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NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Accounting Standards Update and Change in Accounting Principle [Table Text Block]

The following table illustrates the transition adjustment impact of ASC 326:

 

 

 

 

 

 

 

 

 

(In thousands)

January 1, 2020

 

 

ACL Under ASC 326

 

 

Pre-ASC 326

 

 

Impact of ASC 326

 

 

Adoption Date

 

 

Adoption

 

 

Adoption

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

ACL on debt securities held to maturity

$

8,134

 

$

-

 

$

8,134

 

 

 

 

 

 

 

 

 

ACL on loans and finance leases

 

 

 

 

 

 

 

 

Residential mortgage loans

$

94,643

 

$

44,806

 

$

49,837

Commercial mortgage loans

 

19,888

 

 

39,194

 

 

(19,306)

C&I loans

 

29,929

 

 

15,198

 

 

14,731

Construction loans

 

3,167

 

 

2,370

 

 

797

Consumer loans

 

88,677

 

 

53,571

 

 

35,106

Total ACL on loans and finance leases

$

236,304

 

$

155,139

 

$

81,165

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

ACL on off-balance sheet credit exposure

$

3,922

 

$

-

 

$

3,922

 

 

 

 

 

 

 

 

 

Pre-tax effect in beginning retained earnings

$

248,360

 

$

155,139

 

$

93,221

 

 

 

 

 

 

 

 

 

Balance sheet reclassification (1)

 

 

 

 

 

 

 

434

 

 

 

 

 

 

 

 

 

Tax effect

 

 

 

 

 

 

 

(31,333)

 

 

 

 

 

 

 

 

 

After-tax effect in beginning retained earnings

 

 

 

 

 

 

$

62,322

(1) Reflects the effect of the release of the excess of the previously-established ACL for PCD loans over the ACL determined for such loans following the CECL methodology, which resulted in a corresponding decrease to loans.