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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549 

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020, or

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

For the transition period from              to              

Commission File No. 0-10587
FULTON FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
Pennsylvania
 
 
23-2195389
(State or other jurisdiction of
incorporation or organization)
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
One Penn Square
P.O. Box 4887
Lancaster,
Pennsylvania
 
17604
(Address of principal executive offices)
 
(Zip Code)
(717) 291-2411
(Registrant’s telephone number, including area code)

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 $2.50
FULT
The Nasdaq Stock Market, LLC
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 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 Act).    Yes      No  
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $2.50 Par Value –161,794,000 shares outstanding as of May 1, 2020.

1




FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2020
INDEX
 
Description
Page
 
 
 
 
 
 
 
 
 
Glossary of Terms
 
 
 
PART I. FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
(a)
 
 
 
(b)
 
 
 
(c)
 
 
 
(d)
 
 
 
(e)
 
 
 
(f)
 
 
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 4. Mine Safety Disclosures - (not applicable)
 
 
 
 
Item 5. Other Information - (none to be reported)
 
 
 
 
 
 
 
 
 
 


2




FULTON FINANCIAL CORPORATION
GLOSSARY OF DEFINED ACRONYMS AND TERMS
 
 
 
ACL
 
Allowance for Credit Losses
AFS
 
Available for Sale
ALCO
 
Asset/Liability Management Committee
AML
 
Anti-Money Laundering
ARC
 
Auction Rate Security
ASC
 
Accounting Standards Codification
ASU
 
Accounting Standards Update
bp
 
basis point(s)
BSA
 
Bank Secrecy Act
CARES Act
 
Coronavirus Aid, Relief, and Economic Security Act
CECL
 
Current Expected Credit Losses
Corporation or Company
 
Fulton Financial Corporation
COVID-19
 
Coronavirus
ETR
 
Effective Tax Rate
Exchange Act
 
Securities Exchange Act of 1934
EAD
 
Exposure at default
FASB
 
Financial Accounting Standards Board
FDIC
 
Federal Deposit Insurance Corporation
Fed Funds Rate
 
Target Federal Funds Rate
FHLB
 
Federal Home Loan Bank
FOMC
 
Federal Open Market Committee
FRB
 
Federal Reserve Bank
FTE
 
Fully Taxable-Equivalent
Fulton Bank or the Bank
 
Fulton Bank, N.A.
GAAP
 
U.S. Generally Accepted Accounting Principles
HTM
 
Held to Maturity
LGD
 
Loss given default
LIBOR
 
London Interbank Offered Rate
MSRs
 
Mortgage Servicing Rights
NIM
 
Net Interest Margin
Net Loans
 
Loans and lease receivables, (net of unearned income)
OBS
 
Off-Balance-Sheet
OREO
 
Other Real Estate Owned
OTTI
 
Other-than-temporary impairment
PD
 
Probability of default
PPP
 
Paycheck Protection Program
PSU
 
Performance-Based Restricted Stock Unit
RSU
 
Restricted Stock Unit
SBA
 
Small Business Administration
SEC
 
United States Securities and Exchange Commission
TCI
 
Tax Credit Investment
TDR
 
Troubled Debt Restructuring
TruPS
 
Trust Preferred Securities


3





Item 1. Financial Statements
 

CONSOLIDATED BALANCE SHEETS 
 
(in thousands, except per-share data)
 
March 31,
2020
 
December 31,
2019
 
(unaudited)
 
ASSETS
 
 
 
Cash and due from banks
$
181,777

 
$
132,283

Interest-bearing deposits with other banks
674,583

 
385,508

        Cash and cash equivalents
856,360

 
517,791

FRB and FHLB stock
118,989

 
97,422

Loans held for sale
40,645

 
37,828

Investment securities:
 
 
 
AFS, at estimated fair value
2,790,834

 
2,497,537

HTM, at amortized cost
350,606

 
369,841

Loans
17,077,403

 
16,837,526

Less: ACL - loans
(238,508
)
 
(163,622
)
Net loans
16,838,895

 
16,673,904

Premises and equipment
236,908

 
240,046

Accrued interest receivable
59,365

 
60,898

Goodwill and intangible assets
535,171

 
535,303

Other assets
1,102,086

 
855,470

Total Assets
$
22,929,859

 
$
21,886,040

LIABILITIES
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
4,531,872

 
$
4,453,324

Interest-bearing
12,833,154

 
12,940,589

Total Deposits
17,365,026

 
17,393,913

Short-term borrowings
1,386,808

 
883,241

Accrued interest payable
10,890

 
8,834

Long-term borrowings
1,378,466

 
881,769

Other liabilities
502,921

 
376,107

Total Liabilities
20,644,111

 
19,543,864

SHAREHOLDERS’ EQUITY
 
 
 
Common stock, $2.50 par value, 600 million shares authorized, 222.5 million shares issued in 2020 and 222.4 million issued in 2019
556,243

 
556,110

Additional paid-in capital
1,502,189

 
1,499,681

Retained earnings
1,040,646

 
1,079,391

Accumulated other comprehensive gain (loss)
18,308

 
(137
)
Treasury stock, at cost, 61.1 million shares in 2020 and 58.2 million shares in 2019
(831,638
)
 
(792,869
)
Total Shareholders’ Equity
2,285,748

 
2,342,176

Total Liabilities and Shareholders’ Equity
$
22,929,859

 
$
21,886,040

 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 
 

4




CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
(in thousands, except per-share data)
Three months ended March 31
 
2020
 
2019
INTEREST INCOME
 
 
 
Loans, including fees
$
175,523

 
$
183,744

Investment securities:
 
 
 
Taxable
16,294

 
15,435

Tax-exempt
4,709

 
3,279

Loans held for sale
320

 
240

Other interest income
2,532

 
2,002

Total Interest Income
199,378

 
204,700

INTEREST EXPENSE
 
 
 
Deposits
26,440

 
29,689

Short-term borrowings
4,073

 
3,582

Long-term borrowings
8,119

 
8,114

Total Interest Expense
38,632

 
41,385

Net Interest Income
160,746

 
163,315

Provision for credit losses
44,030

 
5,100

Net Interest Income After Provision for Credit Losses
116,716

 
158,215

NON-INTEREST INCOME
 
 
 
Wealth management
15,055

 
13,239

Commercial banking
18,419

 
15,250

Consumer banking
11,239

 
11,377

Mortgage banking
6,234

 
4,772

Other
3,651

 
2,048

Non-Interest Income Before Investment Securities Gains
54,598

 
46,686

Investment securities gains, net
46

 
65

Total Non-Interest Income
54,644

 
46,751

NON-INTEREST EXPENSE
 
 
 
Salaries and employee benefits
80,228

 
77,757

Net occupancy
13,486

 
12,909

Data processing and software
11,645

 
10,353

Other outside services
7,881

 
8,352

Professional fees
4,202

 
3,960

Equipment
3,418

 
3,342

State Taxes
2,804

 
2,002

FDIC insurance
2,808

 
2,609

Marketing
1,579

 
2,160

Amortization of TCI
1,450

 
1,491

Intangible amortization
132

 
107

Other
12,919

 
12,782

Total Non-Interest Expense
142,552

 
137,824

Income Before Income Taxes
28,808

 
67,142

Income taxes
2,761

 
10,479

Net Income
$
26,047

 
$
56,663

PER SHARE:
 
 
 
Net Income (Basic)
$
0.16

 
$
0.33

Net Income (Diluted)
0.16

 
0.33

Cash Dividends
0.13

 
0.13

See Notes to Consolidated Financial Statements
 
 
 

5




CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 
(in thousands)
 
Three months ended March 31
 
2020
 
2019
 
 
Net Income
$
26,047

 
$
56,663

Other Comprehensive Income, net of tax:
 
 
 
Unrealized gain on securities
17,431

 
20,298

Reclassification adjustment for securities gains included in net income
(36
)
 
(51
)
Amortization of net unrealized losses on AFS securities transferred to HTM
795

 
974

Non-credit related unrealized (loss) on other-than-temporarily impaired debt securities

 
(82
)
Amortization of net unrecognized pension and postretirement income
255

 
291

Other Comprehensive Income
18,445

 
21,430

Total Comprehensive Income
$
44,492

 
$
78,093

 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 


6




CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
 
(in thousands, except per-share data)
 
Common Stock
 
 
 
Retained
Earnings
 
 
 
Treasury
Stock
 
Total
 
Shares
Outstanding
 
Amount
 
Additional Paid-in
Capital
 
Accumulated
Other Comprehensive
Income (Loss)
 
Three months ended March 31, 2020
 
Balance at December 31, 2019
164,218

 
$
556,110

 
$
1,499,681

 
$
1,079,391

 
$
(137
)
 
$
(792,869
)
 
$
2,342,176

Net income

 

 

 
26,047

 

 

 
26,047

Other comprehensive income

 

 

 

 
18,445

 

 
18,445

Stock issued
125

 
133

 
889

 

 

 
979

 
2,001

Stock-based compensation awards

 

 
1,619

 

 

 

 
1,619

Acquisition of treasury stock
(2,908
)
 
 
 
 
 
 
 
 
 
(39,748
)
 
(39,748
)
Impact of adopting CECL (1)
 
 
 
 
 
 
(43,807
)
 
 
 
 
 
(43,807
)
Common stock cash dividends - $0.13 per share

 

 

 
(20,985
)
 

 

 
(20,985
)
Balance at March 31, 2020
161,435

 
$
556,243

 
$
1,502,189

 
$
1,040,646

 
$
18,308

 
$
(831,638
)
 
$
2,285,748

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
170,184

 
$
554,377

 
$
1,489,703

 
$
946,032

 
$
(59,063
)
 
$
(683,476
)
 
$
2,247,573

Net income

 

 

 
56,663

 

 

 
56,663

Other comprehensive income

 

 

 

 
21,430

 

 
21,430

Stock issued
115

 
108

 
607

 

 

 
942

 
1,657

Stock-based compensation awards

 

 
1,560

 

 

 

 
1,560

Acquisition of treasury stock
(376
)
 
 
 
 
 
 
 
 
 
(5,877
)
 
(5,877
)
Common stock cash dividends - $0.13 per share

 

 

 
(21,987
)
 

 

 
(21,987
)
Balance at March 31, 2019
169,923

 
$
554,485

 
$
1,491,870

 
$
980,708

 
$
(37,633
)
 
$
(688,411
)
 
$
2,301,019

 
 
 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The Corporation adopted ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments effective January 1, 2020. See Note 1, "Basis of Presentation" to the Consolidated Financial Statements for further details.

7




CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
(in thousands)
Three months ended March 31
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net Income
$
26,047

 
$
56,663

Adjustments to reconcile net income to net cash (used in) provided by operating activities:
 
 
 
Provision for credit losses
44,030

 
5,100

Depreciation and amortization of premises and equipment
7,161

 
6,888

Amortization of TCI
7,619

 
8,155

Net amortization of investment securities premiums
2,707

 
2,075

Investment securities gains, net
(46
)
 
(65
)
Gain on sales of mortgage loans held for sale
(6,181
)
 
(3,122
)
Proceeds from sales of mortgage loans held for sale
195,649

 
142,739

Originations of mortgage loans held for sale
(192,285
)
 
(140,286
)
Intangible amortization
132

 
107

Amortization of issuance costs and discounts on long-term debt
250

 
211

Stock-based compensation
1,619

 
1,560

Other changes, net
(133,579
)
 
(41,754
)
Total adjustments
(72,924
)
 
(18,392
)
Net cash (used in) provided by operating activities
(46,877
)
 
38,271

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Proceeds from sales of securities AFS
59,894

 
37,660

Proceeds from principal repayments and maturities of AFS securities
61,408

 
51,097

Proceeds from principal repayments and maturities of HTM securities
19,758

 
18,687

Purchase of securities AFS
(390,936
)
 
(143,588
)
Purchase of FRB and FHLB stock
(21,567
)
 
(6,250
)
Net increase in loans
(250,993
)
 
(101,123
)
Net purchases of premises and equipment
(4,023
)
 
(11,363
)
Net cash paid for acquisition

 
(3,907
)
Net change in tax credit investments
(128
)
 
(8,003
)
Net cash used in investing activities
(526,587
)
 
(166,790
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Net decrease in demand and savings deposits
(34,866
)
 
(108,185
)
Net increase in time deposits
5,979

 
110,004

Net increase in short-term borrowings
503,567

 
74,239

Additions to long-term debt
496,461

 
75,000

Repayments of long-term debt
(13
)
 
(2,026
)
Net proceeds from issuance of common stock
2,001

 
1,657

Dividends paid
(21,348
)
 
(20,592
)
Acquisition of treasury stock
(39,748
)
 
(5,877
)
Net cash provided by financing activities
912,033

 
124,220

Net Increase (Decrease) in Cash and Cash Equivalents
338,569

 
(4,299
)
Cash and Cash Equivalents at Beginning of Period
517,791

 
445,687

Cash and Cash Equivalents at End of Period
$
856,360

 
$
441,388

Supplemental Disclosures of Cash Flow Information:
 
 
 
Cash paid during the period for:
 
 
 
Interest
$
36,576

 
$
40,695

Income taxes
1,072

 
1,485

See Notes to Consolidated Financial Statements
 
 
 
 

8




FULTON FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
NOTE 1 – Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Fulton Financial Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC.

CECL Adoption and Updated Significant Accounting Policy

On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology, and is referred to as CECL. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loans and HTM debt securities. It also applies to OBS credit exposures (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with ASC Topic 842.

The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net of investments in leases and OBS credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL, while prior period results are reported in accordance with the previously applicable incurred loss methodology. The Corporation recorded an overall increase of $58.3 million to the ACL on January 1, 2020 as a result of the adoption of CECL. Retained earnings decreased $43.8 million and deferred tax assets increased by $12.4 million. Included in the $58.3 million increase to the ACL was $2.1 million for certain OBS credit exposures that was previously recognized in other liabilities before the adoption of CECL.

Loans: Loans are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method.

In general, loans are placed on non-accrual status once they become 90 days delinquent as to principal or interest. In certain cases a loan may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal.

A loan that is 90 days delinquent may continue to accrue interest if the loan is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future.

Loans deemed to be a loss are written off through a charge against the ACL. Closed-end consumer loans are generally charged off when they become 120 days past due (180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability

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of the borrower to pay and the value of the underlying collateral, if any. Principal recoveries of loans previously charged off are recorded as increases to the ACL.

Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan, as components of mortgage banking.

Troubled Debt Restructurings: Loans are accounted for and reported as TDRs when, for economic or legal reasons, the Corporation grants a concession to a borrower experiencing financial difficulty that it would not otherwise consider. Concessions, whether negotiated or imposed by bankruptcy, granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification.

On April 7, 2020, Troubled Debt Restructurings: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by COVID-19 was issued by the federal banking regulatory agencies. Included in the Interagency Statement were provisions permitting banks that grant loan modifications to customers impacted by COVID-19 to exclude those modifications from loans categorized as TDRs. The Corporation is adopting the guidance in this Interagency Statement effective for COVID-19-related modifications occurring subsequent to March 13, 2020.

Allowance for Credit Losses: The discussion that follows describes the methodology for determining the ACL under the CECL model that was adopted effective January 1, 2020. The allowance methodology for prior periods is disclosed in the Corporation’s 2019 Annual Report on Form 10-K.

The Corporation has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income.

Loans: The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. The ACL also includes certain qualitative adjustments to the CECL model.

Loans Evaluated Collectively: Loans evaluated collectively for expected credit losses include loans on accrual status, excluding accruing TDRs, and loans initially evaluated individually but determined to not to have enhanced credit risk characteristics. This category includes loans on non-accrual status and TDRs where the total commitment amount is less than $1 million. In order to determine the ACL:

Loans aggregated into pools based on similar risk characteristics.
The PD and LGD CECL model components are determined based on loss estimates driven by historical experience at the input level.
The PD model component uses "through the economic cycle transition" matrices based on the Corporation's historical loan and transaction data across each pool of loans.
The LGD model component calculates a lifetime LGD estimate across each pool of loans utilizing a nonparametric loss curve modeling approach.
Reasonable and supportable forecasts are incorporated into the PD model component.
Reasonable and supportable forecast periods are based on different economic forecasts and scenarios sourced from an external party. A future loss forecast over the reasonable and supportable forecast period is based on the projected performance of specific economic variables that statistically correlate with the PD and LGD pools. After the reasonable and supportable forecast period, loss estimates naturally revert to input-level reversion.
Cash flow assumptions are established for each loan using maturity date, amortization schedule and interest rate.
A constant prepayment rate is calculated for each loan pool in the CECL model.

Loans Evaluated Individually: Loans evaluated individually for expected credit losses include loans on non-accrual status and TDRs where the commitment amount equals or exceeds $1 million. The required ACL for such loans is determined using either the present value of expected future cash flows, observable market price or the fair value of collateral.

Loans evaluated individually may have specific allocations assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate.

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For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan is impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated appraisals performed by third-party appraisers for impaired loans secured predominantly by real estate every 12 months.

When updated appraisals are not obtained for loans secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and there has not been a significant deterioration in the collateral value since the original appraisal was performed.

For loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies.

Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, or if specific loan review assessments identify a deterioration or an improvement in the loan.

The following is a summary of the Corporation's internal risk rating categories:

Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk.

Special Mention: These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak.

Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt.

The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type.

Qualitative and Other Adjustments to ACL: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, competition, model imprecision, and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on Management’s knowledge of the portfolio and the markets in which the Corporation operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These include but are not limited to loans-in-process, trade acceptances and overdrafts.

OBS Credit Exposures: The ACL for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets. This ACL represents management’s estimate of expected losses in its unfunded loan commitments and other OBS credit exposures, such as letters of credit and credit recourse on sold residential mortgage loans. The ACL specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses.


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HTM debt securities: Expected credit losses on HTM debt securities would be recorded in the ACL on HTM debt securities. As of March 31, 2020, no HTM debt securities required an ACL as these investments consist solely of government guaranteed residential mortgage-backed securities.

AFS debt securities: The ACL approach for AFS debt securities differs from the CECL approach used for HTM debt securities as AFS debt securities are carried at fair value rather than amortized cost. Prior to the adoption of CECL, credit losses on AFS debt securities were determined using an OTTI approach. Under CECL, the concept of OTTI has been eliminated, but the general approach to determining credit losses is largely consistent with the OTTI method. Under CECL, credit losses on AFS debt securities are recognized through an ACL rather than through a direct write-down of the security. As of March 31, 2020, no AFS debt securities required an ACL.

Other Recently Adopted Accounting Standards

On January 1, 2020, the Corporation adopted ASC Update 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This update changes the fair value measurement disclosure requirements of ASC Topic 820 "Fair Value Measurement." Among other things, the update modifies the disclosure objective paragraphs of ASC 820 to eliminate: (1) "at a minimum" from the phrase "an entity shall disclose at a minimum;" and (2) other similar disclosure requirements to promote the appropriate exercise of discretion by entities.

The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements.

On January 1, 2020, the Corporation adopted ASC Update 2018-15 - Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC Subtopic 350-40 to determine which implementation costs to capitalize as assets.

The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements

In March 2020, the Corporation adopted ASC Update 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standards update provided optional guidance for a limited time to ease the potential burden in accounting for reference rate reform, specific to those using LIBOR or another reference rate expected to be discontinued due to this reform.

The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements.























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Recently Issued Accounting Standards

Standard
Description
Date of Anticipated Adoption
Effect on Financial Statements
ASC Update 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans
This update amends ASC Topic 715-20 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans.

This update is effective for fiscal years ending after December 15, 2020. Early adoption is permitted.

Fiscal Year 2020
The Corporation intends to adopt this standards update effective with its December 31, 2020 annual report on Form 10-K. This standard will impact the Corporation's disclosure relating to employee benefit plans, but the Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements.

ASC Update 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
This update simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance.

This update is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted.
First Quarter 2021
The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q. This update is not expected to have a material impact on the consolidated financial statements.

Reclassifications

Certain amounts in the 2019 consolidated financial statements and notes have been reclassified to conform to the 2020 presentation.

NOTE 2 – Restrictions on Cash and Cash Equivalents

The Bank is required to maintain reserves against its deposit liabilities. Prior to March 2020, reserves were in the form of cash and balances with the FRB, included in "interest-bearing deposits with other banks." The FRB suspended cash reserve requirements effective March 26, 2020. The amount of such reserves as of December 31, 2019 was $218.9 million.

In addition, collateral is posted by the Corporation with counterparties to secure derivative and other contracts, which is included in "interest-bearing deposits with other banks" on the consolidated balance sheets. The amounts of such collateral as of March 31, 2020 and December 31, 2019 were $452.9 million and $199.6 million, respectively.


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NOTE 3 – Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
March 31, 2020
(in thousands)
Available for Sale
 
 
 
 
 
 
 
State and municipal securities
$
825,863

 
$
23,790

 
$
(1,569
)
 
$
848,084

Corporate debt securities
375,141

 
5,378

 
(7,041
)
 
373,478

Collateralized mortgage obligations
638,458

 
29,194

 

 
667,652

Residential mortgage-backed securities
214,259

 
6,370

 

 
220,629

Commercial mortgage-backed securities
574,860

 
12,681

 
(216
)
 
587,325

Auction rate securities
107,410

 

 
(13,744
)
 
93,666

   Total
$
2,735,991

 
$
77,413

 
$
(22,570
)
 
$
2,790,834

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
350,606

 
$
21,667

 
$

 
$
372,273

 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
December 31, 2019
(in thousands)
Available for Sale
 
 
 
 
 
 
 
State and municipal securities
$
638,125

 
$
15,826

 
$
(1,024
)
 
$
652,927

Corporate debt securities
370,401

 
8,490

 
(1,534
)
 
377,357

Collateralized mortgage obligations
682,307

 
11,726

 
(315
)
 
693,718

Residential mortgage-backed securities
177,183

 
1,078

 
(949
)
 
177,312

Commercial mortgage-backed securities
489,603

 
6,471

 
(1,777
)
 
494,297

Auction rate securities
107,410

 

 
(5,484
)
 
101,926

   Total
$
2,465,029

 
$
43,591

 
$
(11,083
)
 
$
2,497,537

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
369,841

 
$
13,864

 
$

 
$
383,705



Securities carried at $497.8 million at March 31, 2020 and $462.6 million at December 31, 2019, were pledged as collateral to secure public and trust deposits and customer repurchase agreements.
















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The amortized cost and estimated fair values of debt securities as of March 31, 2020, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties.
 
 
Available for Sale
 
Held to Maturity
 
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
(in thousands)
Due in one year or less
 
$
1,175

 
$
1,175

 
$

 
$

Due from one year to five years
 
34,996

 
35,936

 

 

Due from five years to ten years
 
355,584

 
355,472

 

 

Due after ten years
 
916,659

 
922,645

 

 

 
 
1,308,414

 
1,315,228

 

 

Residential mortgage-backed securities(1)
 
214,259

 
220,629

 
350,606