SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

21. SUBSEQUENT EVENTS

The Company evaluated subsequent events in accordance with ASC Topic 855 and determined that the following qualifies as a non-recognized subsequent event:

Coronavirus Aid, Relief, and Economic Security (CARES) Act

On April 6, 2020, the Company began participating in the Paycheck Protection Program (PPP), a stimulus response to the potential economic impacts of COVID-19 that is backed by the U.S. Small Business Administration (SBA). During the second quarter of 2020, through the date of this Quarterly Report on Form 10-Q, the Company has submitted and received approvals for 4,732 applications for $971.2 million in PPP loans to our customers.

The Company is also providing a number of customer relief programs in its commercial and retail portfolios, such as payment deferrals or interest only payments on loans and leases. The CARES Act allows financial institutions to exclude eligible modifications from TDR reporting under its loan forbearance program. Eligible modification must be related to the COVID-19 pandemic, executed on a loan that was not more than 30 days past due as of December 31, 2019 and executed between March 1, 2020 and the earlier of 60 days after the date of the termination of the national emergency or December 31, 2020. During the second quarter of 2020, through the date of this Quarterly Report on Form 10-Q, the Company modified approximately $2.2 billion of loans and leases to provide its customers this monetary relief.