☒ | 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 | 16-1268674 | |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
Title of class | Trading Symbol(s) | Name of exchange on which registered | ||
Common Stock, par value $0.01 per share | NBTB | The NASDAQ Stock Market LLC |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐ | Emerging growth company ☐ |
PART I | FINANCIAL INFORMATION |
Item 1 | Financial Statements (Unaudited) | ||
3 | |||
4 | |||
5 | |||
6 | |||
7 | |||
9 | |||
Item 2 | 30 | ||
Item 3 | |||
Item 4 | |||
PART II | OTHER INFORMATION | ||
Item 1 | |||
Item 1A | |||
Item 2 | |||
Item 3 | |||
Item 4 | |||
Item 5 | |||
Item 6 | |||
March 31, | December 31, | March 31, | December 31, | |||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Assets | ||||||||||||||||
Cash and due from banks | $ | 182,830 | $ | 159,995 | $ | 180,865 | $ | 157,775 | ||||||||
Short-term interest bearing accounts | 972,195 | 512,686 | ||||||||||||||
Short-term interest-bearing accounts | 913,315 | 1,111,296 | ||||||||||||||
Equity securities, at fair value | 32,247 | 30,737 | 32,554 | 33,550 | ||||||||||||
Securities available for sale, at fair value | 1,387,028 | 1,348,698 | 1,662,697 | 1,687,361 | ||||||||||||
Securities held to maturity (fair value $600,176 and $636,827, respectively) | 592,999 | 616,560 | ||||||||||||||
Securities held to maturity (fair value $851,635 and $735,260, respectively) | 895,005 | 733,210 | ||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 25,127 | 27,353 | 25,005 | 25,098 | ||||||||||||
Loans held for sale | 1,295 | 1,119 | 263 | 830 | ||||||||||||
Loans | 7,633,459 | 7,498,885 | 7,649,826 | 7,498,459 | ||||||||||||
Less allowance for loan losses | 105,000 | 110,000 | 90,000 | 92,000 | ||||||||||||
Net loans | $ | 7,528,459 | $ | 7,388,885 | $ | 7,559,826 | $ | 7,406,459 | ||||||||
Premises and equipment, net | 72,705 | 74,206 | 71,030 | 72,093 | ||||||||||||
Goodwill | 280,541 | 280,541 | 280,541 | 280,541 | ||||||||||||
Intangible assets, net | 10,923 | 11,735 | 8,291 | 8,927 | ||||||||||||
Bank owned life insurance | 187,458 | 186,434 | 228,979 | 228,238 | ||||||||||||
Other assets | 263,446 | 293,957 | 289,462 | 266,733 | ||||||||||||
Total assets | $ | 11,537,253 | $ | 10,932,906 | $ | 12,147,833 | $ | 12,012,111 | ||||||||
Liabilities | ||||||||||||||||
Demand (noninterest bearing) | $ | 3,495,622 | $ | 3,241,123 | $ | 3,751,268 | $ | 3,689,556 | ||||||||
Savings, NOW and money market | 5,715,935 | 5,207,090 | 6,222,378 | 6,043,441 | ||||||||||||
Time | 604,373 | 633,479 | 487,977 | 501,472 | ||||||||||||
Total deposits | $ | 9,815,930 | $ | 9,081,692 | $ | 10,461,623 | $ | 10,234,469 | ||||||||
Short-term borrowings | 95,339 | 168,386 | 65,022 | 97,795 | ||||||||||||
Long-term debt | 14,069 | 39,097 | 13,971 | 13,995 | ||||||||||||
Subordinated debt, net | 98,162 | 98,052 | 98,599 | 98,490 | ||||||||||||
Junior subordinated debt | 101,196 | 101,196 | 101,196 | 101,196 | ||||||||||||
Other liabilities | 221,576 | 256,865 | 205,172 | 215,713 | ||||||||||||
Total liabilities | $ | 10,346,272 | $ | 9,745,288 | $ | 10,945,583 | $ | 10,761,658 | ||||||||
Stockholders’ equity | ||||||||||||||||
Preferred stock, $0.01 par value. Authorized 2,500,000 shares at March 31, 2021 and December 31, 2020 | $ | 0 | $ | 0 | ||||||||||||
Common stock, $0.01 par value. Authorized 100,000,000 shares at March 31, 2021 and December 31, 2020, issued 49,651,493 at March 31, 2021 and December 31, 2020 | 497 | 497 | ||||||||||||||
Preferred stock, $0.01 par value. Authorized 2,500,000 shares at March 31, 2022 and December 31, 2021 | $ | 0 | $ | 0 | ||||||||||||
Common stock, $0.01 par value. Authorized 100,000,000 shares at March 31, 2022 and December 31, 2021, issued 49,651,493 at March 31, 2022 and December 31, 2021 | 497 | 497 | ||||||||||||||
Additional paid-in-capital | 578,597 | 578,082 | 577,374 | 576,976 | ||||||||||||
Retained earnings | 777,170 | 749,056 | 883,246 | 856,203 | ||||||||||||
Accumulated other comprehensive (loss) income | (16,699 | ) | 417 | |||||||||||||
Common stock in treasury, at cost, 6,226,291 and 6,022,399 shares at March 31, 2021 and December 31, 2020, respectively | (148,584 | ) | (140,434 | ) | ||||||||||||
Accumulated other comprehensive loss | (91,375 | ) | (23,344 | ) | ||||||||||||
Common stock in treasury, at cost, 6,659,170 and 6,483,481 shares at March 31, 2022 and December 31, 2021, respectively | (167,492 | ) | (159,879 | ) | ||||||||||||
Total stockholders’ equity | $ | 1,190,981 | $ | 1,187,618 | $ | 1,202,250 | $ | 1,250,453 | ||||||||
Total liabilities and stockholders’ equity | $ | 11,537,253 | $ | 10,932,906 | $ | 12,147,833 | $ | 12,012,111 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Interest, fee and dividend income | ||||||||||||||||
Interest and fees on loans | $ | 75,093 | $ | 78,728 | $ | 73,343 | $ | 75,093 | ||||||||
Securities available for sale | 5,544 | 5,753 | 6,840 | 5,544 | ||||||||||||
Securities held to maturity | 3,382 | 4,091 | 3,493 | 3,382 | ||||||||||||
Other | 291 | 829 | 525 | 291 | ||||||||||||
Total interest, fee and dividend income | $ | 84,310 | $ | 89,401 | $ | 84,201 | $ | 84,310 | ||||||||
Interest expense | ||||||||||||||||
Deposits | $ | 3,172 | $ | 9,104 | $ | 1,842 | $ | 3,172 | ||||||||
Short-term borrowings | 70 | 1,797 | 16 | 70 | ||||||||||||
Long-term debt | 124 | 393 | 87 | 124 | ||||||||||||
Subordinated debt | 1,359 | 0 | 1,359 | 1,359 | ||||||||||||
Junior subordinated debt | 530 | 926 | 549 | 530 | ||||||||||||
Total interest expense | $ | 5,255 | $ | 12,220 | $ | 3,853 | $ | 5,255 | ||||||||
Net interest income | $ | 79,055 | $ | 77,181 | $ | 80,348 | $ | 79,055 | ||||||||
Provision for loan losses | (2,796 | ) | 29,640 | 596 | (2,796 | ) | ||||||||||
Net interest income after provision for loan losses | $ | 81,851 | $ | 47,541 | $ | 79,752 | $ | 81,851 | ||||||||
Noninterest income | ||||||||||||||||
Service charges on deposit accounts | $ | 3,027 | $ | 3,997 | $ | 3,688 | $ | 3,027 | ||||||||
ATM and debit card fees | 6,862 | 5,854 | ||||||||||||||
Card services income | 8,695 | 7,550 | ||||||||||||||
Retirement plan administration fees | 10,098 | 7,941 | 13,279 | 10,098 | ||||||||||||
Wealth management | 7,910 | 7,273 | 8,640 | 7,910 | ||||||||||||
Insurance | 3,461 | 4,269 | ||||||||||||||
Insurance services | 3,788 | 3,461 | ||||||||||||||
Bank owned life insurance income | 1,381 | 1,374 | 1,654 | 1,381 | ||||||||||||
Net securities gains (losses) | 467 | (812 | ) | |||||||||||||
Net securities (losses) gains | (179 | ) | 467 | |||||||||||||
Other | 3,832 | 5,527 | 3,094 | 3,144 | ||||||||||||
Total noninterest income | $ | 37,038 | $ | 35,423 | $ | 42,659 | $ | 37,038 | ||||||||
Noninterest expense | ||||||||||||||||
Salaries and employee benefits | $ | 41,601 | $ | 40,750 | $ | 45,508 | $ | 41,601 | ||||||||
Technology and data services | 8,547 | 8,892 | ||||||||||||||
Occupancy | 5,873 | 5,995 | 6,793 | 6,889 | ||||||||||||
Data processing and communications | 4,731 | 4,233 | ||||||||||||||
Professional fees and outside services | 3,589 | 3,897 | 4,276 | 3,589 | ||||||||||||
Equipment | 5,177 | 4,642 | ||||||||||||||
Office supplies and postage | 1,499 | 1,636 | 1,424 | 1,499 | ||||||||||||
FDIC expenses | 808 | 311 | 802 | 808 | ||||||||||||
Advertising | 451 | 609 | 654 | 451 | ||||||||||||
Amortization of intangible assets | 812 | 834 | 636 | 812 | ||||||||||||
Loan collection and other real estate owned, net | 590 | 1,017 | 384 | 590 | ||||||||||||
Other | 2,757 | 6,957 | 3,119 | 2,757 | ||||||||||||
Total noninterest expense | $ | 67,888 | $ | 70,881 | $ | 72,143 | $ | 67,888 | ||||||||
Income before income tax expense | $ | 51,001 | $ | 12,083 | $ | 50,268 | $ | 51,001 | ||||||||
Income tax expense | 11,155 | 1,715 | 11,142 | 11,155 | ||||||||||||
Net income | $ | 39,846 | $ | 10,368 | $ | 39,126 | $ | 39,846 | ||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.91 | $ | 0.24 | $ | 0.91 | $ | 0.91 | ||||||||
Diluted | $ | 0.91 | $ | 0.23 | $ | 0.90 | $ | 0.91 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
(In thousands) | ||||||||||||||||
Net income | $ | 39,846 | $ | 10,368 | $ | 39,126 | $ | 39,846 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
Unrealized net holding (losses) gains arising during the period, gross | $ | (23,311 | ) | $ | 21,339 | |||||||||||
Unrealized net holding (losses) arising during the period, gross | $ | (91,030 | ) | $ | (23,311 | ) | ||||||||||
Tax effect | 5,827 | (5,335 | ) | 22,758 | 5,827 | |||||||||||
Unrealized net holding (losses) gains arising during the period, net | $ | (17,484 | ) | $ | 16,004 | |||||||||||
Reclassification adjustment for net gains in net income, gross | $ | 0 | $ | (3 | ) | |||||||||||
Tax effect | 0 | 1 | ||||||||||||||
Reclassification adjustment for net gains in net income, net | $ | 0 | $ | (2 | ) | |||||||||||
Unrealized net holding (losses) arising during the period, net | $ | (68,272 | ) | $ | (17,484 | ) | ||||||||||
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, gross | $ | 142 | $ | 173 | $ | 137 | $ | 142 | ||||||||
Tax effect | (35 | ) | (43 | ) | (35 | ) | (35 | ) | ||||||||
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, net | $ | 107 | $ | 130 | $ | 102 | $ | 107 | ||||||||
Total securities available for sale, net | $ | (17,377 | ) | $ | 16,132 | $ | (68,170 | ) | $ | (17,377 | ) | |||||
Cash flow hedges: | ||||||||||||||||
Unrealized losses on derivatives (cash flow hedges), gross | $ | 0 | $ | (255 | ) | |||||||||||
Reclassification of net unrealized losses on cash flow hedges to interest expense, gross | $ | 0 | $ | 21 | ||||||||||||
Tax effect | 0 | 64 | 0 | (5 | ) | |||||||||||
Unrealized losses on derivatives (cash flow hedges), net | $ | 0 | $ | (191 | ) | |||||||||||
Reclassification of net unrealized losses on cash flow hedges to interest (income), gross | $ | 21 | $ | 10 | ||||||||||||
Tax effect | (5 | ) | (3 | ) | ||||||||||||
Reclassification of net unrealized losses on cash flow hedges to interest (income), net | $ | 16 | $ | 7 | ||||||||||||
Reclassification of net unrealized losses on cash flow hedges to interest expense, net | $ | 0 | $ | 16 | ||||||||||||
Total cash flow hedges, net | $ | 16 | $ | (184 | ) | $ | 0 | $ | 16 | |||||||
Pension and other benefits: | ||||||||||||||||
Amortization of prior service cost and actuarial losses, gross | $ | 326 | $ | 381 | $ | 186 | $ | 326 | ||||||||
Tax effect | (81 | ) | (95 | ) | (47 | ) | (81 | ) | ||||||||
Amortization of prior service cost and actuarial losses, net | $ | 245 | $ | 286 | $ | 139 | $ | 245 | ||||||||
Total pension and other benefits, net | $ | 245 | $ | 286 | $ | 139 | $ | 245 | ||||||||
Total other comprehensive (loss) income | $ | (17,116 | ) | $ | 16,234 | |||||||||||
Comprehensive income | $ | 22,730 | $ | 26,602 | ||||||||||||
Total other comprehensive (loss) | $ | (68,031 | ) | $ | (17,116 | ) | ||||||||||
Comprehensive (loss) income | $ | (28,905 | ) | $ | 22,730 |
Common Stock | Additional Paid-in- Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Common Stock in Treasury | Total | Common Stock | Additional Paid-in- Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Common Stock in Treasury | Total | |||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 497 | $ | 576,976 | $ | 856,203 | $ | (23,344 | ) | $ | (159,879 | ) | $ | 1,250,453 | ||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 39,126 | 0 | 0 | 39,126 | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends - $0.28 per share | 0 | 0 | (12,083 | ) | 0 | 0 | (12,083 | ) | ||||||||||||||||||||||||||||||||||||||||
Purchase of 217,100 treasury shares | 0 | 0 | 0 | 0 | (8,152 | ) | (8,152 | ) | ||||||||||||||||||||||||||||||||||||||||
Net issuance of 41,411 shares to employee and other stock plans | 0 | (2,074 | ) | 0 | 0 | 539 | (1,535 | ) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 0 | 2,472 | 0 | 0 | 0 | 2,472 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | 0 | 0 | 0 | (68,031 | ) | 0 | (68,031 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 497 | $ | 577,374 | $ | 883,246 | $ | (91,375 | ) | $ | (167,492 | ) | $ | 1,202,250 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 497 | $ | 578,082 | $ | 749,056 | $ | 417 | $ | (140,434 | ) | $ | 1,187,618 | $ | 497 | $ | 578,082 | $ | 749,056 | $ | 417 | $ | (140,434 | ) | $ | 1,187,618 | ||||||||||||||||||||||
Net income | 0 | 0 | 39,846 | 0 | 0 | 39,846 | 0 | 0 | 39,846 | 0 | 0 | 39,846 | ||||||||||||||||||||||||||||||||||||
Cash dividends - $0.27 per share | 0 | 0 | (11,732 | ) | 0 | 0 | (11,732 | ) | 0 | 0 | (11,732 | ) | 0 | 0 | (11,732 | ) | ||||||||||||||||||||||||||||||||
Purchase of 257,031 treasury shares | 0 | 0 | 0 | 0 | (9,020 | ) | (9,020 | ) | 0 | 0 | 0 | 0 | (9,020 | ) | (9,020 | ) | ||||||||||||||||||||||||||||||||
Net issuance of 53,139 shares to employee and other stock plans | 0 | (2,153 | ) | 0 | 0 | 870 | (1,283 | ) | 0 | (2,153 | ) | 0 | 0 | 870 | (1,283 | ) | ||||||||||||||||||||||||||||||||
Stock-based compensation | 0 | 2,668 | 0 | 0 | 0 | 2,668 | 0 | 2,668 | 0 | 0 | 0 | 2,668 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | (17,116 | ) | 0 | (17,116 | ) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | 0 | 0 | 0 | (17,116 | ) | 0 | (17,116 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 497 | $ | 578,597 | $ | 777,170 | $ | (16,699 | ) | $ | (148,584 | ) | $ | 1,190,981 | $ | 497 | $ | 578,597 | $ | 777,170 | $ | (16,699 | ) | $ | (148,584 | ) | $ | 1,190,981 | ||||||||||||||||||||
Balance at December 31, 2019 | $ | 497 | $ | 576,708 | $ | 696,214 | $ | (19,026 | ) | $ | (133,996 | ) | $ | 1,120,397 | ||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 10,368 | 0 | 0 | 10,368 | ||||||||||||||||||||||||||||||||||||||||||
Cumulative effect adjustment for ASU 2016-13 implementation | 0 | 0 | (4,339 | ) | 0 | 0 | (4,339 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash dividends - $0.54 per share | 0 | 0 | (23,632 | ) | 0 | 0 | (23,632 | ) | ||||||||||||||||||||||||||||||||||||||||
Purchase of 263,507 treasury shares | 0 | 0 | 0 | 0 | (7,980 | ) | (7,980 | ) | ||||||||||||||||||||||||||||||||||||||||
Net issuance of 54,341 shares to employee and other stock plans | 0 | (2,303 | ) | 0 | 0 | 759 | (1,544 | ) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 0 | 2,675 | 0 | 0 | 0 | 2,675 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 16,234 | 0 | 16,234 | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 497 | $ | 577,080 | $ | 678,611 | $ | (2,792 | ) | $ | (141,217 | ) | $ | 1,112,179 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
(In thousands) | ||||||||||||||||
Operating activities | ||||||||||||||||
Net income | $ | 39,846 | $ | 10,368 | $ | 39,126 | $ | 39,846 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
Provision for loan losses | (2,796 | ) | 29,640 | 596 | (2,796 | ) | ||||||||||
Depreciation and amortization of premises and equipment | 2,441 | 2,478 | 2,420 | 2,441 | ||||||||||||
Net amortization on securities | 1,477 | 722 | 1,036 | 1,477 | ||||||||||||
Amortization of intangible assets | 812 | 834 | 636 | 812 | ||||||||||||
Amortization of operating lease right-of-use assets | 1,821 | 1,829 | 1,688 | 1,821 | ||||||||||||
Excess tax benefit on stock-based compensation | (107 | ) | (189 | ) | (168 | ) | (107 | ) | ||||||||
Stock-based compensation expense | 2,668 | 2,675 | 2,472 | 2,668 | ||||||||||||
Bank owned life insurance income | (1,381 | ) | (1,374 | ) | (1,654 | ) | (1,381 | ) | ||||||||
Amortization of subordinated debt issuance costs | 110 | 0 | 109 | 110 | ||||||||||||
Proceeds from sale of loans held for sale | 13,877 | 50,946 | 2,106 | 13,877 | ||||||||||||
Originations of loans held for sale | (13,943 | ) | (46,956 | ) | (1,479 | ) | (13,943 | ) | ||||||||
Net gain on sale of loans held for sale | (110 | ) | (242 | ) | (60 | ) | (110 | ) | ||||||||
Net security (gains) losses | (467 | ) | 812 | |||||||||||||
Net losses on sale of other real estate owned | 0 | 11 | ||||||||||||||
Net security losses (gains) | 179 | (467 | ) | |||||||||||||
Net gains on sale of other real estate owned | (211 | ) | 0 | |||||||||||||
Net change in other assets and other liabilities | (1,946 | ) | (10,627 | ) | (11,652 | ) | (1,946 | ) | ||||||||
Net cash provided by operating activities | $ | 42,302 | $ | 40,927 | $ | 35,144 | $ | 42,302 | ||||||||
Investing activities | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
Proceeds from maturities, calls and principal paydowns | $ | 95,274 | $ | 83,394 | $ | 72,281 | $ | 95,274 | ||||||||
Purchases | (158,196 | ) | (88,209 | ) | (139,273 | ) | (158,196 | ) | ||||||||
Securities held to maturity: | ||||||||||||||||
Proceeds from maturities, calls and principal paydowns | 66,282 | 39,843 | 29,028 | 66,282 | ||||||||||||
Purchases | (42,760 | ) | (31,163 | ) | (191,092 | ) | (42,760 | ) | ||||||||
Other: | ||||||||||||||||
Net increase in loans | (136,778 | ) | (116,434 | ) | (153,963 | ) | (136,778 | ) | ||||||||
Proceeds from Federal Home Loan Bank stock redemption | 2,252 | 35,664 | 93 | 2,252 | ||||||||||||
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (26 | ) | (32,062 | ) | 0 | (26 | ) | |||||||||
Proceeds from settlement of bank owned life insurance | 357 | 0 | 913 | 357 | ||||||||||||
Purchases of premises and equipment, net | (901 | ) | (3,348 | ) | (1,312 | ) | (901 | ) | ||||||||
Proceeds from sales of other real estate owned | 140 | 80 | 378 | 140 | ||||||||||||
Net cash used in investing activities | $ | (174,356 | ) | $ | (112,235 | ) | $ | (382,947 | ) | $ | (174,356 | ) | ||||
Financing activities | ||||||||||||||||
Net increase in deposits | $ | 734,238 | $ | 276,818 | $ | 227,154 | $ | 734,238 | ||||||||
Net decrease in short-term borrowings | (73,048 | ) | (106,371 | ) | (32,773 | ) | (73,048 | ) | ||||||||
Repayments of long-term debt | (25,027 | ) | (28 | ) | (24 | ) | (25,027 | ) | ||||||||
Proceeds from the issuance of shares to employee and other stock plans | 112 | 184 | 0 | 112 | ||||||||||||
Cash paid by employer for tax-withholding on stock issuance | (1,125 | ) | (1,166 | ) | (1,210 | ) | (1,125 | ) | ||||||||
Purchase of treasury stock | (9,020 | ) | (7,980 | ) | (8,152 | ) | (9,020 | ) | ||||||||
Cash dividends | (11,732 | ) | (23,632 | ) | (12,083 | ) | (11,732 | ) | ||||||||
Net cash provided by financing activities | $ | 614,398 | $ | 137,825 | $ | 172,912 | $ | 614,398 | ||||||||
Net increase in cash and cash equivalents | $ | 482,344 | $ | 66,517 | ||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (174,891 | ) | $ | 482,344 | |||||||||||
Cash and cash equivalents at beginning of period | 672,681 | 216,843 | 1,269,071 | 672,681 | ||||||||||||
Cash and cash equivalents at end of period | $ | 1,155,025 | $ | 283,360 | $ | 1,094,180 | $ | 1,155,025 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid during the period for: | ||||||||
Interest expense | $ | 7,105 | $ | 12,530 | ||||
Income taxes paid, net of refund | 2,540 | 1,960 | ||||||
Noncash investing activities: | ||||||||
Loans transferred to other real estate owned | $ | 0 | $ | 1,017 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid during the period for: | ||||||||
Interest expense | $ | 5,238 | $ | 7,105 | ||||
Income taxes paid, net of refund | 2,448 | 2,540 |
1. | Description of Business |
2. | Summary of Significant Accounting Policies |
3. | Recent Accounting Pronouncements |
4. | Securities |
(In thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||
As of March 31, 2021 | ||||||||||||||||||||||||||||||||
As of March 31, 2022 | ||||||||||||||||||||||||||||||||
U.S. treasury | $ | 122,444 | $ | 0 | $ | 4,809 | $ | 117,635 | ||||||||||||||||||||||||
Federal agency | $ | 258,479 | $ | 2 | $ | 9,594 | $ | 248,887 | 248,445 | 0 | 22,833 | 225,612 | ||||||||||||||||||||
State & municipal | 49,048 | 128 | 1,151 | 48,025 | 95,339 | 0 | 7,037 | 88,302 | ||||||||||||||||||||||||
Mortgage-backed: | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 606,988 | 12,506 | 5,448 | 614,046 | 510,500 | 355 | 25,782 | 485,073 | ||||||||||||||||||||||||
U.S. government agency securities | 57,913 | 1,390 | 110 | 59,193 | 75,846 | 59 | 2,581 | 73,324 | ||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 278,532 | 6,568 | 934 | 284,166 | 462,288 | 149 | 26,908 | 435,529 | ||||||||||||||||||||||||
U.S. government agency securities | 101,892 | 2,655 | 0 | 104,547 | 190,310 | 57 | 7,897 | 182,470 | ||||||||||||||||||||||||
Corporate | 27,500 | 709 | 45 | 28,164 | 56,000 | 246 | 1,494 | 54,752 | ||||||||||||||||||||||||
Total AFS securities | $ | 1,380,352 | $ | 23,958 | $ | 17,282 | $ | 1,387,028 | $ | 1,761,172 | $ | 866 | $ | 99,341 | $ | 1,662,697 | ||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||
U.S. treasury | $ | 73,016 | $ | 59 | $ | 6 | $ | 73,069 | ||||||||||||||||||||||||
Federal agency | $ | 245,590 | $ | 59 | $ | 2,052 | $ | 243,597 | 248,454 | 0 | 8,523 | 239,931 | ||||||||||||||||||||
State & municipal | 42,550 | 630 | 0 | 43,180 | 95,531 | 116 | 1,559 | 94,088 | ||||||||||||||||||||||||
Mortgage-backed: | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 521,448 | 17,079 | 22 | 538,505 | 538,036 | 8,036 | 5,589 | 540,483 | ||||||||||||||||||||||||
U.S. government agency securities | 55,049 | 2,332 | 47 | 57,334 | 65,339 | 1,108 | 255 | 66,192 | ||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 311,710 | 7,549 | 58 | 319,201 | 484,550 | 2,723 | 5,113 | 482,160 | ||||||||||||||||||||||||
U.S. government agency securities | 114,864 | 3,739 | 0 | 118,603 | 139,380 | 939 | 884 | 139,435 | ||||||||||||||||||||||||
Corporate | 27,500 | 778 | 0 | 28,278 | 50,500 | 1,516 | 13 | 52,003 | ||||||||||||||||||||||||
Total AFS securities | $ | 1,318,711 | $ | 32,166 | $ | 2,179 | $ | 1,348,698 | $ | 1,694,806 | $ | 14,497 | $ | 21,942 | $ | 1,687,361 |
(In thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||
As of March 31, 2021 | ||||||||||||||||||||||||||||||||
As of March 31, 2022 | ||||||||||||||||||||||||||||||||
Federal agency | $ | 100,000 | $ | 0 | $ | 5,841 | $ | 94,159 | $ | 100,000 | $ | 0 | $ | 10,872 | $ | 89,128 | ||||||||||||||||
Mortgage-backed: | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 92,584 | 3,312 | 108 | 95,788 | 269,153 | 137 | 16,499 | 252,791 | ||||||||||||||||||||||||
U.S. government agency securities | 10,309 | 670 | 0 | 10,979 | 7,425 | 50 | 6 | 7,469 | ||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 92,059 | 4,078 | 0 | 96,137 | 111,254 | 105 | 2,722 | 108,637 | ||||||||||||||||||||||||
U.S. government agency securities | 53,814 | 2,124 | 0 | 55,938 | 74,596 | 76 | 3,755 | 70,917 | ||||||||||||||||||||||||
State & municipal | 244,233 | 5,309 | 2,367 | 247,175 | 332,577 | 394 | 10,278 | 322,693 | ||||||||||||||||||||||||
Total HTM securities | $ | 592,999 | $ | 15,493 | $ | 8,316 | $ | 600,176 | $ | 895,005 | $ | 762 | $ | 44,132 | $ | 851,635 | ||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||
Federal agency | $ | 100,000 | $ | 0 | $ | 1,658 | $ | 98,342 | $ | 100,000 | $ | 0 | $ | 4,365 | $ | 95,635 | ||||||||||||||||
Mortgage-backed: | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 107,914 | 4,583 | 0 | 112,497 | 161,462 | 2,232 | 1,319 | 162,375 | ||||||||||||||||||||||||
U.S. government agency securities | 11,533 | 979 | 0 | 12,512 | 9,112 | 514 | 0 | 9,626 | ||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 103,105 | 4,477 | 0 | 107,582 | 94,342 | 1,932 | 129 | 96,145 | ||||||||||||||||||||||||
U.S. government agency securities | 79,145 | 3,950 | 0 | 83,095 | 44,473 | 336 | 674 | 44,135 | ||||||||||||||||||||||||
State & municipal | 214,863 | 7,953 | 17 | 222,799 | 323,821 | 5,026 | 1,503 | 327,344 | ||||||||||||||||||||||||
Total HTM securities | $ | 616,560 | $ | 21,942 | $ | 1,675 | $ | 636,827 | $ | 733,210 | $ | 10,040 | $ | 7,990 | $ | 735,260 |
Three Months Ended March 31, | ||||||||
(In thousands) | 2021 | 2020 | ||||||
Net gains and (losses) recognized on equity securities | $ | 452 | $ | (815 | ) | |||
Less: Net gains and (losses) recognized on equity securities sold during the period | 0 | 0 | ||||||
Unrealized gains and (losses) recognized on equity securities still held | $ | 452 | $ | (815 | ) |
Three Months Ended March 31, | ||||||||
(In thousands) | 2022 | 2021 | ||||||
Net (losses) and gains recognized on equity securities | $ | (183 | ) | $ | 452 | |||
Less: Net (losses) and gains recognized on equity securities sold during the period | 0 | 0 | ||||||
Unrealized (losses) and gains recognized on equity securities still held | $ | (183 | ) | $ | 452 |
(In thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||
AFS debt securities: | ||||||||||||||||
Within one year | $ | 1,710 | $ | 1,724 | $ | 112 | $ | 116 | ||||||||
From one to five years | 22,127 | 22,984 | 159,032 | 151,684 | ||||||||||||
From five to ten years | 572,232 | 564,112 | 780,821 | 732,172 | ||||||||||||
After ten years | 784,283 | 798,208 | 821,207 | 778,725 | ||||||||||||
Total AFS debt securities | $ | 1,380,352 | $ | 1,387,028 | $ | 1,761,172 | $ | 1,662,697 | ||||||||
HTM debt securities: | ||||||||||||||||
Within one year | $ | 18,116 | $ | 18,155 | $ | 103,973 | $ | 103,988 | ||||||||
From one to five years | 57,331 | 58,621 | 67,047 | 67,061 | ||||||||||||
From five to ten years | 228,313 | 227,625 | 242,804 | 228,349 | ||||||||||||
After ten years | 289,239 | 295,775 | 481,181 | 452,237 | ||||||||||||
Total HTM debt securities | $ | 592,999 | $ | 600,176 | $ | 895,005 | $ | 851,635 |
Less Than 12 Months | 12 Months or Longer | Total | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Number of Positions | Fair Value | Unrealized Losses | Number of Positions | Fair Value | Unrealized Losses | Number of Positions | Fair Value | Unrealized Losses | Number of Positions | Fair Value | Unrealized Losses | Number of Positions | Fair Value | Unrealized Losses | Number of Positions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | 117,635 | $ | (4,809 | ) | 7 | $ | 0 | $ | 0 | 0 | $ | 117,635 | $ | (4,809 | ) | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agency | $ | 238,885 | $ | (9,594 | ) | 16 | $ | 0 | $ | 0 | 0 | $ | 238,885 | $ | (9,594 | ) | 16 | 2,586 | (269 | ) | 1 | 223,026 | (22,564 | ) | 15 | 225,612 | (22,833 | ) | 16 | |||||||||||||||||||||||||||||||||||||||||||
State & municipal | 45,370 | (1,151 | ) | 28 | 0 | 0 | 0 | 45,370 | (1,151 | ) | 28 | 74,201 | (5,690 | ) | 55 | 14,097 | (1,347 | ) | 10 | 88,298 | (7,037 | ) | 65 | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed | 289,888 | (5,549 | ) | 21 | 787 | (9 | ) | 4 | 290,675 | (5,558 | ) | 25 | 333,335 | (11,186 | ) | 105 | 182,752 | (17,177 | ) | 19 | 516,087 | (28,363 | ) | 124 | ||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 32,238 | (934 | ) | 11 | 0 | 0 | 0 | 32,238 | (934 | ) | 11 | 569,994 | (33,158 | ) | 88 | 20,422 | (1,647 | ) | 7 | 590,416 | (34,805 | ) | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 7,455 | (45 | ) | 3 | 0 | 0 | 0 | 7,455 | (45 | ) | 3 | 44,507 | (1,494 | ) | 14 | 0 | 0 | 0 | 44,507 | (1,494 | ) | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities with unrealized losses | $ | 613,836 | $ | (17,273 | ) | 79 | $ | 787 | $ | (9 | ) | 4 | $ | 614,623 | $ | (17,282 | ) | 83 | $ | 1,142,258 | $ | (56,606 | ) | 270 | $ | 440,297 | $ | (42,735 | ) | 51 | $ | 1,582,555 | $ | (99,341 | ) | 321 | ||||||||||||||||||||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agency | $ | 94,159 | $ | (5,841 | ) | 4 | $ | 0 | $ | 0 | 0 | $ | 94,159 | $ | (5,841 | ) | 4 | $ | 0 | $ | 0 | 0 | $ | 89,128 | $ | (10,872 | ) | 4 | $ | 89,128 | $ | (10,872 | ) | 4 | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed | 8,312 | (108 | ) | 1 | 0 | 0 | 0 | 8,312 | (108 | ) | 1 | 238,120 | (16,505 | ) | 27 | 0 | 0 | 0 | 238,120 | (16,505 | ) | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 165,781 | (6,477 | ) | 35 | 0 | 0 | 0 | 165,781 | (6,477 | ) | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State & municipal | 70,315 | (2,367 | ) | 56 | 0 | 0 | 0 | 70,315 | (2,367 | ) | 56 | 115,512 | (7,299 | ) | 116 | 26,492 | (2,979 | ) | 24 | 142,004 | (10,278 | ) | 140 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total securities with unrealized losses | $ | 172,786 | $ | (8,316 | ) | 61 | $ | 0 | $ | 0 | 0 | $ | 172,786 | $ | (8,316 | ) | 61 | $ | 519,413 | $ | (30,281 | ) | 178 | $ | 115,620 | $ | (13,851 | ) | 28 | $ | 635,033 | $ | (44,132 | ) | 206 | |||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | 49,105 | $ | (6 | ) | 2 | $ | 0 | $ | 0 | 0 | $ | 49,105 | $ | (6 | ) | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agency | $ | 148,537 | $ | (2,052 | ) | 10 | $ | 0 | $ | 0 | 0 | $ | 148,537 | $ | (2,052 | ) | 10 | 41,618 | (1,846 | ) | 4 | 198,313 | (6,677 | ) | 12 | 239,931 | (8,523 | ) | 16 | |||||||||||||||||||||||||||||||||||||||||||
State & municipal | 87,515 | (1,559 | ) | 61 | 0 | 0 | 0 | 87,515 | (1,559 | ) | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed | 47,269 | (60 | ) | 3 | 800 | (9 | ) | 4 | 48,069 | (69 | ) | 7 | 281,217 | (4,319 | ) | 24 | 39,491 | (1,525 | ) | 6 | 320,708 | (5,844 | ) | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 17,837 | (58 | ) | 6 | 0 | 0 | 0 | 17,837 | (58 | ) | 6 | 341,673 | (5,495 | ) | 34 | 15,774 | (502 | ) | 4 | 357,447 | (5,997 | ) | 38 | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 9,987 | (13 | ) | 2 | 0 | 0 | 0 | 9,987 | (13 | ) | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities with unrealized losses | $ | 213,643 | $ | (2,170 | ) | 19 | $ | 800 | $ | (9 | ) | 4 | $ | 214,443 | $ | (2,179 | ) | 23 | $ | 811,115 | $ | (13,238 | ) | 127 | $ | 253,578 | $ | (8,704 | ) | 22 | $ | 1,064,693 | $ | (21,942 | ) | 149 | ||||||||||||||||||||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agency | $ | 98,342 | $ | (1,658 | ) | 4 | $ | 0 | $ | 0 | 0 | $ | 98,342 | $ | (1,658 | ) | 4 | $ | 0 | $ | 0 | 0 | $ | 95,635 | $ | (4,365 | ) | 4 | $ | 95,635 | $ | (4,365 | ) | 4 | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed | 103,789 | (1,319 | ) | 10 | 0 | 0 | 0 | 103,789 | (1,319 | ) | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 54,612 | (803 | ) | 6 | 0 | 0 | 0 | 54,612 | (803 | ) | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State & municipal | 4,805 | (17 | ) | 5 | 0 | 0 | 0 | 4,805 | (17 | ) | 5 | 52,783 | (1,189 | ) | 40 | 8,950 | (314 | ) | 10 | 61,733 | (1,503 | ) | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total securities with unrealized losses | $ | 103,147 | $ | (1,675 | ) | 9 | $ | 0 | $ | 0 | 0 | $ | 103,147 | $ | (1,675 | ) | 9 | $ | 211,184 | $ | (3,311 | ) | 56 | $ | 104,585 | $ | (4,679 | ) | 14 | $ | 315,769 | $ | (7,990 | ) | 70 |
5. | Allowance for Credit Losses and Credit Quality of Loans |
(In thousands) | Commercial Loans | Consumer Loans | Residential | Total | ||||||||||||
Balance as of December 31, 2021 | $ | 28,941 | $ | 44,253 | $ | 18,806 | $ | 92,000 | ||||||||
Charge-offs | (588 | ) | (3,591 | ) | (312 | ) | (4,491 | ) | ||||||||
Recoveries | 93 | 1,652 | 150 | 1,895 | ||||||||||||
Provision | 111 | 1,277 | (792 | ) | 596 | |||||||||||
Ending balance as of March 31, 2022 | $ | 28,557 | $ | 43,591 | $ | 17,852 | $ | 90,000 | ||||||||
Balance as of December 31, 2020 | $ | 50,942 | $ | 37,803 | $ | 21,255 | $ | 110,000 | ||||||||
Charge-offs | (242 | ) | (4,348 | ) | (70 | ) | (4,660 | ) | ||||||||
Recoveries | 118 | 2,075 | 263 | 2,456 | ||||||||||||
Provision | (773 | ) | (950 | ) | (1,073 | ) | (2,796 | ) | ||||||||
Ending balance as of March 31, 2021 | $ | 50,045 | $ | 34,580 | $ | 20,375 | $ | 105,000 |
(In thousands) | Commercial Loans | Consumer Loans | Residential | Total | ||||||||||||
Balance as of December 31, 2020 | $ | 50,942 | $ | 37,803 | $ | 21,255 | $ | 110,000 | ||||||||
Charge-offs | (242 | ) | (4,348 | ) | (70 | ) | (4,660 | ) | ||||||||
Recoveries | 118 | 2,075 | 263 | 2,456 | ||||||||||||
Provision | (773 | ) | (950 | ) | (1,073 | ) | (2,796 | ) | ||||||||
Ending balance as of March 31, 2021 | $ | 50,045 | $ | 34,580 | $ | 20,375 | $ | 105,000 | ||||||||
Balance as of January 1, 2020 (after adoption of ASC 326) | $ | 27,156 | $ | 32,122 | $ | 16,721 | $ | 75,999 | ||||||||
Charge-offs | (1,020 | ) | (6,891 | ) | (315 | ) | (8,226 | ) | ||||||||
Recoveries | 228 | 2,235 | 124 | 2,587 | ||||||||||||
Provision | 15,848 | 10,080 | 3,712 | 29,640 | ||||||||||||
Ending balance as of March 31, 2020 | $ | 42,212 | $ | 37,546 | $ | 20,242 | $ | 100,000 |
(In thousands) | 31-60 Days Past Due Accruing | 61-90 Days Past Due Accruing | Greater Than 90 Days Past Due Accruing | Total Past Due Accruing | Nonaccrual | Current | Recorded Total Loans | |||||||||||||||||||||
As of March 31, 2021 | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
C&I | $ | 1,985 | $ | 402 | $ | 0 | $ | 2,387 | $ | 4,994 | $ | 1,145,359 | $ | 1,152,740 | ||||||||||||||
CRE | 374 | 291 | 74 | 739 | 19,512 | 2,430,963 | 2,451,214 | |||||||||||||||||||||
PPP | 0 | 0 | 0 | 0 | 0 | 536,494 | 536,494 | |||||||||||||||||||||
Total commercial loans | $ | 2,359 | $ | 693 | $ | 74 | $ | 3,126 | $ | 24,506 | $ | 4,112,816 | $ | 4,140,448 | ||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Auto | $ | 4,365 | $ | 847 | $ | 503 | $ | 5,715 | $ | 1,789 | $ | 865,474 | $ | 872,978 | ||||||||||||||
Other consumer | 2,867 | 1,830 | 1,109 | 5,806 | 286 | 633,245 | 639,337 | |||||||||||||||||||||
Total consumer loans | $ | 7,232 | $ | 2,677 | $ | 1,612 | $ | 11,521 | $ | 2,075 | $ | 1,498,719 | $ | 1,512,315 | ||||||||||||||
Residential | $ | 1,096 | $ | 339 | $ | 469 | $ | 1,904 | $ | 16,818 | $ | 1,961,974 | $ | 1,980,696 | ||||||||||||||
Total loans | $ | 10,687 | $ | 3,709 | $ | 2,155 | $ | 16,551 | $ | 43,399 | $ | 7,573,509 | $ | 7,633,459 |
(In thousands) | 31-60 Days Past Due Accruing | 61-90 Days Past Due Accruing | Greater Than 90 Days Past Due Accruing | Total Past Due Accruing | Nonaccrual | Current | Recorded Total Loans | |||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
C&I | $ | 2,235 | $ | 2,394 | $ | 23 | $ | 4,652 | $ | 4,278 | $ | 1,116,686 | $ | 1,125,616 | ||||||||||||||
CRE | 682 | 0 | 470 | 1,152 | 19,971 | 2,391,162 | 2,412,285 | |||||||||||||||||||||
PPP | 0 | 0 | 0 | 0 | 0 | 430,810 | 430,810 | |||||||||||||||||||||
Total commercial loans | $ | 2,917 | $ | 2,394 | $ | 493 | $ | 5,804 | $ | 24,249 | $ | 3,938,658 | $ | 3,968,711 | ||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Auto | $ | 9,125 | $ | 1,553 | $ | 866 | $ | 11,544 | $ | 2,730 | $ | 877,831 | $ | 892,105 | ||||||||||||||
Other consumer | 3,711 | 1,929 | 1,272 | 6,912 | 290 | 640,952 | 648,154 | |||||||||||||||||||||
Total consumer loans | $ | 12,836 | $ | 3,482 | $ | 2,138 | $ | 18,456 | $ | 3,020 | $ | 1,518,783 | $ | 1,540,259 | ||||||||||||||
Residential | $ | 2,719 | $ | 309 | $ | 518 | $ | 3,546 | $ | 17,378 | $ | 1,968,991 | $ | 1,989,915 | ||||||||||||||
Total loans | $ | 18,472 | $ | 6,185 | $ | 3,149 | $ | 27,806 | $ | 44,647 | $ | 7,426,432 | $ | 7,498,885 |
(In thousands) | 31-60 Days Past Due Accruing | 61-90 Days Past Due Accruing | Greater Than 90 Days Past Due Accruing | Total Past Due Accruing | Nonaccrual | Current | Recorded Total Loans | |||||||||||||||||||||
As of March 31, 2022 | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
C&I | $ | 476 | $ | 633 | $ | 0 | $ | 1,109 | $ | 3,345 | $ | 1,171,795 | $ | 1,176,249 | ||||||||||||||
CRE | 1,066 | 0 | 0 | 1,066 | 12,552 | 2,615,792 | 2,629,410 | |||||||||||||||||||||
PPP | 77 | 0 | 0 | 77 | 0 | 50,900 | 50,977 | |||||||||||||||||||||
Total commercial loans | $ | 1,619 | $ | 633 | $ | 0 | $ | 2,252 | $ | 15,897 | $ | 3,838,487 | $ | 3,856,636 | ||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Auto | $ | 6,250 | $ | 1,038 | $ | 455 | $ | 7,743 | $ | 1,622 | $ | 850,425 | $ | 859,790 | ||||||||||||||
Other consumer | 3,303 | 1,643 | 927 | 5,873 | 301 | 888,977 | 895,151 | |||||||||||||||||||||
Total consumer loans | $ | 9,553 | $ | 2,681 | $ | 1,382 | $ | 13,616 | $ | 1,923 | $ | 1,739,402 | $ | 1,754,941 | ||||||||||||||
Residential | $ | 1,761 | $ | 532 | $ | 562 | $ | 2,855 | $ | 7,992 | $ | 2,027,402 | $ | 2,038,249 | ||||||||||||||
Total loans | $ | 12,933 | $ | 3,846 | $ | 1,944 | $ | 18,723 | $ | 25,812 | $ | 7,605,291 | $ | 7,649,826 |
(In thousands) | 31-60 Days Past Due Accruing | 61-90 Days Past Due Accruing | Greater Than 90 Days Past Due Accruing | Total Past Due Accruing | Nonaccrual | Current | Recorded Total Loans | |||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
C&I | $ | 622 | $ | 0 | $ | 0 | $ | 622 | $ | 3,618 | $ | 1,126,430 | $ | 1,130,670 | ||||||||||||||
CRE | 1,219 | 132 | 0 | 1,351 | 12,726 | 2,550,910 | 2,564,987 | |||||||||||||||||||||
PPP | 0 | 0 | 0 | 0 | 0 | 101,222 | 101,222 | |||||||||||||||||||||
Total commercial loans | $ | 1,841 | $ | 132 | $ | 0 | $ | 1,973 | $ | 16,344 | $ | 3,778,562 | $ | 3,796,879 | ||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Auto | $ | 6,911 | $ | 1,547 | $ | 545 | $ | 9,003 | $ | 1,295 | $ | 816,210 | $ | 826,508 | ||||||||||||||
Other consumer | 3,789 | 1,816 | 1,105 | 6,710 | 233 | 832,447 | 839,390 | |||||||||||||||||||||
Total consumer loans | $ | 10,700 | $ | 3,363 | $ | 1,650 | $ | 15,713 | $ | 1,528 | $ | 1,648,657 | $ | 1,665,898 | ||||||||||||||
Residential | $ | 2,481 | $ | 420 | $ | 808 | $ | 3,709 | $ | 12,413 | $ | 2,019,560 | $ | 2,035,682 | ||||||||||||||
Total loans | $ | 15,022 | $ | 3,915 | $ | 2,458 | $ | 21,395 | $ | 30,285 | $ | 7,446,779 | $ | 7,498,459 |
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||
As of March 31, 2021 | ||||||||||||||||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 113,273 | $ | 305,135 | $ | 157,578 | $ | 82,451 | $ | 34,635 | $ | 55,540 | $ | 310,850 | $ | 10,149 | $ | 1,069,611 | ||||||||||||||||||
Special mention | 13 | 15,988 | 6,099 | 4,576 | 4,149 | 4,001 | 17,420 | 0 | 52,246 | |||||||||||||||||||||||||||
Substandard | 0 | 405 | 7,672 | 8,262 | 2,865 | 4,411 | 6,537 | 527 | 30,679 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 203 | 1 | 0 | 0 | 204 | |||||||||||||||||||||||||||
Total C&I | $ | 113,286 | $ | 321,528 | $ | 171,349 | $ | 95,289 | $ | 41,852 | $ | 63,953 | $ | 334,807 | $ | 10,676 | $ | 1,152,740 | ||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 132,195 | $ | 452,951 | $ | 356,643 | $ | 260,570 | $ | 253,673 | $ | 535,309 | $ | 134,394 | $ | 2,860 | $ | 2,128,595 | ||||||||||||||||||
Special mention | 0 | 2,544 | 41,189 | 7,508 | 54,121 | 88,045 | 1,293 | 0 | 194,700 | |||||||||||||||||||||||||||
Substandard | 0 | 534 | 20,160 | 17,651 | 13,719 | 65,288 | 1,253 | 0 | 118,605 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 1,897 | 0 | 0 | 7,417 | 0 | 0 | 9,314 | |||||||||||||||||||||||||||
Total CRE | $ | 132,195 | $ | 456,029 | $ | 419,889 | $ | 285,729 | $ | 321,513 | $ | 696,059 | $ | 136,940 | $ | 2,860 | $ | 2,451,214 | ||||||||||||||||||
PPP | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 218,938 | $ | 317,556 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 536,494 | ||||||||||||||||||
Total PPP | $ | 218,938 | $ | 317,556 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 536,494 | ||||||||||||||||||
Auto | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 98,666 | $ | 183,147 | $ | 280,077 | $ | 173,240 | $ | 94,084 | $ | 41,451 | $ | 21 | $ | 0 | $ | 870,686 | ||||||||||||||||||
Nonperforming | 10 | 271 | 596 | 751 | 664 | 0 | 0 | 0 | 2,292 | |||||||||||||||||||||||||||
Total auto | $ | 98,676 | $ | 183,418 | $ | 280,673 | $ | 173,991 | $ | 94,748 | $ | 41,451 | $ | 21 | $ | 0 | $ | 872,978 | ||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 67,050 | $ | 208,960 | $ | 159,896 | $ | 112,634 | $ | 47,920 | $ | 26,535 | $ | 14,923 | $ | 24 | $ | 637,942 | ||||||||||||||||||
Nonperforming | 0 | 197 | 467 | 344 | 239 | 121 | 10 | 17 | 1,395 | |||||||||||||||||||||||||||
Total other consumer | $ | 67,050 | $ | 209,157 | $ | 160,363 | $ | 112,978 | $ | 48,159 | $ | 26,656 | $ | 14,933 | $ | 41 | $ | 639,337 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 67,100 | $ | 233,363 | $ | 204,995 | $ | 204,255 | $ | 173,135 | $ | 808,168 | $ | 259,861 | $ | 12,532 | $ | 1,963,409 | ||||||||||||||||||
Nonperforming | 0 | 1,379 | 650 | 2,298 | 2,228 | 10,670 | 0 | 62 | 17,287 | |||||||||||||||||||||||||||
Total residential | $ | 67,100 | $ | 234,742 | $ | 205,645 | $ | 206,553 | $ | 175,363 | $ | 818,838 | $ | 259,861 | $ | 12,594 | $ | 1,980,696 | ||||||||||||||||||
Total loans | $ | 697,245 | $ | 1,722,430 | $ | 1,237,919 | $ | 874,540 | $ | 681,635 | $ | 1,646,957 | $ | 746,562 | $ | 26,171 | $ | 7,633,459 |
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||
As of March 31, 2022 | ||||||||||||||||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 93,408 | $ | 312,325 | $ | 210,961 | $ | 108,348 | $ | 59,572 | $ | 43,397 | $ | 303,639 | $ | 2,964 | $ | 1,134,614 | ||||||||||||||||||
Special mention | 0 | 142 | 3,497 | 2,493 | 1,969 | 3,192 | 11,591 | 0 | 22,884 | |||||||||||||||||||||||||||
Substandard | 0 | 1,468 | 840 | 6,790 | 509 | 5,300 | 3,824 | 19 | 18,750 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | |||||||||||||||||||||||||||
Total C&I | $ | 93,408 | $ | 313,935 | $ | 215,298 | $ | 117,631 | $ | 62,050 | $ | 51,890 | $ | 319,054 | $ | 2,983 | $ | 1,176,249 | ||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 120,316 | $ | 486,375 | $ | 444,779 | $ | 362,644 | $ | 234,268 | $ | 660,198 | $ | 153,714 | $ | 21,009 | $ | 2,483,303 | ||||||||||||||||||
Special mention | 616 | 783 | 815 | 10,766 | 1,122 | 68,783 | 0 | 1,294 | 84,179 | |||||||||||||||||||||||||||
Substandard | 0 | 0 | 139 | 4,828 | 12,796 | 35,421 | 4,026 | 0 | 57,210 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 4,718 | 0 | 0 | 4,718 | |||||||||||||||||||||||||||
Total CRE | $ | 120,932 | $ | 487,158 | $ | 445,733 | $ | 378,238 | $ | 248,186 | $ | 769,120 | $ | 157,740 | $ | 22,303 | $ | 2,629,410 | ||||||||||||||||||
PPP | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 0 | $ | 49,017 | $ | 1,960 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 50,977 | ||||||||||||||||||
Total PPP | $ | 0 | $ | 49,017 | $ | 1,960 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 50,977 | ||||||||||||||||||
Auto | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 140,144 | $ | 320,921 | $ | 112,646 | $ | 158,224 | $ | 83,689 | $ | 42,089 | $ | 0 | $ | 0 | $ | 857,713 | ||||||||||||||||||
Nonperforming | 7 | 743 | 312 | 502 | 305 | 208 | 0 | 0 | 2,077 | |||||||||||||||||||||||||||
Total auto | $ | 140,151 | $ | 321,664 | $ | 112,958 | $ | 158,726 | $ | 83,994 | $ | 42,297 | $ | 0 | $ | 0 | $ | 859,790 | ||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 129,573 | $ | 391,276 | $ | 138,270 | $ | 105,863 | $ | 69,913 | $ | 39,194 | $ | 19,828 | $ | 6 | $ | 893,923 | ||||||||||||||||||
Nonperforming | 0 | 294 | 304 | 185 | 208 | 217 | 1 | 19 | 1,228 | |||||||||||||||||||||||||||
Total other consumer | $ | 129,573 | $ | 391,570 | $ | 138,574 | $ | 106,048 | $ | 70,121 | $ | 39,411 | $ | 19,829 | $ | 25 | $ | 895,151 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 72,366 | $ | 345,762 | $ | 224,010 | $ | 172,010 | $ | 171,770 | $ | 803,616 | $ | 229,871 | $ | 10,290 | $ | 2,029,695 | ||||||||||||||||||
Nonperforming | 0 | 158 | 724 | 317 | 1,008 | 6,312 | 17 | 18 | 8,554 | |||||||||||||||||||||||||||
Total residential | $ | 72,366 | $ | 345,920 | $ | 224,734 | $ | 172,327 | $ | 172,778 | $ | 809,928 | $ | 229,888 | $ | 10,308 | $ | 2,038,249 | ||||||||||||||||||
Total loans | $ | 556,430 | $ | 1,909,264 | $ | 1,139,257 | $ | 932,970 | $ | 637,129 | $ | 1,712,646 | $ | 726,511 | $ | 35,619 | $ | 7,649,826 |
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 335,685 | $ | 219,931 | $ | 114,617 | $ | 64,310 | $ | 20,137 | $ | 32,146 | $ | 280,476 | $ | 15,731 | $ | 1,083,033 | ||||||||||||||||||
Special mention | 148 | 5,255 | 4,641 | 2,430 | 2,699 | 1,111 | 11,835 | 522 | 28,641 | |||||||||||||||||||||||||||
Substandard | 1,482 | 874 | 7,010 | 187 | 2,582 | 3,272 | 3,512 | 34 | 18,953 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 1 | 42 | 0 | 0 | 0 | 43 | |||||||||||||||||||||||||||
Total C&I | $ | 337,315 | $ | 226,060 | $ | 126,268 | $ | 66,928 | $ | 25,460 | $ | 36,529 | $ | 295,823 | $ | 16,287 | $ | 1,130,670 | ||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 489,300 | $ | 434,866 | $ | 370,377 | $ | 236,274 | $ | 251,082 | $ | 441,310 | $ | 141,367 | $ | 43,942 | $ | 2,408,518 | ||||||||||||||||||
Special mention | 789 | 826 | 11,235 | 3,544 | 15,379 | 53,372 | 780 | 420 | 86,345 | |||||||||||||||||||||||||||
Substandard | 0 | 77 | 4,539 | 12,934 | 12,424 | 34,563 | 744 | 0 | 65,281 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 4,843 | 0 | 0 | 4,843 | |||||||||||||||||||||||||||
Total CRE | $ | 490,089 | $ | 435,769 | $ | 386,151 | $ | 252,752 | $ | 278,885 | $ | 534,088 | $ | 142,891 | $ | 44,362 | $ | 2,564,987 | ||||||||||||||||||
PPP | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 92,884 | $ | 8,338 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 101,222 | ||||||||||||||||||
Total PPP | $ | 92,884 | $ | 8,338 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 101,222 | ||||||||||||||||||
Auto | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 351,778 | $ | 129,419 | $ | 183,959 | $ | 101,441 | $ | 46,007 | $ | 12,064 | $ | 0 | $ | 0 | $ | 824,668 | ||||||||||||||||||
Nonperforming | 305 | 319 | 457 | 411 | 266 | 82 | 0 | 0 | 1,840 | |||||||||||||||||||||||||||
Total auto | $ | 352,083 | $ | 129,738 | $ | 184,416 | $ | 101,852 | $ | 46,273 | $ | 12,146 | $ | 0 | $ | 0 | $ | 826,508 | ||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 427,401 | $ | 151,300 | $ | 116,451 | $ | 78,523 | $ | 29,705 | $ | 15,660 | $ | 19,011 | $ | 1 | $ | 838,052 | ||||||||||||||||||
Nonperforming | 216 | 429 | 249 | 134 | 238 | 33 | 18 | 21 | 1,338 | |||||||||||||||||||||||||||
Total other consumer | $ | 427,617 | $ | 151,729 | $ | 116,700 | $ | 78,657 | $ | 29,943 | $ | 15,693 | $ | 19,029 | $ | 22 | $ | 839,390 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 345,338 | $ | 226,723 | $ | 179,087 | $ | 179,575 | $ | 146,611 | $ | 687,863 | $ | 246,103 | $ | 11,161 | $ | 2,022,461 | ||||||||||||||||||
Nonperforming | 0 | 1,411 | 643 | 1,072 | 1,534 | 8,522 | 0 | 39 | 13,221 | |||||||||||||||||||||||||||
Total residential | $ | 345,338 | $ | 228,134 | $ | 179,730 | $ | 180,647 | $ | 148,145 | $ | 696,385 | $ | 246,103 | $ | 11,200 | $ | 2,035,682 | ||||||||||||||||||
Total loans | $ | 2,045,326 | $ | 1,179,768 | $ | 993,265 | $ | 680,836 | $ | 528,706 | $ | 1,294,841 | $ | 703,846 | $ | 71,871 | $ | 7,498,459 |
(In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 331,921 | $ | 182,329 | $ | 91,230 | $ | 41,856 | $ | 32,625 | $ | 32,609 | $ | 322,674 | $ | 412 | $ | 1,035,656 | ||||||||||||||||||
Special mention | 20,064 | 6,534 | 5,053 | 4,702 | 1,624 | 2,830 | 13,614 | 0 | 54,421 | |||||||||||||||||||||||||||
Substandard | 338 | 6,364 | 10,219 | 3,388 | 791 | 4,272 | 9,945 | 14 | 35,331 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 207 | 0 | 1 | 0 | 0 | 208 | |||||||||||||||||||||||||||
Total C&I | $ | 352,323 | $ | 195,227 | $ | 106,502 | $ | 50,153 | $ | 35,040 | $ | 39,712 | $ | 346,233 | $ | 426 | $ | 1,125,616 | ||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 469,919 | $ | 361,187 | $ | 256,154 | $ | 271,874 | $ | 212,197 | $ | 383,690 | $ | 113,128 | $ | 4,034 | $ | 2,072,183 | ||||||||||||||||||
Special mention | 2,051 | 44,034 | 22,260 | 55,039 | 36,830 | 43,537 | 1,297 | 11,524 | 216,572 | |||||||||||||||||||||||||||
Substandard | 536 | 5,307 | 18,298 | 15,691 | 6,018 | 62,168 | 1,501 | 4,642 | 114,161 | |||||||||||||||||||||||||||
Doubtful | 0 | 1,897 | 0 | 0 | 0 | 7,472 | 0 | 0 | 9,369 | |||||||||||||||||||||||||||
Total CRE | $ | 472,506 | $ | 412,425 | $ | 296,712 | $ | 342,604 | $ | 255,045 | $ | 496,867 | $ | 115,926 | $ | 20,200 | $ | 2,412,285 | ||||||||||||||||||
PPP | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 430,810 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 430,810 | ||||||||||||||||||
Total PPP | $ | 430,810 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 430,810 | ||||||||||||||||||
Auto | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 197,881 | $ | 314,034 | $ | 201,850 | $ | 115,977 | $ | 45,495 | $ | 13,250 | $ | 22 | $ | 0 | $ | 888,509 | ||||||||||||||||||
Nonperforming | 359 | 1,140 | 1,135 | 525 | 437 | 0 | 0 | 0 | 3,596 | |||||||||||||||||||||||||||
Total auto | $ | 198,240 | $ | 315,174 | $ | 202,985 | $ | 116,502 | $ | 45,932 | $ | 13,250 | $ | 22 | $ | 0 | $ | 892,105 | ||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 234,628 | $ | 178,411 | $ | 127,549 | $ | 55,676 | $ | 14,255 | $ | 17,414 | $ | 18,588 | $ | 71 | $ | 646,592 | ||||||||||||||||||
Nonperforming | 339 | 418 | 307 | 265 | 90 | 133 | 10 | 0 | 1,562 | |||||||||||||||||||||||||||
Total other consumer | $ | 234,967 | $ | 178,829 | $ | 127,856 | $ | 55,941 | $ | 14,345 | $ | 17,547 | $ | 18,598 | $ | 71 | $ | 648,154 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||
By payment activity: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 237,338 | $ | 210,505 | $ | 213,437 | $ | 182,993 | $ | 164,424 | $ | 684,495 | $ | 268,878 | $ | 9,991 | $ | 1,972,061 | ||||||||||||||||||
Nonperforming | 1,245 | 659 | 2,318 | 2,535 | 902 | 10,195 | 0 | 0 | 17,854 | |||||||||||||||||||||||||||
Total residential | $ | 238,583 | $ | 211,164 | $ | 215,755 | $ | 185,528 | $ | 165,326 | $ | 694,690 | $ | 268,878 | $ | 9,991 | $ | 1,989,915 | ||||||||||||||||||
Total loans | $ | 1,927,429 | $ | 1,312,819 | $ | 949,810 | $ | 750,728 | $ | 515,688 | $ | 1,262,066 | $ | 749,657 | $ | 30,688 | $ | 7,498,885 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(Dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Auto | 0 | $ | 0 | $ | 0 | 1 | $ | 44 | $ | 44 | ||||||||||||||
Total consumer loans | 0 | $ | 0 | $ | 0 | 1 | $ | 44 | $ | 44 | ||||||||||||||
Residential | 3 | $ | 242 | $ | 252 | 7 | $ | 691 | $ | 735 | ||||||||||||||
Total TDRs | 3 | $ | 242 | $ | 252 | 8 | $ | 735 | $ | 779 |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Residential | 2 | $ | 118 | $ | 124 | 3 | $ | 242 | $ | 252 | ||||||||||||||
Total TDRs | 2 | $ | 118 | $ | 124 | 3 | $ | 242 | $ | 252 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||||||||||
(Dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Commercial loans: | ||||||||||||||||
C&I | 0 | $ | 0 | 1 | $ | 387 | ||||||||||
Total commercial loans | 0 | $ | 0 | 1 | $ | 387 | ||||||||||
Consumer loans: | ||||||||||||||||
Auto | 2 | $ | 18 | 0 | $ | 0 | ||||||||||
Total consumer loans | 2 | $ | 18 | 0 | $ | 0 | ||||||||||
Residential | 17 | $ | 624 | 16 | $ | 803 | ||||||||||
Total TDRs | 19 | $ | 642 | 17 | $ | 1,190 |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||
(Dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Consumer loans: | ||||||||||||||||
Auto | 1 | $ | 11 | 2 | $ | 18 | ||||||||||
Total consumer loans | 1 | $ | 11 | 2 | $ | 18 | ||||||||||
Residential | 20 | $ | 900 | 17 | $ | 624 | ||||||||||
Total TDRs | 21 | $ | 911 | 19 | $ | 642 |
6. | Defined Benefit Post-Retirement Plans |
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||
Components of net periodic (benefit) cost: | ||||||||||||||||||||||||||||||||
Service cost | $ | 485 | $ | 446 | $ | 2 | $ | 2 | $ | 534 | $ | 485 | $ | 2 | $ | 2 | ||||||||||||||||
Interest cost | 677 | 809 | 45 | 55 | 694 | 677 | 41 | 45 | ||||||||||||||||||||||||
Expected return on plan assets | (2,203 | ) | (2,105 | ) | 0 | 0 | (2,228 | ) | (2,203 | ) | 0 | 0 | ||||||||||||||||||||
Net amortization | 313 | 368 | 13 | 13 | 185 | 313 | 1 | 13 | ||||||||||||||||||||||||
Total net periodic (benefit) cost | $ | (728 | ) | $ | (482 | ) | $ | 60 | $ | 70 | $ | (815 | ) | $ | (728 | ) | $ | 44 | $ | 60 |
7. | Earnings Per Share |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2022 | 2021 | ||||||||||||
Basic EPS: | ||||||||||||||||
Weighted average common shares outstanding | 43,559 | 43,835 | 43,141 | 43,559 | ||||||||||||
Net income available to common stockholders | $ | 39,846 | $ | 10,368 | $ | 39,126 | $ | 39,846 | ||||||||
Basic EPS | $ | 0.91 | $ | 0.24 | $ | 0.91 | $ | 0.91 | ||||||||
Diluted EPS: | ||||||||||||||||
Weighted average common shares outstanding | 43,559 | 43,835 | 43,141 | 43,559 | ||||||||||||
Dilutive effect of common stock options and restricted stock | 331 | 295 | 244 | 331 | ||||||||||||
Weighted average common shares and common share equivalents | 43,890 | 44,130 | 43,385 | 43,890 | ||||||||||||
Net income available to common stockholders | $ | 39,846 | $ | 10,368 | $ | 39,126 | $ | 39,846 | ||||||||
Diluted EPS | $ | 0.91 | $ | 0.23 | $ | 0.90 | $ | 0.91 |
8. | Reclassification Adjustments Out of Other Comprehensive Income (Loss) |
Detail About AOCI Components | Amount Reclassified from AOCI | Affected Line Item in the Consolidated Statements of Comprehensive Income (Loss) | |||||||
Three Months Ended | |||||||||
(In thousands) | March 31, 2021 | March 31, 2020 | |||||||
AFS securities: | |||||||||
Gains on AFS securities | $ | 0 | $ | (3 | ) | Net securities (gains) losses | |||
Amortization of unrealized gains related to securities transfer | 142 | 173 | Interest income | ||||||
Tax effect | $ | (35 | ) | $ | (42 | ) | Income tax (benefit) | ||
Net of tax | $ | 107 | $ | 128 | |||||
Cash flow hedges: | |||||||||
Net unrealized losses on cash flow hedges reclassified to interest expense | $ | 21 | $ | 10 | Interest expense | ||||
Tax effect | $ | (5 | ) | $ | (3 | ) | Income tax (benefit) | ||
Net of tax | $ | 16 | $ | 7 | |||||
Pension and other benefits: | |||||||||
Amortization of net losses | $ | 298 | $ | 358 | Other noninterest expense | ||||
Amortization of prior service costs | 28 | 23 | Other noninterest expense | ||||||
Tax effect | $ | (81 | ) | $ | (95 | ) | Income tax (benefit) | ||
Net of tax | $ | 245 | $ | 286 | |||||
Total reclassifications, net of tax | $ | 368 | $ | 421 |
Detail About AOCI Components | Amount Reclassified from AOCI | Affected Line Item in the Consolidated Statements of Comprehensive Income (Loss) | |||||||
Three Months Ended | |||||||||
(In thousands) | March 31, 2022 | March 31, 2021 | |||||||
AFS securities: | |||||||||
Amortization of unrealized gains related to securities transfer | $ | 137 | $ | 142 | Interest income | ||||
Tax effect | $ | (35 | ) | $ | (35 | ) | Income tax (benefit) | ||
Net of tax | $ | 102 | $ | 107 | |||||
Cash flow hedges: | |||||||||
Net unrealized losses on cash flow hedges reclassified to interest expense | $ | 0 | $ | 21 | Interest expense | ||||
Tax effect | $ | 0 | $ | (5 | ) | Income tax (benefit) | |||
Net of tax | $ | 0 | $ | 16 | |||||
Pension and other benefits: | |||||||||
Amortization of net losses | $ | 157 | $ | 298 | Other noninterest expense | ||||
Amortization of prior service costs | 29 | 28 | Other noninterest expense | ||||||
Tax effect | $ | (47 | ) | $ | (81 | ) | Income tax (benefit) | ||
Net of tax | $ | 139 | $ | 245 | |||||
Total reclassifications, net of tax | $ | 241 | $ | 368 |
9. | Derivative Instruments and Hedging Activities |
(In thousands) | Notional Amount | Balance Sheet Location | Fair Value | Notional Amount | Balance Sheet Location | Fair Value | ||||||||||||
As of March 31, 2021 | ||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Interest rate derivatives | $ | 1,268,421 | Other assets | $ | 70,589 | $ | 1,268,421 | Other liabilities | $ | 70,589 | ||||||||
Risk participation agreements | 72,131 | Other assets | 124 | 39,153 | Other liabilities | 72 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 70,713 | $ | 70,661 | ||||||||||||||
Netting adjustments(1) | 100 | 513 | ||||||||||||||||
Net derivatives in the balance sheet | $ | 70,613 | $ | 70,148 | ||||||||||||||
Derivatives not offset on the balance sheet | $ | 9,911 | $ | 9,911 | ||||||||||||||
Cash collateral(2) | 0 | 50,126 | ||||||||||||||||
Net derivative amounts | $ | 60,702 | $ | 10,111 | ||||||||||||||
As of December 31, 2020 | ||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Interest rate derivatives | $ | 0 | Other assets | $ | 0 | $ | 25,000 | Other liabilities | $ | 34 | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Interest rate derivatives | $ | 1,223,584 | Other assets | $ | 108,487 | $ | 1,223,584 | Other liabilities | $ | 108,487 | ||||||||
Risk participation agreements | 72,528 | Other assets | 292 | 39,785 | Other liabilities | 125 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 108,779 | $ | 108,612 | ||||||||||||||
Cash collateral(2) | 0 | 107,350 | ||||||||||||||||
Net derivative amounts | $ | 108,779 | $ | 1,262 |
(In thousands) | Notional Amount | Balance Sheet Location | Fair Value | Notional Amount | Balance Sheet Location | Fair Value | ||||||||||||
As of March 31, 2022 | ||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Interest rate derivatives | $ | 1,381,076 | Other assets | $ | 49,054 | $ | 1,381,076 | Other liabilities | $ | 49,054 | ||||||||
Risk participation agreements | 90,456 | Other assets | 174 | 22,556 | Other liabilities | 34 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 49,228 | $ | 49,088 | ||||||||||||||
Netting adjustments(1) | 7,292 | 34 | ||||||||||||||||
Net derivatives in the balance sheet | $ | 41,936 | $ | 49,054 | ||||||||||||||
Derivatives not offset on the balance sheet | $ | 8,524 | $ | 8,524 | ||||||||||||||
Cash collateral(2) | 0 | 2,900 | ||||||||||||||||
Net derivative amounts | $ | 33,412 | $ | 37,630 | ||||||||||||||
As of December 31, 2021 | ||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Interest rate derivatives | $ | 1,342,187 | Other assets | $ | 60,203 | $ | 1,342,187 | Other liabilities | $ | 60,203 | ||||||||
Risk participation agreements | 90,938 | Other assets | 252 | 37,193 | Other liabilities | 60 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 60,455 | $ | 60,263 | ||||||||||||||
Netting adjustments(1) | (170 | ) | 5,482 | |||||||||||||||
Net derivatives in the balance sheet | $ | 60,625 | $ | 54,781 | ||||||||||||||
Derivatives not offset on the balance sheet | $ | 5,455 | $ | 5,455 | ||||||||||||||
Cash collateral(2) | 0 | 43,420 | ||||||||||||||||
Net derivative amounts | $ | 55,170 | $ | 5,906 |
March 31, | March 31, | |||||||||||||||
(In thousands) | 2021 | 2020 | 2022 | 2021 | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate derivatives - included component | ||||||||||||||||
Amount of (loss) recognized in other comprehensive income | $ | 0 | $ | (255 | ) | |||||||||||
Amount of loss reclassified from AOCI into interest expense | 21 | 10 | $ | 0 | $ | 21 |
March 31, | ||||||||
(In thousands) | 2021 | 2020 | ||||||
Derivatives not designated as hedging instruments: | ||||||||
(Increase) decrease in other income | $ | (115 | ) | $ | 143 |
March 31, | ||||||||
(In thousands) | 2022 | 2021 | ||||||
Derivatives not designated as hedging instruments: | ||||||||
(Decrease) in other income | $ | (52 | ) | $ | (115 | ) |
10. | Fair Value Measurements and Fair Value of Financial Instruments |
(In thousands) | Level 1 | Level 2 | Level 3 | March 31, 2021 | Level 1 | Level 2 | Level 3 | March 31, 2022 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||
AFS securities | ||||||||||||||||||||||||||||||||
U.S. treasury | $ | 117,635 | $ | 0 | $ | 0 | $ | 117,635 | ||||||||||||||||||||||||
Federal agency | $ | 0 | $ | 248,887 | $ | 0 | $ | 248,887 | 0 | 225,612 | 0 | 225,612 | ||||||||||||||||||||
State & municipal | 0 | 48,025 | 0 | 48,025 | 0 | 88,302 | 0 | 88,302 | ||||||||||||||||||||||||
Mortgage-backed | 0 | 673,239 | 0 | 673,239 | 0 | 558,397 | 0 | 558,397 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 0 | 388,713 | 0 | 388,713 | 0 | 617,999 | 0 | 617,999 | ||||||||||||||||||||||||
Corporate | 0 | 28,164 | 0 | 28,164 | 0 | 54,752 | 0 | 54,752 | ||||||||||||||||||||||||
Total AFS securities | $ | 0 | $ | 1,387,028 | $ | 0 | $ | 1,387,028 | $ | 117,635 | $ | 1,545,062 | $ | 0 | $ | 1,662,697 | ||||||||||||||||
Equity securities | 30,247 | 2,000 | 0 | 32,247 | 31,554 | 1,000 | 0 | 32,554 | ||||||||||||||||||||||||
Derivatives | 0 | 70,713 | 0 | 70,713 | 0 | 49,486 | 0 | 49,486 | ||||||||||||||||||||||||
Total | $ | 30,247 | $ | 1,459,741 | $ | 0 | $ | 1,489,988 | $ | 149,189 | $ | 1,595,548 | $ | 0 | $ | 1,744,737 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivatives | $ | 0 | $ | 70,661 | $ | 0 | $ | 70,661 | $ | 0 | $ | 49,088 | $ | 0 | $ | 49,088 | ||||||||||||||||
Total | $ | 0 | $ | 70,661 | $ | 0 | $ | 70,661 | $ | 0 | $ | 49,088 | $ | 0 | $ | 49,088 |
(In thousands) | Level 1 | Level 2 | Level 3 | December 31, 2020 | Level 1 | Level 2 | Level 3 | December 31, 2021 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||
AFS securities | ||||||||||||||||||||||||||||||||
U.S. treasury | $ | 73,069 | $ | 0 | $ | 0 | $ | 73,069 | ||||||||||||||||||||||||
Federal agency | $ | 0 | $ | 243,597 | $ | 0 | $ | 243,597 | 0 | 239,931 | 0 | 239,931 | ||||||||||||||||||||
State & municipal | 0 | 43,180 | 0 | 43,180 | 0 | 94,088 | 0 | 94,088 | ||||||||||||||||||||||||
Mortgage-backed | 0 | 595,839 | 0 | 595,839 | 0 | 606,675 | 0 | 606,675 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 0 | 437,804 | 0 | 437,804 | 0 | 621,595 | 0 | 621,595 | ||||||||||||||||||||||||
Corporate | 0 | 28,278 | 0 | 28,278 | 0 | 52,003 | 0 | 52,003 | ||||||||||||||||||||||||
Total AFS securities | $ | 0 | $ | 1,348,698 | $ | 0 | $ | 1,348,698 | $ | 73,069 | $ | 1,614,292 | $ | 0 | $ | 1,687,361 | ||||||||||||||||
Equity securities | 28,737 | 2,000 | 0 | 30,737 | 32,550 | 1,000 | 0 | 33,550 | ||||||||||||||||||||||||
Derivatives | 0 | 108,779 | 0 | 108,779 | 0 | 60,625 | 0 | 60,625 | ||||||||||||||||||||||||
Total | $ | 28,737 | $ | 1,459,477 | $ | 0 | $ | 1,488,214 | $ | 105,619 | $ | 1,675,917 | $ | 0 | $ | 1,781,536 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivatives | $ | 0 | $ | 108,646 | $ | 0 | $ | 108,646 | $ | 0 | $ | 60,263 | $ | 0 | $ | 60,263 | ||||||||||||||||
Total | $ | 0 | $ | 108,646 | $ | 0 | $ | 108,646 | $ | 0 | $ | 60,263 | $ | 0 | $ | 60,263 |
March 31, 2021 | December 31, 2020 | ||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||
Financial assets: | |||||||||||||
HTM securities | 2 | $ | 592,999 | $ | 600,176 | $ | 616,560 | $ | 636,827 | ||||
Net loans | 3 | 7,634,754 | 7,677,033 | 7,390,004 | 7,530,033 | ||||||||
Financial liabilities: | |||||||||||||
Time deposits | 2 | $ | 604,373 | $ | 606,134 | $ | 633,479 | $ | 638,721 | ||||
Long-term debt | 2 | 14,069 | 14,651 | 39,097 | 39,820 | ||||||||
Subordinated debt | 1 | 100,000 | 105,024 | 100,000 | 103,277 | ||||||||
Junior subordinated debt | 2 | 101,196 | 108,841 | 101,196 | 108,926 |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||||
Financial assets: | ||||||||||||||||||||
HTM securities | 2 | $ | 895,005 | $ | 851,635 | $ | 733,210 | $ | 735,260 | |||||||||||
Net loans | 3 | 7,560,089 | 7,611,744 | 7,407,289 | 7,530,768 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time deposits | 2 | $ | 487,977 | $ | 480,294 | $ | 501,472 | $ | 500,717 | |||||||||||
Long-term debt | 2 | 13,971 | 13,983 | 13,995 | 14,260 | |||||||||||||||
Subordinated debt | 1 | 100,000 | 102,218 | 100,000 | 107,402 | |||||||||||||||
Junior subordinated debt | 2 | 101,196 | 102,624 | 101,196 | 107,569 |
11. | Commitments and Contingencies |
● | net income |
● | diluted earnings per share of |
● |
● | period end loans were $7.6 billion, up |
● | strong credit quality metrics including net charge-offs to average loans of |
● | book value per share of |
Three Months Ended March 31, | ||||||||
(In thousands) | 2021 | 2020 | ||||||
Net income before income tax expense | $ | 51,001 | $ | 12,083 | ||||
FTE adjustment | 302 | 329 | ||||||
Provision for loan losses | (2,796 | ) | 29,640 | |||||
Net securities (gains) losses | (467 | ) | 812 | |||||
Nonrecurring expense | - | - | ||||||
Provision for unfunded loan commitments reserve | (500 | ) | 2,000 | |||||
PPNR | $ | 47,540 | $ | 44,864 |
Three Months Ended March 31, | ||||||||
(In thousands) | 2021 | 2020 | ||||||
Net income | $ | 39,846 | $ | 10,368 | ||||
Amortization of intangible assets (net of tax) | 609 | 626 | ||||||
Net income, excluding intangible amortization | $ | 40,455 | $ | 10,994 | ||||
Average stockholders’ equity | $ | 1,191,280 | $ | 1,129,595 | ||||
Less: average goodwill and other intangibles | 291,921 | 286,400 | ||||||
Average tangible common equity | $ | 899,359 | $ | 843,195 |
Three Months Ended | ||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||
Performance: | ||||||||||||
Diluted earnings per share | $ | 0.90 | $ | 0.86 | $ | 0.91 | ||||||
Return on average assets(2) | 1.32 | % | 1.23 | % | 1.46 | % | ||||||
Return on average equity(2) | 12.78 | % | 11.89 | % | 13.57 | % | ||||||
Return on average tangible common equity(2) | 16.87 | % | 15.70 | % | 18.24 | % | ||||||
Net interest margin, fully taxable equivalent (“FTE”)(2) | 2.95 | % | 3.08 | % | 3.17 | % | ||||||
Capital: | ||||||||||||
Equity to assets | 9.90 | % | 10.41 | % | 10.32 | % | ||||||
Tangible equity ratio | 7.70 | % | 8.20 | % | 8.00 | % | ||||||
Book value per share | $ | 27.96 | $ | 28.97 | $ | 27.43 | ||||||
Tangible book value per share | $ | 21.25 | $ | 22.26 | $ | 20.71 | ||||||
Leverage ratio | 9.52 | % | 9.41 | % | 9.60 | % | ||||||
Common equity tier 1 capital ratio | 12.23 | % | 12.25 | % | 12.13 | % | ||||||
Tier 1 capital ratio | 13.39 | % | 13.43 | % | 13.38 | % | ||||||
Total risk-based capital ratio | 15.64 | % | 15.73 | % | 15.92 | % |
Three Months Ended | ||||||||||||
(In thousands) | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||
Net income | $ | 39,126 | $ | 37,310 | $ | 39,846 | ||||||
Amortization of intangible assets (net of tax) | 477 | 488 | 609 | |||||||||
Net income, excluding intangible amortization | $ | 39,603 | $ | 37,798 | $ | 40,455 | ||||||
Average stockholders’ equity | $ | 1,241,188 | $ | 1,244,751 | $ | 1,191,280 | ||||||
Less: average goodwill and other intangibles | 289,218 | 289,834 | 291,921 | |||||||||
Average tangible common equity | $ | 951,970 | $ | 954,917 | $ | 899,359 | ||||||
Return on average tangible common equity(2) | 16.87 | % | 15.70 | % | 18.24 | % |
Three Months Ended | ||||||||||||
(In thousands) | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||
Stockholder’s equity | $ | 1,202,250 | $ | 1,250,453 | $ | 1,190,981 | ||||||
Intangibles | 288,832 | 289,468 | 291,464 | |||||||||
Assets | $ | 12,147,833 | $ | 12,012,111 | $ | 11,537,253 | ||||||
Tangible equity ratio | 7.70 | % | 8.20 | % | 8.00 | % |
Three Months Ended | ||||||||||||
(In thousands, except share and per share data) | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||
Stockholder’s equity | $ | 1,202,250 | $ | 1,250,453 | $ | 1,190,981 | ||||||
Intangibles | 288,832 | 289,468 | 291,464 | |||||||||
Tangible equity | $ | 913,418 | $ | 960,985 | $ | 899,517 | ||||||
Diluted common shares outstanding | 42,992 | 43,168 | 43,425 | |||||||||
Tangible book value | $ | 21.25 | | $ | 22.26 | | $ | 20.71 | |
Three Months Ended | March 31, 2021 | December 31, 2020 | March 31, 2020 | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rates | Average Balance | Interest | Yield/ Rates | Average Balance | Interest | Yield/ Rates | Average Balance | Interest | Yield/ Rates | Average Balance | Interest | Yield/ Rates | Average Balance | Interest | Yield/ Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term interest bearing accounts | $ | 587,358 | $ | 136 | 0.09 | % | $ | 552,529 | $ | 146 | 0.11 | % | $ | 74,695 | $ | 238 | 1.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale (1)(3) | 1,346,380 | 5,544 | 1.67 | % | 1,230,411 | 5,478 | 1.77 | % | 962,527 | 5,753 | 2.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity (1)(3) | 607,407 | 3,646 | 2.43 | % | 640,422 | 3,801 | 2.36 | % | 622,398 | 4,353 | 2.81 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term interest-bearing accounts | $ | 990,319 | $ | 403 | 0.17 | % | $ | 1,145,794 | $ | 465 | 0.16 | % | $ | 587,358 | $ | 136 | 0.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities taxable(1) | 2,284,578 | 9,407 | 1.67 | % | 2,081,796 | 8,251 | 1.57 | % | 1,768,945 | 7,931 | 1.82 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities tax-exempt(1)(3) | 258,513 | 1,172 | 1.84 | % | 257,320 | 1,199 | 1.85 | % | 184,842 | 1,259 | 2.76 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve Bank and FHLB stock | 25,606 | 155 | 2.45 | % | 28,275 | 422 | 5.94 | % | 39,784 | 591 | 5.97 | % | 25,026 | 122 | 1.98 | % | 25,149 | 174 | 2.74 | % | 25,606 | 155 | 2.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans (2) (3) | 7,574,337 | 75,131 | 4.02 | % | 7,533,953 | 76,912 | 4.06 | % | 7,163,114 | 78,795 | 4.42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans(2)(3) | 7,530,674 | 73,382 | 3.95 | % | 7,507,165 | 79,510 | 4.20 | % | 7,574,337 | 75,131 | 4.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 10,141,088 | $ | 84,612 | 3.38 | % | $ | 9,985,590 | $ | 86,759 | 3.46 | % | $ | 8,862,518 | $ | 89,730 | 4.07 | % | $ | 11,089,110 | $ | 84,486 | 3.09 | % | $ | 11,017,224 | $ | 89,599 | 3.23 | % | $ | 10,141,088 | $ | 84,612 | 3.38 | % | ||||||||||||||||||||||||||||||||||||
Other assets | 960,994 | 954,123 | 885,570 | 947,578 | 982,136 | 960,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 11,102,082 | $ | 10,939,713 | $ | 9,748,088 | $ | 12,036,688 | $ | 11,999,360 | $ | 11,102,082 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts | $ | 2,484,120 | $ | 1,391 | 0.23 | % | $ | 2,455,510 | $ | 1,668 | 0.27 | % | $ | 2,101,306 | $ | 5,250 | 1.00 | % | $ | 2,720,338 | $ | 1,022 | 0.15 | % | $ | 2,678,477 | $ | 1,095 | 0.16 | % | $ | 2,484,120 | $ | 1,391 | 0.23 | % | ||||||||||||||||||||||||||||||||||||
NOW deposit accounts | 1,358,955 | 169 | 0.05 | % | 1,315,370 | 168 | 0.05 | % | 1,086,205 | 283 | 0.10 | % | 1,583,091 | 192 | 0.05 | % | 1,551,846 | 207 | 0.05 | % | 1,358,955 | 169 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 1,547,983 | 195 | 0.05 | % | 1,465,562 | 192 | 0.05 | % | 1,276,285 | 181 | 0.06 | % | 1,794,549 | 143 | 0.03 | % | 1,725,004 | 204 | 0.05 | % | 1,547,983 | 195 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 615,343 | 1,417 | 0.93 | % | 645,288 | 1,859 | 1.15 | % | 842,989 | 3,390 | 1.62 | % | 494,632 | 485 | 0.40 | % | 537,875 | 626 | 0.46 | % | 615,343 | 1,417 | 0.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | $ | 6,006,401 | $ | 3,172 | 0.21 | % | $ | 5,881,730 | $ | 3,887 | 0.26 | % | $ | 5,306,785 | $ | 9,104 | 0.69 | % | $ | 6,592,610 | $ | 1,842 | 0.11 | % | $ | 6,493,202 | $ | 2,132 | 0.13 | % | $ | 6,006,401 | $ | 3,172 | 0.21 | % | ||||||||||||||||||||||||||||||||||||
Federal funds purchased | - | - | - | 65 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | 72,768 | 16 | 0.09 | % | 97,389 | 28 | 0.11 | % | 109,904 | 44 | 0.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 115,182 | 70 | 0.25 | % | 175,597 | 193 | 0.44 | % | 533,516 | 1,797 | 1.35 | % | - | - | - | 1 | - | - | 5,278 | 26 | 2.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 19,913 | 124 | 2.53 | % | 59,488 | 369 | 2.47 | % | 64,194 | 393 | 2.46 | % | 13,979 | 87 | 2.52 | % | 14,004 | 88 | 2.49 | % | 19,913 | 124 | 2.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | 98,095 | 1,359 | 5.62 | % | 97,984 | 1,339 | 5.44 | % | - | - | - | 98,531 | 1,359 | 5.59 | % | 98,422 | 1,360 | 5.48 | % | 98,095 | 1,359 | 5.62 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt | 101,196 | 530 | 2.12 | % | 101,196 | 545 | 2.14 | % | 101,196 | 926 | 3.68 | % | 101,196 | 549 | 2.20 | % | 101,196 | 518 | 2.03 | % | 101,196 | 530 | 2.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 6,340,787 | $ | 5,255 | 0.34 | % | $ | 6,315,995 | $ | 6,333 | 0.40 | % | $ | 6,005,691 | $ | 12,220 | 0.82 | % | $ | 6,879,084 | $ | 3,853 | 0.23 | % | $ | 6,804,279 | $ | 4,126 | 0.24 | % | $ | 6,340,787 | $ | 5,255 | 0.34 | % | ||||||||||||||||||||||||||||||||||||
Demand deposits | 3,319,024 | 3,178,410 | 2,398,307 | 3,710,124 | 3,719,070 | 3,319,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 250,991 | 271,206 | 214,495 | 206,292 | 231,260 | 250,991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,191,280 | 1,174,102 | 1,129,595 | 1,241,188 | 1,244,751 | 1,191,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 11,102,082 | $ | 10,939,713 | $ | 9,748,088 | $ | 12,036,688 | $ | 11,999,360 | $ | 11,102,082 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 79,357 | $ | 80,426 | $ | 77,510 | $ | 80,633 | $ | 85,473 | $ | 79,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.04 | % | 3.06 | % | 3.25 | % | 2.86 | % | 2.99 | % | 3.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (FTE) | 3.17 | % | 3.20 | % | 3.52 | % | 2.95 | % | 3.08 | % | 3.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | $ | 302 | $ | 318 | $ | 329 | $ | 285 | $ | 292 | $ | 302 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 79,055 | $ | 80,108 | $ | 77,181 | $ | 80,348 | $ | 85,181 | $ | 79,055 |
(1) | Securities are shown at average amortized cost. |
(2) | For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding. |
(3) | Interest income for tax-exempt securities and loans have been adjusted to a FTE basis using the statutory Federal income tax rate of 21%. |
Three Months Ended March 31, | Increase (Decrease) 2021 over 2020 | Increase (Decrease) 2022 over 2021 | ||||||||||||||||||||||
(In thousands) | Volume | Rate | Total | Volume | Rate | Total | ||||||||||||||||||
Short-term interest-bearing accounts | $ | 296 | $ | (398 | ) | $ | (102 | ) | $ | 127 | $ | 140 | $ | 267 | ||||||||||
Securities available for sale | 1,855 | (2,064 | ) | (209 | ) | |||||||||||||||||||
Securities held to maturity | (107 | ) | (600 | ) | (707 | ) | ||||||||||||||||||
Securities taxable | 2,164 | (688 | ) | 1,476 | ||||||||||||||||||||
Securities tax-exempt | 411 | (498 | ) | (87 | ) | |||||||||||||||||||
Federal Reserve Bank and FHLB stock | (164 | ) | (272 | ) | (436 | ) | (3 | ) | (30 | ) | (33 | ) | ||||||||||||
Loans | 4,076 | (7,740 | ) | (3,664 | ) | (431 | ) | (1,318 | ) | (1,749 | ) | |||||||||||||
Total FTE interest income | $ | 5,956 | $ | (11,074 | ) | $ | (5,118 | ) | $ | 2,268 | $ | (2,394 | ) | $ | (126 | ) | ||||||||
Money market deposit accounts | $ | 800 | $ | (4,659 | ) | $ | (3,859 | ) | $ | 123 | $ | (492 | ) | $ | (369 | ) | ||||||||
NOW deposit accounts | 58 | (172 | ) | (114 | ) | 27 | (4 | ) | 23 | |||||||||||||||
Savings deposits | 35 | (21 | ) | 14 | 28 | (80 | ) | (52 | ) | |||||||||||||||
Time deposits | (769 | ) | (1,204 | ) | (1,973 | ) | (237 | ) | (695 | ) | (932 | ) | ||||||||||||
Repurchase agreements | (12 | ) | (16 | ) | (28 | ) | ||||||||||||||||||
Short-term borrowings | (845 | ) | (882 | ) | (1,727 | ) | (13 | ) | (13 | ) | (26 | ) | ||||||||||||
Long-term debt | (279 | ) | 10 | (269 | ) | (37 | ) | - | (37 | ) | ||||||||||||||
Subordinated debt | 1,359 | - | 1,359 | 6 | (6 | ) | - | |||||||||||||||||
Junior subordinated debt | - | (396 | ) | (396 | ) | - | 19 | 19 | ||||||||||||||||
Total FTE interest expense | $ | 359 | $ | (7,324 | ) | $ | (6,965 | ) | $ | (115 | ) | $ | (1,287 | ) | $ | (1,402 | ) | |||||||
Change in FTE net interest income | $ | 5,597 | $ | (3,750 | ) | $ | 1,847 | $ | 2,383 | $ | (1,107 | ) | $ | 1,276 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
(In thousands) | 2021 | 2020 | 2022 | 2021 | ||||||||||||
Service charges on deposit accounts | $ | 3,027 | $ | 3,997 | $ | 3,688 | $ | 3,027 | ||||||||
ATM and debit card fees | 6,862 | 5,854 | ||||||||||||||
Card services income | 8,695 | 7,550 | ||||||||||||||
Retirement plan administration fees | 10,098 | 7,941 | 13,279 | 10,098 | ||||||||||||
Wealth management | 7,910 | 7,273 | 8,640 | 7,910 | ||||||||||||
Insurance | 3,461 | 4,269 | ||||||||||||||
Insurance services | 3,788 | 3,461 | ||||||||||||||
Bank owned life insurance | 1,381 | 1,374 | 1,654 | 1,381 | ||||||||||||
Net securities gains (losses) | 467 | (812 | ) | |||||||||||||
Net securities (losses) gains | (179 | ) | 467 | |||||||||||||
Other | 3,832 | 5,527 | 3,094 | 3,144 | ||||||||||||
Total noninterest income | $ | 37,038 | $ | 35,423 | $ | 42,659 | $ | 37,038 |
Three Months Ended March 31, | ||||||||
(In thousands) | 2021 | 2020 | ||||||
Salaries and employee benefits | $ | 41,601 | $ | 40,750 | ||||
Occupancy | 5,873 | 5,995 | ||||||
Data processing and communications | 4,731 | 4,233 | ||||||
Professional fees and outside services | 3,589 | 3,897 | ||||||
Equipment | 5,177 | 4,642 | ||||||
Office supplies and postage | 1,499 | 1,636 | ||||||
FDIC expenses | 808 | 311 | ||||||
Advertising | 451 | 609 | ||||||
Amortization of intangible assets | 812 | 834 | ||||||
Loan collection and other real estate owned, net | 590 | 1,017 | ||||||
Other | 2,757 | 6,957 | ||||||
Total noninterest expense | $ | 67,888 | $ | 70,881 |
Three Months Ended March 31, | ||||||||
(In thousands) | 2022 | 2021 | ||||||
Salaries and employee benefits | $ | 45,508 | $ | 41,601 | ||||
Technology and data services | 8,547 | 8,892 | ||||||
Occupancy | 6,793 | 6,889 | ||||||
Professional fees and outside services | 4,276 | 3,589 | ||||||
Office supplies and postage | 1,424 | 1,499 | ||||||
FDIC expenses | 802 | 808 | ||||||
Advertising | 654 | 451 | ||||||
Amortization of intangible assets | 636 | 812 | ||||||
Loan collection and other real estate owned, net | 384 | 590 | ||||||
Other | 3,119 | 2,757 | ||||||
Total noninterest expense | $ | 72,143 | $ | 67,888 |
March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Mortgage-backed securities: | ||||||||||||||||
With maturities 15 years or less | 20 | % | 21 | % | 15 | % | 18 | % | ||||||||
With maturities greater than 15 years | 12 | % | 8 | % | 12 | % | 8 | % | ||||||||
Collateral mortgage obligations | 30 | % | 35 | % | 34 | % | 34 | % | ||||||||
Municipal securities | 14 | % | 13 | % | 16 | % | 17 | % | ||||||||
U.S. agency notes | 21 | % | 20 | % | 20 | % | 20 | % | ||||||||
Corporate | 1 | % | 1 | % | 2 | % | 2 | % | ||||||||
Equity securities | 2 | % | 2 | % | 1 | % | 1 | % | ||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
(In thousands) | March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | ||||||||||||
Commercial | $ | 1,271,319 | $ | 1,267,679 | $ | 1,214,834 | $ | 1,155,240 | ||||||||
Commercial real estate | 2,437,811 | 2,380,358 | 2,709,611 | 2,655,367 | ||||||||||||
Paycheck protection program | 536,494 | 430,810 | 50,977 | 101,222 | ||||||||||||
Residential real estate | 1,478,216 | 1,466,662 | 1,584,551 | 1,571,232 | ||||||||||||
Indirect auto | 913,083 | 931,286 | 890,643 | 859,454 | ||||||||||||
Specialty lending | 577,509 | 579,644 | 835,546 | 778,291 | ||||||||||||
Home equity | 369,633 | 387,974 | 319,180 | 330,357 | ||||||||||||
Other consumer | 49,394 | 54,472 | 44,484 | 47,296 | ||||||||||||
Total loans | $ | 7,633,459 | $ | 7,498,885 | $ | 7,649,826 | $ | 7,498,459 |
March 31, 2021 | December 31, 2020 | |||||||||||||||
(Dollars in thousands) | Amount | % | Amount | % | ||||||||||||
Nonaccrual loans: | ||||||||||||||||
Commercial | $ | 23,825 | 55 | % | $ | 23,557 | 53 | % | ||||||||
Residential | 12,660 | 29 | % | 13,082 | 29 | % | ||||||||||
Consumer | 2,075 | 5 | % | 3,020 | 7 | % | ||||||||||
Troubled debt restructured loans | 4,839 | 11 | % | 4,988 | 11 | % | ||||||||||
Total nonaccrual loans | $ | 43,399 | 100 | % | $ | 44,647 | 100 | % | ||||||||
Loans 90 days or more past due and still accruing: | ||||||||||||||||
Commercial | $ | 74 | 3 | % | $ | 493 | 16 | % | ||||||||
Residential | 469 | 22 | % | 518 | 16 | % | ||||||||||
Consumer | 1,612 | 75 | % | 2,138 | 68 | % | ||||||||||
Total loans 90 days or more past due and still accruing | $ | 2,155 | 100 | % | $ | 3,149 | 100 | % | ||||||||
Total nonperforming loans | $ | 45,554 | $ | 47,796 | ||||||||||||
OREO | 1,318 | 1,458 | ||||||||||||||
Total nonperforming assets | $ | 46,872 | $ | 49,254 | ||||||||||||
Total nonperforming loans to total loans | 0.60 | % | 0.64 | % | ||||||||||||
Total nonperforming assets to total assets | 0.41 | % | 0.45 | % | ||||||||||||
Allowance for credit losses to total nonperforming loans | 230.50 | % | 230.14 | % |
March 31, 2022 | December 31, 2021 | |||||||||||||||
(Dollars in thousands) | Amount | % | Amount | % | ||||||||||||
Nonaccrual loans: | ||||||||||||||||
Commercial | $ | 15,505 | 60 | % | $ | 15,942 | 53 | % | ||||||||
Residential | 5,530 | 22 | % | 8,862 | 29 | % | ||||||||||
Consumer | 1,906 | 7 | % | 1,511 | 5 | % | ||||||||||
Troubled debt restructured loans | 2,871 | 11 | % | 3,970 | 13 | % | ||||||||||
Total nonaccrual loans | $ | 25,812 | 100 | % | $ | 30,285 | 100 | % | ||||||||
Loans over 90 days past due and still accruing: | ||||||||||||||||
Commercial | $ | - | - | $ | - | - | ||||||||||
Residential | 562 | 29 | % | 808 | 33 | % | ||||||||||
Consumer | 1,382 | 71 | % | 1,650 | 67 | % | ||||||||||
Total loans over 90 days past due and still accruing | $ | 1,944 | 100 | % | $ | 2,458 | 100 | % | ||||||||
Total nonperforming loans | $ | 27,756 | $ | 32,743 | ||||||||||||
OREO | - | 167 | ||||||||||||||
Total nonperforming assets | $ | 27,756 | $ | 32,910 | ||||||||||||
Total nonaccrual loans to total loans | 0.34 | % | 0.40 | % | ||||||||||||
Total nonperforming loans to total loans | 0.36 | % | 0.44 | % | ||||||||||||
Total nonperforming assets to total assets | 0.23 | % | 0.27 | % | ||||||||||||
Total allowance for loan losses to total nonperforming loans | 324.25 | % | 280.98 | % | ||||||||||||
Total allowance for loan losses to nonaccrual loans | 348.68 | % | 303.78 | % |
Capital Measurements | March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | ||||||||||||
Tier 1 leverage ratio | 9.60 | % | 9.56 | % | 9.52 | % | 9.41 | % | ||||||||
Common equity tier 1 capital ratio | 12.13 | % | 11.84 | % | 12.23 | % | 12.25 | % | ||||||||
Tier 1 capital ratio | 13.38 | % | 13.09 | % | 13.39 | % | 13.43 | % | ||||||||
Total risk-based capital ratio | 15.92 | % | 15.62 | % | 15.64 | % | 15.73 | % | ||||||||
Cash dividends as a percentage of net income | 29.44 | % | 45.22 | % | 30.88 | % | 30.82 | % | ||||||||
Per common share: | ||||||||||||||||
Book value | $ | 27.43 | $ | 27.22 | $ | 27.96 | $ | 28.97 | ||||||||
Tangible book value (1) | $ | 20.71 | $ | 20.52 | $ | 21.25 | $ | 22.26 | ||||||||
Tangible equity ratio (2) | 8.00 | % | 8.41 | % | 7.70 | % | 8.20 | % |
(1) | Stockholders’ equity less goodwill and intangible assets divided by common shares outstanding. |
(2) | Non-GAAP measure - Stockholders’ equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. |
Interest Rate Sensitivity Analysis Change in interest rates (In basis points) | Percent change in net interest income |
+200 | 6.07% |
+100 | 2.77% |
-50 | (0.72%) |
Change in interest rates (in basis points) | Percent change in net interest income |
+200 | 5.64% |
+100 | 3.07% |
-50 | (1.53%) |
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 4. | CONTROLS AND PROCEDURES |
(a) | Not applicable |
(b) | Not applicable |
(c) | The table below sets forth the information with respect to purchases made by the Company or any “affiliated purchaser” (as defined in Rule 10b-18(a) (3) under the Securities Exchange Act of 1934) of our common stock during the quarter ended March 31, |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Number of Shares That May Yet be Purchased Under the Plans(1) | |||||||||
1/1/21 - 1/31/21 | - | $ | - | - | 2,000,000 | ||||||||
2/1/21 - 2/28/21 | 257,031 | 35.09 | 257,031 | 1,742,969 | |||||||||
3/1/21 - 3/31/21 | - | - | - | 1,742,969 | |||||||||
Total | 257,031 | $ | 35.09 | 257,031 | 1,742,969 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Number of Shares That May Yet be Purchased Under the Plan (1) | ||||||||||||
1/1/22 - 1/31/22 | 30,258 | $ | 37.95 | 30,258 | 1,969,742 | |||||||||||
2/1/22 - 2/28/22 | 50,732 | 37.34 | 50,732 | 1,919,010 | ||||||||||||
3/1/22 - 3/31/22 | 136,110 | 37.54 | 136,110 | 1,782,900 | ||||||||||||
Total | 217,100 | $ | 37.55 | 217,100 | 1,782,900 |
3.1 | Restated Certificate of Incorporation of NBT Bancorp Inc. as amended through July 1, 2015 (filed as Exhibit 3.1 to Registrant’s Form 10-Q, filed on August 10, 2015 and incorporated herein by reference). | |
3.2 | Amended and Restated Bylaws of NBT Bancorp Inc. effective May 22, 2018 (filed as Exhibit 3.1 to Registrant’s Form 8-K, filed on May 23, 2018 and incorporated herein by reference). | |
3.3 | Certificate of Designation of the Series A Junior Participating Preferred Stock (filed as Exhibit A to Exhibit 4.1 of the Registrant’s Form 8-K, filed on November 18, 2004 and incorporated herein by reference). | |
Certification by the Chief Executive Officer pursuant to Rules 13(a)-14(a)/15(d)-14(e) of the Securities and Exchange Act of 1934. | ||
Certification by the Chief Financial Officer pursuant to Rules 13(a)-14(a)/15(d)-14(e) of the Securities and Exchange Act of 1934. | ||
Certification by the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
NBT BANCORP INC. | |
By: | /s/ |
Executive Vice President | |
Chief Financial Officer |