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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q



☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2019~~2020



☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number 001-37532

IBERIABANK Corporation

(Exact name of registrant as specified in its charter)



Louisiana		72-1280718
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)



200 West Congress Street
Lafayette,	Louisiana	70501
(Address of principal executive office)		(Zip Code)

(337) 521-4003

(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large Accelerated Filer	☒	Accelerated Filer	☐

Non-accelerated Filer	☐	Smaller Reporting Company	☐

		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock (par value $1.00 per share)	IBKC	The NASDAQ Stock Market, LLC
Depositary Shares, Each Representing a 1/400th Interest in	IBKCP	The NASDAQ Stock Market, LLC
a Share of 6.625% Perpetual Preferred Stock, Series B
Depositary Shares, Each Representing a 1/400th Interest in	IBKCO	The NASDAQ Stock Market, LLC
a Share of 6.60% Perpetual Preferred Stock, Series C
Depositary Shares, Each Representing a 1/400th Interest	IBKCN	The NASDAQ Stock Market, LLC
Depositary Shares, Each Representing a 1/400th Interest in	IBKCN	The NASDAQ Stock Market, LLC
a Share of 6.100% Perpetual Preferred Stock, Series D

At April 30, 2020, the Registrant had 52,663,861 shares of common stock, $1.00 par value, which were issued and outstanding.

IBERIABANK CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

	Page
Part I. Financial Information
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018	4
Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019	4
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018	5
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019	5
Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2019 and 2018	7
Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2020 and 2019	7
Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018	9
Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019	8
Notes to Unaudited Consolidated Financial Statements	1110
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	5552
Item 3. Quantitative and Qualitative Disclosures About Market Risk	8382
Item 4. Controls and Procedures	8382
Part II. Other Information	8482
Item 1. Legal Proceedings	8482
Item 1A. Risk Factors	8482
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	8486
Item 3. Defaults Upon Senior Securities	8586
Item 4. Mine Safety Disclosures	8586
Item 5. Other Information	8586
Item 6. Exhibits	8687
Signatures	8788

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

IBERIABANK CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

	(unaudited)
(in thousands, except share data)	~~September~~March 3031, ~~2019~~2020			December 31, ~~2018~~2019
Assets
Cash and due from banks	$	~~353~~279,~~346~~388		$	~~294~~289,~~186~~794
Interest-bearing deposits in other banks	~~577~~665,~~587~~674			~~396~~604,~~267~~929
Total cash and cash equivalents	~~930~~945,~~933~~062			~~690~~894,~~453~~723
Securities available for sale, at fair value	43,~~238~~914,~~082~~960			43,~~783~~933,~~579~~360
Securities held to maturity (fair values of $192,586 and $204,277, respectively)	185,007			207,446
Securities held to maturity (fair values of $186,396 and $189,899, respectively)	177,960			182,961
Mortgage loans held for sale, at fair value	~~255~~207,~~276~~845			~~107~~213,~~734~~357
Loans and leases, net of unearned income	2324,~~676~~541,~~537~~632			2224,~~519~~021,~~815~~499
Allowance for loan and lease losses	(~~146~~286,~~235~~685		)	(~~140~~146,~~571~~588		)
Loans and leases, net	2324,~~530~~254,~~302~~947			2223,~~379~~874,~~244~~911
Premises and equipment, net	~~298~~297,~~309~~551			~~300~~296,~~507~~688
Goodwill	1,235,533			1,235,533
Other intangible assets	7972,~~143~~140			8877,~~736~~168
Other assets	~~982~~1,~~013~~133,985			1,~~039~~004,~~783~~749
Total Assets	$	3132,~~734~~239,~~598~~983		$	3031,~~833~~713,~~015~~450
Liabilities
Deposits:
Non-interest-bearing	$	6,~~518~~628,~~783~~901		$	6,~~542~~319,~~490~~806
Interest-bearing	18,~~458~~897,~~502~~336			1718,~~220~~899,~~941~~543
Total deposits	2425,~~977~~526,~~285~~237			2325,~~763~~219,~~431~~349
Short-term borrowings	~~498~~390,~~049~~747			1204,~~482,882~~208
Long-term debt	1,~~394~~288,~~202~~172			1,~~166~~343,~~151~~687
Other liabilities	~~581~~687,~~762~~720			~~364~~609,~~274~~472
Total Liabilities	27,~~451~~892,~~298~~876			2627,~~776~~376,~~738~~716
Shareholders’ Equity
Preferred stock, $1 par value - 5,000,000 shares authorized
Non-cumulative perpetual, liquidation preference $10,000 per share; 23,750 and 13,750 shares issued and outstanding, respectively, including related surplus	228,485			132,097
Non-cumulative perpetual, liquidation preference $10,000 per share; 23,750 shares issued and outstanding, including related surplus	228,485			228,485
Common stock, $1 par value - 100,000,000 shares authorized; 52,265,887 and 54,796,231 shares issued and outstanding, respectively	52,266			54,796
Common stock, $1 par value - 100,000,000 shares authorized; 52,618,287 and 52,419,519 shares issued and outstanding, respectively	52,618			52,420
Additional paid-in capital	2,~~680~~691,~~328~~522			2,~~869~~688,~~416~~263
Retained earnings	1,~~268~~263,~~278~~298			1,~~042~~322,~~718~~805
Accumulated other comprehensive income (loss)	53111,~~943~~184			~~(42~~44,~~750~~761		)
Total Shareholders’ Equity	4,~~283~~347,~~300~~107			4,~~056~~336,~~277~~734
Total Liabilities and Shareholders’ Equity	$	3132,~~734~~239,~~598~~983		$	3031,~~833~~713,~~015~~450

The accompanying Notes are an integral part of these Consolidated Financial Statements.

IBERIABANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
	Three Months Ended March 31,
(in thousands, except per share data)	~~2019~~2020			~~2018~~2019		~~2019~~			~~2018~~
Interest and dividend income
Loans and leases, including fees	$	~~296~~271,~~790~~746		$	~~283~~284,~~125~~879	$	~~878,355~~		$	~~791,670~~
Mortgage loans held for sale, including fees	1,~~936~~678			1,~~037~~054		~~4,578~~			~~3,027~~
Taxable securities	2723,~~883~~481			2733,~~113~~916		~~93,461~~			~~79,058~~
Tax-exempt securities	21,~~049~~921			2,~~680~~209		~~6,399~~			~~8,154~~
Other	4,~~520~~103			34,~~112~~026		~~12,436~~			~~9,524~~
Total interest and dividend income	~~333~~302,~~178~~929			~~317~~326,~~067~~084		~~995,229~~			~~891,433~~
Interest expense
Deposits	7063,~~753~~676			4460,~~401~~235		~~196,854~~			~~108,804~~
Short-term borrowings	~~3,880~~266			45,~~727~~716		~~14,793~~			~~10,578~~
Long-term debt	98,~~212~~645			89,~~714~~649		~~28,426~~			~~23,824~~
Total interest expense	8372,~~845~~587			5775,~~842~~600		~~240,073~~			~~143,206~~
Net interest income	~~249~~230,~~333~~342			~~259~~250,~~225~~484		~~755,156~~			~~748,227~~
Provision for credit losses	8,986			11,384		33,504			27,290
Provision for expected credit losses	68,971			13,763
Net interest income after provision for credit losses	240,347			247,841		721,652			720,937
Net interest income after provision for expected credit losses	161,371			236,721
Non-interest income
Mortgage income	1723,~~432~~245			1211,~~729~~849		~~47,725~~			~~36,045~~
Service charges on deposit accounts	1312,~~209~~525			1312,~~520~~810		~~38,866~~			~~39,378~~
Title revenue	75,~~170~~936			65,~~280~~225		~~19,290~~			~~18,153~~
Broker commissions	1,800			2,627		5,797			7,244
Commission income	4,191			4,664
ATM and debit card fee income	2,948			2,470		8,562			8,028
Broker commissions	2,127			1,953
Credit card and merchant-related income	3,400			3,114		10,037			9,347
ATM and debit card fee income	2,838			2,582
Trust department income	4,281			3,993		12,836			11,662
Credit card and merchant-related income	3,295			3,411
Income from bank owned life insurance	1,760			1,744		5,307			4,287
Trust department income	4,226			4,167
Securities gains (losses), net	27			—		(987		)	(56		)
Income from bank owned life insurance	1,822			1,797
Commission income	4,533			3,027		12,160			6,534
Other non-interest income	4,451			4,051
Other non-interest income	7,114			3,583		15,415			10,971
Total non-interest income	64,656			52,509
Total non-interest income	63,674			53,087		175,008			151,593
Non-interest expense
Non-interest expense
Salaries and employee benefits	102,545			98,296
Salaries and employee benefits	103,257			101,159		304,928			313,190
Net occupancy and equipment	19,984			18,564
Net occupancy and equipment	21,316			18,889		58,879			58,867
Communication and delivery	3,677			3,700
Communication and delivery	3,634			3,773		10,931			11,888
Marketing and business development	3,710			4,118
Marketing and business development	3,163			4,068		10,651			13,715
Computer services expense	10,167			9,157
Computer services expense	9,638			9,036		28,178			30,738
Professional services	5,322			4,450
Professional services	6,323			5,519		17,017			20,070
Credit and other loan-related expense	3,643			2,859
Credit and other loan related expense	4,532			4,830		11,532			14,313
Insurance	4,559			4,186
Insurance	4,825			6,536		13,276			20,587
Travel and entertainment	2,740			2,430
Travel and entertainment	2,185			1,846		7,353			7,880
Amortization of acquisition intangibles	4,187			5,009
Amortization of acquisition intangibles	4,410			5,382		14,205			16,595
Impairment of long-lived assets and other losses	3,317			1,064
Impairment of long-lived assets and other (gains) losses	(309		)	467		1,251			24,924
Other non-interest expense	13,576			4,920
Other non-interest expense	9,688			7,557		22,832			21,143
Total non-interest expense	177,427			158,753
Total non-interest expense	172,662			169,062		501,033			553,910
Income before income tax expense	48,600			130,477
Income before income tax expense	131,359			131,866		395,627			318,620
Income tax expense	31,509			30,401		94,048			78,410
Net income	99,850			101,465		301,579			240,210
Less: Preferred stock dividends	3,599			3,599		8,146			8,146
Net income available to common shareholders	$	96,251		$	97,866	$	293,433		$	232,064

Income available to common shareholders - basic	$	96,251		$	97,866		$	293,433		$	232,064
Income tax expense	12,175			30,346
Less: Earnings allocated to unvested restricted stock	874			908			2,806			2,341
Net income	36,425			100,131
Earnings allocated to common shareholders	$	95,377		$	96,958		$	290,627		$	229,723
Less: Preferred stock dividends	3,598			3,598
Earnings per common share - basic	$	1.83		$	1.74		$	5.47		$	4.17
Net income available to common shareholders	$	32,827		$	96,533
Earnings per common share - diluted	1.82			1.73			5.43			4.14
Income available to common shareholders - basic	$	32,827		$	96,533
Cash dividends declared per common share	0.45			0.39			1.31			1.15
Less: Earnings allocated to unvested restricted stock	367			933
Comprehensive income
Earnings allocated to common shareholders	$	32,460		$	95,600
Net income	$	99,850		$	101,465		$	301,579		$	240,210
Earnings per common share - basic	$	0.62		$	1.76
Other comprehensive income (loss), net of tax:
Earnings per common share - diluted	0.62			1.75
Unrealized gains (losses) on securities:
Cash dividends declared per common share	0.47			0.43
Unrealized holding gains (losses) arising during the period (net of tax effects of $2,294, $5,906, $27,805, and $24,578, respectively)	6,975			(22,220		)	93,491			(92,460		)
Comprehensive income
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $7, $0, $244, and $12, respectively)	20			—			(743		)	(44		)
Net income	$	36,425		$	100,131
Unrealized gains (losses) on securities, net of tax	6,955			(22,220		)	94,234			(92,416		)
Other comprehensive income (loss), net of tax:
Fair value of derivative instruments designated as cash flow hedges:
Unrealized gains on securities:
Change in fair value of derivative instruments designated as cash flow hedges during the period (net of tax effects of $86, $217, $903, and $1,266, respectively)	(264		)	818			1,992			4,762
Unrealized holding gains arising during the period (net of tax effects of $17,342 and $10,675, respectively)	56,424			41,408
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $53, $6, $154, and $47, respectively)	(162		)	(22		)	(467		)	(178		)
Unrealized gains on securities, net of tax	56,424			41,408
Fair value of derivative instruments designated as cash flow hedges, net of tax	(102		)	840			2,459			4,940
Fair value of derivative instruments designated as cash flow hedges:
Other comprehensive income (loss), net of tax	6,853			(21,380		)	96,693			(87,476		)
Change in fair value of derivative instruments designated as cash flow hedges during the period (net of tax effects of $3,209 and $471, respectively)	10,441			(2,185		)
Comprehensive income	$	106,703		$	80,085		$	398,272		$	152,734
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $136 and $75, respectively)	442			(227		)
Fair value of derivative instruments designated as cash flow hedges, net of tax	9,999			(1,958		)
Other comprehensive income (loss), net of tax	66,423			39,450
Comprehensive income	$	102,848		$	139,581

The accompanying Notes are an integral part of these Consolidated Financial Statements.

IBERIABANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity

(unaudited)

	For the Nine Months Ended
	For the Three Months Ended
									Additional Paid-In Capital			Retained Earnings			AccumulatedOther Comprehensive Income (Loss)			Total
	Preferred Stock			Common Stock
(in thousands, except share and per share data)	Shares	Amount		Shares		Amount
Balance, December 31, 2017	13,750	$	132,097	53,872,272		$	53,872		$	2,787,484		$	769,226		$	(45,888	)	$	3,696,791
Cumulative-effect adjustment due to the adoption of ASU 2016-01 (1)	—	—		—		—			—			(345		)	—			(345		)
Net income	—	—		—		—			—			240,210			—			240,210
Other comprehensive income (loss)	—	—		—		—			—			—			(87,476		)	(87,476		)
Cash dividends declared, $1.15 per share	—	—		—		—			—			(64,288		)	—			(64,288		)
Preferred stock dividends	—	—		—		—			—			(8,146		)	—			(8,146		)
Common stock issued under incentive plans, net of shares surrendered in payment	—	—		109,983		110			(3,252		)	—			—			(3,142		)
Common stock issued for acquisitions	—	—		2,787,773		2,788			211,871			—			—			214,659
Common stock repurchases	—	—		(763,210	)	(763		)	(60,283		)	—			—			(61,046		)
Share-based compensation expense	—	—		—		—			15,144			—			—			15,144
Balance, September 30, 2018	13,750	$	132,097	56,006,818		$	56,007		$	2,950,964		$	936,657		$	(133,364	)	$	3,942,361
Balance, December 31, 2018	13,750	$	132,097	54,796,231		$	54,796		$	2,869,416		$	1,042,718		$	(42,750	)	$	4,056,277
Cumulative-effect adjustment due to the adoption of ASU 2016-02 (2)	—	—		—		—			—			1,847			—			1,847
Cumulative-effect adjustment due to the adoption of ASU 2016-02 (1)	—	—		—		—			—			1,847			—			1,847
Net income	—	—		—		—			—			~~301~~100,~~579~~131			—			~~301~~100,~~579~~131
Other comprehensive income (loss)	—	—		—		—			—			—			9639,~~693~~450			9639,~~693~~450
Cash dividends declared, $1.31 per share	—	—		—		—			—			(69,720		)	—			(69,720		)
Cash dividends declared, $0.43 per share	—	—		—		—			—			(23,457		)	—			(23,457		)
Preferred stock dividends	—	—		—		—			—			(83,~~146~~598		)	—			(83,~~146~~598		)
Preferred stock issued	10,000	96,388		—		—			—			—			—			96,388
Common stock issued under incentive plans, net of shares surrendered in payment	—	—		142,954		143			(4,588		)	—			—			(4,445		)
Common stock issued under incentive plans, net of shares surrendered in payment	—	—		169,656		170			(4,348		)	—			—			(4,178		)
Common stock repurchases	—	—		(387,921	)	(388		)	(29,558		)	—			—			(29,946		)
Common stock repurchases	—	—		(2,700,000	)	(2,700		)	(202,040		)	—			—			(204,740		)
Share-based compensation expense	—	—		—		—			5,572			—			—			5,572
Share-based compensation expense	—	—		—		—			17,300			—			—			17,300
Balance, March 31, 2019	13,750	$	132,097	54,551,264		$	54,551		$	2,840,842		$	1,117,641		$	(3,300	)	$	4,141,831
Balance, September 30, 2019	23,750	$	228,485	52,265,887		$	52,266		$	2,680,328		$	1,268,278		$	53,943		$	4,283,300
Balance, December 31, 2019	23,750	$	228,485	52,419,519		$	52,420		$	2,688,263		$	1,322,805		$	44,761		$	4,336,734
Cumulative-effect adjustment due to the adoption of ASU 2016-13 (2)	—	—		—		—			—			(67,605		)	—			(67,605		)
Net income	—	—		—		—			—			36,425			—			36,425
Other comprehensive income (loss)	—	—		—		—			—			—			66,423			66,423
Cash dividends declared, $0.47 per share	—	—		—		—			—			(24,729		)	—			(24,729		)
Preferred stock dividends	—	—		—		—			—			(3,598		)	—			(3,598		)
Common stock issued under incentive plans, net of shares surrendered in payment	—	—		198,768		198			(3,773		)	—			—			(3,575		)
Share-based compensation expense	—	—		—		—			7,032			—			—			7,032
Balance, March 31, 2020	23,750	$	228,485	52,618,287		$	52,618		$	2,691,522		$	1,263,298		$	111,184		$	4,347,107

(1)	Cumulative-effect adjustment to beginning retained earnings ~~for fair value adjustments~~ related to the ~~reclassification~~recognition of ~~certain~~pre-existing ~~equity~~lease ~~investments~~liabilities and previously deferred gains on sale-leaseback transactions in accordance with ASU 2016-0102, adopted as of January 1, ~~2018~~2019.
(2)	Cumulative-effect adjustment to beginning retained earnings related to the ~~recognition~~adoption of ~~pre-existing~~the ~~lease~~current ~~liabilities~~expected ~~and~~credit ~~previously~~loss ~~deferred~~(CECL) ~~gains~~methodology onfor ~~sale-leaseback~~estimating ~~transactions~~credit losses in accordance with ASU 2016-0213, adopted as of January 1, ~~2019~~2020.

The accompanying Notes are an integral part of these Consolidated Financial Statements.

	For the Three Months Ended
									Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
	Preferred Stock			Common Stock
(in thousands, except share and per share data)	Shares	Amount		Shares		Amount
Balance, June 30, 2018	13,750	$	132,097	56,390,387		$	56,390		$	2,976,833		$	860,073		$	(111,984	)	$	3,913,409
Net income	—	—		—		—			—			101,465			—			101,465
Other comprehensive income (loss)	—	—		—		—			—			—			(21,380		)	(21,380		)
Cash dividends declared, $0.39 per share	—	—		—		—			—			(21,282		)	—			(21,282		)
Preferred stock dividends	—	—		—		—			—			(3,599		)	—			(3,599		)
Common stock issued under incentive plans, net of shares surrendered in payment	—	—		(20,359	)	(20		)	(1,020		)	—			—			(1,040		)
Common stock repurchases	—	—		(363,210	)	(363		)	(30,013		)	—			—			(30,376		)
Share-based compensation expense	—	—		—		—			5,164			—			—			5,164
Balance, September 30, 2018	13,750	$	132,097	56,006,818		$	56,007		$	2,950,964		$	936,657		$	(133,364	)	$	3,942,361
Balance, June 30, 2019	23,750	$	228,485	52,805,461		$	52,805		$	2,714,074		$	1,195,546		$	47,090		$	4,238,000
Net income	—	—		—		—			—			99,850			—			99,850
Other comprehensive income (loss)	—	—		—		—			—			—			6,853			6,853
Cash dividends declared, $0.45 per share	—	—		—		—			—			(23,519		)	—			(23,519		)
Preferred stock dividends	—	—		—		—			—			(3,599		)	—			(3,599		)
Common stock issued under incentive plans, net of shares surrendered in payment	—			12,656		13			257			—			—			270
Common stock repurchases	—	—		(552,230	)	(552		)	(39,464		)	—			—			(40,016		)
Share-based compensation expense	—	—		—		—			5,461			—			—			5,461
Balance, September 30, 2019	23,750	$	228,485	52,265,887		$	52,266		$	2,680,328		$	1,268,278		$	53,943		$	4,283,300

The accompanying Notes are an integral part of these Consolidated Financial Statements.

IBERIABANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(unaudited)

	For the Nine Months Ended September 30,
	For the Three Months Ended March 31,
(in thousands)	~~2019~~2020			~~2018~~2019
Cash Flows from Operating Activities
Net income	$	~~301~~36,~~579~~425		$	~~240~~100,~~210~~131
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and accretion, including amortization of purchase accounting adjustments and market value adjustments	58,~~638~~427			(14,~~644~~018		)
Provision for credit losses	33,504			27,290
Provision for expected credit losses	68,971			13,763
Share-based compensation expense - equity awards	177,~~300~~032			155,~~144~~572
(Gain) loss on sale of OREO and long-lived assets, net of impairment	(~~1,657~~956		)	~~6,831~~278
Securities losses, net	987			56
Deferred income tax expense	8,529			17,861
(Gain) loss on early termination of FDIC loss share agreements	—			(2,708		)
Originations of mortgage loans held for sale	(533,032		)	(326,244		)
Cash paid for early termination of FDIC loss share agreements	—			(5,637		)
Proceeds from sales of mortgage loans held for sale	563,199			320,853
Deferred income tax expense	29,407			31,348
Realized and unrealized gain on mortgage loans held for sale, net	(24,656		)	(11,593		)
Originations of mortgage loans held for sale	(1,443,094		)	(1,139,117		)
Other operating activities, net	(43,782		)	152,430
Proceeds from sales of mortgage loans held for sale	1,347,850			1,260,962
Net Cash Provided by Operating Activities	90,157			277,069
Realized and unrealized (gain) on mortgage loans held for sale, net	(52,873		)	(35,244		)
Other operating activities, net	200,074			(36,390		)
Net Cash Provided by Operating Activities	438,715			361,101
Cash Flows from Investing Activities
Proceeds from sales of securities available for sale	299,513			18,867
Proceeds from maturities, prepayments and calls of securities available for sale	242,074			136,627
Proceeds from maturities, prepayments and calls of securities available for sale	549,747			493,095
Purchases of securities available for sale	(156,706		)	(179,565		)
Purchases of securities available for sale, net of securities available for sale acquired	(199,321		)	(711,258		)
Proceeds from maturities, prepayments and calls of securities held to maturity	4,316			7,787
Proceeds from maturities, prepayments and calls of securities held to maturity	20,353			11,464
Purchases of equity securities	—			(14,753		)
Purchases of equity securities, net of equity securities acquired	(15,154		)	(21,090		)
Proceeds from sales of equity securities	—			3,637
Proceeds from sales of equity securities	25,741			70,371
Increase in loans	(517,085		)	(446,284		)
Increase in loans, net of loans acquired	(1,135,759		)	(767,715		)
Proceeds from sales of premises and equipment	402			91
Proceeds from sales of premises and equipment	1,149			5,698
Purchases of premises and equipment	(7,065		)	(3,182		)
Purchases of premises and equipment, net of premises and equipment acquired	(17,030		)	(11,575		)
Proceeds from dispositions of OREO	12,237			1,980
Proceeds from dispositions of OREO	9,471			12,166
Cash paid for additional investment in tax credit entities	(673		)	(2,828		)
Cash paid for additional investment in tax credit entities	(6,060		)	(6,059		)
Other investing activities, net	(100		)	—
Cash received for acquisition of a business, net of cash paid	—			99,318
Net Cash Used in Investing Activities	(422,600		)	(496,490		)
Purchase of bank owned life insurance policies	—			(50,000		)
Other investing activities, net	999			595
Net Cash Used in Investing Activities	(466,351		)	(856,123		)
Cash Flows from Financing Activities
Increase in deposits, net of deposits acquired	1,213,854			662,680
Increase in deposits	306,888			328,631
Net change in short-term borrowings	~~(984~~186,~~833~~539		)	~~251~~(376,~~422~~751		)
Proceeds from long-term debt, net of long-term debt acquired	500,000			927,884
Proceeds from long-term debt	—			400,000
Repayments of long-term debt	(~~271~~55,~~562~~430		)	(190,~~361,482~~560		)
Cash dividends paid on common stock	(6848,~~667~~042		)	(6222,~~937~~466		)
Cash dividends paid on preferred stock	(83,~~146~~598		)	(83,~~146~~598		)
Net share-based compensation stock transactions	(43,~~178~~575		)	(34,~~142~~445		)
Payments to repurchase common stock	~~(204,740~~—		)	(6129,~~046~~946		)
Net proceeds from issuance of preferred stock	96,388			—
Net Cash Provided by Financing Activities	382,782			200,865
Net Increase (Decrease) In Cash and Cash Equivalents	50,339			(18,556		)
Cash and Cash Equivalents at Beginning of Period	894,723			690,453
Cash and Cash Equivalents at End of Period	$	945,062		$	671,897

Net Cash Provided by Financing Activities	268,116		345,233
Net Increase (Decrease) In Cash and Cash Equivalents	240,480		(149,789		)
Cash and Cash Equivalents at Beginning of Period	690,453		625,724
Cash and Cash Equivalents at End of Period	$	930,933	$	475,935
Supplemental Schedule of Non-cash Activities
Acquisition of real estate in settlement of loans	$	~~6,023~~524	$	132,~~066~~727
Common stock issued in acquisitions	$	—	$	214,659
Supplemental Disclosures
Cash paid for interest on deposits and borrowings, net of acquired	$	235,888	$	137,727
Cash paid for:
Cash paid for income taxes	$	57,287	$	34,968
Interest on deposits and borrowings	$	76,890	$	71,010
Cash received from income tax refunds	$	178,288	$	364

The accompanying Notes are an integral part of these Consolidated Financial Statements.

109

IBERIABANK CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE 1 - DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES

IBERIABANK Corporation is a financial holding company based in Lafayette, Louisiana. The accompanying unaudited consolidated financial statements include the accounts of IBERIABANK Corporation and its consolidated subsidiaries (the "Company"). Through its subsidiaries, the Company provides a full range of commercial and consumer banking services, including private banking, small business, wealth and trust management, retail brokerage, mortgage, commercial leasing and equipment financing, and title insurance services through locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York.

The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and notes necessary for complete financial statements in accordance with GAAP. In the opinion of management, the accompanying unaudited consolidated financial statements contain all the significant adjustments, consisting of normal and recurring items, considered necessary for fair presentation. These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes in the Annual Report on Form 10-K for the year ended December 31, ~~2018~~2019. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year.

All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. See the Glossary of Defined Terms included in this Report for terms used herein.

Pending Merger

As previously disclosed, on November 3, 2019, the Company entered into a merger agreement to combine with First Horizon National Corporation (First Horizon) in an all-stock merger of equals. On April 24, 2020, the Company received shareholder approval for the merger. The merger is expected to be completed in the second quarter of 2020, pending receipt of the remaining regulatory approvals and other customary closing conditions.

Changes in Significant Accounting Policies

On January 1, 2020, the Company adopted ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326),” (ASC 326) which significantly changed the measurement of credit losses for certain financial investments, such as loans (including unfunded loan commitments) and investment securities. See Note, 2, Recent Accounting Pronouncements, in the accompanying consolidated financial statements for a complete discussion. The adoption of ASC 326 impacts the accounting policies for the following: Investment Securities; Loans and Leases; and Allowance for Expected Credit Losses. Other than the accounting policy updates below, there have been no changes to the accounting policies as described in the Company’s 2019 Form 10-K.

Investment Securities

Management determines the appropriate accounting classification of debt and equity securities at the time of acquisition and re-evaluates such designations at least quarterly. Debt securities that management has the ability and intent to hold to maturity are classified as HTM and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities acquired with the intent of recognizing short-term profits or which are actively bought and sold are classified as trading securities and reported at fair value. Securities not classified as HTM or trading are classified as AFS and reported at fair value. The Company evaluates its investment securities portfolio for impairment on a quarterly basis as follows:

HTM Securities: The Company maintains an allowance for expected credit losses appropriate to absorb estimated lifetime credit losses for HTM securities where there is a risk of credit loss. HTM securities where there is a risk of credit loss are segmented by credit rating and duration and an allowance for expected credit losses is calculated based on external historical loss data, taking into consideration management’s forecast of future economic conditions. The allowance of expected credit losses, if required, is recognized on the consolidated balance sheet with a corresponding adjustment to earnings.

AFS Securities: Declines in the fair value of individual AFS securities below their amortized cost basis are reviewed to determine if the decline is due to credit-related factors. Impairment that is not credit-related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for expected credit losses on the consolidated balance sheet with a corresponding adjustment to earnings. However, if the Company intends to sell the impaired AFS security or it is more likely than not that the Company will be required to sell such a security before recovering the amortized cost basis of the security, the AFS security’s amortized cost basis is reduced by the decline in fair value with the entire credit loss recognized in the consolidated statement of income.

Prior to January 1, 2020, investment securities were evaluated for indicators of other than temporary impairment (OTTI) on a quarterly basis. Declines in the fair value of individual HTM and AFS securities below their amortized cost basis were reviewed to determine whether the declines were other than temporary. In estimating OTTI losses, management considered 1) the length of time and the extent to which the fair value had been less than the amortized cost basis, 2) the financial condition and near-term prospects of the issuer, 3) its intent to sell and whether it was more likely than not that the Company would be required to sell those securities before the anticipated recovery of the amortized cost basis, and 4) for debt securities, the recovery of contractual principal and interest. For securities that the Company did not expect to sell, or it was not more likely than not it would be required to sell prior to recovery of its amortized cost basis, the credit component of an OTTI was recognized in earnings and the non-credit component was recognized in OCI. For securities that the Company did expect to sell, or it was more likely than not that it would be required to sell prior to recovery of its amortized cost basis, both the credit and non-credit component of an OTTI were recognized in earnings. Subsequent to recognition of OTTI, an increase in expected cash flows was recognized as a yield adjustment over the remaining expected life of the security based on an evaluation of the nature of the increase.

Other equity securities primarily consist of stock acquired for regulatory purposes, such as Federal Home Loan Bank stock and Federal Reserve Bank stock and are included in “other assets."

Gains or losses on securities sold are recorded on the trade date, using the specific identification method.

Loans and Leases

Loans

The Company offers commercial and consumer loans for its customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, which represents the principal amount outstanding less charge-offs, net of any unearned income, unamortized net loan origination fees and direct costs on originated loans, and net premiums or discounts on acquired loans. Interest income is accrued as earned over the term of the loans based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield. Accrued interest is reported within other assets in the consolidated balance sheet.

Acquired loans are recorded at fair value on the acquisition date. The determination of fair value includes credit risk assumptions and any resulting credit discounts as well as estimates related to discount rates, expected prepayments, and the amount and timing of undiscounted expected principal, interest, and other cash flows. Additionally, at the time of acquisition, acquired loans are classified as either purchased credit deteriorated (PCD) or non-purchased credit deteriorated (non-PCD). Acquired loans which have experienced more-than-insignificant deterioration in credit since origination are classified as PCD Loans. All acquired loans not considered to be purchased credit deteriorated loans are classified as acquired non-PCD Loans. An initial allowance for expected credit losses (AECL) is established at the acquisition date for acquired loans and the classification of PCD or non-PCD determines how the initial AECL is recorded. For PCD Loans, the AECL is recorded with a corresponding increase to the amortized cost basis of the loan by reducing the purchase premium or discount recognized on the acquired loan. For acquired non-PCD loans, the AECL is recorded with a corresponding charge to earnings. Subsequent to acquisition, the AECL for both PCD Loans and acquired non-PCD loans is determined using the same methodology as originated loans. The non-credit related purchase premium or discount on acquired loans is amortized or accreted to income over the estimated life of the loans as an adjustment to yield using the effective interest rate calculated at the acquisition date.

~~NOTE~~Prior 2to January 1, 2020, acquired loans that reflected credit deterioration since origination to the extent that it was probable that the Company would be unable to collect all contractually required payments were classified as purchased impaired loans (“acquired impaired loans”). All other acquired loans were classified as purchased non-impaired ~~RECENT~~loans ~~ACCOUNTING~~(“acquired ~~PRONOUNCEMENTS~~non-impaired loans”). At the time of acquisition, acquired impaired loans were accounted for individually or aggregated into loan pools with similar characteristics. From these pools, the Company used certain loan information to estimate the expected cash flows for each loan pool. For acquired impaired loans, the expected cash flows at the acquisition date in excess of the fair value of loans were recorded as interest income over the life of the loans using a level yield method if the timing and amount of future cash flows was reasonably estimable. For acquired non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at acquisition, referred to as a purchase premium or discount, was amortized or accreted to income over the estimated life of the loans as an adjustment to yield. Subsequent to acquisition, the Company performed cash flow re-estimations at least quarterly for each acquired impaired loan or loan pool. Increases in estimated cash flows above those expected at the time of acquisition were recognized on a prospective basis as interest income over the remaining life of the loan and/or pool. Decreases in expected cash flows subsequent to acquisition generally resulted in recognition of a provision for credit loss. The measurement of cash flows involved several assumptions and judgments, including prepayments, default rates and loss severity among other factors. All of these factors were inherently subjective and significant changes in the cash flow estimations could result over the life of the loan.

~~Pronouncements adopted during the nine months ended September 30, 2019:~~Leases

~~ASU~~The ~~No.~~Company ~~2016~~leases equipment to commercial customers primarily through direct financing and sales-02type leases. Equipment financing leases are reported at the net lease investment, ~~ASU~~which ~~No.~~represents ~~2018-11~~the sum of minimum lease payments over the lease term and the estimated residual value, ~~ASU~~less Nounearned interest income. ~~2018-20,~~Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred and ~~ASU~~recognized ~~2019-01~~as an adjustment of the yield on the lease.

InPortfolio February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) which requires lessees to recognize ROU assets and lease liabilities on the balance sheet for most leases, including operating leases. The lessor accounting model was relatively unchanged by this ASU. Additional quantitative and qualitative disclosures are also required. During 2018 and early 2019, the FASB issued ASU No. 2018-11, Targeted Improvements, ASU No. 2018-20, Narrow-Scope Improvements for Lessors, and ASU No. 2019-01, Codification Improvements, which clarified certain implementation issues, provided an additional optional transition method and clarified the disclosure requirements during the period of adopting ASC 842, among others. Segmentation

The Company’s ~~adopted~~loan ~~ASU~~portfolio ~~No.~~is ~~2016-02~~disaggregated ~~and~~into ~~the~~two ~~related~~portfolio ~~ASUs~~segments: ~~discussed~~commercial ~~above~~loans ~~effective~~and ~~January~~leases 1,and ~~2019~~consumer ~~using the optional transition method~~loans. The Company ~~elected~~further disaggregates the ~~package~~commercial ofloans ~~practical~~and ~~expedients~~leases ~~that~~and ~~does~~the ~~not~~consumer ~~require~~loans ~~the~~portfolio ~~reassessment~~segment into receivable classes for purposes of ~~whether~~monitoring ~~expired~~and orassessing ~~existing~~credit ~~contracts~~quality. ~~contain~~Receivable ~~leases,~~classes within the ~~reassessment~~commercial ofloan ~~the~~and lease ~~classification~~portfolio ~~for~~segment ~~any~~include ~~expired~~commercial orreal ~~existing~~estate-construction, ~~leases~~commercial real estate-owner occupied, orcommercial ~~the~~real ~~reassessment~~estate-non-owner ofoccupied, ~~initial~~and ~~direct~~commercial ~~costs~~and ~~for~~industrial, ~~existing~~which includes equipment financing leases. ~~Additionally,~~Receivable classes within the ~~Company~~consumer ~~did~~loan ~~not~~portfolio ~~elect~~segment ~~the~~include ~~hindsight~~residential ~~practical~~mortgage, ~~expedient~~home equity, and other consumer.

~~The~~Prior ~~Company~~to conducted a review of all existing lease contracts and service contracts which might contain embedded leases. Some of the Company’s leases contain variable lease payments, the majority of which depend on an index or rate, such as the Consumer Price Index. At transition, the present value of variable payments was based on the index or rate as of January 1, ~~2019. To determine the present value of lease payments at transition~~2020, the Company’s ~~applied~~loan a portfolio ~~approach~~was ~~utilizing~~disaggregated aninto ~~FHLB~~three ~~Advance~~portfolio ~~rate~~segments: ~~based on the weighted average remaining term of the Company’s existing leases as of January 1~~commercial, ~~2019.~~residential ~~As a result of adopting ASC 842~~mortgage, ~~the Company established an ROU asset~~ and aconsumer ~~lease liability as of January 1, 2019 of $94.2 million~~ and ~~$118.9~~other ~~million, respectively~~loans. ~~Additionally,~~Receivable asclasses ~~part~~within of the ~~adoption~~commercial ofloan ~~ASC~~portfolio ~~842,~~segment ~~$24.7~~included ~~million~~commercial inreal ~~pre~~estate-~~existing liabilities were reclassified to the ROU asset on January 1~~construction, ~~2019.~~commercial ~~This~~real ~~resulted in a gross~~estate-upowner-occupied, ofcommercial ~~the~~real ~~balance sheet of $94.2 million as a result of recognizing lease liabilities and corresponding right~~estate-ofnon-~~use~~owner assets for operating leases. The adoption of ASC 842 also required the recognition of previously deferred gains on sale-leaseback transactions which resulted in an insignificant increase to retained earnings on January 1occupied, ~~2019.~~and ~~The~~commercial ~~related~~and ~~impact on the Company’s regulatory capital ratios was not significant~~industrial. ~~The~~Receivable ~~Company~~classes ~~does~~within ~~not expect material changes to~~ the ~~recognition~~consumer ofand ~~lease~~other ~~expense~~loans inportfolio ~~future~~segment ~~periods~~included ashome aequity, ~~result~~indirect ~~of the adoption of ASC 842. See Note 8~~automobile, ~~Leases,~~credit ~~for~~card ~~additional~~and ~~disclosures required by ASC 842~~other.

~~ASU~~Troubled ~~No.~~Debt ~~2018-16~~Restructurings

InThe ~~October~~Company ~~2018,~~periodically ~~the~~grants ~~FASB~~concessions ~~released~~to ~~ASU~~its ~~No.~~customers ~~2018-16,~~in ~~Derivatives~~an attempt to protect as much of its investment as possible and ~~Hedging~~minimize ~~(ASC~~risk ~~815):~~of ~~Inclusion~~loss. These concessions may include restructuring the terms of a loan to alleviate the ~~Secured~~burden ~~Overnight~~of ~~Financing~~the ~~Rate~~customer’s ~~(SOFR)~~near-term ~~Overnight~~cash ~~Index~~requirements. ~~Swap~~In ~~(OIS)~~order ~~Rate~~to be classified as a ~~Benchmark~~TDR, ~~Interest~~the ~~Rate~~Company ~~for~~must ~~Hedge~~conclude ~~Accounting~~that ~~Purposes,~~the ~~which~~restructuring ~~permits~~constitutes ~~the~~a ~~use~~concession ofand the ~~OIS~~customer ~~rate~~is ~~based~~experiencing onfinancial ~~SOFR~~difficulties. The Company defines a concession to the customer as a ~~U.S.~~modification ~~benchmark~~of ~~interest~~existing ~~rate~~terms for ~~hedge~~economic ~~accounting~~or ~~purposes~~legal ~~under~~reasons ~~ASC~~that ~~815~~it inwould ~~addition~~otherwise tonot consider. The concession is either granted through an agreement with the ~~interest~~customer ~~rates~~or onis ~~direct~~imposed ~~Treasury~~by ~~obligations~~a court of ~~the~~law. ~~UST,~~Concessions ~~the~~include ~~LIBOR~~modifying ~~swap~~original ~~rate,~~loan ~~the~~terms ~~OIS~~to ~~Rate~~reduce ~~based~~or ondefer ~~the~~cash ~~Fed~~payments ~~Funds~~required ~~Effective~~as ~~Rate,~~part ~~and~~of the ~~SIFMA~~loan ~~Municipal~~agreement, ~~Swap~~including ~~Rate.~~but not limited to:

~~The~~• ~~required~~a ~~effective~~reduction ~~date~~ of ~~this ASU was dependent upon when an entity adopted~~ the ~~provisions~~stated ofinterest ~~ASU~~rate ~~No. 2017-12. The Company adopted ASU No. 2018-16 effective January 1, 2019 on a prospective basis~~ for ~~qualifying~~the ~~new~~remaining ororiginal ~~redesignated~~life ~~hedging relations as ASU No. 2017-12 had previously been adopted on January 1, 2018. The implementation~~ of ~~this ASU did not have a significant impact on~~ the ~~Company’s consolidated financial statements.~~loan,

• ~~ASU~~extension ~~No.~~of ~~2017-08~~the maturity date or dates at a stated interest rate lower than the current market rate for new loans with similar risk characteristics,

In• ~~March~~reduction ~~2017,~~of the ~~FASB~~face ~~issued~~amount ~~ASU~~or ~~No.~~maturity ~~2017-08,~~amount ~~Receivables-Nonrefundable~~of ~~Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens~~ the ~~amortization~~loan ~~period~~as ~~for~~stated ~~callable~~in ~~debt securities held at a premium to~~ the ~~earliest call date instead of the maturity date. The amendments do not require an accounting change for securities held at a discount~~agreement, ~~which will continue to be amortized to the maturity date.~~or

~~The~~• ~~Company~~reduction ~~adopted ASU No. 2017-08 effective January 1, 2019. The adoption~~ of ~~the~~accrued ~~ASU~~interest ~~did~~receivable ~~not~~on ~~have a material impact to~~ the ~~Company’s consolidated financial statements~~loan.

~~Pronouncements~~In ~~issued~~its determination of whether the customer is experiencing financial difficulties, the Company considers numerous indicators, including, but not ~~yet~~limited ~~adopted~~to:

~~ASU~~• ~~No.~~whether ~~2016-13,~~the ~~ASU~~customer ~~No.~~is ~~2019-04~~currently ~~(portion~~in ~~related~~default toon ~~ASC~~its ~~326~~existing loan(s), ~~and~~or ~~ASU~~is ~~No.~~in ~~2019-05~~an economic position where it is probable the customer will be in default on its loan(s) in the foreseeable future without a modification,

In• ~~June~~whether ~~2016,~~ the ~~FASB~~customer ~~issued~~has ~~ASU~~declared ~~No. 2016-13~~bankruptcy, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments. The guidance introduces an impairment model that is based on expected credit losses (ECL), rather than incurred losses, to estimate credit losses on certain types of financial instruments such as loans and held-to-maturity securities, including certain off-balance sheet financial instruments such as loan commitments. The measurement of ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics must be grouped together when estimating ECL. The ASU also expands credit quality disclosures.

~~Additionally,~~• ~~ASU~~whether ~~No.~~there ~~2016-13 amends the current AFS security impairment model for debt securities. The new model will require an estimate of ECL when the fair value~~ is ~~below~~substantial ~~the~~doubt ~~amortized~~about ~~cost of~~ the ~~asset.~~customer’s ~~The~~ability ~~credit-related~~to ~~impairment~~continue ~~(and subsequent recoveries) are recognized~~ as ~~an allowance on the balance sheet with~~ a ~~corresponding~~going ~~adjustment to the income statement. Non-credit related losses will continue to be recognized through OCI.~~concern,

In• ~~addition~~whether, ~~ASU~~based ~~No.~~on ~~2016-13~~its ~~provides~~projections ~~for a simplified accounting model for purchased financial assets with a more-than-insignificant amount~~ of ~~credit~~the ~~deterioration~~customer’s ~~since~~current ~~their~~capabilities, ~~origination.~~the ~~The~~Company ~~initial~~believes ~~estimate~~the ofcustomer’s ~~expected~~future ~~credit~~cash ~~losses~~flows ~~would~~will be ~~recognized~~insufficient ~~through~~to anservice ~~ALLL~~the ~~with~~loan, anincluding ~~offset (i.e.~~interest, ~~increase)~~in toaccordance with the ~~cost~~contractual ~~basis~~terms of the ~~related~~existing ~~financial~~agreement ~~asset~~for atthe ~~acquisition.~~foreseeable future, and

~~ASU~~• ~~No.~~whether 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. This ASU will be applied through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the ~~beginning~~customer ofcannot ~~the~~obtain ~~first~~sufficient ~~reporting~~funds ~~period~~from inother ~~which~~sources ~~the~~at ~~guidance~~an is effective. Ainterest ~~prospective~~rate ~~transition~~equal ~~approach is required for debt securities for which OTTI had been recognized before the effective date. Amounts previously recognized in AOCI as of the date of adoption that relate~~ to ~~improvements in cash flows expected to be collected should continue to be accreted into income over~~ the ~~remaining~~current ~~life~~market ofrate ~~the~~for ~~asset.~~a ~~Recoveries~~similar ofloan ~~amounts~~for ~~previously~~a ~~written~~non-troubled ~~off relating to improvements in cash flows after the date of adoption should be recorded in earnings when received~~debtor.

~~During~~If ~~2019,~~ the ~~FASB~~Company ~~issued~~concludes ~~ASU~~that ~~No.~~both ~~2019-04,~~a ~~Codification~~concession ~~Improvements~~has tobeen ~~Financial~~granted ~~Instruments-Credit Losses (ASC 326), Derivatives~~ and ~~Hedging~~the ~~(ASC~~customer ~~815),~~is ~~and~~experiencing ~~Financial~~financial ~~Instruments (ASC 825)~~difficulties, ~~which~~the ~~clarified~~Company identifies the ~~scope~~loan ofas ~~ASU~~a NoTDR. ~~2016-13~~Prior ~~and~~to ~~addressed~~January ~~various issues~~2020, ~~including~~all ~~accrued~~TDRs ~~interest~~were ~~receivable~~considered ~~balances,~~impaired ~~recoveries,~~loans ~~variable interest rates~~ and ~~prepayments,~~acquired ~~and~~impaired ~~ASU~~loans ~~No.~~accounted ~~2019-05,~~for ~~Financial~~within ~~Instruments-Credit~~pools ~~Losses~~were ~~(Topic~~not ~~326):~~reviewed ~~Targeted Transition Relief, which clarified certain implementation issues. The effective date~~ for ~~the~~TDR ~~portion~~classification ofif ~~ASU No~~modified. ~~2019-04 related to credit losses and ASU No. 2019-05 are the same as ASU No. 2016-13.~~

~~The Company’s cross~~Non-~~function~~accrual ~~implementation team~~ and ~~engaged~~Past ~~third-party~~Due ~~consultants~~Loans ~~have jointly developed~~ and ~~continue~~Leases to(Including ~~execute~~Loan ~~the~~Charge-offs) project plan and provide implementation oversight. Significant progress has been made in implementation efforts, including model development and validation, fulfillment of additional data needs for new disclosure and reporting requirements, and drafting of accounting policies. In October 2019, user acceptance testing was completed and the Company began concurrent model runs. Implementation efforts will continue through the remainder of 2019, including continued process refinement, documentation enhancement, and finalization of the internal control framework.

~~Based~~Loans ~~on a preliminary analysis performed in the third quarter of 2019~~ and ~~forecasts~~leases ofare ~~macroeconomic~~generally ~~conditions~~considered ~~and~~past ~~exposures~~due aswhen ofcontractual ~~September~~payments ~~30, 2019, the transition adjustment on January 1, 2020 is estimated to generate an ACL to loans ratio~~ of ~~1.00%~~principal ~~to 1.20%. The Company currently intends to use a blend of multiple economic forecasts to estimate expected credit losses over a one to two year reasonable~~ and ~~supportable~~interest ~~forecast~~have ~~period~~not ~~and~~been ~~then~~received ~~revert~~within to30 ~~longer~~days ~~term~~after ~~historical~~the ~~loss~~contractual ~~experience~~due ~~to arrive at lifetime expected credit losses~~date. ~~The~~Residential ~~estimated increase in ACL is primarily due to required increases for residential~~ mortgage ~~and home equity~~ loans toare ~~include~~considered ~~the~~past ~~requirement~~due towhen ~~estimate~~contractual ~~lifetime~~payments ~~expected~~have ~~credit~~not ~~losses~~been ~~and~~received ~~the remaining length of time to maturity~~ for ~~these~~two ~~loans~~consecutive aspayment ~~well as an increase in reserves on acquired non-impaired loans which had low reserve levels under the previous accounting guidance~~dates.

~~While~~Loans ~~these~~and ~~ASUs~~leases are ~~expected~~placed toon ~~increase~~non-accrual ~~ACL,~~status ~~they~~when doany ~~not~~of ~~change~~the following occur: 1) the ~~overall~~loan ~~credit~~or ~~risk~~lease is maintained on a cash basis because of deterioration in the ~~Company's~~financial ~~loan~~condition of the borrower; 2) collection of the full contractual amount of principal and interest is not expected even if the loan or lease ~~portfolios~~is currently paying as agreed; or 3) when principal or interest has been in default for a period of 90 days or more, unless the ~~ultimate~~loan ~~losses~~or ~~therein.~~lease ~~The~~is ~~transition~~both ~~adjustment~~well-secured toand ~~increase~~in ~~ACL~~the ~~will~~process ~~primarily~~of ~~result~~collection. Factors considered in adetermining ~~decrease~~the tocollection ~~shareholders'~~of ~~equity~~the full contractual amount of principal and interest include assessment of the borrower’s cash flow, ~~net~~valuation of ~~income~~underlying ~~taxes~~collateral, and the ability and willingness of guarantors to provide credit support. Certain commercial loans and leases are also placed on ~~January~~non-accrual 1status when payment is not past due and full payment of principal and interest is expected, ~~2020~~but the Company has doubt about the borrower’s ability to comply with existing repayment terms. ~~The~~Consideration ~~ultimate~~will ~~impact~~be given to placing a loan or lease on non-accrual due to the deterioration of the ~~adoption~~debtor’s repayment ability, the repayment of ~~these~~the ~~ASUs~~loan ~~will~~or ~~depend~~lease becoming dependent on the ~~composition~~liquidation of collateral, an existing collateral deficiency, the loan, or lease being classified as "doubtful" or "loss," the client filing for bankruptcy, and/or ~~securities~~foreclosure ~~portfolios~~being initiated. For all commercial loans and leases, ~~finalization~~the determination of ~~credit~~a ~~loss~~borrower’s ~~models~~ability to make the required principal and interest payments is based on an examination of the borrower’s current financial statements, industry, management capabilities, and ~~macroeconomic~~other ~~conditions~~qualitative factors. Loans and ~~forecasts~~leases atare evaluated for potential charge-off in accordance with the ~~adoption~~parameters ~~date~~discussed in the following paragraph or when the loan or lease is placed on non-accrual status, whichever is earlier. Prior to January 1, 2020, acquired impaired loans were placed on non-accrual status when the Company could not reasonably estimate cash flows on the loan or loan pool.

Loans and leases within the commercial portfolio are generally evaluated for charge-off at 90 days past due, unless both well-secured and in the process of collection. Closed and open-end consumer loans and leases are evaluated for charge-off no later than 120 days past due. Any outstanding loan balance in excess of the fair value of the collateral less costs to sell is charged-off no later than 120 days past due for loans secured by real estate. For non-real estate secured loans and leases, in lieu of charging off the entire balance, loans or leases may be written down to the fair value of the collateral less costs to sell if repossession of collateral is assured and in process. Prior to January 1, 2020, acquired impaired loans were not generally evaluated for charge-off.

The accrual of interest, as well as the amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium, is discontinued at the time the loan or lease is placed on non-accrual status. Accrued but uncollected interest for all loans and leases that are placed on non-accrual status is generally reversed through interest income at 90 days past due. As accrued but uncollected interest is reversed on a timely basis, the Company does not estimate an AECL for accrued interest. Cash receipts received on non-accrual loans or leases are generally applied against principal until the loan or lease has been collected in full, after which time any additional cash receipts are recognized as interest income (i.e., cost recovery method). However, interest may be accounted for under the cash-basis method as long as the remaining recorded investment in the loan is deemed fully collectible.

Loans and leases are returned to accrual status when the borrower has demonstrated a capacity to continue payment of the debt (generally a minimum of six months of sustained repayment performance) and collection of contractually required principal and interest associated with the debt is reasonably assured. Additionally, for a non-accrual TDR to be returned to accrual status, a current, well-documented credit analysis is required and the borrower must have complied with all terms of the modification. At such time, the accrual of interest and amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium shall resume. Any interest income which was applied to the principal balance shall not be reversed and subsequently will be recognized as an adjustment to yield over the remaining life of the loan.

Individually Assessed Loans and Leases/Impaired Loans

When a loan or lease no longer shares risk characteristics with other loans or leases, it is individually assessed for impairment. While management considers a variety of factors in determining when a loan no longer shares risk characteristics with other loans, generally all TDR and non-accrual loans above certain thresholds are considered to meet this requirement and are individually assessed for impairment. Impairment losses are measured on a loan-by-loan basis for these commercial and consumer loans and leases, based on either the present value of expected future cash flows discounted at the loan or lease’s effective interest rate or the fair value of the collateral if the loan or lease is collateral-dependent. This measurement requires significant judgment and use of estimates, and the actual loss ultimately recognized by the Company may differ significantly from the estimates.

Prior to January 1, 2020, a loan was considered to be impaired when, based on current information and events, it was probable that the Company would be unable to collect the scheduled payments of principal and/or interest in accordance with the contractual terms of the loan agreement. Generally all TDRs regardless of the outstanding balance amount or portfolio classification, and all acquired impaired loans were considered to be impaired. Loans that experienced insignificant payment delays and payment shortfalls generally were not classified as impaired. Impairment losses were measured on a loan-by-loan basis for commercial and certain residential mortgage or consumer loans, based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan was collateral-dependent.

Allowance for Expected Credit Losses

The Company maintains the AECL at a level that management believes appropriate to absorb estimated lifetime credit losses, including losses associated with unfunded commitments. The AECL includes the allowance for loan and lease losses (ALLL) (contra asset) and the reserve for unfunded commitments (liability).

Determination of the appropriate AECL involves a high degree of complexity and requires significant judgment regarding the credit quality of the loan portfolio and management’s view of future economic conditions. Several factors are taken into consideration in the determination of the overall AECL which include, but are not limited to, the overall risk profiles of the loan and lease portfolios, net charge-off experience, the level of loans and leases that require an individual assessment for impairment, the level of non-performing loans and leases, the level of 90 days past due loans and leases, the value of collateral, among other factors. The Company also considers forecasts of future national and regional economic conditions, overall asset quality trends, changes in lending practices and procedures, trends in the nature and volume of the loan portfolio (including the existence and effect of any portfolio concentrations), changes in experience and depth of lending staff, the Company’s legal, regulatory and competitive environment, and data availability and applicability that might impact the portfolio or the manner in which it estimates losses, risk rating accuracy, and risk identification.

The Company has developed multiple current expected credit loss models (ECL Models) which segment the Company’s loan and lease portfolio by borrower type (i.e. commercial and consumer) and loan or lease type to estimate lifetime expected credit losses for loans and leases that share similar risk characteristics. These ECL Models primarily use a probability-of-default methodology to estimate expected credit losses for all loan and lease commitments. Within each ECL Model, PDs and LGDs are established at the individual loan or lease commitment level based on various loan or lease specific characteristics. For commercial loans and leases, these characteristics include customer size, industry sector, geographic region, risk rating and collateral/property type, among others. For consumer loans, these characteristics include geographic region, loan size, customer size, fixed or variable rate, lien position, and FICO score, among others. The ECL Models use both internal and external historical loss data, as appropriate, for all available historical periods and a blend of multiple economic forecasts as approved by ALCO to estimate expected credit losses over a reasonable and supportable forecast period. The ECL Models then revert to longer term historical loss experience on a straight-line basis to arrive at lifetime expected credit losses. The selection of the economic forecasts, the forecast period and reversion period and methodology are reviewed and approved quarterly. The ECL Models also take into consideration the effects of prepayments and draw-down assumptions for any unfunded commitments, as applicable. Qualitative adjustments are incorporated into the ECL Model-based estimate of expected credit losses to accommodate for the imprecision of certain assumptions and uncertainties inherent in the calculation.

Loans or leases that no longer share similar risk characteristics with other loans or leases in the portfolio must be individually evaluated for impairment. For these loans and leases, the AECL is determined on an individual loan and lease commitment basis, taking into consideration facts and circumstances specific to each borrower. As discussed above, the AECL for individually assessed loans or leases is based on the difference between the recorded investment in the loan or lease and either the estimated net present value of projected cash flows or the estimated value of the collateral associated with a collateral-dependent loan, less cost to sell.

The overall AECL is allocated between the ALLL and the reserve for unfunded commitments based on the loan’s percentage funded and the future funding expectations of the loan.

Prior to January 1, 2020, the allowance for credit losses was maintained at a level appropriate to absorb estimated probable credit losses incurred in the loan portfolio, including unfunded commitments as of the consolidated balance sheet date. The manner in which the allowance for credit losses was determined was based on 1) the accounting method applied to the underlying loans and 2) whether the loan was required to be measured for impairment. The Company delineated between loans accounted for under the contractual yield method, legacy loans (originated loans), acquired non-impaired loans, and acquired impaired loans. Further, for legacy and acquired non-impaired loans, the Company attributed portions of the allowance for credit losses to loans and loan commitments that it measured individually, and groups of homogeneous loans and loan commitments that it measured collectively for impairment.

Prior to January 1, 2020, the allowance for loan losses for all impaired loans (excluding acquired impaired loans) was determined on an individual loan basis, considering the facts and circumstances specific to each borrower. The allowance was based on the difference between the recorded investment in the loan and generally either the estimated net present value of projected cash flows or the estimated value of the collateral associated with a collateral-dependent loan. The determination of the allowance for loan losses for acquired impaired loans prior to January 1, 2020 is further discussed in the “Loans” section of this footnote.

Prior to January 1, 2020, the allowance for loan losses for all non-impaired loans (excluding acquired impaired loans) was calculated based on pools of loans with similar characteristics. The pool-level allowance was calculated through the application of PD and LGD factors for each individual loan. PDs and LGDs were determined based on historical default and loss information for similar loans. For purposes of establishing estimated loss percentages for pools of loans that shared common risk characteristics, the Company’s loan portfolio was segmented by various loan characteristics including loan type, risk rating for commercial, Vantage or FICO score for residential mortgage and consumer, past due status for residential mortgage and consumer and call report code. The default and loss information was measured over an appropriate period for each loan pool and adjusted as deemed appropriate. Qualitative adjustments were incorporated into the pool-level analysis to accommodate for the imprecision of certain assumptions and uncertainties inherent in the calculation.

NOTE 2 - RECENT ACCOUNTING PRONOUNCEMENTS

Pronouncements adopted during the quarter ended March 31, 2020:

ASU No. 2016-13, ASU No. 2019-04 (portion related to ASC 326), ASU No. 2019-05, ASU No. 2019-11, and ASU No. 2020-03

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments. The guidance, along with subsequent related updates issued during 2019, introduces an impairment model that is based on expected credit losses (ECL) rather than incurred losses, to estimate credit losses on certain types of financial instruments, such as loans and held-to-maturity (HTM) securities, including certain off-balance sheet financial instruments, such as loan commitments. The measurement of ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics must be grouped together when estimating ECL. In addition, ASC 326 expands credit quality disclosures.

ASC 326 also provides for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their origination (purchased credit deteriorated). The initial estimate of expected credit losses for purchase credit deteriorated financial assets is recognized as an AECL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition.

Additionally, ASC 326 amends the current AFS security impairment model for debt securities. The new model will require an estimate of ECL when the fair value is below the amortized cost of the asset. The credit-related impairment (and subsequent recoveries) are recognized as an allowance on the balance sheet with a corresponding adjustment to the income statement. Non-credit related losses will continue to be recognized through OCI.

The Company adopted these ASUs as of January 1, 2020 through a cumulative-effect adjustment to opening retaining earnings.

Estimation Methodology

The estimate of expected credit losses is inherently subjective, as it requires management to exercise judgment in determining appropriate factors to be used to determine the allowance. Following are some of the most significant factors used to estimate expected credit losses under ASC 326:

Economic Forecasts: Management selected economic variables it believes to be the most relevant for estimating losses based on the composition of the loan and leases portfolio and customer base, including property values, employment and unemployment levels, oil prices and other key economic measures. The Company considers a variety of economic forecasts and selects multiple economic forecasts it believes represent future changes in macroeconomic conditions. The Company uses a blend of the selected economic forecasts to estimate credit losses.

Forecast Period: Management believes that it can reasonably forecast credit losses over an eighteen month period, taking into consideration historical information, current information, and reasonable and supportable economic forecasts. Management will re-evaluate the forecast period on a quarterly basis and may adjust the forecast period in response to changes in the economic environment and other factors.

Reversion Methodology: For contractual periods beyond the eighteen month forecast period, the Company reverts over a twelve-month period to longer term historical loss experience on a straight-line basis to arrive at lifetime expected credit losses. Management will re-evaluate the reversion methodology on a quarterly basis.

Credit losses for loans and leases which no longer share risk characteristics with other loans or leases, primarily non-accrual and TDR loans are individually assessed for impairment. A specific allowance is determined for these loans and leases determined using either the present value of expected cash flows or the fair value of the underlying collateral.

The AECL calculated by the ECL Models for the Company’s loan and lease portfolio is allocated between the ALLL and the reserve for unfunded commitments based on the loan’s percentage funded and future funding expectations of the loan.

The Company elected not to measure an allowance for expected credit losses for accrued interest as its reverses uncollectible accrued interest through interest income in a timely manner. Accrued interest will continue to be reported within other assets in the consolidated balance sheet. The Company did not elect the one-time fair value option transition expedient for financial instruments recorded at amortized cost. Additionally, the Company elected to discontinue the use of pools to account for purchased credit deteriorated financial assets.

ASC 326 also requires an estimate of expected credit losses on the HTM and AFS debt securities portfolios. Most of these portfolios consist of agency-backed securities that inherently have an immaterial risk of loss. For non-agency-backed HTM securities, the Company estimates expected credit losses by segmenting the portfolio by credit rating and duration and applying external historical loss data, taking into consideration management's forecast of future economic conditions, as discussed above. For non-agency-backed AFS securities where amortized cost exceeds fair value, the Company reviews each security to determine if any portion of the unrealized loss is credit-related.

Impact of Adoption

The impact of the adoption of ASC 326 on the Company's loan and lease portfolio was as follows:



(in thousands)	December 31, 2019		CECL Adoption			January 1, 2020
Allowance for Expected Credit Losses
Real estate - construction	$	9,993	$	3,332		$	13,325
Real estate - owner-occupied	16,115		(7,536		)	8,579
Real estate - non-owner occupied	38,170		28,859			67,029
Commercial & industrial	62,112		(14,656		)	47,456
Residential mortgage	10,209		71,264			81,473
Home equity	14,231		2,808			17,039
Other consumer loans	12,395		(1,752		)	10,643
Total	$	163,225	$	82,319		$	245,544

Retained Earnings
Increase in allowance for expected credit losses	$	82,319
Balance sheet reclassification	5,987
Total pre-tax effect	88,306
Tax effect	20,701
Decrease to retained earnings	$	67,605

The increase in the AECL primarily relates to required increases for loans previously classified as acquired non-impaired. The AECL for residential mortgage loans increased due to the requirement to estimate lifetime expected credit losses and the remaining length of time to maturity for these loans versus a loss emergence period. The AECL for non-owner-occupied commercial real estate loans also increased reflecting higher LGDs under the CECL model. The balance sheet reclassification represents the adjustment to the amortized cost basis of purchased credit deteriorated loans to reflect the addition of the allowance for expected credit losses at the date of adoption. At the time of adoption, the Company recognized the economy was vulnerable to major shocks, fiscal policy missteps, other geopolitical events and the outcome of the pending U.S. elections. The transition adjustment reflected the Company's view of a relatively stable macroeconomic environment over the next eighteen months. While ASC 326 results in a higher AECL, it does not change the overall credit risk in the Company’s loan and lease portfolios or the ultimate losses therein. The Company expects future changes in the AECL to be more volatile under ASC 326 as the AECL in future periods will be based on a variety of factors, including changes in loan and lease volumes, the credit quality of the loan and lease portfolio, and forecasts of future economic conditions, which are outside of the Company’s control.

The adoption of ASC 326 for the Company’s HTM and AFS debt securities was not material.

ASU No. 2018-13

In August 2018, the FASB released ASU No. 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The ASU ~~will~~is be effective for fiscal years beginning after December 15, 2019, including interim periods, with early adoption permitted.

The Company isadopted ~~currently~~ASU ~~evaluating~~No. ~~the~~2018-13 ~~impact~~as of ~~the~~January ~~ASU~~1, 2020. While adoption of this ASU will result in changes to existing disclosures, it ~~will~~did not have an impact on the Company’s financial position or results of operations.

ASU No. 2018-17

In October 2018, the FASB released ASU No. 2018-17, Consolidation (ASC 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which improves the consistency of the application of the variable interest entity (VIE) related party guidance for common control arrangements. This ASU requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP) when determining whether a decision-making fee is a variable interest. ASU No. 2018-17 ~~will~~is be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The guidance will be applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented.

The Company isadopted ~~currently~~ASU ~~evaluating~~No. ~~the~~2018-17 ~~impact~~as of January 1, 2020. The adoption of the ASU ondid not have a material impact to the Company’s consolidated financial statements. Based on the Company’s invested interests at adoption, no transition adjustment was needed.

ASU No. 2019-04

In April 2019, the FASB released ASU No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825). The amendments in the ASU improve the Codification by eliminating inconsistencies and providing clarifications. The amendments related to the credit losses standard are discussed above under ASU 2016-13.

With respect to hedge accounting, the ASU addresses partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, among other things. For recognizing and measuring financial instruments, the ASU addresses the scope of the guidance, the requirement for re-measurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be re- measured at historical exchange rates.

Since the Company early adopted the guidance in ASU No. 2017-12, Derivatives and Hedging (~~Topic~~ASC 815): Targeted Improvements to Accounting for Hedging Activities in 2018, the amended hedge accounting guidance in ASU No. 2019-04 ~~will~~is be effective as of the beginning of the first annual reporting period beginning after April 25, 2019 with early adoption permitted on any date after the issuance of this ASU.

The Company isadopted ~~currently~~ASU ~~evaluating~~No. ~~the~~2017-08 ~~impact~~as of January 1, 2020. The adoption of the ASU ondid not have a material impact to the Company’s consolidated financial statements.

14Pronouncements issued but not yet adopted:

ASU No. 2019-12

In December 2019, the FASB released ASU No. 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes, as part of their initiative to reduce complexity in accounting standards. The ASU simplifies the accounting for income taxes by eliminating certain exceptions to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The ASU also simplifies aspects of the accounting for enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.

ASU No. 2019-12 will be effective for fiscal years beginning after December 15, 2020, including interim periods, with early adoption permitted. The transition method for ASU No. 2019-12 varies between the simplification items. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements.

ASU No. 2020-01

In January 2020, the FASB released ASU No. 2020-01, Investments-Equity Securities (ASC 321), Investments- Equity Method and Joint Ventures (ASC 323), and Derivatives and Hedging (ASC 815): Clarifying the Interactions between ASC 321, ASC 323, and ASC 815, a consensus of the FASB’s Emerging Issues Task Force (EITF). The ASU clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under ASC 323 for the purposes of applying the measurement alternative in accordance with ASC 321 immediately before applying or upon discontinuing the equity method. The ASU also clarifies that, when determining the accounting for certain forward contracts and purchased options, a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option.

ASU No. 2020-01 will be effective for fiscal years beginning after December 15, 2020, including interim periods, with early adoption permitted. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements.

ASU No. 2020-04

In March 2020, the FASB released ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides relief for entities preparing for discontinuation of interest rates such as LIBOR. The ASU provides optional expedients and exceptions to ease the accounting impacts associated with contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. For contracts, this ASU allows entities to account for certain contract modifications as a continuation of the existing contract without additional analysis. For hedging relationships, this ASU allows hedge accounting to continue when certain critical terms of a hedging relationship charge and assess effectiveness in ways that disregard certain potential sources of ineffectiveness. Additionally, the ASU allows entities to make a one-time sale and/or transfer of certain debt securities from held-to-maturity to available-for-sale or trading.

ASU No. 2020-04 is effective from the beginning of the interim period that includes March 12, 2020. An entity may elect to apply the ASU prospectively through December 31, 2022. The expedients and exceptions provided by the ASU do not apply to contract modifications made or hedging relationships entered into or evaluated after December 31, 2022, with certain exceptions for hedging relationships existing as of December 31, 2022. The Company is currently evaluating the impact of the ASU on its consolidated financial statements.

NOTE 3 – INVESTMENT SECURITIES

The following table summarizes the amortized cost and estimated fair ~~values~~value of ~~investment~~securities available for sale and securities held to maturity as of March 31, ~~with~~2020 and December 31, 2019, excluding accrued interest of $13.3 million and $15.1 million, respectively, which is included in other assets in the unaudited consolidated balance sheets, and the corresponding amounts of gross unrealized gains and losses, ~~consisted~~recognized ofin ~~the~~accumulated ~~following~~other comprehensive income (loss) and gross unrecognized gains and losses:

September 30, 2019

March 31, 2020

(in thousands)

AmortizedCost

GrossUnrealizedGains

GrossUnrealizedLosses

EstimatedFairValue

Securities available for sale:

U.S. Government-sponsored enterprise obligations

39,~~887~~944

~~294~~425

—

40,~~181~~369

Obligations of state and political subdivisions

~~166~~158,~~034~~578

76,~~333~~984

—

~~173~~165,~~367~~562

Mortgage-backed securities:

Residential agency

32,~~135~~797,~~619~~087

3182,~~354~~191

(~~3,930~~70

)

32,~~163~~879,~~043~~208

Commercial agency

~~732~~681,~~669~~145

2432,~~239~~078

(~~179~~13

)

~~756~~713,~~729~~210

Other securities

~~101~~113,~~324~~621

3,~~543~~230

(~~105~~240

)

~~104~~116,~~762~~611

Total securities available for sale

43,~~175~~790,~~533~~375

66124,~~763~~908

(~~4,214~~323

)

43,~~238~~914,~~082~~960

AmortizedCost

GrossUnrecognizedGains

GrossUnrecognizedLosses

EstimatedFairValue

Securities held to maturity:

Obligations of state and political subdivisions

~~167~~162,~~888~~330

78,~~725~~233

—

~~175~~170,~~613~~563

Mortgage-backed securities:

Residential agency

1715,~~119~~630

50210

(~~196~~7

)

1615,~~973~~833

Total securities held to maturity

~~185~~177,~~007~~960

78,~~775~~443

(~~196~~7

)

~~192~~186,~~586~~396

December 31, 2018

December 31, 2019

(in thousands)

AmortizedCost

GrossUnrealizedGains

GrossUnrealizedLosses

EstimatedFairValue

Securities available for sale:

U.S. Government-sponsored enterprise obligations

~~995~~39,916

3281

—

~~998~~40,197

Obligations of state and political subdivisions

~~177~~160,~~566~~873

27,~~045~~607

~~(723~~—

)

~~178~~168,~~888~~480

Mortgage-backed securities:

Residential agency

32,~~837~~876,~~584~~069

827,~~886~~423

(573,~~073~~836

)

32,~~789~~899,~~397~~656

Commercial agency

~~730~~704,~~148~~661

217,~~363~~202

(~~14,799~~404

)

~~717~~721,~~712~~459

Other securities

97101,~~020~~022

~~351~~2,779

(~~787~~233

)

96103,~~584~~568

Total securities available for sale

43,~~843~~882,~~313~~541

1355,~~648~~292

(734,~~382~~473

)

43,~~783~~933,~~579~~360

AmortizedCost

GrossUnrecognizedGains

GrossUnrecognizedLosses

EstimatedFairValue

Securities held to maturity:

Obligations of state and political subdivisions

~~188~~166,~~684~~386

~~309~~7,147

~~(2,497~~—

)

~~186~~173,~~496~~533

Mortgage-backed securities:

Residential agency

1816,~~762~~575

(~~1,011~~239

)

1716,~~781~~366

Total securities held to maturity

~~207~~182,~~446~~961

~~339~~7,177

(~~3,508~~239

)

~~204~~189,~~277~~899

Securities with carrying values of $2.1 billion and $2.4 billion were pledged to support repurchase transactions, public funds deposits, and certain long-term borrowings at September 30, 2019 and December 31, 2018, respectively.20

15Securities with carrying values of $2.4 billion and $2.2 billion were pledged to support repurchase transactions, public funds deposits, and certain long-term borrowings at March 31, 2020 and December 31, 2019, respectively.

Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, was as follows:

	September 30, 2019
	March 31, 2020
	Less Than Twelve Months					Twelve Months or More					Total
(in thousands)	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
Securities available for sale:
Mortgage-backed securities:
Residential agency	$	(~~1,829~~70	)	$	~~447~~8,~~333~~684	$	~~(2,101~~—	)	$	~~299,396~~—	$	(~~3,930~~70	)	$	~~746~~8,~~729~~684
Commercial agency	(8313		)	85,~~961~~039		~~(96~~—		)	~~10,994~~—		(~~179~~13		)	195,~~955~~039
Other securities	(6152		)	1319,~~368~~848		(9988		)	4,~~802~~168		(~~105~~240		)	1824,~~170~~016
Total securities available for sale	$	(~~1,918~~235	)	$	~~469~~33,~~662~~571	$	(~~2,296~~88	)	$	~~315~~4,~~192~~168	$	(~~4,214~~323	)	$	~~784~~37,~~854~~739
	Less Than Twelve Months					Twelve Months or More					Total
	Gross Unrecognized Losses			Estimated Fair Value		Gross Unrecognized Losses			Estimated Fair Value		Gross Unrecognized Losses			Estimated Fair Value
Securities held to maturity:
Mortgage-backed securities:
Residential agency	$	(2—	)	$	~~924~~46	$	(~~194~~7	)	$	91,~~551~~973	$	(~~196~~7	)	$	102,~~475~~019
Total securities held to maturity	$	(2—	)	$	~~924~~46	$	(~~194~~7	)	$	91,~~551~~973	$	(~~196~~7	)	$	102,~~475~~019

	December 31, 2018
	December 31, 2019
	Less Than Twelve Months					Twelve Months or More					Total
(in thousands)	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
Securities available for sale:
Obligations of state and political subdivisions	$	(9—	)	$	~~4,112~~590	$	~~(714~~—	)	$	~~30,268~~—	$	~~(723~~—	)	$	~~34,380~~590
Mortgage-backed securities:
Residential agency	(~~816~~1,893		)	~~197~~441,~~057~~332		(561,~~257~~943		)	2268,~~193,862~~383		(573,~~073~~836		)	2709,~~390,919~~715
Commercial agency	(43252		)	1856,~~190~~728		(~~14,756~~152		)	~~483~~10,~~565~~301		(~~14,799~~404		)	~~501~~67,~~755~~029
Other securities	(94133		)	1813,~~025~~241		(~~693~~100		)	324,~~577~~492		(~~787~~233		)	5017,~~602~~733
Total securities available for sale	$	(~~962~~2,278	)	$	~~237~~511,~~384~~891	$	(722,~~420~~195	)	$	2283,~~740,272~~176	$	(734,~~382~~473	)	$	2795,~~977,656~~067
	Less Than Twelve Months					Twelve Months or More					Total
	Gross Unrecognized Losses			Estimated Fair Value		Gross Unrecognized Losses			Estimated Fair Value		Gross Unrecognized Losses			Estimated Fair Value
Securities held to maturity:
Obligations of state and political subdivisions	$	(3	)	$	2,059	$	(2,494	)	$	151,699	$	(2,497	)	$	153,758
Mortgage-backed securities:
Residential agency	—$	(52	)	—$	6,308	~~(1,011~~$	(187	)	~~17,478~~$	9,074	~~(1,011~~$	(239	)	~~17,478~~$	15,382
Total securities held to maturity	$	(352	)	$	26,~~059~~308	$	(~~3,505~~187	)	$	~~169~~9,~~177~~074	$	(~~3,508~~239	)	$	~~171~~15,~~236~~382

1621

The Company held certain investment securities where amortized cost exceeded fair value, resulting in unrealized loss positions, as shown in the tables above. ~~Management~~The Company evaluates its investment securities portfolio for ~~other-than-temporary~~ impairment on ~~at least~~ a quarterly basis~~, and more frequently when economic or market concerns warrant such evaluation~~. Impairment is considered to be other-than-temporary if the Company (1) intends to sell the security, (2) more likely than not will be required to sell the security before recovering its cost, or (3) does not expect to recover the security's entire amortized cost basis. As of September 30, 2019, the Company did not intend to sell any of these securities, did not expect to be required to sell these securities, and expected to recover the entire amortized cost of all these securities.

AtFor ~~September~~HTM 30securities, ~~2019,~~the ~~107~~Company ~~debt~~maintains ~~securities~~an ~~had~~allowance ~~unrealized~~for ~~losses~~expected ofcredit ~~0.55%~~losses ofappropriate ~~the~~to ~~securities’~~absorb ~~amortized~~estimated ~~cost~~lifetime ~~basis~~credit losses. AtHTM ~~December~~securities ~~31,~~where ~~2018,~~there ~~488~~is ~~debt~~a ~~securities~~risk ~~had~~of ~~unrealized~~credit ~~losses~~loss ofare ~~2.38%~~segmented ofby ~~the~~credit ~~securities’~~rating ~~amortized~~and ~~cost~~duration ~~basis.~~and ~~The~~an ~~unrealized~~allowance ~~losses~~ for ~~each~~expected ofcredit ~~the~~losses ~~securities~~is ~~related~~calculated tobased ~~market~~on ~~interest~~external ~~rate~~historical ~~changes~~loss ~~and~~data, ~~not~~taking ~~credit~~into ~~concerns~~consideration management's forecast of ~~the~~future ~~issuers~~economic conditions. ~~Additional~~The ~~information~~Company onhas ~~securities~~assessed ~~that~~the ~~were~~risk inof acredit ~~continuous~~ loss ~~position~~and ~~for~~has ~~over~~determined ~~twelve~~the ~~months~~allowance atfor ~~September~~expected ~~30,~~credit ~~2019~~losses ~~and~~for ~~December~~HTM ~~31,~~securities ~~2018~~to isbe ~~presented~~immaterial inas ~~the~~of ~~following~~March ~~table~~31, 2020.

(in thousands)	September 30, 2019		December 31, 2018
Number of securities
Mortgage-backed securities:
Residential agency	66		302
Commercial agency	6		72
Obligations of state and political subdivisions	—		60
Other securities	4		7
	76		441
Amortized Cost Basis
Mortgage-backed securities:
Residential agency	$	311,242	$	2,268,608
Commercial agency	11,090		498,321
Obligations of state and political subdivisions	—		185,175
Other securities	4,901		33,270
	$	327,233	$	2,985,374
Unrealized Loss
Mortgage-backed securities:
Residential agency	$	2,295	$	57,268
Commercial agency	96		14,756
Obligations of state and political subdivisions	—		3,208
Other securities	99		693
	$	2,490	$	75,925

For AFS securities, declines in the fair value of individual securities below their amortized cost basis are reviewed to determine if the decline is due to credit-related factors. As of March 31, 2020, unrealized losses on AFS securities have not been recognized into income because the issuers are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. Therefore, no allowance for expected credit losses has been recorded for AFS securities as of March 31, 2020 and the unrealized losses are recognized in other comprehensive income.

~~The~~Prior ~~amortized~~to ~~cost~~January ~~and~~1, ~~estimated~~2020, ~~fair~~management ~~value~~evaluated ofHTM ~~investment~~and AFS securities byfor ~~maturity~~other-than-temporary atimpairment. ~~September 30~~Impairment was considered to be other-than-temporary if the Company (1) intended to sell the security, ~~2019~~(2) ~~are~~more ~~presented~~likely inthan not would be required to sell the ~~following~~security ~~table.~~before ~~Securities~~recovering ~~are~~its ~~classified~~cost, ~~according~~or (3) did not expect to ~~their~~recover ~~contractual~~the ~~maturities~~security's ~~without~~entire ~~consideration~~amortized cost basis. As of ~~principal~~December ~~amortization~~31, ~~potential~~2019, ~~prepayments~~the orCompany ~~call~~did ~~options.~~not ~~Accordingly~~intend to sell any of these securities, ~~actual~~did ~~maturities~~not ~~may~~expect ~~differ~~to ~~from~~be ~~contractual~~required ~~maturities.~~to ~~Weighted~~sell ~~average~~these ~~yields~~securities, ~~are~~and ~~calculated~~expected onto recover the ~~basis~~entire amortized cost of all these securities. As a result of the ~~yield~~Company's toanalysis, ~~maturity~~no ~~based~~declines onin the ~~amortized~~estimated ~~cost~~fair value of ~~each~~the ~~security~~Company's investment securities were deemed to be other-than-temporary at December 31, 2019.

	Securities Available for Sale						Securities Held to Maturity
(in thousands)	WeightedAverageYield		AmortizedCost		EstimatedFairValue		WeightedAverageYield		AmortizedCost		EstimatedFairValue
Within one year or less	2.55	%	$	10,720	$	10,787	2.33	%	$	948	$	949
One through five years	2.62		123,447		125,721		2.63		4,483		4,518
After five through ten years	2.76		760,325		786,040		2.35		43,085		44,653
Over ten years	2.67		3,281,041		3,315,534		2.58		136,491		142,466
	2.68	%	$	4,175,533	$	4,238,082	2.53	%	$	185,007	$	192,586

At March 31, 2020, 13 debt securities had unrealized losses of 0.82% of the securities’ amortized cost basis. At December 31, 2019, 123 debt securities had unrealized losses of 0.58% of the securities’ amortized cost basis. Additional information on securities that were in a continuous loss position for over twelve months at March 31, 2020 and December 31, 2019 is presented in the following table.



(in thousands)	March 31, 2020		December 31, 2019
Number of securities
Mortgage-backed securities:
Residential agency	2		59
Commercial agency	—		6
Other securities	4		4
	6		69
Amortized Cost Basis
Mortgage-backed securities:
Residential agency	$	1,980	$	279,587
Commercial agency	—		10,453
Other securities	4,256		4,591
	$	6,236	$	294,631
Unrealized Loss
Mortgage-backed securities:
Residential agency	$	7	$	2,130
Commercial agency	—		152
Other securities	88		100
	$	95	$	2,382

The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method.22

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2019		2018		2019			2018
Realized gains	$	27	$	—	$	1,324		$	39
Realized losses	—		—		(2,311		)	(95		)
	$	27	$	—	$	(987	)	$	(56	)

Credit Quality Indicators

InA ~~addition~~substantial toportion of the ~~gains~~Company's ~~above,~~HTM ~~the~~securities ~~Company~~portfolio ~~realized~~consists ~~certain~~of ~~gains~~obligations onof ~~calls~~state and political subdivisions. The Company monitors the credit quality of these securities ~~held~~through tothe ~~maturity~~use ~~that~~of ~~were~~credit ~~not~~ratings ~~significant~~on toa quarterly basis. The following table summarizes the ~~consolidated~~amortized ~~financial~~cost ~~statements.~~of HTM obligations of state and political subdivisions at March 31, 2020, aggregated by credit quality indicator:



March 31, 2020
Securities Held to Maturity
Credit Rating	Obligations of State and Political Subdivisions (in thousands)
Aaa / AAA	$	80,815
Aa1 / AA+	33,066
Aa2/ AA	38,317
Aa3 / AA-	8,292
A2 / A	1,840
Total	$	162,330

At March 31, 2020, the Company also held HTM residential agency mortgage-backed securities with an amortized cost of $15.6 million. This portfolio includes Frannie Mae and Freddie Mac securities which are considered to be government sponsored enterprises (GSEs). While securities issued by GSEs do carry credit risk, the company considered the risks and determined that the risk of credit loss for these securities was zero.

There were no HTM securities on non-accrual or past due status as of March 31, 2020.

The amortized cost and estimated fair value of investment securities by maturity at March 31, 2020 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.



	Securities Available for Sale						Securities Held to Maturity
(in thousands)	Weighted Average Yield		Amortized Cost		Estimated Fair Value		Weighted Average Yield		Amortized Cost		Estimated Fair Value
Within one year or less	2.62	%	$	41,572	$	41,999	3.00	%	$	245	$	245
One through five years	2.60		180,356		187,480		2.59		5,329		5,380
After five through ten years	2.68		641,404		671,014		2.37		56,038		58,524
Over ten years	2.59		2,927,043		3,014,467		2.56		116,348		122,247
	2.61	%	$	3,790,375	$	3,914,960	2.50	%	$	177,960	$	186,396

Gains or losses on securities sold are recorded on the trade date, using the specific identification method. For the three months ended March 31, 2020 and 2019, the Company did not have any realized gains or losses from the sale of securities classified as available for sale. The Company did not realize any gains on calls of securities held to maturity for the three months ended March 31, 2020 and 2019.

Other Equity Securities

The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other equity securities, which are presented in other assets on the consolidated balance sheets, were as follows:

(in thousands)	~~September~~March 3031, ~~2019~~2020		December 31, ~~2018~~2019
Federal Home Loan Bank stock	$	8770,~~156~~914	$	9570,~~213~~386
Federal Reserve Bank stock	85,630		85,630
CRA and Community Development Investment Funds	1,~~962~~988		1,~~884~~948
Other investments	2122,~~023~~098		921,~~709~~118
	$	~~195~~180,~~771~~630	$	~~192~~179,~~436~~082

NOTE 4 – LOANS AND LEASES

~~Loans~~The following is the amortized cost of loans and leases byas ~~portfolio~~of ~~segment~~March 31, 2020 and ~~class~~December ~~consisted~~31, 2019, excluding accrued interest of ~~the~~$65.9 ~~following~~million ~~for~~and $65.7 million, which is included in other assets in the ~~periods~~unaudited ~~indicated~~consolidated balance sheets:

(in thousands)	~~September~~March 3031, ~~2019~~2020		December 31, ~~2018~~2019
Commercial loans and leases:
Real estate - construction	$	1,~~330~~322,~~014~~627	$	1,~~196~~321,~~366~~663
Real estate - owner-occupied	2,~~468~~424,~~061~~139		2,~~395~~475,~~822~~326
Real estate - non-owner-occupied	6,~~011~~484,~~681~~257		56,~~796~~267,~~117~~106
Commercial and industrial (1)	6,490,125		5,737,017
Commercial and industrial (C&I) (1)	6,909,841		6,547,538
Total commercial loans and leases	16,299,881		15,125,322
	17,140,864		16,611,633
Residential mortgage loans	4,649,745		4,359,156
Consumer and other loans:
Home equity	2,053,588		2,304,694
Residential mortgage	4,849,119		4,739,075
Other	673,323		730,643
Home equity	1,926,753		1,987,336
Total consumer and other loans	2,726,911		3,035,337
Other	624,896		683,455
Total loans and leases	$	23,676,537	$	22,519,815
	7,400,768		7,409,866
Total loans and leases	$	24,541,632	$	24,021,499


⁽¹⁾	Includes equipment financing leases

Net deferred loan and lease origination fees were $3736.84 million and $3036.28 million at ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, respectively. Total net discount on the Company's loans and leases was $9788.83 million and $~~136~~89.83 million at ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, respectively, of which $6153.87 million and $8156.64 million was related to non-impaired loans and leases.

In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies these overdrafts as loans in its consolidated balance sheets. At ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, overdrafts of $75.05 million and $97.27 million, respectively, had been reclassified to loans.

Loans and leases with carrying values of $8.57 billion and $78.6 billion were pledged as collateral for borrowings at ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, respectively.

19Certain acquired loans are to customers with addresses outside of the United States. Foreign loans, denominated in U.S. dollars, totaled $181.0 million and $182.4 million at March 31, 2020 and December 31, 2019, respectively.

~~Aging Analysis~~24

~~The following tables provide an analysis of the aging of loans and leases as of September 30, 2019 and December 31, 2018.~~ Past ~~due~~Due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. For additional information on the determination of past due status and the Company's policies for recording payments received, placing loans and leases on non-accrual status, and the resumption of interest accrual on non-accruing loans and leases, see Note 1, Summary of Significant Accounting Policies, in the 2018 10-K. Status

Loans and leases are generally considered past due when contractual payments of principal and interest have not been received within 30 days after the contractual due date. Residential mortgage loans are considered past due when contractual payments have not been received for two consecutive payment dates. The following tables provide an analysis of the aging of loans and leases as of March 31, 2020 and December 31, 2019.

	September 30, 2019
	March 31, 2020
	Accruing
	Age Analysis of Past Due Loans and Leases
(in thousands)	~~Current or Less Than~~ 30-59 ~~days~~Days Past Due		3060-5989 ~~days~~Days Past Due		~~60-89~~Greater ~~days~~than 90 Days Past Due		>Total 90Past ~~days~~Due		~~Total Past Due~~Current		~~Non-accrual (1)~~Total		~~Acquired~~Accruing ~~Impaired~~Loans Greater Than 90 Days Past Due		~~Total~~
Real estate- construction	$	15,~~307,793~~466	$	~~3,851~~—	$	—69	$	—5,535	$	31,~~851~~317,092	$	1,~~381~~322,627	$	~~16,989~~—	$	~~1,330,014~~
Real estate- owner-occupied	25,~~389,631~~714		26,~~294~~302		112,~~031~~810		—24,826		32,~~325~~399,313		172,~~158~~424,139		571,~~947~~328		~~2,468,061~~
Real estate- non-owner-occupied	54,~~930,480~~525		28,~~093~~318		214,~~672~~451		~~426~~27,294		56,~~191~~456,963		206,~~201~~484,257		551,~~809~~679		~~6,011,681~~
Commercial and industrial	616,~~417,203~~505		310,~~614~~357		17,~~769~~811		234,~~696~~673		86,~~079~~875,168		436,~~494~~909,841		~~21,349~~169		~~6,490,125~~
Residential mortgage	423,~~502,109~~664		1,~~252~~131		1334,~~463~~748		159,~~668~~543		164,~~383~~789,576		504,~~439~~849,119		807,~~814~~787		~~4,649,745~~
Consumer - home equity	1,967,342		10,448		6,792		—		17,240		18,311		50,695		2,053,588
Home equity	20,719		3,014		18,254		41,987		1,884,766		1,926,753		—
Consumer - other	663,561		2,839		2,500		—		5,339		2,129		2,294		673,323
Other	5,195		2,751		2,572		10,518		614,378		624,896		—
Total	$	2381,~~178,119~~788	$	2631,~~391~~873	$	2890,~~227~~715	$	4204,~~790~~376	$	5924,~~408~~337,256	$	~~153~~24,~~113~~541,632	$	~~285~~10,~~897~~963	$	~~23,676,537~~

(1) Of the total non-accrual loans at September 30, 2019, $10.7 million were past due 30-59 days, $4.5 million were past due 60-89 days, and $73.4 million were past due more than 90 days.



	December 31, 2019
	Age Analysis of Past Due Loans and Leases
(in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Current		Total		Accruing Loans Greater Than 90 Days Past Due
Real estate- construction	$	244	$	—	$	1,377	$	1,621	$	1,320,042	$	1,321,663	$	—
Real estate- owner-occupied	18,387		2,770		9,175		30,332		2,444,994		2,475,326		1,035
Real estate- non-owner-occupied	5,418		2,459		10,450		18,327		6,248,779		6,267,106		58
Commercial and industrial	6,805		1,523		15,601		23,929		6,523,609		6,547,538		887
Residential mortgage	4,008		17,297		23,055		44,360		4,694,715		4,739,075		1,277
Home equity	14,001		3,113		14,332		31,446		1,955,890		1,987,336		—
Other	3,935		1,267		2,500		7,702		675,753		683,455		—
Total	$	52,798	$	28,429	$	76,490	$	157,717	$	23,863,782	$	24,021,499	$	3,257

	December 31, 2018
	Accruing
(in thousands)	Current or Less Than 30 days Past Due		30-59 days		60-89 days		> 90 days		Total Past Due		Non-accrual (1)		Acquired Impaired		Total
Real estate- construction	$	1,167,795	$	1,054	$	—	$	—	$	1,054	$	1,094	$	26,423	$	1,196,366
Real estate- owner-occupied	2,305,743		7,167		—		—		7,167		10,260		72,652		2,395,822
Real estate- non-owner-occupied	5,703,131		7,473		360		—		7,833		15,898		69,255		5,796,117
Commercial and industrial	5,645,304		5,139		1,320		553		7,012		57,860		26,841		5,737,017
Residential mortgage	4,218,146		2,768		13,063		1,575		17,406		30,396		93,208		4,359,156
Consumer - home equity	2,200,517		10,283		2,409		—		12,692		18,830		72,655		2,304,694
Consumer - other	719,122		4,695		1,601		—		6,296		2,846		2,379		730,643
Total	$	21,959,758	$	38,579	$	18,753	$	2,128	$	59,460	$	137,184	$	363,413	$	22,519,815

~~(1)~~Additional Ofinformation ~~the~~on ~~total~~ non-accrual loans atand ~~December~~leases ~~31,~~as ~~2018,~~of ~~$7.0~~March ~~million were past due 30-59 days~~31, ~~$3.7~~2020 ~~million~~and ~~were~~December ~~past due 60-89 days~~31, ~~and~~2019 ~~$66.9~~is ~~million~~presented ~~were~~in ~~past~~the ~~due~~following ~~more than 90 days~~table.



	Amortized Cost of Non-accrual Loans and Leases						Non-accrual Loans and Leases With No Related Allowance for Expected Credit Losses				Interest Income Recognized on Non-accrual Loans and Leases
(in thousands)	March 31, 2020		December 31, 2019		December 31, 2018		March 31, 2020		December 31, 2019		Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
Real estate- construction	$	133	$	1,394	$	1,094	$	4	$	929	$	—	$	—
Real estate- owner-occupied	23,428		17,817		10,260		19,968		11,469		135		70
Real estate- non-owner-occupied	20,383		15,440		15,898		18,120		8,610		159		54
Commercial and industrial	40,768		41,636		57,860		34,432		9,590		122		352
Residential mortgage	48,067		34,833		30,396		26,013		19,500		49		60
Home equity	30,319		24,404		18,830		5,915		3,200		64		67
Other	3,465		3,381		2,846		1,190		—		13		2
Total	$	166,563	$	138,905	$	137,184	$	105,642	$	53,298	$	542	$	605

When a loan or lease is placed on non-accrual status, accrued but uncollected interest is reversed through interest income. During the three months ended March 31, 2020, the Company reversed an immaterial amount of uncollectible accrued interest on both commercial loans and leases and consumer loans.

Collateral-Dependent Loans

Collateral-dependent loans are defined as loans for which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty. Collateral-dependent commercial loans are primarily secured by commercial real estate and to a lesser extent other business assets and residential real estate. The loan-to-value ratio, taking into consideration cost to sell the collateral for commercial collateral-dependent loans is approximately 75% at March 31, 2020. Collateral-dependent consumer loans are secured by residential real estate with a loan-to-value ratio of 70%, taking into consideration the cost to sell the collateral at March 31, 2020. As of March 31, 2020, the Company did not have any collateral-dependent leases.

Acquired Loans

The Company ~~acquired~~did ~~certain~~not acquire any loans ~~from~~during ~~Sabadell~~the ~~United~~three tomonths ~~customers~~ended ~~with~~March ~~addresses~~31, ~~outside~~2020. ofPrior to January 1, 2020, the ~~United~~Company ~~States.~~accounted ~~Foreign~~for ~~loans,~~acquired ~~denominated~~impaired loans in ~~U.S.~~accordance ~~dollars,~~with ~~totaled~~ASC ~~$194~~310-30.6 ~~million~~The ~~and~~following ~~$202.6~~is ~~million~~a atsummary ~~September~~of changes in the accretable difference for all loans accounted for under ASC 310-30, ~~2019~~during ~~and~~the ~~December 31,~~three ~~2018,~~months ~~respectively.~~ended March 31, 2019:

The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the nine months ended September 30:



(in thousands)	2019
Balance at beginning of period	$	133,342
Transfers from non-accretable difference to accretable yield	(3,640		)
Accretion	(10,086		)
Changes in expected cash flows not affecting non-accretable differences⁽¹⁾	(272		)
Balance at end of period	$	119,344

(in thousands)	2019			2018
Balance at beginning of period	$	133,342		$	152,623
Additions	—			2,371
Transfers from non-accretable difference to accretable yield	(1,740		)	(4		)
Accretion	(29,506		)	(37,115		)
Changes in expected cash flows not affecting non-accretable differences (1)	(2,927		)	21,092
Balance at end of period	$	99,169		$	138,967


⁽¹⁾	Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions.

Troubled Debt Restructurings

~~Information~~After ~~about~~ the ~~Company’s~~adoption ~~TDRs~~of atASC ~~September~~326, 30all loans, ~~2019~~including ~~and~~acquired ~~2018~~loans, ismeeting ~~presented~~the criteria for classification as a TDR since January 1, 2020 are included in the ~~following~~disclosures ~~tables~~below. ~~Modifications~~Prior to January 1, 2020, modifications of loans that ~~are~~were accounted for within a pool under ASC Topic 310-30 ~~are~~were ~~excluded~~not classified or reported as TDRs. ~~Accordingly~~As a result, all such ~~modifications~~acquired doloans ~~not~~that ~~result~~would inotherwise meet the ~~removal~~criteria offor ~~those~~classification ~~loans~~as ~~from~~a ~~the~~TDR ~~pool,~~prior ~~even~~to ifJanuary ~~the~~1, ~~modification~~2020 ofwere ~~those~~excluded ~~loans~~from ~~would~~the ~~otherwise~~disclosures bebelow, ~~considered~~which aimpacts ~~TDR~~comparability between periods. As aof ~~result~~March 31, ~~all~~2020 ~~such~~and ~~acquired~~December ~~loans~~31, ~~that~~2019, ~~would~~there ~~otherwise~~were ~~meet~~no leases which met the criteria ~~for~~to ~~classification~~be classified as a TDR ~~are excluded from the tables below~~.

TDRs totaling $619.08 million and $4631.04 million occurred during the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020 and ~~2018~~2019, respectively, through modification of the original loan terms.

The following table provides information on how the TDRs were modified during the periods indicated:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in thousands)

~~2019~~2020

~~2018~~2019

~~2019~~

~~2018~~

Extended maturities

2,~~476~~450

39,~~658~~014

~~13,097~~

~~10,020~~

Maturity and interest rate adjustment

~~288~~706

~~267~~468

~~715~~

~~368~~

Movement to or extension of interest-rate only payments

4846

—12

~~1,827~~

Interest rate adjustment

—3,878

—

~~101~~

Forbearance

221,~~202~~111

~~802~~6,510

~~25,068~~

~~14,386~~

Other concession(s) (1)

31,~~724~~604

115,~~810~~425

~~20,250~~

~~21,031~~

Total

289,~~738~~795

631,~~537~~429

~~61,028~~

~~45,954~~


⁽¹⁾	Other concessions may include covenant waivers, forgiveness of principal or interest associated with a customer bankruptcy, or a combination of any of the above concessions.

Of the $61.0 million of TDRs occurring during the nine months ended September 30, 2019, $25.5 million were on accrual status and $35.5 million were on non-accrual status. Of the $46.0 million of TDRs occurring during the nine months ended September 30 2018, $20.2 million were on accrual status and $25.8 million were on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the periods indicated:

	Three Months Ended September 30,
	2019					2018
(in thousands, except number of loans)	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Real estate- construction	1	$	6,331	$	7,602	—	$	—	$	—
Real estate- owner-occupied	7	8,936		8,691		1	2,312		2,312
Real estate- non-owner-occupied	6	1,553		1,210		6	1,818		1,790
Commercial and industrial	14	1,954		1,952		9	829		804
Residential mortgage	10	7,210		6,870		3	257		255
Consumer - home equity	19	2,375		2,237		15	1,152		1,124
Consumer - other	17	202		176		11	352		252
Total	74	$	28,561	$	28,738	45	$	6,720	$	6,537

	Nine Months Ended September 30,
	2019					2018
(in thousands, except number of loans)	Number of Loans	Pre-modification Outstanding Recorded Investment		Post-modification Outstanding Recorded Investment		Number of Loans	Pre-modification Outstanding Recorded Investment		Post-modification Outstanding Recorded Investment
Real estate- construction	1	$	6,331	$	7,602	1	$	1,950	$	976
Real estate- owner-occupied	11	10,153		9,869		8	15,233		13,373
Real estate- non-owner-occupied	16	7,931		7,233		13	3,228		3,064
Commercial and industrial	48	29,156		19,594		32	32,827		22,769
Residential mortgage	28	8,897		8,524		9	898		837
Consumer - home equity	69	7,629		7,268		47	4,130		4,047
Consumer - other	63	1,065		938		53	1,056		888
Total	236	$	71,162	$	61,028	163	$	59,322	$	45,954

Information detailing TDRs that defaulted during the three-month and nine-month periods ended September 30, 2019 and 2018, and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following tables. The Company has defined a default as any loan with a payment that is currently past due greater than 30 days, or was past due greater than 30 days at any point during the respective periods, or since the date of modification, whichever is shorter.

	Three Months Ended September 30,
	2019			2018
(in thousands, except number of loans)	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
Real estate- owner-occupied	—	$	—	1	$	929
Real estate- non-owner-occupied	2	2,460		1	7
Commercial and industrial	8	1,429		2	127
Residential mortgage	1	101		—	—
Consumer - home equity	1	64		4	380
Consumer - other	5	57		6	86
Total	17	$	4,111	14	$	1,529

	Nine Months Ended September 30,
	2019			2018
(in thousands, except number of loans)	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
Real estate- owner-occupied	6	$	1,225	6	$	10,101
Real estate- non-owner-occupied	16	5,176		6	1,084
Commercial and industrial	25	6,859		12	3,632
Residential mortgage	18	1,394		8	912
Consumer - home equity	21	1,873		17	1,978
Consumer - other	38	557		39	488
Total	124	$	17,084	88	$	18,195

NOTE 5 – ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY

Allowance for Credit Losses Activity

A summary of changes in the allowance for credit losses for the nine months ended September 30 was as follows:

(in thousands)	2019			2018
Allowance for loan and lease losses at beginning of period	$	140,571		$	140,891
Provision for loan and lease losses	32,190			26,678
Transfer of balance to OREO and other	(2,696		)	(5,709		)
Charge-offs	(29,971		)	(34,740		)
Recoveries	6,141			9,830
Allowance for loan and lease losses at end of period	$	146,235		$	136,950
Reserve for unfunded commitments at beginning of period	$	14,830		$	13,208
Balance created in acquisition accounting	—			900
Provision for unfunded lending commitments	1,314			613
Reserve for unfunded commitments at end of period	$	16,144		$	14,721
Allowance for credit losses at end of period	$	162,379		$	151,671

A summary of changes in the allowance for credit losses, by loan portfolio type, for the nine months ended September 30 was as follows:

	2019
(in thousands)	Commercial Real Estate			Commercial and Industrial			Residential Mortgage			Consumer and Other			Total
Allowance for loan and lease losses at beginning of period	$	51,806		$	54,096		$	12,998		$	21,671		$	140,571
Provision for (Reversal of) loan and lease losses	9,205			15,819			(152		)	7,318			32,190
Transfer of balance to OREO and other	(309		)	236			(2,879		)	256			(2,696		)
Charge-offs	(2,179		)	(17,799		)	(219		)	(9,774		)	(29,971		)
Recoveries	474			3,163			169			2,335			6,141
Allowance for loan and lease losses at end of period	$	58,997		$	55,515		$	9,917		$	21,806		$	146,235
Reserve for unfunded commitments at beginning of period	$	4,869		$	6,198		$	866		$	2,897		$	14,830
Provision for (Reversal of) unfunded commitments	357			493			(216		)	680			1,314
Reserve for unfunded commitments at end of period	$	5,226		$	6,691		$	650		$	3,577		$	16,144
Allowance on loans individually evaluated for impairment	$	2,721		$	7,974		$	281		$	3,039		$	14,015
Allowance on loans collectively evaluated for impairment	50,809			45,990			5,393			18,630			120,822
Allowance on loans acquired with deteriorated credit quality	5,467			1,551			4,243			137			11,398
Loans and leases, net of unearned income:
Balance at end of period	$	9,809,756		$	6,490,125		$	4,649,745		$	2,726,911		$	23,676,537
Balance at end of period individually evaluated for impairment	73,715			51,350			42,423			37,907			205,395
Balance at end of period collectively evaluated for impairment	9,605,296			6,417,426			4,526,508			2,636,015			23,185,245
Balance at end of period acquired with deteriorated credit quality	130,745			21,349			80,814			52,989			285,897

	2018
(in thousands)	Commercial Real Estate			Commercial and Industrial			Residential Mortgage			Consumer and Other			Total
Allowance for loan and lease losses at beginning of period	$	54,201		$	53,916		$	9,117		$	23,657		$	140,891
Provision for (Reversal of) loan and lease losses	(4,020		)	20,372			2,318			8,008			26,678
Transfer of balance to OREO and other	(1,556		)	(814		)	(45		)	(3,294		)	(5,709		)
Charge-offs	(1,281		)	(22,447		)	(365		)	(10,647		)	(34,740		)
Recoveries	1,019			5,665			53			3,093			9,830
Allowance for loan and lease losses at end of period	$	48,363		$	56,692		$	11,078		$	20,817		$	136,950
Reserve for unfunded commitments at beginning of period	$	4,531		$	5,309		$	555		$	2,813		$	13,208
Balance created in acquisition accounting	129			81			—			690			900
Provision for (Reversal of) unfunded commitments	(134		)	169			246			332			613
Reserve for unfunded commitments at end of period	$	4,526		$	5,559		$	801		$	3,835		$	14,721
Allowance on loans individually evaluated for impairment	$	2,650		$	10,471		$	154		$	2,973		$	16,248
Allowance on loans collectively evaluated for impairment	40,519			44,727			5,063			17,661			107,970
Allowance on loans acquired with deteriorated credit quality	5,194			1,494			5,861			183			12,732
Loans and leases, net of unearned income:
Balance at end of period	$	9,381,883		$	5,581,040		$	4,300,163		$	3,080,820		$	22,343,906
Balance at end of period individually evaluated for impairment	73,469			75,625			6,230			33,863			189,187
Balance at end of period collectively evaluated for impairment	9,126,653			5,478,377			4,174,524			2,970,301			21,749,855
Balance at end of period acquired with deteriorated credit quality	181,761			27,038			119,409			76,656			404,864

Portfolio Segment Risk Factors

Commercial real estate loans include loans to commercial customers for medium-term financing of land and buildings or for land development or construction of a building. These loans are repaid from revenues through operations of the businesses, rents of properties, sales of properties and refinances. Commercial and industrial loans and leases represent loans to commercial customers to finance general working capital needs, equipment purchases and leases and other projects where repayment is derived from cash flows resulting from business operations. The Company originates commercial and industrial loans on a secured and, to a lesser extent, unsecured basis.

Residential mortgage loans consist of loans to consumers to finance a primary residence. The vast majority of the residential mortgage loan portfolio is comprised of non-conforming 1-4 family mortgage loans secured by properties located in the Company's market areas and originated under terms and documentation that permit their sale in a secondary market.

Consumer loans are offered by the Company in order to provide a full range of retail financial services to its customers and include home equity, credit card and other direct consumer installment loans. The Company originates substantially all of its consumer loans in its primary market areas. Loans in the consumer segment are sensitive to unemployment and other key consumer economic measures.

Credit Quality Indicators

For commercial loans and leases, the Company utilizes regulatory classification ratings to monitor credit quality. Loans with a "pass" rating are those that the Company believes will be fully repaid in accordance with the contractual loan terms. Commercial loans and leases that are "criticized" are those that have some weakness or potential weakness that indicate an increased probability of future loss. "Criticized" loans are grouped into three categories: "special mention", "substandard", and "doubtful". Special mention loans have potential weaknesses that, if left uncorrected, may result in deterioration of the Company's credit position at some future date.

Substandard commercial loans have well-defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful commercial loans have the same weaknesses as substandard loans with the added characteristics that the probability of loss is high and collection of the full amount is improbable. Substandard and doubtful loans are collectively referred to as "classified" loans. For residential mortgage loans and consumer loans, the Company primarily uses the loan's payment and delinquency status to monitor credit quality. These credit quality indicators are continually updated and monitored.

The recorded investment in loans and leases by credit quality indicator is presented in the following tables. Asset risk classifications for commercial loans and leases reflect the classification as of September 30, 2019 and December 31, 2018. Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the net loan balance, after the application of premiums and discounts. Loan premiums and discounts represent the adjustment of acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods.

	September 30, 2019												December 31, 2018
(in thousands)	Pass		Special Mention		Sub-standard		Doubtful		Loss		Total		Pass		Special Mention		Sub-standard		Doubtful		Total
Real estate - construction	$	1,300,847	$	19,631	$	9,536	$	—	$	—	$	1,330,014	$	1,182,554	$	1,062	$	12,740	$	10	$	1,196,366
Real estate - owner-occupied	2,409,221		19,786		38,214		840		—		2,468,061		2,328,999		25,526		41,297		—		2,395,822
Real estate - non-owner-occupied	5,926,537		47,494		37,193		447		10		6,011,681		5,687,963		78,009		26,512		3,633		5,796,117
Commercial and industrial	6,340,738		71,431		63,303		14,653		—		6,490,125		5,586,482		52,632		73,853		24,050		5,737,017
Total	$	15,977,343	$	158,342	$	148,246	$	15,940	$	10	$	16,299,881	$	14,785,998	$	157,229	$	154,402	$	27,693	$	15,125,322

	September 30, 2019						December 31, 2018
(in thousands)	Current		30+ Days Past Due		Total		Current		30+ Days Past Due		Total
Residential mortgage	$	4,567,633	$	82,112	$	4,649,745	$	4,290,152	$	69,004	$	4,359,156
Consumer - home equity	2,011,913		41,675		2,053,588		2,258,659		46,035		2,304,694
Consumer - other	665,702		7,621		673,323		721,231		9,412		730,643
Total	$	7,245,248	$	131,408	$	7,376,656	$	7,270,042	$	124,451	$	7,394,493

Impaired Loans

Information on the Company’s investment in impaired loans, which include all TDRs and all other non-accrual loans evaluated or measured individually for impairment for purposes of determining the ALLL, is presented in the following tables as of and for the periods indicated.

	September 30, 2019							December 31, 2018
	Unpaid Principal Balance		Recorded Investment		Related Allowance			Unpaid Principal Balance		Recorded Investment		Related Allowance
(in thousands)
With no related allowance recorded:
Real estate - construction	$	9,540	$	8,531	$	—		$	10,261	$	9,262	$	—
Real estate - owner-occupied	33,985		33,590		—			25,037		19,044		—
Real estate - non-owner-occupied	23,964		22,652		—			15,265		14,288		—
Commercial and industrial	21,813		17,771		—			55,554		43,886		—
Residential mortgage	36,182		35,089		—			1,244		1,221		—
Consumer - home equity	4,736		4,734		—			4,183		4,176		—
With an allowance recorded:
Real estate - construction	98		85		(1		)	228		140		(11		)
Real estate - owner-occupied	5,135		4,921		(2,529		)	5,032		4,773		(520		)
Real estate - non-owner-occupied	4,149		3,936		(191		)	6,445		6,398		(105		)
Commercial and industrial	45,409		33,579		(7,974		)	46,387		27,915		(12,646		)
Residential mortgage	8,010		7,334		(281		)	5,870		5,358		(145		)
Consumer - home equity	29,773		29,124		(2,577		)	29,284		28,818		(2,427		)
Consumer - other	4,308		4,049		(462		)	4,956		4,446		(488		)
Total	$	227,102	$	205,395	$	(14,015	)	$	209,746	$	169,725	$	(16,342	)
Total commercial loans and leases	$	144,093	$	125,065	$	(10,695	)	$	164,209	$	125,706	$	(13,282	)
Total residential mortgage loans	44,192		42,423		(281		)	7,114		6,579		(145		)
Total consumer and other loans	38,817		37,907		(3,039		)	38,423		37,440		(2,915		)

	Three Months Ended September 30, 2019				Three Months Ended September 30, 2018				Nine Months Ended September 30, 2019				Nine Months Ended September 30, 2018
	AverageRecorded Investment		InterestIncome Recognized		AverageRecorded Investment		InterestIncome Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
(in thousands)
With no related allowance recorded:
Real estate - construction	$	7,333	$	82	$	10,806	$	164	$	7,145	$	242	$	10,371	$	460
Real estate - owner-occupied	33,895		355		34,118		209		34,437		1,235		34,505		903
Real estate - non-owner-occupied	22,794		72		22,091		249		22,910		301		22,988		746
Commercial and industrial	20,594		108		43,409		523		20,727		401		40,564		1,543
Residential mortgage	35,896		136		1,254		9		31,315		391		1,271		36
Consumer - home equity	4,736		47		705		2		4,613		137		708		16
With an allowance recorded:
Real estate - construction	87		—		148		—		93		—		151		1
Real estate - owner-occupied	4,952		10		4,006		83		5,050		113		4,044		102
Real estate - non-owner-occupied	4,155		46		2,398		20		4,090		137		2,442		76
Commercial and industrial	36,824		173		40,357		150		36,765		582		47,098		720
Residential mortgage	7,414		74		5,014		50		7,502		232		5,066		149
Consumer - home equity	29,200		298		28,577		305		28,982		890		27,905		892
Consumer - other	4,175		59		4,710		65		4,326		184		4,884		208
Total	$	212,055	$	1,460	$	197,593	$	1,829	$	207,955	$	4,845	$	201,997	$	5,852
Total commercial loans and leases	$	130,634	$	846	$	157,333	$	1,398	$	131,217	$	3,011	$	162,163	$	4,551
Total residential mortgage loans	43,310		210		6,268		59		38,817		623		6,337		185
Total consumer and other loans	38,111		404		33,992		372		37,921		1,211		33,497		1,116

Of the $9.8 million of TDRs occurring during the three months ended March 31, 2020, $6.8 million were on accrual status and $3.0 million were on non-accrual status. Of the $31.4 million of TDRs occurring during the three months ended March 31 2019, $16.5 million were on accrual status and $14.9 million were on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the periods indicated:

As of September 30, 2019 and December 31, 2018, the Company was not committed to lend a material amount of additional funds to any customer whose loan was classified as impaired or as a TDR.



	Three Months Ended March 31,
	2020					2019
(in thousands, except number of loans)	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Real estate- construction	1	$	154	$	86	1	$	39	$	39
Real estate- owner-occupied	4	2,520		2,558		4	6,904		4,661
Real estate- non-owner-occupied	5	3,944		3,820		7	2,990		2,968
Commercial and industrial	14	1,844		1,367		23	17,382		17,040
Residential mortgage	6	750		413		10	1,741		1,738
Home equity	16	1,507		1,482		33	4,277		4,233
Other	5	71		69		38	787		750
Total	51	$	10,790	$	9,795	116	$	34,120	$	31,429

Information detailing TDRs that defaulted during the three-month periods ended March 31, 2020 and 2019, and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following tables. The Company has defined a default as any loan with a payment that is currently past due greater than 30 days, or was past due greater than 30 days at any point during the respective periods, or since the date of modification, whichever is shorter.



	Three Months Ended March 31,
	2020			2019
(in thousands, except number of loans)	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
Real estate- construction	1	$	9,212	1	$	939
Real estate- owner-occupied	5	1,898		3	640
Real estate- non-owner-occupied	11	5,287		7	825
Commercial and industrial	33	7,862		10	3,933
Residential mortgage	15	1,190		13	1,108
Home equity	23	2,189		16	2,891
Other	20	208		20	261
Total	108	$	27,846	70	$	10,597

NOTE 5 – ALLOWANCE FOR EXPECTED CREDIT LOSSES AND CREDIT QUALITY

Allowance for Expected Credit Losses Activity

On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments. ASC 326 replaced the incurred loss model for determining the allowance for credit losses with a current expected credit loss model for financial assets carried at amortized cost, including loans, leases, and loan commitments. ASC 326 requires recognition of lifetime expected credit losses that takes into consideration all available relevant information including details of past events, current conditions and reasonable and supportable forecasts of future economic conditions. The transition adjustment on January 1, 2020 resulted in an increase of the AECL of $82.3 million. The increase in the AECL at transition primarily relates to required increases for residential mortgage loans to establish an estimate of lifetime expected credit losses for these longer dated loans as well as an increase on non-owner-occupied commercial real estate loans reflecting higher LGDs under the CECL model. See Note 2, Recent Accounting Pronouncements, for additional discussion on the adoption of ASC 326. As a result of the adoption of ASC 326, the AECL as of March 31, 2020 and the provision for expected credit losses for the three months ended March 31, 2020 are not comparable to historical periods.

A summary of changes in the allowance for expected credit losses for the three months ended March 31 was as follows:



(in thousands)	2020			2019
Allowance for loan and lease losses at beginning of period	$	146,588		$	140,571
Transition adjustment for ASC 326	83,194			—
Allowance for loan and lease losses, as adjusted	229,782			140,571
Provision for loan and lease losses	66,431			12,612
Transfer of balance to OREO and other	—			(2,885		)
Charge-offs	(12,119		)	(8,918		)
Recoveries	2,591			1,586
Allowance for loan and lease losses at end of period	$	286,685		$	142,966

Reserve for unfunded commitments at beginning of period	$	16,637		$	14,830
Transition adjustment for ASC 326	(875		)	—
Reserve for unfunded lending commitments, as adjusted	15,762			14,830
Provision for unfunded lending commitments	2,540			1,151
Reserve for unfunded commitments at end of period	$	18,302		$	15,981
Allowance for expected credit losses at end of period	$	304,987		$	158,947

The AECL at March 31, 2020 reflects a blend of economic forecasts to estimate expected credit losses over an eighteen month reasonable and supportable forecast period and then reverts to historical loss experience to arrive at lifetime expected credit losses. At January 1, 2020, the Company’s economic forecast assumed a relatively stable macroeconomic environment over the reasonable and supportable forecast period while recognizing that the economy was vulnerable to major shocks, fiscal policy missteps, other geopolitical events and the outcome of the pending U.S. elections. During the latter part of the first quarter of 2020, the global and U.S. economies experienced substantial disruptions as a result of the COVID-19 pandemic as well as continued pressure on oil prices. In light of the deteriorating economic conditions, the U.S. government has taken numerous actions through multiple stimulus packages to support both individuals and businesses during the unprecedented freeze on commerce in the U.S. Uncertainty remains as to the length of the COVID-19 pandemic as well as the success of the various stimulus packages to both support the economy during the pandemic as well as restore economic conditions when the pandemic subsides. As a result, the Company has updated its economic forecast to reflect the expected impact of COVID-19 and the possibility of recessionary conditions over the reasonable and supportable forecast period which has resulted in an increase in the AECL at March 31, 2020.

A summary of changes in the allowance for expected credit losses, by loan portfolio type, for the three months ended March 31 was as follows:



	Three Months Ended March 31, 2020
	Commercial
	Real Estate												Consumer
(in thousands)	Construction			Owner-occupied			Non-owner-occupied			Commercial and Industrial			Residential Mortgage			Home Equity			Other			Total
Allowance for loan and lease losses at beginning of period	$	5,983		$	15,770		$	36,541		$	55,634		$	9,647		$	12,153		$	10,860		$	146,588
Transition adjustment for ASC 326	2,307			(8,163		)	29,850			(14,659		)	70,521			3,620			(282		)	83,194
Allowance for loan and lease losses, as adjusted	8,290			7,607			66,391			40,975			80,168			15,773			10,578			229,782
Provision for loan and lease losses	940			2,603			30,500			11,833			10,535			7,313			2,707			66,431
Charge-offs	(14		)	—			(240		)	(7,895		)	(450		)	(1,435		)	(2,085		)	(12,119		)
Recoveries	219			25			132			1,037			329			386			463			2,591
Allowance for loan and lease losses at end of period	$	9,435		$	10,235		$	96,783		$	45,950		$	90,582		$	22,037		$	11,663		$	286,685

Reserve for unfunded lending commitments at beginning of period	$	4,010		$	345		$	1,629		$	6,478		$	562		$	2,078		$	1,535		$	16,637
Transition adjustment for ASC 326	1,025			627			(991		)	3			743			(812		)	(1,470		)	(875		)
Reserve for unfunded lending commitments, as adjusted	5,035			972			638			6,481			1,305			1,266			65			15,762
Provision for (reversal of) unfunded commitments	492			418			91			925			215			433			(34		)	2,540
Reserve for unfunded lending commitments at end of period	5,527			1,390			729			7,406			1,520			1,699			31			18,302
Allowance for expected credit losses at end of period	$	14,962		$	11,625		$	97,512		$	53,356		$	92,102		$	23,736		$	11,694		$	304,987



	Three Months Ended March 31, 2019
	Commercial
	Real Estate										Consumer
(in thousands)	Construction		Owner-occupied			Non-owner-occupied		Commercial and Industrial			Residential Mortgage			Home Equity			Other			Total
Allowance for loan and lease losses at beginning of period	$	4,743	$	12,549		$	34,514	$	54,096		$	12,998		$	10,181		$	11,490		$	140,571
Provision for loan and lease losses	936		1,303			4,648		2,876			1,749			1,056			44			12,612
Transfer of balance to OREO and other	—		—			—		—			(2,881		)	(4		)	—			(2,885		)
Charge-offs	—		(72		)	—		(4,931		)	(28		)	(1,401		)	(2,486		)	(8,918		)
Recoveries	3		35			65		446			32			314			691			1,586
Allowance for loan and lease losses at end of period	$	5,682	$	13,815		$	39,227	$	52,487		$	11,870		$	10,146		$	9,739		$	142,966

Reserve for unfunded commitments at beginning of period	$	3,249	$	316		$	1,304	$	6,198		$	866		$	1,783		$	1,114		$	14,830
Provision for unfunded commitments	333		60			401		128			22			28			179			1,151
Reserve for unfunded commitments at end of period	3,582		376			1,705		6,326			888			1,811			1,293			15,981
Allowance for credit losses at end of period	$	9,264	$	14,191		$	40,932	$	58,813		$	12,758		$	11,957		$	11,032		$	158,947

Portfolio Segment Risk Factors

Commercial loans and leases include commercial real estate loans, commercial and industrial loans, and equipment financing leases. Commercial real estate loans include loans to commercial customers for medium-term financing of land and buildings or for land development or construction of a building. These loans are repaid from revenues through operations of the businesses, rents of properties, sales of properties and refinances. Commercial and industrial loans and leases represent loans to commercial customers to finance general working capital needs, equipment purchases and leases and other projects where repayment is derived from cash flows resulting from business operations. The Company originates commercial and industrial loans on a secured and, to a lesser extent, unsecured basis.

Consumer loans are offered by the Company in order to provide a full range of retail financial services to its customers and include residential mortgages, home equity, credit card and other direct consumer installment loans. Residential mortgage loans consist of loans to consumers to finance a primary or secondary residence. The vast majority of the residential mortgage loan portfolio is comprised of non-conforming 1-4 family mortgage loans secured by properties located in the Company's market areas and originated under terms and documentation that permit their sale in a secondary market. The Company originates substantially all of its consumer loans in its primary market areas. Loans in the consumer segment are sensitive to property values, unemployment levels, and other key consumer economic measures. Prior to January 1, 2020, residential mortgage loans were in a separate portfolio segment.

Credit Quality Indicators

Special mention loans and leases have potential weaknesses that, if left uncorrected, may result in deterioration of the Company's credit position at some future date. Substandard commercial loans and leases have well-defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful commercial loans and leases have the same weaknesses as substandard loans and leases with the added characteristics that the probability of loss is high and collection of the full amount is improbable. Substandard and doubtful loans are collectively referred to as "classified" loans and leases. Regulatory classification ratings for commercial loans and leases are updated annually.

For consumer loans, the Company utilizes FICO scores to monitor credit quality as these are widely accepted measures of a borrower's risk of non-repayment over the life of a loan. FICO scores are updated quarterly. Prior to January 1, 2020, the Company’s primary credit quality indicator for residential mortgage and consumer loans was the loan’s payment and delinquency status.

The Company’s investment in loans by credit quality indicator and year of origination is presented in the following tables. Asset risk classifications for commercial loans and leases reflect the classification as of March 31, 2020. FICO scores for consumer loans are updated on a quarterly basis. Credit quality information in the tables reflects the amortized cost basis of all loans, excluding $65.9 million of accrued interest, which is included as a component of other assets in the unaudited consolidated balance sheet.



	Term Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Revolving loans		Revolving loans Converted to Term		Total
Commercial loans and leases
Real Estate- Construction
Pass	$	45,117	$	336,900	$	599,002	$	172,612	$	65,200	$	51,622	$	40,147	$	—	$	1,310,600
Special Mention	—		—		—		—		10		105		2,156		—		2,271
Substandard	—		—		9,213		—		—		475		65		—		9,753
Doubtful	—		—		—		—		—		3		—		—		3
Total Real Estate- Construction	45,117		336,900		608,215		172,612		65,210		52,205		42,368		—		1,322,627

Real Estate- Owner- occupied
Pass	69,996		379,882		319,249		357,057		274,226		895,032		66,866		—		2,362,308
Special Mention	—		—		7,306		681		399		13,419		400		—		22,205
Substandard	—		234		1,011		8,204		3,518		23,856		387		—		37,210
Doubtful	—		—		—		—		—		2,416		—		—		2,416
Total Real Estate- Owner-occupied	69,996		380,116		327,566		365,942		278,143		934,723		67,653		—		2,424,139

Real Estate- Non-owner-occupied
Pass	261,614		1,323,506		961,036		987,814		867,303		1,867,101		130,929		—		6,399,303
Special Mention	—		—		806		1,497		10,248		14,561		1,900		—		29,012
Substandard	—		591		2,059		10,066		6,038		31,481		635		—		50,870
Doubtful	—		—		104		—		—		4,968		—		—		5,072
Total Real Estate- Non-owner-occupied	261,614		1,324,097		964,005		999,377		883,589		1,918,111		133,464		—		6,484,257

Commercial and Industrial (1)
Pass	649,228		1,957,486		1,307,679		455,600		218,485		551,933		1,635,017		—		6,775,428
Special Mention	259		1,463		23,811		500		8,093		1,436		7,896		—		43,458
Substandard	4,102		16,838		3,023		20,486		1,151		19,194		5,846		—		70,640
Doubtful	—		5,323		9,517		2,353		648		2,474		—		—		20,315
Total Commercial and Industrial	653,589		1,981,110		1,344,030		478,939		228,377		575,037		1,648,759		—		6,909,841
Total Commercial Loans and Leases	$	1,030,316	$	4,022,223	$	3,243,816	$	2,016,870	$	1,455,319	$	3,480,076	$	1,892,244	$	—	$	17,140,864
⁽¹⁾ Includes equipment financing leases



	Term Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Revolving loans		Revolving loans Converted to Term		Total
Consumer Loans:
Residential Mortgage
781 and above	$	45,204	$	332,402	$	263,099	$	185,336	$	153,118	$	387,923	$	—	$	—	$	1,367,082
723-780	72,666		452,401		360,319		233,243		199,457		410,212		—		—		1,728,298
700-722	14,430		94,286		93,264		49,705		47,736		116,470		—		—		415,891
660-699	8,549		103,361		83,700		37,108		54,661		144,238		—		—		431,617
620-659	3,273		39,018		26,883		15,701		15,481		94,296		—		—		194,652
580-619	—		13,756		11,717		8,358		11,281		51,387		—		—		96,499
579 and below	101,641		52,459		53,362		58,542		84,198		264,878		—		—		615,080
Total Residential Mortgage	245,763		1,087,683		892,344		587,993		565,932		1,469,404		—		—		4,849,119

Home Equity
781 and above	2,052		8,710		28,297		16,579		15,903		56,995		374,502		21,481		524,519
723-780	1,160		13,680		25,948		19,278		25,677		81,172		498,082		27,061		692,058
700-722	103		2,226		7,915		7,696		5,276		18,320		130,949		13,029		185,514
660-699	747		3,823		10,975		6,434		6,112		32,755		163,267		17,238		241,351
620-659	351		1,418		1,894		4,355		3,630		19,419		73,928		13,822		118,817
580-619	2,735		875		5,331		2,006		2,581		13,452		27,526		6,484		60,990
579 and below	5,988		2,742		10,009		5,850		2,592		18,201		45,334		12,788		103,504
Total Home Equity	13,136		33,474		90,369		62,198		61,771		240,314		1,313,588		111,903		1,926,753

Other Consumer Loans
781 and above	3,357		11,136		8,566

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