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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Summary of impact of ASU

​

​	​	​	​	​	​	​	​
​	​	​	​	January 1, 2020	​	​	​
​	​	As Reported Under	​	Pre-ASC 326	​	Impact of ASC 326	​
Dollars in thousands		ASC 326		Adoption		Adoption
​	​	​	​	​	​	​	​
Assets:	​	​	​	​	​	​	​
Allowance for Credit Losses on Debt Securities	​	​	​	​	​	​	​
Investment Securities - Available-for-sale	$	1,956,047	$	1,956,047	$	—	A
Investment Securities - Held-to-maturity	​	—	​	—	​	—	A
Loans	​	​	​	​	​	​	​
Non - Acquired Loans	​	9,252,831	​	9,252,831	​	—	​
Acquired Loans	​	2,118,940	​	2,117,209	​	1,723	B
Allowance for Credit Losses on Loans	​	(111,365)	​	(56,927)	​	(54,438)	C
Deferred Tax Asset	​	43,955	​	31,316	​	12,639	D
Accrued Interest Receivable - Loans	​	30,009	​	28,332	​	1,677	B
​	​	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​	​
Reserve for Loan Losses - Unfunded Commitments	​	6,756	​	335	​	6,421	E
​	​	​	​	​	​	​	​
Equity:	​	​	​	​	​	​	​
Retained Earnings	​	635,075	​	679,895	​	(44,820)	F

A - The Company did not have any held-to maturity securities as of January 1, 2020. Per our analysis we determined that no ACL was necessary for investment securities – available-for-sale.

B – Accrued interest receivable from acquired credit impaired loans of $1,677 was reclassified to other assets and was offset by the reclass of the grossed up credit discount on acquired credit impaired loans of $3,408 that was moved to the ACL for the purchased credit deteriorated loans.

C – This is the calculated adjustment to the ACL related to the adoption of ASC 326. Additional reserve related to non-acquired loans was $34,049, to acquired loans was $16,981 and to purchased credit deteriorated loans was $3,408.

D – This is the effect of deferred tax assets related to the adjustment to the ACL from the adoption of ASC 326 using a 22% tax rate.

E – This is the adjustment to the reserve for unfunded commitments related to the adoption of ASC 326.

F – This is the net adjustment to retained earnings related to the adoption of ASC 326.

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- References

No definition available.

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

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