☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 04-3510455 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
60 State Street | Boston | Massachusetts | 02109 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | BHLB | The New York Stock Exchange |
Page | ||||||||||||||
Consolidated Balance Sheets as of | ||||||||||||||
Consolidated Statements of Income for the Three and Six Months Ended | ||||||||||||||
Consolidated Statements of Comprehensive | ||||||||||||||
Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended | ||||||||||||||
Consolidated Statements of Cash Flows for the | ||||||||||||||
Notes to Consolidated Financial Statements (Unaudited) | ||||||||||||||
Item 2. | ||||||||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
(In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) | ||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 121,589 | $ | 145,342 | Cash and due from banks | $ | 120,285 | $ | 145,342 | ||||||||||||||||||
Short-term investments | Short-term investments | 884,973 | 540,013 | Short-term investments | 520,315 | 540,013 | ||||||||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 1,006,562 | 685,355 | Total cash and cash equivalents | 640,600 | 685,355 | ||||||||||||||||||||||
Trading securities, at fair value | Trading securities, at fair value | 6,584 | 6,708 | Trading securities, at fair value | 6,405 | 6,708 | ||||||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 13,072 | 12,856 | Equity securities, at fair value | 12,868 | 12,856 | ||||||||||||||||||||||
Securities available for sale, at fair value | Securities available for sale, at fair value | 1,407,271 | 1,423,200 | Securities available for sale, at fair value | 1,340,331 | 1,423,200 | ||||||||||||||||||||||
Securities held to maturity (fair values of $507,091 and $507,464) | 574,606 | 583,453 | ||||||||||||||||||||||||||
Securities held to maturity (fair values of $487,960 and $507,464) | Securities held to maturity (fair values of $487,960 and $507,464) | 563,765 | 583,453 | |||||||||||||||||||||||||
Federal Home Loan Bank stock | Federal Home Loan Bank stock | 44,245 | 7,219 | Federal Home Loan Bank stock | 34,714 | 7,219 | ||||||||||||||||||||||
Total securities | Total securities | 2,045,778 | 2,033,436 | Total securities | 1,958,083 | 2,033,436 | ||||||||||||||||||||||
Less: Allowance for credit losses on held to maturity securities | Less: Allowance for credit losses on held to maturity securities | (71) | (91) | Less: Allowance for credit losses on held to maturity securities | (71) | (91) | ||||||||||||||||||||||
Net securities | Net securities | 2,045,707 | 2,033,345 | Net securities | 1,958,012 | 2,033,345 | ||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,906 | 4,311 | Loans held for sale | 8,708 | 4,311 | ||||||||||||||||||||||
Total loans | Total loans | 8,681,967 | 8,335,309 | Total loans | 8,882,402 | 8,335,309 | ||||||||||||||||||||||
Less: Allowance for credit losses on loans | Less: Allowance for credit losses on loans | (97,991) | (96,270) | Less: Allowance for credit losses on loans | (100,219) | (96,270) | ||||||||||||||||||||||
Net loans | Net loans | 8,583,976 | 8,239,039 | Net loans | 8,782,183 | 8,239,039 | ||||||||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 78,710 | 85,217 | Premises and equipment, net | 76,903 | 85,217 | ||||||||||||||||||||||
Other intangible assets | Other intangible assets | 23,279 | 24,483 | Other intangible assets | 22,074 | 24,483 | ||||||||||||||||||||||
Cash surrender value of bank-owned life insurance policies | Cash surrender value of bank-owned life insurance policies | 239,896 | 238,919 | Cash surrender value of bank-owned life insurance policies | 241,314 | 238,919 | ||||||||||||||||||||||
Other assets | Other assets | 331,720 | 348,935 | Other assets | 352,307 | 348,935 | ||||||||||||||||||||||
Assets held for sale | Assets held for sale | 8,220 | 3,260 | Assets held for sale | 8,220 | 3,260 | ||||||||||||||||||||||
Total assets | Total assets | $ | 12,319,976 | $ | 11,662,864 | Total assets | $ | 12,090,321 | $ | 11,662,864 | ||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||
Demand deposits | Demand deposits | $ | 2,650,937 | $ | 2,852,127 | Demand deposits | $ | 2,594,528 | $ | 2,852,127 | ||||||||||||||||||
NOW and other deposits | NOW and other deposits | 959,417 | 1,054,596 | NOW and other deposits | 944,775 | 1,054,596 | ||||||||||||||||||||||
Money market deposits | Money market deposits | 3,274,630 | 3,723,570 | Money market deposits | 3,005,081 | 3,723,570 | ||||||||||||||||||||||
Savings deposits | Savings deposits | 1,069,915 | 1,063,269 | Savings deposits | 1,088,405 | 1,063,269 | ||||||||||||||||||||||
Time deposits | Time deposits | 2,112,646 | 1,633,707 | Time deposits | 2,435,618 | 1,633,707 | ||||||||||||||||||||||
Total deposits | Total deposits | 10,067,545 | 10,327,269 | Total deposits | 10,068,407 | 10,327,269 | ||||||||||||||||||||||
Short-term debt | Short-term debt | 900,000 | — | Short-term debt | 470,000 | — | ||||||||||||||||||||||
Long-term Federal Home Loan Bank advances and other | Long-term Federal Home Loan Bank advances and other | 4,395 | 4,445 | Long-term Federal Home Loan Bank advances and other | 204,345 | 4,445 | ||||||||||||||||||||||
Subordinated borrowings | Subordinated borrowings | 121,176 | 121,064 | Subordinated borrowings | 121,238 | 121,064 | ||||||||||||||||||||||
Total borrowings | Total borrowings | 1,025,571 | 125,509 | Total borrowings | 795,583 | 125,509 | ||||||||||||||||||||||
Other liabilities | Other liabilities | 231,380 | 256,024 | Other liabilities | 252,950 | 256,024 | ||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 11,324,496 | $ | 10,708,802 | Total liabilities | $ | 11,116,940 | $ | 10,708,802 | ||||||||||||||||||
(continued) | (continued) | (continued) | ||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | Shareholders’ equity | ||||||||||||||||||||||||||
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 44,411,346 shares outstanding in 2023; 51,903,190 shares issued and 44,361,222 shares outstanding in 2022) | 528 | 528 | ||||||||||||||||||||||||||
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 44,033,094 shares outstanding in 2023; 51,903,190 shares issued and 44,361,222 shares outstanding in 2022) | Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 44,033,094 shares outstanding in 2023; 51,903,190 shares issued and 44,361,222 shares outstanding in 2022) | 528 | 528 | |||||||||||||||||||||||||
Additional paid-in capital - common stock | Additional paid-in capital - common stock | 1,424,563 | 1,424,183 | Additional paid-in capital - common stock | 1,423,856 | 1,424,183 | ||||||||||||||||||||||
Unearned compensation | Unearned compensation | (10,920) | (8,598) | Unearned compensation | (14,470) | (8,598) | ||||||||||||||||||||||
Retained (deficit) | Retained (deficit) | (51,398) | (71,428) | Retained (deficit) | (35,490) | (71,428) | ||||||||||||||||||||||
Accumulated other comprehensive (loss) | Accumulated other comprehensive (loss) | (159,066) | (181,052) | Accumulated other comprehensive (loss) | (186,240) | (181,052) | ||||||||||||||||||||||
Treasury stock, at cost (7,491,844 shares in 2023 and 7,541,968 shares in 2022) | (208,227) | (209,571) | ||||||||||||||||||||||||||
Treasury stock, at cost (7,870,096 shares in 2023 and 7,541,968 shares in 2022) | Treasury stock, at cost (7,870,096 shares in 2023 and 7,541,968 shares in 2022) | (214,803) | (209,571) | |||||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 995,480 | 954,062 | Total shareholders’ equity | 973,381 | 954,062 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 12,319,976 | $ | 11,662,864 | Total liabilities and shareholders’ equity | $ | 12,090,321 | $ | 11,662,864 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2023 | 2022 | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | Interest and dividend income | Interest and dividend income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 117,493 | $ | 62,474 | Loans | $ | 126,871 | $ | 74,843 | $ | 244,364 | $ | 137,317 | ||||||||||||||||||||||||||||||||||||||
Securities and other | Securities and other | 14,823 | 12,349 | Securities and other | 18,554 | 12,536 | 33,377 | 24,885 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest and dividend income | Total interest and dividend income | 132,316 | 74,823 | Total interest and dividend income | 145,425 | 87,379 | 277,741 | 162,202 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 26,082 | 4,174 | Deposits | 35,966 | 4,170 | 62,048 | 8,344 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 8,701 | 1,586 | Borrowings | 16,700 | 1,851 | 25,401 | 3,437 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 34,783 | 5,760 | Total interest expense | 52,666 | 6,021 | 87,449 | 11,781 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 97,533 | 69,063 | Net interest income | 92,759 | 81,358 | 190,292 | 150,421 | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | Non-interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit related fees | Deposit related fees | 8,311 | 7,351 | Deposit related fees | 8,571 | 8,005 | 16,882 | 15,356 | ||||||||||||||||||||||||||||||||||||||||||||
Loan fees and other | Loan fees and other | 2,469 | 4,939 | Loan fees and other | 3,189 | 1,113 | 5,658 | 6,052 | ||||||||||||||||||||||||||||||||||||||||||||
Gain on SBA loan sales | Gain on SBA loan sales | 2,494 | 3,345 | Gain on SBA loan sales | 2,910 | 3,619 | 5,404 | 6,964 | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management fees | Wealth management fees | 2,739 | 2,625 | Wealth management fees | 2,583 | 2,775 | 5,322 | 5,400 | ||||||||||||||||||||||||||||||||||||||||||||
Total fee income | Total fee income | 16,013 | 18,260 | Total fee income | 17,253 | 15,512 | 33,266 | 33,772 | ||||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 359 | 3,166 | Other, net | (137) | 1,812 | 222 | 4,978 | ||||||||||||||||||||||||||||||||||||||||||||
Gain/(loss) on securities, net | 234 | (745) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value adjustments on securities | Fair value adjustments on securities | (22) | (973) | 212 | (1,718) | |||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | 16,606 | 20,681 | Total non-interest income | 17,094 | 16,351 | 33,700 | 37,032 | ||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | Total net revenue | 114,139 | 89,744 | Total net revenue | 109,853 | 97,709 | 223,992 | 187,453 | ||||||||||||||||||||||||||||||||||||||||||||
Provision expense/(benefit) for credit losses | Provision expense/(benefit) for credit losses | 8,999 | (4,000) | Provision expense/(benefit) for credit losses | 8,000 | — | 16,999 | (4,000) | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | Non-interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | 39,071 | 37,521 | Compensation and benefits | 39,960 | 37,830 | 79,031 | 75,351 | ||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 9,379 | 10,067 | Occupancy and equipment | 8,970 | 9,438 | 18,349 | 19,505 | ||||||||||||||||||||||||||||||||||||||||||||
Technology and communications | Technology and communications | 9,471 | 8,527 | Technology and communications | 10,465 | 8,611 | 19,936 | 17,138 | ||||||||||||||||||||||||||||||||||||||||||||
Marketing and promotion | Marketing and promotion | 1,208 | 1,111 | Marketing and promotion | 1,510 | 1,472 | 2,718 | 2,583 | ||||||||||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 3,277 | 2,692 | Professional services | 2,526 | 2,913 | 5,803 | 5,605 | ||||||||||||||||||||||||||||||||||||||||||||
FDIC premiums and assessments | FDIC premiums and assessments | 1,426 | 987 | FDIC premiums and assessments | 1,834 | 658 | 3,260 | 1,645 | ||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned and foreclosures | Other real estate owned and foreclosures | — | 23 | — | 23 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,205 | 1,286 | Amortization of intangible assets | 1,205 | 1,286 | 2,410 | 2,572 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition, restructuring, and other expenses | Acquisition, restructuring, and other expenses | (36) | 18 | Acquisition, restructuring, and other expenses | 21 | 35 | (15) | 53 | ||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 6,954 | 6,341 | Other | 7,557 | 6,209 | 14,511 | 12,550 | ||||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | 71,955 | 68,550 | Total non-interest expense | 74,048 | 68,475 | 146,003 | 137,025 | ||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 33,185 | $ | 25,194 | Income before income taxes | $ | 27,805 | $ | 29,234 | $ | 60,990 | $ | 54,428 | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 5,548 | 4,998 | Income tax expense | 3,944 | 6,119 | 9,492 | 11,117 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 27,637 | $ | 20,196 | Net income | $ | 23,861 | $ | 23,115 | $ | 51,498 | $ | 43,311 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.63 | $ | 0.42 | Basic earnings per common share | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.93 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.63 | $ | 0.42 | Diluted earnings per common share | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.92 | ||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding: | Weighted average shares outstanding: | Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 43,693 | 47,668 | Basic | 43,443 | 45,818 | 43,564 | 46,733 | ||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 44,036 | 48,067 | Diluted | 43,532 | 46,102 | 43,780 | 47,074 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | ||||||||||||||||||||||||
Net income | $ | 27,637 | $ | 20,196 | ||||||||||||||||||||||
Other comprehensive income/(loss), before tax: | ||||||||||||||||||||||||||
Changes in unrealized gain/(loss) on debt securities available-for-sale | 23,968 | (101,373) | ||||||||||||||||||||||||
Changes in unrealized gain on derivative hedges | 5,798 | — | ||||||||||||||||||||||||
Income taxes related to other comprehensive (loss): | ||||||||||||||||||||||||||
Changes in unrealized gain/(loss) on debt securities available-for-sale | (6,224) | 26,379 | ||||||||||||||||||||||||
Changes in unrealized gain on derivative hedges | (1,556) | — | ||||||||||||||||||||||||
Total other comprehensive income/(loss) | 21,986 | (74,994) | ||||||||||||||||||||||||
Total comprehensive income/(loss) | $ | 49,623 | $ | (54,798) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 23,861 | $ | 23,115 | $ | 51,498 | $ | 43,311 | ||||||||||||||||||
Other comprehensive (loss), before tax: | ||||||||||||||||||||||||||
Changes in unrealized (loss) on debt securities available-for-sale | (24,842) | (60,487) | (874) | (161,860) | ||||||||||||||||||||||
Changes in unrealized (loss) on derivative hedges | (11,910) | — | (6,112) | — | ||||||||||||||||||||||
Income taxes related to other comprehensive (loss): | ||||||||||||||||||||||||||
Changes in unrealized (loss) on debt securities available-for-sale | 6,381 | 15,725 | 157 | 42,104 | ||||||||||||||||||||||
Changes in unrealized (loss) on derivative hedges | 3,197 | — | 1,641 | — | ||||||||||||||||||||||
Total other comprehensive (loss) | (27,174) | (44,762) | (5,188) | (119,756) | ||||||||||||||||||||||
Total comprehensive (loss)/income | $ | (3,313) | $ | (21,647) | $ | 46,310 | $ | (76,445) |
Common stock | Additional paid-in capital | Unearned compensation | Retained earnings (deficit) | Accumulated other comprehensive (loss) | Treasury stock | Common stock | Additional paid-in capital | Unearned compensation | Retained earnings (deficit) | Accumulated other comprehensive (loss) | Treasury stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Shares | Amount | Total | (In thousands) | Amount | Treasury stock | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 48,667 | $ | 528 | $ | 1,423,445 | $ | (9,056) | $ | (139,383) | $ | (3,243) | $ | (89,856) | $ | 1,182,435 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | 47,792 | $ | 528 | $ | 1,423,679 | $ | (10,284) | $ | (125,343) | $ | (78,237) | $ | (116,482) | $ | 1,093,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss): | Comprehensive (loss): | Comprehensive (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 20,196 | — | — | 20,196 | Net income | — | — | — | — | 23,115 | — | — | 23,115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | — | — | — | — | — | (74,994) | — | (74,994) | Other comprehensive (loss) | — | — | — | — | — | (44,762) | — | (44,762) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | — | 20,196 | (74,994) | — | (54,798) | Total comprehensive income/(loss) | — | — | — | — | 23,115 | (44,762) | — | (21,647) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.12 per share) | — | — | — | — | (6,152) | — | — | (6,152) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.24 per share) | Cash dividends declared on common shares ($0.24 per share) | — | — | — | — | (4,769) | — | — | (4,769) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | Treasury shares repurchased | (972) | — | — | — | — | — | (29,254) | (29,254) | Treasury shares repurchased | (2,147) | — | — | — | — | — | (55,040) | (55,040) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited shares | Forfeited shares | (36) | — | 70 | 983 | — | — | (1,053) | — | Forfeited shares | (15) | — | 9 | 375 | — | — | (384) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 1 | — | — | — | (4) | — | 29 | 25 | Exercise of stock options | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants | Restricted stock grants | 139 | — | 161 | (4,016) | — | — | 3,855 | — | Restricted stock grants | 175 | — | 391 | (5,035) | — | — | 4,644 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 1,805 | — | — | — | 1,805 | Stock-based compensation | — | — | — | 2,120 | — | — | — | 2,120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | (7) | — | 3 | — | — | — | (203) | (200) | Other, net | (17) | — | 2 | — | — | — | (477) | (475) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 47,792 | $ | 528 | $ | 1,423,679 | $ | (10,284) | $ | (125,343) | $ | (78,237) | $ | (116,482) | $ | 1,093,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 45,788 | $ | 528 | $ | 1,424,081 | $ | (12,824) | $ | (106,997) | $ | (122,999) | $ | (167,739) | $ | 1,014,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 44,361 | $ | 528 | $ | 1,424,183 | $ | (8,598) | $ | (71,428) | $ | (181,052) | $ | (209,571) | $ | 954,062 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | 44,411 | $ | 528 | $ | 1,424,563 | $ | (10,920) | $ | (51,398) | $ | (159,066) | $ | (208,227) | $ | 995,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 27,637 | — | — | 27,637 | Net income | — | — | — | — | 23,861 | — | — | 23,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 21,986 | — | 21,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | — | — | — | — | — | (27,174) | — | (27,174) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | — | — | — | — | 27,637 | 21,986 | — | 49,623 | Total comprehensive income | — | — | — | — | 23,861 | (27,174) | — | (3,313) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of ASU No. 2022-02 Adoption | Impact of ASU No. 2022-02 Adoption | — | — | — | — | 401 | — | — | 401 | Impact of ASU No. 2022-02 Adoption | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.18 per share) | — | — | — | — | (8,008) | — | — | (8,008) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.36 per share) | Cash dividends declared on common shares ($0.36 per share) | — | — | — | — | (7,953) | — | — | (7,953) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | Treasury shares repurchased | (47) | — | — | — | — | — | (1,190) | (1,190) | Treasury shares repurchased | (581) | — | — | — | — | — | (12,378) | (12,378) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited shares | Forfeited shares | (31) | — | 87 | 834 | — | — | (921) | — | Forfeited shares | (18) | — | (50) | 428 | — | — | (378) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | — | — | — | — | — | — | — | — | Exercise of stock options | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants | Restricted stock grants | 143 | — | 446 | (4,352) | — | — | 3,906 | — | Restricted stock grants | 249 | — | (654) | (6,236) | — | — | 6,890 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 1,196 | — | — | — | 1,196 | Stock-based compensation | — | — | — | 2,258 | — | — | — | 2,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | (15) | — | (153) | — | — | — | (451) | (604) | Other, net | (28) | — | (3) | — | — | — | (710) | (713) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 44,411 | $ | 528 | $ | 1,424,563 | $ | (10,920) | $ | (51,398) | $ | (159,066) | $ | (208,227) | $ | 995,480 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | 44,033 | $ | 528 | $ | 1,423,856 | $ | (14,470) | $ | (35,490) | $ | (186,240) | $ | (214,803) | $ | 973,381 |
Common stock | Additional paid-in capital | Unearned compensation | Retained earnings (deficit) | Accumulated other comprehensive (loss) | Treasury stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 48,667 | $ | 528 | $ | 1,423,445 | $ | (9,056) | $ | (139,383) | $ | (3,243) | $ | (89,856) | $ | 1,182,435 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 43,311 | — | — | 43,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | — | — | — | — | — | (119,756) | — | (119,756) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | — | — | — | — | 43,311 | (119,756) | — | (76,445) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.24 per share) | — | — | — | — | (10,921) | — | — | (10,921) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | (3,119) | — | — | — | — | — | (84,295) | (84,295) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited shares | (51) | — | 79 | 1,358 | — | — | (1,437) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 1 | — | — | — | (4) | — | 29 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants | 314 | — | 552 | (9,052) | — | — | 8,500 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 3,926 | — | — | — | 3,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | (24) | — | 5 | — | — | — | (680) | (675) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 45,788 | $ | 528 | $ | 1,424,081 | $ | (12,824) | $ | (106,997) | $ | (122,999) | $ | (167,739) | $ | 1,014,050 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 44,361 | $ | 528 | $ | 1,424,183 | $ | (8,598) | $ | (71,428) | $ | (181,052) | $ | (209,571) | $ | 954,062 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 51,498 | — | — | 51,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | — | — | — | — | — | (5,188) | — | (5,188) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | 51,498 | (5,188) | — | 46,310 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of ASU No. 2022-02 Adoption | — | — | — | — | 401 | — | — | 401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.36 per share) | — | — | — | — | (15,961) | — | — | (15,961) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | (628) | — | — | — | — | — | (13,568) | (13,568) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited shares | (49) | — | 37 | 1,261 | — | — | (1,298) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants | 392 | — | (209) | (10,587) | — | — | 10,796 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 3,454 | — | — | — | 3,454 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | (43) | — | (155) | — | — | — | (1,162) | (1,317) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 44,033 | $ | 528 | $ | 1,423,856 | $ | (14,470) | $ | (35,490) | $ | (186,240) | $ | (214,803) | $ | 973,381 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||||||||
Net income | Net income | $ | 27,637 | $ | 20,196 | Net income | $ | 51,498 | $ | 43,311 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||
Provision/(benefit) for credit losses | Provision/(benefit) for credit losses | 8,999 | (4,000) | Provision/(benefit) for credit losses | 16,999 | (4,000) | ||||||||||||||||||||||
Net (accretion)/amortization of securities | Net (accretion)/amortization of securities | (42) | 668 | Net (accretion)/amortization of securities | 480 | 1,383 | ||||||||||||||||||||||
Change in unamortized net loan costs and premiums | Change in unamortized net loan costs and premiums | 309 | 560 | Change in unamortized net loan costs and premiums | (474) | 2,471 | ||||||||||||||||||||||
Premises and equipment depreciation and amortization expense | Premises and equipment depreciation and amortization expense | 2,223 | 2,479 | Premises and equipment depreciation and amortization expense | 4,327 | 4,907 | ||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 1,196 | 1,805 | Stock-based compensation expense | 3,454 | 3,926 | ||||||||||||||||||||||
Accretion of purchase accounting entries, net | Accretion of purchase accounting entries, net | (47) | (677) | Accretion of purchase accounting entries, net | (330) | (1,464) | ||||||||||||||||||||||
Amortization of other intangibles | Amortization of other intangibles | 1,205 | 1,286 | Amortization of other intangibles | 2,410 | 2,572 | ||||||||||||||||||||||
Income from cash surrender value of bank-owned life insurance policies | Income from cash surrender value of bank-owned life insurance policies | (977) | (1,332) | Income from cash surrender value of bank-owned life insurance policies | (2,395) | (2,697) | ||||||||||||||||||||||
(Gain) on SBA loan sales | (Gain) on SBA loan sales | (2,494) | (3,345) | (Gain) on SBA loan sales | (5,404) | (3,619) | ||||||||||||||||||||||
Securities (gains)/losses, net | (234) | 745 | ||||||||||||||||||||||||||
Fair value adjustments on securities | Fair value adjustments on securities | (212) | 1,718 | |||||||||||||||||||||||||
Net change in loans held-for-sale | Net change in loans held-for-sale | 2,405 | 5,204 | Net change in loans held-for-sale | (4,397) | 4,442 | ||||||||||||||||||||||
Amortization of interest in tax-advantaged projects | Amortization of interest in tax-advantaged projects | 2,285 | 357 | Amortization of interest in tax-advantaged projects | 4,495 | 708 | ||||||||||||||||||||||
Net change in other | Net change in other | (5,151) | (10,595) | Net change in other | (9,399) | (42,990) | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 37,314 | 13,351 | Net cash provided by operating activities | 61,052 | 10,668 | ||||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||||||||
Net decrease in trading security | Net decrease in trading security | 212 | 202 | Net decrease in trading security | 426 | 404 | ||||||||||||||||||||||
Purchases of securities available for sale | Purchases of securities available for sale | (28,899) | (386,636) | Purchases of securities available for sale | (36,798) | (386,637) | ||||||||||||||||||||||
Proceeds from sales of securities available for sale | Proceeds from sales of securities available for sale | — | 149,994 | |||||||||||||||||||||||||
Proceeds from maturities, calls, and prepayments of securities available for sale | Proceeds from maturities, calls, and prepayments of securities available for sale | 69,404 | 130,118 | Proceeds from maturities, calls, and prepayments of securities available for sale | 119,390 | 255,045 | ||||||||||||||||||||||
Purchases of securities held to maturity | Purchases of securities held to maturity | (700) | (575) | |||||||||||||||||||||||||
Proceeds from maturities, calls, and prepayments of securities held to maturity | Proceeds from maturities, calls, and prepayments of securities held to maturity | 8,380 | 23,853 | Proceeds from maturities, calls, and prepayments of securities held to maturity | 19,461 | 33,514 | ||||||||||||||||||||||
Net change in loans | Net change in loans | (351,311) | (440,012) | Net change in loans | (553,530) | (977,443) | ||||||||||||||||||||||
Proceeds from surrender of bank-owned life insurance | Proceeds from surrender of bank-owned life insurance | — | 429 | Proceeds from surrender of bank-owned life insurance | — | 842 | ||||||||||||||||||||||
Purchase of Federal Home Loan Bank stock | Purchase of Federal Home Loan Bank stock | (183,155) | (116) | Purchase of Federal Home Loan Bank stock | (340,879) | (32,466) | ||||||||||||||||||||||
Proceeds from redemption of Federal Home Loan Bank stock | Proceeds from redemption of Federal Home Loan Bank stock | 146,129 | 87 | Proceeds from redemption of Federal Home Loan Bank stock | 313,384 | 33,901 | ||||||||||||||||||||||
Net investment in limited partnership tax credits | Net investment in limited partnership tax credits | — | (721) | |||||||||||||||||||||||||
Purchase of premises and equipment, net | Purchase of premises and equipment, net | (753) | — | Purchase of premises and equipment, net | (753) | (730) | ||||||||||||||||||||||
Net cash (used) by investing activities | Net cash (used) by investing activities | (339,993) | (672,075) | Net cash (used) by investing activities | (479,999) | (924,872) |
Three Months Ended March 31, | ||||||||||||||
(In thousands) | 2023 | 2022 | ||||||||||||
(continued) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net (decrease)/increase in deposits | (259,724) | 630,255 | ||||||||||||
Proceeds from Federal Home Loan Bank advances and other borrowings | 3,555,000 | 1,275 | ||||||||||||
Repayments of Federal Home Loan Bank advances and other borrowings | (2,655,050) | (46) | ||||||||||||
Purchase of treasury stock | (1,190) | (29,254) | ||||||||||||
Exercise of stock options | — | 25 | ||||||||||||
Common stock cash dividends paid | (8,008) | (6,152) | ||||||||||||
Settlement of derivative contracts with financial institution counterparties | (7,142) | 42,065 | ||||||||||||
Net cash provided by financing activities | 623,886 | 638,168 | ||||||||||||
Net change in cash and cash equivalents | 321,207 | (20,556) | ||||||||||||
Cash and cash equivalents at beginning of period | 685,355 | 1,627,807 | ||||||||||||
Cash and cash equivalents at end of period | $ | 1,006,562 | $ | 1,607,251 | ||||||||||
Supplemental cash flow information: | ||||||||||||||
Interest paid on deposits | $ | 25,267 | $ | 3,965 | ||||||||||
Interest paid on borrowed funds | 6,163 | 1,588 | ||||||||||||
Income taxes paid, net | 4,412 | 2,694 | ||||||||||||
Other non-cash changes: | ||||||||||||||
Other net comprehensive income | $ | 21,986 | $ | (74,994) | ||||||||||
Impact to retained earnings from adoption of ASU 2022-02 | 401 | — | ||||||||||||
Properties transferred to held for sale | 4,960 | — | ||||||||||||
Reclassification of held-for-sale loans to held-for-investment, net | — | 606 |
Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2023 | 2022 | ||||||||||||
(continued) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net (decrease)/increase in deposits | (258,862) | 45,711 | ||||||||||||
Proceeds from Federal Home Loan Bank advances and other borrowings | 8,425,000 | 51,275 | ||||||||||||
Repayments of Federal Home Loan Bank advances and other borrowings | (7,755,100) | (6,096) | ||||||||||||
Proceeds from issuance of subordinated debt | — | 98,032 | ||||||||||||
Purchase of treasury stock | (13,568) | (84,295) | ||||||||||||
Exercise of stock options | — | 25 | ||||||||||||
Common stock cash dividends paid | (15,961) | (10,921) | ||||||||||||
Settlement of derivative contracts with financial institution counterparties | (7,317) | 63,683 | ||||||||||||
Net cash provided by financing activities | 374,192 | 157,414 | ||||||||||||
Net change in cash and cash equivalents | (44,755) | (756,790) | ||||||||||||
Cash and cash equivalents at beginning of period | 685,355 | 1,627,807 | ||||||||||||
Cash and cash equivalents at end of period | $ | 640,600 | $ | 871,017 | ||||||||||
Supplemental cash flow information: | ||||||||||||||
Interest paid on deposits | $ | 58,472 | $ | 8,810 | ||||||||||
Interest paid on borrowed funds | 23,488 | 3,396 | ||||||||||||
Income taxes paid, net | 7,633 | 12,590 | ||||||||||||
Other non-cash changes: | ||||||||||||||
Other net comprehensive income | $ | (5,188) | $ | (119,756) | ||||||||||
Impact to retained earnings from adoption of ASU 2022-02 | 401 | — | ||||||||||||
Properties transferred to held for sale | 4,960 | — | ||||||||||||
Reclassification of held-for-sale loans to held-for-investment, net | — | 606 |
(In thousands) | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S Treasuries | U.S Treasuries | $ | 8,981 | $ | — | $ | — | $ | 8,981 | U.S Treasuries | $ | 7,979 | $ | 2 | $ | — | $ | 7,981 | ||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | 65,849 | 749 | (1,981) | 64,617 | — | Municipal bonds and obligations | 65,840 | 275 | (2,493) | 63,622 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 612,727 | — | (86,778) | 525,949 | — | Agency collateralized mortgage obligations | 591,299 | — | (99,959) | 491,340 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 628,243 | 1 | (88,647) | 539,597 | — | Agency mortgage-backed securities | 611,157 | — | (92,605) | 518,552 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 261,167 | — | (33,759) | 227,408 | — | Agency commercial mortgage-backed securities | 258,283 | — | (38,506) | 219,777 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 43,349 | 66 | (3,352) | 40,063 | — | Corporate bonds | 43,331 | 60 | (4,988) | 38,403 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | 655 | 67 | (66) | 656 | — | Other bonds and obligations | 655 | 67 | (66) | 656 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | 1,620,971 | 883 | (214,583) | 1,407,271 | — | Total securities available for sale | 1,578,544 | 404 | (238,617) | 1,340,331 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | Securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | 263,818 | 1,174 | (19,260) | 245,732 | 49 | Municipal bonds and obligations | 259,843 | 401 | (21,405) | 238,839 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 124,335 | — | (18,041) | 106,294 | — | Agency collateralized mortgage obligations | 120,349 | — | (20,469) | 99,880 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 50,152 | — | (8,511) | 41,641 | — | Agency mortgage-backed securities | 49,231 | — | (8,973) | 40,258 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 134,180 | — | (22,781) | 111,399 | — | Agency commercial mortgage-backed securities | 132,320 | — | (25,272) | 107,048 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax advantaged economic development bonds | Tax advantaged economic development bonds | 1,830 | 7 | (103) | 1,734 | 22 | Tax advantaged economic development bonds | 1,734 | 7 | (94) | 1,647 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | 291 | — | — | 291 | — | Other bonds and obligations | 288 | — | — | 288 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | Total securities held to maturity | 574,606 | 1,181 | (68,696) | 507,091 | 71 | Total securities held to maturity | 563,765 | 408 | (76,213) | 487,960 | 71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | Marketable equity securities | 15,036 | — | (1,964) | 13,072 | — | Marketable equity securities | 15,035 | — | (2,167) | 12,868 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,210,613 | $ | 2,064 | $ | (285,243) | $ | 1,927,434 | $ | 71 | Total | $ | 2,157,344 | $ | 812 | $ | (316,997) | $ | 1,841,159 | $ | 71 |
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance | |||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||
U.S Treasuries | $ | 11,972 | $ | 1 | $ | — | $ | 11,973 | $ | — | ||||||||||||||||||||||
Municipal bonds and obligations | 65,943 | 422 | (3,030) | 63,335 | — | |||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 631,732 | — | (99,787) | 531,945 | — | |||||||||||||||||||||||||||
Agency mortgage-backed securities | 643,308 | 1 | (96,996) | 546,313 | — | |||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 264,218 | — | (35,750) | 228,468 | — | |||||||||||||||||||||||||||
Corporate bonds | 43,368 | 80 | (2,938) | 40,510 | — | |||||||||||||||||||||||||||
Other bonds and obligations | 655 | 67 | (66) | 656 | — | |||||||||||||||||||||||||||
Total securities available for sale | 1,661,196 | 571 | (238,567) | 1,423,200 | — | |||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||
Municipal bonds and obligations | 266,793 | 691 | (23,704) | 243,780 | 66 | |||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 128,136 | — | (20,420) | 107,716 | — | |||||||||||||||||||||||||||
Agency mortgage-backed securities | 50,958 | — | (9,240) | 41,718 | — | |||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 135,206 | — | (23,203) | 112,003 | — | |||||||||||||||||||||||||||
Tax advantaged economic development bonds | 2,069 | 8 | (121) | 1,956 | 25 | |||||||||||||||||||||||||||
Other bonds and obligations | 291 | — | — | 291 | — | |||||||||||||||||||||||||||
Total securities held to maturity | 583,453 | 699 | (76,688) | 507,464 | 91 | |||||||||||||||||||||||||||
Marketable equity securities | 15,035 | — | (2,179) | 12,856 | — | |||||||||||||||||||||||||||
Total | $ | 2,259,684 | $ | 1,270 | $ | (317,434) | $ | 1,943,520 | $ | 91 |
(In thousands) | (In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | (In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 66 | $ | 25 | $ | 91 | ||||||||||||||||||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | $ | 49 | $ | 22 | $ | 71 | |||||||||||||||||||||||||||
(Benefit)/provision for credit losses | (Benefit)/provision for credit losses | (17) | (3) | (20) | (Benefit)/provision for credit losses | — | — | — | ||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 49 | $ | 22 | $ | 71 | ||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | $ | 49 | $ | 22 | $ | 71 |
(In thousands) | (In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | (In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 70 | $ | 35 | $ | 105 | ||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | $ | 67 | $ | 32 | $ | 99 | |||||||||||||||||||||||||||
(Benefit)/provision for credit losses | (Benefit)/provision for credit losses | (3) | (3) | (6) | (Benefit)/provision for credit losses | (1) | (4) | (5) | ||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 67 | $ | 32 | $ | 99 | ||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 66 | $ | 28 | $ | 94 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2022 | $ | 66 | $ | 25 | $ | 91 | |||||||||||
(Benefit)/provision for credit losses | (17) | (3) | (20) | ||||||||||||||
Balance at June 30, 2023 | $ | 49 | $ | 22 | $ | 71 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2021 | $ | 70 | $ | 35 | $ | 105 | |||||||||||
(Benefit)/provision for credit losses | (4) | (7) | (11) | ||||||||||||||
Balance at June 30, 2022 | $ | 66 | $ | 28 | $ | 94 |
Available for sale | Held to maturity | Available for sale | Held to maturity | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Cost | Value | Cost | Value | (In thousands) | Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||||||||||||
Within 1 year | Within 1 year | $ | 9,800 | $ | 9,801 | $ | 802 | $ | 803 | Within 1 year | $ | 8,799 | $ | 8,800 | $ | 894 | $ | 894 | ||||||||||||||||||||||||||||||||||
Over 1 year to 5 years | Over 1 year to 5 years | 10,863 | 10,694 | 2,222 | 2,218 | Over 1 year to 5 years | 10,866 | 10,754 | 2,309 | 2,298 | ||||||||||||||||||||||||||||||||||||||||||
Over 5 years to 10 years | Over 5 years to 10 years | 52,127 | 49,259 | 34,563 | 34,659 | Over 5 years to 10 years | 54,612 | 49,747 | 36,477 | 36,281 | ||||||||||||||||||||||||||||||||||||||||||
Over 10 years | Over 10 years | 46,044 | 44,563 | 228,352 | 210,077 | Over 10 years | 43,528 | 41,361 | 222,185 | 201,301 | ||||||||||||||||||||||||||||||||||||||||||
Total bonds and obligations | Total bonds and obligations | 118,834 | 114,317 | 265,939 | 247,757 | Total bonds and obligations | 117,805 | 110,662 | 261,865 | 240,774 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 1,502,137 | 1,292,954 | 308,667 | 259,334 | Mortgage-backed securities | 1,460,739 | 1,229,669 | 301,900 | 247,186 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,620,971 | $ | 1,407,271 | $ | 574,606 | $ | 507,091 | Total | $ | 1,578,544 | $ | 1,340,331 | $ | 563,765 | $ | 487,960 |
Less Than Twelve Months | Over Twelve Months | Total | Less Than Twelve Months | Over Twelve Months | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Losses | Value | Losses | Value | Losses | Value | (In thousands) | Losses | Value | Losses | Value | Losses | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | $ | 356 | $ | 13,295 | $ | 1,625 | $ | 15,813 | $ | 1,981 | $ | 29,108 | Municipal bonds and obligations | $ | 550 | $ | 24,993 | $ | 1,943 | $ | 17,862 | $ | 2,493 | $ | 42,855 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 250 | 9,999 | 86,528 | 515,950 | 86,778 | 525,949 | Agency collateralized mortgage obligations | 113 | 2,276 | 99,846 | 489,064 | 99,959 | 491,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 142 | 4,110 | 88,505 | 535,398 | 88,647 | 539,508 | Agency mortgage-backed securities | 157 | 2,648 | 92,448 | 515,824 | 92,605 | 518,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 911 | 10,783 | 32,848 | 216,624 | 33,759 | 227,407 | Agency commercial mortgage-backed securities | 1,042 | 9,678 | 37,464 | 210,099 | 38,506 | 219,777 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 1,301 | 24,063 | 2,051 | 15,089 | 3,352 | 39,152 | Corporate bonds | 1,064 | 12,797 | 3,924 | 24,698 | 4,988 | 37,495 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | — | — | 66 | 295 | 66 | 295 | Other bonds and obligations | — | — | 66 | 295 | 66 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | $ | 2,960 | $ | 62,250 | $ | 211,623 | $ | 1,299,169 | $ | 214,583 | $ | 1,361,419 | Total securities available for sale | $ | 2,926 | $ | 52,392 | $ | 235,691 | $ | 1,257,842 | $ | 238,617 | $ | 1,310,234 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | Securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | $ | 633 | $ | 46,988 | $ | 18,627 | $ | 78,012 | $ | 19,260 | $ | 125,000 | Municipal bonds and obligations | $ | 1,710 | $ | 89,477 | $ | 19,695 | $ | 74,807 | $ | 21,405 | $ | 164,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 1,065 | 37,271 | 16,976 | 69,023 | 18,041 | 106,294 | Agency collateralized mortgage obligations | 1,709 | 34,330 | 18,760 | 65,550 | 20,469 | 99,880 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | — | — | 8,511 | 41,641 | 8,511 | 41,641 | Agency mortgage-backed securities | — | — | 8,973 | 40,258 | 8,973 | 40,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | — | — | 22,781 | 111,399 | 22,781 | 111,399 | Agency commercial mortgage-backed securities | — | — | 25,272 | 107,048 | 25,272 | 107,048 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax advantaged economic development bonds | Tax advantaged economic development bonds | — | — | 103 | 989 | 103 | 989 | Tax advantaged economic development bonds | — | — | 94 | 962 | 94 | 962 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | Total securities held to maturity | 1,698 | 84,259 | 66,998 | 301,064 | 68,696 | 385,323 | Total securities held to maturity | 3,419 | 123,807 | 72,794 | 288,625 | 76,213 | 412,432 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,658 | $ | 146,509 | $ | 278,621 | $ | 1,600,233 | $ | 283,279 | $ | 1,746,742 | Total | $ | 6,345 | $ | 176,199 | $ | 308,485 | $ | 1,546,467 | $ | 314,830 | $ | 1,722,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | $ | 2,406 | $ | 36,696 | $ | 624 | $ | 2,763 | $ | 3,030 | $ | 39,459 | Municipal bonds and obligations | $ | 2,406 | $ | 36,696 | $ | 624 | $ | 2,763 | $ | 3,030 | $ | 39,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 23,052 | 247,509 | 76,735 | 284,434 | 99,787 | 531,943 | Agency collateralized mortgage obligations | 23,052 | 247,509 | 76,735 | 284,434 | 99,787 | 531,943 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 3,124 | 37,540 | 93,872 | 508,683 | 96,996 | 546,223 | Agency mortgage-backed securities | 3,124 | 37,540 | 93,872 | 508,683 | 96,996 | 546,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 9,885 | 96,396 | 25,865 | 132,043 | 35,750 | 228,439 | Agency commercial mortgage-backed securities | 9,885 | 96,396 | 25,865 | 132,043 | 35,750 | 228,439 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 1,709 | 25,657 | 1,229 | 9,929 | 2,938 | 35,586 | Corporate bonds | 1,709 | 25,657 | 1,229 | 9,929 | 2,938 | 35,586 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | — | — | 66 | 295 | 66 | 295 | Other bonds and obligations | — | — | 66 | 295 | 66 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | $ | 40,176 | $ | 443,798 | $ | 198,391 | $ | 938,147 | $ | 238,567 | $ | 1,381,945 | Total securities available for sale | $ | 40,176 | $ | 443,798 | $ | 198,391 | $ | 938,147 | $ | 238,567 | $ | 1,381,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | Securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | $ | 5,476 | $ | 125,494 | $ | 18,228 | $ | 38,341 | $ | 23,704 | $ | 163,835 | Municipal bonds and obligations | $ | 5,476 | $ | 125,494 | $ | 18,228 | $ | 38,341 | $ | 23,704 | $ | 163,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 2,734 | 49,539 | 17,686 | 58,177 | 20,420 | 107,716 | Agency collateralized mortgage obligations | 2,734 | 49,539 | 17,686 | 58,177 | 20,420 | 107,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 300 | 2,419 | 8,940 | 39,299 | 9,240 | 41,718 | Agency mortgage-backed securities | 300 | 2,419 | 8,940 | 39,299 | 9,240 | 41,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 447 | 9,713 | 22,756 | 102,290 | 23,203 | 112,003 | Agency commercial mortgage-backed securities | 447 | 9,713 | 22,756 | 102,290 | 23,203 | 112,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax advantaged economic development bonds | Tax advantaged economic development bonds | 1 | 142 | 120 | 1,008 | 121 | 1,150 | Tax advantaged economic development bonds | 1 | 142 | 120 | 1,008 | 121 | 1,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | Total securities held to maturity | 8,958 | 187,307 | 67,730 | 239,115 | 76,688 | 426,422 | Total securities held to maturity | 8,958 | 187,307 | 67,730 | 239,115 | 76,688 | 426,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 49,134 | $ | 631,105 | $ | 266,121 | $ | 1,177,262 | $ | 315,255 | $ | 1,808,367 | Total | $ | 49,134 | $ | 631,105 | $ | 266,121 | $ | 1,177,262 | $ | 315,255 | $ | 1,808,367 |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Construction | Construction | $ | 373,953 | $ | 319,452 | Construction | $ | 443,856 | $ | 319,452 | ||||||||||||||||||
Commercial multifamily | Commercial multifamily | 618,073 | 620,088 | Commercial multifamily | 597,472 | 620,088 | ||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 695,890 | 640,489 | Commercial real estate owner occupied | 696,771 | 640,489 | ||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 2,531,946 | 2,496,237 | Commercial real estate non-owner occupied | 2,557,036 | 2,496,237 | ||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 1,517,556 | 1,445,236 | Commercial and industrial | 1,438,062 | 1,445,236 | ||||||||||||||||||||||
Residential real estate | Residential real estate | 2,463,981 | 2,312,447 | Residential real estate | 2,677,053 | 2,312,447 | ||||||||||||||||||||||
Home equity | Home equity | 222,393 | 227,450 | Home equity | 225,434 | 227,450 | ||||||||||||||||||||||
Consumer other | Consumer other | 258,175 | 273,910 | Consumer other | 246,718 | 273,910 | ||||||||||||||||||||||
Total loans | Total loans | $ | 8,681,967 | $ | 8,335,309 | Total loans | $ | 8,882,402 | $ | 8,335,309 | ||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | 97,991 | 96,270 | Allowance for credit losses | 100,219 | 96,270 | ||||||||||||||||||||||
Net loans | Net loans | $ | 8,583,976 | $ | 8,239,039 | Net loans | $ | 8,782,183 | $ | 8,239,039 |
(In thousands) | (In thousands) | Balance at Beginning of Period | Adoption of ASU No. 2022-02 | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | (In thousands) | Balance at Beginning of Period | Adoption of ASU No. 2022-02 | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | Three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | 1,227 | $ | — | $ | — | $ | — | $ | 309 | $ | 1,536 | Construction | $ | 1,536 | $ | — | $ | (1) | $ | — | $ | 18 | $ | 1,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | 1,810 | — | — | 6 | (118) | 1,698 | Commercial multifamily | 1,698 | — | — | — | 368 | 2,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 10,739 | 24 | (70) | 45 | (460) | 10,278 | Commercial real estate owner occupied | 10,278 | — | (394) | 596 | (137) | 10,343 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 30,724 | — | — | 95 | 2,589 | 33,408 | Commercial real estate non-owner occupied | 33,408 | — | — | 81 | 2,833 | 36,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 18,743 | (23) | (6,033) | 305 | 7,172 | 20,164 | Commercial and industrial | 20,164 | — | (4,595) | 815 | 2,357 | 18,741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 18,666 | 2 | (31) | 387 | (1,434) | 17,590 | Residential real estate | 17,590 | — | (210) | 76 | 762 | 18,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 2,173 | — | (10) | 26 | 131 | 2,320 | Home equity | 2,320 | — | (7) | 132 | 127 | 2,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 12,188 | (404) | (1,793) | 176 | 830 | 10,997 | Consumer other | 10,997 | — | (2,478) | 213 | 1,672 | 10,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | Total allowance for credit losses | $ | 96,270 | $ | (401) | $ | (7,937) | $ | 1,040 | $ | 9,019 | $ | 97,991 | Total allowance for credit losses | $ | 97,991 | $ | — | $ | (7,685) | $ | 1,913 | $ | 8,000 | $ | 100,219 |
(In thousands) | Balance at Beginning of Period | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | 3,206 | $ | — | $ | — | $ | (701) | $ | 2,505 | ||||||||||||||||||||||||||||||||||
Commercial multifamily | 6,120 | — | — | (349) | 5,771 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 12,752 | (130) | 209 | (1,333) | 11,498 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 32,106 | (4,884) | 1,266 | (2,674) | 25,814 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 22,584 | (653) | 1,288 | (270) | 22,949 | |||||||||||||||||||||||||||||||||||||||
Residential real estate | 22,406 | (164) | 388 | (4,814) | 17,816 | |||||||||||||||||||||||||||||||||||||||
Home equity | 4,006 | — | 134 | (837) | 3,303 | |||||||||||||||||||||||||||||||||||||||
Consumer other | 2,914 | (216) | 137 | 6,984 | 9,819 | |||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 106,094 | $ | (6,047) | $ | 3,422 | $ | (3,994) | $ | 99,475 |
(In thousands) | Balance at Beginning of Period | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | 2,505 | $ | — | $ | — | $ | (795) | $ | 1,710 | ||||||||||||||||||||||||||||||||||
Commercial multifamily | 5,771 | — | — | (1,150) | 4,621 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 11,498 | (298) | 97 | (609) | 10,688 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 25,814 | — | 46 | 305 | 26,165 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 22,949 | (752) | 584 | 133 | 22,914 | |||||||||||||||||||||||||||||||||||||||
Residential real estate | 17,816 | (216) | 199 | (1,389) | 16,410 | |||||||||||||||||||||||||||||||||||||||
Home equity | 3,303 | — | 112 | (587) | 2,828 | |||||||||||||||||||||||||||||||||||||||
9,819 | (332) | 101 | 4,097 | 13,685 | ||||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 99,475 | $ | (1,598) | $ | 1,139 | $ | 5 | $ | 99,021 |
(In thousands) | Balance at Beginning of Period | Adoption of ASU No. 2022-02 | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | ||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | 1,227 | $ | — | $ | (1) | $ | — | $ | 327 | $ | 1,553 | ||||||||||||||||||||||||||||||||
Commercial multifamily | 1,810 | — | — | 6 | 250 | 2,066 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 10,739 | 24 | (464) | 641 | (597) | 10,343 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 30,724 | — | — | 175 | 5,423 | 36,322 | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 18,743 | (23) | (10,627) | 1,119 | 9,529 | 18,741 | ||||||||||||||||||||||||||||||||||||||
Residential real estate | 18,666 | 2 | (240) | 463 | (673) | 18,218 | ||||||||||||||||||||||||||||||||||||||
Home equity | 2,173 | — | (18) | 159 | 258 | 2,572 | ||||||||||||||||||||||||||||||||||||||
Consumer other | 12,188 | (404) | (4,271) | 389 | 2,502 | 10,404 | ||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 96,270 | $ | (401) | $ | (15,621) | $ | 2,952 | $ | 17,019 | $ | 100,219 |
(In thousands) | Balance at Beginning of Period | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | 3,206 | $ | — | $ | — | $ | (1,496) | $ | 1,710 | ||||||||||||||||||||||||||||||||||
Commercial multifamily | 6,120 | — | — | (1,499) | 4,621 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 12,752 | (428) | 306 | (1,942) | 10,688 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 32,106 | (4,884) | 1,312 | (2,369) | 26,165 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 22,584 | (1,405) | 1,872 | (137) | 22,914 | |||||||||||||||||||||||||||||||||||||||
Residential real estate | 22,406 | (380) | 587 | (6,203) | 16,410 | |||||||||||||||||||||||||||||||||||||||
Home equity | 4,006 | — | 246 | (1,424) | 2,828 | |||||||||||||||||||||||||||||||||||||||
Consumer other | 2,914 | (548) | 238 | 11,081 | 13,685 | |||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 106,094 | $ | (7,645) | $ | 4,561 | $ | (3,989) | $ | 99,021 |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 8,588 | $ | 7,043 | Balance at beginning of period | $ | 8,687 | $ | 7,043 | ||||||||||||||||||||||||
Expense for credit losses | Expense for credit losses | 99 | — | Expense for credit losses | — | — | ||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 8,687 | $ | 7,043 | Balance at end of period | $ | 8,687 | $ | 7,043 |
Six Months Ended June 30, | |||||||||||||||||
(In thousands) | 2023 | 2022 | |||||||||||||||
Balance at beginning of period | $ | 8,588 | $ | 7,043 | |||||||||||||
Expense for credit losses | 99 | — | |||||||||||||||
Balance at end of period | $ | 8,687 | $ | 7,043 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||
As of March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | As of June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | 1 | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 14,566 | $ | 177,174 | $ | 152,773 | $ | 26,327 | $ | 2,967 | $ | 145 | $ | — | $ | — | $ | 373,952 | Pass | $ | 39,770 | $ | 220,919 | $ | 136,426 | $ | 26,884 | $ | 2,961 | $ | 498 | $ | — | $ | — | $ | 427,458 | ||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | 1 | — | — | 1 | Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | — | Substandard | — | — | 16,398 | — | — | — | — | — | 16,398 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 14,566 | $ | 177,174 | $ | 152,773 | $ | 26,327 | $ | 2,967 | $ | 146 | $ | — | $ | — | $ | 373,953 | Total | $ | 39,770 | $ | 220,919 | $ | 152,824 | $ | 26,884 | $ | 2,961 | $ | 498 | $ | — | $ | — | $ | 443,856 | ||||||||||||||||||||
Commercial multifamily: | Commercial multifamily: | Commercial multifamily: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 3,938 | $ | 204,570 | $ | 57,851 | $ | 27,427 | $ | 99,583 | $ | 215,608 | $ | 990 | $ | — | $ | 609,967 | Pass | $ | 9,125 | $ | 204,033 | $ | 52,630 | $ | 27,276 | $ | 96,568 | $ | 198,555 | $ | 974 | $ | — | $ | 589,161 | ||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | 2,609 | — | 5,497 | — | — | 8,106 | Substandard | — | — | 246 | 2,591 | — | 5,474 | — | — | 8,311 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,938 | $ | 204,570 | $ | 57,851 | $ | 30,036 | $ | 99,583 | $ | 221,105 | $ | 990 | $ | — | $ | 618,073 | Total | $ | 9,125 | $ | 204,033 | $ | 52,876 | $ | 29,867 | $ | 96,568 | $ | 204,029 | $ | 974 | $ | — | $ | 597,472 | ||||||||||||||||||||
Commercial real estate owner occupied: | Commercial real estate owner occupied: | Commercial real estate owner occupied: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 70 | $ | — | $ | — | $ | 70 | Current period gross write-offs | $ | — | $ | — | $ | — | $ | 380 | $ | — | $ | 84 | $ | — | $ | — | $ | 464 | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 25,216 | $ | 124,314 | $ | 127,750 | $ | 57,507 | $ | 102,523 | $ | 238,771 | $ | 3,002 | $ | — | $ | 679,083 | Pass | $ | 51,966 | $ | 128,185 | $ | 131,822 | $ | 50,248 | $ | 98,040 | $ | 223,794 | $ | 1,538 | $ | — | $ | 685,593 | ||||||||||||||||||||
Special Mention | Special Mention | — | 4,281 | — | 387 | 3,855 | — | — | — | 8,523 | Special Mention | — | 11 | — | 387 | 4,412 | 200 | — | — | 5,010 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 972 | 122 | 493 | 241 | 6,456 | — | — | 8,284 | Substandard | — | — | 82 | 107 | 369 | 5,610 | — | — | 6,168 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 25,216 | $ | 129,567 | $ | 127,872 | $ | 58,387 | $ | 106,619 | $ | 245,227 | $ | 3,002 | $ | — | $ | 695,890 | Total | $ | 51,966 | $ | 128,196 | $ | 131,904 | $ | 50,742 | $ | 102,821 | $ | 229,604 | $ | 1,538 | $ | — | $ | 696,771 | ||||||||||||||||||||
Commercial real estate non-owner occupied: | Commercial real estate non-owner occupied: | Commercial real estate non-owner occupied: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 114,007 | $ | 630,920 | $ | 409,821 | $ | 173,271 | $ | 290,200 | $ | 818,573 | $ | 17,253 | $ | — | $ | 2,454,045 | Pass | $ | 208,347 | $ | 630,930 | $ | 391,646 | $ | 172,266 | $ | 248,566 | $ | 792,740 | $ | 17,388 | $ | — | $ | 2,461,883 | ||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | 7,669 | 23,821 | — | — | 31,490 | Special Mention | — | — | — | — | 47,261 | 9,966 | — | — | 57,227 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 660 | 7,137 | 5,890 | 32,724 | — | — | 46,411 | Substandard | — | — | — | 6,994 | 5,944 | 24,988 | — | — | 37,926 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 114,007 | $ | 630,920 | $ | 410,481 | $ | 180,408 | $ | 303,759 | $ | 875,118 | $ | 17,253 | $ | — | $ | 2,531,946 | Total | $ | 208,347 | $ | 630,930 | $ | 391,646 | $ | 179,260 | $ | 301,771 | $ | 827,694 | $ | 17,388 | $ | — | $ | 2,557,036 | ||||||||||||||||||||
Commercial and industrial: | Commercial and industrial: | Commercial and industrial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | 191 | $ | 669 | $ | 580 | $ | 4,593 | $ | — | $ | — | $ | 6,033 | Current period gross write-offs | $ | — | $ | — | $ | 395 | $ | 1,656 | $ | 733 | $ | 5,531 | $ | 2,312 | $ | — | $ | 10,627 | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 56,776 | $ | 279,856 | $ | 142,925 | $ | 49,172 | $ | 60,597 | $ | 169,281 | $ | 699,241 | $ | — | $ | 1,457,848 | Pass | $ | 95,442 | $ | 240,907 | $ | 132,980 | $ | 43,719 | $ | 48,622 | $ | 178,417 | $ | 619,184 | $ | — | $ | 1,359,271 | ||||||||||||||||||||
Special Mention | Special Mention | 175 | — | 1,210 | 1,290 | 2,597 | 1,805 | 6,342 | — | 13,419 | Special Mention | 175 | 3,369 | 1,830 | 2,257 | 1,986 | 1,854 | 21,159 | — | 32,630 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 549 | 5,425 | 3,566 | 7,496 | 14,571 | 10,332 | — | 41,939 | Substandard | 487 | 1,002 | 9,503 | 3,157 | 6,285 | 13,414 | 9,272 | — | 43,120 | ||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | 51 | 4,299 | — | 4,350 | Doubtful | — | — | — | — | — | 47 | 2,994 | — | 3,041 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 56,951 | $ | 280,405 | $ | 149,560 | $ | 54,028 | $ | 70,690 | $ | 185,708 | $ | 720,214 | $ | — | $ | 1,517,556 | Total | $ | 96,104 | $ | 245,278 | $ | 144,313 | $ | 49,133 | $ | 56,893 | $ | 193,732 | $ | 652,609 | $ | — | $ | 1,438,062 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | 25 | $ | — | $ | — | $ | — | $ | 6 | $ | — | $ | — | $ | 31 | Current period gross write-offs | $ | — | $ | 50 | $ | — | $ | — | $ | 174 | $ | 16 | $ | — | $ | — | $ | 240 | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 136,527 | $ | 1,008,711 | $ | 276,189 | $ | 94,488 | $ | 71,237 | $ | 862,274 | $ | 161 | $ | — | $ | 2,449,587 | Pass | $ | 419,626 | $ | 997,566 | $ | 271,542 | $ | 92,781 | $ | 69,856 | $ | 810,003 | $ | 201 | $ | — | $ | 2,661,575 | ||||||||||||||||||||
Special Mention | Special Mention | — | 43 | 371 | — | — | 694 | — | — | 1,108 | Special Mention | — | — | 1,378 | — | 237 | 910 | — | — | 2,525 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 159 | 331 | 434 | 1,485 | 10,877 | — | — | 13,286 | Substandard | — | 134 | 581 | 432 | 1,194 | 10,612 | — | — | 12,953 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 136,527 | $ | 1,008,913 | $ | 276,891 | $ | 94,922 | $ | 72,722 | $ | 873,845 | $ | 161 | $ | — | $ | 2,463,981 | Total | $ | 419,626 | $ | 997,700 | $ | 273,501 | $ | 93,213 | $ | 71,287 | $ | 821,525 | $ | 201 | $ | — | $ | 2,677,053 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 153,393 | $ | 133,708 | $ | 25,634 | $ | 3,432 | $ | 1,361 | $ | 1,924 | $ | — | $ | — | $ | 319,452 | |||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 153,393 | $ | 133,708 | $ | 25,634 | $ | 3,432 | $ | 1,361 | $ | 1,924 | $ | — | $ | — | $ | 319,452 | |||||||||||
Commercial multifamily: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 205,124 | $ | 61,032 | $ | 27,583 | $ | 100,696 | $ | 67,675 | $ | 149,633 | $ | 205 | $ | — | $ | 611,948 | |||||||||||
Special Mention | — | — | 2,628 | — | — | — | — | — | 2,628 | ||||||||||||||||||||
Substandard | — | — | — | — | 5,512 | — | — | — | 5,512 | ||||||||||||||||||||
Total | $ | 205,124 | $ | 61,032 | $ | 30,211 | $ | 100,696 | $ | 73,187 | $ | 149,633 | $ | 205 | $ | — | $ | 620,088 | |||||||||||
Commercial real estate owner occupied: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 131,096 | $ | 127,270 | $ | 58,835 | $ | 82,576 | $ | 75,322 | $ | 154,056 | $ | 3,464 | $ | — | $ | 632,619 | |||||||||||
Special Mention | — | — | 387 | — | — | — | — | — | 387 | ||||||||||||||||||||
Substandard | 1,003 | 122 | 31 | 282 | 1,056 | 4,989 | — | — | 7,483 | ||||||||||||||||||||
Total | $ | 132,099 | $ | 127,392 | $ | 59,253 | $ | 82,858 | $ | 76,378 | $ | 159,045 | $ | 3,464 | $ | — | $ | 640,489 | |||||||||||
Commercial real estate non-owner occupied: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 621,685 | $ | 410,359 | $ | 175,456 | $ | 333,783 | $ | 313,124 | $ | 530,322 | $ | 17,846 | $ | — | $ | 2,402,575 | |||||||||||
Special Mention | — | — | — | — | 20,000 | 18,462 | — | — | 38,462 | ||||||||||||||||||||
Substandard | — | — | 7,237 | 13,623 | 15,610 | 18,730 | — | — | 55,200 | ||||||||||||||||||||
Total | $ | 621,685 | $ | 410,359 | $ | 182,693 | $ | 347,406 | $ | 348,734 | $ | 567,514 | $ | 17,846 | $ | — | $ | 2,496,237 | |||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 282,781 | $ | 147,070 | $ | 56,880 | $ | 67,975 | $ | 83,223 | $ | 99,367 | $ | 648,956 | $ | — | $ | 1,386,252 | |||||||||||
Special Mention | — | 5,811 | 1,290 | 1,332 | 11,502 | 912 | 2,632 | — | 23,479 | ||||||||||||||||||||
Substandard | 204 | 496 | 3,640 | 8,139 | 1,981 | 2,799 | 10,581 | — | 27,840 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | 56 | 7,609 | — | 7,665 | ||||||||||||||||||||
Total | $ | 282,985 | $ | 153,377 | $ | 61,810 | $ | 77,446 | $ | 96,706 | $ | 103,134 | $ | 669,778 | $ | — | $ | 1,445,236 | |||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 997,981 | $ | 280,308 | $ | 96,548 | $ | 70,845 | $ | 138,894 | $ | 713,744 | $ | 165 | $ | — | $ | 2,298,485 | |||||||||||
Special Mention | — | 364 | — | 861 | 202 | 707 | — | — | 2,134 | ||||||||||||||||||||
Substandard | — | 284 | 448 | 267 | 1,857 | 8,972 | — | — | 11,828 | ||||||||||||||||||||
Total | $ | 997,981 | $ | 280,956 | $ | 96,996 | $ | 71,973 | $ | 140,953 | $ | 723,423 | $ | 165 | $ | — | $ | 2,312,447 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||
As of March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | As of June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity: | Home equity: | Home equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10 | $ | — | $ | 10 | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 18 | $ | — | $ | 18 | ||||||||||||||||||||
Payment performance | Payment performance | Payment performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | — | $ | — | $ | 111 | $ | 450 | $ | — | $ | 2,423 | $ | 217,685 | $ | — | $ | 220,669 | Performing | $ | — | $ | — | $ | 108 | $ | 446 | $ | — | $ | 2,523 | $ | 220,260 | $ | — | $ | 223,337 | ||||||||||||||||||||
Nonperforming | Nonperforming | — | — | — | — | — | — | 1,724 | — | 1,724 | Nonperforming | — | — | — | — | — | — | 2,097 | — | 2,097 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 111 | $ | 450 | $ | — | $ | 2,423 | $ | 219,409 | $ | — | $ | 222,393 | Total | $ | — | $ | — | $ | 108 | $ | 446 | $ | — | $ | 2,523 | $ | 222,357 | $ | — | $ | 225,434 | ||||||||||||||||||||
Consumer other: | Consumer other: | Consumer other: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | 1,510 | $ | 181 | $ | 7 | $ | 21 | $ | 74 | $ | — | $ | — | $ | 1,793 | Current period gross write-offs | $ | 1 | $ | 3,622 | $ | 466 | $ | 7 | $ | 33 | $ | 142 | $ | — | $ | — | $ | 4,271 | ||||||||||||||||||||
Payment performance | Payment performance | Payment performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 11,962 | $ | 148,658 | $ | 26,235 | $ | 7,661 | $ | 11,125 | $ | 41,923 | $ | 9,556 | $ | — | $ | 257,120 | Performing | $ | 26,460 | $ | 134,609 | $ | 23,959 | $ | 7,082 | $ | 9,591 | $ | 33,090 | $ | 10,208 | $ | — | $ | 244,999 | ||||||||||||||||||||
Nonperforming | Nonperforming | — | 52 | 84 | 34 | 190 | 673 | 22 | — | 1,055 | Nonperforming | 7 | 583 | 139 | 35 | 148 | 805 | 2 | — | 1,719 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 11,962 | $ | 148,710 | $ | 26,319 | $ | 7,695 | $ | 11,315 | $ | 42,596 | $ | 9,578 | $ | — | $ | 258,175 | Total | $ | 26,467 | $ | 135,192 | $ | 24,098 | $ | 7,117 | $ | 9,739 | $ | 33,895 | $ | 10,210 | $ | — | $ | 246,718 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | — | $ | 114 | $ | 454 | $ | — | $ | — | $ | 17 | $ | 224,746 | $ | — | $ | 225,331 | |||||||||||
Nonperforming | — | — | — | — | — | — | 2,119 | — | 2,119 | ||||||||||||||||||||
Total | $ | — | $ | 114 | $ | 454 | $ | — | $ | — | $ | 17 | $ | 226,865 | $ | — | $ | 227,450 | |||||||||||
Consumer other: | |||||||||||||||||||||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | 161,157 | $ | 28,279 | $ | 8,312 | $ | 12,670 | $ | 27,608 | $ | 24,682 | $ | 9,070 | $ | — | $ | 271,778 | |||||||||||
Nonperforming | 588 | 137 | 44 | 280 | 477 | 567 | 39 | — | 2,132 | ||||||||||||||||||||
Total | $ | 161,745 | $ | 28,416 | $ | 8,356 | $ | 12,950 | $ | 28,085 | $ | 25,249 | $ | 9,109 | $ | — | $ | 273,910 |
(In thousands) | (In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | (In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | 1 | $ | — | $ | 1 | $ | 373,952 | $ | 373,953 | Construction | $ | — | $ | — | $ | — | $ | — | $ | 443,856 | $ | 443,856 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | 208 | — | 208 | 617,865 | 618,073 | Commercial multifamily | — | — | — | — | 597,472 | 597,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 265 | — | 2,785 | 3,050 | 692,840 | 695,890 | Commercial real estate owner occupied | 959 | 650 | 2,207 | 3,816 | 692,955 | 696,771 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 127 | 660 | 176 | 963 | 2,530,983 | 2,531,946 | Commercial real estate non-owner occupied | 151 | 117 | 162 | 430 | 2,556,606 | 2,557,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 2,174 | 2,555 | 13,596 | 18,325 | 1,499,231 | 1,517,556 | Commercial and industrial | 1,316 | 679 | 17,156 | 19,151 | 1,418,911 | 1,438,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 3,278 | 1,108 | 13,185 | 17,571 | 2,446,410 | 2,463,981 | Residential real estate | 4,328 | 2,526 | 12,859 | 19,713 | 2,657,340 | 2,677,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 599 | 172 | 2,093 | 2,864 | 219,529 | 222,393 | Home equity | 547 | 327 | 2,097 | 2,971 | 222,463 | 225,434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 1,982 | 1,082 | 2,093 | 5,157 | 253,018 | 258,175 | Consumer other | 1,918 | 1,629 | 1,719 | 5,266 | 241,452 | 246,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 8,425 | $ | 5,786 | $ | 33,928 | $ | 48,139 | $ | 8,633,828 | $ | 8,681,967 | Total | $ | 9,219 | $ | 5,928 | $ | 36,200 | $ | 51,347 | $ | 8,831,055 | $ | 8,882,402 |
(In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | 319,452 | $ | 319,452 | ||||||||||||||||||||||||||
Commercial multifamily | — | 214 | — | 214 | 619,874 | 620,088 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 122 | — | 3,302 | 3,424 | 637,065 | 640,489 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 143 | — | 191 | 334 | 2,495,903 | 2,496,237 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 1,173 | 1,438 | 18,658 | 21,269 | 1,423,967 | 1,445,236 | ||||||||||||||||||||||||||||||||
Residential real estate | 3,694 | 2,134 | 11,724 | 17,552 | 2,294,895 | 2,312,447 | ||||||||||||||||||||||||||||||||
Home equity | 168 | 57 | 2,119 | 2,344 | 225,106 | 227,450 | ||||||||||||||||||||||||||||||||
Consumer other | 1,990 | 1,028 | 2,158 | 5,176 | 268,734 | 273,910 | ||||||||||||||||||||||||||||||||
Total | $ | 7,290 | $ | 4,871 | $ | 38,152 | $ | 50,313 | $ | 8,284,996 | $ | 8,335,309 |
(In thousands) | (In thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or Greater and Accruing | Interest Income Recognized on Nonaccrual | (In thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or Greater and Accruing | Interest Income Recognized on Nonaccrual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At or for the three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At or for the three months ended June 30, 2023 | At or for the three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | — | $ | — | $ | — | Construction | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | — | — | — | Commercial multifamily | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 2,192 | 1,058 | 593 | — | Commercial real estate owner occupied | 1,399 | 421 | 808 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 176 | 66 | — | — | Commercial real estate non-owner occupied | 162 | 59 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 12,124 | 7,917 | 1,472 | — | Commercial and industrial | 15,489 | 8,503 | 1,667 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 9,720 | 6,120 | 3,465 | — | Residential real estate | 8,971 | 5,668 | 3,888 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 1,724 | 461 | 369 | — | Home equity | 1,491 | 452 | 606 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 1,055 | — | 1,038 | — | Consumer other | 876 | — | 843 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 26,991 | $ | 15,622 | $ | 6,937 | $ | — | Total | $ | 28,388 | $ | 15,103 | $ | 7,812 | $ | — |
(In thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or Greater and Accruing | Interest Income Recognized on Nonaccrual | ||||||||||||||||||||||||||||||||||
At or for the three months ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Commercial multifamily | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 2,202 | 1,411 | 1,100 | — | ||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 191 | 73 | — | — | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 16,992 | 14,223 | 1,666 | — | ||||||||||||||||||||||||||||||||||
Residential real estate | 8,901 | 5,307 | 2,823 | — | ||||||||||||||||||||||||||||||||||
Home equity | 1,568 | 388 | 551 | — | ||||||||||||||||||||||||||||||||||
Consumer other | 1,260 | 2 | 898 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 31,114 | $ | 21,404 | $ | 7,038 | $ | — |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Non-Accrual | Non-Accrual | $ | 26,991 | $ | 31,114 | Non-Accrual | $ | 28,388 | $ | 31,114 | ||||||||||||||||||||||||||||||
Substandard Accruing | Substandard Accruing | 99,551 | 88,665 | Substandard Accruing | 103,327 | 88,665 | ||||||||||||||||||||||||||||||||||
Total Classified | Total Classified | 126,542 | 119,779 | Total Classified | 131,715 | 119,779 | ||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 55,751 | 68,127 | Special Mention | 99,318 | 68,127 | ||||||||||||||||||||||||||||||||||
Total Criticized | Total Criticized | $ | 182,293 | $ | 187,906 | Total Criticized | $ | 231,033 | $ | 187,906 |
Type of Collateral | Type of Collateral | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Real Estate | Investment Securities/Cash | Other | (In thousands) | Real Estate | Investment Securities/Cash | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | — | $ | — | Construction | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | — | Commercial multifamily | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 1,066 | — | — | Commercial real estate owner occupied | 798 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 373 | — | — | Commercial real estate non-owner occupied | 666 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 185 | — | 8,946 | Commercial and industrial | 5,022 | — | 7,320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 4,746 | — | — | Residential real estate | 7,514 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 462 | — | — | Home equity | 471 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | — | — | — | Consumer other | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 6,832 | $ | — | $ | 8,946 | Total loans | $ | 14,471 | $ | — | $ | 7,320 | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | — | $ | — | Construction | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | — | — | Commercial multifamily | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 2,793 | — | — | Commercial real estate owner occupied | 2,793 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 384 | — | — | Commercial real estate non-owner occupied | 384 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 288 | — | 16,931 | Commercial and industrial | 288 | — | 16,931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 3,910 | — | — | Residential real estate | 3,910 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 501 | — | — | Home equity | 501 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 2 | — | — | Consumer other | 2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 7,878 | $ | — | $ | 16,931 | Total loans | $ | 7,878 | $ | — | $ | 16,931 |
(In thousands) | (In thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Principal Forgiveness | Combination Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | (In thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Principal Forgiveness | Combination Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | Three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | — | — | — | — | — | — | Commercial multifamily | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | — | 387 | — | — | — | — | 0.06 | Commercial real estate owner occupied | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | — | — | — | — | — | — | — | Commercial real estate non-owner occupied | — | — | 11,733 | — | — | — | 0.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | — | — | — | — | 10 | — | — | Commercial and industrial | — | — | 1,291 | — | — | — | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | — | — | — | — | — | Residential real estate | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | — | — | — | — | — | — | — | Home equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | — | — | — | — | — | — | — | Consumer other | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 387 | $ | — | $ | — | $ | 10 | $ | — | — | % | Total | $ | — | $ | — | $ | 13,024 | $ | — | $ | — | $ | — | — | % |
(In thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Principal Forgiveness | Combination Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | |||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||
Commercial multifamily | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | — | 387 | — | — | — | — | 0.06 | |||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | — | — | 11,733 | — | — | — | 0.46 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | 1,291 | — | 10 | — | 0.09 | |||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Consumer other | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 387 | $ | 13,024 | $ | — | $ | 10 | $ | — | — | % |
(In thousands) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | |||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Commercial multifamily | — | — | — | — | |||||||||||||||||||
Commercial real estate owner occupied | — | — | — | — | |||||||||||||||||||
Commercial real estate non-owner occupied | — | — | — | — | |||||||||||||||||||
Commercial and industrial | — | — | — | — | |||||||||||||||||||
Residential real estate | — | — | — | — | |||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||||
Consumer other | — | — | — | — | |||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — |
(In thousands) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | |||||||||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Commercial multifamily | — | — | — | — | |||||||||||||||||||
Commercial real estate owner occupied | — | — | — | — | |||||||||||||||||||
Commercial real estate non-owner occupied | — | — | — | — | |||||||||||||||||||
Commercial and industrial | — | — | — | — | |||||||||||||||||||
Residential real estate | — | — | — | — | |||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||||
Consumer other | — | — | — | — | |||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — |
(In thousands) | Principal Forgiveness | Weighted Average Interest Rate Reduction | Weighted Average Term Extension (months) | ||||||||||||||
March 31, 2023 | |||||||||||||||||
Construction | $ | — | — | % | 0 | ||||||||||||
Commercial multifamily | — | — | 0 | ||||||||||||||
Commercial real estate owner occupied | — | — | 120 | ||||||||||||||
Commercial real estate non-owner occupied | — | — | 0 | ||||||||||||||
Commercial and industrial | — | 1.25 | 87 | ||||||||||||||
Residential real estate | — | — | 0 | ||||||||||||||
Home equity | — | — | 0 | ||||||||||||||
Consumer other | — | — | 0 | ||||||||||||||
(In thousands) | Principal Forgiveness | Weighted Average Interest Rate Reduction | Weighted Average Term Extension (months) | ||||||||||||||
Three months ended June 30, 2023 | |||||||||||||||||
Construction | $ | — | — | % | 0 | ||||||||||||
Commercial multifamily | — | — | 0 | ||||||||||||||
Commercial real estate owner occupied | — | — | 0 | ||||||||||||||
Commercial real estate non-owner occupied | — | — | 12 | ||||||||||||||
Commercial and industrial | — | — | 119 | ||||||||||||||
Residential real estate | — | — | 0 | ||||||||||||||
Home equity | — | — | 0 | ||||||||||||||
Consumer other | — | — | 0 | ||||||||||||||
(In thousands) | Principal Forgiveness | Weighted Average Interest Rate Reduction | Weighted Average Term Extension (months) | ||||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||
Construction | $ | — | — | % | 0 | ||||||||||||
Commercial multifamily | — | — | 0 | ||||||||||||||
Commercial real estate owner occupied | — | — | 120 | ||||||||||||||
Commercial real estate non-owner occupied | — | — | 0 | ||||||||||||||
Commercial and industrial | — | 1.25 | 118 | ||||||||||||||
Residential real estate | — | — | 0 | ||||||||||||||
Home equity | — | — | 0 | ||||||||||||||
Consumer other | — | — | 0 | ||||||||||||||
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Time less than $100,000 | Time less than $100,000 | $ | 621,894 | $ | 549,265 | Time less than $100,000 | $ | 669,592 | $ | 549,265 | ||||||||||||||||||
Time $100,000 through $250,000 | Time $100,000 through $250,000 | 877,486 | 642,600 | Time $100,000 through $250,000 | 1,102,571 | 642,600 | ||||||||||||||||||||||
Time more than $250,000 | Time more than $250,000 | 613,266 | 441,842 | Time more than $250,000 | 663,455 | 441,842 | ||||||||||||||||||||||
Total time deposits | Total time deposits | $ | 2,112,646 | $ | 1,633,707 | Total time deposits | $ | 2,435,618 | $ | 1,633,707 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | Weighted | |||||||||||||||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Principal | Rate | Principal | Rate | (Dollars in thousands) | Principal | Rate | Principal | Rate | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings: | Short-term borrowings: | Short-term borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from the FHLB | Advances from the FHLB | $ | 900,000 | 5.13 | % | $ | — | — | % | Advances from the FHLB | $ | 470,000 | 5.45 | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||
Total short-term borrowings: | Total short-term borrowings: | 900,000 | 5.13 | — | — | Total short-term borrowings: | 470,000 | 5.45 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings: | Long-term borrowings: | Long-term borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from the FHLB and other borrowings | Advances from the FHLB and other borrowings | 4,395 | 0.71 | 4,445 | 0.71 | Advances from the FHLB and other borrowings | 204,345 | 3.83 | 4,445 | 0.71 | ||||||||||||||||||||||||||||||||||||||||||
Subordinated borrowings | Subordinated borrowings | 98,188 | 5.50 | 98,089 | 5.50 | Subordinated borrowings | 98,237 | 5.50 | 98,089 | 5.50 | ||||||||||||||||||||||||||||||||||||||||||
Junior subordinated borrowing - Trust I | Junior subordinated borrowing - Trust I | 15,464 | 6.77 | 15,464 | 6.54 | Junior subordinated borrowing - Trust I | 15,464 | 7.24 | 15,464 | 6.54 | ||||||||||||||||||||||||||||||||||||||||||
Junior subordinated borrowing - Trust II | Junior subordinated borrowing - Trust II | 7,524 | 6.57 | 7,511 | 6.47 | Junior subordinated borrowing - Trust II | 7,537 | 7.25 | 7,511 | 6.47 | ||||||||||||||||||||||||||||||||||||||||||
Total long-term borrowings: | Total long-term borrowings: | 125,571 | 5.55 | 125,509 | 5.52 | Total long-term borrowings: | 325,583 | 4.58 | 125,509 | 5.52 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,025,571 | 5.18 | % | $ | 125,509 | 5.52 | % | Total | $ | 795,583 | 5.09 | % | $ | 125,509 | 5.52 | % |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except rates) | (In thousands, except rates) | Principal | Rate | (In thousands, except rates) | Principal | Rate | ||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate advances maturing: | Fixed rate advances maturing: | Fixed rate advances maturing: | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | $ | 900,000 | 5.13 | % | 2023 | $ | 460,000 | 5.45 | % | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 21 | — | 2024 | 40,017 | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | — | — | 2025 | 40,000 | 4.55 | ||||||||||||||||||||||||||||||||||||||||||||||
2026 | 2026 | 548 | 2.20 | 2026 | 65,539 | 3.61 | ||||||||||||||||||||||||||||||||||||||||||||||
2027 and beyond | 2027 and beyond | 3,826 | 0.50 | 2027 and beyond | 68,789 | 3.16 | ||||||||||||||||||||||||||||||||||||||||||||||
Total FHLB advances | Total FHLB advances | $ | 904,395 | 5.11 | % | Total FHLB advances | $ | 674,345 | 4.96 | % |
Weighted | Weighted Average Rate | Estimated | Weighted | Weighted Average Rate | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional | Average | Contract | Fair Value | Notional | Average | Contract | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Maturity | Received | pay rate | Asset (Liability) | Amount | Maturity | Received | pay rate | Asset (Liability) | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | (In thousands) | (In years) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps on commercial loans(1) | Interest rate swaps on commercial loans(1) | $ | 600,000 | 2.6 | 4.64 | % | 3.64 | % | $ | 1,704 | Interest rate swaps on commercial loans (1) | $ | 600,000 | 2.4 | 5.07 | % | 3.64 | % | $ | 714 | ||||||||||||||||||||||||||||||||||||||
Interest rate collars on commercial loans | Interest rate collars on commercial loans | 200,000 | 3.3 | 2,618 | Interest rate collars on commercial loans | 200,000 | 3.0 | 781 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash flow hedges | Total cash flow hedges | 800,000 | 4,322 | Total cash flow hedges | 800,000 | 1,495 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges: | Economic hedges: | Economic hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | Interest rate swap on tax advantaged economic development bond | $ | 6,850 | 6.7 | 3.96 | % | 5.09 | % | $ | (261) | Interest rate swap on tax advantaged economic development bond | $ | 6,637 | 6.4 | 4.55 | % | 5.09 | % | $ | (118) | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers | Interest rate swaps on loans with commercial loan customers | 1,682,955 | 5.4 | 4.10 | % | 5.93 | % | (68,090) | Interest rate swaps on loans with commercial loan customers | 1,683,400 | 5.3 | 4.16 | % | 6.28 | % | (92,320) | ||||||||||||||||||||||||||||||||||||||||||
Offsetting interest rate swaps on loans with commercial loan customers (1) | Offsetting interest rate swaps on loans with commercial loan customers (1) | 1,682,955 | 5.4 | 5.93 | % | 4.10 | % | 33,841 | Offsetting interest rate swaps on loans with commercial loan customers (1) | 1,683,400 | 5.3 | 6.28 | % | 4.16 | % | 49,004 | ||||||||||||||||||||||||||||||||||||||||||
Risk participation agreements with dealer banks | Risk participation agreements with dealer banks | 356,227 | 6.3 | (106) | Risk participation agreements with dealer banks | 348,136 | 4.1 | (81) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Forward sale commitments | Forward sale commitments | 1,505 | 0.2 | 15 | Forward sale commitments | 8,876 | 0.2 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total economic hedges | Total economic hedges | 3,730,492 | (34,601) | Total economic hedges | 3,730,449 | (43,452) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-hedging derivatives: | Non-hedging derivatives: | Non-hedging derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments to lend | Commitments to lend | 6,587 | 0.2 | 26 | Commitments to lend | 9,369 | 0.2 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-hedging derivatives | Total non-hedging derivatives | 6,587 | 26 | Total non-hedging derivatives | 9,369 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,537,079 | $ | (30,253) | Total | $ | 4,539,818 | $ | (41,920) |
Weighted | Weighted Average Rate | Estimated | |||||||||||||||||||||||||||
Notional | Average | Contract | Fair Value | ||||||||||||||||||||||||||
Amount | Maturity | Received | pay rate | Asset (Liability) | |||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps on commercial loans | $ | 400,000 | 2.7 | 4.09 | % | 3.51 | % | $ | — | ||||||||||||||||||||
Forward-starting interest rate swaps on commercial loans | 200,000 | 3.3 | — | % | 3.90 | % | — | ||||||||||||||||||||||
Interest rate collars on commercial loans | 200,000 | 3.5 | 1,937 | ||||||||||||||||||||||||||
800,000 | 1,937 | ||||||||||||||||||||||||||||
Economic hedges: | |||||||||||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | $ | 7,062 | 6.9 | 4.49 | % | 5.09 | % | $ | (193) | ||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers | 1,685,263 | 5.7 | 4.11 | % | 5.55 | % | (95,114) | ||||||||||||||||||||||
Offsetting interest rate swaps on loans with commercial loan customers (1) | 1,685,263 | 5.7 | 5.55 | % | 4.11 | % | 50,267 | ||||||||||||||||||||||
Risk participation agreements with dealer banks | 341,885 | 6.8 | (89) | ||||||||||||||||||||||||||
Forward sale commitments | 927 | 0.2 | 8 | ||||||||||||||||||||||||||
Total economic hedges | 3,720,400 | (45,121) | |||||||||||||||||||||||||||
Non-hedging derivatives: | |||||||||||||||||||||||||||||
Commitments to lend | 4,114 | 0.2 | 17 | ||||||||||||||||||||||||||
Total non-hedging derivatives | 4,114 | 17 | |||||||||||||||||||||||||||
Total | $ | 4,524,514 | $ | (43,167) |
Weighted | Weighted Average Rate | Estimated | |||||||||||||||||||||||||||
Notional | Average | Contract | Fair Value | ||||||||||||||||||||||||||
Amount | Maturity | Received | pay rate | Asset (Liability) | |||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps on commercial loans | $ | 400,000 | 2.7 | 4.09 | % | 3.51 | % | $ | — | ||||||||||||||||||||
Forward-starting interest rate swaps on commercial loans | 200,000 | 3.3 | — | % | 3.90 | % | — | ||||||||||||||||||||||
Interest rate collars on commercial loans | 200,000 | 3.5 | 1,937 | ||||||||||||||||||||||||||
800,000 | 1,937 | ||||||||||||||||||||||||||||
Economic hedges: | |||||||||||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | $ | 7,062 | 6.9 | 4.49 | % | 5.09 | % | $ | (193) | ||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers | 1,685,263 | 5.7 | 4.11 | % | 5.55 | % | (95,114) | ||||||||||||||||||||||
Offsetting interest rate swaps on loans with commercial loan customers (1) | 1,685,263 | 5.7 | 5.55 | % | 4.11 | % | 50,267 | ||||||||||||||||||||||
Risk participation agreements with dealer banks | 341,885 | 6.6 | (89) | ||||||||||||||||||||||||||
Forward sale commitments | 927 | 0.2 | 8 | ||||||||||||||||||||||||||
Total economic hedges | 3,720,400 | (45,121) | |||||||||||||||||||||||||||
Non-hedging derivatives: | |||||||||||||||||||||||||||||
Commitments to lend | 4,114 | 0.2 | 17 | ||||||||||||||||||||||||||
Total non-hedging derivatives | 4,114 | 17 | |||||||||||||||||||||||||||
Total | $ | 4,524,514 | $ | (43,167) |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps on commercial loans: | Interest rate swaps on commercial loans: | Interest rate swaps on commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) recognized in accumulated other comprehensive loss | Unrealized (loss) recognized in accumulated other comprehensive loss | $ | 5,955 | $ | — | Unrealized (loss) recognized in accumulated other comprehensive loss | $ | (11,753) | $ | — | $ | (5,798) | $ | — | ||||||||||||||||||||||||||||||||
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense | Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense | (157) | — | Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense | (157) | — | (314) | — | ||||||||||||||||||||||||||||||||||||||
Net tax benefit on items recognized in accumulated other comprehensive income | Net tax benefit on items recognized in accumulated other comprehensive income | (1,556) | — | Net tax benefit on items recognized in accumulated other comprehensive income | 3,197 | — | 1,641 | — | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects | Other comprehensive loss recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects | $ | 4,242 | $ | — | Other comprehensive loss recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects | $ | (8,713) | $ | — | $ | (4,471) | $ | — | ||||||||||||||||||||||||||||||||
Net interest expense recognized on hedged commercial loans | Net interest expense recognized on hedged commercial loans | $ | 1,293 | $ | — | Net interest expense recognized on hedged commercial loans | $ | 2,034 | $ | — | $ | 3,327 | $ | — |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Economic hedges | Economic hedges | Economic hedges | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap on industrial revenue bond: | Interest rate swap on industrial revenue bond: | Interest rate swap on industrial revenue bond: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain recognized in other non-interest income | $ | (68) | $ | 432 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gain recognized in other non-interest income | Unrealized gain recognized in other non-interest income | $ | 142 | $ | 217 | $ | 75 | $ | 649 | |||||||||||||||||||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers: | Interest rate swaps on loans with commercial loan customers: | Interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | 27,024 | (78,698) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain recognized in other non-interest income | Unrealized (loss)/gain recognized in other non-interest income | (24,230) | (44,927) | 2,794 | (123,625) | |||||||||||||||||||||||||||||||||||||||||
Favorable change in credit valuation adjustment recognized in other non-interest income | Favorable change in credit valuation adjustment recognized in other non-interest income | — | 867 | Favorable change in credit valuation adjustment recognized in other non-interest income | — | — | — | 1,809 | ||||||||||||||||||||||||||||||||||||||
Offsetting interest rate swaps on loans with commercial loan customers: | Offsetting interest rate swaps on loans with commercial loan customers: | Offsetting interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain recognized in other non-interest income | (27,024) | 78,698 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | Unrealized gain/(loss) recognized in other non-interest income | 24,230 | 44,927 | (2,794) | 123,625 | |||||||||||||||||||||||||||||||||||||||||
Risk participation agreements: | Risk participation agreements: | Risk participation agreements: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) recognized in other non-interest income | (16) | (108) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | Unrealized gain/(loss) recognized in other non-interest income | 25 | (292) | 8 | (400) | |||||||||||||||||||||||||||||||||||||||||
Forward commitments: | Forward commitments: | Forward commitments: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | Unrealized gain/(loss) recognized in other non-interest income | 7 | (127) | Unrealized gain/(loss) recognized in other non-interest income | 48 | 11 | 55 | (116) | ||||||||||||||||||||||||||||||||||||||
Non-hedging derivatives | Non-hedging derivatives | Non-hedging derivatives | ||||||||||||||||||||||||||||||||||||||||||||
Commitments to lend | Commitments to lend | Commitments to lend | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | Unrealized gain/(loss) recognized in other non-interest income | $ | 9 | $ | (106) | Unrealized gain/(loss) recognized in other non-interest income | $ | 11 | $ | 8 | $ | 20 | $ | (98) | ||||||||||||||||||||||||||||||||
Realized gain in other non-interest income | Realized gain in other non-interest income | 39 | 252 | Realized gain in other non-interest income | 54 | 90 | 94 | 342 |
Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Assets Presented in the | Gross Amounts Not Offset in the Statements of Condition | Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Assets Presented in the | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | Recognized | Statements of | Statements of | Financial | Cash | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Assets | Condition | Condition | Instruments | Collateral Received | Net Amount | (In thousands) | Assets | Condition | Condition | Instruments | Collateral Received | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | Interest Rate Swap Agreements: | Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional counterparties | Institutional counterparties | $ | 71,303 | $ | (34,283) | $ | 37,020 | $ | — | $ | — | $ | 37,020 | Institutional counterparties | $ | 93,842 | $ | (43,336) | $ | 50,506 | $ | — | $ | — | $ | 50,506 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial counterparties | Commercial counterparties | 7,283 | — | 7,283 | — | — | 7,283 | Commercial counterparties | 2,250 | — | 2,250 | — | — | 2,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 78,586 | $ | (34,283) | $ | 44,303 | $ | — | $ | — | $ | 44,303 | Total | $ | 96,092 | $ | (43,336) | $ | 52,756 | $ | — | $ | — | $ | 52,756 |
Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Liabilities Presented in the | Gross Amounts Not Offset in the Statements of Condition | Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Liabilities Presented in the | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | Recognized | Statements of | Statements of | Financial | Cash | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Liabilities | Condition | Condition | Instruments | Collateral Pledged | Net Amount | (In thousands) | Liabilities | Condition | Condition | Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | Interest Rate Swap Agreements: | Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional counterparties | Institutional counterparties | $ | (3,290) | $ | 6 | $ | (3,284) | $ | 11,199 | $ | — | $ | 7,915 | Institutional counterparties | $ | (1,600) | $ | 5 | $ | (1,595) | $ | 9,918 | $ | — | $ | 8,323 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial counterparties | Commercial counterparties | (74,104) | 3,052 | (71,052) | — | — | (71,052) | Commercial counterparties | (105,357) | 12,294 | (93,063) | — | — | (93,063) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (77,394) | $ | 3,058 | $ | (74,336) | $ | 11,199 | $ | — | $ | (63,137) | Total | $ | (106,957) | $ | 12,299 | $ | (94,658) | $ | 9,918 | $ | — | $ | (84,740) |
Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Assets Presented in the | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||||||||||||||||||||
(In thousands) | Assets | Condition | Condition | Instruments | Collateral Received | Net Amount | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | 96,295 | $ | (45,046) | $ | 51,249 | $ | — | $ | — | $ | 51,249 | ||||||||||||||||||||||||||
Commercial counterparties | 975 | — | 975 | — | — | 975 | ||||||||||||||||||||||||||||||||
Total | $ | 97,270 | $ | (45,046) | $ | 52,224 | $ | — | $ | — | $ | 52,224 |
Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Liabilities Presented in the | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||||||||||||||||||||
(In thousands) | Liabilities | Condition | Condition | Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | (1,271) | $ | 36 | $ | (1,235) | $ | 11,973 | $ | — | $ | 10,738 | ||||||||||||||||||||||||||
Commercial counterparties | (102,595) | 6,507 | (96,088) | — | — | (96,088) | ||||||||||||||||||||||||||||||||
Total | $ | (103,866) | $ | 6,543 | $ | (97,323) | $ | 11,973 | $ | — | $ | (85,350) |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Lease Right-of-Use Assets | Lease Right-of-Use Assets | Classification | Lease Right-of-Use Assets | Classification | ||||||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | Other assets | $ | 49,074 | $ | 46,411 | Operating lease right-of-use assets | Other assets | $ | 48,305 | $ | 46,411 | ||||||||||||||||||||||||||||
Finance lease right-of-use assets | Finance lease right-of-use assets | Premises and equipment, net | 5,988 | 6,151 | Finance lease right-of-use assets | Premises and equipment, net | 5,857 | 6,151 | ||||||||||||||||||||||||||||||||
Total Lease Right-of-Use Assets | Total Lease Right-of-Use Assets | $ | 55,062 | $ | 52,562 | Total Lease Right-of-Use Assets | $ | 54,162 | $ | 52,562 | ||||||||||||||||||||||||||||||
Lease Liabilities | Lease Liabilities | Lease Liabilities | ||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | Other liabilities | $ | 55,261 | $ | 53,736 | Operating lease liabilities | Other liabilities | $ | 54,315 | $ | 53,736 | ||||||||||||||||||||||||||||
Finance lease liabilities | Finance lease liabilities | Other liabilities | 9,127 | 9,306 | Finance lease liabilities | Other liabilities | 8,979 | 9,306 | ||||||||||||||||||||||||||||||||
Total Lease Liabilities | Total Lease Liabilities | $ | 64,388 | $ | 63,042 | Total Lease Liabilities | $ | 63,294 | $ | 63,042 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Weighted-Average Remaining Lease Term (in years) | Weighted-Average Remaining Lease Term (in years) | Weighted-Average Remaining Lease Term (in years) | ||||||||||||||||||||
Operating leases | Operating leases | 8.9 | 9.3 | Operating leases | 8.7 | 9.3 | ||||||||||||||||
Finance leases | Finance leases | 11.6 | 11.8 | Finance leases | 11.3 | 11.8 | ||||||||||||||||
Weighted-Average Discount Rate | Weighted-Average Discount Rate | Weighted-Average Discount Rate | ||||||||||||||||||||
Operating leases | Operating leases | 2.72 | % | 2.56 | % | Operating leases | 2.78 | % | 2.56 | % | ||||||||||||
Finance leases | Finance leases | 5.00 | % | 5.00 | % | Finance leases | 5.00 | % | 5.00 | % |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | March 31, 2023 | March 31, 2022 | (In thousands) | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||
Operating cash flows from operating leases | Operating cash flows from operating leases | $ | 2,273 | $ | 2,614 | Operating cash flows from operating leases | $ | 2,251 | $ | 2,533 | ||||||||||||||||||
Operating cash flows from finance leases | Operating cash flows from finance leases | 113 | 120 | Operating cash flows from finance leases | 112 | 120 | ||||||||||||||||||||||
Financing cash flows from finance leases | Financing cash flows from finance leases | 147 | 138 | Financing cash flows from finance leases | 148 | 138 |
Six Months Ended | ||||||||||||||
(In thousands) | June 30, 2023 | June 30, 2022 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | 4,524 | $ | 5,149 | ||||||||||
Operating cash flows from finance leases | 225 | 240 | ||||||||||||
Financing cash flows from finance leases | 295 | 276 |
(In thousands) | (In thousands) | Operating Leases | Finance Leases | (In thousands) | Operating Leases | Finance Leases | ||||||||||||||||||||||
2023 | 2023 | $ | 7,226 | $ | 777 | 2023 | $ | 4,775 | $ | 519 | ||||||||||||||||||
2024 | 2024 | 9,023 | 1,039 | 2024 | 9,247 | 1,039 | ||||||||||||||||||||||
2025 | 2025 | 7,371 | 1,039 | 2025 | 7,770 | 1,039 | ||||||||||||||||||||||
2026 | 2026 | 6,439 | 1,039 | 2026 | 6,838 | 1,039 | ||||||||||||||||||||||
2027 | 2027 | 5,821 | 1,039 | 2027 | 6,030 | 1,039 | ||||||||||||||||||||||
Thereafter | Thereafter | 25,889 | 7,077 | Thereafter | 25,963 | 7,075 | ||||||||||||||||||||||
Total undiscounted lease payments | Total undiscounted lease payments | 61,769 | 12,010 | Total undiscounted lease payments | 60,623 | 11,750 | ||||||||||||||||||||||
Less amounts representing interest | Less amounts representing interest | (6,508) | (2,883) | Less amounts representing interest | (6,308) | (2,771) | ||||||||||||||||||||||
Lease liability | Lease liability | $ | 55,261 | $ | 9,127 | Lease liability | $ | 54,315 | $ | 8,979 |
March 31, 2023 | December 31, 2022 | Minimum Capital Requirement | June 30, 2023 | December 31, 2022 | Minimum Capital Requirement | |||||||||||||||||||||||||||||||||||
Company (consolidated) | Company (consolidated) | Company (consolidated) | ||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | Total capital to risk-weighted assets | 14.4 | % | 14.6 | % | 8.0 | % | Total capital to risk-weighted assets | 14.4 | % | 14.6 | % | 8.0 | % | ||||||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | Common equity tier 1 capital to risk-weighted assets | 12.1 | 12.4 | 4.5 | Common equity tier 1 capital to risk-weighted assets | 12.1 | 12.4 | 4.5 | ||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | Tier 1 capital to risk-weighted assets | 12.4 | 12.6 | 6.0 | Tier 1 capital to risk-weighted assets | 12.3 | 12.6 | 6.0 | ||||||||||||||||||||||||||||||||
Tier 1 capital to average assets | Tier 1 capital to average assets | 9.9 | 10.2 | 4.0 | Tier 1 capital to average assets | 9.6 | 10.2 | 4.0 |
March 31, 2023 | December 31, 2022 | Regulatory Minimum to be Adequately Capitalized | Regulatory Minimum to be Well Capitalized | June 30, 2023 | December 31, 2022 | Regulatory Minimum to be Adequately Capitalized | Regulatory Minimum to be Well Capitalized | |||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | Total capital to risk-weighted assets | 13.2 | % | 13.6 | % | 8.0 | % | 10.0 | % | Total capital to risk-weighted assets | 13.4 | % | 13.6 | % | 8.0 | % | 10.0 | % | ||||||||||||||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | Common equity tier 1 capital to risk-weighted assets | 12.2 | 12.6 | 4.5 | 6.5 | Common equity tier 1 capital to risk-weighted assets | 12.4 | 12.6 | 4.5 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | Tier 1 capital to risk-weighted assets | 12.2 | 12.6 | 6.0 | 8.0 | Tier 1 capital to risk-weighted assets | 12.4 | 12.6 | 6.0 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to average assets | Tier 1 capital to average assets | 9.8 | 10.2 | 4.0 | 5.0 | Tier 1 capital to average assets | 9.6 | 10.2 | 4.0 | 5.0 |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Other accumulated comprehensive income, before tax: | Other accumulated comprehensive income, before tax: | Other accumulated comprehensive income, before tax: | ||||||||||||||||||||||||||
Net unrealized holding (loss) on AFS securities | Net unrealized holding (loss) on AFS securities | $ | (212,919) | $ | (236,887) | Net unrealized holding (loss) on AFS securities | $ | (237,760) | $ | (236,887) | ||||||||||||||||||
Net unrealized (loss) on cash flow hedging derivatives | Net unrealized (loss) on cash flow hedging derivatives | (869) | (6,667) | Net unrealized (loss) on cash flow hedging derivatives | (12,780) | (6,667) | ||||||||||||||||||||||
Net unrealized holding (loss) on pension plans | Net unrealized holding (loss) on pension plans | (844) | (844) | Net unrealized holding (loss) on pension plans | (844) | (844) | ||||||||||||||||||||||
Income taxes related to items of accumulated other comprehensive income: | Income taxes related to items of accumulated other comprehensive income: | Income taxes related to items of accumulated other comprehensive income: | ||||||||||||||||||||||||||
Net unrealized tax benefit on AFS securities | Net unrealized tax benefit on AFS securities | 55,105 | 61,329 | Net unrealized tax benefit on AFS securities | 61,486 | 61,329 | ||||||||||||||||||||||
Net unrealized tax benefit on cash flow hedging derivatives | Net unrealized tax benefit on cash flow hedging derivatives | 233 | 1,789 | Net unrealized tax benefit on cash flow hedging derivatives | 3,430 | 1,789 | ||||||||||||||||||||||
Net unrealized tax benefit on pension plans | Net unrealized tax benefit on pension plans | 228 | 228 | Net unrealized tax benefit on pension plans | 228 | 228 | ||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | $ | (159,066) | $ | (181,052) | Accumulated other comprehensive loss | $ | (186,240) | $ | (181,052) |
(In thousands) | (In thousands) | Before Tax | Tax Effect | Net of Tax | (In thousands) | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gain on AFS securities: | x | |||||||||||||||||||||||||||||||||||||||
Net unrealized gains arising during the period | $ | 23,968 | $ | (6,224) | $ | 17,744 | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Net unrealized holding loss on AFS securities: | Net unrealized holding loss on AFS securities: | x | ||||||||||||||||||||||||||||||||||||||
Net unrealized (losses) arising during the period | Net unrealized (losses) arising during the period | $ | (24,842) | $ | 6,381 | $ | (18,461) | |||||||||||||||||||||||||||||||||
Less: reclassification adjustment for gains realized in net income | Less: reclassification adjustment for gains realized in net income | — | — | — | Less: reclassification adjustment for gains realized in net income | — | — | — | ||||||||||||||||||||||||||||||||
Net unrealized holding gain on AFS securities | Net unrealized holding gain on AFS securities | 23,968 | (6,224) | 17,744 | Net unrealized holding gain on AFS securities | (24,842) | 6,381 | (18,461) | ||||||||||||||||||||||||||||||||
Net unrealized gain on cash flow hedging derivatives: | Net unrealized gain on cash flow hedging derivatives: | Net unrealized gain on cash flow hedging derivatives: | ||||||||||||||||||||||||||||||||||||||
Net unrealized gain arising during the period | 5,955 | (1,598) | 4,357 | |||||||||||||||||||||||||||||||||||||
Net unrealized (loss) arising during the period | Net unrealized (loss) arising during the period | (12,067) | 3,239 | (8,828) | ||||||||||||||||||||||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | Less: reclassification adjustment for (losses) realized in net income | 157 | (42) | 115 | Less: reclassification adjustment for (losses) realized in net income | (157) | 42 | (115) | ||||||||||||||||||||||||||||||||
Net unrealized gain on cash flow hedging derivatives | Net unrealized gain on cash flow hedging derivatives | 5,798 | (1,556) | 4,242 | Net unrealized gain on cash flow hedging derivatives | (11,910) | 3,197 | (8,713) | ||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | $ | 29,766 | $ | (7,780) | $ | 21,986 | Other comprehensive income | $ | (36,752) | $ | 9,578 | $ | (27,174) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Net unrealized holding loss on AFS securities: | Net unrealized holding loss on AFS securities: | Net unrealized holding loss on AFS securities: | ||||||||||||||||||||||||||||||||||||||
Net unrealized (losses) arising during the period | Net unrealized (losses) arising during the period | $ | (101,373) | $ | 26,379 | $ | (74,994) | Net unrealized (losses) arising during the period | $ | (60,481) | $ | 15,723 | $ | (44,758) | ||||||||||||||||||||||||||
Less: reclassification adjustment for gains realized in net income | Less: reclassification adjustment for gains realized in net income | — | — | — | Less: reclassification adjustment for gains realized in net income | 6 | (2) | 4 | ||||||||||||||||||||||||||||||||
Net unrealized holding (loss) on AFS securities | Net unrealized holding (loss) on AFS securities | (101,373) | 26,379 | (74,994) | Net unrealized holding (loss) on AFS securities | (60,487) | 15,725 | (44,762) | ||||||||||||||||||||||||||||||||
Net unrealized loss on cash flow hedging derivatives: | Net unrealized loss on cash flow hedging derivatives: | Net unrealized loss on cash flow hedging derivatives: | ||||||||||||||||||||||||||||||||||||||
Net unrealized (loss) arising during the period | Net unrealized (loss) arising during the period | — | — | — | Net unrealized (loss) arising during the period | — | — | — | ||||||||||||||||||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | Less: reclassification adjustment for (losses) realized in net income | — | — | — | Less: reclassification adjustment for (losses) realized in net income | — | — | — | ||||||||||||||||||||||||||||||||
Net unrealized gain on cash flow hedging derivatives | Net unrealized gain on cash flow hedging derivatives | — | — | — | Net unrealized gain on cash flow hedging derivatives | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | $ | (101,373) | $ | 26,379 | $ | (74,994) | Other comprehensive (loss) | $ | (60,487) | $ | 15,725 | $ | (44,762) |
(In thousands) | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||
Net unrealized holding gain on AFS securities: | ||||||||||||||||||||
Net unrealized gains arising during the period | $ | (874) | $ | 157 | $ | (717) | ||||||||||||||
Less: reclassification adjustment for gains realized in net income | — | — | — | |||||||||||||||||
Net unrealized holding gain on AFS securities | (874) | 157 | (717) | |||||||||||||||||
Net unrealized gain on cash flow hedging derivatives: | ||||||||||||||||||||
Net unrealized gain arising during the period | (6,426) | 1,725 | (4,701) | |||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | (314) | 84 | (230) | |||||||||||||||||
Net unrealized gain on cash flow hedging derivatives | (6,112) | 1,641 | (4,471) | |||||||||||||||||
Other comprehensive income | $ | (6,986) | $ | 1,798 | $ | (5,188) | ||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||
Net unrealized holding loss on AFS securities: | ||||||||||||||||||||
Net unrealized (losses) arising during the period | $ | (161,854) | $ | 42,102 | $ | (119,752) | ||||||||||||||
Less: reclassification adjustment for gains realized in net income | 6 | (2) | 4 | |||||||||||||||||
Net unrealized holding (loss) on AFS securities | (161,860) | 42,104 | (119,756) | |||||||||||||||||
Net unrealized loss on cash flow hedging derivatives: | ||||||||||||||||||||
Net unrealized (loss) arising during the period | — | — | — | |||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | — | — | — | |||||||||||||||||
Net unrealized gain on cash flow hedging derivatives | — | — | — | |||||||||||||||||
Other comprehensive (loss) | (161,860) | 42,104 | (119,756) | |||||||||||||||||
(In thousands) | (In thousands) | Net unrealized holding loss on AFS Securities | Net loss on effective cash flow hedging derivatives | Net unrealized holding loss on pension plans | Total | (In thousands) | Net unrealized holding loss on AFS Securities | Net loss on effective cash flow hedging derivatives | Net unrealized holding loss on pension plans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Balance at Beginning of Period | $ | (175,557) | $ | (4,878) | $ | (617) | $ | (181,052) | Balance at Beginning of Period | $ | (157,813) | $ | (636) | $ | (617) | $ | (159,066) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) before reclassifications | Other comprehensive (loss) before reclassifications | 17,744 | 4,357 | — | 22,101 | Other comprehensive (loss) before reclassifications | (18,461) | (8,828) | (27,289) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: amounts reclassified from accumulated other comprehensive (loss) | Less: amounts reclassified from accumulated other comprehensive (loss) | — | 115 | — | 115 | Less: amounts reclassified from accumulated other comprehensive (loss) | — | (115) | — | (115) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) | Total other comprehensive (loss) | 17,744 | 4,242 | — | 21,986 | Total other comprehensive (loss) | (18,461) | (8,713) | — | (27,174) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at End of Period | Balance at End of Period | $ | (157,813) | $ | (636) | $ | (617) | $ | (159,066) | Balance at End of Period | $ | (176,274) | $ | (9,349) | $ | (617) | $ | (186,240) | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Balance at Beginning of Period | $ | (1,398) | $ | (1,845) | $ | — | $ | (3,243) | Balance at Beginning of Period | $ | (76,392) | $ | — | $ | (1,845) | $ | (78,237) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) before reclassifications | Other comprehensive (loss) before reclassifications | (74,994) | — | — | (74,994) | Other comprehensive (loss) before reclassifications | (44,758) | — | — | (44,758) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: amounts reclassified from accumulated other comprehensive (loss) | Less: amounts reclassified from accumulated other comprehensive (loss) | — | — | — | — | Less: amounts reclassified from accumulated other comprehensive (loss) | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | (74,994) | — | — | (74,994) | Total other comprehensive income | (44,762) | — | — | (44,762) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at End of Period | Balance at End of Period | $ | (76,392) | $ | (1,845) | $ | — | $ | (78,237) | Balance at End of Period | $ | (121,154) | $ | — | $ | (1,845) | $ | (122,999) |
(In thousands) | Net unrealized holding loss on AFS Securities | Net loss on effective cash flow hedging derivatives | Net unrealized holding loss on pension plans | Total | ||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||
Balance at Beginning of Period | $ | (175,557) | $ | (4,878) | $ | (617) | (181,052) | |||||||||||||||||||||||||
Other comprehensive (loss) before reclassifications | (717) | (4,701) | — | (5,418) | ||||||||||||||||||||||||||||
Less: amounts reclassified from accumulated other comprehensive (loss) | — | (230) | — | (230) | ||||||||||||||||||||||||||||
Total other comprehensive (loss) | (717) | (4,471) | — | (5,188) | ||||||||||||||||||||||||||||
Balance at End of Period | $ | (176,274) | $ | (9,349) | $ | (617) | $ | (186,240) | ||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||
Balance at Beginning of Period | $ | (1,398) | $ | — | $ | (1,845) | $ | (3,243) | ||||||||||||||||||||||||
Other comprehensive (loss) before reclassifications | (119,752) | — | — | (119,752) | ||||||||||||||||||||||||||||
Less: amounts reclassified from accumulated other comprehensive (loss) | 4 | — | — | 4 | ||||||||||||||||||||||||||||
Total other comprehensive income | (119,756) | — | — | (119,756) | ||||||||||||||||||||||||||||
Balance at End of Period | $ | (121,154) | $ | — | $ | (1,845) | $ | (122,999) | ||||||||||||||||||||||||
Affected Line Item in the | ||||||||||||||||||||
Three Months Ended June 30, | Statement where Net Income | |||||||||||||||||||
(In thousands) | 2023 | 2022 | is Presented | |||||||||||||||||
Realized gains on AFS securities: | ||||||||||||||||||||
$ | — | $ | 6 | Non-interest income | ||||||||||||||||
— | (2) | Tax expense | ||||||||||||||||||
— | 4 | Net of tax | ||||||||||||||||||
Realized (losses) on cash flow hedging derivatives: | ||||||||||||||||||||
(157) | — | Interest expense | ||||||||||||||||||
— | — | Non-interest expense | ||||||||||||||||||
42 | — | Tax benefit | ||||||||||||||||||
(115) | — | Net of tax | ||||||||||||||||||
Total reclassifications for the period | $ | (115) | $ | 4 | Net of tax |
Affected Line Item in the | ||||||||||||||||||||
Three Months Ended March 31, | Statement where Net Income | |||||||||||||||||||
(In thousands) | 2023 | 2022 | is Presented | |||||||||||||||||
Realized (losses) on cash flow hedging derivatives: | ||||||||||||||||||||
157 | — | Interest expense | ||||||||||||||||||
— | — | Non-interest expense | ||||||||||||||||||
(42) | — | Tax benefit | ||||||||||||||||||
Total reclassifications for the period | $ | 115 | $ | — | Net of tax |
Affected Line Item in the | ||||||||||||||||||||
Six Months Ended June 30, | Statement where Net Income | |||||||||||||||||||
(In thousands) | 2023 | 2022 | is Presented | |||||||||||||||||
Realized gains on AFS securities: | ||||||||||||||||||||
$ | — | $ | 6 | Non-interest income | ||||||||||||||||
— | (2) | Tax expense | ||||||||||||||||||
— | 4 | Net of tax | ||||||||||||||||||
Realized (losses) on cash flow hedging derivatives: | ||||||||||||||||||||
(314) | — | Interest expense | ||||||||||||||||||
— | — | Non-interest expense | ||||||||||||||||||
84 | — | Tax benefit | ||||||||||||||||||
(230) | — | Net of tax | ||||||||||||||||||
Total reclassifications for the period | $ | (230) | $ | 4 | Net of tax |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2023 | 2022 | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 27,637 | $ | 20,196 | Net income | $ | 23,861 | $ | 23,115 | $ | 51,498 | $ | 43,311 | ||||||||||||||||||||||||||||||||
Average number of common shares issued | Average number of common shares issued | 51,903 | 51,903 | Average number of common shares issued | 51,903 | 51,903 | 51,903 | 51,903 | ||||||||||||||||||||||||||||||||||||||
Less: average number of treasury shares | Less: average number of treasury shares | 7,488 | 3,494 | Less: average number of treasury shares | 7,624 | 5,247 | 7,552 | 4,375 | ||||||||||||||||||||||||||||||||||||||
Less: average number of unvested stock award shares | Less: average number of unvested stock award shares | 722 | 741 | Less: average number of unvested stock award shares | 836 | 838 | 787 | 795 | ||||||||||||||||||||||||||||||||||||||
Average number of basic shares outstanding | Average number of basic shares outstanding | 43,693 | 47,668 | Average number of basic shares outstanding | 43,443 | 45,818 | 43,564 | 46,733 | ||||||||||||||||||||||||||||||||||||||
Plus: dilutive effect of unvested stock award shares | Plus: dilutive effect of unvested stock award shares | 343 | 392 | Plus: dilutive effect of unvested stock award shares | 89 | 283 | 216 | 337 | ||||||||||||||||||||||||||||||||||||||
Plus: dilutive effect of stock options outstanding | Plus: dilutive effect of stock options outstanding | — | 7 | Plus: dilutive effect of stock options outstanding | — | 1 | — | 4 | ||||||||||||||||||||||||||||||||||||||
Average number of diluted shares outstanding | Average number of diluted shares outstanding | 44,036 | 48,067 | Average number of diluted shares outstanding | 43,532 | 46,102 | 43,780 | 47,074 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per common share: | Basic earnings per common share: | $ | 0.63 | $ | 0.42 | Basic earnings per common share: | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.93 | ||||||||||||||||||||||||||||||||
Diluted earnings per common share: | Diluted earnings per common share: | $ | 0.63 | $ | 0.42 | Diluted earnings per common share: | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.92 |
Non-Vested Stock Awards Outstanding | Stock Options Outstanding | Non-Vested Stock Awards Outstanding | Stock Options Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in thousands) | (Shares in thousands) | Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Exercise Price | (Shares in thousands) | Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Exercise Price | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | 704 | $ | 22.85 | 49 | $ | 26.46 | December 31, 2022 | 704 | $ | 22.85 | 49 | $ | 26.46 | ||||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | 143 | 30.36 | — | — | Granted | 392 | 27.00 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquired | Acquired | — | — | — | — | Acquired | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | Stock options exercised | — | — | — | — | Stock options exercised | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock awards vested | Stock awards vested | (96) | 23.00 | — | — | Stock awards vested | (178) | 24.12 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (31) | 26.82 | — | — | Forfeited | (49) | 25.72 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Expired | Expired | — | — | — | — | Expired | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | 720 | $ | 24.56 | 49 | $ | 26.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | 869 | $ | 24.60 | 49 | $ | 26.46 |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Inputs | Inputs | Inputs | Fair Value | (In thousands) | Inputs | Inputs | Inputs | Fair Value | ||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | $ | — | $ | — | $ | 6,584 | $ | 6,584 | Trading securities | $ | — | $ | — | $ | 6,405 | $ | 6,405 | ||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | Securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S Treasuries | U.S Treasuries | 8,981 | — | — | 8,981 | U.S Treasuries | 7,981 | — | — | 7,981 | ||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | — | 64,617 | — | 64,617 | Municipal bonds and obligations | — | 63,622 | — | 63,622 | ||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | — | 525,949 | — | 525,949 | Agency collateralized mortgage obligations | — | 491,340 | — | 491,340 | ||||||||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities | Agency residential mortgage-backed securities | — | 539,597 | — | 539,597 | Agency residential mortgage-backed securities | — | 518,552 | — | 518,552 | ||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | — | 227,408 | — | 227,408 | Agency commercial mortgage-backed securities | — | 219,777 | — | 219,777 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | — | 36,263 | 3,800 | 40,063 | Corporate bonds | — | 34,473 | 3,930 | 38,403 | ||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | — | 656 | — | 656 | Other bonds and obligations | — | 656 | — | 656 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 13,072 | — | — | 13,072 | Equity securities | 12,868 | — | — | 12,868 | ||||||||||||||||||||||||||||||||||||
Loans held for investment at fair value | Loans held for investment at fair value | — | — | 460 | $ | 460 | Loans held for investment at fair value | — | — | 401 | 401 | |||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | — | 1,906 | — | 1,906 | Loans held for sale | — | 8,708 | — | 8,708 | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | — | 43,615 | 41 | 43,656 | Derivative assets | — | 52,636 | 100 | 52,736 | ||||||||||||||||||||||||||||||||||||
Capitalized servicing rights | Capitalized servicing rights | — | — | 1,666 | 1,666 | Capitalized servicing rights | — | — | 1,886 | 1,886 | ||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | — | 73,909 | — | 73,909 | Derivative liabilities | — | 94,656 | — | 94,656 |
December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In thousands) | Inputs | Inputs | Inputs | Fair Value | |||||||||||||||||||
Trading securities | $ | — | $ | — | $ | 6,708 | $ | 6,708 | |||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S Treasuries | 11,973 | — | — | 11,973 | |||||||||||||||||||
Municipal bonds and obligations | — | 63,335 | — | 63,335 | |||||||||||||||||||
Agency collateralized mortgage obligations | — | 531,945 | — | 531,945 | |||||||||||||||||||
Agency residential mortgage-backed securities | — | 546,313 | — | 546,313 | |||||||||||||||||||
Agency commercial mortgage-backed securities | — | 228,468 | — | 228,468 | |||||||||||||||||||
Corporate bonds | — | 36,510 | 4,000 | 40,510 | |||||||||||||||||||
Equity securities | 12,856 | — | — | 12,856 | |||||||||||||||||||
Loans held for investment at fair value | — | — | 605 | 605 | |||||||||||||||||||
Loans held for sale | — | 942 | — | 942 | |||||||||||||||||||
Derivative assets | — | 54,216 | 25 | 54,241 | |||||||||||||||||||
Capitalized servicing rights | — | — | 1,846 | 1,846 | |||||||||||||||||||
Derivative liabilities | — | 97,030 | — | 97,030 |
Aggregate Fair Value | Aggregate Fair Value | |||||||||||||||||||||||||||||||||||||||
March 31, 2023 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Aggregate | Aggregate | Less Aggregate | ||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | (In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | ||||||||||||||||||||||||||||||||
Loans held for investment at fair value | Loans held for investment at fair value | $ | 460 | $ | 10,213 | $ | (9,753) | Loans held for investment at fair value | $ | 401 | $ | 9,285 | $ | (8,884) |
Aggregate Fair Value | ||||||||||||||||||||
December 31, 2022 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | |||||||||||||||||
Loans held for investment at fair value | $ | 605 | $ | 10,948 | $ | (10,343) |
Aggregate Fair Value | ||||||||||||||||||||
March 31, 2023 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | |||||||||||||||||
Loans held for sale | $ | 1,906 | $ | 1,882 | $ | 24 |
Aggregate Fair Value | ||||||||||||||||||||
June 30, 2023 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | |||||||||||||||||
Loans held for sale | $ | 8,708 | $ | 8,584 | $ | 124 |
Aggregate Fair Value | ||||||||||||||||||||
December 31, 2022 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | |||||||||||||||||
Loans held for sale | $ | 942 | $ | 927 | $ | 15 |
Assets (Liabilities) | |||||||||||||||||||||||||||||||||||
Securities | Loans | Capitalized | |||||||||||||||||||||||||||||||||
Trading | Available | Held for | Commitments | Forward | Servicing | ||||||||||||||||||||||||||||||
(In thousands) | Securities | for Sale | Investment | to Lend | Commitments | Rights | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
December 31, 2022 | $ | 6,708 | $ | 4,000 | $ | 605 | $ | 17 | $ | 8 | $ | 1,846 | |||||||||||||||||||||||
Unrealized (loss)/gain, net recognized in other non-interest income | 88 | — | (129) | 34 | 7 | (180) | |||||||||||||||||||||||||||||
Unrealized gain included in accumulated other comprehensive income | — | (200) | — | — | — | — | |||||||||||||||||||||||||||||
Paydown of asset | (212) | — | (16) | — | — | — | |||||||||||||||||||||||||||||
Transfers to held for sale loans | — | — | — | (25) | — | — | |||||||||||||||||||||||||||||
March 31, 2023 | $ | 6,584 | $ | 3,800 | $ | 460 | $ | 26 | $ | 15 | $ | 1,666 | |||||||||||||||||||||||
Unrealized (loss)/gain relating to instruments still held at March 31, 2023 | $ | (266) | $ | (200) | $ | — | $ | 26 | $ | 15 | $ | — |
Securities | Loans | Capitalized | |||||||||||||||||||||||||||||||||
Trading | Available | Held for | Commitments | Forward | Servicing | ||||||||||||||||||||||||||||||
(In thousands) | Securities | for Sale | Investment | to Lend | Commitments | Rights | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
December 31, 2021 | $ | 8,354 | $ | 4,030 | $ | 1,200 | $ | 124 | $ | 134 | $ | 1,966 | |||||||||||||||||||||||
Unrealized (loss)/gain, net recognized in other non-interest income | (354) | — | 209 | 70 | (127) | (180) | |||||||||||||||||||||||||||||
Unrealized gain included in accumulated other comprehensive loss | — | (10) | — | — | — | — | |||||||||||||||||||||||||||||
Paydown of asset | (202) | — | (212) | — | — | — | |||||||||||||||||||||||||||||
Transfers to held for sale loans | — | — | — | (176) | — | — | |||||||||||||||||||||||||||||
March 31, 2022 | $ | 7,798 | $ | 4,020 | $ | 1,197 | $ | 18 | $ | 7 | $ | 1,786 | |||||||||||||||||||||||
Unrealized gain relating to instruments still held at March 31,2022 | $ | 121 | $ | 20 | $ | — | $ | 18 | $ | 7 | $ | — |
Assets (Liabilities) | |||||||||||||||||||||||||||||||||||
Securities | Loans | Capitalized | |||||||||||||||||||||||||||||||||
Trading | Available | Held for | Commitments | Forward | Servicing | ||||||||||||||||||||||||||||||
(In thousands) | Securities | for Sale | Investment | to Lend | Commitments | Rights | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | 6,584 | $ | 3,800 | $ | 460 | $ | 26 | $ | 15 | $ | 1,666 | |||||||||||||||||||||||
Unrealized (loss)/gain, net recognized in other non-interest income | 34 | — | (18) | 87 | 48 | 220 | |||||||||||||||||||||||||||||
Unrealized gain included in accumulated other comprehensive income | — | 130 | — | — | — | — | |||||||||||||||||||||||||||||
Paydown of asset | (213) | — | (41) | — | — | — | |||||||||||||||||||||||||||||
Transfers to held for sale loans | — | — | — | (76) | — | — | |||||||||||||||||||||||||||||
June 30, 2023 | $ | 6,405 | $ | 3,930 | $ | 401 | $ | 37 | $ | 63 | $ | 1,886 | |||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
December 31, 2022 | $ | 6,708 | $ | 4,000 | $ | 605 | $ | 17 | $ | 8 | $ | 1,846 | |||||||||||||||||||||||
Unrealized (loss)/gain, net recognized in other non-interest income | 123 | — | (147) | 121 | 55 | 40 | |||||||||||||||||||||||||||||
Unrealized (loss) included in accumulated other comprehensive income | — | (70) | — | — | — | — | |||||||||||||||||||||||||||||
Paydown of asset | (426) | — | (57) | — | — | — | |||||||||||||||||||||||||||||
Transfers to held for sale loans | — | — | — | (101) | — | — | |||||||||||||||||||||||||||||
June 30, 2023 | $ | 6,405 | $ | 3,930 | $ | 401 | $ | 37 | $ | 63 | $ | 1,886 | |||||||||||||||||||||||
Unrealized (loss)/gain relating to instruments still held at June 30, 2023 | $ | (266) | $ | (200) | $ | — | $ | 37 | $ | 63 | $ | — |
Assets (Liabilities) | |||||||||||||||||||||||||||||||||||
Securities | Loans | Capitalized | |||||||||||||||||||||||||||||||||
Trading | Available | Held for | Commitments | Forward | Servicing | ||||||||||||||||||||||||||||||
(In thousands) | Securities | for Sale | Investment | to Lend | Commitments | Rights | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
March 31, 2022 | $ | 7,798 | $ | 4,020 | $ | 1,197 | $ | 18 | $ | 7 | $ | 1,786 | |||||||||||||||||||||||
Unrealized (loss)/gain, net recognized in other non-interest income | (556) | — | 259 | 60 | 11 | 120 | |||||||||||||||||||||||||||||
Unrealized gain included in accumulated other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Paydown of asset | (202) | (407) | — | — | — | ||||||||||||||||||||||||||||||
Transfers to held for sale loans | — | — | — | (52) | — | — | |||||||||||||||||||||||||||||
June 30, 2022 | $ | 7,040 | $ | 4,020 | $ | 1,049 | $ | 26 | $ | 18 | $ | 1,906 | |||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
December 31, 2021 | $ | 8,354 | $ | 4,030 | $ | 1,200 | $ | 124 | $ | 134 | $ | 1,966 | |||||||||||||||||||||||
Unrealized (loss)/gain, net recognized in other non-interest income | (910) | — | 468 | 130 | (116) | (60) | |||||||||||||||||||||||||||||
Unrealized (loss) included in accumulated other comprehensive income | — | (10) | — | — | — | — | |||||||||||||||||||||||||||||
Paydown of asset | (404) | — | (619) | — | — | — | |||||||||||||||||||||||||||||
Transfers to held for sale loans | — | — | — | (228) | — | — | |||||||||||||||||||||||||||||
Additions to servicing rights | — | — | 0 | — | — | — | |||||||||||||||||||||||||||||
June 30, 2022 | $ | 7,040 | $ | 4,020 | $ | 1,049 | $ | 26 | $ | 18 | $ | 1,906 | |||||||||||||||||||||||
Unrealized (loss)/gain relating to instruments still held at June 30, 2022 | $ | (436) | $ | 20 | $ | — | $ | 26 | $ | 18 | $ | — |
Fair Value | Significant Unobservable Input | Fair Value | Significant Unobservable Input | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | March 31, 2023 | Valuation Techniques | Unobservable Inputs | Value | (In thousands) | June 30, 2023 | Valuation Techniques | Unobservable Inputs | Value | ||||||||||||||||||||||||||||||||||||||||||
Assets (Liabilities) | Assets (Liabilities) | Assets (Liabilities) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities | Trading Securities | $ | 6,584 | Discounted Cash Flow | Discount Rate | 5.47 | % | Trading Securities | $ | 6,405 | Discounted Cash Flow | Discount Rate | 5.23 | % | ||||||||||||||||||||||||||||||||||||||
AFS Securities | AFS Securities | 3,800 | Indication from Market Maker | Price | 95.00% | AFS Securities | 3,930 | Indication from Market Maker | Price | 98.00% | ||||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | 460 | Discounted Cash Flow | Discount Rate | 25.00 | % | Loans held for investment | 401 | Discounted Cash Flow | Discount Rate | 25.00 | % | ||||||||||||||||||||||||||||||||||||||||
Collateral Value | $0.0 - $20.3 | Collateral Value | $0.0 - $17.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments to lend | Commitments to lend | 26 | Historical Trend | Closing Ratio | 80.43 | % | Commitments to lend | 37 | Historical Trend | Closing Ratio | 85.01 | % | ||||||||||||||||||||||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2 | Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 15 | Historical Trend | Closing Ratio | 80.43 | % | Forward commitments | 63 | Historical Trend | Closing Ratio | 85.01 | % | ||||||||||||||||||||||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2 | Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||||||||||||||||||||||||
Capitalized servicing rights | Capitalized servicing rights | 1,666 | Discounted cash flow | Constant Prepayment Rate (CPR) | 11.15 | % | Capitalized servicing rights | 1,886 | Discounted cash flow | Constant Prepayment Rate (CPR) | 9.87 | % | ||||||||||||||||||||||||||||||||||||||||
Discount Rate | 9.56 | % | Discount Rate | 9.57 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 12,551 | Total | $ | 12,722 |
Fair Value | Significant Unobservable Input | Fair Value | Significant Unobservable Input | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | December 31, 2022 | Valuation Techniques | Unobservable Inputs | Value | (In thousands) | December 31, 2022 | Valuation Techniques | Unobservable Inputs | Value | ||||||||||||||||||||||||||||||||||||||||||
Assets (Liabilities) | Assets (Liabilities) | Assets (Liabilities) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities | Trading Securities | $ | 6,708 | Discounted Cash Flow | Discount Rate | 5.92 | % | Trading Securities | $ | 6,708 | Discounted Cash Flow | Discount Rate | 5.92 | % | ||||||||||||||||||||||||||||||||||||||
AFS Securities | AFS Securities | 4,000 | Indication from Market Maker | Price | 101.00 | % | AFS Securities | 4,000 | Indication from Market Maker | Price | 100.00 | % | ||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | 605 | Discounted Cash Flow | Discount Rate | 25.00 | % | Loans held for investment | 605 | Discounted Cash Flow | Discount Rate | 25.00 | % | ||||||||||||||||||||||||||||||||||||||||
Collateral Value | $0.0- $20.4 | Collateral Value | $0.0- $20.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments to lend | Commitments to lend | 17 | Historical Trend | Closing Ratio | 80.63 | % | Commitments to lend | 17 | Historical Trend | Closing Ratio | 80.63 | % | ||||||||||||||||||||||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2 | Pricing Model | Origination Costs, per loan | $ | 2 | |||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 8 | Historical Trend | Closing Ratio | 80.63 | % | Forward commitments | 8 | Historical Trend | Closing Ratio | 80.63 | % | ||||||||||||||||||||||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2 | Pricing Model | Origination Costs, per loan | $ | 2 | |||||||||||||||||||||||||||||||||||||||||||||
Capitalized servicing rights | Capitalized servicing rights | 1,846 | Discounted Cash Flow | Constant Prepayment Rate (CPR) | 11.07 | % | Capitalized servicing rights | 1,846 | Discounted Cash Flow | Constant Prepayment Rate (CPR) | 11.07 | % | ||||||||||||||||||||||||||||||||||||||||
Discount Rate | 9.56 | % | Discount Rate | 9.56 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 13,184 | Total | $ | 13,184 |
March 31, 2023 | Fair Value Measurement Date | December 31, 2022 | Fair Value Measurement Date | June 30, 2023 | Fair Value Measurement Date | December 31, 2022 | Fair Value Measurement Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Inputs | Inputs | Inputs | Inputs | (In thousands) | Inputs | Inputs | Inputs | Inputs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 6,139 | March 2023 | $ | 14,571 | December 2022 | Individually evaluated | $ | 5,773 | June 2023 | $ | 14,571 | December 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | — | March 2023 | 3,369 | December 2022 | Loans held for sale | — | June 2023 | 3,369 | December 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized servicing rights | Capitalized servicing rights | 11,436 | March 2023 | 11,201 | December 2022 | Capitalized servicing rights | 11,223 | June 2023 | 11,201 | December 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 17,575 | $ | 29,141 | Total | $ | 16,996 | $ | 29,141 |
Fair Value | ||||||||||||||||||||||||||
(In thousands) | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (1) | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Individually evaluated | $ | Fair Value of Collateral | Discounted Cash Flow - Loss Severity | (100.00)% to | ||||||||||||||||||||||
Appraised Value | $0 to | |||||||||||||||||||||||||
Capitalized servicing rights | Discounted Cash Flow | Constant Prepayment Rate (CPR) | ||||||||||||||||||||||||
Discount Rate | ||||||||||||||||||||||||||
Total | $ |
Fair Value | ||||||||||||||||||||||||||
(In thousands) | December 31, 2022 | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (1) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Individually evaluated | $ | 14,571 | Fair Value of Collateral | Discounted Cash Flow - loss severity | (100.00)% to 74.74% ((40.02)%) | |||||||||||||||||||||
Appraised Value | $0 to $2,160 ($643) | |||||||||||||||||||||||||
Loans held for sale | 3,369 | Fair Value of Collateral | Appraised Value | $3,369 | ||||||||||||||||||||||
Capitalized servicing rights | 11,201 | Discounted Cash Flow | Constant Prepayment Rate (CPR) | 5.81% to 13.18% (10.94%) | ||||||||||||||||||||||
Discount Rate | 9.59% to 22.70% (16.83%) | |||||||||||||||||||||||||
Total | $ | 29,141 |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | (In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1,006,562 | $ | 1,006,562 | $ | 1,006,562 | $ | — | $ | — | Cash and cash equivalents | $ | 640,600 | $ | 640,600 | $ | 640,600 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | 6,584 | 6,584 | — | — | 6,584 | Trading securities | 6,405 | 6,405 | — | — | 6,405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 13,072 | 13,072 | 13,072 | — | — | Equity securities | 12,868 | 12,868 | 12,868 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | 1,407,271 | 1,407,271 | 8,981 | 1,394,490 | 3,800 | Securities available for sale | 1,340,331 | 1,340,331 | 7,981 | 1,328,420 | 3,930 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | 574,606 | 507,091 | — | 505,357 | 1,734 | Securities held to maturity | 563,765 | 487,960 | — | 486,313 | 1,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | Federal Home Loan Bank stock | 44,245 | N/A | N/A | N/A | N/A | Federal Home Loan Bank stock | 34,714 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans | Net loans | 8,583,976 | 8,553,066 | — | — | 8,553,066 | Net loans | 8,782,183 | 8,727,074 | — | — | 8,727,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,906 | 1,906 | — | 1,906 | — | Loans held for sale | 8,708 | 8,708 | — | 8,708 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 49,464 | 49,464 | — | 49,464 | — | Accrued interest receivable | 50,580 | 50,580 | — | 50,580 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 43,656 | 43,656 | — | 43,615 | 41 | Derivative assets | 52,736 | 52,736 | — | 52,636 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 10,067,545 | $ | 10,034,068 | $ | — | $ | 10,034,068 | $ | — | Total deposits | $ | 10,068,407 | $ | 10,035,236 | $ | — | $ | 10,035,236 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | 900,000 | 900,141 | — | 900,141 | — | Short-term debt | 470,000 | 469,935 | — | 469,935 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances and other | Long-term Federal Home Loan Bank advances and other | 4,395 | 2,895 | — | 2,895 | — | Long-term Federal Home Loan Bank advances and other | 204,345 | 196,824 | — | 196,824 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated borrowings | Subordinated borrowings | 121,176 | 97,742 | — | 97,742 | — | Subordinated borrowings | 121,238 | 100,739 | — | 100,739 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 7,096 | 7,096 | — | 7,096 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 73,909 | 73,909 | — | 73,909 | — | Derivative liabilities | 94,656 | 94,656 | — | 94,656 | — |
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | (In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 685,355 | $ | 685,355 | $ | 685,355 | $ | — | $ | — | Cash and cash equivalents | $ | 685,355 | $ | 685,355 | $ | 685,355 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | 6,708 | 6,708 | — | — | 6,708 | Trading securities | 6,708 | 6,708 | — | — | 6,708 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 12,856 | 12,856 | 12,856 | — | — | Equity securities | 12,856 | 12,856 | 12,856 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale and other | Securities available for sale and other | 1,423,200 | 1,423,200 | 11,973 | 1,407,227 | 4,000 | Securities available for sale and other | 1,423,200 | 1,423,200 | 11,973 | 1,407,227 | 4,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | 583,453 | 507,464 | — | 505,508 | 1,956 | Securities held to maturity | 583,453 | 507,464 | — | 505,508 | 1,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | Federal Home Loan Bank stock | 7,219 | N/A | N/A | N/A | N/A | Federal Home Loan Bank stock | 7,219 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans | Net loans | 8,239,039 | 8,194,110 | — | — | 8,194,110 | Net loans | 8,239,039 | 8,194,110 | — | — | 8,194,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 4,311 | 4,311 | — | 942 | 3,369 | Loans held for sale | 4,311 | 4,311 | — | 942 | 3,369 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 46,868 | 46,868 | — | 46,868 | — | Accrued interest receivable | 46,868 | 46,868 | — | 46,868 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 54,241 | 54,241 | — | 54,216 | 25 | Derivative assets | 54,241 | 54,241 | — | 54,216 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 10,327,269 | $ | 10,283,543 | $ | — | $ | 10,283,543 | $ | — | Total deposits | $ | 10,327,269 | $ | 10,283,543 | $ | — | $ | 10,283,543 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | — | — | — | — | — | Short-term debt | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances | Long-term Federal Home Loan Bank advances | 4,445 | 2,782 | — | 2,782 | — | Long-term Federal Home Loan Bank advances | 4,445 | 2,782 | — | 2,782 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated borrowings | Subordinated borrowings | 121,064 | 110,853 | — | 110,853 | — | Subordinated borrowings | 121,064 | 110,853 | — | 110,853 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 1,610 | 1,610 | — | 1,610 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 97,030 | 97,030 | — | 97,030 | — | Derivative liabilities | 97,030 | 97,030 | — | 97,030 | — |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 97,533 | $ | 69,063 | Net interest income | $ | 92,759 | $ | 81,358 | $ | 190,292 | $ | 150,421 | ||||||||||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | Provision/(benefit) for credit losses | 8,999 | (4,000) | Provision/(benefit) for credit losses | 8,000 | — | 16,999 | (4,000) | ||||||||||||||||||||||||||||||||||||||||||||
Net interest after provision for credit losses | Net interest after provision for credit losses | $ | 88,534 | $ | 73,063 | Net interest after provision for credit losses | $ | 84,759 | $ | 81,358 | $ | 173,293 | $ | 154,421 |
At or for the | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
NOMINAL AND PER SHARE DATA | |||||||||||||||||||||||
Net earnings per common share, diluted | $ | 0.63 | $ | 0.42 | |||||||||||||||||||
Operating earnings per common share, diluted (1)(2) | 0.63 | 0.43 | |||||||||||||||||||||
Net income, (thousands) | 27,637 | 20,196 | |||||||||||||||||||||
Operating net income, (thousands) (1)(2) | 27,608 | 20,789 | |||||||||||||||||||||
Net interest income, non FTE | 97,533 | 69,063 | |||||||||||||||||||||
Net interest income, FTE (4) | 99,441 | 70,587 | |||||||||||||||||||||
Total common shares outstanding, (thousands) | 44,411 | 47,792 | |||||||||||||||||||||
Average diluted shares, (thousands) | 44,036 | 48,067 | |||||||||||||||||||||
Total book value per common share | 22.42 | 22.89 | |||||||||||||||||||||
Tangible book value per common share (2) | 21.89 | 22.30 | |||||||||||||||||||||
Dividends per common share | 0.18 | 0.12 | |||||||||||||||||||||
Dividend payout ratio | 28.98 | % | 30.46 | % | |||||||||||||||||||
PERFORMANCE RATIOS (3) | |||||||||||||||||||||||
Return on equity | 9.11 | % | 6.79 | % | |||||||||||||||||||
Operating return on equity (1)(2) | 9.10 | 6.99 | |||||||||||||||||||||
Return on tangible common equity (1)(2) | 9.59 | 7.29 | |||||||||||||||||||||
Operating return on tangible common equity (1)(2) | 9.59 | 7.49 | |||||||||||||||||||||
Return on assets | 0.94 | 0.70 | |||||||||||||||||||||
Operating return on assets (1)(2) | 0.94 | 0.72 | |||||||||||||||||||||
Net interest margin, FTE (4) | 3.58 | 2.61 | |||||||||||||||||||||
Efficiency ratio (1)(2) | 59.51 | 72.61 | |||||||||||||||||||||
FINANCIAL DATA (in millions, end of period) | |||||||||||||||||||||||
Total assets | $ | 12,320 | $ | 12,097 | |||||||||||||||||||
Total earning assets | 11,615 | 11,401 | |||||||||||||||||||||
Total loans | 8,682 | 7,267 | |||||||||||||||||||||
Total deposits | 10,068 | 10,699 | |||||||||||||||||||||
Loans/deposits (%) | 86 | % | 68 | % | |||||||||||||||||||
Total shareholders' equity | 995 | 1,094 | |||||||||||||||||||||
ASSET QUALITY | |||||||||||||||||||||||
Allowance for credit losses, (millions) | $ | 98 | $ | 99 | |||||||||||||||||||
Net charge-offs, (millions) | (7) | (3) | |||||||||||||||||||||
Net charge-offs (QTD annualized)/average loans | 0.32 | % | 0.15 | % | |||||||||||||||||||
Provision expense/(benefit), (millions) | $ | 9 | $ | (4) | |||||||||||||||||||
Non-accruing loans/total loans | 0.31 | % | 0.41 | % | |||||||||||||||||||
Allowance for credit losses/non-accruing loans | 363 | 335 | |||||||||||||||||||||
Allowance for credit losses/total loans | 1.13 | 1.37 | |||||||||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | 12.1 | % | 13.9 | % | |||||||||||||||||||
Tier 1 capital leverage ratio | 9.9 | 10.3 | |||||||||||||||||||||
Tangible common shareholders' equity/tangible assets (2) | 7.9 | 8.8 |
At or for the | At or for the | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
NOMINAL AND PER SHARE DATA | |||||||||||||||||||||||
Net earnings per common share, diluted | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.92 | |||||||||||||||
Operating earnings per common share, diluted (1)(2) | 0.55 | 0.51 | 1.18 | 0.94 | |||||||||||||||||||
Net income, (thousands) | 23,861 | 23,115 | 51,498 | 43,311 | |||||||||||||||||||
Operating net income, (thousands) (1)(2) | 23,878 | 23,562 | 51,486 | 44,351 | |||||||||||||||||||
Net interest income, non FTE | 92,759 | 81,358 | 190,292 | 150,421 | |||||||||||||||||||
Net interest income, FTE (4) | 94,721 | 82,918 | 194,161 | 153,505 | |||||||||||||||||||
Total common shares outstanding, (thousands) | 44,033 | 45,788 | 44,033 | 45,788 | |||||||||||||||||||
Average diluted shares, (thousands) | 43,532 | 46,102 | 43,780 | 47,074 | |||||||||||||||||||
Total book value per common share | 22.11 | 22.15 | 22.11 | 22.15 | |||||||||||||||||||
Tangible book value per common share (2) | 21.60 | 21.56 | 21.60 | 21.56 | |||||||||||||||||||
Dividends per common share | 0.18 | 0.12 | 0.36 | 0.24 | |||||||||||||||||||
Dividend payout ratio | 33.47 | % | 25.24 | % | 31.06 | % | 27.67 | % | |||||||||||||||
PERFORMANCE RATIOS (3) | |||||||||||||||||||||||
Return on equity | 7.82 | % | 7.82 | % | 8.46 | % | 7.31 | % | |||||||||||||||
Operating return on equity (1)(2) | 7.82 | 7.97 | 8.46 | 7.49 | |||||||||||||||||||
Return on tangible common equity (1)(2) | 8.26 | 8.33 | 8.92 | 7.81 | |||||||||||||||||||
Operating return on tangible common equity (1)(2) | 8.27 | 8.48 | 8.92 | 7.99 | |||||||||||||||||||
Return on assets | 0.78 | 0.82 | 0.86 | 0.76 | |||||||||||||||||||
Operating return on assets (1)(2) | 0.78 | 0.84 | 0.86 | 0.78 | |||||||||||||||||||
Net interest margin, FTE (4) | 3.24 | 3.11 | 3.40 | 2.86 | |||||||||||||||||||
Efficiency ratio (1)(2) | 63.57 | 66.60 | 61.50 | 69.48 | |||||||||||||||||||
FINANCIAL DATA (in millions, end of period) | |||||||||||||||||||||||
Total assets | $ | 12,090 | $ | 11,579 | $ | 12,090 | $ | 11,579 | |||||||||||||||
Total earning assets | 11,370 | 10,849 | 11,370 | 10,849 | |||||||||||||||||||
Total loans | 8,882 | 7,803 | 8,882 | 7,803 | |||||||||||||||||||
Total deposits | 10,068 | 10,115 | 10,068 | 10,115 | |||||||||||||||||||
Loans/deposits (%) | 88 | % | 77 | % | 88 | % | 77 | % | |||||||||||||||
Total shareholders' equity | 973 | 1,014 | 973 | 1,014 | |||||||||||||||||||
ASSET QUALITY | |||||||||||||||||||||||
Allowance for credit losses, (millions) | $ | 100 | $ | 99 | $ | 100 | $ | 99 | |||||||||||||||
Net charge-offs, (millions) | (6) | — | (13) | (3) | |||||||||||||||||||
Net charge-offs (QTD annualized)/average loans | 0.26 | % | 0.02 | % | 0.29 | % | 0.08 | % | |||||||||||||||
Provision expense/(benefit), (millions) | $ | 8 | $ | — | $ | 17 | $ | (4) | |||||||||||||||
Non-accruing loans/total loans | 0.32 | % | 0.34 | % | 0.32 | % | 0.34 | % | |||||||||||||||
Allowance for credit losses/non-accruing loans | 353 | 368 | 353 | 368 | |||||||||||||||||||
Allowance for credit losses/total loans | 1.13 | 1.27 | 1.13 | 1.27 | |||||||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | 12.1 | % | 12.9 | % | 12.1 | % | 12.9 | % | |||||||||||||||
Tier 1 capital leverage ratio | 9.6 | 10.2 | 9.6 | 10.2 | |||||||||||||||||||
Tangible common shareholders' equity/tangible assets (2) | 7.9 | 8.5 | 7.9 | 8.5 |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | (Dollars in millions) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | 4,166 | $ | 61 | 5.88 | % | $ | 3,651 | $ | 31 | 3.35 | % | Commercial real estate | $ | 4,283 | $ | 67 | 6.16 | % | $ | 3,831 | $ | 36 | 3.79 | % | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | Commercial and industrial loans | 1,527 | 26 | 6.92 | 1,373 | 14 | 4.14 | Commercial and industrial loans | 1,496 | 27 | 7.27 | 1,447 | 16 | 4.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 2,283 | 21 | 3.70 | 1,436 | 13 | 3.56 | Residential mortgages | 2,488 | 24 | 3.87 | 1,652 | 15 | 3.57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 539 | 10 | 7.24 | 514 | 5 | 4.24 | Consumer loans | 524 | 9 | 7.28 | 562 | 8 | 5.41 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans (1) | Total loans (1) | 8,515 | 118 | 5.57 | 6,974 | 63 | 3.61 | Total loans (1) | 8,791 | 127 | 5.77 | 7,492 | 75 | 3.99 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (2) | Investment securities (2) | 2,261 | 13 | 2.23 | 2,649 | 13 | 1.95 | Investment securities (2) | 2,236 | 13 | 2.27 | 2,621 | 13 | 1.97 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments & loans held for sale (3) | Short-term investments & loans held for sale (3) | 313 | 3 | 4.24 | 1,202 | — | 0.17 | Short-term investments & loans held for sale (3) | 560 | 7 | 4.94 | 476 | 1 | 0.57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 11,089 | 134 | 4.85 | 10,825 | 76 | 2.82 | Total interest-earning assets | 11,587 | 147 | 5.05 | 10,589 | 89 | 3.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets | 24 | x | 29 | X | Intangible assets | 22 | x | 27 | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest earning assets | Other non-interest earning assets | 692 | x | 639 | Other non-interest earning assets | 665 | x | 644 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 11,805 | $ | 11,493 | Total assets | $ | 12,274 | $ | 11,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | Non-interest-bearing demand deposits | $ | 2,706 | $ | — | — | % | $ | 2,968 | $ | — | — | % | Non-interest-bearing demand deposits | $ | 2,594 | $ | — | — | % | $ | 2,903 | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||
NOW and other | NOW and other | 1,456 | 6 | 1.64 | 1,456 | — | 0.04 | NOW and other | 1,055 | 4 | 1.35 | 1,454 | — | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 2,659 | 10 | 1.59 | 2,871 | 1 | 0.16 | Money market | 2,555 | 14 | 2.13 | 2,811 | 2 | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 1,047 | — | 0.10 | 1,117 | — | 0.03 | Savings | 1,077 | — | 0.50 | 1,127 | — | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Time | Time | 1,808 | 10 | 2.13 | 1,624 | 3 | 0.71 | Time | 2,287 | 18 | 3.07 | 1,460 | 2 | 0.64 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 9,676 | 26 | 1.09 | 10,036 | 4 | 0.17 | Total deposits | 9,568 | 36 | 1.51 | 9,755 | 4 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and notes (4) | Borrowings and notes (4) | 688 | 9 | 5.06 | 122 | 2 | 5.21 | Borrowings and notes (4) | 1,288 | 17 | 5.14 | 160 | 2 | 4.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total funding liabilities | Total funding liabilities | 10,364 | 35 | 1.36 | 10,158 | 6 | 0.23 | Total funding liabilities | 10,856 | 53 | 1.94 | 9,915 | 6 | 0.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest earning liabilities | Other non-interest earning liabilities | 227 | 146 | Other non-interest earning liabilities | 197 | 163 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 10,591 | 10,304 | Total liabilities | 11,053 | 10,078 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total common shareholders' equity | Total common shareholders' equity | 1,214 | 1,189 | Total common shareholders' equity | 1,221 | 1,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity (2) | Total shareholders’ equity (2) | 1,214 | 1,189 | Total shareholders’ equity (2) | 1,221 | 1,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 11,805 | $ | 11,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 12,274 | $ | 11,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin, FTE | Net interest margin, FTE | 3.58 | 2.61 | Net interest margin, FTE | 3.24 | 3.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total average non-maturity deposits | Total average non-maturity deposits | 7,868 | 8,412 | Total average non-maturity deposits | 7,281 | 8,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary data | Supplementary data | Supplementary data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income, non FTE | Net Interest Income, non FTE | $ | 97.533 | $ | 69.063 | Net Interest Income, non FTE | $ | 92.8 | $ | 81.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTE income adjustment (5) | FTE income adjustment (5) | 1.908 | 1.524 | FTE income adjustment (5) | 2.0 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income, FTE | Net Interest Income, FTE | $ | 99.441 | $ | 70.587 | Net Interest Income, FTE | $ | 94.8 | $ | 83.0 |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
(Dollars in millions) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 4,225 | $ | 128 | 6.02 | % | $ | 3,741 | $ | 67 | 3.57 | % | ||||||||||||||||||||
Commercial and industrial loans | 1,511 | 54 | 7.09 | 1,410 | 30 | 4.30 | ||||||||||||||||||||||||||
Residential mortgages | 2,386 | 45 | 3.79 | 1,545 | 28 | 3.57 | ||||||||||||||||||||||||||
Consumer loans | 531 | 18 | 7.26 | 538 | 13 | 4.82 | ||||||||||||||||||||||||||
Total loans (1) | 8,653 | 245 | 5.67 | 7,234 | 138 | 3.80 | ||||||||||||||||||||||||||
Investment securities (2) | 2,248 | 26 | 2.25 | 2,635 | 26 | 1.96 | ||||||||||||||||||||||||||
Short-term investments & loans held for sale (3) | 437 | 10 | 4.69 | 837 | 1 | 0.37 | ||||||||||||||||||||||||||
Total interest-earning assets | 11,338 | 281 | 4.95 | 10,706 | 165 | 3.08 | ||||||||||||||||||||||||||
Intangible assets | 23 | x | 28 | X | ||||||||||||||||||||||||||||
Other non-interest earning assets | 679 | x | 642 | |||||||||||||||||||||||||||||
Total assets | $ | 12,040 | $ | 11,376 | ||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | $ | 2,650 | $ | — | — | % | $ | 2,935 | $ | — | — | % | ||||||||||||||||||||
NOW and other | 1,255 | 10 | 1.52 | 1,455 | — | 0.08 | ||||||||||||||||||||||||||
Money market | 2,607 | 24 | 1.85 | 2,841 | 3 | 0.17 | ||||||||||||||||||||||||||
Savings | 1,062 | — | 0.30 | 1,122 | — | 0.03 | ||||||||||||||||||||||||||
Time | 2,049 | 28 | 2.66 | 1,542 | 5 | 0.67 | ||||||||||||||||||||||||||
Total deposits | 9,623 | 62 | 1.79 | 9,895 | 8 | 0.17 | ||||||||||||||||||||||||||
Borrowings and notes (4) | 990 | 25 | 5.11 | 132 | 4 | 4.91 | ||||||||||||||||||||||||||
Total funding liabilities | 10,613 | 87 | 2.21 | 10,027 | 12 | 0.23 | ||||||||||||||||||||||||||
Other non-interest earning liabilities | 210 | 164 | ||||||||||||||||||||||||||||||
Total liabilities | 10,823 | 10,191 | ||||||||||||||||||||||||||||||
Total common shareholders' equity | 1,217 | 1,185 | ||||||||||||||||||||||||||||||
Total shareholders’ equity (2) | 1,217 | 1,185 | ||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 12,040 | $ | 11,376 | ||||||||||||||||||||||||||||
Net interest margin, FTE | 3.40 | 2.86 | ||||||||||||||||||||||||||||||
Total average non-maturity deposits | 7,574 | 8,353 | ||||||||||||||||||||||||||||||
Supplementary data | ||||||||||||||||||||||||||||||||
Net Interest Income, non FTE | $ | 190.3 | $ | 150.4 | ||||||||||||||||||||||||||||
FTE income adjustment (5) | 3.9 | 3.1 | ||||||||||||||||||||||||||||||
Net Interest Income, FTE | $ | 194.2 | $ | 153.5 | ||||||||||||||||||||||||||||
At or for the Three Months Ended March 31, | At or for the Three Months Ended June 30, | At or for the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
GAAP Net income | GAAP Net income | $ | 27,637 | $ | 20,196 | GAAP Net income | $ | 23,861 | $ | 23,115 | $ | 51,498 | $ | 43,311 | ||||||||||||||||||||
Adj: Net losses on securities (1) | — | 745 | ||||||||||||||||||||||||||||||||
Adj: Fair value adjustments on securities (1) | Adj: Fair value adjustments on securities (1) | — | 973 | — | 1,718 | |||||||||||||||||||||||||||||
Adj: Restructuring and other expense | Adj: Restructuring and other expense | (36) | 18 | Adj: Restructuring and other expense | 21 | 35 | (15) | 53 | ||||||||||||||||||||||||||
Adj: Income taxes | Adj: Income taxes | 7 | (170) | Adj: Income taxes | (4) | (561) | 3 | (731) | ||||||||||||||||||||||||||
Total operating income (non-GAAP) (2) | Total operating income (non-GAAP) (2) | (A) | $ | 27,608 | $ | 20,789 | Total operating income (non-GAAP) (2) | (A) | $ | 23,878 | $ | 23,562 | $ | 51,486 | $ | 44,351 | ||||||||||||||||||
GAAP Total revenue | GAAP Total revenue | $ | 114,139 | $ | 89,744 | GAAP Total revenue | $ | 109,853 | $ | 97,709 | $ | 223,992 | $ | 187,453 | ||||||||||||||||||||
Adj: Losses on securities, net (1) | — | 745 | ||||||||||||||||||||||||||||||||
Adj: Fair value adjustments on securities (1) | Adj: Fair value adjustments on securities (1) | — | 973 | — | 1,718 | |||||||||||||||||||||||||||||
Total operating revenue (non-GAAP) (2) | Total operating revenue (non-GAAP) (2) | (B) | $ | 114,139 | $ | 90,489 | Total operating revenue (non-GAAP) (2) | (B) | $ | 109,853 | $ | 98,682 | $ | 223,992 | $ | 189,171 | ||||||||||||||||||
GAAP Total non-interest expense | GAAP Total non-interest expense | $ | 71,955 | $ | 68,550 | GAAP Total non-interest expense | $ | 74,048 | $ | 68,475 | $ | 146,003 | $ | 137,025 | ||||||||||||||||||||
Less: Total non-operating expense (see above) | Less: Total non-operating expense (see above) | 36 | (18) | Less: Total non-operating expense (see above) | (21) | (35) | 15 | (53) | ||||||||||||||||||||||||||
Operating non-interest expense (non-GAAP) (2) | Operating non-interest expense (non-GAAP) (2) | (C) | $ | 71,991 | $ | 68,532 | Operating non-interest expense (non-GAAP) (2) | (C) | $ | 74,027 | $ | 68,440 | $ | 146,018 | $ | 136,972 | ||||||||||||||||||
(In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) | ||||||||||||||||||||||||||||||||
Total average assets | Total average assets | (D) | $ | 11,805 | $ | 11,493 | Total average assets | (D) | $ | 12,274 | $ | 11,260 | $ | 12,040 | $ | 11,376 | ||||||||||||||||||
Total average shareholders’ equity | Total average shareholders’ equity | (E) | 1,214 | 1,189 | Total average shareholders’ equity | (E) | 1,221 | 1,182 | 1,217 | 1,185 | ||||||||||||||||||||||||
Total average tangible shareholders’ equity (2) | Total average tangible shareholders’ equity (2) | (F) | 1,190 | 1,160 | Total average tangible shareholders’ equity (2) | (F) | 1,198 | 1,155 | 1,194 | 1,157 | ||||||||||||||||||||||||
Total tangible shareholders’ equity, period-end (2)(3) | Total tangible shareholders’ equity, period-end (2)(3) | (H) | 972 | 1,066 | Total tangible shareholders’ equity, period-end (2)(3) | (H) | 951 | 987 | 951 | 987 | ||||||||||||||||||||||||
Total tangible assets, period-end | Total tangible assets, period-end | (J) | 12,297 | 12,069 | Total tangible assets, period-end | (J) | 12,068 | 11,552 | 12,068 | 11,552 | ||||||||||||||||||||||||
Total common shares outstanding, period-end (thousands) | Total common shares outstanding, period-end (thousands) | (K) | 44,411 | 47,792 | Total common shares outstanding, period-end (thousands) | (K) | 44,033 | 45,788 | 44,033 | 45,788 | ||||||||||||||||||||||||
Average diluted shares outstanding (thousands) | Average diluted shares outstanding (thousands) | (L) | 44,036 | 48,067 | Average diluted shares outstanding (thousands) | (L) | 43,532 | 46,102 | 43,780 | 47,074 | ||||||||||||||||||||||||
Earnings per common share, diluted | Earnings per common share, diluted | $ | 0.63 | $ | 0.42 | Earnings per common share, diluted | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.92 | ||||||||||||||||||||
Operating earnings per common share, diluted (2) | Operating earnings per common share, diluted (2) | (A/L) | 0.63 | 0.43 | Operating earnings per common share, diluted (2) | (A/L) | 0.55 | 0.51 | 1.18 | 0.94 | ||||||||||||||||||||||||
Book value per common share, period-end | Book value per common share, period-end | 22.42 | 22.89 | Book value per common share, period-end | 22.11 | 22.15 | 22.11 | 22.15 | ||||||||||||||||||||||||||
Tangible book value per common share, period-end (2) | Tangible book value per common share, period-end (2) | (H/K) | 21.89 | 22.30 | Tangible book value per common share, period-end (2) | (H/K) | 21.60 | 21.56 | 21.60 | 21.56 | ||||||||||||||||||||||||
Total shareholders' equity/total assets | Total shareholders' equity/total assets | 8.08 | 9.04 | Total shareholders' equity/total assets | 8.05 | 8.76 | 8.05 | 8.76 | ||||||||||||||||||||||||||
Total tangible shareholder's equity/total tangible assets (2) | Total tangible shareholder's equity/total tangible assets (2) | (H/J) | 7.91 | 8.83 | Total tangible shareholder's equity/total tangible assets (2) | (H/J) | 7.88 | 8.54 | 7.88 | 8.54 | ||||||||||||||||||||||||
x | x | |||||||||||||||||||||||||||||||||
Performance ratios (4) | Performance ratios (4) | x | Performance ratios (4) | x | ||||||||||||||||||||||||||||||
GAAP return on equity | GAAP return on equity | 9.11 | % | 6.79 | % | GAAP return on equity | 7.82 | % | 7.82 | % | 8.46 | % | 7.31 | % | ||||||||||||||||||||
Operating return on equity (2) | Operating return on equity (2) | (A/E) | 9.10 | 6.99 | Operating return on equity (2) | (A/E) | 7.82 | 7.97 | 8.46 | 7.49 | ||||||||||||||||||||||||
Return on tangible common equity (2)(5) | Return on tangible common equity (2)(5) | 9.59 | 7.29 | Return on tangible common equity (2)(5) | 8.26 | 8.33 | 8.92 | 7.81 | ||||||||||||||||||||||||||
Operating return on tangible common equity (2)(5) | Operating return on tangible common equity (2)(5) | (A+O)/(F) | 9.59 | 7.49 | Operating return on tangible common equity (2)(5) | (A+O)/(F) | 8.27 | 8.48 | 8.92 | 7.99 | ||||||||||||||||||||||||
GAAP return on assets | GAAP return on assets | 0.94 | 0.70 | GAAP return on assets | 0.78 | 0.82 | 0.86 | 0.76 | ||||||||||||||||||||||||||
Operating return on assets (2) | Operating return on assets (2) | (A/D) | 0.94 | 0.72 | Operating return on assets (2) | (A/D) | 0.78 | 0.84 | 0.86 | 0.78 | ||||||||||||||||||||||||
Efficiency ratio (2) | Efficiency ratio (2) | (C-O)/(B+M+P) | 59.51 | 72.61 | Efficiency ratio (2) | (C-O)/(B+M+P) | 63.57 | 66.60 | 61.50 | 69.48 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||
Supplementary data (In thousands) | xx | |||||||||||||||||||||||||||||||||
Tax benefit on tax-credit investments (6) | (M) | $ | 2,897 | $ | 596 | |||||||||||||||||||||||||||||
Non-interest income tax-credit investments amortization (7) | (N) | (2,285) | (357) | |||||||||||||||||||||||||||||||
Net income on tax-credit investments | (M+N) | 612 | 239 | |||||||||||||||||||||||||||||||
Intangible amortization | (O) | 1,205 | 1,286 | |||||||||||||||||||||||||||||||
Fully taxable equivalent income adjustment | (P) | 1,908 | 1,524 |
(in thousands) | |||||||||||||||||
Supplementary data (In thousands) | xx | ||||||||||||||||
Tax benefit on tax-credit investments (6) | (M) | $ | 2,735 | $ | 595 | $ | 5,632 | $ | 1,191 | ||||||||
Non-interest income tax-credit investments amortization (7) | (N) | (2,210) | (351) | (4,495) | (708) | ||||||||||||
Net income on tax-credit investments | (M+N) | 525 | 244 | 1,137 | 483 | ||||||||||||
Intangible amortization | (O) | 1,205 | 1,286 | 2,410 | 2,572 | ||||||||||||
Fully taxable equivalent income adjustment | (P) | 1,962 | 1,560 | 3,869 | 3,084 |
Estimated Percent Change in Net Interest Income | ||||||||||||||
Parallel Interest Rate Shock (basis points) | March 31, 2023 | December 31, 2022 | ||||||||||||
+200 | 1.6 | 1.8 | ||||||||||||
100 | 0.8 | 0.8 | ||||||||||||
-100 | (1.3) | (1.6) | ||||||||||||
-200 | (3.8) | (5.2) | ||||||||||||
Estimated Percent Change in Net Interest Income | ||||||||||||||
Yield Curve Twist Interest Rate Shock (basis points) | March 31, 2023 | December 31, 2022 | ||||||||||||
Short End +100 | — | 0.1 | ||||||||||||
Short End -100 | (0.9) | (1.3) | ||||||||||||
Long End +100 | 1.1 | 1.0 | ||||||||||||
Long End -100 | (1.2) | (1.2) |
Estimated Percent Change in Net Interest Income | ||||||||||||||
Parallel Interest Rate Shock (basis points) | June 30, 2023 | December 31, 2022 | ||||||||||||
+200 | (0.3)% | 1.8% | ||||||||||||
+100 | (0.3) | 0.8 | ||||||||||||
-100 | (0.5) | (1.6) | ||||||||||||
-200 | (2.5) | (5.2) | ||||||||||||
Estimated Percent Change in Net Interest Income | ||||||||||||||
Yield Curve Twist Interest Rate Shock (basis points) | June 30, 2023 | December 31, 2022 | ||||||||||||
Short End +100 | (0.8)% | 0.1% | ||||||||||||
Short End -100 | (0.3) | (1.3) | ||||||||||||
Long End +100 | 0.7 | 1.0 | ||||||||||||
Long End -100 | (0.9) | (1.2) |
Estimated Percent Change in Economic Value of Equity | Estimated Percent Change in Economic Value of Equity | |||||||||||||||||||||||||||
Parallel Shock Rate Change (basis points) | Parallel Shock Rate Change (basis points) | March 31, 2023 | December 31, 2022 | Parallel Shock Rate Change (basis points) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
+200 | +200 | (1.9) | — | +200 | (3.1)% | —% | ||||||||||||||||||||||
100 | (0.9) | — | ||||||||||||||||||||||||||
+100 | +100 | (1.5) | — | |||||||||||||||||||||||||
-100 | -100 | (0.3) | (1.5) | -100 | 0.4 | (1.5) | ||||||||||||||||||||||
-200 | -200 | (2.9) | (5.4) | -200 | (1.0) | (5.4) |
Total number of | Average price | Total number of shares purchased as part of publicly announced | Maximum number of shares that may yet be purchased under | |||||||||||||||||||||||
Period | shares purchased | paid per share | plans or programs | the plans or programs | ||||||||||||||||||||||
January 1-31, 2023 | — | $ | — | — | 1,995,211 | |||||||||||||||||||||
February 1-28, 2023 | — | — | — | 1,995,211 | ||||||||||||||||||||||
March 1-31, 2023 | 47,275 | 25.17 | 47,275 | 1,947,936 | ||||||||||||||||||||||
Total | 47,275 | $ | 25.17 | 47,275 | 1,947,936 |
Total number of | Average price | Total number of shares purchased as part of publicly announced | Maximum number of shares that may yet be purchased under | |||||||||||||||||||||||
Period | shares purchased | paid per share | plans or programs | the plans or programs | ||||||||||||||||||||||
April 1-30, 2023 | 208,563 | $ | 22.42 | 208,563 | 2,156,125 | |||||||||||||||||||||
May 1-31, 2023 | 317,562 | 20.24 | 317,562 | 1,838,563 | ||||||||||||||||||||||
June 1-30, 2023 | 54,605 | 21.68 | 54,605 | 1,783,958 | ||||||||||||||||||||||
Total | 580,730 | $ | 21.16 | 580,730 | 1,783,958 |
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended | |||||||
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended |
BERKSHIRE HILLS BANCORP, INC. | ||||||||
Dated: | By: | /s/ Nitin J. Mhatre | ||||||
Nitin J. Mhatre | ||||||||
President and Chief Executive Officer | ||||||||
Dated: | By: | /s/ R. David Rosato | ||||||
R. David Rosato | ||||||||
Senior Executive Vice President and Chief Financial Officer |