Recent Events

3 Months Ended

Mar. 31, 2020

RECENT EVENTS

The coronavirus (COVID-19) pandemic has placed significant health, economic and other major pressure on the communities the Company serves, the United States and the entire world. In March 2020, Congress passed the CARES Act, which is designed to provide comprehensive relief to individuals and businesses following the unprecedented impact of the COVID-19 pandemic. The Company has implemented a number of procedures in response to the pandemic to support the safety and well being of its employees, customers and shareholders that continue through the date of filing this report. Some of the newly implemented procedures include:


•	Addressing the safety of the Company’s 240 branches, following local, state, and federal guidelines. In March, the Company announced the temporary closure of 52 branches and is focusing on the enhanced digital banking experience;


•	Holding regular executive and pandemic task force meetings to address issues that change rapidly;


•	Implementing business continuity plans to help ensure that customers have adequate access to banking services;


•	Providing extensions and deferrals to loan customers affected by COVID-19 provided such customers were not 30 days or more past due at December 31, 2019. Through May 5, 2020, the Company has completed or is in the process of modifying more than 4,300 loans totaling over $3.2 billion; and

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Participating in both appropriations of the CARES Act Paycheck Protection Program (“PPP”) that provides 100% federally guaranteed loans for small businesses to cover up to eight weeks of payroll costs and assist with mortgage interest, rent and utilities. Notably, these small business loans may be forgiven by the SBA if borrowers maintain their payrolls and satisfy certain other conditions during this crisis. Through May 5, 2020, the Company has completed over 7,600 applications and funded over $978 million of such loans.

The Company continues to closely monitor this pandemic and expects to make future changes to respond to the pandemic as this situation continues to evolve. Further economic downturns accompanying this pandemic could result in increased deterioration in credit quality, past due loans, loans charge offs and collateral value declines, which could cause our results of operations and financial condition to be negatively impacted.