Delaware | 16-1268674 | |
(State or other jurisdiction of incorporation or organization) | ( |
Title of each | Trading Symbol(s) | Name of each exchange on which |
Common Stock, par value $0.01 per share | NBTB | The NASDAQ Stock Market LLC |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐ | Emerging growth |
PART I | ||
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PART II | ||
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ITEM 9C. | 106 | |
PART III | ||
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PART IV | ||
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BUSINESS |
County | State | Deposits in Thousands | Market Share | Market Rank | Number of Branches* | Number of ATMs* | State | Deposits in Thousands | Market Share | Market Rank | Number of Branches* | Number of ATMs* | ||||||||||||||||||||||||||||||
Chenango | NY | $ | 836,819 | 94.51 | % | 1 | 11 | 12 | NY | $ | 1,212,561 | 95.19 | % | 1 | 11 | 12 | ||||||||||||||||||||||||||
Fulton | NY | 507,651 | 64.84 | % | 1 | 5 | 6 | NY | 598,208 | 60.35 | % | 1 | 5 | 6 | ||||||||||||||||||||||||||||
Schoharie | NY | 219,139 | 47.47 | % | 1 | 4 | 4 | NY | 272,133 | 45.31 | % | 1 | 4 | 4 | ||||||||||||||||||||||||||||
Hamilton | NY | 45,801 | 43.48 | % | 2 | 1 | 1 | NY | 47,385 | 39.98 | % | 2 | 1 | 1 | ||||||||||||||||||||||||||||
Montgomery | NY | 382,441 | 38.67 | % | 2 | 5 | 4 | |||||||||||||||||||||||||||||||||||
Cortland | NY | 291,036 | 40.84 | % | 1 | 5 | 7 | NY | 329,639 | 35.03 | % | 2 | 4 | 6 | ||||||||||||||||||||||||||||
Montgomery | NY | 266,070 | 35.71 | % | 2 | 5 | 4 | |||||||||||||||||||||||||||||||||||
Delaware | NY | 368,041 | 35.70 | % | 1 | 5 | 5 | |||||||||||||||||||||||||||||||||||
Otsego | NY | 380,455 | 34.31 | % | 1 | 8 | 11 | NY | 487,453 | 34.92 | % | 1 | 8 | 11 | ||||||||||||||||||||||||||||
Essex | NY | 208,694 | 28.47 | % | 2 | 3 | 5 | NY | 307,108 | 31.70 | % | 1 | 3 | 4 | ||||||||||||||||||||||||||||
Madison | NY | 231,978 | 25.34 | % | 2 | 4 | 8 | NY | 347,460 | 29.42 | % | 2 | 5 | 7 | ||||||||||||||||||||||||||||
Delaware | NY | 327,141 | 28.54 | % | 3 | 5 | 5 | |||||||||||||||||||||||||||||||||||
Susquehanna | PA | 178,324 | 20.11 | % | 2 | 5 | 7 | PA | 230,519 | 17.43 | % | 2 | 5 | 7 | ||||||||||||||||||||||||||||
Broome | NY | 391,519 | 14.15 | % | 2 | 7 | 9 | NY | 575,719 | 16.23 | % | 2 | 7 | 9 | ||||||||||||||||||||||||||||
Oneida | NY | 498,371 | 14.00 | % | 4 | 7 | 9 | NY | 645,365 | 13.82 | % | 4 | 6 | 9 | ||||||||||||||||||||||||||||
St. Lawrence | NY | 165,322 | 13.72 | % | 4 | 4 | 5 | NY | 214,321 | 13.08 | % | 4 | 4 | 4 | ||||||||||||||||||||||||||||
Pike | PA | 83,699 | 11.66 | % | 5 | 2 | 2 | PA | 109,790 | 12.15 | % | 4 | 2 | 2 | ||||||||||||||||||||||||||||
Oswego | NY | 144,549 | 10.91 | % | 4 | 4 | 6 | NY | 187,100 | 10.74 | % | 4 | 4 | 5 | ||||||||||||||||||||||||||||
Wayne | PA | 124,450 | 9.54 | % | 4 | 3 | 4 | PA | 164,540 | 9.15 | % | 4 | 3 | 4 | ||||||||||||||||||||||||||||
Herkimer | NY | 56,982 | 8.45 | % | 4 | 2 | 1 | NY | 69,360 | 8.71 | % | 5 | 1 | 1 | ||||||||||||||||||||||||||||
Tioga | NY | 35,521 | 7.90 | % | 5 | 1 | 1 | NY | 44,948 | 8.29 | % | 4 | 1 | 1 | ||||||||||||||||||||||||||||
Schenectady | NY | 296,965 | 7.58 | % | 5 | 2 | 2 | |||||||||||||||||||||||||||||||||||
Clinton | NY | 106,166 | 7.64 | % | 5 | 3 | 3 | NY | 136,649 | 7.21 | % | 5 | 2 | 2 | ||||||||||||||||||||||||||||
Lackawanna | PA | 416,818 | 6.98 | % | 6 | 12 | 17 | PA | 563,825 | 7.03 | % | 6 | 10 | 14 | ||||||||||||||||||||||||||||
Schenectady | NY | 177,724 | 6.41 | % | 5 | 2 | 2 | |||||||||||||||||||||||||||||||||||
Franklin | NY | 34,042 | 6.33 | % | 4 | 1 | 1 | NY | 39,993 | 5.77 | % | 4 | 1 | 1 | ||||||||||||||||||||||||||||
Onondaga | NY | 487,142 | 4.74 | % | 6 | 11 | 13 | NY | 644,161 | 4.73 | % | 6 | 10 | 10 | ||||||||||||||||||||||||||||
Saratoga | NY | 259,013 | 3.95 | % | 8 | 3 | 4 | |||||||||||||||||||||||||||||||||||
Warren | NY | 78,519 | 4.14 | % | 5 | 2 | 3 | NY | 100,519 | 3.59 | % | 5 | 2 | 2 | ||||||||||||||||||||||||||||
Saratoga | NY | 174,077 | 3.68 | % | 8 | 4 | 4 | |||||||||||||||||||||||||||||||||||
Chittenden | VT | 196,535 | 3.20 | % | 7 | 3 | 4 | |||||||||||||||||||||||||||||||||||
Berkshire | MA | 157,305 | 3.11 | % | 7 | 5 | 5 | |||||||||||||||||||||||||||||||||||
Cheshire | NH | 69,166 | 2.98 | % | 7 | 1 | 1 | |||||||||||||||||||||||||||||||||||
Monroe | PA | 73,469 | 2.70 | % | 8 | 4 | 4 | PA | 108,147 | 2.84 | % | 8 | 3 | 3 | ||||||||||||||||||||||||||||
Berkshire | MA | 117,200 | 2.63 | % | 7 | 6 | 6 | |||||||||||||||||||||||||||||||||||
Chittenden | VT | 102,142 | 2.31 | % | 7 | 3 | 3 | |||||||||||||||||||||||||||||||||||
Albany | NY | 354,060 | 1.89 | % | 9 | 4 | 5 | |||||||||||||||||||||||||||||||||||
Greene | NY | 37,089 | 2.30 | % | 5 | 2 | 2 | NY | 42,499 | 1.51 | % | 5 | 1 | 1 | ||||||||||||||||||||||||||||
Cheshire | NH | 32,815 | 2.06 | % | 7 | 1 | - | |||||||||||||||||||||||||||||||||||
Luzerne | PA | 97,177 | 1.56 | % | 13 | 4 | 6 | PA | 95,533 | 1.22 | % | 13 | 2 | 2 | ||||||||||||||||||||||||||||
Albany | NY | 265,509 | 1.37 | % | 9 | 4 | 5 | |||||||||||||||||||||||||||||||||||
Hillsborough | NH | 137,249 | 0.81 | % | 13 | 2 | 2 | |||||||||||||||||||||||||||||||||||
Rensselaer | NY | 27,233 | 1.29 | % | 10 | 1 | 1 | NY | 20,396 | 0.70 | % | 11 | 1 | 1 | ||||||||||||||||||||||||||||
Hillsborough | NH | 90,806 | 0.78 | % | 12 | 2 | 2 | |||||||||||||||||||||||||||||||||||
Rutland | VT | 4,813 | 0.49 | % | 10 | 1 | 1 | |||||||||||||||||||||||||||||||||||
Cumberland | ME | 17,176 | 0.18 | % | 16 | 1 | - | ME | 36,295 | 0.26 | % | 15 | 1 | 1 | ||||||||||||||||||||||||||||
Rockingham | NH | 8,765 | 0.11 | % | 23 | 1 | 2 | |||||||||||||||||||||||||||||||||||
Merrimack | NH | 1,165 | 0.02 | % | 16 | 1 | 1 | |||||||||||||||||||||||||||||||||||
Hartford | CT | 6,888 | 0.01 | % | 22 | 2 | 1 | |||||||||||||||||||||||||||||||||||
$ | 7,383,103 | 151 | 182 | $ | 9,819,554 | 140 | 164 |
● | 4.5% CET1 to risk-weighted assets; |
● | 6.0% Tier 1 capital (CET1 plus Additional Tier 1 capital) to risk-weighted assets; |
● | 8.0% Total capital (Tier 1 capital plus Tier 2 capital) to risk-weighted assets; and |
● | 4.0% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”). |
● | the Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers; |
● | the Equal Credit Opportunity Act (“ECOA”), prohibiting discrimination in connection with the extension of credit; |
● | the Home Mortgage Disclosure Act (“HMDA”), requiring home mortgage lenders, including the Bank, to make available to the public expanded information regarding the pricing of home mortgage loans, including the “rate spread” between the annual percentage rate and the average prime offer rate for mortgage loans of a comparable type; |
● | the Fair Credit Reporting Act (“FCRA”), governing the provision of consumer information to credit reporting agencies and the use of consumer information; and |
● | the Fair Debt Collection Practices Act, governing the manner in which consumer debts may be collected by collection agencies. |
RISK FACTORS |
● | The duration, extent, and severity of the pandemic. The COVID-19 pandemic does not yet appear to be contained and could affect significantly more households and businesses. The duration and level of severity of the pandemic continue to be unpredictable. |
● | The impact on our employees. While we have not experienced a significant impact on the availability of our employees to date, our colleagues remain at risk of being exposed to COVID-19. We have taken meaningful steps and precautions to ensure their health and well-being; however, COVID-19 could still impact our colleagues’ availability to work due to illness, quarantines, government actions, financial center closures or other reasons. If our employees are not able to work as effectively or a substantial number of employees are unable to work due to COVID-19, our business would be adversely affected. |
● | The effects on our customers, counterparties, employees and third-party service providers. COVID-19 and its associated consequences and uncertainties may affect individuals, households, and businesses differently and unevenly. In the near-term if not longer, however, our credit, operational and other risks are generally expected to increase. |
● | The effects on economies and markets. Whether the actions of governmental and nongovernmental authorities will be successful in mitigating the adverse effects of COVID-19 is unclear. National, regional and local economies and markets could suffer disruptions that are lasting. In addition, governmental actions are meaningfully influencing the interest-rate environment, which could adversely affect our results of operations and financial condition. |
● | the ability to develop, maintain and build upon long-term customer relationships based on top quality service, high ethical standards and safe, sound assets; |
● | the ability to expand the Company’s market position; |
● | the scope, relevance and pricing of products and services offered to meet customer needs and demands; |
● | the rate at which the Company introduces new products, services and technologies relative to its competitors; |
● | customer satisfaction with the Company’s level of service; |
● | industry and general economic trends; and |
● | the ability to attract and retain talented employees. |
● | investors may have less confidence in the equity markets in general and in financial services industry stocks in particular, which could place downward pressure on the Company’s stock price and resulting market valuation; |
● | consumer and business confidence levels could be lowered and cause declines in credit usage and adverse changes in payment patterns, causing increases in delinquencies and default rates; |
● | the Company’s ability to assess the creditworthiness of its customers may be impaired if the models and approaches the Company uses to select, manage and underwrite its customers become less predictive of future behaviors; |
● | the Company could suffer decreases in demand for loans or other financial products and services or decreased deposits or other investments in accounts with the Company; |
● | demand for and income received from the |
● | customers of the |
● | competition in the financial services industry could intensify as a result of the increasing consolidation of financial services companies in connection with current market conditions or otherwise; and; |
● | the value of loans and other assets or collateral securing loans may decrease. |
● | applicability of Volcker Rule requirements and restrictions; |
● | increased capital, leverage, liquidity and risk management standards; |
● | examinations by the CFPB for compliance with federal consumer financial protection laws and regulations; and |
● | limits on interchange fees on debit cards. |
● | the political climate and whether the proposed policies of the current Presidential administration in the U.S. that have affected market prices for financial institution stocks are successfully implemented; |
● | changes in securities analysts’ recommendations or expectations of financial performance; |
● | volatility of stock market prices and volumes; |
● | incorrect information or speculation; |
● | changes in industry valuations; |
● | variations in operating results from general expectations; |
● | actions taken against the Company by various regulatory agencies; |
● | changes in authoritative accounting guidance; |
● | changes in general domestic economic conditions such as inflation rates, tax rates, unemployment rates, labor and healthcare cost trend rates, recessions and changing government policies, laws and regulations; and |
● | severe weather, natural disasters, acts of war or terrorism and other external events. |
● | exposure to potential asset quality issues of |
● | potential exposure to unknown or contingent liabilities of the acquired business; |
● | our ability to realize anticipated cost savings; |
● | the difficulty of integrating operations and personnel and the potential loss of key employees; |
● | the potential disruption of our or the acquired company’s ongoing business in such a way that could result in decreased revenues or the inability of our management to maximize our financial and strategic position; |
● | the inability to maintain uniform standards, controls, procedures and policies; and |
● | the impairment of relationships with the acquired company’s employees and customers as a result of changes in ownership and management. |
County | Branches | ATMs | County | Branches | ATMs | ||||||||||||
New York | Pennsylvania | ||||||||||||||||
Albany | 4 | 5 | Lackawanna | 12 | 17 | ||||||||||||
Broome | 7 | 9 | Luzerne | 4 | 6 | ||||||||||||
Chenango | 11 | 12 | Monroe | 4 | 4 | ||||||||||||
Clinton | 3 | 3 | Pike | 2 | 2 | ||||||||||||
Cortland | 5 | 7 | Susquehanna | 5 | 7 | ||||||||||||
Delaware | 5 | 5 | Wayne | 3 | 4 | ||||||||||||
Essex | 3 | 5 | |||||||||||||||
Franklin | 1 | 1 | New Hampshire | ||||||||||||||
Fulton | 5 | 6 | Cheshire | 1 | - | ||||||||||||
Greene | 2 | 2 | Hillsborough | 2 | 2 | ||||||||||||
Hamilton | 1 | 1 | Rockingham | 1 | 2 | ||||||||||||
Herkimer | 2 | 1 | |||||||||||||||
Madison | 4 | 8 | Vermont | ||||||||||||||
Montgomery | 5 | 4 | Chittenden | 3 | 3 | ||||||||||||
Oneida | 7 | 9 | Rutland | 1 | 1 | ||||||||||||
Onondaga | 11 | 13 | |||||||||||||||
Oswego | 4 | 6 | Massachusetts | ||||||||||||||
Otsego | 8 | 11 | Berkshire | 6 | 6 | ||||||||||||
Rensselaer | 1 | 1 | |||||||||||||||
St. Lawrence | 4 | 5 | Maine | ||||||||||||||
Saratoga | 4 | 4 | Cumberland | 1 | - | ||||||||||||
Schenectady | 2 | 2 | |||||||||||||||
Schoharie | 4 | 4 | |||||||||||||||
Tioga | 1 | 1 | |||||||||||||||
Warren | 2 | 3 | |||||||||||||||
Total | 151 | 182 |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Period Ending | Period Ending | |||||||||||||||||||||||||||||||||||||||||||||||
Index | 12/31/13 | 12/31/14 | 12/31/15 | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | 12/31/21 | ||||||||||||||||||||||||||||||||||||
NBT Bancorp | $ | 100.00 | $ | 105.07 | $ | 115.29 | $ | 178.26 | $ | 160.59 | $ | 154.95 | $ | 100.00 | $ | 90.09 | $ | 86.92 | $ | 104.81 | $ | 85.82 | $ | 106.10 | ||||||||||||||||||||||||
KBW Regional Bank Index | $ | 100.00 | $ | 102.43 | $ | 108.56 | $ | 151.40 | $ | 153.77 | $ | 126.88 | $ | 100.00 | $ | 101.81 | $ | 84.00 | $ | 104.05 | $ | 95.02 | $ | 129.84 | ||||||||||||||||||||||||
NASDAQ Composite Index | $ | 100.00 | $ | 114.83 | $ | 122.99 | $ | 134.02 | $ | 173.86 | $ | 168.98 | $ | 100.00 | $ | 129.73 | $ | 126.08 | $ | 172.41 | $ | 250.08 | $ | 305.63 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Number of Shares That May Yet be Purchased Under the Plans | ||
10/1/21 - 10/31/21 | - | $ | - | - | 1,600,000 | |
11/1/21 - 11/30/21 | 161,200 | 37.29 | 161,200 | 1,438,800 | ||
12/1/21 - 12/31/21 | 43,437 | 37.29 | 43,437 | 1,395,363 | ||
Total | 204,637 | $ | 37.29 | 204,637 | 1,395,363 |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Year ended December 31, | ||||||||||||||||||||
(In thousands, except per share data) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Interest, fee and dividend income | $ | 344,255 | $ | 309,407 | $ | 286,947 | $ | 273,224 | $ | 275,081 | ||||||||||
Interest expense | 38,626 | 25,914 | 22,506 | 20,616 | 23,203 | |||||||||||||||
Net interest income | 305,629 | 283,493 | 264,441 | 252,608 | 251,878 | |||||||||||||||
Provision for loan losses | 28,828 | 30,988 | 25,431 | 18,285 | 19,539 | |||||||||||||||
Noninterest income excluding net securities (losses) gains | 131,103 | 119,437 | 116,357 | 115,394 | 125,935 | |||||||||||||||
Net securities (losses) gains | (6,341 | ) | 1,867 | (644 | ) | 3,087 | 92 | |||||||||||||
Noninterest expense | 264,561 | 245,648 | 235,922 | 236,176 | 246,063 | |||||||||||||||
Income before income taxes | 137,002 | 128,161 | 118,801 | 116,628 | 112,303 | |||||||||||||||
Net income | 112,566 | 82,151 | 78,409 | 76,425 | 75,074 | |||||||||||||||
Per common share | ||||||||||||||||||||
Basic earnings | $ | 2.58 | $ | 1.89 | $ | 1.81 | $ | 1.74 | $ | 1.71 | ||||||||||
Diluted earnings | 2.56 | 1.87 | 1.80 | 1.72 | 1.69 | |||||||||||||||
Cash dividends paid | 0.99 | 0.92 | 0.90 | 0.87 | 0.84 | |||||||||||||||
Book value at year-end | 23.31 | 22.01 | 21.11 | 20.31 | 19.69 | |||||||||||||||
Tangible book value at year-end (1) | 16.66 | 15.54 | 14.61 | 13.79 | 13.22 | |||||||||||||||
Average diluted common shares outstanding | 44,020 | 43,905 | 43,622 | 44,389 | 44,395 | |||||||||||||||
Securities available for sale, at fair value | $ | 998,496 | $ | 1,255,925 | $ | 1,338,290 | $ | 1,174,544 | $ | 1,013,171 | ||||||||||
Securities held to maturity, at amortized cost | 783,599 | 484,073 | 527,948 | 471,031 | 454,361 | |||||||||||||||
Loans | 6,887,709 | 6,583,639 | 6,196,978 | 5,882,642 | 5,591,959 | |||||||||||||||
Allowance for loan losses | 72,505 | 69,500 | 65,200 | 63,018 | 66,359 | |||||||||||||||
Assets | 9,556,363 | 9,136,812 | 8,867,268 | 8,262,646 | 7,807,340 | |||||||||||||||
Deposits | 7,368,211 | 7,170,636 | 6,973,688 | 6,604,843 | 6,299,605 | |||||||||||||||
Borrowings | 1,046,616 | 909,188 | 886,986 | 674,124 | 548,943 | |||||||||||||||
Stockholders’ equity | 1,017,909 | 958,177 | 913,316 | 882,004 | 864,181 | |||||||||||||||
Key ratios | ||||||||||||||||||||
Return on average assets | 1.20 | % | 0.91 | % | 0.92 | % | 0.96 | % | 0.97 | % | ||||||||||
Return on average equity | 11.49 | % | 8.71 | % | 8.74 | % | 8.70 | % | 8.84 | % | ||||||||||
Average equity to average assets | 10.47 | % | 10.45 | % | 10.49 | % | 10.98 | % | 10.95 | % | ||||||||||
Net interest margin | 3.58 | % | 3.47 | % | 3.43 | % | 3.50 | % | 3.61 | % | ||||||||||
Dividend payout ratio | 38.67 | % | 49.20 | % | 50.00 | % | 49.92 | % | 49.16 | % | ||||||||||
Tier 1 leverage | 9.52 | % | 9.14 | % | 9.11 | % | 9.44 | % | 9.39 | % | ||||||||||
Common equity tier 1 capital ratio | 10.49 | % | 10.06 | % | 9.98 | % | 10.20 | % | N/A | |||||||||||
Tier 1 risk-based capital | 11.79 | % | 11.42 | % | 11.42 | % | 11.73 | % | 12.32 | % | ||||||||||
Total risk-based capital | 12.78 | % | 12.42 | % | 12.39 | % | 12.74 | % | 13.50 | % |
Year ended December 31, | ||||||||||||||||||||
(In thousands, except per share data) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Stockholders' equity | $ | 1,017,909 | $ | 958,177 | $ | 913,316 | $ | 882,004 | $ | 864,181 | ||||||||||
Intangibles | 290,368 | 281,463 | 281,254 | 283,222 | 283,951 | |||||||||||||||
Tangible equity | 727,541 | 676,714 | 632,062 | 598,782 | 580,230 | |||||||||||||||
Diluted common shares outstanding | 43,673 | 43,543 | 43,258 | 43,431 | 43,896 | |||||||||||||||
Tangible book value | $ | 16.66 | $ | 15.54 | $ | 14.61 | $ | 13.79 | $ | 13.22 |
2018 | 2017 | |||||||||||||||||||||||||||||||
(In thousands, except per share data) | Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||
Interest, fee and dividend income | $ | 90,524 | $ | 88,204 | $ | 84,767 | $ | 80,760 | $ | 80,230 | $ | 78,847 | $ | 75,894 | $ | 74,436 | ||||||||||||||||
Interest expense | 11,649 | 10,677 | 9,026 | 7,274 | 6,779 | 6,917 | 6,273 | 5,945 | ||||||||||||||||||||||||
Net interest income | 78,875 | 77,527 | 75,741 | 73,486 | 73,451 | 71,930 | 69,621 | 68,491 | ||||||||||||||||||||||||
Provision for loan losses | 6,528 | 6,026 | 8,778 | 7,496 | 8,153 | 7,889 | 7,567 | 7,379 | ||||||||||||||||||||||||
Noninterest income excluding net securities (losses) gains | 32,862 | 32,969 | 34,067 | 31,205 | 29,603 | 30,782 | 30,302 | 28,750 | ||||||||||||||||||||||||
Net securities (losses) gains | (6,916 | ) | 412 | 91 | 72 | 1,869 | (4 | ) | 2 | - | ||||||||||||||||||||||
Noninterest expense | 68,904 | 66,497 | 64,888 | 64,272 | 63,444 | 60,601 | 60,321 | 61,282 | ||||||||||||||||||||||||
Net income | 28,652 | 29,807 | 28,121 | 25,986 | 17,637 | 22,876 | 21,359 | 20,279 | ||||||||||||||||||||||||
Basic earnings per share | $ | 0.66 | $ | 0.68 | $ | 0.64 | $ | 0.60 | $ | 0.40 | $ | 0.52 | $ | 0.49 | $ | 0.47 | ||||||||||||||||
Diluted earnings per share | $ | 0.65 | $ | 0.68 | $ | 0.64 | $ | 0.59 | $ | 0.40 | $ | 0.52 | $ | 0.49 | $ | 0.46 | ||||||||||||||||
Annualized net interest margin | 3.61 | % | 3.57 | % | 3.57 | % | 3.57 | % | 3.52 | % | 3.47 | % | 3.44 | % | 3.46 | % | ||||||||||||||||
Annualized return on average assets | 1.20 | % | 1.25 | % | 1.21 | % | 1.15 | % | 0.77 | % | 1.00 | % | 0.95 | % | 0.92 | % | ||||||||||||||||
Annualized return on average equity | 11.34 | % | 11.96 | % | 11.64 | % | 10.99 | % | 7.27 | % | 9.55 | % | 9.11 | % | 8.94 | % | ||||||||||||||||
Weighted average diluted common shares outstanding | 44,060 | 44,051 | 44,017 | 43,975 | 43,958 | 43,915 | 43,901 | 43,883 |
● | net income of $154.9 million, or $3.54 diluted earnings per |
● |
● | loan growth for the year ended December 31, |
● |
● |
(1) | Non-GAAP measure - Refer to non-GAAP reconciliation below. |
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Performance: | ||||||||||||
Diluted earnings per share | $ | 3.54 | $ | 2.37 | $ | 2.74 | ||||||
Return on average assets | 1.33 | % | 0.99 | % | 1.26 | % | ||||||
Return on average equity | 12.71 | % | 9.09 | % | 11.32 | % | ||||||
Return on average tangible common equity | 16.92 | % | 12.48 | % | 15.85 | % | ||||||
Net interest margin (FTE) | 3.03 | % | 3.31 | % | 3.58 | % | ||||||
Capital: | ||||||||||||
Equity to assets | 10.41 | % | 10.86 | % | 11.53 | % | ||||||
Tangible equity ratio | 8.20 | % | 8.41 | % | 8.84 | % | ||||||
Book value per share | $ | 28.97 | $ | 27.22 | $ | 25.58 | ||||||
Tangible book value per share | $ | 22.26 | $ | 20.52 | $ | 19.03 | ||||||
Leverage ratio | 9.41 | % | 9.56 | % | 10.33 | % | ||||||
Common equity tier 1 capital ratio | 12.25 | % | 11.84 | % | 11.29 | % | ||||||
Tier 1 capital ratio | 13.43 | % | 13.09 | % | 12.56 | % | ||||||
Total risk-based capital ratio | 15.73 | % | 15.62 | % | 13.56 | % |
Years Ended December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Net income | $ | 154,885 | $ | 104,388 | $ | 121,021 | ||||||
Amortization of intangible assets (net of tax) | 2,106 | 2,546 | 2,684 | |||||||||
Net income, excluding intangible amortization | $ | 156,991 | $ | 106,934 | $ | 123,705 | ||||||
Average stockholders’ equity | $ | 1,218,449 | $ | 1,148,475 | $ | 1,068,948 | ||||||
Less: average goodwill and other intangibles | 290,838 | 291,787 | 288,539 | |||||||||
Average tangible common equity | $ | 927,611 | $ | 856,688 | $ | 780,409 | ||||||
Return on average tangible common equity | 16.92 | % | 12.48 | % | 15.85 | % |
Years Ended December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Stockholder’s equity | $ | 1,250,453 | $ | 1,187,618 | $ | 1,120,397 | ||||||
Intangibles | 289,468 | 292,276 | 286,789 | |||||||||
Assets | $ | 12,012,111 | $ | 10,932,906 | $ | 9,715,925 | ||||||
Tangible equity | 8.20 | % | 8.41 | % | 8.84 | % |
Years Ended December 31, | ||||||||||||
(In thousands, except share and per share data) | 2021 | 2020 | 2019 | |||||||||
Stockholder’s equity | $ | 1,250,453 | $ | 1,187,618 | $ | 1,120,397 | ||||||
Intangibles | 289,468 | 292,276 | 286,789 | |||||||||
Tangible equity | $ | 960,985 | $ | 895,342 | $ | 833,608 | ||||||
Diluted common shares outstanding | 43,168 | 43,629 | 43,797 | |||||||||
Tangible book value | $ | 22.26 | $ | 20.52 | $ | 19.03 |
● |
ο | loan growth may |
ο | excess liquidity has proven to be longer lived than initially anticipated. While this creates a headwind to current day net interest margin, it should allow for slower repricing of deposit rates and NIM expansion if short term interest rates rise. |
● | Inflationary pressures that have manifested themselves in the economy have proven to be persistent: |
ο | this spike to inflation has had a significant impact on current and expected Federal Reserve Monetary Policy; |
ο | the tightening of monetary policy through measures to raise interest |
● |
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term interest bearing accounts | $ | 3,377 | $ | 183 | 5.42 | % | $ | 9,636 | $ | 179 | 1.86 | % | $ | 16,301 | $ | 95 | 0.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale (1)(3) | 1,210,013 | 27,081 | 2.24 | % | 1,350,995 | 28,969 | 2.14 | % | 1,237,930 | 24,450 | 1.98 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity (1) | 567,117 | 14,657 | 2.58 | % | 507,583 | 13,490 | 2.66 | % | 487,837 | 12,255 | 2.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term interest-bearing accounts | $ | 932,086 | $ | 1,229 | 0.13 | % | $ | 372,144 | $ | 610 | 0.16 | % | $ | 36,174 | $ | 773 | 2.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities taxable (1) | 1,910,641 | 31,962 | 1.67 | % | 1,531,237 | 33,653 | 2.20 | % | 1,475,352 | 37,382 | 2.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities tax-exempt (1)(3) | 220,759 | 4,929 | 2.23 | % | 173,031 | 5,144 | 2.97 | % | 211,909 | 6,362 | 3.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve Bank and FHLB stock | 48,214 | 3,083 | 6.39 | % | 46,673 | 2,634 | 5.64 | % | 38,867 | 1,973 | 5.08 | % | 25,255 | 616 | 2.44 | % | 33,570 | 2,096 | 6.24 | % | 43,385 | 2,879 | 6.64 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Loans | 6,765,748 | 301,258 | 4.45 | % | 6,359,447 | 267,934 | 4.21 | % | 6,035,513 | 251,723 | 4.17 | % | 7,543,149 | 302,331 | 4.01 | % | 7,461,795 | 308,080 | 4.13 | % | 6,972,438 | 321,805 | 4.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | $ | 8,594,469 | $ | 346,262 | 4.03 | % | $ | 8,274,334 | $ | 313,206 | 3.79 | % | $ | 7,816,448 | $ | 290,496 | 3.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 10,631,890 | $ | 341,067 | 3.21 | % | $ | 9,571,777 | $ | 349,583 | 3.65 | % | $ | 8,739,258 | $ | 369,201 | 4.22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 764,670 | 752,258 | 740,506 | 983,809 | 942,274 | 831,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 9,359,139 | $ | 9,026,592 | $ | 8,556,954 | $ | 11,615,699 | $ | 10,514,051 | $ | 9,571,212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts | $ | 1,706,823 | $ | 8,314 | 0.49 | % | $ | 1,697,386 | $ | 3,864 | 0.23 | % | $ | 1,668,555 | $ | 3,599 | 0.22 | % | $ | 2,587,748 | $ | 5,117 | 0.20 | % | $ | 2,320,947 | $ | 10,313 | 0.44 | % | $ | 1,949,147 | $ | 22,257 | 1.14 | % | ||||||||||||||||||||||||||||||||||
NOW deposit accounts | 1,191,008 | 1,894 | 0.16 | % | 1,153,361 | 1,051 | 0.09 | % | 1,077,581 | 546 | 0.05 | % | 1,452,560 | 738 | 0.05 | % | 1,194,398 | 716 | 0.06 | % | 1,095,402 | 1,518 | 0.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 1,266,970 | 725 | 0.06 | % | 1,214,480 | 683 | 0.06 | % | 1,135,182 | 652 | 0.06 | % | 1,656,893 | 829 | 0.05 | % | 1,393,436 | 745 | 0.05 | % | 1,265,112 | 733 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 866,388 | 11,211 | 1.29 | % | 817,370 | 8,877 | 1.09 | % | 905,126 | 9,569 | 1.06 | % | 577,150 | 4,030 | 0.70 | % | 733,073 | 10,296 | 1.40 | % | 910,546 | 15,478 | 1.70 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | $ | 5,031,189 | $ | 22,144 | 0.44 | % | $ | 4,882,597 | $ | 14,475 | 0.30 | % | $ | 4,786,444 | $ | 14,366 | 0.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | $ | 6,274,351 | $ | 10,714 | 0.17 | % | $ | 5,641,854 | $ | 22,070 | 0.39 | % | $ | 5,220,207 | $ | 39,986 | 0.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 17 | - | - | 14,727 | 302 | 2.05 | % | 47,137 | 1,838 | 3.90 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | 100,519 | 132 | 0.13 | % | 154,383 | 266 | 0.17 | % | 123,337 | 410 | 0.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 727,635 | 10,552 | 1.45 | % | 690,036 | 5,996 | 0.87 | % | 497,654 | 2,309 | 0.46 | % | 1,302 | 26 | 2.00 | % | 183,699 | 2,840 | 1.55 | % | 403,453 | 7,445 | 1.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 80,195 | 1,790 | 2.23 | % | 93,389 | 2,299 | 2.46 | % | 118,860 | 3,204 | 2.70 | % | 15,479 | 389 | 2.51 | % | 62,990 | 1,553 | 2.47 | % | 80,528 | 1,875 | 2.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | 98,259 | 5,437 | 5.53 | % | 51,394 | 2,842 | 5.53 | % | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt | 101,196 | 4,140 | 4.09 | % | 101,196 | 3,144 | 3.11 | % | 101,196 | 2,627 | 2.60 | % | 101,196 | 2,090 | 2.07 | % | 101,196 | 2,731 | 2.70 | % | 101,196 | 4,425 | 4.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 5,940,215 | $ | 38,626 | 0.65 | % | $ | 5,767,218 | $ | 25,914 | 0.45 | % | $ | 5,504,154 | $ | 22,506 | 0.41 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 6,591,123 | $ | 18,788 | 0.29 | % | $ | 6,210,243 | $ | 32,604 | 0.53 | % | $ | 5,975,858 | $ | 55,979 | 0.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 2,321,264 | 2,217,785 | 2,045,465 | 3,565,693 | 2,895,341 | 2,351,515 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 117,655 | 97,913 | 110,105 | 240,434 | 259,992 | 174,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 980,005 | 943,676 | 897,230 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 9,359,139 | $ | 9,026,592 | $ | 8,556,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,218,449 | 1,148,475 | 1,068,948 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 11,615,699 | $ | 10,514,051 | $ | 9,571,212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 307,636 | $ | 287,292 | $ | 267,990 | $ | 322,279 | $ | 316,979 | $ | 313,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.38 | % | 3.34 | % | 3.31 | % | 2.92 | % | 3.12 | % | 3.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (FTE) | 3.58 | % | 3.47 | % | 3.43 | % | 3.03 | % | 3.31 | % | 3.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | $ | 2,007 | $ | 3,799 | $ | 3,549 | $ | 1,191 | $ | 1,301 | $ | 1,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 305,629 | $ | 283,493 | $ | 264,441 | $ | 321,088 | $ | 315,678 | $ | 311,555 |
(1) | Securities are shown at average amortized cost. |
(2) | For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding. |
(3) | Interest income for tax-exempt securities and loans have been adjusted to a FTE basis using the statutory Federal income tax rate of 21%. |
Increase (Decrease) 2018 over 2017 | Increase (Decrease) 2017 over 2016 | Increase (Decrease) 2021 over 2020 | Increase (Decrease) 2020 over 2019 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Volume | Rate | Total | Volume | Rate | Total | Volume | Rate | Total | Volume | Rate | Total | ||||||||||||||||||||||||||||||||||||
Short-term interest-bearing accounts | $ | (173 | ) | $ | 177 | $ | 4 | $ | (52 | ) | $ | 136 | $ | 84 | $ | 759 | $ | (140 | ) | $ | 619 | $ | 1,150 | $ | (1,313 | ) | $ | (163 | ) | |||||||||||||||||||
Securities available for sale | (3,115 | ) | 1,227 | (1,888 | ) | 2,331 | 2,188 | 4,519 | ||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | 1,547 | (380 | ) | 1,167 | 508 | 727 | 1,235 | |||||||||||||||||||||||||||||||||||||||||
Securities taxable | 7,324 | (9,015 | ) | (1,691 | ) | 1,374 | (5,103 | ) | (3,729 | ) | ||||||||||||||||||||||||||||||||||||||
Securities tax-exempt | 1,233 | (1,448 | ) | (215 | ) | (1,156 | ) | (62 | ) | (1,218 | ) | |||||||||||||||||||||||||||||||||||||
Federal Reserve Bank and FHLB stock | 89 | 360 | 449 | 425 | 236 | 661 | (428 | ) | (1,052 | ) | (1,480 | ) | (621 | ) | (162 | ) | (783 | ) | ||||||||||||||||||||||||||||||
Loans | 17,632 | 15,692 | 33,324 | 13,627 | 2,584 | 16,211 | 3,332 | (9,081 | ) | (5,749 | ) | 21,634 | (35,359 | ) | (13,725 | ) | ||||||||||||||||||||||||||||||||
Total FTE interest income | $ | 15,980 | $ | 17,076 | $ | 33,056 | $ | 16,839 | $ | 5,871 | $ | 22,710 | $ | 12,220 | $ | (20,736 | ) | $ | (8,516 | ) | $ | 22,381 | $ | (41,999 | ) | $ | (19,618 | ) | ||||||||||||||||||||
Money market deposit accounts | 22 | 4,428 | 4,450 | 63 | 202 | 265 | 1,073 | (6,269 | ) | (5,196 | ) | 3,628 | (15,572 | ) | (11,944 | ) | ||||||||||||||||||||||||||||||||
NOW deposit accounts | 35 | 808 | 843 | 41 | 464 | 505 | 141 | (119 | ) | 22 | 126 | (928 | ) | (802 | ) | |||||||||||||||||||||||||||||||||
Savings deposits | 30 | 12 | 42 | 45 | (14 | ) | 31 | 134 | (50 | ) | 84 | 71 | (59 | ) | 12 | |||||||||||||||||||||||||||||||||
Time deposits | 557 | 1,777 | 2,334 | (948 | ) | 256 | (692 | ) | (1,863 | ) | (4,403 | ) | (6,266 | ) | (2,740 | ) | (2,442 | ) | (5,182 | ) | ||||||||||||||||||||||||||||
Federal funds purchased | (151 | ) | (151 | ) | (302 | ) | (909 | ) | (627 | ) | (1,536 | ) | ||||||||||||||||||||||||||||||||||||
Repurchase agreements | (80 | ) | (54 | ) | (134 | ) | 86 | (230 | ) | (144 | ) | |||||||||||||||||||||||||||||||||||||
Short-term borrowings | 343 | 4,213 | 4,556 | 1,132 | 2,555 | 3,687 | (3,456 | ) | 642 | (2,814 | ) | (3,548 | ) | (1,057 | ) | (4,605 | ) | |||||||||||||||||||||||||||||||
Long-term debt | (307 | ) | (202 | ) | (509 | ) | (644 | ) | (261 | ) | (905 | ) | (1,193 | ) | 29 | (1,164 | ) | (427 | ) | 105 | (322 | ) | ||||||||||||||||||||||||||
Subordinated debt | 2,593 | 2 | 2,595 | 2,842 | - | 2,842 | ||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt | - | 996 | 996 | - | 517 | 517 | - | (641 | ) | (641 | ) | - | (1,694 | ) | (1,694 | ) | ||||||||||||||||||||||||||||||||
Total FTE interest expense | $ | 680 | $ | 12,032 | $ | 12,712 | $ | (311 | ) | $ | 3,719 | $ | 3,408 | $ | (2,802 | ) | $ | (11,014 | ) | $ | (13,816 | ) | $ | (871 | ) | $ | (22,504 | ) | $ | (23,375 | ) | |||||||||||||||||
Change in FTE net interest income | $ | 15,300 | $ | 5,044 | $ | 20,344 | $ | 17,150 | $ | 2,152 | $ | 19,302 | $ | 15,022 | $ | (9,722 | ) | $ | 5,300 | $ | 23,252 | $ | (19,495 | ) | $ | 3,757 |
December 31, | ||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Commercial | $ | 1,291,568 | $ | 1,258,212 | $ | 1,242,701 | $ | 1,159,089 | $ | 1,144,761 | ||||||||||
Commercial Real Estate | 1,930,742 | 1,769,620 | 1,543,301 | 1,430,618 | 1,334,984 | |||||||||||||||
Residential Real Estate | 1,380,836 | 1,320,370 | 1,262,041 | 1,196,780 | 1,112,530 | |||||||||||||||
Dealer Finance | 1,216,144 | 1,227,870 | 1,169,129 | 1,173,729 | 1,104,869 | |||||||||||||||
Specialty Lending | 524,928 | 438,866 | 361,152 | 287,096 | 256,542 | |||||||||||||||
Home Equity | 474,566 | 498,179 | 507,784 | 528,442 | 569,595 | |||||||||||||||
Other Consumer | 68,925 | 70,522 | 110,870 | 106,888 | 68,678 | |||||||||||||||
Total loans | $ | 6,887,709 | $ | 6,583,639 | $ | 6,196,978 | $ | 5,882,642 | $ | 5,591,959 |
December 31, | ||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||
Commercial | $ | 1,489,414 | $ | 1,451,560 | $ | 1,463,017 | $ | 1,423,302 | $ | 1,337,382 | ||||||||||
Commercial real estate | 2,321,193 | 2,196,477 | 1,981,249 | 1,799,008 | 1,690,450 | |||||||||||||||
Paycheck protection program | 101,222 | 430,810 | - | - | - | |||||||||||||||
Residential real estate | 1,571,232 | 1,466,662 | 1,445,156 | 1,380,836 | 1,320,370 | |||||||||||||||
Indirect auto | 859,454 | 931,286 | 1,193,635 | 1,216,144 | 1,227,870 | |||||||||||||||
Specialty lending | 778,291 | 579,644 | 542,063 | 524,928 | 438,866 | |||||||||||||||
Home equity | 330,357 | 387,974 | 444,082 | 474,566 | 498,179 | |||||||||||||||
Other consumer | 47,296 | 54,472 | 66,896 | 68,925 | 70,522 | |||||||||||||||
Total loans | $ | 7,498,459 | $ | 7,498,885 | $ | 7,136,098 | $ | 6,887,709 | $ | 6,583,639 |
(1) | Loans are summarized by business line which do not align to how the Company assesses credit risk in the estimate for credit losses under CECL. |
Remaining maturity at December 31, 2018 | ||||||||||||||||
(In thousands) | Within One Year | After One Year But Within Five Years | After Five Years | Total | ||||||||||||
Floating/adjustable rate: | ||||||||||||||||
Commercial and Commercial Real Estate | $ | 464,923 | $ | 490,180 | $ | 1,418,506 | $ | 2,373,609 | ||||||||
Fixed rate: | ||||||||||||||||
Commercial and Commercial Real Estate | 89,736 | 448,861 | 310,104 | 848,701 | ||||||||||||
Total | $ | 554,659 | $ | 939,041 | $ | 1,728,610 | $ | 3,222,310 |
Remaining Maturity as of December 31, 2021 | ||||||||||||||||||||||||
(In thousands) | Commercial | CRE | Indirect Auto | Other Consumer | Residential | Total | ||||||||||||||||||
Within one year | $ | 330,398 | $ | 123,967 | $ | 14,151 | $ | 22,358 | $ | 392 | $ | 491,266 | ||||||||||||
From one to five years | 481,861 | 476,676 | 535,485 | 290,235 | 22,333 | 1,806,590 | ||||||||||||||||||
From five to fifteen years | 428,740 | 1,668,129 | 309,818 | 618,759 | 432,972 | 3,458,418 | ||||||||||||||||||
After fifteen years | 349,637 | 52,421 | - | 224,592 | 1,115,535 | 1,742,185 | ||||||||||||||||||
Total | $ | 1,590,636 | $ | 2,321,193 | $ | 859,454 | $ | 1,155,944 | $ | 1,571,232 | $ | 7,498,459 | ||||||||||||
Interest rate terms on amounts due after one year: | ||||||||||||||||||||||||
Fixed | $ | 694,550 | $ | 477,254 | $ | 845,266 | $ | 907,759 | $ | 1,493,034 | $ | 4,417,863 | ||||||||||||
Variable | $ | 565,688 | $ | 1,719,972 | $ | 37 | $ | 225,827 | $ | 77,806 | $ | 2,589,330 |
As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | 73,016 | $ | 73,069 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||
Federal agency | $ | 84,982 | $ | 84,299 | $ | 109,862 | $ | 108,899 | $ | 175,135 | $ | 174,408 | 248,454 | 239,931 | 245,590 | 243,597 | 34,998 | 34,758 | ||||||||||||||||||||||||||||||
State & municipal | 30,136 | 29,915 | 42,171 | 41,956 | 47,053 | 46,726 | 95,531 | 94,088 | 42,550 | 43,180 | 2,533 | 2,513 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed | 522,415 | 512,295 | 556,755 | 554,927 | 528,769 | 529,844 | 603,375 | 606,675 | 576,497 | 595,839 | 498,372 | 503,626 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 380,093 | 371,987 | 546,754 | 535,994 | 574,253 | 566,573 | 623,930 | 621,595 | 426,574 | 437,804 | 432,651 | 434,443 | ||||||||||||||||||||||||||||||||||||
Equity securities | - | - | 10,623 | 14,149 | 15,849 | 20,739 | ||||||||||||||||||||||||||||||||||||||||||
Corporate | 50,500 | 52,003 | 27,500 | 28,278 | - | - | ||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | $ | 1,017,626 | $ | 998,496 | $ | 1,266,165 | $ | 1,255,925 | $ | 1,341,059 | $ | 1,338,290 | $ | 1,694,806 | $ | 1,687,361 | $ | 1,318,711 | $ | 1,348,698 | $ | 968,554 | $ | 975,340 | ||||||||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal agency | $ | 19,995 | $ | 20,047 | $ | - | $ | - | $ | - | $ | - | $ | 100,000 | $ | 95,635 | $ | 100,000 | $ | 98,342 | $ | - | $ | - | ||||||||||||||||||||||||
Mortgage-backed | 179,848 | 178,190 | 96,775 | 96,107 | 97,201 | 96,112 | 170,574 | 172,001 | 119,447 | 125,009 | 163,115 | 166,728 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 340,623 | 338,590 | 186,327 | 183,974 | 225,213 | 224,765 | 138,815 | 140,280 | 182,250 | 190,677 | 299,900 | 304,853 | ||||||||||||||||||||||||||||||||||||
State & municipal | 243,133 | 241,848 | 200,971 | 201,790 | 205,534 | 204,173 | 323,821 | 327,344 | 214,863 | 222,799 | 167,059 | 169,681 | ||||||||||||||||||||||||||||||||||||
Total HTM securities | $ | 783,599 | $ | 778,675 | $ | 484,073 | $ | 481,871 | $ | 527,948 | $ | 525,050 | $ | 733,210 | $ | 735,260 | $ | 616,560 | $ | 636,827 | $ | 630,074 | $ | 641,262 |
(Dollars in thousands) | Amortized cost | Estimated fair value | Weighted Average Yield | |||||||||
AFS debt securities: | ||||||||||||
Within one year | $ | 44,262 | $ | 44,218 | 1.54 | % | ||||||
From one to five years | 84,391 | 83,441 | 2.59 | % | ||||||||
From five to ten years | 163,400 | 160,898 | 2.73 | % | ||||||||
After ten years | 725,573 | 709,939 | 2.74 | % | ||||||||
Total AFS debt securities | $ | 1,017,626 | $ | 998,496 | ||||||||
HTM debt securities: | ||||||||||||
Within one year | $ | 85,778 | $ | 85,778 | 2.11 | % | ||||||
From one to five years | 62,441 | 62,558 | 3.14 | % | ||||||||
From five to ten years | 213,184 | 210,480 | 2.34 | % | ||||||||
After ten years | 422,196 | 419,859 | 3.12 | % | ||||||||
Total HTM debt securities | $ | 783,599 | $ | 778,675 |
Less than 1 Year | 1 Year to 5 Years | 5 Years to 10 Years | Over 10 Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | - | - | $ | 49,111 | 1.20 | % | $ | 23,905 | 1.40 | % | $ | - | - | $ | 73,016 | 1.27 | % | ||||||||||||||||||||||
Federal agency | - | - | - | - | 248,454 | 1.04 | % | - | - | 248,454 | 1.04 | % | ||||||||||||||||||||||||||||
State & municipal | 3 | 8.50 | % | 16,865 | 1.04 | % | 78,663 | 1.40 | % | - | - | 95,531 | 1.34 | % | ||||||||||||||||||||||||||
Mortgage-backed | 30 | 1.64 | % | 18,104 | 2.39 | % | 245,845 | 1.82 | % | 339,396 | 1.44 | % | 603,375 | 1.63 | % | |||||||||||||||||||||||||
Collateralized mortgage obligations | 886 | 1.63 | % | 27,301 | 1.05 | % | 91,524 | 1.38 | % | 504,219 | 1.57 | % | 623,930 | 1.52 | % | |||||||||||||||||||||||||
Corporate | - | - | - | - | 50,500 | 3.75 | % | - | - | 50,500 | 3.75 | % | ||||||||||||||||||||||||||||
Total AFS securities | $ | 919 | 1.65 | % | $ | 111,381 | 1.33 | % | $ | 738,891 | 1.58 | % | $ | 843,615 | 1.52 | % | $ | 1,694,806 | 1.53 | % | ||||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||||||
Federal agency | $ | - | - | $ | - | - | $ | 100,000 | 1.11 | % | $ | - | - | $ | 100,000 | 1.11 | % | |||||||||||||||||||||||
Mortgage-backed | - | - | 12 | 7.73 | % | 9,100 | 3.49 | % | 161,462 | 1.85 | % | 170,574 | 1.94 | % | ||||||||||||||||||||||||||
Collateralized mortgage obligations | - | - | 525 | 2.06 | % | 43,627 | 2.69 | % | 94,663 | 2.12 | % | 138,815 | 2.30 | % | ||||||||||||||||||||||||||
State & municipal | 102,967 | 0.58 | % | 57,827 | 2.30 | % | 69,451 | 2.01 | % | 93,576 | 1.75 | % | 323,821 | 1.53 | % | |||||||||||||||||||||||||
Total HTM securities | $ | 102,967 | 0.58 | % | $ | 58,364 | 2.30 | % | $ | 222,178 | 1.80 | % | $ | 349,701 | 1.90 | % | $ | 733,210 | 1.71 | % |
Years Ended December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
(In thousands) | Average Balance | Yield/Rate | Average Balance | Yield/Rate | Average Balance | Yield/Rate | ||||||||||||||||||
Demand deposits | $ | 3,565,693 | $ | 2,895,341 | $ | 2,351,515 | ||||||||||||||||||
Money market deposit accounts | 2,587,748 | 0.20 | % | 2,320,947 | 0.44 | % | 1,949,147 | 1.14 | % | |||||||||||||||
NOW deposit accounts | 1,452,560 | 0.05 | % | 1,194,398 | 0.06 | % | 1,095,402 | 0.14 | % | |||||||||||||||
Savings deposits | 1,656,893 | 0.05 | % | 1,393,436 | 0.05 | % | 1,265,112 | 0.06 | % | |||||||||||||||
Time deposits | 577,150 | 0.70 | % | 733,073 | 1.40 | % | 910,546 | 1.70 | % | |||||||||||||||
Total interest-bearing deposits | $ | 6,274,351 | 0.17 | % | $ | 5,641,854 | 0.39 | % | $ | 5,220,207 | 0.77 | % |
As of December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Estimated amount of uninsured deposits | $ | 4,175,208 | $ | 3,639,731 | $ | 3,868,134 |
(In thousands) | December 31,2018 | |||
Within three months | $ | 36,943 | ||
After three but within twelve months | 64,334 | |||
After one but within three years | 33,322 | |||
Over three years | 11,524 | |||
Total | $ | 146,123 |
(In thousands) | December 31, 2021 | |||
Portion of time deposits in excess of insurance limit | $ | 33,092 | ||
Time deposits otherwise uninsured with a maturity of: | ||||
Within three months | $ | 4,387 | ||
After three but within six months | 7,907 | |||
After six but within twelve months | 10,107 | |||
Over twelve months | 10,691 |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Insurance and other financial services revenue | $ | 24,345 | $ | 23,532 | $ | 24,396 | ||||||||||||||||||
Service charges on deposit accounts | 17,224 | 16,750 | 16,729 | |||||||||||||||||||||
Service charges on deposit account | $ | 13,348 | $ | 13,201 | $ | 17,151 | ||||||||||||||||||
ATM and debit card fees | 22,699 | 21,372 | 19,448 | 31,301 | 25,960 | 23,893 | ||||||||||||||||||
Retirement plan administration fees | 26,992 | 20,213 | 16,063 | 42,188 | 35,851 | 30,388 | ||||||||||||||||||
Trust | 19,524 | 19,586 | 18,565 | |||||||||||||||||||||
Wealth management | 33,718 | 29,247 | 28,400 | |||||||||||||||||||||
Insurance services | 14,083 | 14,757 | 15,770 | |||||||||||||||||||||
Bank owned life insurance income | 5,091 | 5,175 | 5,195 | 6,217 | 5,743 | 5,355 | ||||||||||||||||||
Net securities (losses) gains | (6,341 | ) | 1,867 | (644 | ) | |||||||||||||||||||
Gain on the sale of equity investment | - | 818 | - | |||||||||||||||||||||
Net securities gains (losses) | 566 | (388 | ) | 4,213 | ||||||||||||||||||||
Other | 15,228 | 11,991 | 15,961 | 16,373 | 21,905 | 18,853 | ||||||||||||||||||
Total noninterest income | $ | 124,762 | $ | 121,304 | $ | 115,713 | $ | 157,794 | $ | 146,276 | $ | 144,023 |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Salaries and employee benefits | $ | 151,685 | $ | 135,222 | $ | 132,060 | $ | 172,580 | $ | 161,934 | $ | 156,867 | ||||||||||||
Occupancy | 22,318 | 21,808 | 20,940 | 21,922 | 21,634 | 22,706 | ||||||||||||||||||
Data processing and communications | 17,652 | 17,068 | 16,495 | 16,989 | 16,527 | 18,318 | ||||||||||||||||||
Professional fees and outside services | 14,376 | 13,499 | 13,617 | 16,306 | 15,082 | 14,785 | ||||||||||||||||||
Equipment | 17,037 | 15,225 | 14,295 | 21,854 | 19,889 | 18,583 | ||||||||||||||||||
Office supplies and postage | 6,204 | 6,284 | 6,168 | 6,006 | 6,138 | 6,579 | ||||||||||||||||||
FDIC expenses | 4,651 | 4,767 | 5,111 | 3,041 | 2,688 | 1,946 | ||||||||||||||||||
Advertising | 2,782 | 2,744 | 2,556 | 2,521 | 2,288 | 2,773 | ||||||||||||||||||
Amortization of intangible assets | 4,042 | 3,960 | 3,928 | 2,808 | 3,395 | 3,579 | ||||||||||||||||||
Loan collection and other real estate owned, net | 4,217 | 4,763 | 3,458 | 2,915 | 3,295 | 4,158 | ||||||||||||||||||
Other | 19,597 | 20,308 | 17,294 | 20,339 | 24,863 | 24,440 | ||||||||||||||||||
Total noninterest expense | $ | 264,561 | $ | 245,648 | $ | 235,922 | $ | 287,281 | $ | 277,733 | $ | 274,734 |
As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2018 | % | 2017 | % | 2016 | % | 2015 | % | 2014 | % | 2021 | % | 2020 | % | ||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Agricultural and Real Estate loans | $ | 11,804 | 46 | % | $ | 12,485 | 48 | % | $ | 19,351 | 54 | % | $ | 14,655 | 43 | % | $ | 18,226 | 45 | % | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | 6,526 | 26 | % | 5,919 | 23 | % | 8,027 | 23 | % | 8,625 | 26 | % | 10,867 | 26 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 15,942 | 53 | % | $ | 23,557 | 53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 8,862 | 29 | % | 13,082 | 29 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 4,068 | 16 | % | 4,324 | 17 | % | 4,653 | 13 | % | 6,009 | 18 | % | 8,086 | 20 | % | 1,511 | 5 | % | 3,020 | 7 | % | |||||||||||||||||||||||||||||||||||
Troubled debt restructured loans | 3,089 | 12 | % | 2,980 | 12 | % | 3,681 | 10 | % | 4,455 | 13 | % | 3,895 | 9 | % | 3,970 | 13 | % | 4,988 | 11 | % | |||||||||||||||||||||||||||||||||||
Total nonaccrual loans | $ | 25,487 | 100 | % | $ | 25,708 | 100 | % | $ | 35,712 | 100 | % | $ | 33,744 | 100 | % | $ | 41,074 | 100 | % | $ | 30,285 | 100 | % | $ | 44,647 | 100 | % | ||||||||||||||||||||||||||||
Loans 90 days or more past due and still accruing: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Agricultural and Real Estate loans | $ | 588 | 12 | % | $ | - | - | $ | - | - | $ | - | - | $ | 84 | 2 | % | |||||||||||||||||||||||||||||||||||||||
Residential Real Estate | 1,182 | 23 | % | 1,402 | 26 | % | 1,733 | 36 | % | 1,022 | 28 | % | 1,927 | 39 | % | |||||||||||||||||||||||||||||||||||||||||
Loans over 90 days past due and still accruing: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | - | - | $ | 493 | 16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 808 | 33 | % | 518 | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 3,315 | 65 | % | 4,008 | 74 | % | 3,077 | 64 | % | 2,640 | 72 | % | 2,930 | 59 | % | 1,650 | 67 | % | 2,138 | 68 | % | |||||||||||||||||||||||||||||||||||
Total loans 90 days or more past due and still accruing | $ | 5,085 | 100 | % | $ | 5,410 | 100 | % | $ | 4,810 | 100 | % | $ | 3,662 | 100 | % | $ | 4,941 | 100 | % | ||||||||||||||||||||||||||||||||||||
Total loans over 90 days past due and still accruing | $ | 2,458 | 100 | % | $ | 3,149 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 30,572 | $ | 31,118 | $ | 40,522 | $ | 37,406 | $ | 46,015 | $ | 32,743 | $ | 47,796 | ||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | 2,441 | 4,529 | 5,581 | 4,666 | 3,964 | 167 | 1,458 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 33,013 | $ | 35,647 | $ | 46,103 | $ | 42,072 | $ | 49,979 | $ | 32,910 | $ | 49,254 | ||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans to total loans | 0.40 | % | 0.60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming loans to total loans | 0.44 | % | 0.47 | % | 0.65 | % | 0.64 | % | 0.82 | % | 0.44 | % | 0.64 | % | ||||||||||||||||||||||||||||||||||||||||||
Total nonperforming assets to total assets | 0.35 | % | 0.39 | % | 0.52 | % | 0.51 | % | 0.64 | % | 0.27 | % | 0.45 | % | ||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses to nonperforming loans | 237.16 | % | 223.34 | % | 160.90 | % | 168.47 | % | 144.21 | % | 280.98 | % | 230.14 | % | ||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses to nonaccrual loans | 303.78 | % | 246.38 | % |
As of December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2019 | % | 2018 | % | 2017 | % | ||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||
Commercial | $ | 12,379 | 49 | % | $ | 11,804 | 46 | % | $ | 12,485 | 48 | % | ||||||||||||
Residential real estate | 5,233 | 21 | % | 6,526 | 26 | % | 5,919 | 23 | % | |||||||||||||||
Consumer | 4,046 | 16 | % | 4,068 | 16 | % | 4,324 | 17 | % | |||||||||||||||
Troubled debt restructured loans | 3,516 | 14 | % | 3,089 | 12 | % | 2,980 | 12 | % | |||||||||||||||
Total nonaccrual loans | $ | 25,174 | 100 | % | $ | 25,487 | 100 | % | $ | 25,708 | 100 | % | ||||||||||||
Loans over 90 days past due and still accruing: | ||||||||||||||||||||||||
Commercial | $ | - | - | $ | 588 | 12 | % | $ | - | - | ||||||||||||||
Residential real estate | 927 | 25 | % | 1,182 | 23 | % | 1,402 | 26 | % | |||||||||||||||
Consumer | 2,790 | 75 | % | 3,315 | 65 | % | 4,008 | 74 | % | |||||||||||||||
Total loans over 90 days past due and still accruing | $ | 3,717 | 100 | % | $ | 5,085 | 100 | % | $ | 5,410 | 100 | % | ||||||||||||
Total nonperforming loans | $ | 28,891 | $ | 30,572 | $ | 31,118 | ||||||||||||||||||
Other real estate owned | 1,458 | 2,441 | 4,529 | |||||||||||||||||||||
Total nonperforming assets | $ | 30,349 | $ | 33,013 | $ | 35,647 | ||||||||||||||||||
Total nonaccrual loans to total loans | 0.35 | % | 0.37 | % | 0.39 | % | ||||||||||||||||||
Total nonperforming loans to total loans | 0.40 | % | 0.44 | % | 0.47 | % | ||||||||||||||||||
Total nonperforming assets to total assets | 0.31 | % | 0.35 | % | 0.39 | % | ||||||||||||||||||
Total allowance for loan losses to nonperforming loans | 252.55 | % | 237.16 | % | 223.34 | % | ||||||||||||||||||
Total allowance for loan losses to nonaccrual loans | 289.84 | % | 284.48 | % | 270.34 | % |
(Dollars in thousands) | 2021 | 2020 | ||||||
Balance at January 1* | $ | 110,000 | $ | 75,999 | ||||
Loans charged-off | ||||||||
Commercial | 4,638 | 4,005 | ||||||
Residential | 979 | 1,135 | ||||||
Consumer** | 14,489 | 21,938 | ||||||
Total loans charged-off | $ | 20,106 | $ | 27,078 | ||||
Recoveries | ||||||||
Commercial | $ | 723 | $ | 786 | ||||
Residential | 1,069 | 618 | ||||||
Consumer** | 8,571 | 8,541 | �� | |||||
Total recoveries | $ | 10,363 | $ | 9,945 | ||||
Net loans charged-off | $ | 9,743 | $ | 17,133 | ||||
Provision for loan losses | $ | (8,257 | ) | $ | 51,134 | |||
Balance at December 31 | $ | 92,000 | $ | 110,000 | ||||
Allowance for loan losses to loans outstanding at end of year | 1.23 | % | 1.47 | % | ||||
Commercial net charge-offs to average loans outstanding | 0.05 | % | 0.04 | % | ||||
Residential net charge-offs to average loans outstanding | - | 0.01 | % | |||||
Consumer net charge-offs to average loans outstanding | 0.08 | % | 0.18 | % | ||||
Net charge-offs to average loans outstanding | 0.13 | % | 0.23 | % |
* | 2020 includes an adjustment of $3.0 million as a result of our January 1, 2020, adoption of Accounting Standards Codification (“ASC”) 326. |
** | Consumer charge-off and recoveries include consumer and home equity. |
(Dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Balance at January 1* | $ | 72,505 | $ | 69,500 | $ | 65,200 | ||||||
Loans charged-off | ||||||||||||
Commercial and agricultural | 3,151 | 3,463 | 4,169 | |||||||||
Residential real estate | 991 | 913 | 1,846 | |||||||||
Consumer | 28,398 | 29,752 | 27,072 | |||||||||
Total loans charged-off | $ | 32,540 | $ | 34,128 | $ | 33,087 | ||||||
Recoveries | ||||||||||||
Commercial and agricultural | $ | 534 | $ | 1,178 | $ | 1,077 | ||||||
Residential real estate | 141 | 306 | 180 | |||||||||
Consumer | 6,913 | 6,821 | 5,142 | |||||||||
Total recoveries | $ | 7,588 | $ | 8,305 | $ | 6,399 | ||||||
Net loans charged-off | $ | 24,952 | $ | 25,823 | $ | 26,688 | ||||||
Provision for loan losses | $ | 25,412 | $ | 28,828 | $ | 30,988 | ||||||
Balance at December 31 | $ | 72,965 | $ | 72,505 | $ | 69,500 | ||||||
Allowance for loan losses to loans outstanding at end of year | 1.02 | % | 1.05 | % | 1.06 | % | ||||||
Commercial and agricultural net charge-offs to average loans outstanding | 0.04 | % | 0.03 | % | 0.05 | % | ||||||
Residential real estate net charge-offs to average loans outstanding | 0.01 | % | 0.01 | % | 0.03 | % | ||||||
Consumer net charge-offs to average loans outstanding | 0.31 | % | 0.34 | % | 0.34 | % | ||||||
Net charge-offs to average loans outstanding | 0.36 | % | 0.38 | % | 0.42 | % |
(Dollars in thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Balance at January 1 | $ | 69,500 | $ | 65,200 | $ | 63,018 | $ | 66,359 | $ | 69,434 | ||||||||||
Loans charged-off | ||||||||||||||||||||
Commercial and Agricultural | 3,463 | 4,169 | 4,592 | 5,718 | 9,414 | |||||||||||||||
Residential Real Estate | 913 | 1,846 | 1,343 | 2,229 | 1,417 | |||||||||||||||
Consumer* | 29,752 | 27,072 | 23,364 | 18,140 | 16,642 | |||||||||||||||
Total loans charged-off | $ | 34,128 | $ | 33,087 | $ | 29,299 | $ | 26,087 | $ | 27,473 | ||||||||||
Recoveries | ||||||||||||||||||||
Commercial and Agricultural | $ | 1,178 | $ | 1,077 | $ | 1,887 | $ | 1,014 | $ | 1,774 | ||||||||||
Residential Real Estate | 306 | 180 | 293 | 320 | 285 | |||||||||||||||
Consumer* | 6,821 | 5,142 | 3,870 | 3,127 | 2,800 | |||||||||||||||
Total recoveries | $ | 8,305 | $ | 6,399 | $ | 6,050 | $ | 4,461 | $ | 4,859 | ||||||||||
Net loans charged-off | $ | 25,823 | $ | 26,688 | $ | 23,249 | $ | 21,626 | $ | 22,614 | ||||||||||
Provision for loan losses | $ | 28,828 | $ | 30,988 | $ | 25,431 | $ | 18,285 | $ | 19,539 | ||||||||||
Balance at December 31 | $ | 72,505 | $ | 69,500 | $ | 65,200 | $ | 63,018 | $ | 66,359 | ||||||||||
Allowance for loan losses to loans outstanding at end of year | 1.05 | % | 1.06 | % | 1.05 | % | 1.07 | % | 1.19 | % | ||||||||||
Net charge-offs to average loans outstanding | 0.38 | % | 0.42 | % | 0.39 | % | 0.38 | % | 0.41 | % |
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | Allowance | Category Percent of of Loans | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | ||||||||||||||||||||||||||||||||||||||||||
Commercial and Agricultural | $ | 32,759 | 47 | % | $ | 27,606 | 46 | % | $ | 25,444 | 45 | % | $ | 25,545 | 44 | % | $ | 32,433 | 44 | % | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | 2,568 | 20 | % | 5,064 | 20 | % | 6,381 | 20 | % | 7,960 | 20 | % | 7,130 | 20 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 28,941 | 51 | % | $ | 50,942 | 53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 18,806 | 27 | % | 21,255 | 26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 37,178 | 33 | % | 36,830 | 34 | % | 33,375 | 35 | % | 29,253 | 36 | % | 26,720 | 36 | % | 44,253 | 22 | % | 37,803 | 21 | % | |||||||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | - | 260 | - | 76 | - | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 72,505 | 100 | % | $ | 69,500 | 100 | % | $ | 65,200 | 100 | % | $ | 63,018 | 100 | % | $ | 66,359 | 100 | % | $ | 92,000 | 100 | % | $ | 110,000 | 100 | % |
December 31, | ||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||
(Dollars in thousands) | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | ||||||||||||||||||
Commercial and agricultural | $ | 34,525 | 48 | % | $ | 32,759 | 47 | % | $ | 27,606 | 46 | % | ||||||||||||
Residential real estate | 2,793 | 20 | % | 2,568 | 20 | % | 5,064 | 20 | % | |||||||||||||||
Consumer | 35,647 | 32 | % | 37,178 | 33 | % | 36,830 | 34 | % | |||||||||||||||
Total | $ | 72,965 | 100 | % | $ | 72,505 | 100 | % | $ | 69,500 | 100 | % |
Payments Due by Period | ||||||||||||||||||||||||||||
(In thousands) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Long-term debt obligations | $ | 20,000 | $ | 25,000 | $ | 25,039 | $ | - | $ | - | $ | 3,685 | $ | 73,724 | ||||||||||||||
Junior subordinated debt | - | - | - | - | - | 101,196 | 101,196 | |||||||||||||||||||||
Operating lease obligations | 6,890 | 6,467 | 5,613 | 4,773 | 3,972 | 13,869 | 41,584 | |||||||||||||||||||||
Capital lease obligations | 188 | 149 | 78 | 8 | - | - | 423 | |||||||||||||||||||||
IT/Software obligations | 7,870 | 2,748 | 1,588 | 1,507 | 1,474 | - | 15,187 | |||||||||||||||||||||
Data processing commitments | 12,191 | 12,191 | 1,178 | 295 | - | - | 25,855 | |||||||||||||||||||||
Total contractual obligations | $ | 47,139 | $ | 46,555 | $ | 33,496 | $ | 6,583 | $ | 5,446 | $ | 118,750 | $ | 257,969 |
As of December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
U.S. treasury | $ | 73,016 | $ | 73,069 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Federal agency | 248,454 | 239,931 | 245,590 | 243,597 | 34,998 | 34,758 | ||||||||||||||||||
State & municipal | 95,531 | 94,088 | 42,550 | 43,180 | 2,533 | 2,513 | ||||||||||||||||||
Mortgage-backed | 603,375 | 606,675 | 576,497 | 595,839 | 498,372 | 503,626 | ||||||||||||||||||
Collateralized mortgage obligations | 623,930 | 621,595 | 426,574 | 437,804 | 432,651 | 434,443 | ||||||||||||||||||
Corporate | 50,500 | 52,003 | 27,500 | 28,278 | - | - | ||||||||||||||||||
Total AFS securities | $ | 1,694,806 | $ | 1,687,361 | $ | 1,318,711 | $ | 1,348,698 | $ | 968,554 | $ | 975,340 | ||||||||||||
HTM securities: | ||||||||||||||||||||||||
Federal agency | $ | 100,000 | $ | 95,635 | $ | 100,000 | $ | 98,342 | $ | - | $ | - | ||||||||||||
Mortgage-backed | 170,574 | 172,001 | 119,447 | 125,009 | 163,115 | 166,728 | ||||||||||||||||||
Collateralized mortgage obligations | 138,815 | 140,280 | 182,250 | 190,677 | 299,900 | 304,853 | ||||||||||||||||||
State & municipal | 323,821 | 327,344 | 214,863 | 222,799 | 167,059 | 169,681 | ||||||||||||||||||
Total HTM securities | $ | 733,210 | $ | 735,260 | $ | 616,560 | $ | 636,827 | $ | 630,074 | $ | 641,262 |
Less than 1 Year | 1 Year to 5 Years | 5 Years to 10 Years | Over 10 Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | - | - | $ | 49,111 | 1.20 | % | $ | 23,905 | 1.40 | % | $ | - | - | $ | 73,016 | 1.27 | % | ||||||||||||||||||||||
Federal agency | - | - | - | - | 248,454 | 1.04 | % | - | - | 248,454 | 1.04 | % | ||||||||||||||||||||||||||||
State & municipal | 3 | 8.50 | % | 16,865 | 1.04 | % | 78,663 | 1.40 | % | - | - | 95,531 | 1.34 | % | ||||||||||||||||||||||||||
Mortgage-backed | 30 | 1.64 | % | 18,104 | 2.39 | % | 245,845 | 1.82 | % | 339,396 | 1.44 | % | 603,375 | 1.63 | % | |||||||||||||||||||||||||
Collateralized mortgage obligations | 886 | 1.63 | % | 27,301 | 1.05 | % | 91,524 | 1.38 | % | 504,219 | 1.57 | % | 623,930 | 1.52 | % | |||||||||||||||||||||||||
Corporate | - | - | - | - | 50,500 | 3.75 | % | - | - | 50,500 | 3.75 | % | ||||||||||||||||||||||||||||
Total AFS securities | $ | 919 | 1.65 | % | $ | 111,381 | 1.33 | % | $ | 738,891 | 1.58 | % | $ | 843,615 | 1.52 | % | $ | 1,694,806 | 1.53 | % | ||||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||||||
Federal agency | $ | - | - | $ | - | - | $ | 100,000 | 1.11 | % | $ | - | - | $ | 100,000 | 1.11 | % | |||||||||||||||||||||||
Mortgage-backed | - | - | 12 | 7.73 | % | 9,100 | 3.49 | % | 161,462 | 1.85 | % | 170,574 | 1.94 | % | ||||||||||||||||||||||||||
Collateralized mortgage obligations | - | - | 525 | 2.06 | % | 43,627 | 2.69 | % | 94,663 | 2.12 | % | 138,815 | 2.30 | % | ||||||||||||||||||||||||||
State & municipal | 102,967 | 0.58 | % | 57,827 | 2.30 | % | 69,451 | 2.01 | % | 93,576 | 1.75 | % | 323,821 | 1.53 | % | |||||||||||||||||||||||||
Total HTM securities | $ | 102,967 | 0.58 | % | $ | 58,364 | 2.30 | % | $ | 222,178 | 1.80 | % | $ | 349,701 | 1.90 | % | $ | 733,210 | 1.71 | % |
Years Ended December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
(In thousands) | Average Balance | Yield/Rate | Average Balance | Yield/Rate | Average Balance | Yield/Rate | ||||||||||||||||||
Demand deposits | $ | 3,565,693 | $ | 2,895,341 | $ | 2,351,515 | ||||||||||||||||||
Money market deposit accounts | 2,587,748 | 0.20 | % | 2,320,947 | 0.44 | % | 1,949,147 | 1.14 | % | |||||||||||||||
NOW deposit accounts | 1,452,560 | 0.05 | % | 1,194,398 | 0.06 | % | 1,095,402 | 0.14 | % | |||||||||||||||
Savings deposits | 1,656,893 | 0.05 | % | 1,393,436 | 0.05 | % | 1,265,112 | 0.06 | % | |||||||||||||||
Time deposits | 577,150 | 0.70 | % | 733,073 | 1.40 | % | 910,546 | 1.70 | % | |||||||||||||||
Total interest-bearing deposits | $ | 6,274,351 | 0.17 | % | $ | 5,641,854 | 0.39 | % | $ | 5,220,207 | 0.77 | % |
As of December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Estimated amount of uninsured deposits | $ | 4,175,208 | $ | 3,639,731 | $ | 3,868,134 |
(In thousands) | December 31, 2021 | |||
Portion of time deposits in excess of insurance limit | $ | 33,092 | ||
Time deposits otherwise uninsured with a maturity of: | ||||
Within three months | $ | 4,387 | ||
After three but within six months | 7,907 | |||
After six but within twelve months | 10,107 | |||
Over twelve months | 10,691 |
Years Ended December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Service charges on deposit account | $ | 13,348 | $ | 13,201 | $ | 17,151 | ||||||
ATM and debit card fees | 31,301 | 25,960 | 23,893 | |||||||||
Retirement plan administration fees | 42,188 | 35,851 | 30,388 | |||||||||
Wealth management | 33,718 | 29,247 | 28,400 | |||||||||
Insurance services | 14,083 | 14,757 | 15,770 | |||||||||
Bank owned life insurance income | 6,217 | 5,743 | 5,355 | |||||||||
Net securities gains (losses) | 566 | (388 | ) | 4,213 | ||||||||
Other | 16,373 | 21,905 | 18,853 | |||||||||
Total noninterest income | $ | 157,794 | $ | 146,276 | $ | 144,023 |
Years Ended December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Salaries and employee benefits | $ | 172,580 | $ | 161,934 | $ | 156,867 | ||||||
Occupancy | 21,922 | 21,634 | 22,706 | |||||||||
Data processing and communications | 16,989 | 16,527 | 18,318 | |||||||||
Professional fees and outside services | 16,306 | 15,082 | 14,785 | |||||||||
Equipment | 21,854 | 19,889 | 18,583 | |||||||||
Office supplies and postage | 6,006 | 6,138 | 6,579 | |||||||||
FDIC expenses | 3,041 | 2,688 | 1,946 | |||||||||
Advertising | 2,521 | 2,288 | 2,773 | |||||||||
Amortization of intangible assets | 2,808 | 3,395 | 3,579 | |||||||||
Loan collection and other real estate owned, net | 2,915 | 3,295 | 4,158 | |||||||||
Other | 20,339 | 24,863 | 24,440 | |||||||||
Total noninterest expense | $ | 287,281 | $ | 277,733 | $ | 274,734 |
As of December 31, | ||||||||||||||||
(Dollars in thousands) | 2021 | % | 2020 | % | ||||||||||||
Nonaccrual loans: | ||||||||||||||||
Commercial | $ | 15,942 | 53 | % | $ | 23,557 | 53 | % | ||||||||
Residential | 8,862 | 29 | % | 13,082 | 29 | % | ||||||||||
Consumer | 1,511 | 5 | % | 3,020 | 7 | % | ||||||||||
Troubled debt restructured loans | 3,970 | 13 | % | 4,988 | 11 | % | ||||||||||
Total nonaccrual loans | $ | 30,285 | 100 | % | $ | 44,647 | 100 | % | ||||||||
Loans over 90 days past due and still accruing: | ||||||||||||||||
Commercial | $ | - | - | $ | 493 | 16 | % | |||||||||
Residential | 808 | 33 | % | 518 | 16 | % | ||||||||||
Consumer | 1,650 | 67 | % | 2,138 | 68 | % | ||||||||||
Total loans over 90 days past due and still accruing | $ | 2,458 | 100 | % | $ | 3,149 | 100 | % | ||||||||
Total nonperforming loans | $ | 32,743 | $ | 47,796 | ||||||||||||
Other real estate owned | 167 | 1,458 | ||||||||||||||
Total nonperforming assets | $ | 32,910 | $ | 49,254 | ||||||||||||
Total nonaccrual loans to total loans | 0.40 | % | 0.60 | % | ||||||||||||
Total nonperforming loans to total loans | 0.44 | % | 0.64 | % | ||||||||||||
Total nonperforming assets to total assets | 0.27 | % | 0.45 | % | ||||||||||||
Total allowance for loan losses to nonperforming loans | 280.98 | % | 230.14 | % | ||||||||||||
Total allowance for loan losses to nonaccrual loans | 303.78 | % | 246.38 | % |
As of December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2019 | % | 2018 | % | 2017 | % | ||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||
Commercial | $ | 12,379 | 49 | % | $ | 11,804 | 46 | % | $ | 12,485 | 48 | % | ||||||||||||
Residential real estate | 5,233 | 21 | % | 6,526 | 26 | % | 5,919 | 23 | % | |||||||||||||||
Consumer | 4,046 | 16 | % | 4,068 | 16 | % | 4,324 | 17 | % | |||||||||||||||
Troubled debt restructured loans | 3,516 | 14 | % | 3,089 | 12 | % | 2,980 | 12 | % | |||||||||||||||
Total nonaccrual loans | $ | 25,174 | 100 | % | $ | 25,487 | 100 | % | $ | 25,708 | 100 | % | ||||||||||||
Loans over 90 days past due and still accruing: | ||||||||||||||||||||||||
Commercial | $ | - | - | $ | 588 | 12 | % | $ | - | - | ||||||||||||||
Residential real estate | 927 | 25 | % | 1,182 | 23 | % | 1,402 | 26 | % | |||||||||||||||
Consumer | 2,790 | 75 | % | 3,315 | 65 | % | 4,008 | 74 | % | |||||||||||||||
Total loans over 90 days past due and still accruing | $ | 3,717 | 100 | % | $ | 5,085 | 100 | % | $ | 5,410 | 100 | % | ||||||||||||
Total nonperforming loans | $ | 28,891 | $ | 30,572 | $ | 31,118 | ||||||||||||||||||
Other real estate owned | 1,458 | 2,441 | 4,529 | |||||||||||||||||||||
Total nonperforming assets | $ | 30,349 | $ | 33,013 | $ | 35,647 | ||||||||||||||||||
Total nonaccrual loans to total loans | 0.35 | % | 0.37 | % | 0.39 | % | ||||||||||||||||||
Total nonperforming loans to total loans | 0.40 | % | 0.44 | % | 0.47 | % | ||||||||||||||||||
Total nonperforming assets to total assets | 0.31 | % | 0.35 | % | 0.39 | % | ||||||||||||||||||
Total allowance for loan losses to nonperforming loans | 252.55 | % | 237.16 | % | 223.34 | % | ||||||||||||||||||
Total allowance for loan losses to nonaccrual loans | 289.84 | % | 284.48 | % | 270.34 | % |
(Dollars in thousands) | 2021 | 2020 | ||||||
Balance at January 1* | $ | 110,000 | $ | 75,999 | ||||
Loans charged-off | ||||||||
Commercial | 4,638 | 4,005 | ||||||
Residential | 979 | 1,135 | ||||||
Consumer** | 14,489 | 21,938 | ||||||
Total loans charged-off | $ | 20,106 | $ | 27,078 | ||||
Recoveries | ||||||||
Commercial | $ | 723 | $ | 786 | ||||
Residential | 1,069 | 618 | ||||||
Consumer** | 8,571 | 8,541 | �� | |||||
Total recoveries | $ | 10,363 | $ | 9,945 | ||||
Net loans charged-off | $ | 9,743 | $ | 17,133 | ||||
Provision for loan losses | $ | (8,257 | ) | $ | 51,134 | |||
Balance at December 31 | $ | 92,000 | $ | 110,000 | ||||
Allowance for loan losses to loans outstanding at end of year | 1.23 | % | 1.47 | % | ||||
Commercial net charge-offs to average loans outstanding | 0.05 | % | 0.04 | % | ||||
Residential net charge-offs to average loans outstanding | - | 0.01 | % | |||||
Consumer net charge-offs to average loans outstanding | 0.08 | % | 0.18 | % | ||||
Net charge-offs to average loans outstanding | 0.13 | % | 0.23 | % |
* | 2020 includes an adjustment of $3.0 million as a result of our January 1, 2020, adoption of Accounting Standards Codification (“ASC”) 326. |
** | Consumer charge-off and recoveries include consumer and home equity. |
(Dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Balance at January 1* | $ | 72,505 | $ | 69,500 | $ | 65,200 | ||||||
Loans charged-off | ||||||||||||
Commercial and agricultural | 3,151 | 3,463 | 4,169 | |||||||||
Residential real estate | 991 | 913 | 1,846 | |||||||||
Consumer | 28,398 | 29,752 | 27,072 | |||||||||
Total loans charged-off | $ | 32,540 | $ | 34,128 | $ | 33,087 | ||||||
Recoveries | ||||||||||||
Commercial and agricultural | $ | 534 | $ | 1,178 | $ | 1,077 | ||||||
Residential real estate | 141 | 306 | 180 | |||||||||
Consumer | 6,913 | 6,821 | 5,142 | |||||||||
Total recoveries | $ | 7,588 | $ | 8,305 | $ | 6,399 | ||||||
Net loans charged-off | $ | 24,952 | $ | 25,823 | $ | 26,688 | ||||||
Provision for loan losses | $ | 25,412 | $ | 28,828 | $ | 30,988 | ||||||
Balance at December 31 | $ | 72,965 | $ | 72,505 | $ | 69,500 | ||||||
Allowance for loan losses to loans outstanding at end of year | 1.02 | % | 1.05 | % | 1.06 | % | ||||||
Commercial and agricultural net charge-offs to average loans outstanding | 0.04 | % | 0.03 | % | 0.05 | % | ||||||
Residential real estate net charge-offs to average loans outstanding | 0.01 | % | 0.01 | % | 0.03 | % | ||||||
Consumer net charge-offs to average loans outstanding | 0.31 | % | 0.34 | % | 0.34 | % | ||||||
Net charge-offs to average loans outstanding | 0.36 | % | 0.38 | % | 0.42 | % |
December 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
(Dollars in thousands) | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | ||||||||||||
Commercial | $ | 28,941 | 51 | % | $ | 50,942 | 53 | % | ||||||||
Residential | 18,806 | 27 | % | 21,255 | 26 | % | ||||||||||
Consumer | 44,253 | 22 | % | 37,803 | 21 | % | ||||||||||
Total | $ | 92,000 | 100 | % | $ | 110,000 | 100 | % |
December 31, | ||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||
(Dollars in thousands) | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | ||||||||||||||||||
Commercial and agricultural | $ | 34,525 | 48 | % | $ | 32,759 | 47 | % | $ | 27,606 | 46 | % | ||||||||||||
Residential real estate | 2,793 | 20 | % | 2,568 | 20 | % | 5,064 | 20 | % | |||||||||||||||
Consumer | 35,647 | 32 | % | 37,178 | 33 | % | 36,830 | 34 | % | |||||||||||||||
Total | $ | 72,965 | 100 | % | $ | 72,505 | 100 | % | $ | 69,500 | 100 | % |
As of December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||
U.S. treasury | $ | 73,016 | $ | 73,069 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Federal agency | 248,454 | 239,931 | 245,590 | 243,597 | 34,998 | 34,758 | ||||||||||||||||||
State & municipal | 95,531 | 94,088 | 42,550 | 43,180 | 2,533 | 2,513 | ||||||||||||||||||
Mortgage-backed | 603,375 | 606,675 | 576,497 | 595,839 | 498,372 | 503,626 | ||||||||||||||||||
Collateralized mortgage obligations | 623,930 | 621,595 | 426,574 | 437,804 | 432,651 | 434,443 | ||||||||||||||||||
Corporate | 50,500 | 52,003 | 27,500 | 28,278 | - | - | ||||||||||||||||||
Total AFS securities | $ | 1,694,806 | $ | 1,687,361 | $ | 1,318,711 | $ | 1,348,698 | $ | 968,554 | $ | 975,340 | ||||||||||||
HTM securities: | ||||||||||||||||||||||||
Federal agency | $ | 100,000 | $ | 95,635 | $ | 100,000 | $ | 98,342 | $ | - | $ | - | ||||||||||||
Mortgage-backed | 170,574 | 172,001 | 119,447 | 125,009 | 163,115 | 166,728 | ||||||||||||||||||
Collateralized mortgage obligations | 138,815 | 140,280 | 182,250 | 190,677 | 299,900 | 304,853 | ||||||||||||||||||
State & municipal | 323,821 | 327,344 | 214,863 | 222,799 | 167,059 | 169,681 | ||||||||||||||||||
Total HTM securities | $ | 733,210 | $ | 735,260 | $ | 616,560 | $ | 636,827 | $ | 630,074 | $ | 641,262 |
Less than 1 Year | 1 Year to 5 Years | 5 Years to 10 Years | Over 10 Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | - | - | $ | 49,111 | 1.20 | % | $ | 23,905 | 1.40 | % | $ | - | - | $ | 73,016 | 1.27 | % | ||||||||||||||||||||||
Federal agency | - | - | - | - | 248,454 | 1.04 | % | - | - | 248,454 | 1.04 | % | ||||||||||||||||||||||||||||
State & municipal | 3 | 8.50 | % | 16,865 | 1.04 | % | 78,663 | 1.40 | % | - | - | 95,531 | 1.34 | % | ||||||||||||||||||||||||||
Mortgage-backed | 30 | 1.64 | % | 18,104 | 2.39 | % | 245,845 | 1.82 | % | 339,396 | 1.44 | % | 603,375 | 1.63 | % | |||||||||||||||||||||||||
Collateralized mortgage obligations | 886 | 1.63 | % | 27,301 | 1.05 | % | 91,524 | 1.38 | % | 504,219 | 1.57 | % | 623,930 | 1.52 | % | |||||||||||||||||||||||||
Corporate | - | - | - | - | 50,500 | 3.75 | % | - | - | 50,500 | 3.75 | % | ||||||||||||||||||||||||||||
Total AFS securities | $ | 919 | 1.65 | % | $ | 111,381 | 1.33 | % | $ | 738,891 | 1.58 | % | $ | 843,615 | 1.52 | % | $ | 1,694,806 | 1.53 | % | ||||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||||||
Federal agency | $ | - | - | $ | - | - | $ | 100,000 | 1.11 | % | $ | - | - | $ | 100,000 | 1.11 | % | |||||||||||||||||||||||
Mortgage-backed | - | - | 12 | 7.73 | % | 9,100 | 3.49 | % | 161,462 | 1.85 | % | 170,574 | 1.94 | % | ||||||||||||||||||||||||||
Collateralized mortgage obligations | - | - | 525 | 2.06 | % | 43,627 | 2.69 | % | 94,663 | 2.12 | % | 138,815 | 2.30 | % | ||||||||||||||||||||||||||
State & municipal | 102,967 | 0.58 | % | 57,827 | 2.30 | % | 69,451 | 2.01 | % | 93,576 | 1.75 | % | 323,821 | 1.53 | % | |||||||||||||||||||||||||
Total HTM securities | $ | 102,967 | 0.58 | % | $ | 58,364 | 2.30 | % | $ | 222,178 | 1.80 | % | $ | 349,701 | 1.90 | % | $ | 733,210 | 1.71 | % |
Years Ended December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
(In thousands) | Average Balance | Yield/Rate | Average Balance | Yield/Rate | Average Balance | Yield/Rate | ||||||||||||||||||
Demand deposits | $ | 3,565,693 | $ | 2,895,341 | $ | 2,351,515 | ||||||||||||||||||
Money market deposit accounts | 2,587,748 | 0.20 | % | 2,320,947 | 0.44 | % | 1,949,147 | 1.14 | % | |||||||||||||||
NOW deposit accounts | 1,452,560 | 0.05 | % | 1,194,398 | 0.06 | % | 1,095,402 | 0.14 | % | |||||||||||||||
Savings deposits | 1,656,893 | 0.05 | % | 1,393,436 | 0.05 | % | 1,265,112 | 0.06 | % | |||||||||||||||
Time deposits | 577,150 | 0.70 | % | 733,073 | 1.40 | % | 910,546 | 1.70 | % | |||||||||||||||
Total interest-bearing deposits | $ | 6,274,351 | 0.17 | % | $ | 5,641,854 | 0.39 | % | $ | 5,220,207 | 0.77 | % |
As of December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Estimated amount of uninsured deposits | $ | 4,175,208 | $ | 3,639,731 | $ | 3,868,134 |
(In thousands) | December 31, 2021 | |||
Portion of time deposits in excess of insurance limit | $ | 33,092 | ||
Time deposits otherwise uninsured with a maturity of: | ||||
Within three months | $ | 4,387 | ||
After three but within six months | 7,907 | |||
After six but within twelve months | 10,107 | |||
Over twelve months | 10,691 |
Years Ended December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Service charges on deposit account | $ | 13,348 | $ | 13,201 | $ | 17,151 | ||||||
ATM and debit card fees | 31,301 | 25,960 | 23,893 | |||||||||
Retirement plan administration fees | 42,188 | 35,851 | 30,388 | |||||||||
Wealth management | 33,718 | 29,247 | 28,400 | |||||||||
Insurance services | 14,083 | 14,757 | 15,770 | |||||||||
Bank owned life insurance income | 6,217 | 5,743 | 5,355 | |||||||||
Net securities gains (losses) | 566 | (388 | ) | 4,213 | ||||||||
Other | 16,373 | 21,905 | 18,853 | |||||||||
Total noninterest income | $ | 157,794 | $ | 146,276 | $ | 144,023 |
Years Ended December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Salaries and employee benefits | $ | 172,580 | $ | 161,934 | $ | 156,867 | ||||||
Occupancy | 21,922 | 21,634 | 22,706 | |||||||||
Data processing and communications | 16,989 | 16,527 | 18,318 | |||||||||
Professional fees and outside services | 16,306 | 15,082 | 14,785 | |||||||||
Equipment | 21,854 | 19,889 | 18,583 | |||||||||
Office supplies and postage | 6,006 | 6,138 | 6,579 | |||||||||
FDIC expenses | 3,041 | 2,688 | 1,946 | |||||||||
Advertising | 2,521 | 2,288 | 2,773 | |||||||||
Amortization of intangible assets | 2,808 | 3,395 | 3,579 | |||||||||
Loan collection and other real estate owned, net | 2,915 | 3,295 | 4,158 | |||||||||
Other | 20,339 | 24,863 | 24,440 | |||||||||
Total noninterest expense | $ | 287,281 | $ | 277,733 | $ | 274,734 |
As of December 31, | ||||||||||||||||
(Dollars in thousands) | 2021 | % | 2020 | % | ||||||||||||
Nonaccrual loans: | ||||||||||||||||
Commercial | $ | 15,942 | 53 | % | $ | 23,557 | 53 | % | ||||||||
Residential | 8,862 | 29 | % | 13,082 | 29 | % | ||||||||||
Consumer | 1,511 | 5 | % | 3,020 | 7 | % | ||||||||||
Troubled debt restructured loans | 3,970 | 13 | % | 4,988 | 11 | % | ||||||||||
Total nonaccrual loans | $ | 30,285 | 100 | % | $ | 44,647 | 100 | % | ||||||||
Loans over 90 days past due and still accruing: | ||||||||||||||||
Commercial | $ | - | - | $ | 493 | 16 | % | |||||||||
Residential | 808 | 33 | % | 518 | 16 | % | ||||||||||
Consumer | 1,650 | 67 | % | 2,138 | 68 | % | ||||||||||
Total loans over 90 days past due and still accruing | $ | 2,458 | 100 | % | $ | 3,149 | 100 | % | ||||||||
Total nonperforming loans | $ | 32,743 | $ | 47,796 | ||||||||||||
Other real estate owned | 167 | 1,458 | ||||||||||||||
Total nonperforming assets | $ | 32,910 | $ | 49,254 | ||||||||||||
Total nonaccrual loans to total loans | 0.40 | % | 0.60 | % | ||||||||||||
Total nonperforming loans to total loans | 0.44 | % | 0.64 | % | ||||||||||||
Total nonperforming assets to total assets | 0.27 | % | 0.45 | % | ||||||||||||
Total allowance for loan losses to nonperforming loans | 280.98 | % | 230.14 | % | ||||||||||||
Total allowance for loan losses to nonaccrual loans | 303.78 | % | 246.38 | % |
As of December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2019 | % | 2018 | % | 2017 | % | ||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||
Commercial | $ | 12,379 | 49 | % | $ | 11,804 | 46 | % | $ | 12,485 | 48 | % | ||||||||||||
Residential real estate | 5,233 | 21 | % | 6,526 | 26 | % | 5,919 | 23 | % | |||||||||||||||
Consumer | 4,046 | 16 | % | 4,068 | 16 | % | 4,324 | 17 | % | |||||||||||||||
Troubled debt restructured loans | 3,516 | 14 | % | 3,089 | 12 | % | 2,980 | 12 | % | |||||||||||||||
Total nonaccrual loans | $ | 25,174 | 100 | % | $ | 25,487 | 100 | % | $ | 25,708 | 100 | % | ||||||||||||
Loans over 90 days past due and still accruing: | ||||||||||||||||||||||||
Commercial | $ | - | - | $ | 588 | 12 | % | $ | - | - | ||||||||||||||
Residential real estate | 927 | 25 | % | 1,182 | 23 | % | 1,402 | 26 | % | |||||||||||||||
Consumer | 2,790 | 75 | % | 3,315 | 65 | % | 4,008 | 74 | % | |||||||||||||||
Total loans over 90 days past due and still accruing | $ | 3,717 | 100 | % | $ | 5,085 | 100 | % | $ | 5,410 | 100 | % | ||||||||||||
Total nonperforming loans | $ | 28,891 | $ | 30,572 | $ | 31,118 | ||||||||||||||||||
Other real estate owned | 1,458 | 2,441 | 4,529 | |||||||||||||||||||||
Total nonperforming assets | $ | 30,349 | $ | 33,013 | $ | 35,647 | ||||||||||||||||||
Total nonaccrual loans to total loans | 0.35 | % | 0.37 | % | 0.39 | % | ||||||||||||||||||
Total nonperforming loans to total loans | 0.40 | % | 0.44 | % | 0.47 | % | ||||||||||||||||||
Total nonperforming assets to total assets | 0.31 | % | 0.35 | % | 0.39 | % | ||||||||||||||||||
Total allowance for loan losses to nonperforming loans | 252.55 | % | 237.16 | % | 223.34 | % | ||||||||||||||||||
Total allowance for loan losses to nonaccrual loans | 289.84 | % | 284.48 | % | 270.34 | % |
(Dollars in thousands) | 2021 | 2020 | ||||||
Balance at January 1* | $ | 110,000 | $ | 75,999 | ||||
Loans charged-off | ||||||||
Commercial | 4,638 | 4,005 | ||||||
Residential | 979 | 1,135 | ||||||
Consumer** | 14,489 | 21,938 | ||||||
Total loans charged-off | $ | 20,106 | $ | 27,078 | ||||
Recoveries | ||||||||
Commercial | $ | 723 | $ | 786 | ||||
Residential | 1,069 | 618 | ||||||
Consumer** | 8,571 | 8,541 | �� | |||||
Total recoveries | $ | 10,363 | $ | 9,945 | ||||
Net loans charged-off | $ | 9,743 | $ | 17,133 | ||||
Provision for loan losses | $ | (8,257 | ) | $ | 51,134 | |||
Balance at December 31 | $ | 92,000 | $ | 110,000 | ||||
Allowance for loan losses to loans outstanding at end of year | 1.23 | % | 1.47 | % | ||||
Commercial net charge-offs to average loans outstanding | 0.05 | % | 0.04 | % | ||||
Residential net charge-offs to average loans outstanding | - | 0.01 | % | |||||
Consumer net charge-offs to average loans outstanding | 0.08 | % | 0.18 | % | ||||
Net charge-offs to average loans outstanding | 0.13 | % | 0.23 | % |
* | 2020 includes an adjustment of $3.0 million as a result of our January 1, 2020, adoption of Accounting Standards Codification (“ASC”) 326. |
** | Consumer charge-off and recoveries include consumer and home equity. |
(Dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Balance at January 1* | $ | 72,505 | $ | 69,500 | $ | 65,200 | ||||||
Loans charged-off | ||||||||||||
Commercial and agricultural | 3,151 | 3,463 | 4,169 | |||||||||
Residential real estate | 991 | 913 | 1,846 | |||||||||
Consumer | 28,398 | 29,752 | 27,072 | |||||||||
Total loans charged-off | $ | 32,540 | $ | 34,128 | $ | 33,087 | ||||||
Recoveries | ||||||||||||
Commercial and agricultural | $ | 534 | $ | 1,178 | $ | 1,077 | ||||||
Residential real estate | 141 | 306 | 180 | |||||||||
Consumer | 6,913 | 6,821 | 5,142 | |||||||||
Total recoveries | $ | 7,588 | $ | 8,305 | $ | 6,399 | ||||||
Net loans charged-off | $ | 24,952 | $ | 25,823 | $ | 26,688 | ||||||
Provision for loan losses | $ | 25,412 | $ | 28,828 | $ | 30,988 | ||||||
Balance at December 31 | $ | 72,965 | $ | 72,505 | $ | 69,500 | ||||||
Allowance for loan losses to loans outstanding at end of year | 1.02 | % | 1.05 | % | 1.06 | % | ||||||
Commercial and agricultural net charge-offs to average loans outstanding | 0.04 | % | 0.03 | % | 0.05 | % | ||||||
Residential real estate net charge-offs to average loans outstanding | 0.01 | % | 0.01 | % | 0.03 | % | ||||||
Consumer net charge-offs to average loans outstanding | 0.31 | % | 0.34 | % | 0.34 | % | ||||||
Net charge-offs to average loans outstanding | 0.36 | % | 0.38 | % | 0.42 | % |
December 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
(Dollars in thousands) | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | ||||||||||||
Commercial | $ | 28,941 | 51 | % | $ | 50,942 | 53 | % | ||||||||
Residential | 18,806 | 27 | % | 21,255 | 26 | % | ||||||||||
Consumer | 44,253 | 22 | % | 37,803 | 21 | % | ||||||||||
Total | $ | 92,000 | 100 | % | $ | 110,000 | 100 | % |
December 31, | ||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||
(Dollars in thousands) | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | Allowance | Category Percent of Loans | ||||||||||||||||||
Commercial and agricultural | $ | 34,525 | 48 | % | $ | 32,759 | 47 | % | $ | 27,606 | 46 | % | ||||||||||||
Residential real estate | 2,793 | 20 | % | 2,568 | 20 | % | 5,064 | 20 | % | |||||||||||||||
Consumer | 35,647 | 32 | % | 37,178 | 33 | % | 36,830 | 34 | % | |||||||||||||||
Total | $ | 72,965 | 100 | % | $ | 72,505 | 100 | % | $ | 69,500 | 100 | % |
(In thousands) | December 31, 2021 | |||
Within one year | $ | 50,177 | ||
After one but within three years | 2,518 | |||
After three but within five years | 1,738 | |||
After five years | 700 | |||
Total | $ | 55,133 |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK |
Change in interest rates (in basis points) | Percent change in net interest income | ||
+200 | 6.46 | % | |
+100 | 3.10 | % | |
-50 | (0.74 | %) |
Change in interest rates (In basis points) | Percent change in net interest income | |||
+200 | (1.18 | %) | ||
-100 | (2.87 | %) |
Change in interest rates (In basis points) | Percent change in net portfolio value | |||
+200 | (9.63 | %) | ||
-100 | (8.81 | %) |
As of December 31, | ||||||||
2018 | 2017 | |||||||
(In thousands except share and per share data) | ||||||||
Assets | ||||||||
Cash and due from banks | $ | 175,550 | $ | 156,852 | ||||
Short-term interest bearing accounts | 5,405 | 2,812 | ||||||
Equity securities, at fair value | 23,053 | - | ||||||
Securities available for sale, at fair value | 998,496 | 1,255,925 | ||||||
Securities held to maturity (fair value $778,675 and $481,871, respectively) | 783,599 | 484,073 | ||||||
Trading securities | - | 11,467 | ||||||
Federal Reserve and Federal Home Loan Bank stock | 53,229 | 46,706 | ||||||
Loans held for sale | 6,943 | 1,134 | ||||||
Loans | 6,887,709 | 6,583,639 | ||||||
Less allowance for loan losses | 72,505 | 69,500 | ||||||
Net loans | $ | 6,815,204 | $ | 6,514,139 | ||||
Premises and equipment, net | 78,970 | 81,305 | ||||||
Goodwill | 274,769 | 268,043 | ||||||
Intangible assets, net | 15,599 | 13,420 | ||||||
Bank owned life insurance | 177,479 | 172,388 | ||||||
Other assets | 148,067 | 128,548 | ||||||
Total assets | $ | 9,556,363 | $ | 9,136,812 | ||||
Liabilities | ||||||||
Demand (noninterest bearing) | $ | 2,361,099 | $ | 2,286,892 | ||||
Savings, NOW and money market | 4,076,434 | 4,076,978 | ||||||
Time | 930,678 | 806,766 | ||||||
Total deposits | $ | 7,368,211 | $ | 7,170,636 | ||||
Short-term borrowings | 871,696 | 719,123 | ||||||
Long-term debt | 73,724 | 88,869 | ||||||
Junior subordinated debt | 101,196 | 101,196 | ||||||
Other liabilities | 123,627 | 98,811 | ||||||
Total liabilities | $ | 8,538,454 | $ | 8,178,635 | ||||
Stockholders’ equity | ||||||||
Preferred stock, $0.01 par value; authorized 2,500,000 shares at December 31, 2018 and 2017 | $ | - | $ | - | ||||
Common stock, $0.01 par value; authorized 100,000,000 shares at December 31, 2018 and 2017, respectively; issued 49,651,493 at December 31, 2018 and 2017 | 497 | 497 | ||||||
Additional paid-in-capital | 575,466 | 574,209 | ||||||
Retained earnings | 621,203 | 543,713 | ||||||
Accumulated other comprehensive loss | (43,174 | ) | (22,077 | ) | ||||
Common stock in treasury, at cost, 5,978,527 and 6,108,684 shares at December 31, 2018 and 2017, respectively | (136,083 | ) | (138,165 | ) | ||||
Total stockholders’ equity | $ | 1,017,909 | $ | 958,177 | ||||
Total liabilities and stockholders’ equity | $ | 9,556,363 | $ | 9,136,812 |
As of December 31, | ||||||||
2021 | 2020 | |||||||
(In thousands except share and per share data) | ||||||||
Assets | ||||||||
Cash and due from banks | $ | 157,775 | $ | 159,995 | ||||
Short-term interest-bearing accounts | 1,111,296 | 512,686 | ||||||
Equity securities, at fair value | 33,550 | 30,737 | ||||||
Securities available for sale, at fair value | 1,687,361 | 1,348,698 | ||||||
Securities held to maturity (fair value $735,260 and $636,827, respectively) | 733,210 | 616,560 | ||||||
Federal Reserve and Federal Home Loan Bank stock | 25,098 | 27,353 | ||||||
Loans held for sale | 830 | 1,119 | ||||||
Loans | 7,498,459 | 7,498,885 | ||||||
Less allowance for loan losses | 92,000 | 110,000 | ||||||
Net loans | $ | 7,406,459 | $ | 7,388,885 | ||||
Premises and equipment, net | 72,093 | 74,206 | ||||||
Goodwill | 280,541 | 280,541 | ||||||
Intangible assets, net | 8,927 | 11,735 | ||||||
Bank owned life insurance | 228,238 | 186,434 | ||||||
Other assets | 266,733 | 293,957 | ||||||
Total assets | $ | 12,012,111 | $ | 10,932,906 | ||||
Liabilities | ||||||||
Demand (noninterest bearing) | $ | 3,689,556 | $ | 3,241,123 | ||||
Savings, NOW and money market | 6,043,441 | 5,207,090 | ||||||
Time | 501,472 | 633,479 | ||||||
Total deposits | $ | 10,234,469 | $ | 9,081,692 | ||||
Short-term borrowings | 97,795 | 168,386 | ||||||
Long-term debt | 13,995 | 39,097 | ||||||
Subordinated debt, net | 98,490 | 98,052 | ||||||
Junior subordinated debt | 101,196 | 101,196 | ||||||
Other liabilities | 215,713 | 256,865 | ||||||
Total liabilities | $ | 10,761,658 | $ | 9,745,288 | ||||
Stockholders’ equity | ||||||||
Preferred stock, $0.01 par value. Authorized 2,500,000 shares at December 31, 2021 and 2020 | $ | 0 | $ | 0 | ||||
Common stock, $0.01 par value. Authorized 100,000,000 shares at December 31, 2021 and 2020, issued 49,651,493 at December 31, 2021 and 2020 | 497 | 497 | ||||||
Additional paid-in-capital | 576,976 | 578,082 | ||||||
Retained earnings | 856,203 | 749,056 | ||||||
Accumulated other comprehensive (loss) income | (23,344 | ) | 417 | |||||
Common stock in treasury, at cost, 6,483,481 and 6,022,399 shares at December 31, 2021 and 2020, respectively | (159,879 | ) | (140,434 | ) | ||||
Total stockholders’ equity | $ | 1,250,453 | $ | 1,187,618 | ||||
Total liabilities and stockholders’ equity | $ | 12,012,111 | $ | 10,932,906 |
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Interest, fee and dividend income | ||||||||||||
Interest and fees on loans | $ | 302,175 | $ | 307,859 | $ | 321,474 | ||||||
Securities available for sale | 23,305 | 22,434 | 23,303 | |||||||||
Securities held to maturity | 12,551 | 15,283 | 19,105 | |||||||||
Other | 1,845 | 2,706 | 3,652 | |||||||||
Total interest, fee and dividend income | $ | 339,876 | $ | 348,282 | $ | 367,534 | ||||||
Interest expense | ||||||||||||
Deposits | $ | 10,714 | $ | 22,070 | $ | 39,986 | ||||||
Short-term borrowings | 158 | 3,408 | 9,693 | |||||||||
Long-term debt | 389 | 1,553 | 1,875 | |||||||||
Subordinated debt | 5,437 | 2,842 | 0 | |||||||||
Junior subordinated debt | 2,090 | 2,731 | 4,425 | |||||||||
Total interest expense | $ | 18,788 | $ | 32,604 | $ | 55,979 | ||||||
Net interest income | $ | 321,088 | $ | 315,678 | $ | 311,555 | ||||||
Provision for loan losses (1) | (8,257 | ) | 51,134 | 25,412 | ||||||||
Net interest income after provision for loan losses | $ | 329,345 | $ | 264,544 | $ | 286,143 | ||||||
Noninterest income | ||||||||||||
Service charges on deposit accounts | $ | 13,348 | $ | 13,201 | $ | 17,151 | ||||||
ATM and debit card fees | 31,301 | 25,960 | 23,893 | |||||||||
Retirement plan administration fees | 42,188 | 35,851 | 30,388 | |||||||||
Wealth management | 33,718 | 29,247 | 28,400 | |||||||||
Insurance services | 14,083 | 14,757 | 15,770 | |||||||||
Bank owned life insurance income | 6,217 | 5,743 | 5,355 | |||||||||
Net securities gains (losses) | 566 | (388 | ) | 4,213 | ||||||||
Other | 16,373 | 21,905 | 18,853 | |||||||||
Total noninterest income | $ | 157,794 | $ | 146,276 | $ | 144,023 | ||||||
Noninterest expense | ||||||||||||
Salaries and employee benefits | $ | 172,580 | $ | 161,934 | $ | 156,867 | ||||||
Occupancy | 21,922 | 21,634 | 22,706 | |||||||||
Data processing and communications | 16,989 | 16,527 | 18,318 | |||||||||
Professional fees and outside services | 16,306 | 15,082 | 14,785 | |||||||||
Equipment | 21,854 | 19,889 | 18,583 | |||||||||
Office supplies and postage | 6,006 | 6,138 | 6,579 | |||||||||
FDIC expenses | 3,041 | 2,688 | 1,946 | |||||||||
Advertising | 2,521 | 2,288 | 2,773 | |||||||||
Amortization of intangible assets | 2,808 | 3,395 | 3,579 | |||||||||
Loan collection and other real estate owned, net | 2,915 | 3,295 | 4,158 | |||||||||
Other | 20,339 | 24,863 | 24,440 | |||||||||
Total noninterest expense | $ | 287,281 | $ | 277,733 | $ | 274,734 | ||||||
Income before income tax expense | $ | 199,858 | $ | 133,087 | $ | 155,432 | ||||||
Income tax expense | 44,973 | 28,699 | 34,411 | |||||||||
Net income | $ | 154,885 | $ | 104,388 | $ | 121,021 | ||||||
Earnings per share | ||||||||||||
Basic | $ | 3.57 | $ | 2.39 | $ | 2.76 | ||||||
Diluted | $ | 3.54 | $ | 2.37 | $ | 2.74 |
Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology. |
Years ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Interest, fee and dividend income | ||||||||||||
Interest and fees on loans | $ | 300,827 | $ | 267,096 | $ | 250,994 | ||||||
Securities available for sale | 26,920 | 28,564 | 24,033 | |||||||||
Securities held to maturity | 13,242 | 10,934 | 9,852 | |||||||||
Other | 3,266 | 2,813 | 2,068 | |||||||||
Total interest, fee and dividend income | $ | 344,255 | $ | 309,407 | $ | 286,947 | ||||||
Interest expense | ||||||||||||
Deposits | $ | 22,144 | $ | 14,475 | $ | 14,366 | ||||||
Short-term borrowings | 10,552 | 5,996 | 2,309 | |||||||||
Long-term debt | 1,790 | 2,299 | 3,204 | |||||||||
Junior subordinated debt | 4,140 | 3,144 | 2,627 | |||||||||
Total interest expense | $ | 38,626 | $ | 25,914 | $ | 22,506 | ||||||
Net interest income | $ | 305,629 | $ | 283,493 | $ | 264,441 | ||||||
Provision for loan losses | 28,828 | 30,988 | 25,431 | |||||||||
Net interest income after provision for loan losses | $ | 276,801 | $ | 252,505 | $ | 239,010 | ||||||
Noninterest income | ||||||||||||
Insurance and other financial services revenue | $ | 24,345 | $ | 23,532 | $ | 24,396 | ||||||
Service charges on deposit accounts | 17,224 | 16,750 | 16,729 | |||||||||
ATM and debit card fees | 22,699 | 21,372 | 19,448 | |||||||||
Retirement plan administration fees | 26,992 | 20,213 | 16,063 | |||||||||
Trust | 19,524 | 19,586 | 18,565 | |||||||||
Bank owned life insurance | 5,091 | 5,175 | 5,195 | |||||||||
Net securities (losses) gains | (6,341 | ) | 1,867 | (644 | ) | |||||||
Gain on the sale of equity investment | - | 818 | - | |||||||||
Other | 15,228 | 11,991 | 15,961 | |||||||||
Total noninterest income | $ | 124,762 | $ | 121,304 | $ | 115,713 | ||||||
Noninterest expense | ||||||||||||
Salaries and employee benefits | $ | 151,685 | $ | 135,222 | $ | 132,060 | ||||||
Occupancy | 22,318 | 21,808 | 20,940 | |||||||||
Data processing and communications | 17,652 | 17,068 | 16,495 | |||||||||
Professional fees and outside services | 14,376 | 13,499 | 13,617 | |||||||||
Equipment | 17,037 | 15,225 | 14,295 | |||||||||
Office supplies and postage | 6,204 | 6,284 | 6,168 | |||||||||
FDIC expenses | 4,651 | 4,767 | 5,111 | |||||||||
Advertising | 2,782 | 2,744 | 2,556 | |||||||||
Amortization of intangible assets | 4,042 | 3,960 | 3,928 | |||||||||
Loan collection and other real estate owned, net | 4,217 | 4,763 | 3,458 | |||||||||
Other | 19,597 | 20,308 | 17,294 | |||||||||
Total noninterest expense | $ | 264,561 | $ | 245,648 | $ | 235,922 | ||||||
Income before income tax expense | $ | 137,002 | $ | 128,161 | $ | 118,801 | ||||||
Income tax expense | 24,436 | 46,010 | 40,392 | |||||||||
Net income | $ | 112,566 | $ | 82,151 | $ | 78,409 | ||||||
Earnings per share | ||||||||||||
Basic | $ | 2.58 | $ | 1.89 | $ | 1.81 | ||||||
Diluted | $ | 2.56 | $ | 1.87 | $ | 1.80 |
Years ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
(In thousands) | ||||||||||||
Net income | $ | 112,566 | $ | 82,151 | $ | 78,409 | ||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized net holding (losses) arising during the period, gross | $ | (11,985 | ) | $ | (6,915 | ) | $ | (8,618 | ) | |||
Tax effect | 2,996 | 2,845 | 3,353 | |||||||||
Unrealized net holding (losses) arising during the period, net | $ | (8,989 | ) | $ | (4,070 | ) | $ | (5,265 | ) | |||
Reclassification adjustment for net losses (gains) in net income, gross | $ | 6,622 | $ | (1,869 | ) | $ | 644 | |||||
Tax effect | (1,655 | ) | 716 | (251 | ) | |||||||
Reclassification adjustment for net losses (gains) in net income, net | $ | 4,967 | $ | (1,153 | ) | $ | 393 | |||||
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, gross | $ | 688 | $ | 875 | $ | 1,094 | ||||||
Tax effect | (172 | ) | (335 | ) | (426 | ) | ||||||
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, net | $ | 516 | $ | 540 | $ | 668 | ||||||
Reclassification adjustment for an impairment write-down of equity security, gross | $ | - | $ | 1,312 | $ | - | ||||||
Tax effect | - | (501 | ) | - | ||||||||
Reclassification adjustment for an impairment write-down of equity security, net | $ | - | $ | 811 | $ | - | ||||||
Total securities available for sale, net | $ | (3,506 | ) | $ | (3,872 | ) | $ | (4,204 | ) | |||
Cash flow hedges: | ||||||||||||
Unrealized gains on derivatives (cash flow hedges), gross | $ | 1,218 | $ | 901 | $ | 2,832 | ||||||
Tax effect | (304 | ) | (350 | ) | (1,102 | ) | ||||||
Unrealized gains on derivatives (cash flow hedges), net | $ | 914 | $ | 551 | $ | 1,730 | ||||||
Reclassification of net unrealized (gains) losses on cash flow hedges to interest (income) expense, gross | $ | (2,300 | ) | $ | (292 | ) | $ | 69 | ||||
Tax effect | 575 | 113 | (27 | ) | ||||||||
Reclassification of net unrealized (gains) losses on cash flow hedges to interest (income) expense, net | $ | (1,725 | ) | $ | (179 | ) | $ | 42 | ||||
Total cash flow hedges, net | $ | (811 | ) | $ | 372 | $ | 1,772 | |||||
Pension and other benefits: | ||||||||||||
Amortization of prior service cost and actuarial gains, gross | $ | 1,145 | $ | 1,852 | $ | 2,370 | ||||||
Tax effect | (286 | ) | (740 | ) | (949 | ) | ||||||
Amortization of prior service cost and actuarial gains, net | $ | 859 | $ | 1,112 | $ | 1,421 | ||||||
(Increase) decrease in unrecognized actuarial loss, gross | $ | (12,457 | ) | $ | 2,401 | $ | 3,154 | |||||
Tax effect | 3,038 | (570 | ) | (1,245 | ) | |||||||
(Increase) decrease in unrecognized actuarial loss, net | $ | (9,419 | ) | $ | 1,831 | $ | 1,909 | |||||
Total pension and other benefits, net | $ | (8,560 | ) | $ | 2,943 | $ | 3,330 | |||||
Total other comprehensive (loss) income | $ | (12,877 | ) | $ | (557 | ) | $ | 898 | ||||
Comprehensive income | $ | 99,689 | $ | 81,594 | $ | 79,307 |
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(In thousands) | ||||||||||||
Net income | $ | 154,885 | $ | 104,388 | $ | 121,021 | ||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||
Securities available for sale: | ||||||||||||
Unrealized net holding (losses) gains arising during the period, gross | $ | (37,432 | ) | $ | 23,204 | $ | 25,836 | |||||
Tax effect | 9,358 | (5,800 | ) | (6,459 | ) | |||||||
Unrealized net holding (losses) gains arising during the period, net | $ | (28,074 | ) | $ | 17,404 | $ | 19,377 | |||||
Reclassification adjustment for net (gains) losses in net income, gross | $ | 0 | $ | (3 | ) | $ | 79 | |||||
Tax effect | 0 | 1 | (20 | ) | ||||||||
Reclassification adjustment for net (gains) losses in net income, net | $ | 0 | $ | (2 | ) | $ | 59 | |||||
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, gross | $ | 577 | $ | 644 | $ | 737 | ||||||
Tax effect | (145 | ) | (161 | ) | (184 | ) | ||||||
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, net | $ | 432 | $ | 483 | $ | 553 | ||||||
Total securities available for sale, net | $ | (27,642 | ) | $ | 17,885 | $ | 19,989 | |||||
Cash flow hedges: | ||||||||||||
Unrealized losses on derivatives (cash flow hedges), gross | $ | 0 | $ | (275 | ) | $ | (459 | ) | ||||
Tax effect | 0 | 69 | 115 | |||||||||
Unrealized losses on derivatives (cash flow hedges), net | $ | 0 | $ | (206 | ) | $ | (344 | ) | ||||
Reclassification of net unrealized losses (gains) on cash flow hedges to interest expense, gross | $ | 21 | $ | 296 | $ | (2,012 | ) | |||||
Tax effect | (5 | ) | (74 | ) | 503 | |||||||
Reclassification of net unrealized losses (gains) on cash flow hedges to interest expense, net | $ | 16 | $ | 222 | $ | (1,509 | ) | |||||
Total cash flow hedges, net | $ | 16 | $ | 16 | $ | (1,853 | ) | |||||
Pension and other benefits: | ||||||||||||
Amortization of prior service cost and actuarial losses, gross | $ | 1,373 | $ | 1,627 | $ | 2,686 | ||||||
Tax effect | (343 | ) | (407 | ) | (672 | ) | ||||||
Amortization of prior service cost and actuarial losses, net | $ | 1,030 | $ | 1,220 | $ | 2,014 | ||||||
Decrease in unrecognized actuarial loss, gross | $ | 3,780 | $ | 429 | $ | 5,331 | ||||||
Tax effect | (945 | ) | (107 | ) | (1,333 | ) | ||||||
Decrease in unrecognized actuarial loss, net | $ | 2,835 | $ | 322 | $ | 3,998 | ||||||
Total pension and other benefits, net | $ | 3,865 | $ | 1,542 | $ | 6,012 | ||||||
Total other comprehensive (loss) income | $ | (23,761 | ) | $ | 19,443 | $ | 24,148 | |||||
Comprehensive income | $ | 131,124 | $ | 123,831 | $ | 145,169 |
(In thousands, except share and per share data) | Common Stock | Additional Paid-in- Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Common Stock in Treasury | Total | ||||||||||||||||||
Balance at December 31, 2015 | $ | 497 | $ | 576,726 | $ | 462,232 | $ | (22,418 | ) | $ | (135,033 | ) | $ | 882,004 | ||||||||||
Net income | - | - | 78,409 | - | - | 78,409 | ||||||||||||||||||
Cash dividends - $0.90 per share | - | - | (38,880 | ) | - | - | (38,880 | ) | ||||||||||||||||
Purchase of 675,535 treasury shares | - | - | - | - | (17,193 | ) | (17,193 | ) | ||||||||||||||||
Net issuance of 502,585 shares to employee and other stock plans, including tax benefit | - | (6,026 | ) | - | - | 9,726 | 3,700 | |||||||||||||||||
Stock-based compensation | - | 4,378 | - | - | - | 4,378 | ||||||||||||||||||
Other comprehensive income | - | - | - | 898 | - | 898 | ||||||||||||||||||
Balance at December 31, 2016 | $ | 497 | $ | 575,078 | $ | 501,761 | $ | (21,520 | ) | $ | (142,500 | ) | $ | 913,316 | ||||||||||
Net income | - | - | 82,151 | - | - | 82,151 | ||||||||||||||||||
Cash dividends - $0.92 per share | - | - | (40,104 | ) | - | - | (40,104 | ) | ||||||||||||||||
Net issuance of 285,059 shares to employee and other stock plans | - | (4,608 | ) | - | - | 4,335 | (273 | ) | ||||||||||||||||
Stock-based compensation | - | 3,739 | (95 | ) | - | - | 3,644 | |||||||||||||||||
Other comprehensive (loss) | - | - | - | (557 | ) | - | (557 | ) | ||||||||||||||||
Balance at December 31, 2017 | $ | 497 | $ | 574,209 | $ | 543,713 | $ | (22,077 | ) | $ | (138,165 | ) | $ | 958,177 | ||||||||||
Net income | - | - | 112,566 | - | - | 112,566 | ||||||||||||||||||
Cumulative effect adjustment ASU 2016-01 implementation | 2,618 | (2,645 | ) | (27 | ) | |||||||||||||||||||
Cumulative effect adjustment for ASU 2018-02 implementation | 5,575 | (5,575 | ) | - | ||||||||||||||||||||
Cash dividends - $0.99 per share | - | - | (43,269 | ) | - | - | (43,269 | ) | ||||||||||||||||
Net issuance of 130,157 shares to employee and other stock plans | - | (2,679 | ) | - | - | 2,082 | (597 | ) | ||||||||||||||||
Stock-based compensation | - | 3,936 | - | - | - | 3,936 | ||||||||||||||||||
Other comprehensive (loss) | - | - | - | (12,877 | ) | - | (12,877 | ) | ||||||||||||||||
Balance at December 31, 2018 | $ | 497 | $ | 575,466 | $ | 621,203 | $ | (43,174 | ) | $ | (136,083 | ) | $ | 1,017,909 |
Common Stock | Additional Paid-in- Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Common Stock in Treasury | Total | |||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 497 | $ | 575,466 | $ | 621,203 | $ | (43,174 | ) | $ | (136,083 | ) | $ | 1,017,909 | ||||||||||
Net income | 0 | 0 | 121,021 | 0 | 0 | 121,021 | ||||||||||||||||||
Cash dividends - $1.05 per share | 0 | 0 | (46,010 | ) | 0 | 0 | (46,010 | ) | ||||||||||||||||
Net issuance of 123,645 shares to employee and other stock plans | 0 | (2,968 | ) | 0 | 0 | 2,087 | (881 | ) | ||||||||||||||||
Stock-based compensation | 0 | 4,210 | 0 | 0 | 0 | 4,210 | ||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 24,148 | 0 | 24,148 | ||||||||||||||||||
Balance at December 31, 2019 | $ | 497 | $ | 576,708 | $ | 696,214 | $ | (19,026 | ) | $ | (133,996 | ) | $ | 1,120,397 | ||||||||||
Net income | 0 | 0 | 104,388 | 0 | 0 | 104,388 | ||||||||||||||||||
Cash dividends - $1.08 per share | 0 | 0 | (47,207 | ) | 0 | 0 | (47,207 | ) | ||||||||||||||||
Cumulative effect adjustment for ASU 2016-13 implementation | 0 | 0 | (4,339 | ) | 0 | 0 | (4,339 | ) | ||||||||||||||||
Purchase of 263,507 treasury shares | 0 | 0 | 0 | 0 | (7,980 | ) | (7,980 | ) | ||||||||||||||||
Net issuance of 95,990 shares to employee and other stock plans | 0 | (3,207 | ) | 0 | 0 | 1,542 | (1,665 | ) | ||||||||||||||||
Stock-based compensation | 0 | 4,581 | 0 | 0 | 0 | 4,581 | ||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 19,443 | 0 | 19,443 | ||||||||||||||||||
Balance at December 31, 2020 | $ | 497 | $ | 578,082 | $ | 749,056 | $ | 417 | $ | (140,434 | ) | $ | 1,187,618 | |||||||||||
Net income | 0 | 0 | 154,885 | 0 | 0 | 154,885 | ||||||||||||||||||
Cash dividends - $1.10 per share | 0 | 0 | (47,738 | ) | 0 | 0 | (47,738 | ) | ||||||||||||||||
Purchase of 604,637 treasury shares | 0 | 0 | 0 | 0 | (21,714 | ) | (21,714 | ) | ||||||||||||||||
Net issuance of 143,555 shares to employee and other stock plans | 0 | (5,520 | ) | 0 | 0 | 2,269 | (3,251 | ) | ||||||||||||||||
Stock-based compensation | 0 | 4,414 | 0 | 0 | 0 | 4,414 | ||||||||||||||||||
Other comprehensive (loss) | 0 | 0 | 0 | (23,761 | ) | 0 | (23,761 | ) | ||||||||||||||||
Balance at December 31, 2021 | $ | 497 | $ | 576,976 | $ | 856,203 | $ | (23,344 | ) | $ | (159,879 | ) | $ | 1,250,453 |
Years ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
(In thousands) | ||||||||||||
Operating activities | ||||||||||||
Net income | $ | 112,566 | $ | 82,151 | $ | 78,409 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Provision for loan losses | 28,828 | 30,988 | 25,431 | |||||||||
Depreciation and amortization of premises and equipment | 9,280 | 9,056 | 9,023 | |||||||||
Net amortization on securities | 4,007 | 4,786 | 5,278 | |||||||||
Amortization of intangible assets | 4,042 | 3,960 | 3,928 | |||||||||
Excess tax (benefit) on stock-based compensation | (543 | ) | (1,769 | ) | (1,055 | ) | ||||||
Stock-based compensation expense | 3,936 | 3,644 | 4,378 | |||||||||
Bank owned life insurance income | (5,091 | ) | (5,175 | ) | (5,195 | ) | ||||||
Trading security purchases | - | (1,586 | ) | (287 | ) | |||||||
Net unrealized losses on trading securities | - | (623 | ) | (594 | ) | |||||||
Proceeds from sales of loans held for sale | 102,547 | 111,284 | 96,603 | |||||||||
Originations and purchases of loans held for sale | (108,070 | ) | (111,206 | ) | (96,692 | ) | ||||||
Net gains on sales of loans held for sale | (286 | ) | (349 | ) | (499 | ) | ||||||
Net security losses (gains) | 6,341 | (1,867 | ) | 644 | ||||||||
Net gains on sales and write-down of other real estate owned | (230 | ) | (221 | ) | (687 | ) | ||||||
Gain on sale of equity investment | - | (818 | ) | - | ||||||||
Impairment write-down of equity security | - | 1,312 | - | |||||||||
Impairment write-down of goodwill and intangible assets | - | 1,530 | 2,565 | |||||||||
Gain on asset sold | - | - | (2,462 | ) | ||||||||
Re-evaluation of deferred tax amounts from Tax Act | - | 4,407 | - | |||||||||
Net change in other assets and other liabilities | (9,554 | ) | 7,400 | (8,223 | ) | |||||||
Net cash provided by operating activities | $ | 147,773 | $ | 136,904 | $ | 110,565 | ||||||
Investing activities | ||||||||||||
Net cash used in acquisitions | $ | (7,884 | ) | $ | (4,000 | ) | $ | (2,000 | ) | |||
Securities available for sale: | ||||||||||||
Proceeds from maturities, calls and principal paydowns | 259,446 | 290,613 | 324,781 | |||||||||
Proceeds from sales | 101,315 | 14,788 | 98,466 | |||||||||
Purchases | (132,448 | ) | (233,804 | ) | (597,428 | ) | ||||||
Securities held to maturity: | ||||||||||||
Proceeds from maturities, calls and principal paydowns | 100,738 | 103,759 | 100,893 | |||||||||
Proceeds from sales | - | 764 | - | |||||||||
Purchases | (400,602 | ) | (60,706 | ) | (157,418 | ) | ||||||
Equity securities: | ||||||||||||
Proceeds from sales | 3,318 | - | - | |||||||||
Purchases | (2 | ) | - | - | ||||||||
Other: | ||||||||||||
Net increase in loans | (331,166 | ) | (419,114 | ) | (344,448 | ) | ||||||
Proceeds from Federal Home Loan Bank stock redemption | 246,844 | 248,887 | 158,818 | |||||||||
Purchases of Federal Home Loan Bank stock | (253,367 | ) | (248,560 | ) | (169,178 | ) | ||||||
Proceeds from settlement of bank owned life insurance | - | 799 | 1,477 | |||||||||
Purchase of bank owned life insurance | - | - | (47,250 | ) | ||||||||
Purchases of premises and equipment, net | (7,402 | ) | (6,691 | ) | (3,308 | ) | ||||||
Proceeds from sale of equity investment | - | 818 | - | |||||||||
Proceeds from sales of other real estate owned | 3,591 | 7,254 | 6,635 | |||||||||
Net cash used in investing activities | $ | (417,619 | ) | $ | (305,193 | ) | $ | (629,960 | ) | |||
Financing activities | ||||||||||||
Net increase in deposits | $ | 197,575 | $ | 196,948 | $ | 368,845 | ||||||
Net increase in short-term borrowings | 152,573 | 37,419 | 239,222 | |||||||||
Proceeds from issuance of long-term debt | 25,000 | 25,000 | 23,880 | |||||||||
Repayments of long-term debt | (40,145 | ) | (40,218 | ) | (50,240 | ) | ||||||
Proceeds from the issuance of shares to employee and other stock plans | 1,296 | 3,309 | 6,032 | |||||||||
Cash paid by employer for tax-withholding on stock issuance | (1,893 | ) | (3,582 | ) | (3,387 | ) | ||||||
Purchase of treasury stock | - | - | (17,193 | ) | ||||||||
Cash dividends | (43,269 | ) | (40,104 | ) | (38,880 | ) | ||||||
Net cash provided by financing activities | $ | 291,137 | $ | 178,772 | $ | 528,279 | ||||||
Net increase in cash and cash equivalents | $ | 21,291 | $ | 10,483 | $ | 8,884 | ||||||
Cash and cash equivalents at beginning of year | 159,664 | 149,181 | 140,297 | |||||||||
Cash and cash equivalents at end of year | $ | 180,955 | $ | 159,664 | $ | 149,181 |
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(In thousands) | ||||||||||||
Operating activities | ||||||||||||
Net income | $ | 154,885 | $ | 104,388 | $ | 121,021 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Provision for loan losses | (8,257 | ) | 51,134 | 25,412 | ||||||||
Depreciation and amortization of premises and equipment | 9,896 | 9,772 | 9,497 | |||||||||
Net amortization on securities | 5,832 | 4,369 | 3,375 | |||||||||
Amortization of intangible assets | 2,808 | 3,395 | 3,579 | |||||||||
Amortization of operating lease right-of-use assets | 7,176 | 7,382 | 7,239 | |||||||||
Excess tax benefit on stock-based compensation | (385 | ) | (181 | ) | (409 | ) | ||||||
Stock-based compensation expense | 4,414 | 4,581 | 4,210 | |||||||||
Bank owned life insurance income | (6,217 | ) | (5,743 | ) | (5,355 | ) | ||||||
Amortization of subordinated debt issuance costs | 438 | 230 | 0 | |||||||||
Proceeds from sale of loans held for sale | 55,065 | 168,707 | 175,829 | |||||||||
Originations of loans held for sale | (54,608 | ) | (158,279 | ) | (181,261 | ) | ||||||
Net gains on sales of loans held for sale | (361 | ) | (1,989 | ) | (786 | ) | ||||||
Net security (gains) losses | (566 | ) | 388 | (4,213 | ) | |||||||
Net losses (gains) on sale of other real estate owned | 182 | (96 | ) | 227 | ||||||||
Lease termination losses | 0 | 4,284 | 1,872 | |||||||||
Net change in other assets and other liabilities | (12,667 | ) | (49,930 | ) | (6,774 | ) | ||||||
Net cash provided by operating activities | $ | 157,635 | $ | 142,412 | $ | 153,463 | ||||||
Investing activities | ||||||||||||
Net cash used in acquisitions | $ | 0 | $ | (3,899 | ) | $ | 0 | |||||
Securities available for sale: | ||||||||||||
Proceeds from maturities, calls and principal paydowns | 395,386 | 336,410 | 273,578 | |||||||||
Proceeds from sales | 0 | 0 | 26,203 | |||||||||
Purchases | (775,963 | ) | (689,932 | ) | (252,963 | ) | ||||||
Securities held to maturity: | ||||||||||||
Proceeds from maturities, calls and principal paydowns | 181,620 | 243,136 | 223,733 | |||||||||
Proceeds from sales | 0 | 996 | 0 | |||||||||
Purchases | (299,014 | ) | (230,951 | ) | (70,660 | ) | ||||||
Equity securities: | ||||||||||||
Proceeds from calls | 1,000 | 2,000 | 0 | |||||||||
Proceeds from sales | 0 | 0 | 3,966 | |||||||||
Purchases | 0 | 0 | (93 | ) | ||||||||
Other: | ||||||||||||
Net increase in loans | (9,305 | ) | (378,765 | ) | (272,698 | ) | ||||||
Proceeds from Federal Home Loan Bank stock redemption | 2,422 | 63,305 | 182,752 | |||||||||
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (167 | ) | (46,038 | ) | (174,143 | ) | ||||||
Proceeds from settlement of bank owned life insurance | 4,413 | 1,057 | 1,086 | |||||||||
Purchase of bank owned life insurance | (40,000 | ) | 0 | 0 | ||||||||
Purchases of premises and equipment, net | (7,740 | ) | (8,157 | ) | (6,647 | ) | ||||||
Proceeds from sales of other real estate owned | 1,290 | 1,113 | 1,543 | |||||||||
Net cash used in investing activities | $ | (546,058 | ) | $ | (709,725 | ) | $ | (64,343 | ) | |||
Financing activities | ||||||||||||
Net increase in deposits | $ | 1,152,777 | $ | 1,493,872 | $ | 219,609 | ||||||
Net decrease in short-term borrowings | (70,592 | ) | (486,889 | ) | (216,421 | ) | ||||||
Proceeds from issuance of subordinated debt | 0 | 100,000 | 0 | |||||||||
Payment of subordinated debt issuance costs | 0 | (2,178 | ) | 0 | ||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 10,598 | |||||||||
Repayments of long-term debt | (25,101 | ) | (25,114 | ) | (20,111 | ) | ||||||
Proceeds from the issuance of shares to employee and other stock plans | 112 | 184 | 725 | |||||||||
Cash paid by employer for tax-withholding on stock issuance | (2,931 | ) | (1,537 | ) | (1,622 | ) | ||||||
Purchase of treasury stock | (21,714 | ) | (7,980 | ) | 0 | |||||||
Cash dividends | (47,738 | ) | (47,207 | ) | (46,010 | ) | ||||||
Net cash provided by (used in) financing activities | $ | 984,813 | $ | 1,023,151 | $ | (53,232 | ) | |||||
Net increase in cash and cash equivalents | $ | 596,390 | $ | 455,838 | $ | 35,888 | ||||||
Cash and cash equivalents at beginning of year | 672,681 | 216,843 | 180,955 | |||||||||
Cash and cash equivalents at end of year | $ | 1,269,071 | $ | 672,681 | $ | 216,843 |
Years ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid during the year for: | ||||||||||||
Interest expense | $ | 36,691 | $ | 25,887 | $ | 22,466 | ||||||
Income taxes paid, net of refund | 31,898 | 33,675 | 40,879 | |||||||||
Noncash investing activities: | ||||||||||||
Loans transferred to other real estate owned | $ | 1,273 | $ | 5,981 | $ | 6,863 | ||||||
Acquisitions: | ||||||||||||
Fair value of assets acquired | $ | 6,274 | $ | 3,096 | $ | 2,584 |
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid during the year for: | ||||||||||||
Interest expense | $ | 20,285 | $ | 31,692 | $ | 55,908 | ||||||
Income taxes paid, net of refund | 46,097 | 45,790 | 28,374 | |||||||||
Noncash investing activities: | ||||||||||||
Loans transferred to other real estate owned | $ | 181 | $ | 1,017 | $ | 787 | ||||||
Acquisitions: | ||||||||||||
Fair value of assets acquired | $ | 0 | $ | 3,328 | $ | 0 |
Portfolio Segment | Class |
Commercial Loans | Commercial & Industrial Paycheck Protection Program Commercial Real Estate |
Consumer Loans | Auto Other Consumer |
Residential Loans |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||
In-Scope of ASC 606: | ||||||||||||||||||||||||
Insurance and other financial services revenue | $ | 24,345 | $ | 23,532 | $ | 24,396 | ||||||||||||||||||
Service charges on deposit accounts | 17,224 | 16,750 | 16,729 | $ | 13,348 | $ | 13,201 | $ | 17,151 | |||||||||||||||
ATM and debit card fees | 22,699 | 21,372 | 19,448 | 31,301 | 25,960 | 23,893 | ||||||||||||||||||
Retirement plan administration fees | 26,992 | 20,213 | 16,063 | 42,188 | 35,851 | 30,388 | ||||||||||||||||||
Trust | 19,524 | 19,586 | 18,565 | |||||||||||||||||||||
Wealth management | 33,718 | 29,247 | 28,400 | |||||||||||||||||||||
Insurance services | 14,083 | 14,757 | 15,770 | |||||||||||||||||||||
Other | 15,228 | 11,991 | 15,961 | 16,373 | 21,905 | 18,853 | ||||||||||||||||||
Total noninterest income in-scope of ASC 606 | $ | 126,012 | $ | 113,444 | $ | 111,162 | $ | 151,011 | $ | 140,921 | $ | 134,455 | ||||||||||||
Total noninterest income out-of-scope of ASC 606 | $ | (1,250 | ) | $ | 7,860 | $ | 4,551 | $ | 6,783 | $ | 5,355 | $ | 9,568 | |||||||||||
Total noninterest income | $ | 124,762 | $ | 121,304 | $ | 115,713 | $ | 157,794 | $ | 146,276 | $ | 144,023 |
(In thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||
As of December 31, 2018 | ||||||||||||||||
Federal agency | $ | 84,982 | $ | 10 | $ | 693 | $ | 84,299 | ||||||||
State & municipal | 30,136 | 16 | 237 | 29,915 | ||||||||||||
Mortgage-backed: | ||||||||||||||||
Government-sponsored enterprises | 493,225 | 439 | 10,354 | 483,310 | ||||||||||||
U.S. government agency securities | 29,190 | 270 | 475 | 28,985 | ||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||
Government-sponsored enterprises | 332,409 | 344 | 7,211 | 325,542 | ||||||||||||
U.S. government agency securities | 47,684 | 137 | 1,376 | 46,445 | ||||||||||||
Total AFS securities | $ | 1,017,626 | $ | 1,216 | $ | 20,346 | $ | 998,496 | ||||||||
As of December 31, 2017 | ||||||||||||||||
Federal agency | $ | 109,862 | $ | - | $ | 963 | $ | 108,899 | ||||||||
State & municipal | 42,171 | 62 | 277 | 41,956 | ||||||||||||
Mortgage-backed: | ||||||||||||||||
Government-sponsored enterprises | 530,392 | 1,406 | 3,345 | 528,453 | ||||||||||||
U.S. government securities | 26,363 | 334 | 223 | 26,474 | ||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||
Government-sponsored enterprises | 496,033 | 254 | 10,114 | 486,173 | ||||||||||||
U.S. government securities | 50,721 | 165 | 1,065 | 49,821 | ||||||||||||
Equity securities | 10,623 | 3,672 | 146 | 14,149 | ||||||||||||
Total AFS securities | $ | 1,266,165 | $ | 5,893 | $ | 16,133 | $ | 1,255,925 |
Years ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Gross realized gains | $ | - | $ | 2,241 | $ | 683 | ||||||
Gross realized (losses) | (6,622 | ) | (372 | ) | (1,327 | ) | ||||||
Net AFS realized (losses) gains | $ | (6,622 | ) | $ | 1,869 | $ | (644 | ) |
(In thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||
December 31, 2018 | ||||||||||||||||
Federal agency | $ | 19,995 | $ | 52 | $ | - | $ | 20,047 | ||||||||
Mortgage-backed: | ||||||||||||||||
Government-sponsored enterprises | 164,618 | 712 | 2,773 | 162,557 | ||||||||||||
U.S. government agency securities | 15,230 | 403 | - | 15,633 | ||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||
Government-sponsored enterprises | 257,475 | 1,097 | 3,897 | 254,675 | ||||||||||||
U.S. government agency securities | 83,148 | 767 | - | 83,915 | ||||||||||||
State & municipal | 243,133 | 331 | 1,616 | 241,848 | ||||||||||||
Total HTM securities | $ | 783,599 | $ | 3,362 | $ | 8,286 | $ | 778,675 | ||||||||
December 31, 2017 | ||||||||||||||||
Mortgage-backed: | ||||||||||||||||
Government-sponsored enterprises | $ | 96,357 | $ | 85 | $ | 810 | $ | 95,632 | ||||||||
U.S. government agency securities | 418 | 57 | - | 475 | ||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||
Government-sponsored enterprises | 186,327 | 224 | 2,577 | 183,974 | ||||||||||||
State & municipal | 200,971 | 1,439 | 620 | 201,790 | ||||||||||||
Total HTM securities | $ | 484,073 | $ | 1,805 | $ | 4,007 | $ | 481,871 |
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Number of Positions | Fair Value | Unrealized Losses | Number of Positions | Fair Value | Unrealized Losses | Number of Positions | |||||||||||||||||||||||||||
As of December 31, 2018 | ||||||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||
Federal agency | $ | - | $ | - | - | $ | 64,294 | $ | (693 | ) | 6 | $ | 64,294 | $ | (693 | ) | 6 | |||||||||||||||||||
State & municipal | 1,715 | (3 | ) | 3 | 22,324 | (234 | ) | 35 | 24,039 | (237 | ) | 38 | ||||||||||||||||||||||||
Mortgage-backed | 18,462 | (65 | ) | 12 | 428,440 | (10,764 | ) | 101 | 446,902 | (10,829 | ) | 113 | ||||||||||||||||||||||||
Collateralized Mortgage obligations | 12,118 | (69 | ) | 5 | 320,908 | (8,518 | ) | 62 | 333,026 | (8,587 | ) | 67 | ||||||||||||||||||||||||
Total securities with unrealized losses | $ | 32,295 | $ | (137 | ) | 20 | $ | 835,966 | $ | (20,209 | ) | 204 | $ | 868,261 | $ | (20,346 | ) | 224 | ||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||
Mortgage-backed | $ | - | $ | - | - | $ | 82,579 | $ | (2,773 | ) | 6 | $ | 82,579 | $ | (2,773 | ) | 6 | |||||||||||||||||||
Collateralized mortgage obligations | 4,386 | (7 | ) | 2 | 145,396 | (3,890 | ) | 26 | 149,782 | (3,897 | ) | 28 | ||||||||||||||||||||||||
State & municipal | 18,907 | (84 | ) | 30 | 58,258 | (1,532 | ) | 86 | 77,165 | (1,616 | ) | 116 | ||||||||||||||||||||||||
Total securities with unrealized losses | $ | 23,293 | $ | (91 | ) | 32 | $ | 286,233 | $ | (8,195 | ) | 118 | $ | 309,526 | $ | (8,286 | ) | 150 | ||||||||||||||||||
As of December 31, 2017 | ||||||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||
Federal agency | $ | 64,653 | $ | (242 | ) | 5 | $ | 44,246 | $ | (721 | ) | 4 | $ | 108,899 | $ | (963 | ) | 9 | ||||||||||||||||||
State & municipal | 23,566 | (200 | ) | 39 | 5,994 | (77 | ) | 8 | 29,560 | (277 | ) | 47 | ||||||||||||||||||||||||
Mortgage-backed | 317,630 | (2,381 | ) | 55 | 58,316 | (1,187 | ) | 24 | 375,946 | (3,568 | ) | 79 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 227,917 | (2,658 | ) | 35 | 275,303 | (8,521 | ) | 42 | 503,220 | (11,179 | ) | 77 | ||||||||||||||||||||||||
Equity securities | - | - | - | 2,959 | (146 | ) | 1 | 2,959 | (146 | ) | 1 | |||||||||||||||||||||||||
Total securities with unrealized losses | $ | 633,766 | $ | (5,481 | ) | 134 | $ | 386,818 | $ | (10,652 | ) | 79 | $ | 1,020,584 | $ | (16,133 | ) | 213 | ||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||
Mortgage-backed | $ | 15,477 | $ | (140 | ) | 2 | $ | 33,703 | $ | (670 | ) | 2 | $ | 49,180 | $ | (810 | ) | 4 | ||||||||||||||||||
Collateralized mortgage obligations | 118,476 | (1,064 | ) | 17 | 37,614 | (1,513 | ) | 6 | 156,090 | (2,577 | ) | 23 | ||||||||||||||||||||||||
State & municipal | 22,387 | (132 | ) | 40 | 15,720 | (488 | ) | 24 | 38,107 | (620 | ) | 64 | ||||||||||||||||||||||||
Total securities with unrealized losses | $ | 156,340 | $ | (1,336 | ) | 59 | $ | 87,037 | $ | (2,671 | ) | 32 | $ | 243,377 | $ | (4,007 | ) | 91 |
(In thousands) | Year ended December 31, 2018 | |||
Net gains and losses recognized on equity securities | $ | 281 | ||
Less: Net gains and losses recognized during the period on equity securities sold during the year | 555 | |||
Unrealized gains and losses recognized on equity securities still held | $ | (274 | ) |
(In thousands) | Amortized Cost | Estimated Fair Value | ||||||
AFS debt securities: | ||||||||
Within one year | $ | 44,262 | $ | 44,218 | ||||
From one to five years | 84,391 | 83,441 | ||||||
From five to ten years | 163,400 | 160,898 | ||||||
After ten years | 725,573 | 709,939 | ||||||
Total AFS debt securities | $ | 1,017,626 | $ | 998,496 | ||||
HTM debt securities: | ||||||||
Within one year | $ | 85,778 | $ | 85,778 | ||||
From one to five years | 62,441 | 62,558 | ||||||
From five to ten years | 213,184 | 210,480 | ||||||
After ten years | 422,196 | 419,859 | ||||||
Total HTM debt securities | $ | 783,599 | $ | 778,675 |
At December 31, | ||||||||
(In thousands) | 2018 | 2017 | ||||||
Commercial | $ | 1,291,568 | $ | 1,258,212 | ||||
Commercial Real Estate | 1,930,742 | 1,769,620 | ||||||
Residential Real Estate | 1,380,836 | 1,320,370 | ||||||
Dealer Finance | 1,216,144 | 1,227,870 | ||||||
Specialty Lending | 524,928 | 438,866 | ||||||
Home Equity | 474,566 | 498,179 | ||||||
Other Consumer | 68,925 | 70,522 | ||||||
Total loans | $ | 6,887,709 | $ | 6,583,639 |
(In thousands) | 2018 | 2017 | ||||||
Balance at January 1 | $ | 1,577 | $ | 2,050 | ||||
New loans | 260 | 297 | ||||||
Adjustment due to change in composition of related parties | - | 198 | ||||||
Repayments | (199 | ) | (968 | ) | ||||
Balance at December 31 | $ | 1,638 | $ | 1,577 |
Years Ended December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Noninterest income | ||||||||||||
In-Scope of ASC 606: | ||||||||||||
Service charges on deposit accounts | $ | 13,348 | $ | 13,201 | $ | 17,151 | ||||||
ATM and debit card fees | 31,301 | 25,960 | 23,893 | |||||||||
Retirement plan administration fees | 42,188 | 35,851 | 30,388 | |||||||||
Wealth management | 33,718 | 29,247 | 28,400 | |||||||||
Insurance services | 14,083 | 14,757 | 15,770 | |||||||||
Other | 16,373 | 21,905 | 18,853 | |||||||||
Total noninterest income in-scope of ASC 606 | $ | 151,011 | $ | 140,921 | $ | 134,455 | ||||||
Total noninterest income out-of-scope of ASC 606 | $ | 6,783 | $ | 5,355 | $ | 9,568 | ||||||
Total noninterest income | $ | 157,794 | $ | 146,276 | $ | 144,023 |
(In thousands) | Commercial Loans | Consumer Loans | Residential Real Estate | Unallocated | Total | |||||||||||||||
Balance as of December 31, 2017 | $ | 27,606 | $ | 36,830 | $ | 5,064 | $ | - | $ | 69,500 | ||||||||||
Charge-offs | (3,463 | ) | (29,752 | ) | (913 | ) | - | (34,128 | ) | |||||||||||
Recoveries | 1,178 | 6,821 | 306 | - | 8,305 | |||||||||||||||
Provision | 7,438 | 23,279 | (1,889 | ) | - | 28,828 | ||||||||||||||
Ending Balance as of December 31, 2018 | $ | 32,759 | $ | 37,178 | $ | 2,568 | $ | - | $ | 72,505 | ||||||||||
Balance as of December 31, 2016 | $ | 25,444 | $ | 33,375 | $ | 6,381 | $ | - | $ | 65,200 | ||||||||||
Charge-offs | (4,169 | ) | (27,072 | ) | (1,846 | ) | - | (33,087 | ) | |||||||||||
Recoveries | 1,077 | 5,142 | 180 | - | 6,399 | |||||||||||||||
Provision | 5,254 | 25,385 | 349 | - | 30,988 | |||||||||||||||
Ending Balance as of December 31, 2017 | $ | 27,606 | $ | 36,830 | $ | 5,064 | $ | - | $ | 69,500 | ||||||||||
Balance as of December 31, 2015 | $ | 25,545 | $ | 29,253 | $ | 7,960 | $ | 260 | $ | 63,018 | ||||||||||
Charge-offs | (4,592 | ) | (23,364 | ) | (1,343 | ) | - | (29,299 | ) | |||||||||||
Recoveries | 1,887 | 3,870 | 293 | - | 6,050 | |||||||||||||||
Provision | 2,604 | 23,616 | (529 | ) | (260 | ) | 25,431 | |||||||||||||
Ending Balance as of December 31, 2016 | $ | 25,444 | $ | 33,375 | $ | 6,381 | $ | - | $ | 65,200 |
(In thousands) | Commercial Loans | Consumer Loans | Residential Real Estate | Total | ||||||||||||
As of December 31, 2018 | ||||||||||||||||
Allowance for loan losses | $ | 32,759 | $ | 37,178 | $ | 2,568 | $ | 72,505 | ||||||||
Allowance for loans individually evaluated for impairment | 25 | - | - | 25 | ||||||||||||
Allowance for loans collectively evaluated for impairment | $ | 32,734 | $ | 37,178 | $ | 2,568 | $ | 72,480 | ||||||||
Ending balance of loans | $ | 3,222,310 | $ | 2,284,563 | $ | 1,380,836 | $ | 6,887,709 | ||||||||
Ending balance of originated loans individually evaluated for impairment | 5,786 | 7,887 | 6,905 | 20,578 | ||||||||||||
Ending balance of acquired loans collectively evaluated for impairment | 143,690 | 31,624 | 147,277 | 322,591 | ||||||||||||
Ending balance of originated loans collectively evaluated for impairment | $ | 3,072,834 | $ | 2,245,052 | $ | 1,226,654 | $ | 6,544,540 | ||||||||
As of December 31, 2017 | ||||||||||||||||
Allowance for loan losses | $ | 27,606 | $ | 36,830 | $ | 5,064 | $ | 69,500 | ||||||||
Allowance for loans individually evaluated for impairment | 57 | - | - | 57 | ||||||||||||
Allowance for loans collectively evaluated for impairment | $ | 27,549 | $ | 36,830 | $ | 5,064 | $ | 69,443 | ||||||||
Ending balance of loans | $ | 3,027,832 | $ | 2,235,437 | $ | 1,320,370 | $ | 6,583,639 | ||||||||
Ending balance of originated loans individually evaluated for impairment | 5,876 | 8,432 | 6,830 | 21,138 | ||||||||||||
Ending balance of acquired loans collectively evaluated for impairment | 187,313 | 43,906 | 170,472 | 401,691 | ||||||||||||
Ending balance of originated loans collectively evaluated for impairment | $ | 2,834,643 | $ | 2,183,099 | $ | 1,143,068 | $ | 6,160,810 |
Years Ended December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Noninterest income | ||||||||||||
In-Scope of ASC 606: | ||||||||||||
Service charges on deposit accounts | $ | 13,348 | $ | 13,201 | $ | 17,151 | ||||||
ATM and debit card fees | 31,301 | 25,960 | 23,893 | |||||||||
Retirement plan administration fees | 42,188 | 35,851 | 30,388 | |||||||||
Wealth management | 33,718 | 29,247 | 28,400 | |||||||||
Insurance services | 14,083 | 14,757 | 15,770 | |||||||||
Other | 16,373 | 21,905 | 18,853 | |||||||||
Total noninterest income in-scope of ASC 606 | $ | 151,011 | $ | 140,921 | $ | 134,455 | ||||||
Total noninterest income out-of-scope of ASC 606 | $ | 6,783 | $ | 5,355 | $ | 9,568 | ||||||
Total noninterest income | $ | 157,794 | $ | 146,276 | $ | 144,023 |
2. | Recent Accounting Pronouncements |
3. | Acquisitions |
4. | Securities |
(In thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||
As of December 31, 2021 | ||||||||||||||||
U.S. treasury | $ | 73,016 | $ | 59 | $ | 6 | $ | 73,069 | ||||||||
Federal agency | 248,454 | 0 | 8,523 | 239,931 | ||||||||||||
State & municipal | 95,531 | 116 | 1,559 | 94,088 | ||||||||||||
Mortgage-backed: | ||||||||||||||||
Government-sponsored enterprises | 538,036 | 8,036 | 5,589 | 540,483 | ||||||||||||
U.S. government agency securities | 65,339 | 1,108 | 255 | 66,192 | ||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||
Government-sponsored enterprises | 484,550 | 2,723 | 5,113 | 482,160 | ||||||||||||
U.S. government agency securities | 139,380 | 939 | 884 | 139,435 | ||||||||||||
Corporate | 50,500 | 1,516 | 13 | 52,003 | ||||||||||||
Total AFS securities | $ | 1,694,806 | $ | 14,497 | $ | 21,942 | $ | 1,687,361 | ||||||||
As of December 31, 2020 | ||||||||||||||||
Federal agency | $ | 245,590 | $ | 59 | $ | 2,052 | $ | 243,597 | ||||||||
State & municipal | 42,550 | 630 | 0 | 43,180 | ||||||||||||
Mortgage-backed: | ||||||||||||||||
Government-sponsored enterprises | 521,448 | 17,079 | 22 | 538,505 | ||||||||||||
U.S. government securities | 55,049 | 2,332 | 47 | 57,334 | ||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||
Government-sponsored enterprises | 311,710 | 7,549 | 58 | 319,201 | ||||||||||||
U.S. government securities | 114,864 | 3,739 | 0 | 118,603 | ||||||||||||
Corporate | 27,500 | 778 | 0 | 28,278 | ||||||||||||
Total AFS securities | $ | 1,318,711 | $ | 32,166 | $ | 2,179 | $ | 1,348,698 |
Years Ended December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Gross realized gains | $ | 0 | $ | 3 | $ | 73 | ||||||
Gross realized (losses) | 0 | 0 | (152 | ) | ||||||||
Net AFS realized gains (losses) | $ | 0 | $ | 3 | $ | (79 | ) |
(In thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||
As of December 31, 2021 | ||||||||||||||||
Federal agency | $ | 100,000 | $ | 0 | $ | 4,365 | $ | 95,635 | ||||||||
Mortgage-backed: | ||||||||||||||||
Government-sponsored enterprises | 161,462 | 2,232 | 1,319 | 162,375 | ||||||||||||
U.S. government agency securities | 9,112 | 514 | 0 | 9,626 | ||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||
Government-sponsored enterprises | 94,342 | 1,932 | 129 | 96,145 | ||||||||||||
U.S. government agency securities | 44,473 | 336 | 674 | 44,135 | ||||||||||||
State & municipal | 323,821 | 5,026 | 1,503 | 327,344 | ||||||||||||
Total HTM securities | $ | 733,210 | $ | 10,040 | $ | 7,990 | $ | 735,260 | ||||||||
As of December 31, 2020 | ||||||||||||||||
Federal agency | $ | 100,000 | $ | 0 | $ | 1,658 | $ | 98,342 | ||||||||
Mortgage-backed: | ||||||||||||||||
Government-sponsored enterprises | 107,914 | 4,583 | 0 | 112,497 | ||||||||||||
U.S. government agency securities | 11,533 | 979 | 0 | 12,512 | ||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||
Government-sponsored enterprises | 103,105 | 4,477 | 0 | 107,582 | ||||||||||||
U.S. government agency securities | 79,145 | 3,950 | 0 | 83,095 | ||||||||||||
State & municipal | 214,863 | 7,953 | 17 | 222,799 | ||||||||||||
Total HTM securities | $ | 616,560 | $ | 21,942 | $ | 1,675 | $ | 636,827 |
Years Ended December 31, | ||||||||
(In thousands) | 2021 | 2020 | ||||||
Net gains and (losses) recognized on equity securities | $ | 537 | $ | (414 | ) | |||
Less: Net gains and (losses) recognized during the period on equity securities sold during the period | 0 | 0 | ||||||
Unrealized gains and (losses) recognized on equity securities still held | $ | 537 | $ | (414 | ) |
(In thousands) | Amortized Cost | Estimated Fair Value | ||||||
AFS debt securities: | ||||||||
Within one year | $ | 919 | $ | 920 | ||||
From one to five years | 111,381 | 111,252 | ||||||
From five to ten years | 738,891 | 731,896 | ||||||
After ten years | 843,615 | 843,293 | ||||||
Total AFS debt securities | $ | 1,694,806 | $ | 1,687,361 | ||||
HTM debt securities: | ||||||||
Within one year | $ | 102,967 | $ | 103,011 | ||||
From one to five years | 58,364 | 59,832 | ||||||
From five to ten years | 222,178 | 221,043 | ||||||
After ten years | 349,701 | 351,374 | ||||||
Total HTM debt securities | $ | 733,210 | $ | 735,260 |
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Number of Positions | Fair Value | Unrealized Losses | Number of Positions | Fair Value | Unrealized Losses | Number of Positions | |||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | 49,105 | $ | (6 | ) | 2 | $ | 0 | $ | 0 | 0 | $ | 49,105 | $ | (6 | ) | 2 | |||||||||||||||||||
Federal agency | 41,618 | (1,846 | ) | 4 | 198,313 | (6,677 | ) | 12 | 239,931 | (8,523 | ) | 16 | ||||||||||||||||||||||||
State & municipal | 87,515 | (1,559 | ) | 61 | 0 | 0 | 0 | 87,515 | (1,559 | ) | 61 | |||||||||||||||||||||||||
Mortgage-backed | 281,217 | (4,319 | ) | 24 | 39,491 | (1,525 | ) | 6 | 320,708 | (5,844 | ) | 30 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 341,673 | (5,495 | ) | 34 | 15,774 | (502 | ) | 4 | 357,447 | (5,997 | ) | 38 | ||||||||||||||||||||||||
Corporate | 9,987 | (13 | ) | 2 | 0 | 0 | 0 | 9,987 | (13 | ) | 2 | |||||||||||||||||||||||||
Total securities with unrealized losses | $ | 811,115 | $ | (13,238 | ) | 127 | $ | 253,578 | $ | (8,704 | ) | 22 | $ | 1,064,693 | $ | (21,942 | ) | 149 | ||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||
Federal agency | $ | 0 | $ | 0 | 0 | $ | 95,635 | $ | (4,365 | ) | 4 | $ | 95,635 | $ | (4,365 | ) | 4 | |||||||||||||||||||
Mortgage-backed | 103,789 | (1,319 | ) | 10 | 0 | 0 | 0 | 103,789 | (1,319 | ) | 10 | |||||||||||||||||||||||||
Collateralized mortgage obligations | 54,612 | (803 | ) | 6 | 0 | 0 | 0 | 54,612 | (803 | ) | 6 | |||||||||||||||||||||||||
State & municipal | 52,783 | (1,189 | ) | 40 | 8,950 | (314 | ) | 10 | 61,733 | (1,503 | ) | 50 | ||||||||||||||||||||||||
Total securities with unrealized losses | $ | 211,184 | $ | (3,311 | ) | 56 | $ | 104,585 | $ | (4,679 | ) | 14 | $ | 315,769 | $ | (7,990 | ) | 70 | ||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||
Federal agency | $ | 148,537 | $ | (2,052 | ) | 10 | $ | 0 | $ | 0 | 0 | $ | 148,537 | $ | (2,052 | ) | 10 | |||||||||||||||||||
Mortgage-backed | 47,269 | (60 | ) | 3 | 800 | (9 | ) | 4 | 48,069 | (69 | ) | 7 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 17,837 | (58 | ) | 6 | 0 | 0 | 0 | 17,837 | (58 | ) | 6 | |||||||||||||||||||||||||
Total securities with unrealized losses | $ | 213,643 | $ | (2,170 | ) | 19 | $ | 800 | $ | (9 | ) | 4 | $ | 214,443 | $ | (2,179 | ) | 23 | ||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||
Federal agency | $ | 98,342 | $ | (1,658 | ) | 4 | $ | 0 | $ | 0 | 0 | $ | 98,342 | $ | (1,658 | ) | 4 | |||||||||||||||||||
State & municipal | 4,805 | (17 | ) | 5 | 0 | 0 | 0 | 4,805 | (17 | ) | 5 | |||||||||||||||||||||||||
Total securities with unrealized losses | $ | 103,147 | $ | (1,675 | ) | 9 | $ | 0 | $ | 0 | 0 | $ | 103,147 | $ | (1,675 | ) | 9 |
At December 31, | ||||||||
(In thousands) | 2021 | 2020 | ||||||
Commercial | $ | 1,489,414 | $ | 1,451,560 | ||||
Commercial real estate | 2,321,193 | 2,196,477 | ||||||
Paycheck protection program | 101,222 | 430,810 | ||||||
Residential real estate | 1,571,232 | 1,466,662 | ||||||
Indirect auto | 859,454 | 931,286 | ||||||
Specialty lending | 778,291 | 579,644 | ||||||
Home equity | 330,357 | 387,974 | ||||||
Other consumer | 47,296 | 54,472 | ||||||
Total loans | $ | 7,498,459 | $ | 7,498,885 |
(In thousands) | 2021 | 2020 | ||||||
Balance at January 1 | $ | 5,936 | $ | 2,166 | ||||
New loans | 182 | 1,524 | ||||||
Adjustment due to change in composition of related parties | (683 | ) | 2,448 | |||||
Repayments | (2,143 | ) | (202 | ) | ||||
Balance at December 31 | $ | 3,292 | $ | 5,936 |
(In thousands) | Commercial Loans | Consumer Loans | Residential | Total | ||||||||||||
Balance as of December 31, 2020 | $ | 50,942 | $ | 37,803 | $ | 21,255 | $ | 110,000 | ||||||||
Charge-offs | (4,638 | ) | (14,489 | ) | (979 | ) | (20,106 | ) | ||||||||
Recoveries | 723 | 8,571 | 1,069 | 10,363 | ||||||||||||
Provision | (18,086 | ) | 12,368 | (2,539 | ) | (8,257 | ) | |||||||||
Ending Balance as of December 31, 2021 | $ | 28,941 | $ | 44,253 | $ | 18,806 | $ | 92,000 | ||||||||
Balance as of January 1, 2020 (after adoption of ASC 326) | $ | 27,156 | $ | 32,122 | $ | 16,721 | $ | 75,999 | ||||||||
Charge-offs | (4,005 | ) | (21,938 | ) | (1,135 | ) | (27,078 | ) | ||||||||
Recoveries | 786 | 8,541 | 618 | 9,945 | ||||||||||||
Provision | 27,005 | 19,078 | 5,051 | 51,134 | ||||||||||||
Ending Balance as of December 31, 2020 | $ | 50,942 | $ | 37,803 | $ | 21,255 | $ | 110,000 |
(In thousands) | 31-60 Days Past Due Accruing | 61-90 Days Past Due Accruing | Greater Than 90 Days Past Due Accruing | Total Past Due Accruing | Nonaccrual | Current | Recorded Total Loans | |||||||||||||||||||||
As of December 31, 2018 | ||||||||||||||||||||||||||||
Originated | ||||||||||||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||||||
C&I | $ | 909 | $ | - | $ | - | $ | 909 | $ | 1,062 | $ | 846,148 | $ | 848,119 | ||||||||||||||
CRE | 1,089 | - | 588 | 1,677 | 4,995 | 1,734,558 | 1,741,230 | |||||||||||||||||||||
Business Banking | 1,092 | 302 | - | 1,394 | 5,974 | 481,903 | 489,271 | |||||||||||||||||||||
Total Commercial Loans | $ | 3,090 | $ | 302 | $ | 588 | $ | 3,980 | $ | 12,031 | $ | 3,062,609 | $ | 3,078,620 | ||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||
Dealer Finance | $ | 14,519 | $ | 2,300 | $ | 1,186 | $ | 18,005 | $ | 1,971 | $ | 1,196,136 | $ | 1,216,112 | ||||||||||||||
Specialty Lending | 3,479 | 1,773 | 1,562 | 6,814 | - | 518,114 | 524,928 | |||||||||||||||||||||
Direct | 2,962 | 1,437 | 552 | 4,951 | 2,592 | 504,356 | 511,899 | |||||||||||||||||||||
Total Consumer Loans | $ | 20,960 | $ | 5,510 | $ | 3,300 | $ | 29,770 | $ | 4,563 | $ | 2,218,606 | $ | 2,252,939 | ||||||||||||||
Residential Real Estate | $ | 1,426 | $ | 157 | $ | 1,182 | $ | 2,765 | $ | 6,778 | $ | 1,224,016 | $ | 1,233,559 | ||||||||||||||
Total Originated Loans | $ | 25,476 | $ | 5,969 | $ | 5,070 | $ | 36,515 | $ | 23,372 | $ | 6,505,231 | $ | 6,565,118 | ||||||||||||||
Acquired | ||||||||||||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||||||
C&I | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 26,124 | $ | 26,124 | ||||||||||||||
CRE | - | - | - | - | - | 84,492 | 84,492 | |||||||||||||||||||||
Business Banking | 466 | 288 | - | 754 | 390 | 31,930 | 33,074 | |||||||||||||||||||||
Total Commercial Loans | $ | 466 | $ | 288 | $ | - | $ | 754 | $ | 390 | $ | 142,546 | $ | 143,690 | ||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||
Dealer Finance | $ | 1 | $ | 1 | $ | - | $ | 2 | $ | - | $ | 30 | $ | 32 | ||||||||||||||
Direct | 152 | 41 | 15 | 208 | 227 | 31,157 | 31,592 | |||||||||||||||||||||
Total Consumer Loans | $ | 153 | $ | 42 | $ | 15 | $ | 210 | $ | 227 | $ | 31,187 | $ | 31,624 | ||||||||||||||
Residential Real Estate | $ | 546 | $ | 42 | $ | - | $ | 588 | $ | 1,498 | $ | 145,191 | $ | 147,277 | ||||||||||||||
Total Acquired Loans | $ | 1,165 | $ | 372 | $ | 15 | $ | 1,552 | $ | 2,115 | $ | 318,924 | $ | 322,591 | ||||||||||||||
Total Loans | $ | 26,641 | $ | 6,341 | $ | 5,085 | $ | 38,067 | $ | 25,487 | $ | 6,824,155 | $ | 6,887,709 |
(In thousands) | 31-60 Days Past Due Accruing | 61-90 Days Past Due Accruing | Greater Than 90 Days Past Due Accruing | Total Past Due Accruing | Nonaccrual | Current | Recorded Total Loans | |||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
C&I | $ | 622 | $ | 0 | $ | 0 | $ | 622 | $ | 3,618 | $ | 1,126,430 | $ | 1,130,670 | ||||||||||||||
CRE | 1,219 | 132 | 0 | 1,351 | 12,726 | 2,550,910 | 2,564,987 | |||||||||||||||||||||
PPP | 0 | 0 | 0 | 0 | 0 | 101,222 | 101,222 | |||||||||||||||||||||
Total commercial loans | $ | 1,841 | $ | 132 | $ | 0 | $ | 1,973 | $ | 16,344 | $ | 3,778,562 | $ | 3,796,879 | ||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Auto | $ | 6,911 | $ | 1,547 | $ | 545 | $ | 9,003 | $ | 1,295 | $ | 816,210 | $ | 826,508 | ||||||||||||||
Other consumer | 3,789 | 1,816 | 1,105 | 6,710 | 233 | 832,447 | 839,390 | |||||||||||||||||||||
Total consumer loans | $ | 10,700 | $ | 3,363 | $ | 1,650 | $ | 15,713 | $ | 1,528 | $ | 1,648,657 | $ | 1,665,898 | ||||||||||||||
Residential | $ | 2,481 | $ | 420 | $ | 808 | $ | 3,709 | $ | 12,413 | $ | 2,019,560 | $ | 2,035,682 | ||||||||||||||
Total loans | $ | 15,022 | $ | 3,915 | $ | 2,458 | $ | 21,395 | $ | 30,285 | $ | 7,446,779 | $ | 7,498,459 |
(In thousands) | 31-60 Days Past Due Accruing | 61-90 Days Past Due Accruing | Greater Than 90 Days Past Due Accruing | Total Past Due Accruing | Nonaccrual | Current | Recorded Total Loans | |||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
C&I | $ | 2,235 | $ | 2,394 | $ | 23 | $ | 4,652 | $ | 4,278 | $ | 1,116,686 | $ | 1,125,616 | ||||||||||||||
CRE | 682 | 0 | 470 | 1,152 | 19,971 | 2,391,162 | 2,412,285 | |||||||||||||||||||||
PPP | 0 | 0 | 0 | 0 | 0 | 430,810 | 430,810 | |||||||||||||||||||||
Total commercial loans | $ | 2,917 | $ | 2,394 | $ | 493 | $ | 5,804 | $ | 24,249 | $ | 3,938,658 | $ | 3,968,711 | ||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Auto | $ | 9,125 | $ | 1,553 | $ | 866 | $ | 11,544 | $ | 2,730 | $ | 877,831 | $ | 892,105 | ||||||||||||||
Other consumer | 3,711 | 1,929 | 1,272 | 6,912 | 290 | 640,952 | 648,154 | |||||||||||||||||||||
Total consumer loans | $ | 12,836 | $ | 3,482 | $ | 2,138 | $ | 18,456 | $ | 3,020 | $ | 1,518,783 | $ | 1,540,259 | ||||||||||||||
Residential | $ | 2,719 | $ | 309 | $ | 518 | $ | 3,546 | $ | 17,378 | $ | 1,968,991 | $ | 1,989,915 | ||||||||||||||
Total loans | $ | 18,472 | $ | 6,185 | $ | 3,149 | $ | 27,806 | $ | 44,647 | $ | 7,426,432 | $ | 7,498,885 |
(In thousands) | 31-60 Days Past Due Accruing | 61-90 Days Past Due Accruing | Greater Than 90 Days Past Due Accruing | Total Past Due Accruing | Nonaccrual | Current | Recorded Total Loans | |||||||||||||||||||||
As of December 31, 2017 | ||||||||||||||||||||||||||||
Originated | ||||||||||||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||||||
Commercial | $ | - | $ | - | $ | - | $ | - | $ | 202 | $ | 753,462 | $ | 753,664 | ||||||||||||||
Commercial Real Estate | 161 | 138 | - | 299 | 3,178 | 1,532,827 | 1,536,304 | |||||||||||||||||||||
Agricultural | 117 | - | - | 117 | 1,043 | 34,381 | 35,541 | |||||||||||||||||||||
Agricultural Real Estate | 493 | - | - | 493 | 2,736 | 30,901 | 34,130 | |||||||||||||||||||||
Business Banking | 1,907 | 597 | - | 2,504 | 5,304 | 473,072 | 480,880 | |||||||||||||||||||||
Total Commercial Loans | $ | 2,678 | $ | 735 | $ | - | $ | 3,413 | $ | 12,463 | $ | 2,824,643 | $ | 2,840,519 | ||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||
Indirect | $ | 18,747 | $ | 4,033 | $ | 3,492 | $ | 26,272 | $ | 2,115 | $ | 1,637,131 | $ | 1,665,518 | ||||||||||||||
Home Equity | 2,887 | 854 | 341 | 4,082 | 2,736 | 451,489 | 458,307 | |||||||||||||||||||||
Direct | 341 | 108 | 70 | 519 | 35 | 67,152 | 67,706 | |||||||||||||||||||||
Total Consumer Loans | $ | 21,975 | $ | 4,995 | $ | 3,903 | $ | 30,873 | $ | 4,886 | $ | 2,155,772 | $ | 2,191,531 | ||||||||||||||
Residential Real Estate | $ | 3,730 | $ | 667 | $ | 1,262 | $ | 5,659 | $ | 5,987 | $ | 1,138,252 | $ | 1,149,898 | ||||||||||||||
Total Originated Loans | $ | 28,383 | $ | 6,397 | $ | 5,165 | $ | 39,945 | $ | 23,336 | $ | 6,118,667 | $ | 6,181,948 | ||||||||||||||
Acquired | ||||||||||||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||||||
Commercial | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 39,575 | $ | 39,575 | ||||||||||||||
Commercial Real Estate | - | - | - | - | 2 | 106,632 | 106,634 | |||||||||||||||||||||
Business Banking | 354 | - | - | 354 | 669 | 40,081 | 41,104 | |||||||||||||||||||||
Total Commercial Loans | $ | 354 | $ | - | $ | - | $ | 354 | $ | 671 | $ | 186,288 | $ | 187,313 | ||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||
Indirect | $ | 38 | $ | - | $ | 1 | $ | 39 | $ | 22 | $ | 1,157 | $ | 1,218 | ||||||||||||||
Home Equity | 254 | 34 | 103 | 391 | 225 | 39,256 | 39,872 | |||||||||||||||||||||
Direct | 6 | 1 | 1 | 8 | 23 | 2,785 | 2,816 | |||||||||||||||||||||
Total Consumer Loans | $ | 298 | $ | 35 | $ | 105 | $ | 438 | $ | 270 | $ | 43,198 | $ | 43,906 | ||||||||||||||
Residential Real Estate | $ | 627 | $ | 226 | $ | 140 | $ | 993 | $ | 1,431 | $ | 168,048 | $ | 170,472 | ||||||||||||||
Total Acquired Loans | $ | 1,279 | $ | 261 | $ | 245 | $ | 1,785 | $ | 2,372 | $ | 397,534 | $ | 401,691 | ||||||||||||||
Total Loans | $ | 29,662 | $ | 6,658 | $ | 5,410 | $ | 41,730 | $ | 25,708 | $ | 6,516,201 | $ | 6,583,639 |
December 31, 2018 | December 31, 2017 | |||||||||||||||||||||||
(In thousands) | Recorded Investment Balance (Book) | Unpaid Principal Balance (Legal) | Related Allowance | Recorded Investment Balance (Book) | Unpaid Principal Balance (Legal) | Related Allowance | ||||||||||||||||||
Originated | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||
C&I | $ | 228 | $ | 497 | $ | - | $ | - | ||||||||||||||||
CRE | 4,312 | 6,330 | - | - | ||||||||||||||||||||
Commercial | - | - | - | 251 | ||||||||||||||||||||
Commercial Real Estate | - | - | 1,526 | 3,244 | ||||||||||||||||||||
Agricultural | - | - | 217 | 230 | ||||||||||||||||||||
Agricultural Real Estate | - | - | 2,250 | 2,423 | ||||||||||||||||||||
Business Banking | 1,013 | 2,001 | 860 | 1,730 | ||||||||||||||||||||
Total Commercial Loans | $ | 5,553 | $ | 8,828 | $ | 4,853 | $ | 7,878 | ||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Dealer Finance | $ | 143 | $ | 241 | $ | - | $ | - | ||||||||||||||||
Direct | 7,744 | 9,831 | - | - | ||||||||||||||||||||
Indirect | - | - | 131 | 143 | ||||||||||||||||||||
Home Equity | - | - | 8,027 | 9,966 | ||||||||||||||||||||
Direct | - | - | 274 | 274 | ||||||||||||||||||||
Total Consumer Loans | $ | 7,887 | $ | 10,072 | $ | 8,432 | $ | 10,383 | ||||||||||||||||
Residential Real Estate | $ | 6,905 | $ | 9,414 | $ | 6,830 | $ | 8,780 | ||||||||||||||||
Total | $ | 20,345 | $ | 28,314 | $ | 20,115 | $ | 27,041 | ||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||
C&I | $ | 233 | $ | 238 | $ | 25 | $ | - | $ | - | $ | - | ||||||||||||
Commercial Real Estate | - | - | - | 761 | 817 | 30 | ||||||||||||||||||
Agricultural | - | - | - | 262 | 262 | 27 | ||||||||||||||||||
Total Commercial Loans | $ | 233 | $ | 238 | $ | 25 | $ | 1,023 | $ | 1,079 | $ | 57 | ||||||||||||
Total Loans | $ | 20,578 | $ | 28,552 | $ | 25 | $ | 21,138 | $ | 28,120 | $ | 57 |
December 31, 2018 | December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
(In thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||
Originated | ||||||||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||
C&I | $ | 453 | $ | 1 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
CRE | 4,078 | 128 | - | - | - | - | ||||||||||||||||||
Commercial | - | - | 1,841 | - | 6,217 | - | ||||||||||||||||||
Commercial Real Estate | - | - | 3,534 | 115 | 5,828 | 167 | ||||||||||||||||||
Agricultural | - | - | 224 | 1 | 715 | 1 | ||||||||||||||||||
Agricultural Real Estate | - | - | 1,709 | 43 | 908 | 44 | ||||||||||||||||||
Business Banking | 1,018 | 26 | 875 | 12 | 830 | 9 | ||||||||||||||||||
Total Commercial Loans | $ | 5,549 | $ | 155 | $ | 8,183 | $ | 171 | $ | 14,498 | $ | 221 | ||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Dealer Finance | $ | 179 | $ | 10 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Direct | 7,922 | 431 | - | - | - | - | ||||||||||||||||||
Indirect | - | - | 35 | 3 | 8 | - | ||||||||||||||||||
Home Equity | - | - | 8,226 | 446 | 8,278 | 480 | ||||||||||||||||||
Direct | - | - | 178 | 8 | - | - | ||||||||||||||||||
Total Consumer Loans | $ | 8,101 | $ | 441 | $ | 8,439 | $ | 457 | $ | 8,286 | $ | 480 | ||||||||||||
Residential Real Estate | $ | 6,779 | $ | 305 | $ | 6,523 | $ | 296 | $ | 6,143 | $ | 269 | ||||||||||||
Total Originated | $ | 20,429 | $ | 901 | $ | 23,145 | $ | 924 | $ | 28,927 | $ | 970 | ||||||||||||
Acquired | ||||||||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | 93 | $ | - | $ | 1,205 | $ | - | ||||||||||||
Total Commercial Loans | $ | - | $ | - | $ | 93 | $ | - | $ | 1,205 | $ | - | ||||||||||||
Total Acquired Loans | $ | - | $ | - | $ | 93 | $ | - | $ | 1,205 | $ | - | ||||||||||||
Total Loans | $ | 20,429 | $ | 901 | $ | 23,238 | $ | 924 | $ | 30,132 | $ | 970 |
Substandard |
Pass |
(In thousands) | As of December 31, 2018 | |||||||||||
Originated | ||||||||||||
Commercial Credit Exposure | ||||||||||||
By Internally Assigned Grade: | C&I | | CRE | Total | ||||||||
Pass | $ | 796,778 | $ | 1,681,330 | $ | 2,478,108 | ||||||
Special Mention | 11,348 | 13,894 | 25,242 | |||||||||
Substandard | 39,993 | 46,006 | 85,999 | |||||||||
Total | $ | 848,119 | $ | 1,741,230 | $ | 2,589,349 |
Business Banking Credit Exposure | Business Banking | |||||||
By Internally Assigned Grade: | Total | |||||||
Non-classified | $ | 476,052 | $ | 476,052 | ||||
Classified | 13,219 | 13,219 | ||||||
Total | $ | 489,271 | $ | 489,271 |
Consumer Credit Exposure | Dealer Finance | Specialty Lending | ||||||||||||||
By Payment Activity: | Direct | Total | ||||||||||||||
Performing | $ | 1,212,955 | $ | 523,366 | $ | 508,755 | $ | 2,245,076 | ||||||||
Nonperforming | 3,157 | 1,562 | 3,144 | 7,863 | ||||||||||||
Total | $ | 1,216,112 | $ | 524,928 | $ | 511,899 | $ | 2,252,939 |
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 335,685 | $ | 219,931 | $ | 114,617 | $ | 64,310 | $ | 20,137 | $ | 32,146 | $ | 280,476 | $ | 15,731 | $ | 1,083,033 | ||||||||||||||||||
Special mention | 148 | 5,255 | 4,641 | 2,430 | 2,699 | 1,111 | 11,835 | 522 | 28,641 | |||||||||||||||||||||||||||
Substandard | 1,482 | 874 | 7,010 | 187 | 2,582 | 3,272 | 3,512 | 34 | 18,953 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 1 | 42 | 0 | 0 | 0 | 43 | |||||||||||||||||||||||||||
Total C&I | $ | 337,315 | $ | 226,060 | $ | 126,268 | $ | 66,928 | $ | 25,460 | $ | 36,529 | $ | 295,823 | $ | 16,287 | $ | 1,130,670 | ||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 489,300 | $ | 434,866 | $ | 370,377 | $ | 236,274 | $ | 251,082 | $ | 441,310 | $ | 141,367 | $ | 43,942 | $ | 2,408,518 | ||||||||||||||||||
Special mention | 789 | 826 | 11,235 | 3,544 | 15,379 | 53,372 | 780 | 420 | 86,345 | |||||||||||||||||||||||||||
Substandard | 0 | 77 | 4,539 | 12,934 | 12,424 | 34,563 | 744 | 0 | 65,281 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 4,843 | 0 | 0 | 4,843 | |||||||||||||||||||||||||||
Total CRE | $ | 490,089 | $ | 435,769 | $ | 386,151 | $ | 252,752 | $ | 278,885 | $ | 534,088 | $ | 142,891 | $ | 44,362 | $ | 2,564,987 | ||||||||||||||||||
PPP | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 92,884 | $ | 8,338 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 101,222 | ||||||||||||||||||
Total PPP | $ | 92,884 | $ | 8,338 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 101,222 | ||||||||||||||||||
Auto | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 351,778 | $ | 129,419 | $ | 183,959 | $ | 101,441 | $ | 46,007 | $ | 12,064 | $ | 0 | $ | 0 | $ | 824,668 | ||||||||||||||||||
Nonperforming | 305 | 319 | 457 | 411 | 266 | 82 | 0 | 0 | 1,840 | |||||||||||||||||||||||||||
Total auto | $ | 352,083 | $ | 129,738 | $ | 184,416 | $ | 101,852 | $ | 46,273 | $ | 12,146 | $ | 0 | $ | 0 | $ | 826,508 | ||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 427,401 | $ | 151,300 | $ | 116,451 | $ | 78,523 | $ | 29,705 | $ | 15,660 | $ | 19,011 | $ | 1 | $ | 838,052 | ||||||||||||||||||
Nonperforming | 216 | 429 | 249 | 134 | 238 | 33 | 18 | 21 | 1,338 | |||||||||||||||||||||||||||
Total other consumer | $ | 427,617 | $ | 151,729 | $ | 116,700 | $ | 78,657 | $ | 29,943 | $ | 15,693 | $ | 19,029 | $ | 22 | $ | 839,390 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 345,338 | $ | 226,723 | $ | 179,087 | $ | 179,575 | $ | 146,611 | $ | 687,863 | $ | 246,103 | $ | 11,161 | $ | 2,022,461 | ||||||||||||||||||
Nonperforming | 0 | 1,411 | 643 | 1,072 | 1,534 | 8,522 | 0 | 39 | 13,221 | |||||||||||||||||||||||||||
Total residential | $ | 345,338 | $ | 228,134 | $ | 179,730 | $ | 180,647 | $ | 148,145 | $ | 696,385 | $ | 246,103 | $ | 11,200 | $ | 2,035,682 | ||||||||||||||||||
Total loans | $ | 2,045,326 | $ | 1,179,768 | $ | 993,265 | $ | 680,836 | $ | 528,706 | $ | 1,294,841 | $ | 703,846 | $ | 71,871 | $ | 7,498,459 |
Residential Real Estate Credit Exposure | Residential Real Estate | |||||||
By Payment Activity: | Total | |||||||
Performing | $ | 1,225,599 | $ | 1,225,599 | ||||
Nonperforming | 7,960 | 7,960 | ||||||
Total | $ | 1,233,559 | $ | 1,233,559 |
Acquired | ||||||||||||
Commercial Credit Exposure | ||||||||||||
By Internally Assigned Grade: | C&I | CRE | Total | |||||||||
Pass | $ | 23,283 | $ | 83,762 | $ | 107,045 | ||||||
Special Mention | 2,831 | 92 | 2,923 | |||||||||
Substandard | 10 | 638 | 648 | |||||||||
Total | $ | 26,124 | $ | 84,492 | $ | 110,616 |
Business Banking Credit Exposure | Business Banking | |||||||
By Internally Assigned Grade: | Total | |||||||
Non-classified | $ | 29,945 | $ | 29,945 | ||||
Classified | 3,129 | 3,129 | ||||||
Total | $ | 33,074 | $ | 33,074 |
Consumer Credit Exposure | Dealer Finance | |||||||||||
By Payment Activity: | Direct | Total | ||||||||||
Performing | $ | 32 | $ | 31,350 | $ | 31,382 | ||||||
Nonperforming | - | 242 | 242 | |||||||||
Total | $ | 32 | $ | 31,592 | $ | 31,624 |
Residential Real Estate Credit Exposure | Residential Real Estate | |||||||
By Payment Activity: | Total | |||||||
Performing | $ | 145,779 | $ | 145,779 | ||||
Nonperforming | 1,498 | 1,498 | ||||||
Total | $ | 147,277 | $ | 147,277 |
(In thousands) | As of December 31, 2017 | |||||||||||||||||||
Originated | ||||||||||||||||||||
Commercial Credit Exposure | Commercial | Commercial Real Estate | Agricultural | Agricultural Real Estate | ||||||||||||||||
By Internally Assigned Grade: | Total | |||||||||||||||||||
Pass | $ | 708,452 | $ | 1,481,688 | $ | 31,137 | $ | 23,377 | $ | 2,244,654 | ||||||||||
Special Mention | 30,337 | 28,264 | 2,294 | 2,441 | 63,336 | |||||||||||||||
Substandard | 14,875 | 26,352 | 2,110 | 8,312 | 51,649 | |||||||||||||||
Total | $ | 753,664 | $ | 1,536,304 | $ | 35,541 | $ | 34,130 | $ | 2,359,639 |
(In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 331,921 | $ | 182,329 | $ | 91,230 | $ | 41,856 | $ | 32,625 | $ | 32,609 | $ | 322,674 | $ | 412 | $ | 1,035,656 | ||||||||||||||||||
Special mention | 20,064 | 6,534 | 5,053 | 4,702 | 1,624 | 2,830 | 13,614 | 0 | 54,421 | |||||||||||||||||||||||||||
Substandard | 338 | 6,364 | 10,219 | 3,388 | 791 | 4,272 | 9,945 | 14 | 35,331 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 207 | 0 | 1 | 0 | 0 | 208 | |||||||||||||||||||||||||||
Total C&I | $ | 352,323 | $ | 195,227 | $ | 106,502 | $ | 50,153 | $ | 35,040 | $ | 39,712 | $ | 346,233 | $ | 426 | $ | 1,125,616 | ||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 469,919 | $ | 361,187 | $ | 256,154 | $ | 271,874 | $ | 212,197 | $ | 383,690 | $ | 113,128 | $ | 4,034 | $ | 2,072,183 | ||||||||||||||||||
Special mention | 2,051 | 44,034 | 22,260 | 55,039 | 36,830 | 43,537 | 1,297 | 11,524 | 216,572 | |||||||||||||||||||||||||||
Substandard | 536 | 5,307 | 18,298 | 15,691 | 6,018 | 62,168 | 1,501 | 4,642 | 114,161 | |||||||||||||||||||||||||||
Doubtful | 0 | 1,897 | 0 | 0 | 0 | 7,472 | 0 | 0 | 9,369 | |||||||||||||||||||||||||||
Total CRE | $ | 472,506 | $ | 412,425 | $ | 296,712 | $ | 342,604 | $ | 255,045 | $ | 496,867 | $ | 115,926 | $ | 20,200 | $ | 2,412,285 | ||||||||||||||||||
PPP | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 430,810 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 430,810 | ||||||||||||||||||
Total PPP | $ | 430,810 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 430,810 | ||||||||||||||||||
Auto | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 197,881 | $ | 314,034 | $ | 201,850 | $ | 115,977 | $ | 45,495 | $ | 13,250 | $ | 22 | $ | 0 | $ | 888,509 | ||||||||||||||||||
Nonperforming | 359 | 1,140 | 1,135 | 525 | 437 | 0 | 0 | 0 | 3,596 | |||||||||||||||||||||||||||
Total auto | $ | 198,240 | $ | 315,174 | $ | 202,985 | $ | 116,502 | $ | 45,932 | $ | 13,250 | $ | 22 | $ | 0 | $ | 892,105 | ||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 234,628 | $ | 178,411 | $ | 127,549 | $ | 55,676 | $ | 14,255 | $ | 17,414 | $ | 18,588 | $ | 71 | $ | 646,592 | ||||||||||||||||||
Nonperforming | 339 | 418 | 307 | 265 | 90 | 133 | 10 | 0 | 1,562 | |||||||||||||||||||||||||||
Total other consumer | $ | 234,967 | $ | 178,829 | $ | 127,856 | $ | 55,941 | $ | 14,345 | $ | 17,547 | $ | 18,598 | $ | 71 | $ | 648,154 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 237,338 | $ | 210,505 | $ | 213,437 | $ | 182,993 | $ | 164,424 | $ | 684,495 | $ | 268,878 | $ | 9,991 | $ | 1,972,061 | ||||||||||||||||||
Nonperforming | 1,245 | 659 | 2,318 | 2,535 | 902 | 10,195 | 0 | 0 | 17,854 | |||||||||||||||||||||||||||
Total residential | $ | 238,583 | $ | 211,164 | $ | 215,755 | $ | 185,528 | $ | 165,326 | $ | 694,690 | $ | 268,878 | $ | 9,991 | $ | 1,989,915 | ||||||||||||||||||
Total loans | $ | 1,927,429 | $ | 1,312,819 | $ | 949,810 | $ | 750,728 | $ | 515,688 | $ | 1,262,066 | $ | 749,657 | $ | 30,688 | $ | 7,498,885 |
Business Banking Credit Exposure | Business Banking | |||||||
By Internally Assigned Grade: | Total | |||||||
Non-classified | $ | 468,823 | $ | 468,823 | ||||
Classified | 12,057 | 12,057 | ||||||
Total | $ | 480,880 | $ | 480,880 |
Consumer Credit Exposure | Home Equity | |||||||||||||||
By Payment Activity: | Indirect | Direct | Total | |||||||||||||
Performing | $ | 1,659,911 | $ | 455,230 | $ | 67,601 | $ | 2,182,742 | ||||||||
Nonperforming | 5,607 | 3,077 | 105 | 8,789 | ||||||||||||
Total | $ | 1,665,518 | $ | 458,307 | $ | 67,706 | $ | 2,191,531 |
Residential Real Estate Credit Exposure | Residential Real Estate | |||||||
By Payment Activity: | Total | |||||||
Performing | $ | 1,142,649 | $ | 1,142,649 | ||||
Nonperforming | 7,249 | 7,249 | ||||||
Total | $ | 1,149,898 | $ | 1,149,898 |
Acquired | ||||||||||||
Commercial Credit Exposure | Commercial | Commercial Real Estate | ||||||||||
By Internally Assigned Grade: | Total | |||||||||||
Pass | $ | 37,825 | $ | 103,248 | $ | 141,073 | ||||||
Special Mention | 425 | 498 | 923 | |||||||||
Substandard | 1,325 | 2,888 | 4,213 | |||||||||
Total | $ | 39,575 | $ | 106,634 | $ | 146,209 |
Business Banking Credit Exposure | Business Banking | |||||||
By Internally Assigned Grade: | Total | |||||||
Non-classified | $ | 38,236 | $ | 38,236 | ||||
Classified | 2,868 | 2,868 | ||||||
Total | $ | 41,104 | $ | 41,104 |
Consumer Credit Exposure | Home Equity | |||||||||||||||
By Payment Activity: | Indirect | Direct | Total | |||||||||||||
Performing | $ | 1,195 | $ | 39,544 | $ | 2,792 | $ | 43,531 | ||||||||
Nonperforming | 23 | 328 | 24 | 375 | ||||||||||||
Total | $ | 1,218 | $ | 39,872 | $ | 2,816 | $ | 43,906 |
Residential Real Estate Credit Exposure | Residential Real Estate | |||||||
By Payment Activity: | Total | |||||||
Performing | $ | 168,901 | $ | 168,901 | ||||
Nonperforming | 1,571 | 1,571 | ||||||
Total | $ | 170,472 | $ | 170,472 |
Year ended December 31, 2018 | ||||||||||||
(Dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Commercial Loans: | ||||||||||||
Business Banking | 5 | $ | 581 | $ | 581 | |||||||
Total Commercial Loans | 5 | $ | 581 | $ | 581 | |||||||
Consumer Loans: | ||||||||||||
Dealer Finance | 17 | $ | 204 | $ | 202 | |||||||
Direct | 10 | 401 | 399 | |||||||||
Total Consumer Loans | 27 | $ | 605 | $ | 601 | |||||||
Residential Real Estate | 14 | $ | 1,099 | $ | 1,098 | |||||||
Total Troubled Debt Restructurings | 46 | $ | 2,285 | $ | 2,280 |
Year ended December 31, 2017 | ||||||||||||
(Dollars In thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Commercial Loans: | ||||||||||||
Commercial | 1 | $ | 3,300 | $ | 3,239 | |||||||
Business Banking | 3 | 385 | 381 | |||||||||
Total Commercial Loans | 4 | $ | 3,685 | $ | 3,620 | |||||||
Consumer Loans: | ||||||||||||
Indirect | 8 | $ | 145 | $ | 143 | |||||||
Home Equity | 13 | 552 | 600 | |||||||||
Direct | 2 | 279 | 279 | |||||||||
Total Consumer Loans | 23 | $ | 976 | $ | 1,022 | |||||||
Residential Real Estate | 15 | $ | 1,454 | $ | 1,474 | |||||||
Total Troubled Debt Restructurings | 42 | $ | 6,115 | $ | 6,116 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||||||||||
(Dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
C&I | 0 | $ | 0 | $ | 0 | 1 | $ | 22 | $ | 22 | ||||||||||||||
Total commercial loans | 0 | $ | 0 | $ | 0 | 1 | $ | 22 | $ | 22 | ||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Auto | 2 | $ | 38 | $ | 38 | 1 | $ | 44 | $ | 44 | ||||||||||||||
Total consumer loans | 2 | $ | 38 | $ | 38 | 1 | $ | 44 | $ | 44 | ||||||||||||||
Residential | 10 | $ | 1,121 | $ | 1,236 | 35 | $ | 2,834 | $ | 2,960 | ||||||||||||||
Total TDRs | 12 | $ | 1,159 | $ | 1,274 | 37 | $ | 2,900 | $ | 3,026 |
Year ended December 31, 2018 | Year ended December 31, 2017 | |||||||||||||||
(Dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Commercial Loans: | ||||||||||||||||
Commercial | - | $ | - | 1 | $ | 145 | ||||||||||
Business Banking | 3 | 338 | 1 | 329 | ||||||||||||
Total Commercial Loans | 3 | $ | 338 | 2 | $ | 474 | ||||||||||
Consumer Loans: | ||||||||||||||||
Indirect | - | $ | - | 2 | $ | 19 | ||||||||||
Home Equity | - | - | 34 | 1,720 | ||||||||||||
Direct | 37 | 1,931 | - | - | ||||||||||||
Total Consumer Loans | 37 | $ | 1,931 | 36 | $ | 1,739 | ||||||||||
Residential Real Estate | 26 | $ | 1,786 | 19 | $ | 1,302 | ||||||||||
Total Troubled Debt Restructurings | 66 | $ | 4,055 | 57 | $ | 3,515 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||
(Dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Commercial loans: | ||||||||||||||||
C&I | 0 | $ | 0 | 1 | $ | 387 | ||||||||||
CRE | 0 | 0 | 1 | 168 | ||||||||||||
Total commercial loans | 0 | $ | 0 | 2 | $ | 555 | ||||||||||
Consumer loans: | ||||||||||||||||
Auto | 3 | $ | 36 | 1 | $ | 6 | ||||||||||
Total consumer loans | 3 | $ | 36 | 1 | $ | 6 | ||||||||||
Residential | 49 | $ | 2,830 | 61 | $ | 3,213 | ||||||||||
Total TDRs | 52 | $ | 2,866 | 64 | $ | 3,774 |
(In thousands) | Commercial Loans | Consumer Loans | Residential Real Estate | Total | ||||||||||||
Balance as of December 31, 2018 | $ | 32,759 | $ | 37,178 | $ | 2,568 | $ | 72,505 | ||||||||
Charge-offs | (3,151 | ) | (28,398 | ) | (991 | ) | (32,540 | ) | ||||||||
Recoveries | 534 | 6,913 | 141 | 7,588 | ||||||||||||
Provision | 4,383 | 19,954 | 1,075 | 25,412 | ||||||||||||
Ending Balance as of December 31, 2019 | $ | 34,525 | $ | 35,647 | $ | 2,793 | $ | 72,965 |
December 31, 2019 | ||||||||
(In thousands) | Average Recorded Investment | Interest Income Recognized | ||||||
Originated | ||||||||
Commercial loans: | ||||||||
C&I | $ | 242 | $ | 1 | ||||
CRE | 3,311 | 123 | ||||||
Business banking | 1,089 | 24 | ||||||
Total commercial loans | $ | 4,642 | $ | 148 | ||||
Consumer loans: | ||||||||
Indirect auto | $ | 192 | $ | 10 | ||||
Direct | 7,387 | 382 | ||||||
Specialty lending | 7 | 1 | ||||||
Total consumer loans | $ | 7,586 | $ | 393 | ||||
Residential real estate | $ | 7,505 | $ | 350 | ||||
Total originated | $ | 19,733 | $ | 891 | ||||
Total loans | $ | 19,733 | $ | 891 |
December 31, | December 31, | |||||||||||||||
(In thousands) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Land, buildings and improvements | $ | 121,808 | $ | 121,771 | $ | 125,320 | $ | 125,002 | ||||||||
Equipment | 55,577 | 57,080 | ||||||||||||||
Furniture and equipment | 59,041 | 55,195 | ||||||||||||||
Premises and equipment before accumulated depreciation | $ | 177,385 | $ | 178,851 | $ | 184,361 | $ | 180,197 | ||||||||
Accumulated depreciation | 98,415 | 97,546 | 112,268 | 105,991 | ||||||||||||
Total premises and equipment | $ | 78,970 | $ | 81,305 | $ | 72,093 | $ | 74,206 |
December 31, | ||||||||
(In thousands) | 2021 | 2020 | ||||||
Operating lease cost | $ | 7,176 | $ | 7,382 | ||||
Variable lease cost | 2,090 | 2,141 | ||||||
Short-term lease cost | 369 | 453 | ||||||
Sublease income | (466 | ) | (502 | ) | ||||
Total premises and equipment | $ | 9,169 | $ | 9,474 |
(In thousands) | ||||
2022 | $ | 6,543 | ||
2023 | 5,440 | |||
2024 | 4,696 | |||
2025 | 3,499 | |||
2026 | 2,609 | |||
Thereafter | 7,985 | |||
Total lease payments | $ | 30,772 | ||
Less: interest | (3,171 | ) | ||
Present value of lease liabilities | $ | 27,601 |
December 31, | ||||||||
(In thousands except for percent and period data) | 2021 | 2020 | ||||||
Weighted average remaining lease term, in years | 6.91 | 7.21 | ||||||
Weighted average discount rate | 2.97 | % | 3.02 | % | ||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 7,373 | $ | 7,934 | ||||
ROU assets obtained in exchange for lease liabilities | 1,843 | 3,441 |
(In thousands) | December 31, 2018 | |||
2019 | $ | 6,890 | ||
2020 | 6,467 | |||
2021 | 5,613 | |||
2022 | 4,773 | |||
2023 | 3,972 | |||
Thereafter | 13,869 | |||
Total | $ | 41,584 |
(In thousands) | ||||
January 1, 2018 | $ | 268,043 | ||
Goodwill Acquired | 6,726 | |||
December 31, 2018 | $ | 274,769 | ||
January 1, 2017 | $ | 265,439 | ||
Goodwill Acquired | 2,604 | |||
December 31, 2017 | $ | 268,043 |
(In thousands) | ||||
January 1, 2021 | $ | 280,541 | ||
Goodwill acquired | 0 | |||
December 31, 2021 | $ | 280,541 | ||
January 1, 2020 | $ | 274,769 | ||
Goodwill acquired | 5,772 | |||
December 31, 2020 | $ | 280,541 |
December 31, | December 31, | |||||||||||||||
(In thousands) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Core deposit intangibles: | ||||||||||||||||
Gross carrying amount | $ | 8,975 | $ | 8,975 | $ | 7,435 | $ | 8,951 | ||||||||
Less: accumulated amortization | 7,377 | 6,581 | 7,258 | 8,463 | ||||||||||||
Net carrying amount | $ | 1,598 | $ | 2,394 | $ | 177 | $ | 488 | ||||||||
Identified intangible assets: | ||||||||||||||||
Gross carrying amount | $ | 34,623 | $ | 33,632 | $ | 25,025 | $ | 27,057 | ||||||||
Less: accumulated amortization | 20,622 | 22,606 | 16,275 | 15,810 | ||||||||||||
Net carrying amount | $ | 14,001 | $ | 11,026 | $ | 8,750 | $ | 11,247 | ||||||||
Total intangibles: | ||||||||||||||||
Gross carrying amount | $ | 43,598 | $ | 42,607 | $ | 32,460 | $ | 36,008 | ||||||||
Less: accumulated amortization | 27,999 | 29,187 | 23,533 | 24,273 | ||||||||||||
Net carrying amount | $ | 15,599 | $ | 13,420 | $ | 8,927 | $ | 11,735 |
(In thousands) | December 31, 2018 | December 31, 2021 | ||||||
Within one year | $ | 679,497 | $ | 355,046 | ||||
After one but within two years | 129,995 | 63,676 | ||||||
After two but within three years | 65,319 | 47,641 | ||||||
After three but within four years | 42,953 | 17,734 | ||||||
After four but within five years | 12,622 | 16,943 | ||||||
After five years | 292 | 432 | ||||||
Total | $ | 930,678 | $ | 501,472 |
(Dollars in thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Federal funds purchased: | ||||||||||||||||||||||||
Balance at year-end | $ | 80,000 | $ | 60,000 | $ | 50,000 | $ | 0 | $ | 0 | $ | 65,000 | ||||||||||||
Average during the year | 66,839 | 54,162 | 65,257 | 17 | 14,727 | 47,137 | ||||||||||||||||||
Maximum month end balance | 80,000 | 80,000 | 85,000 | 0 | 40,000 | 80,000 | ||||||||||||||||||
Weighted average rate during the year | 3.43 | % | 2.16 | % | 0.98 | % | 0.11 | % | 2.05 | % | 3.90 | % | ||||||||||||
Weighted average rate at year-end | 4.25 | % | 2.41 | % | 1.19 | % | 0 | 0 | 2.84 | % | ||||||||||||||
Securities sold under repurchase agreements: | ||||||||||||||||||||||||
Balance at year-end | $ | 160,696 | $ | 182,123 | $ | 173,703 | $ | 97,795 | $ | 143,386 | $ | 143,775 | ||||||||||||
Average during the year | 146,135 | 175,539 | 168,821 | 100,519 | 154,383 | 123,337 | ||||||||||||||||||
Maximum month end balance | 170,350 | 190,326 | 189,875 | 135,623 | 176,840 | 146,410 | ||||||||||||||||||
Weighted average rate during the year | 0.16 | % | 0.07 | % | 0.06 | % | 0.13 | % | 0.17 | % | 0.33 | % | ||||||||||||
Weighted average rate at year-end | 0.38 | % | 0.07 | % | 0.07 | % | 0.11 | % | 0.20 | % | 0.40 | % | ||||||||||||
Other short-term borrowings: | ||||||||||||||||||||||||
Balance at year-end | $ | 631,000 | $ | 477,000 | $ | 458,000 | $ | 0 | $ | 25,000 | $ | 446,500 | ||||||||||||
Average during the year | 514,662 | 460,334 | 263,575 | 1,302 | 183,699 | 403,453 | ||||||||||||||||||
Maximum month end balance | 653,000 | 591,000 | 424,000 | 0 | 366,500 | 576,000 | ||||||||||||||||||
Weighted average rate during the year | 1.56 | % | 1.02 | % | 0.59 | % | 2.02 | % | 1.55 | % | 1.85 | % | ||||||||||||
Weighted average rate at year-end | 1.82 | % | 1.18 | % | 0.70 | % | 0 | 1.99 | % | 1.73 | % |
(Dollars in thousands) | December 31, 2018 | December 31, 2017 | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||
Maturity | Amount | Weighted Average Rate | Amount | Weighted Average Rate | Callable Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | ||||||||||||||||||||||||||||||
2018 | $ | - | - | $ | 40,037 | 2.57 | % | $ | 25,000 | 3.15 | % | |||||||||||||||||||||||||||||
2019 | 20,000 | 1.96 | % | 20,000 | 1.96 | % | - | - | ||||||||||||||||||||||||||||||||
2020 | 25,000 | 2.34 | % | 25,000 | 2.34 | % | - | - | ||||||||||||||||||||||||||||||||
2021 | 25,039 | 2.56 | % | 56 | 4.00 | % | - | - | $ | - | - | $ | 25,003 | 2.56 | % | |||||||||||||||||||||||||
2022 | 10,598 | 2.53 | % | 10,598 | 2.53 | % | ||||||||||||||||||||||||||||||||||
2031 | 3,685 | 2.45 | % | 3,776 | 2.45 | % | - | - | 3,397 | 2.45 | % | 3,496 | 2.45 | % | ||||||||||||||||||||||||||
Total | $ | 73,724 | $ | 88,869 | $ | 25,000 | $ | 13,995 | $ | 39,097 |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | ||||||
Subordinated notes issued June 2020 – fixed interest rate of 5.00% through June 2025 and a variable interest rate equivalent to three-month SOFR plus 4.85% thereafter, maturing July 1, 2030 | $ | 100,000 | $ | 100,000 | ||||
Unamortized debt issuance costs | (1,510 | ) | (1,948 | ) | ||||
Total subordinated debt, net | $ | 98,490 | $ | 98,052 |
Description | Issuance Date | Trust Preferred Securities Outstanding | Interest Rate | Trust Preferred Debt Owed To Trust | Final Maturity Date | Issuance Date | Trust Preferred Securities Outstanding | Interest Rate | Trust Preferred Debt Owed To Trust | Final Maturity Date | ||||||||||||
CNBF Capital Trust I | August 1999 | $ | 18,000 | 3-month LIBOR plus 2.75% | $ | 18,720 | August 2029 | August 1999 | $ | 18,000 | 3-month LIBOR plus 2.75% | $ | 18,720 | August 2029 | ||||||||
NBT Statutory Trust I | November 2005 | 5,000 | 3-month LIBOR plus 1.40% | 5,155 | December 2035 | November 2005 | 5,000 | 3-month LIBOR plus 1.40% | 5,155 | December 2035 | ||||||||||||
NBT Statutory Trust II | February 2006 | 50,000 | 3-month LIBOR plus 1.40% | 51,547 | March 2036 | February 2006 | 50,000 | 3-month LIBOR plus 1.40% | 51,547 | March 2036 | ||||||||||||
Alliance Financial Capital Trust I | December 2003 | 10,000 | 3-month LIBOR plus 2.85% | 10,310 | January 2034 | December 2003 | 10,000 | 3-month LIBOR plus 2.85% | 10,310 | January 2034 | ||||||||||||
Alliance Financial Capital Trust II | September 2006 | 15,000 | 3-month LIBOR plus 1.65% | 15,464 | September 2036 | September 2006 | 15,000 | 3-month LIBOR plus 1.65% | 15,464 | September 2036 |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Current | ||||||||||||||||||||||||
Federal | $ | 15,762 | $ | 35,839 | $ | 30,492 | $ | 35,483 | $ | 36,358 | $ | 28,475 | ||||||||||||
State | 5,977 | 6,599 | 5,628 | 8,626 | 9,768 | 7,653 | ||||||||||||||||||
Total Current | $ | 21,739 | $ | 42,438 | $ | 36,120 | $ | 44,109 | $ | 46,126 | $ | 36,128 | ||||||||||||
Deferred | ||||||||||||||||||||||||
Federal | $ | 2,281 | $ | 3,850 | $ | 3,994 | $ | 507 | $ | (14,021 | ) | $ | (1,379 | ) | ||||||||||
State | 416 | (278 | ) | 278 | 357 | (3,406 | ) | (338 | ) | |||||||||||||||
Total Deferred | $ | 2,697 | $ | 3,572 | $ | 4,272 | $ | 864 | $ | (17,427 | ) | $ | (1,717 | ) | ||||||||||
Total income tax expense | $ | 24,436 | $ | 46,010 | $ | 40,392 | $ | 44,973 | $ | 28,699 | $ | 34,411 |
December 31, | December 31, | |||||||||||||||
(In thousands) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Deferred tax assets: | ||||||||||||||||
Allowance for loan losses | $ | 18,042 | $ | 17,390 | $ | 22,479 | $ | 27,282 | ||||||||
Lease liability | 6,744 | 8,141 | ||||||||||||||
Deferred compensation | 7,340 | 7,230 | 9,584 | 11,602 | ||||||||||||
Postretirement benefit obligation | 1,962 | 2,159 | 1,286 | 1,511 | ||||||||||||
Fair value adjustments from acquisitions | 663 | 919 | 199 | 259 | ||||||||||||
Unrealized losses on securities | 4,893 | 3,715 | ||||||||||||||
Loan fees | 12,936 | 5,400 | ||||||||||||||
Accrued liabilities | 913 | 769 | 1,424 | 1,307 | ||||||||||||
Stock-based compensation expense | 2,821 | 2,642 | 2,679 | 3,213 | ||||||||||||
Unrealized losses on securities | 1,482 | 0 | ||||||||||||||
Other | 1,008 | 711 | 4,200 | 3,558 | ||||||||||||
Total deferred tax assets | $ | 37,642 | $ | 35,535 | $ | 63,013 | $ | 62,273 | ||||||||
Deferred tax liabilities: | ||||||||||||||||
Pension benefits | $ | 10,782 | $ | 12,439 | $ | 16,137 | $ | 14,406 | ||||||||
Lease right-of-use asset | 5,681 | 6,567 | ||||||||||||||
Amortization of intangible assets | 11,525 | 11,110 | 13,187 | 12,725 | ||||||||||||
Premises and equipment, primarily due to accelerated depreciation | 4,973 | 2,792 | 4,962 | 4,774 | ||||||||||||
Unrealized gain on securities | 0 | 7,732 | ||||||||||||||
Other | 1,567 | 1,901 | 1,008 | 952 | ||||||||||||
Total deferred tax liabilities | $ | 28,847 | $ | 28,242 | $ | 40,975 | $ | 47,156 | ||||||||
Net deferred tax asset at year-end | $ | 8,795 | $ | 7,293 | $ | 22,038 | $ | 15,117 | ||||||||
Net deferred tax asset at beginning of year | 7,293 | 9,690 | 15,117 | 2,534 | ||||||||||||
Increase (decrease) in net deferred tax asset | $ | 1,502 | $ | (2,397 | ) | |||||||||||
Increase in net deferred tax asset | $ | 6,921 | $ | 12,583 |
Years ended December 31 | Years Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Federal income tax at statutory rate | $ | 28,770 | $ | 44,857 | $ | 41,581 | $ | 41,971 | $ | 27,948 | $ | 32,641 | ||||||||||||
Tax exempt income | (1,456 | ) | (2,303 | ) | (2,205 | ) | (1,014 | ) | (981 | ) | (1,233 | ) | ||||||||||||
Net increase in cash surrender value of life insurance | (973 | ) | (1,780 | ) | (1,712 | ) | (1,230 | ) | (1,135 | ) | (927 | ) | ||||||||||||
Federal tax credit | (1,499 | ) | (1,343 | ) | (1,323 | ) | ||||||||||||||||||
Federal tax credits | (1,884 | ) | (1,705 | ) | (1,458 | ) | ||||||||||||||||||
State taxes, net of federal tax benefit | 5,051 | 4,107 | 3,838 | 7,097 | 5,026 | 5,773 | ||||||||||||||||||
Federal tax reform (Tax Act) | - | 4,407 | - | |||||||||||||||||||||
Accounting method changes - tax rate change impact | (5,326 | ) | - | - | ||||||||||||||||||||
Stock-based compensation, excess tax benefit | (456 | ) | (1,619 | ) | - | (323 | ) | (152 | ) | (342 | ) | |||||||||||||
Other, net | 325 | (316 | ) | 213 | 356 | (302 | ) | (43) | ||||||||||||||||
Income tax expense | $ | 24,436 | $ | 46,010 | $ | 40,392 | $ | 44,973 | $ | 28,699 | $ | 34,411 |
(In thousands) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Balance at January 1 | $ | 665 | $ | 559 | $ | 1,178 | $ | 779 | ||||||||
Additions for tax positions of prior years | 27 | - | 80 | 254 | ||||||||||||
Reduction for tax positions of prior years | (159 | ) | (31 | ) | ||||||||||||
Current period tax positions | 108 | 137 | 287 | 145 | ||||||||||||
Balance at December 31 | $ | 641 | $ | 665 | $ | 1,545 | $ | 1,178 | ||||||||
Amount that would affect the effective tax rate if recognized, gross of tax | $ | 506 | $ | 525 | $ | 1,221 | $ | 931 |
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2018 | 2017 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Net actuarial loss | $ | 35,538 | $ | 23,585 | $ | 844 | $ | 1,731 | ||||||||||||||||||||||||
Prior service cost | 570 | 94 | 145 | 196 | ||||||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 21,608 | $ | 26,108 | $ | (226 | ) | $ | 317 | |||||||||||||||||||||||
Prior service cost (credit) | 320 | 378 | (8 | ) | 43 | |||||||||||||||||||||||||||
Total amounts recognized in AOCI (pre-tax) | $ | 36,108 | $ | 23,679 | $ | 989 | $ | 1,927 | $ | 21,928 | $ | 26,486 | $ | (234 | ) | $ | 360 |
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2018 | 2017 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 90,950 | $ | 90,477 | $ | 8,050 | $ | 7,478 | $ | 90,194 | $ | 90,586 | $ | 5,999 | $ | 6,083 | ||||||||||||||||
Service cost | 1,659 | 1,511 | 10 | 12 | 2,069 | 1,840 | 8 | 8 | ||||||||||||||||||||||||
Interest cost | 3,645 | 4,168 | 327 | 357 | 2,717 | 3,237 | 163 | 213 | ||||||||||||||||||||||||
Plan participants' contributions | - | - | 209 | 218 | ||||||||||||||||||||||||||||
Actuarial (gain) loss | (3,977 | ) | 4,028 | (762 | ) | 388 | ||||||||||||||||||||||||||
Acquisition | 337 | - | - | - | ||||||||||||||||||||||||||||
Curtailment/ settlement | - | - | - | 286 | ||||||||||||||||||||||||||||
Plan participants’ contributions | 0 | 0 | 160 | 173 | ||||||||||||||||||||||||||||
Actuarial loss (gain) | 499 | 3,411 | (543 | ) | 191 | |||||||||||||||||||||||||||
Curtailments | 0 | (67 | ) | 0 | 0 | |||||||||||||||||||||||||||
Benefits paid | (7,480 | ) | (9,234 | ) | (800 | ) | (689 | ) | (6,560 | ) | (8,813 | ) | (635 | ) | (669 | ) | ||||||||||||||||
Projected benefit obligation at end of year | $ | 85,134 | $ | 90,950 | $ | 7,034 | $ | 8,050 | $ | 88,919 | $ | 90,194 | $ | 5,152 | $ | 5,999 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 124,226 | $ | 116,216 | $ | - | $ | - | $ | 128,563 | $ | 122,995 | $ | 0 | $ | 0 | ||||||||||||||||
Actual return on plan assets | (8,381 | ) | 15,032 | - | - | |||||||||||||||||||||||||||
Gain on plan assets | 12,523 | 12,449 | 0 | 0 | ||||||||||||||||||||||||||||
Employer contributions | 1,381 | 2,212 | 591 | 471 | 1,341 | 1,932 | 475 | 496 | ||||||||||||||||||||||||
Plan participants' contributions | - | - | 209 | 218 | ||||||||||||||||||||||||||||
Plan participants’ contributions | 0 | 0 | 160 | 173 | ||||||||||||||||||||||||||||
Benefits paid | (7,480 | ) | (9,234 | ) | (800 | ) | (689 | ) | (6,560 | ) | (8,813 | ) | (635 | ) | (669 | ) | ||||||||||||||||
Fair value of plan assets at end of year | $ | 109,746 | $ | 124,226 | $ | - | $ | - | $ | 135,867 | $ | 128,563 | $ | 0 | $ | 0 | ||||||||||||||||
Funded (unfunded) status at year end | $ | 24,612 | $ | 33,276 | $ | (7,034 | ) | $ | (8,050 | ) | $ | 46,948 | $ | 38,369 | $ | (5,152 | ) | $ | (5,999 | ) |
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2018 | 2017 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Other assets | $ | 42,900 | $ | 52,775 | $ | - | $ | - | $ | 65,638 | $ | 57,456 | $ | 0 | $ | 0 | ||||||||||||||||
Other liabilities | (18,288 | ) | (19,499 | ) | (7,034 | ) | (8,050 | ) | (18,690 | ) | (19,087 | ) | (5,152 | ) | (5,999 | ) | ||||||||||||||||
Funded status | $ | 24,612 | $ | 33,276 | $ | (7,034 | ) | $ | (8,050 | ) | $ | 46,948 | $ | 38,369 | $ | (5,152 | ) | $ | (5,999 | ) |
Years ended December 31, | Years Ended December 31, | ||||||||||||||
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||
Weighted average assumptions: | |||||||||||||||
The following assumptions were used to determine benefit obligations: | |||||||||||||||
Discount rate | 4.79% - 4.80 | % | 4.20% - 4.21 | % | 4.76% - 4.84 | % | 3.23% - 3.35% | 3.08% - 3.25% | 3.69% - 3.73% | ||||||
Expected long-term return on plan assets | 7.00 | % | 7.00 | % | 7.00 | % | 6.70% | 7.00% | 7.00% | ||||||
Rate of compensation increase | 3.00 | % | 3.00 | % | 3.00 | % | 3.00% | 3.00% | 3.00% | ||||||
Interest rate of credit for cash balance plan | 1.94% | 1.62% | 2.28% | ||||||||||||
The following assumptions were used to determine net periodic pension cost: | |||||||||||||||
Discount rate | 4.20% - 4.21 | % | 4.76% - 4.84 | % | 4.69% - 4.71 | % | 3.08% - 3.25% | 3.69% - 3.73% | 4.79% - 4.80% | ||||||
Expected long-term return on plan assets | 7.00 | % | 7.00 | % | 7.00 | % | 7.00% | 7.00% | 7.00% | ||||||
Rate of compensation increase | 3.00 | % | 3.00 | % | 3.00 | % | 3.00% | 3.00% | 3.00% | ||||||
Interest rate of credit for cash balance plan | 1.62% | 2.28% | 3.36% |
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic (benefit) cost: | ||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 1,659 | $ | 1,511 | $ | 2,162 | $ | 10 | $ | 12 | $ | 14 | $ | 2,069 | $ | 1,840 | $ | 1,723 | $ | 8 | $ | 8 | $ | 7 | ||||||||||||||||||||||||
Interest cost | 3,645 | 4,168 | 4,223 | 327 | 357 | 353 | 2,717 | 3,237 | 3,942 | 163 | 213 | 272 | ||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (8,478 | ) | (7,929 | ) | (7,430 | ) | - | - | - | (8,786 | ) | (8,410 | ) | (7,480 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Amortization of gain due to curtailment | - | - | (768 | ) | - | - | - | |||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 40 | 46 | 32 | 51 | 51 | (57 | ) | |||||||||||||||||||||||||||||||||||||||||
Additional gain due to curtailment | 0 | (74 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 59 | 41 | 43 | 51 | 51 | 50 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized net loss | 930 | 1,668 | 2,235 | 124 | 87 | 117 | 1,263 | 1,535 | 2,593 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Net periodic pension (benefit) cost | $ | (2,204 | ) | $ | (536 | ) | $ | 454 | $ | 512 | $ | 507 | $ | 427 | $ | (2,678 | ) | $ | (1,831 | ) | $ | 821 | $ | 222 | $ | 272 | $ | 329 | ||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in OCI (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss (gain) | $ | 12,882 | $ | (3,075 | ) | $ | (2,464 | ) | $ | (762 | ) | $ | 388 | $ | (786 | ) | ||||||||||||||||||||||||||||||||
Net (gain) loss | $ | (3,237 | ) | $ | (628 | ) | $ | (4,611 | ) | $ | (543 | ) | $ | 192 | $ | (720 | ) | |||||||||||||||||||||||||||||||
Prior service cost | 337 | - | 96 | - | 286 | - | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Amortization of gain due to settlement | - | - | (43 | ) | - | - | - | |||||||||||||||||||||||||||||||||||||||||
Amortization of prior service (cost) credit | (40 | ) | (46 | ) | (32 | ) | (51 | ) | (51 | ) | 57 | |||||||||||||||||||||||||||||||||||||
Additional gain due to curtailment | 0 | 7 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | (59 | ) | (41 | ) | (43 | ) | (51 | ) | (51 | ) | (50 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of unrecognized net (loss) | (930 | ) | (1,668 | ) | (2,235 | ) | (124 | ) | (87 | ) | (117 | ) | (1,263 | ) | (1,535 | ) | (2,593 | ) | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total recognized in OCI | $ | 12,249 | $ | (4,789 | ) | $ | (4,678 | ) | $ | (937 | ) | $ | 536 | $ | (846 | ) | $ | (4,559 | ) | $ | (2,197 | ) | $ | (7,247 | ) | $ | (594 | ) | $ | 141 | $ | (770 | ) | |||||||||||||||
Total recognized in net periodic benefit cost and OCI, pre-tax | $ | 10,045 | $ | (5,325 | ) | $ | (4,224 | ) | $ | (425 | ) | $ | 1,043 | $ | (419 | ) | ||||||||||||||||||||||||||||||||
Total recognized in net periodic (benefit) cost and OCI, pre-tax | $ | (7,237 | ) | $ | (4,028 | ) | $ | (6,426 | ) | $ | (372 | ) | $ | 413 | $ | (441 | ) |
(In thousands) | Pension Benefits | Other Benefits | ||||||
2019 | $ | 6,926 | $ | 607 | ||||
2020 | 6,705 | 594 | ||||||
2021 | 6,683 | 569 | ||||||
2022 | 6,646 | 572 | ||||||
2023 | 6,577 | 570 | ||||||
2024 - 2028 | 38,227 | 2,686 |
(In thousands) | Pension Benefits | Other Benefits | ||||||
2022 | $ | 7,185 | $ | 397 | ||||
2023 | 6,831 | 394 | ||||||
2024 | 7,111 | 390 | ||||||
2025 | 7,460 | 385 | ||||||
2026 | 6,951 | 380 | ||||||
2027 - 2031 | 32,437 | 1,690 |
(In thousands) | One Percentage Point Increase | One Percentage Point Decrease | ||||||
Increase (decrease) on total service and interest cost components | $ | 28 | $ | (24 | ) | |||
Increase (decrease) on post-retirement accumulated benefit obligation | 573 | (499 | ) |
Target 2018 | 2018 | 2017 | Target 2021 | 2021 | 2020 | ||||||||||
Cash and cash equivalents | 0 - 15 | % | 4 | % | 3 | % | 0 - 15% | 2% | 3% | ||||||
Fixed income securities | 30 - 60 | % | 39 | % | 45 | % | 30 - 60% | 37% | 38% | ||||||
Equities | 40 - 70 | % | 57 | % | 52 | % | 40 - 70% | 61% | 59% | ||||||
Total | 100 | % | 100 | % | 100% | 100% |
(In thousands) | Level 1 | Level 2 | December 31, 2018 | Level 1 | Level 2 | December 31, 2021 | ||||||||||||||||||
Cash and cash equivalents | $ | 4,095 | $ | - | $ | 4,095 | $ | 3,298 | $ | 0 | $ | 3,298 | ||||||||||||
Foreign equity mutual funds | 38,861 | - | 38,861 | 46,385 | 0 | 46,385 | ||||||||||||||||||
Equity mutual funds | 24,124 | - | 24,124 | 36,034 | 0 | 36,034 | ||||||||||||||||||
U.S. government bonds | - | 76 | 76 | 0 | 33 | 33 | ||||||||||||||||||
Corporate bonds | - | 42,590 | 42,590 | 0 | 50,117 | 50,117 | ||||||||||||||||||
Total | $ | 67,080 | $ | 42,666 | $ | 109,746 | $ | 85,717 | $ | 50,150 | $ | 135,867 |
Level 1 | Level 2 | December 31, 2017 | Level 1 | Level 2 | December 31, 2020 | |||||||||||||||||||
Cash and cash equivalents | $ | 3,684 | $ | - | $ | 3,684 | $ | 3,461 | $ | 0 | $ | 3,461 | ||||||||||||
Foreign equity mutual funds | 44,508 | - | 44,508 | 41,000 | 0 | 41,000 | ||||||||||||||||||
Equity mutual funds | 26,747 | - | 26,747 | 35,637 | 0 | 35,637 | ||||||||||||||||||
U.S. government bonds | - | 99 | 99 | 0 | 47 | 47 | ||||||||||||||||||
Corporate bonds | - | 49,188 | 49,188 | 0 | 48,418 | 48,418 | ||||||||||||||||||
Total | $ | 74,939 | $ | 49,287 | $ | 124,226 | $ | 80,098 | $ | 48,465 | $ | 128,563 |
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | |||||||||||||
Unvested at January 1, 2018 | 534,738 | $ | 25.77 | |||||||||||||
Unvested at January 1, 2021 | 585,255 | $ | 29.78 | |||||||||||||
Forfeited | (5,999 | ) | 29.56 | (29,747 | ) | 30.60 | ||||||||||
Vested | (123,642 | ) | 23.44 | (202,765 | ) | 29.48 | ||||||||||
Granted | 140,957 | 33.80 | 141,289 | 34.03 | ||||||||||||
Unvested at December 31, 2018 | 546,054 | $ | 28.39 | |||||||||||||
Unvested at December 31, 2021 | 494,032 | $ | 30.89 |
(In thousands, except share and per share data) | Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding at January 1, 2018 | 112,030 | $ | 22.88 | |||||||||||||
Exercised | (44,105 | ) | 22.65 | |||||||||||||
Expired | (1,025 | ) | 20.36 | |||||||||||||
Outstanding at December 31, 2018 | 66,900 | $ | 23.07 | 1.78 | $ | 779,933 | ||||||||||
Exercisable at December 31, 2018 | 65,400 | $ | 22.66 | 1.64 | $ | 779,933 | ||||||||||
Expected to Vest | 1,500 | $ | 40.63 | 8.12 | $ | - |
(In thousands, except share and per share data) | Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding at January 1, 2021 | 13,800 | $ | 27.83 | |||||||||||||
Exercised | (4,700 | ) | 23.82 | |||||||||||||
Expired | 0 | 0 | ||||||||||||||
Outstanding at December 31, 2021 | 9,100 | $ | 29.89 | 4.07 | $ | 82 | ||||||||||
Exercisable at December 31, 2021 | 9,100 | $ | 29.89 | 4.07 | $ | 82 |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Proceeds from stock options exercised | $ | 999 | $ | 3,083 | $ | 8,398 | $ | 112 | $ | 185 | $ | 725 | ||||||||||||
Tax benefits related to stock options exercised | 173 | 650 | 1,223 | 13 | 41 | 123 | ||||||||||||||||||
Intrinsic value of stock options exercised | 692 | 1,699 | 3,143 | 52 | 165 | 490 | ||||||||||||||||||
Fair value of shares vested during the year | 16 | 329 | 105 | 0 | 0 | 13 |
(In thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Unrecognized prior service cost and net actuarial (losses) on pension plans | $ | (27,689 | ) | $ | (15,284 | ) | $ | (18,227 | ) | $ | (16,269 | ) | $ | (20,134 | ) | $ | (21,677 | ) | ||||||
Unrealized gains on derivatives (cash flow hedges) | 1,821 | 2,144 | 1,772 | |||||||||||||||||||||
Unrealized net holding (losses) on AFS securities | (17,306 | ) | (8,937 | ) | (5,065 | ) | ||||||||||||||||||
Unrealized (losses) gains on derivatives (cash flow hedges) | 0 | (16 | ) | (32 | ) | |||||||||||||||||||
Unrealized net holding gains (losses) on AFS securities | (7,075 | ) | 20,567 | 2,683 | ||||||||||||||||||||
AOCI | $ | (43,174 | ) | $ | (22,077 | ) | $ | (21,520 | ) | $ | (23,344 | ) | $ | 417 | $ | (19,026 | ) |
Actual | Regulatory Ratio Requirements | Actual | Regulatory Ratio Requirements | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Minimum Capital Adequacy | Minimum plus Buffer | For Classification as Well- Capitalized | Amount | Ratio | Minimum Capital Adequacy | Minimum plus Buffer | For Classification as Well- Capitalized | ||||||||||||||||||||||||||||||
As of December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Tier I Capital (to average assets) | ||||||||||||||||||||||||||||||||||||||||
Company | $ | 880,448 | 9.52 | % | 4.00 | % | 5.00 | % | $ | 1,103,661 | 9.41 | % | 4.00 | % | 5.00 | % | ||||||||||||||||||||||||
NBT Bank | 825,863 | 8.98 | % | 4.00 | % | 5.00 | % | 1,087,990 | 9.32 | % | 4.00 | % | 5.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital | ||||||||||||||||||||||||||||||||||||||||
Company | 783,448 | 10.49 | % | 4.50 | % | 6.375 | % | 6.50 | % | 1,006,661 | 12.25 | % | 4.50 | % | 7.00 | % | 6.50 | % | ||||||||||||||||||||||
NBT Bank | 825,863 | 11.14 | % | 4.50 | % | 6.375 | % | 6.50 | % | 1,087,990 | 13.36 | % | 4.50 | % | 7.00 | % | 6.50 | % | ||||||||||||||||||||||
Tier I Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||
Company | 880,448 | 11.79 | % | 6.00 | % | 7.875 | % | 8.00 | % | 1,103,661 | 13.43 | % | 6.00 | % | 8.50 | % | 8.00 | % | ||||||||||||||||||||||
NBT Bank | 825,863 | 11.14 | % | 6.00 | % | 7.875 | % | 8.00 | % | 1,087,990 | 13.36 | % | 6.00 | % | 8.50 | % | 8.00 | % | ||||||||||||||||||||||
Total Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||
Company | 954,232 | 12.78 | % | 8.00 | % | 9.875 | % | 10.00 | % | 1,292,669 | 15.73 | % | 8.00 | % | 10.50 | % | 10.00 | % | ||||||||||||||||||||||
NBT Bank | 899,647 | 12.14 | % | 8.00 | % | 9.875 | % | 10.00 | % | 1,176,998 | 14.45 | % | 8.00 | % | 10.50 | % | 10.00 | % | ||||||||||||||||||||||
As of December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Tier I Capital (to average assets) | ||||||||||||||||||||||||||||||||||||||||
Company | $ | 810,445 | 9.14 | % | 4.00 | % | 5.00 | % | $ | 1,018,320 | 9.56 | % | 4.00 | % | 5.00 | % | ||||||||||||||||||||||||
NBT Bank | 756,521 | 8.59 | % | 4.00 | % | 5.00 | % | 1,054,097 | 9.95 | % | 4.00 | % | 5.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital | ||||||||||||||||||||||||||||||||||||||||
Company | 713,445 | 10.06 | % | 4.50 | % | 5.750 | % | 6.50 | % | 921,320 | 11.84 | % | 4.50 | % | 7.00 | % | 6.50 | % | ||||||||||||||||||||||
NBT Bank | 756,521 | 10.74 | % | 4.50 | % | 5.750 | % | 6.50 | % | 1,054,097 | 13.67 | % | 4.50 | % | 7.00 | % | 6.50 | % | ||||||||||||||||||||||
Tier I Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||
Company | 810,445 | 11.42 | % | 6.00 | % | 7.250 | % | 8.00 | % | 1,018,320 | 13.09 | % | 6.00 | % | 8.50 | % | 8.00 | % | ||||||||||||||||||||||
NBT Bank | 756,521 | 10.74 | % | 6.00 | % | 7.250 | % | 8.00 | % | 1,054,097 | 13.67 | % | 6.00 | % | 8.50 | % | 8.00 | % | ||||||||||||||||||||||
Total Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||
Company | 880,874 | 12.42 | % | 8.00 | % | 9.250 | % | 10.00 | % | 1,215,672 | 15.62 | % | 8.00 | % | 10.50 | % | 10.00 | % | ||||||||||||||||||||||
NBT Bank | 826,950 | 11.74 | % | 8.00 | % | 9.250 | % | 10.00 | % | 1,150,544 | 14.93 | % | 8.00 | % | 10.50 | % | 10.00 | % |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands except share and per share data) | Net Income | Weighted Average Shares | Per Share Amount | Net Income | Weighted Average Shares | Per Share Amount | Net Income | Weighted Average Shares | Per Share Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands except per share data) | Net Income | Weighted Average Shares | Per Share Amount | Net Income | Weighted Average Shares | Per Share Amount | Net Income | Weighted Average Shares | Per Share Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic EPS | $ | 112,566 | 43,701 | $ | 2.58 | $ | 82,151 | 43,575 | $ | 1.89 | $ | 78,409 | 43,244 | $ | 1.81 | $ | 154,885 | 43,421 | $ | 3.57 | $ | 104,388 | 43,693 | $ | 2.39 | $ | 121,021 | 43,815 | $ | 2.76 | ||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 319 | 330 | 378 | 298 | 296 | 309 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | $ | 112,566 | 44,020 | $ | 2.56 | $ | 82,151 | 43,905 | $ | 1.87 | $ | 78,409 | 43,622 | $ | 1.80 | $ | 154,885 | 43,719 | $ | 3.54 | $ | 104,388 | 43,989 | $ | 2.37 | $ | 121,021 | 44,124 | $ | 2.74 |
Detail About AOCI Components | Amount Reclassified from AOCI | Affected Line Item in the Consolidated Statements of Comprehensive Income (Loss) | Amount Reclassified From AOCI | Affected Line Item in the Consolidated Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||
(In thousands) | Years Ended December 31, | |||||||||||||||||||||||||
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | |||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||
Losses (gains) on AFS securities | $ | 6,622 | $ | (1,869 | ) | $ | 644 | Net securities losses (gains) | ||||||||||||||||||
(Gains) losses on AFS securities | $ | 0 | $ | (3 | ) | $ | 79 | Net securities (gains) losses | ||||||||||||||||||
Amortization of unrealized gains related to securities transfer | 688 | 875 | 1,094 | Interest income | 577 | 644 | 737 | Interest income | ||||||||||||||||||
Impairment write-down of an equity security | - | 1,312 | - | Other noninterest income | ||||||||||||||||||||||
Tax effect | $ | (1,827 | ) | $ | (120 | ) | $ | (677 | ) | Income tax (benefit) | $ | (145 | ) | $ | (160 | ) | $ | (204 | ) | Income tax (benefit) | ||||||
Net of tax | $ | 5,483 | $ | 198 | $ | 1,061 | $ | 432 | $ | 481 | $ | 612 | ||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||
Net unrealized (gains) on cash flow hedges reclassified to interest (income) | $ | (2,300 | ) | $ | (292 | ) | $ | 69 | Interest income | |||||||||||||||||
Net unrealized losses (gains) on cash flow hedges reclassified to interest expense | $ | 21 | $ | 296 | $ | (2,012 | ) | Interest expense | ||||||||||||||||||
Tax effect | $ | 575 | $ | 113 | $ | (27 | ) | Income tax expense (benefit) | $ | (5 | ) | $ | (74 | ) | $ | 503 | Income tax (benefit) expense | |||||||||
Net of tax | $ | (1,725 | ) | $ | (179 | ) | $ | 42 | $ | 16 | $ | 222 | $ | (1,509 | ) | |||||||||||
Pension and other benefits: | ||||||||||||||||||||||||||
Amortization of net losses | $ | 1,054 | $ | 1,755 | $ | 2,395 | Other noninterest expense | $ | 1,263 | $ | 1,535 | $ | 2,593 | Other noninterest expense | ||||||||||||
Amortization of prior service costs | 91 | 97 | (25 | ) | Other noninterest expense | 110 | 92 | 93 | Other noninterest expense | |||||||||||||||||
Tax effect | $ | (286 | ) | $ | (740 | ) | $ | (949 | ) | Income tax (benefit) | $ | (343 | ) | $ | (407 | ) | $ | (672 | ) | Income tax (benefit) | ||||||
Net of tax | $ | 859 | $ | 1,112 | $ | 1,421 | $ | 1,030 | $ | 1,220 | $ | 2,014 | ||||||||||||||
Total reclassifications, net of tax | $ | 4,617 | $ | 1,131 | $ | 2,524 | $ | 1,478 | $ | 1,923 | $ | 1,117 |
At December 31, | At December 31, | |||||||||||||||
(In thousands) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Unused lines of credit | $ | 313,987 | $ | 351,227 | $ | 355,852 | $ | 351,876 | ||||||||
Commitments to extend credits, primarily variable rate | 1,420,795 | 1,215,187 | 1,944,615 | 1,831,671 | ||||||||||||
Standby letters of credit | 41,194 | 41,135 | 55,133 | 54,009 | ||||||||||||
Loans sold with recourse | 27,223 | 29,120 | 25,593 | 25,659 |
December 31, | ||||||||||||||||||||||||||
(In thousands) | 2018 | 2017 | Notional Amount | Balance Sheet Location | Fair Value | Notional Amount | Balance Sheet Location | Fair Value | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||||||||
Fair value adjustment included in other assets and other liabilities | ||||||||||||||||||||||||||
Interest rate derivatives | $ | 17,572 | $ | 210 | ||||||||||||||||||||||
Notional amount: | ||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Interest rate derivatives | 653,369 | 481,185 | $ | 1,342,187 | Other assets | $ | 60,203 | $ | 1,342,187 | Other liabilities | $ | 60,203 | ||||||||||||||
Risk participation agreements | 70,785 | 35,628 | 90,938 | Other assets | 252 | 37,193 | Other liabilities | 60 | ||||||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||||||||
Fair value adjustment included in other assets | ||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | $ | 60,455 | $ | 60,263 | |||||||||||||||||||||
Netting adjustments(1) | (170 | ) | 5,482 | |||||||||||||||||||||||
Net derivatives in the balance sheet | $ | 60,625 | $ | 54,781 | ||||||||||||||||||||||
Derivatives not offset on the balance sheet | $ | 5,455 | $ | 5,455 | ||||||||||||||||||||||
Cash collateral(2) | 0 | 43,420 | ||||||||||||||||||||||||
Net derivative amounts | $ | 55,170 | $ | 5,906 | ||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate derivatives | 2,428 | 3,510 | $ | 0 | Other assets | $ | 0 | $ | 25,000 | Other liabilities | $ | 34 | ||||||||||||||
Notional amount: | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Interest rate derivatives | 225,000 | 250,000 | $ | 1,223,584 | Other assets | $ | 108,487 | $ | 1,223,584 | Other liabilities | $ | 108,487 | ||||||||||||||
Risk participation agreements | 72,528 | Other assets | 292 | 39,785 | Other liabilities | 125 | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | $ | 108,779 | $ | 108,612 | |||||||||||||||||||||
Cash collateral(2) | 0 | 107,350 | ||||||||||||||||||||||||
Net derivative amounts | $ | 108,779 | $ | 1,262 |
(1) | Netting adjustments represents the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance on the settle to market rules for cleared derivatives. The CME legally characterizes the variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collateral. The Company began to clear certain derivative transactions through the CME in 2021. |
(2) | Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above. |
December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||
Interest rate derivatives - Included Component | ||||||||||||
Amount of Gain or (Loss) Recognized in OCI | $ | 1,218 | $ | 901 | $ | 2,832 | ||||||
Amount of Gain or (Loss) Reclassified from AOCI into interest (income) expense | (2,300 | ) | (292 | ) | 69 |
Years Ended December 31, | ||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||
Interest rate derivatives - included component | ||||||||||||
Amount of (loss) recognized in OCI | $ | 0 | $ | (275 | ) | $ | (459 | ) | ||||
Amount of loss (gain) reclassified from AOCI into interest expense | 21 | 296 | (2,012 | ) |
December 31, | Years Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||||||
(Increase) Decrease in other income | $ | (120 | ) | $ | 101 | $ | - | |||||||||||||||||
(Decrease) increase in other income | $ | (356 | ) | $ | 1 | $ | 295 |
(In thousands) | Level 1 | Level 2 | Level 3 | December 31, 2018 | Level 1 | Level 2 | Level 3 | December 31, 2021 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||
U.S. treasury | $ | 73,069 | $ | 0 | $ | 0 | $ | 73,069 | ||||||||||||||||||||||||
Federal agency | $ | - | $ | 84,299 | $ | - | $ | 84,299 | 0 | 239,931 | 0 | 239,931 | ||||||||||||||||||||
State & municipal | - | 29,915 | - | 29,915 | 0 | 94,088 | 0 | 94,088 | ||||||||||||||||||||||||
Mortgage-backed | - | 512,295 | - | 512,295 | 0 | 606,675 | 0 | 606,675 | ||||||||||||||||||||||||
Collateralized mortgage obligations | - | 371,987 | - | 371,987 | 0 | 621,595 | 0 | 621,595 | ||||||||||||||||||||||||
Corporate | 0 | 52,003 | 0 | 52,003 | ||||||||||||||||||||||||||||
Total AFS securities | $ | - | $ | 998,496 | $ | - | $ | 998,496 | $ | 73,069 | $ | 1,614,292 | $ | 0 | $ | 1,687,361 | ||||||||||||||||
Equity securities | 19,053 | 4,000 | - | 23,053 | 32,550 | 1,000 | 0 | 33,550 | ||||||||||||||||||||||||
Derivatives | - | 20,000 | - | 20,000 | 0 | 60,625 | 0 | 60,625 | ||||||||||||||||||||||||
Total | $ | 19,053 | $ | 1,022,496 | $ | - | $ | 1,041,549 | $ | 105,619 | $ | 1,675,917 | $ | 0 | $ | 1,781,536 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivatives | $ | - | $ | 17,572 | $ | - | $ | 17,572 | $ | 0 | $ | 60,263 | $ | 0 | $ | 60,263 | ||||||||||||||||
Total | $ | - | $ | 17,572 | $ | - | $ | 17,572 | $ | 0 | $ | 60,263 | $ | 0 | $ | 60,263 |
(In thousands) | Level 1 | Level 2 | Level 3 | December 31, 2017 | ||||||||||||
Assets: | ||||||||||||||||
AFS securities: | ||||||||||||||||
Federal agency | $ | - | $ | 108,899 | $ | - | $ | 108,899 | ||||||||
State & municipal | - | 41,956 | - | 41,956 | ||||||||||||
Mortgage-backed | - | 554,927 | - | 554,927 | ||||||||||||
Collateralized mortgage obligations | - | 535,994 | - | 535,994 | ||||||||||||
Other securities | 5,845 | 8,304 | - | 14,149 | ||||||||||||
Total AFS securities | $ | 5,845 | $ | 1,250,080 | $ | - | $ | 1,255,925 | ||||||||
Trading securities | 11,467 | - | - | 11,467 | ||||||||||||
Derivatives | - | 3,720 | - | 3,720 | ||||||||||||
Total | $ | 17,312 | $ | 1,253,800 | $ | - | $ | 1,271,112 | ||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | - | $ | 210 | $ | - | $ | 210 | ||||||||
Total | $ | - | $ | 210 | $ | - | $ | 210 |
(In thousands) | Level 1 | Level 2 | Level 3 | December 31, 2020 | ||||||||||||
Assets: | ||||||||||||||||
AFS securities: | ||||||||||||||||
Federal agency | $ | 0 | $ | 243,597 | $ | 0 | $ | 243,597 | ||||||||
State & municipal | 0 | 43,180 | 0 | 43,180 | ||||||||||||
Mortgage-backed | 0 | 595,839 | 0 | 595,839 | ||||||||||||
Collateralized mortgage obligations | 0 | 437,804 | 0 | 437,804 | ||||||||||||
Corporate | 0 | 28,278 | 0 | 28,278 | ||||||||||||
Total AFS securities | $ | 0 | $ | 1,348,698 | $ | 0 | $ | 1,348,698 | ||||||||
Equity securities | 28,737 | 2,000 | 0 | 30,737 | ||||||||||||
Derivatives | 0 | 108,779 | 0 | 108,779 | ||||||||||||
Total | $ | 28,737 | $ | 1,459,477 | $ | 0 | $ | 1,488,214 | ||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 0 | $ | 108,646 | $ | 0 | $ | 108,646 | ||||||||
Total | $ | 0 | $ | 108,646 | $ | 0 | $ | 108,646 |
December 31, 2018 | December 31, 2017 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | Fair Value Hierarchy | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
HTM securities | 2 | $ | 783,599 | $ | 778,675 | $ | 484,073 | $ | 481,871 | 2 | $ | 733,210 | $ | 735,260 | $ | 616,560 | $ | 636,827 | ||||||||||||||||||||||
Net loans | 3 | 6,822,147 | 6,754,460 | 6,515,273 | 6,651,931 | 3 | 7,407,289 | 7,530,768 | 7,390,004 | 7,530,033 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Time deposits | 2 | $ | 930,678 | $ | 920,534 | $ | 806,766 | $ | 801,294 | 2 | $ | 501,472 | $ | 500,717 | $ | 633,479 | $ | 638,721 | ||||||||||||||||||||||
Long-term debt | 2 | 73,724 | 73,927 | 88,869 | 88,346 | 2 | 13,995 | 14,260 | 39,097 | 39,820 | ||||||||||||||||||||||||||||||
Subordinated debt | 1 | 100,000 | 107,402 | 100,000 | 103,277 | |||||||||||||||||||||||||||||||||||
Junior subordinated debt | 2 | 101,196 | 100,114 | 101,196 | 104,593 | 2 | 101,196 | 107,569 | 101,196 | 108,926 |
December 31, | December 31, | |||||||||||||||
(In thousands) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 5,876 | $ | 7,572 | $ | 77,182 | $ | 37,915 | ||||||||
Equity securities, at estimated fair value | 18,221 | - | 27,622 | 25,111 | ||||||||||||
AFS securities, at estimated fair value | - | 10,065 | ||||||||||||||
Trading securities | - | 11,245 | ||||||||||||||
Investment in subsidiaries, on equity basis | 1,117,350 | 1,048,908 | 1,359,613 | 1,345,317 | ||||||||||||
Other assets | 34,237 | 40,461 | 36,216 | 30,577 | ||||||||||||
Total assets | $ | 1,175,684 | $ | 1,118,251 | $ | 1,500,633 | $ | 1,438,920 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Total liabilities | $ | 157,775 | $ | 160,074 | $ | 250,180 | $ | 251,302 | ||||||||
Stockholders’ equity | 1,017,909 | 958,177 | 1,250,453 | 1,187,618 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,175,684 | $ | 1,118,251 | $ | 1,500,633 | $ | 1,438,920 |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Dividends from subsidiaries | $ | 43,000 | $ | 38,300 | $ | 10,200 | $ | 118,900 | $ | 77,000 | $ | 50,200 | ||||||||||||
Management fee from subsidiaries | 7,907 | 99,319 | 95,244 | 2,653 | 4,151 | 7,981 | ||||||||||||||||||
Net securities gains | 399 | 2,237 | 652 | |||||||||||||||||||||
Net securities gains (losses) | 543 | (483 | ) | 165 | ||||||||||||||||||||
Interest, dividends and other income | 905 | 928 | 976 | 564 | 824 | 876 | ||||||||||||||||||
Total revenue | $ | 52,211 | $ | 140,784 | $ | 107,072 | $ | 122,660 | $ | 81,492 | $ | 59,222 | ||||||||||||
Operating expenses | 14,226 | 100,667 | 97,977 | 11,956 | 11,825 | 14,262 | ||||||||||||||||||
Income before income tax benefit and equity in undistributed income of subsidiaries | 37,985 | 40,117 | 9,095 | $ | 110,704 | $ | 69,667 | $ | 44,960 | |||||||||||||||
Income tax (benefit) expense | (1,608 | ) | 2,233 | (321 | ) | |||||||||||||||||||
Dividends in excess of income (equity in undistributed income) of subsidiaries | 72,973 | 44,267 | 68,993 | |||||||||||||||||||||
Income tax benefit | (2,250 | ) | (2,653 | ) | (1,588 | ) | ||||||||||||||||||
Equity in undistributed income of subsidiaries | 41,931 | 32,068 | 74,473 | |||||||||||||||||||||
Net income | $ | 112,566 | $ | 82,151 | $ | 78,409 | $ | 154,885 | $ | 104,388 | $ | 121,021 |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Operating activities | ||||||||||||||||||||||||
Net income | $ | 112,566 | $ | 82,151 | $ | 78,409 | $ | 154,885 | $ | 104,388 | $ | 121,021 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||||||
Depreciation and amortization of premises and equipment | 2,814 | 2,974 | 2,805 | 1,113 | 1,739 | 2,298 | ||||||||||||||||||
Excess tax (benefit) on stock-based compensation | (543 | ) | (1,769 | ) | (1,055 | ) | ||||||||||||||||||
Excess tax benefit on stock-based compensation | (385 | ) | (181 | ) | (409 | ) | ||||||||||||||||||
Stock-based compensation expense | 3,936 | 3,644 | 4,378 | 4,414 | 4,581 | 4,210 | ||||||||||||||||||
Net securities gain | (399 | ) | (2,238 | ) | (652 | ) | ||||||||||||||||||
Re-evaluation of deferred tax amounts from Tax Act | - | 3,339 | - | |||||||||||||||||||||
Net securities (gains) losses | (543 | ) | 483 | (165 | ) | |||||||||||||||||||
Equity in undistributed income of subsidiaries | (115,972 | ) | (82,567 | ) | (79,193 | ) | (41,931 | ) | (32,068 | ) | (74,473 | ) | ||||||||||||
Cash dividend from subsidiaries | 43,000 | 38,300 | 10,200 | |||||||||||||||||||||
Bank owned life insurance income | (424 | ) | (328 | ) | (356 | ) | (326 | ) | (391 | ) | (398 | ) | ||||||||||||
Amortization of subordinated debt issuance costs | 438 | 230 | 0 | |||||||||||||||||||||
Net change in other assets and other liabilities | (6,124 | ) | (2,454 | ) | 16,242 | (7,127 | ) | (3,535 | ) | (1,573 | ) | |||||||||||||
Net cash provided by operating activities | $ | 38,854 | $ | 41,052 | $ | 30,778 | $ | 110,538 | $ | 75,246 | $ | 50,511 | ||||||||||||
Investing activities | ||||||||||||||||||||||||
Proceeds on sales of equity securities | $ | 3,318 | $ | - | $ | - | ||||||||||||||||||
Investment in the Bank | $ | 0 | $ | (90,000 | ) | $ | 0 | |||||||||||||||||
Proceeds from calls of equity securities | 1,000 | 2,000 | 0 | |||||||||||||||||||||
Purchases of equity securities | (2 | ) | - | - | 0 | 0 | (93 | ) | ||||||||||||||||
Proceeds on sales and maturities of AFS securities | - | 4,710 | 1,783 | |||||||||||||||||||||
Purchases of AFS securities | - | (9 | ) | (580 | ) | |||||||||||||||||||
Proceeds from settlement of bank owned life insurance | - | 308 | - | |||||||||||||||||||||
Net purchases of premises and equipment | - | (2,264 | ) | (3,083 | ) | |||||||||||||||||||
Net cash provided by (used in) investing activities | $ | 3,316 | $ | 2,745 | $ | (1,880 | ) | $ | 1,000 | $ | (88,000 | ) | $ | (93 | ) | |||||||||
Financing activities | ||||||||||||||||||||||||
Proceeds from issuance of subordinated debt | $ | 0 | $ | 100,000 | $ | 0 | ||||||||||||||||||
Payment of subordinated debt issuance costs | 0 | (2,178 | ) | 0 | ||||||||||||||||||||
Proceeds from the issuance of shares to employee and other stock plans | $ | 1,296 | $ | 3,309 | $ | 6,032 | 112 | 184 | 725 | |||||||||||||||
Cash paid by employer for tax-withholding on stock issuance | (1,893 | ) | (3,582 | ) | (3,387 | ) | (2,931 | ) | (1,537 | ) | (1,622 | ) | ||||||||||||
Purchases of treasury shares | - | - | (17,193 | ) | (21,714 | ) | (7,980 | ) | 0 | |||||||||||||||
Cash dividends | (43,269 | ) | (40,104 | ) | (38,880 | ) | (47,738 | ) | (47,207 | ) | (46,010 | ) | ||||||||||||
Net cash (used in) financing activities | $ | (43,866 | ) | $ | (40,377 | ) | $ | (53,428 | ) | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (1,696 | ) | $ | 3,420 | $ | (24,530 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | $ | (72,271 | ) | $ | 41,282 | $ | (46,907 | ) | ||||||||||||||||
Net increase in cash and cash equivalents | $ | 39,267 | $ | 28,528 | $ | 3,511 | ||||||||||||||||||
Cash and cash equivalents at beginning of year | 7,572 | 4,152 | 28,682 | 37,915 | 9,387 | 5,876 | ||||||||||||||||||
Cash and cash equivalents at end of year | $ | 5,876 | $ | 7,572 | $ | 4,152 | $ | 77,182 | $ | 37,915 | $ | 9,387 |
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
OTHER INFORMATION |
ITEM 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
Plan Category | A. Number of securities to be issued upon exercise of outstanding options, warrants and rights | B. Weighted-average exercise price of Outstanding options, warrants and rights | Number of securities remaining available for Future issuance under Equity compensation plans (excluding securities reflected in column A) | A. Number of securities to be issued upon exercise of outstanding options, warrants and rights | B. Weighted- average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column A) | ||||||||||||||||||
Equity compensation plans approved by stockholders | 66,900 | $ | 23.07 | 1,183,984 | 9,100 | $ | 29.89 | 613,810 | ||||||||||||||||
Equity compensation plans not approved by stockholders | None | None | None | None | None | None |
ITEM 13. | CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE |
Restated Certificate of Incorporation of NBT Bancorp Inc. as amended through July 1, 2015 (filed as Exhibit 3.1 to | ||
Amended and Restated Bylaws of NBT Bancorp Inc. effective May 22, 2018 (filed as Exhibit 3.1 to Registrant’s Form 8-K, filed on May 23, 2018 and incorporated herein by reference). | ||
Certificate of Designation of the Series A Junior Participating Preferred Stock (filed as Exhibit A to Exhibit 4.1 of the Registrant’s Form 8-K, filed on November 18, 2004, and incorporated herein by reference). | ||
Specimen common stock certificate for NBT’s Bancorp Inc. common stock (filed as Exhibit 4.3 to the Registrant’s Amendment No. 1 to Registration Statement on Form S-4, filed on December 27, 2005, and incorporated herein by reference). | ||
Description of Registrant’s Securities (filed as Exhibit 4.2 to the Registrant’s Form 10-K for the year ended December 31, 2019, filed on March 2, 2020, and incorporated herein by reference). | ||
Subordinated Indenture, dated as of June 23, 2020, between NBT Bancorp Inc. | ||
First Supplemental Indenture, dated as of June 23, 2020, between NBT Bancorp Inc. and U.S. Bank National Association (filed as Exhibit 4.2 to Registrant’s Form 8-K, filed on June 23, 2020 and incorporated herein by reference). | ||
Form of 5.000% Fixed-to-Floating Rate Subordinated Notes due 2030 (included in Exhibit 4.4). | ||
NBT Bancorp Inc. Non-employee Directors Restricted and Deferred Stock Plan (filed as Exhibit 10.5 to Registrant’s Form 10-K for the year ended December 31, 2008, filed on March 2, 2009, and incorporated herein by reference).* | ||
Supplemental Executive Retirement Agreement between NBT Bancorp Inc. and Martin A. Dietrich as amended and restated January 20, 2010 (filed as Exhibit 10.14 to Registrant’s Form 10-K for the year ended December 31, 2009, filed on March 1, 2010, and incorporated herein by reference).* | ||
Split-Dollar Agreement between NBT Bancorp Inc., NBT Bank, National Association and Martin A. Dietrich made November 10, 2008 (filed as Exhibit 10.1 to Registrant’s Form 10-Q for the quarterly period ended September 30, 2008, filed on November 10, 2008, and incorporated herein by reference).* |
First Amendment dated November 5, 2009 to Split-Dollar Agreement between NBT Bancorp Inc., NBT Bank, National Association and Martin A. Dietrich made November 10, 2008 (filed as Exhibit 10.6 to Registrant’s Form 10-Q for the quarterly period ended September 30, 2009, filed on November 9, 2009, and incorporated herein by reference).* | ||
Second Amendment dated July 28, 2014 to Split-Dollar Agreement between NBT Bancorp Inc., NBT Bank, National Association, and Martin A. Dietrich made November 10, 2008 (filed as Exhibit 10.1 to | ||
NBT Bancorp Inc. 2008 Omnibus Incentive Plan (filed as Appendix A of Registrant’s Definitive Proxy Statement on Form 14A, filed on March 31, 2008, and incorporated herein by reference).* | ||
Long-Term Incentive Compensation Plan for Named Executive Officers (filed as Exhibit 10.24 to Registrant’s Form 10-K for the year ended December 31, 2011, filed on February 29, 2012, and incorporated herein by reference).* | ||
Amended and Restated Supplemental Retirement Agreement and First Amendment to the Supplemental Retirement Agreement between Alliance Financial Corporation, Alliance Bank, N.A. and Jack H. Webb (filed as Exhibit 10.29 to | ||
Employment Agreement, dated December 19, 2016, by and between NBT Bancorp Inc. and John H. Watt, Jr. (filed as Exhibit 10.1 to | ||
Split-Dollar Agreement between NBT Bancorp Inc., NBT Bank, National Association and John H. Watt, Jr. dated May 9, 2017 (filed as Exhibit 10.1 to | ||
Supplemental Executive Retirement Agreement, dated December 19, 2016 by and between NBT Bancorp Inc. and John H. Watt, Jr. (filed as Exhibit 10.2 to Registrant’s Form 8-K, filed on December 20, 2016, and incorporated herein by reference).* | ||
Employment Agreement, dated December 19, 2016, by and between NBT Bancorp Inc. and Joseph R. Stagliano (Filed as Exhibit 10.19 to | ||
Employment Agreement, dated | ||
Form of Amendment to Employment Agreements, dated September 27, 2017, by and between NBT Bancorp Inc. and John H. Watt, Jr., | ||
NBT Bancorp Inc. 2018 Omnibus Incentive Plan (filed as Appendix A of Registrant’s Definitive Proxy Statement on Form 14A, filed on April 6, 2018, and incorporated herein by reference).* | ||
10.17 | Compensation arrangement for Interim Chief Financial Officer and Chief Accounting Officer (Filed as Exhibit 10.1 to Registrant's Form 10-Q, filed on May 6, 2021, and incorporated herein by reference).* | |
101.INS | Inline XBRL Instance | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Management contract or compensatory plan or arrangement. |
(b) | Exhibits to this Form 10-K are attached or incorporated herein by reference as noted above. |
(c) | Not applicable. |
FORM 10-K SUMMARY |
/s/ John H. Watt, Jr. | |
John H. Watt, Jr. | |
Chief Executive Officer |
/s/ Martin A. Dietrich | /s/ James H. Douglas | |
Martin A. Dietrich | James H. Douglas, Director | |
Chairman and Director | Date: March 1, 2022 | |
Date: March 1, |
/s/ John H. Watt, Jr. |
|
/s/ Andrew S. Kowalczyk III | ||
John H. Watt, Jr. | Andrew S. Kowalczyk III, Director | |
President, Chief Executive Officer and Director (Principal Executive Officer) | Date: March 1, | |
Date: March 1, 2022 |
/s/ Scott A. Kingsley | /s/ John C. Mitchell | |
Scott A. Kingsley | John C. Mitchell, Director | |
Chief Financial Officer (Principal Financial Officer) | Date: March 1, | |
Date: March 1, 2022 |
/s/ Annette L. Burns | /s/ V. Daniel Robinson II | |
Annette L. Burns | V. Daniel Robinson II, Director | |
Chief Accounting Officer (Principal Accounting Officer) | Date: March 1, | |
Date: March 1, 2022 |
/s/ Johanna R. Ames | /s/ Matthew J. Salanger | |
Johanna R. Ames, Director | Matthew J. Salanger, Director | |
Date: March 1, | Date: March 1, 2022 |
/s/ J. David Brown | /s/ Joseph A. Santangelo | |
J. David Brown, Director | Joseph A. Santangelo, Director | |
Date: March 1, | Date: March 1, 2022 |
/s/ Lowell A. Seifter | ||
Patricia T. Civil, Director | Lowell A. Seifter, Director | |
Date: March 1, | Date: March 1, 2022 |
/s/ |
/s/ Jack H. Webb | ||
Timothy E. Delaney, Director | Jack H. Webb, Director | |
Date: March 1, | Date: March 1, 2022 |