available-for-sale securities, Duration of Unrealized Loss Position, 12 Month or Longer, Fair Value | 2,528 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, 12 Month or Longer, Gross Unrealized Loss | (59) | |
Available-for-sale securities, Total, Fair Value | 424,311 | 103,226 |
Available-for-sale securities, Total, Unrealized Loss | (12,875) | (847) |
Obligations of U.S. government corporations and agencies [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | 9,520 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (846) | |
Available-for-sale securities, Total, Fair Value | 9,520 | |
Available-for-sale securities, Total, Unrealized Loss | (846) | |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | 152,648 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (3,388) | |
Available-for-sale securities, Total, Fair Value | 152,648 | |
Available-for-sale securities, Total, Unrealized Loss | (3,388) | |
Mortgage-backed - residential [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | 26,361 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (247) | |
Available-for-sale securities, Total, Fair Value | 26,361 | |
Available-for-sale securities, Total, Unrealized Loss | (247) | |
Collateralized mortgage obligations [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | 26,477 | 5,161 |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (550) | (160) |
Available-for-sale securities, Total, Fair Value | 26,477 | 5,161 |
Available-for-sale securities, Total, Unrealized Loss | (550) | (160) |
Corporate bonds [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | 24,995 | 12,177 |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (256) | (146) |
Available-for-sale securities, Duration of Unrealized Loss Position, 12 Month or Longer, Fair Value | 2,528 | |
Available-for-sale Securities, Duration of Unrealized Loss Position, 12 Month or Longer, Gross Unrealized Loss | (59) | |
Available-for-sale securities, Total, Fair Value | 27,523 | 12,177 |
Available-for-sale securities, Total, Unrealized Loss | (315) | (146) |
Obligations of state and political subdivisions [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | 132,120 | 41,088 |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (7,417) | (196) |
Available-for-sale securities, Total, Fair Value | 132,120 | 41,088 |
Available-for-sale securities, Total, Unrealized Loss | (7,417) | (196) |
Asset-backed securities [Member] | ||
Available-for-sale securities, Duration of Unrealized Loss Position, Less than 12 Month, Fair Value | 76,023 | 18,439 |
Available-for-sale Securities, Duration of Unrealized Loss Position, Less than 12 Month, Gross Unrealized Loss | (359) | (98) |
Available-for-sale securities, Total, Fair Value | 76,023 | 18,439 |
Available-for-sale securities, Total, Unrealized Loss | $ (359) | $ (98) |
Loans - Loans receivable (Detai
Loans - Loans receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Real Estate: | ||||
Real Estate | $ 4,319,816 | $ 4,251,701 | ||
Other Loans: | ||||
Loans before deferred loan origination fees and costs | 5,868,029 | 5,847,484 | ||
Deduct: | ||||
Undisbursed construction loan funds | (405,983) | (355,065) | ||
Net deferred loan origination fees and costs | (2,363) | (1,179) | ||
Allowance for credit losses | (74,754) | (82,079) | $ (85,859) | $ (31,243) |
Total loans | 5,384,929 | 5,409,161 | ||
Other Loan [Member] | ||||
Other Loans: | ||||
Total loans | 1,548,213 | 1,595,783 | ||
Residential Real Estate [Member] | ||||
Real Estate: | ||||
Real Estate | 1,168,559 | 1,201,051 | ||
Commercial Real Estate [Member] | ||||
Real Estate: | ||||
Real Estate | 2,402,067 | 2,383,001 | ||
Construction Loans [Member] | ||||
Real Estate: | ||||
Real Estate | 749,190 | 667,649 | ||
Commercial [Member] | ||||
Other Loans: | ||||
Total loans | 1,172,910 | 1,202,353 | ||
Deduct: | ||||
Allowance for credit losses | (12,191) | (11,665) | (11,901) | (9,003) |
Home Equity and Improvement [Member] | ||||
Other Loans: | ||||
Total loans | 257,764 | 272,701 | ||
Consumer Finance [Member] | ||||
Other Loans: | ||||
Total loans | 117,539 | 120,729 | ||
Deduct: | ||||
Allowance for credit losses | $ (1,826) | $ (1,983) | $ (3,281) | $ (375) |
Loans - Additional Information
Loans - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 31, 2020 | |
Cash paid for paycheck protection program | $ 600,000,000 | |||
Anticipated credit losses | (7,514,000) | $ 43,786,000 | ||
Loans and Leases Receivable, Loans in Process | 405,983,000 | $ 355,065,000 | ||
Loan Purchase [Member] | ||||
Purchase price of loans at acquisition | 2,221,204,000 | |||
Fair value of purchase price of loans at acquisition | 2,247,317,000 | $ 79,100,000 | ||
Financing receivable credit discount | 7,700,000 | |||
Financing receivable non credit discount | $ 4,100,000 | |||
Scenario Plan [Member] | ||||
Anticipated credit losses | 6,000,000 | |||
Subsequently Defaulted [Member] | ||||
Financing Receivable, Allowance for Credit Losses, Period Increase (decrease) | 0 | |||
TDRs [Member] | ||||
Financing Receivable, Modifications, Recorded Investment | 12,500,000 | 16,600,000 | ||
Specified Reserves, Provision for Troubled Debt Restructurings | 697,000 | 883,000 | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | 277,000 | 303,000 | ||
Loans receivable deferred | 35,784,000 | 53,450,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 6,500,000 | |||
Financing Receivable, Allowance for Credit Losses, Period Increase (decrease) | $ 6,000 | 29,000 | ||
TDRs [Member] | Subsequently Defaulted [Member] | ||||
Financing Receivable, Allowance for Credit Losses, Period Increase (decrease) | $ 15,000 | |||
TDRs [Member] | Minimum [Member] | COVID-19 [Member] | ||||
Loan modification payment term for either interest only deferral or principal and interest deferral | 1 month | |||
TDRs [Member] | Maximum [Member] | COVID-19 [Member] | ||||
Loan modification payment term for either interest only deferral or principal and interest deferral | 9 months | |||
Consumer Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Loans in Process | $ 835,000 | $ 784,000 | ||
Other Loans [Member] | Commercial [Member] | ||||
PPP loans | 443,800,000 | |||
Unfunded Loan Commitments [Member] | ||||
Unfunded loan commitments | $ 1,400,000,000 |
Loans - Allowance for credit lo
Loans - Allowance for credit loss activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Allowance | $ 82,079 | $ 31,243 | |
Impact of ASC 326 Adoption | 2,354 | ||
Acquisition related allowance for credit loss (PCD) | 7,698 | ||
Charge-Offs | (109) | (434) | |
Recoveries | 298 | 1,212 | |
Provisions | (7,514) | 43,786 | [1] |
Ending Allowance | 74,754 | 85,859 | |
One To Four Family Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Allowance | 17,534 | 2,867 | |
Impact of ASC 326 Adoption | 1,765 | ||
Acquisition related allowance for credit loss (PCD) | 1,077 | ||
Charge-Offs | (184) | ||
Recoveries | 8 | 101 | |
Provisions | (34) | 17,698 | [1] |
Ending Allowance | 17,508 | 23,324 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Allowance | 43,417 | 16,302 | |
Impact of ASC 326 Adoption | 3,682 | ||
Acquisition related allowance for credit loss (PCD) | 4,053 | ||
Charge-Offs | (16) | ||
Recoveries | 36 | 340 | |
Provisions | (8,181) | 18,154 | [1] |
Ending Allowance | 35,272 | 42,515 | |
Construction Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Allowance | 2,741 | 996 | |
Impact of ASC 326 Adoption | (223) | ||
Provisions | 35 | 111 | [1] |
Ending Allowance | 2,776 | 884 | |
Home Equity and Improvement [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Allowance | 4,739 | 1,700 | |
Impact of ASC 326 Adoption | (521) | ||
Acquisition related allowance for credit loss (PCD) | 248 | ||
Charge-Offs | (3) | (30) | |
Recoveries | 29 | 42 | |
Provisions | 416 | 2,515 | [1] |
Ending Allowance | 5,181 | 3,954 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Allowance | 11,665 | 9,003 | |
Impact of ASC 326 Adoption | (2,263) | ||
Acquisition related allowance for credit loss (PCD) | 2,272 | ||
Charge-Offs | (70) | (96) | |
Recoveries | 198 | 669 | |
Provisions | 398 | 2,316 | [1] |
Ending Allowance | 12,191 | 11,901 | |
Consumer Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning Allowance | 1,983 | 375 | |
Impact of ASC 326 Adoption | (86) | ||
Acquisition related allowance for credit loss (PCD) | 48 | ||
Charge-Offs | (36) | (108) | |
Recoveries | 27 | 60 | |
Provisions | (148) | 2,992 | [1] |
Ending Allowance | $ 1,826 | $ 3,281 | |
[1] | Provision for the three months ended March 31, 2020, includes $25.9 million as a result of the Merger with UCFC. |
Loans - Allowance for credit _2
Loans - Allowance for credit loss activity - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
UCFC [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Merger with UCFC | $ 25.9 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 5,384,929 | $ 5,409,161 |
Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 33,957 | 36,449 |
Equipment and Machinery [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 672 | 5,317 |
Inventory and Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,613 | 4,943 |
Vehicles [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 33 | 125 |
Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 41,275 | 46,834 |
Real Estate Loans [Member] | Real Estate [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,008 | 1,024 |
Real Estate Loans [Member] | Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 30,419 | 33,999 |
Real Estate Loans [Member] | Collateral Pledged [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,008 | 1,024 |
Real Estate Loans [Member] | Collateral Pledged [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 30,419 | 33,999 |
Other Loans [Member] | Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,530 | 1,426 |
Other Loans [Member] | Equipment and Machinery [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 672 | 5,317 |
Other Loans [Member] | Inventory and Receivables [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,613 | 4,943 |
Other Loans [Member] | Vehicles [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 33 | 125 |
Other Loans [Member] | Collateral Pledged [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 9,848 | $ 11,811 |
Loans - Schedule of Non-Perform
Loans - Schedule of Non-Performing Loans and Real Estate Owned (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans And Leases Receivable Net Reported Amount [Abstract] | ||
Non-accrual loans with reserve | $ 35,835 | $ 35,234 |
Non-accrual loans without reserve | 13,463 | 16,448 |
Total non-performing loans | 49,298 | 51,682 |
Real estate and other assets held for sale | 54 | 343 |
Total non-performing assets | 49,352 | 52,025 |
Troubled debt restructuring, still accruing | $ 6,068 | $ 7,173 |
Loans - Schedule of Financing R
Loans - Schedule of Financing Receivables, Non Accrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 5,421,823 | $ 5,444,355 |
Total Past Due | 37,860 | 46,885 |
Total Non-Accrual | 49,298 | 51,682 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,562 | 7,004 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,863 | 12,880 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 27,435 | 27,001 |
Real Estate Loans [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,145,380 | 1,173,979 |
Total Past Due | 13,563 | 17,102 |
Total Non-Accrual | 9,197 | 10,178 |
Real Estate Loans [Member] | Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 757 | 433 |
Real Estate Loans [Member] | Residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,624 | 7,669 |
Real Estate Loans [Member] | Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 8,182 | 9,000 |
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 2,381,959 | 2,357,909 |
Total Past Due | 1,747 | 2,246 |
Total Non-Accrual | 11,799 | 11,980 |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 216 | 1,033 |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 574 | 369 |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 957 | 844 |
Real Estate Loans [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 342,379 | 310,152 |
Total Past Due | 828 | 2,432 |
Total Non-Accrual | 243 | 806 |
Real Estate Loans [Member] | Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 21 | |
Real Estate Loans [Member] | Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 564 | 1,626 |
Real Estate Loans [Member] | Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 243 | 806 |
Other Loans [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,145,483 | 1,172,636 |
Total Past Due | 687 | 407 |
Total Non-Accrual | 1,686 | 1,365 |
Other Loans [Member] | Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 235 | 9 |
Other Loans [Member] | Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 63 | 4 |
Other Loans [Member] | Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 389 | 394 |
Other Loans [Member] | Home Equity and Improvement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 250,442 | 262,373 |
Total Past Due | 2,607 | 5,416 |
Total Non-Accrual | 2,173 | 1,537 |
Other Loans [Member] | 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 | 727 | 3,440 |
Other Loans [Member] | 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 | 233 | 839 |
Other Loans [Member] | 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 | 1,647 | 1,137 |
Other Loans [Member] | Consumer Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 114,402 | 117,088 |
Total Past Due | 2,916 | 3,699 |
Total Non-Accrual | 1,676 | 1,624 |
Other Loans [Member] | Consumer Finance [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 878 | 1,687 |
Other Loans [Member] | Consumer Finance [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 461 | 491 |
Other Loans [Member] | 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 | 1,577 | 1,521 |
PCD [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 41,778 | 50,218 |
Total Past Due | 15,512 | 15,583 |
Total Non-Accrual | 22,524 | 24,192 |
PCD [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 728 | 402 |
PCD [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 344 | 1,882 |
PCD [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 14,440 | $ 13,299 |
Loans - Summary of Breakout of
Loans - Summary of Breakout of Deferrals by Loan Category (Details) - TDRs [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable deferred | $ 35,784 | $ 53,450 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable deferred | 3,399 | 7,016 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable deferred | 31,232 | 34,831 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable deferred | 13 | 9,579 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable deferred | 1,125 | 1,628 |
Home Equity and Improvement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable deferred | 114 | |
Consumer Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable deferred | $ 15 | $ 282 |
Loans - Summary of Breakout o_2
Loans - Summary of Breakout of Commercial Deferrals (Details) - TDRs [Member] $ in Thousands | Mar. 31, 2021USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial deferral expirations balance | $ 32,370 |
April [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial deferral expirations balance | 25,320 |
May [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commercial deferral expirations balance | $ 7,050 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings on Financing Receivables (Details) - TDRs [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)Loan | Mar. 31, 2020USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings, Number of Loans | Loan | 5 | 9 |
Troubled Debt Restructurings, Recorded Investment | $ | $ 859 | $ 653 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings, Number of Loans | Loan | 2 | 2 |
Troubled Debt Restructurings, Recorded Investment | $ | $ 150 | $ 378 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings, Number of Loans | Loan | 1 | |
Troubled Debt Restructurings, Recorded Investment | $ | $ 93 | |
Home Equity and Improvement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings, Number of Loans | Loan | 1 | |
Troubled Debt Restructurings, Recorded Investment | $ | $ 26 | |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings, Number of Loans | Loan | 3 | 5 |
Troubled Debt Restructurings, Recorded Investment | $ | $ 709 | $ 156 |
Loans - Troubled Debt Restruc_2
Loans - Troubled Debt Restructurings on Payments (Details) - Subsequently Defaulted [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 6 |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 718 |
Residential Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 3 |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 268 |
Commercial Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 1 |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 172 |
Commercial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 1 |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 132 |
Home Equity and Improvement [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Troubled Debt Restructurings That Subsequently Defaulted, Number of Loans | Loan | 1 |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $ | $ 146 |
Loans - Financing Receivable Cr
Loans - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | $ 5,459,683 | $ 5,491,240 |
Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 5,179,855 | 5,248,591 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 165,205 | 152,272 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 114,623 | 90,377 |
Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 114,623 | 90,377 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,158,943 | 1,191,081 |
Residential Real Estate [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,150,158 | 1,187,923 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,173 | 795 |
Residential Real Estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 7,612 | 2,363 |
Residential Real Estate [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 7,612 | 2,363 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 2,383,706 | 2,360,155 |
Commercial Real Estate [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 2,219,717 | 2,203,652 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 115,758 | 111,039 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 48,231 | 45,464 |
Commercial Real Estate [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 48,231 | 45,464 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 343,207 | 312,584 |
Construction Loans [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 321,838 | 299,866 |
Construction Loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 21,126 | 12,718 |
Construction Loans [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 243 | |
Construction Loans [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 243 | |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,146,170 | 1,173,043 |
Commercial [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,097,603 | 1,142,289 |
Commercial [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 25,400 | 23,907 |
Commercial [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 23,167 | 6,847 |
Commercial [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 23,167 | 6,847 |
Home Equity and Improvement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 253,049 | 267,789 |
Home Equity and Improvement [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 250,944 | 267,350 |
Home Equity and Improvement [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 2,105 | 439 |
Home Equity and Improvement [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 2,105 | 439 |
PCD [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 57,290 | 65,801 |
PCD [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 23,956 | 26,829 |
PCD [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,748 | 3,813 |
PCD [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 31,586 | 35,159 |
PCD [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 31,586 | 35,159 |
Consumer Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 117,318 | 120,787 |
Consumer Finance [Member] | Unclassified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 115,639 | 120,682 |
Consumer Finance [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 1,679 | 105 |
Consumer Finance [Member] | Total Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | $ 1,679 | $ 105 |
Loans - Schedule of Amortized C
Loans - Schedule of Amortized Cost Basis of Loans by Credit Quality Indicator and Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Total | $ 5,459,683 | $ 5,491,240 |
Residential [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 24,792 | 251,178 |
Year 1 | 315,921 | 196,232 |
Year 2 | 164,401 | 136,536 |
Year 3 | 115,189 | 131,073 |
Year 4 | 111,764 | 137,833 |
Prior | 424,359 | 335,395 |
Revolving Loans | 2,517 | 2,834 |
Total | 1,158,943 | 1,191,081 |
Commercial [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 94,527 | 523,705 |
Year 1 | 531,141 | 465,423 |
Year 2 | 464,954 | 328,375 |
Year 3 | 314,332 | 363,222 |
Year 4 | 340,128 | 209,367 |
Prior | 620,221 | 450,912 |
Revolving Loans | 18,403 | 19,151 |
Total | 2,383,706 | 2,360,155 |
Construction [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 25,201 | 107,203 |
Year 1 | 128,306 | 100,553 |
Year 2 | 89,998 | 90,103 |
Year 3 | 84,569 | 11,666 |
Year 4 | 11,605 | 2,911 |
Prior | 3,528 | 148 |
Total | 343,207 | 312,584 |
Commercial [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 191,560 | 570,006 |
Year 1 | 448,756 | 147,204 |
Year 2 | 125,232 | 85,503 |
Year 3 | 76,432 | 45,073 |
Year 4 | 37,938 | 21,556 |
Prior | 39,711 | 27,359 |
Revolving Loans | 226,541 | 276,342 |
Total | 1,146,170 | 1,173,043 |
Home Equity and Improvement [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 4,768 | 8,736 |
Year 1 | 8,419 | 7,483 |
Year 2 | 6,768 | 4,508 |
Year 3 | 4,066 | 7,963 |
Year 4 | 7,132 | 7,748 |
Prior | 35,565 | 31,468 |
Revolving Loans | 186,331 | 199,883 |
Total | 253,049 | 267,789 |
Consumer Finance [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 8,784 | 38,665 |
Year 1 | 34,601 | 37,699 |
Year 2 | 33,703 | 19,404 |
Year 3 | 16,653 | 10,607 |
Year 4 | 8,613 | 4,397 |
Prior | 6,090 | 3,272 |
Revolving Loans | 8,874 | 6,743 |
Total | 117,318 | 120,787 |
PCD [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Year 1 | 45 | |
Year 2 | 254 | 2,378 |
Year 3 | 2,326 | 18,078 |
Year 4 | 16,673 | 4,535 |
Prior | 29,194 | 27,963 |
Revolving Loans | 8,843 | 12,802 |
Total | 57,290 | 65,801 |
Pass [Member] | Residential [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 24,792 | 250,979 |
Year 1 | 315,724 | 196,158 |
Year 2 | 163,589 | 136,247 |
Year 3 | 114,232 | 130,759 |
Year 4 | 110,887 | 137,581 |
Prior | 419,110 | 333,572 |
Revolving Loans | 1,824 | 2,627 |
Total | 1,150,158 | 1,187,923 |
Pass [Member] | Commercial [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 94,527 | 517,691 |
Year 1 | 524,710 | 457,905 |
Year 2 | 451,219 | 299,072 |
Year 3 | 284,383 | 300,573 |
Year 4 | 279,152 | 198,247 |
Prior | 570,348 | 414,082 |
Revolving Loans | 15,378 | 16,082 |
Total | 2,219,717 | 2,203,652 |
Pass [Member] | Construction [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 25,201 | 101,616 |
Year 1 | 121,539 | 100,553 |
Year 2 | 89,755 | 82,972 |
Year 3 | 71,267 | 11,666 |
Year 4 | 10,548 | 2,911 |
Prior | 3,528 | 148 |
Total | 321,838 | 299,866 |
Pass [Member] | Commercial [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 191,460 | 568,678 |
Year 1 | 431,081 | 144,977 |
Year 2 | 118,396 | 82,492 |
Year 3 | 73,640 | 42,421 |
Year 4 | 35,277 | 21,262 |
Prior | 34,149 | 21,969 |
Revolving Loans | 213,600 | 260,490 |
Total | 1,097,603 | 1,142,289 |
Pass [Member] | Home Equity and Improvement [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 4,768 | 8,736 |
Year 1 | 8,419 | 7,483 |
Year 2 | 6,740 | 4,508 |
Year 3 | 4,014 | 7,963 |
Year 4 | 7,113 | 7,748 |
Prior | 35,013 | 31,382 |
Revolving Loans | 184,877 | 199,530 |
Total | 250,944 | 267,350 |
Pass [Member] | Consumer Finance [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 8,784 | 38,665 |
Year 1 | 33,962 | 37,601 |
Year 2 | 33,007 | 19,401 |
Year 3 | 16,542 | 10,607 |
Year 4 | 8,571 | 4,393 |
Prior | 5,926 | 3,272 |
Revolving Loans | 8,847 | 6,743 |
Total | 115,639 | 120,682 |
Pass [Member] | PCD [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Year 1 | 45 | |
Year 2 | 219 | 2,378 |
Year 3 | 2,236 | 2,547 |
Year 4 | 1,907 | 1,524 |
Prior | 16,895 | 18,998 |
Revolving Loans | 2,699 | 1,337 |
Total | 23,956 | 26,829 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | 165,205 | 152,272 |
Special Mention [Member] | Residential [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 199 | |
Year 1 | 197 | |
Year 3 | 62 | |
Year 4 | 61 | 116 |
Prior | 222 | 211 |
Revolving Loans | 693 | 207 |
Total | 1,173 | 795 |
Special Mention [Member] | Commercial [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 6,014 | |
Year 1 | 5,992 | 7,239 |
Year 2 | 6,768 | 10,452 |
Year 3 | 13,063 | 60,712 |
Year 4 | 59,870 | 7,977 |
Prior | 29,170 | 17,723 |
Revolving Loans | 895 | 922 |
Total | 115,758 | 111,039 |
Special Mention [Member] | Construction [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 5,587 | |
Year 1 | 6,767 | |
Year 2 | 7,131 | |
Year 3 | 13,302 | |
Year 4 | 1,057 | |
Total | 21,126 | 12,718 |
Special Mention [Member] | Commercial [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 1,180 | |
Year 1 | 999 | 2,026 |
Year 2 | 5,546 | 2,514 |
Year 3 | 2,363 | 2,109 |
Year 4 | 1,849 | 37 |
Prior | 5,095 | 5,121 |
Revolving Loans | 9,548 | 10,920 |
Total | 25,400 | 23,907 |
Special Mention [Member] | PCD [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Year 3 | 1,160 | |
Year 4 | 509 | |
Prior | 1,748 | 1,758 |
Revolving Loans | 386 | |
Total | 1,748 | 3,813 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | 114,623 | 90,377 |
Substandard [Member] | Residential [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Year 1 | 74 | |
Year 2 | 812 | 289 |
Year 3 | 957 | 252 |
Year 4 | 816 | 136 |
Prior | 5,027 | 1,612 |
Total | 7,612 | 2,363 |
Substandard [Member] | Commercial [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Year 1 | 439 | 279 |
Year 2 | 6,967 | 18,851 |
Year 3 | 16,886 | 1,937 |
Year 4 | 1,106 | 3,143 |
Prior | 20,703 | 19,107 |
Revolving Loans | 2,130 | 2,147 |
Total | 48,231 | 45,464 |
Substandard [Member] | Construction [Member] | Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Year 2 | 243 | |
Total | 243 | |
Substandard [Member] | Commercial [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current year | 100 | 148 |
Year 1 | 16,676 | 201 |
Year 2 | 1,290 | 497 |
Year 3 | 429 | 543 |
Year 4 | 812 | 257 |
Prior | 467 | 269 |
Revolving Loans | 3,393 | 4,932 |
Total | 23,167 | 6,847 |
Substandard [Member] | Home Equity and Improvement [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Year 2 | 28 | |
Year 3 | 52 | |
Year 4 | 19 | |
Prior | 552 | 86 |
Revolving Loans | 1,454 | 353 |
Total | 2,105 | 439 |
Substandard [Member] | Consumer Finance [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Year 1 | 639 | 98 |
Year 2 | 696 | 3 |
Year 3 | 111 | |
Year 4 | 42 | 4 |
Prior | 164 | |
Revolving Loans | 27 | |
Total | 1,679 | 105 |
Substandard [Member] | PCD [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Year 2 | 35 | |
Year 3 | 90 | 14,371 |
Year 4 | 14,766 | 2,502 |
Prior | 10,551 | 7,207 |
Revolving Loans | 6,144 | 11,079 |
Total | $ 31,586 | $ 35,159 |
Loans - Summary of Credit Loss
Loans - Summary of Credit Loss Estimation (Details) | 3 Months Ended |
Mar. 31, 2021 | |
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 Real Estate [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 Real Estate [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 Real Estate [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 Real Estate [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 Real Estate [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 Finance [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 | Mar. 31, 2021 | Jan. 31, 2020 |
Par value of acquired loans at acquisition | $ 2,247,317 | $ 79,100 |
Credit discount | (34,610) | |
Non-credit (discount)/premium at acquisition | 8,497 | |
Purchase price of loans at acquisition | $ 2,221,204 |
Loans - Schedule of Outstanding
Loans - Schedule of Outstanding Balance and Related Allowance on Loans (Details) - Loan Purchase [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loan Balance | $ 57,290 | $ 65,801 |
ACL Balance | 4,775 | 4,617 |
Real Estate [Member] | ||
Loan Balance | 35,798 | 39,229 |
ACL Balance | 2,376 | 2,487 |
Real Estate [Member] | Residential [Member] | ||
Loan Balance | 14,418 | 14,895 |
ACL Balance | 278 | 201 |
Real Estate [Member] | Commercial Real Estate [Member] | ||
Loan Balance | 21,380 | 24,334 |
ACL Balance | 2,098 | 2,286 |
Other Loans [Member] | ||
Loan Balance | 21,492 | 26,572 |
ACL Balance | 2,399 | 2,130 |
Other Loans [Member] | Commercial [Member] | ||
Loan Balance | 15,962 | 20,990 |
ACL Balance | 2,149 | 1,896 |
Other Loans [Member] | Home Equity and Improvement [Member] | ||
Loan Balance | 4,715 | 4,912 |
ACL Balance | 235 | 214 |
Other Loans [Member] | Consumer Finance [Member] | ||
Loan Balance | 815 | 670 |
ACL Balance | $ 15 | $ 20 |
Mortgage Banking - Net revenues
Mortgage Banking - Net revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Mortgage Banking [Abstract] | ||
Gain from sale of mortgage loans | $ 5,640 | $ 4,902 |
Mortgage loans servicing revenue (expense): | ||
Mortgage loans servicing revenue | 1,917 | 1,594 |
Amortization of mortgage servicing rights | (2,344) | (1,163) |
Mortgage servicing rights valuation adjustments | 5,320 | (4,485) |
Mortgage loans servicing revenue (expense), Total | 4,893 | (4,054) |
Net revenue from sale and servicing of mortgage loans | $ 10,533 | $ 848 |
Mortgage Banking - Additional i
Mortgage Banking - Additional information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 30, 2021 | Dec. 31, 2020 | |
Mortgage Banking [Abstract] | ||||
Residential Mortgage Loans, Unpaid Balance | $ 2,900,000,000 | $ 3,000,000,000 | ||
Accrued Liabilities and Other Liabilities | $ 43,000 | |||
Expenses (credit) relating to secondary market buy-back activity | $ (43,000) | $ 0 |
Mortgage Banking - Capitalized
Mortgage Banking - Capitalized Mortgage and Valuation Allowance (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Mortgage servicing assets: | ||
Balance at beginning of period | $ 21,666 | $ 10,801 |
Loans sold, servicing retained | 2,374 | 1,376 |
Mortgage servicing rights acquired | 9,747 | |
Amortization | (2,344) | (1,163) |
Carrying value before valuation allowance at end of period | 21,696 | 20,761 |
Valuation allowance: | ||
Balance at beginning of period | (8,513) | (534) |
Impairment recovery (charges) | 5,320 | (4,485) |
Balance at end of period | (3,193) | (5,019) |
Net carrying value of MSRs at end of period | 18,503 | 15,742 |
Fair value of MSRs at end of period | $ 18,695 | $ 16,105 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Lessee Lease Description [Line Items] | |||
Option extensions | true | ||
Operating lease, option to extend | five and ten year | ||
Operating lease, weighted average remaining lease term | 14 years 10 months 2 days | 15 years 1 month 2 days | |
Operating lease, weighted average discount rate | 2.59% | 2.61% | |
Operating Lease, Cost | $ 664,000 | $ 517,000 | |
Operating Lease, Right-of-Use Asset | $ 16,900,000 | $ 16,900,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets [Member] | Other Assets [Member] | |
Operating Lease, Liability | $ 17,722,000 | $ 17,800,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities [Member] | Other Liabilities [Member] | |
Minimum [Member] | |||
Lessee Lease Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 5 years | ||
Maximum [Member] | |||
Lessee Lease Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 10 years |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Cash Flows Included in Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 | $ 1,764 | |
2022 | 2,020 | |
2023 | 1,638 | |
2024 | 1,412 | |
2025 | 1,259 | |
Thereafter | 13,761 | |
Total undiscounted minimum lease payments | 21,854 | |
Present value adjustment | (4,132) | |
Total lease liabilities | $ 17,722 | $ 17,800 |
Deposits - Summary of Deposit B
Deposits - Summary of Deposit Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Non-interest-bearing checking accounts | $ 1,728,895 | $ 1,597,262 |
Interest-bearing checking and money market accounts | 2,806,271 | 2,627,669 |
Savings deposits | 761,899 | 700,480 |
Retail certificates of deposit less than $250,000 | 842,624 | 912,006 |
Retail certificates of deposit greater than $250,000 | 212,230 | 210,424 |
Total | $ 6,351,919 | $ 6,047,841 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Outstanding federal home loan bank advances | $ 0 | $ 0 | |
Period for Interest Deferral on Trust Preferred Securities | 5 years | ||
Premier Statutory Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Subordinated Long-term Debt | $ 15,500,000 | ||
Proceeds from Issuance of Trust Preferred Securities | $ 15,000,000 | ||
Coupon Rate on Preferred Securities, Period End | 1.68% | 1.72% | |
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 September 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 Subordinated Long-term Debt | $ 20,600,000 | ||
Proceeds from Issuance of Trust Preferred Securities | $ 20,000,000 | ||
Coupon Rate on Preferred Securities, Period End | 1.56% | 1.60% | |
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. | ||
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 50,000,000 | ||
Subordinated notes, due date | Sep. 30, 2030 | ||
Subordinated notes, fixed Interest rate | 4.00% | ||
Subordinated notes, fixed interest rate, period | 5 years | ||
Basis spread on variable rate | 3.885% | ||
Proceeds from Issuance of Subordinated Long-term Debt | $ 48,700,000 |
Borrowings - Schedule of Federa
Borrowings - Schedule of Federal Home Loan Bank Advances, Junior Subordinated Debentures and Subordinated Debentures (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Advances From Federal Home Loan Banks [Abstract] | ||
Junior subordinated debentures owed to unconsolidated subsidiary trusts | $ 36,083 | $ 36,083 |
Subordinated debentures | $ 48,798 | $ 48,777 |
Commitments, Guarantees and C_3
Commitments, Guarantees and Contingent Liabilities - Maximum obligation to extend credit (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
Commitments to make loans | $ 773,625 | $ 702,103 |
Unused lines of credit | 927,333 | 918,470 |
Standby letters of credit | 23,268 | 22,250 |
Total | $ 1,724,226 | $ 1,642,823 |
Commitments, Guarantees and C_4
Commitments, Guarantees and Contingent Liabilities - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Loan Commitments Maturities Range Description | 60 days or less |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Current: | ||
Federal | $ 6,362 | $ (5,140) |
State and local | 163 | 75 |
Deferred | 3,427 | (545) |
Income Tax Expense (Benefit) | $ 9,952 | $ (5,610) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Tax expense (benefit) at statutory rate (21%) | $ 10,699 | $ (5,899) |
Increases (decreases) in taxes from: | ||
State income tax - net of federal tax benefit | 128 | 59 |
Tax exempt interest income, net of TEFRA | (200) | (198) |
Bank owned life insurance | (245) | (164) |
Captive insurance | (90) | (92) |
Other | (340) | 684 |
Income Tax Expense (Benefit) | $ 9,952 | $ (5,610) |
Income Taxes - Schedule of Ef_2
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation - (Parenthetical) - (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivatives Fair Value [Line Items] | |||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ 133,800,000 | $ 135,700,000 | |
Notional Amount of Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 322,000,000 | 265,000,000 | |
Interest Rate Swaps [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount of Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 87,200,000 | 87,800,000 | |
Difference in fair value of asset and liability | 31,000 | ||
Noninterest income expense | 198,000 | $ (108,000) | |
Equity Linked Time Deposit [Member] | |||
Derivatives Fair Value [Line Items] | |||
Time deposits | 3,200,000 | 5,700,000 | |
Written option at fair value | 59,000 | 56,000 | |
Purchased option at fair value | 59,000 | 56,000 | |
Other Assets [Member] | Interest Rate Swaps [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair value of derivative assets | 406,000 | 1,900,000 | |
Other Liabilities [Member] | Interest Rate Swaps [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair value of derivative liabilities | $ 375,000 | $ 2,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Carrying values (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives not designated as hedging instruments | ||
Mortgage Banking Derivatives Assets, Carrying Value | $ 7,957 | $ 3,833 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Amount of gains and losses recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivatives not designated as hedging instruments | ||
Mortgage Banking Derivatives – Gain (Loss) | $ 4,124 | $ 471 |
Other Comprehensive (Loss) In_3
Other Comprehensive (Loss) Income - Reclassification adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Securities available for sale and transferred securities: Before Tax Amount | ||
Change in net unrealized gain/loss during the period | $ (19,112) | $ 9,458 |
Reclassification adjustment for net gains included in net income | (516) | |
Total other comprehensive loss | (19,628) | 9,458 |
Securities available for sale and transferred securities: Tax (Expense) Benefit | ||
Change in net unrealized gain/loss during the period | 4,014 | (1,985) |
Reclassification adjustment for net gains included in net income | 108 | |
Total other comprehensive loss | 4,122 | (1,985) |
Securities available for sale and transferred securities: | ||
Change in net unrealized gain/loss during the period | (15,098) | 7,473 |
Reclassification adjustment for net gains included in net income | (408) | |
Total other comprehensive income (loss) | $ (15,506) | $ 7,473 |
Other Comprehensive (Loss) In_4
Other Comprehensive (Loss) Income - Activity in AOCI, net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | ||
Securities Available For Sale, Beginning balance | $ 15,083 | $ 4,839 |
Securities Available For Sale, Other comprehensive income/(loss) before reclassifications | (15,098) | 7,473 |
Securities Available For Sale, Amounts reclassified from accumulated other comprehensive income | (408) | |
Securities Available For Sale, Net other comprehensive income/(loss) during period | (15,506) | 7,473 |
Securities Available For Sale, Ending balance | (423) | 12,312 |
Post-retirement Benefit, Beginning balance | (79) | (244) |
Post-retirement Benefit, Ending balance | (79) | (244) |
Accumulated Other Comprehensive Income (Loss), Beginning balance | 15,004 | 4,595 |
Accumulated Other Comprehensive Income (Loss), Other comprehensive income/(loss) before reclassifications | (15,098) | 7,473 |
Accumulated Other Comprehensive Income (Loss), Amounts reclassified from accumulated other comprehensive income | (408) | 0 |
Accumulated Other Comprehensive Income (loss), Net other comprehensive income/(loss) during period | (15,506) | 7,473 |
Accumulated Other Comprehensive Income (Loss), Ending balance | $ (502) | $ 12,068 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2020USD ($)shares | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Business Combination, Acquisition Related Costs | $ 11,486,000 | |||
Labor and Related Expense | $ 21,997,000 | 17,585,000 | ||
Goodwill | $ 317,948,000 | $ 317,948,000 | ||
Number of entities for merger | 2 | |||
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 | $ 11,500,000 | |||
Goodwill | 217,879,000 | 217,900,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 33,014,000 | $ 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 | ||
Jan. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | |||
Goodwill | $ 317,948,000 | $ 317,948,000 | |
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 | 35,943,000 | ||
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 | (60,524,000) | ||
Total Identifiable Net Assets | 309,564,000 | ||
Goodwill | $ 217,879,000 | $ 217,900,000 |