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BASIS OF PRESENTATION (Tables)
9 Months Ended
Sep. 30, 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)

Commercial and Industrial 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