Maryland | 27-0950358 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
100 Liberty Street | Warren, | Pennsylvania | 16365 | ||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, 0.01 Par Value | NWBI | NASDAQ Stock Market, LLC |
PART I | FINANCIAL INFORMATION | |||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 979,290 | 736,277 | Cash and cash equivalents | $ | 1,090,485 | 736,277 | ||||||||||||||
Marketable securities available-for-sale (amortized cost of $1,430,352 and $1,375,685, respectively) | 1,430,131 | 1,398,941 | ||||||||||||||||||||
Marketable securities held-to-maturity (fair value of $593,232 and $179,666, respectively) | 604,284 | 178,887 | ||||||||||||||||||||
Marketable securities available-for-sale (amortized cost of $1,587,105 and $1,375,685, respectively) | Marketable securities available-for-sale (amortized cost of $1,587,105 and $1,375,685, respectively) | 1,583,715 | 1,398,941 | |||||||||||||||||||
Marketable securities held-to-maturity (fair value of $609,777 and $179,666, respectively) | Marketable securities held-to-maturity (fair value of $609,777 and $179,666, respectively) | 618,395 | 178,887 | |||||||||||||||||||
Total cash and cash equivalents and marketable securities | Total cash and cash equivalents and marketable securities | 3,013,705 | 2,314,105 | Total cash and cash equivalents and marketable securities | 3,292,595 | 2,314,105 | ||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 46,270 | 58,786 | Loans held-for-sale | 27,411 | 58,786 | ||||||||||||||||
Loans held for investment | Loans held for investment | 10,321,770 | 10,522,063 | Loans held for investment | 10,171,557 | 10,522,063 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (123,997) | (134,427) | Allowance for credit losses | (109,767) | (134,427) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | 10,244,043 | 10,446,422 | Loans receivable, net | 10,089,201 | 10,446,422 | ||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 21,861 | 21,748 | FHLB stock, at cost | 14,567 | 21,748 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 28,732 | 35,554 | Accrued interest receivable | 26,995 | 35,554 | ||||||||||||||||
Real estate owned, net | Real estate owned, net | 1,738 | 2,232 | Real estate owned, net | 809 | 2,232 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 158,784 | 161,538 | Premises and equipment, net | 155,740 | 161,538 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 252,599 | 253,951 | Bank-owned life insurance | 254,871 | 253,951 | ||||||||||||||||
Goodwill | Goodwill | 382,356 | 382,279 | Goodwill | 380,997 | 382,279 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 18,342 | 19,936 | Other intangible assets, net | 14,041 | 19,936 | ||||||||||||||||
Other assets | Other assets | 148,196 | 168,503 | Other assets | 159,419 | 168,503 | ||||||||||||||||
Total assets | Total assets | $ | 14,270,356 | 13,806,268 | Total assets | $ | 14,389,235 | 13,806,268 | ||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | $ | 3,000,019 | 2,716,224 | Noninterest-bearing demand deposits | $ | 3,052,115 | 2,716,224 | ||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 2,826,461 | 2,755,950 | Interest-bearing demand deposits | 2,926,351 | 2,755,950 | ||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 2,521,881 | 2,437,539 | Money market deposit accounts | 2,584,424 | 2,437,539 | ||||||||||||||||
Savings deposits | Savings deposits | 2,229,214 | 2,047,424 | Savings deposits | 2,271,496 | 2,047,424 | ||||||||||||||||
Time deposits | Time deposits | 1,535,519 | 1,642,096 | Time deposits | 1,387,827 | 1,642,096 | ||||||||||||||||
Total deposits | Total deposits | 12,113,094 | 11,599,233 | Total deposits | 12,222,213 | 11,599,233 | ||||||||||||||||
Borrowed funds | Borrowed funds | 253,617 | 283,044 | Borrowed funds | 126,496 | 159,715 | ||||||||||||||||
Subordinated debt | Subordinated debt | 123,486 | 123,329 | |||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 128,859 | 128,794 | Junior subordinated debentures | 128,989 | 128,794 | ||||||||||||||||
Advances by borrowers for taxes and insurance | Advances by borrowers for taxes and insurance | 44,024 | 45,230 | Advances by borrowers for taxes and insurance | 26,951 | 45,230 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 659 | 2,054 | Accrued interest payable | 589 | 2,054 | ||||||||||||||||
Other liabilities | Other liabilities | 189,109 | 209,210 | Other liabilities | 198,743 | 209,210 | ||||||||||||||||
Total liabilities | Total liabilities | 12,729,362 | 12,267,565 | Total liabilities | 12,827,467 | 12,267,565 | ||||||||||||||||
Shareholders’ equity: | Shareholders’ equity: | Shareholders’ equity: | ||||||||||||||||||||
Preferred stock, $0.01 par value: 50,000,000 authorized, 0 shares issued | 0 | 0 | ||||||||||||||||||||
Common stock, $0.01 par value: 500,000,000 shares authorized, 127,222,648 and 127,019,452 shares issued and outstanding, respectively | 1,272 | 1,270 | ||||||||||||||||||||
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued | Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued | — | — | |||||||||||||||||||
Common stock, $0.01 par value: 500,000,000 shares authorized, 126,521,344 and 127,019,452 shares issued and outstanding, respectively | Common stock, $0.01 par value: 500,000,000 shares authorized, 126,521,344 and 127,019,452 shares issued and outstanding, respectively | 1,265 | 1,270 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,018,822 | 1,015,502 | Additional paid-in capital | 1,008,099 | 1,015,502 | ||||||||||||||||
Retained earnings | Retained earnings | 571,612 | 555,480 | Retained earnings | 604,787 | 555,480 | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (50,712) | (33,549) | Accumulated other comprehensive loss | (52,383) | (33,549) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,540,994 | 1,538,703 | Total shareholders’ equity | 1,561,768 | 1,538,703 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 14,270,356 | 13,806,268 | Total liabilities and shareholders’ equity | $ | 14,389,235 | 13,806,268 |
Quarter ended March 31, | Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | $ | 102,318 | 94,973 | Loans receivable | $ | 97,475 | 107,241 | 295,048 | 305,226 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 4,200 | 4,175 | Mortgage-backed securities | 5,840 | 4,652 | 15,720 | 12,865 | ||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 634 | 648 | Taxable investment securities | 649 | 427 | 1,976 | 1,514 | ||||||||||||||||||||||||||||||||||||||
Tax-free investment securities | Tax-free investment securities | 575 | 185 | Tax-free investment securities | 628 | 655 | 1,797 | 1,404 | ||||||||||||||||||||||||||||||||||||||
FHLB stock dividends | FHLB stock dividends | 116 | 262 | FHLB stock dividends | 71 | 218 | 325 | 789 | ||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | 183 | 135 | Interest-earning deposits | 352 | 221 | 727 | 541 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 108,026 | 100,378 | Total interest income | 105,015 | 113,414 | 315,593 | 322,339 | ||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 5,514 | 11,403 | Deposits | 4,540 | 8,443 | 14,827 | 29,182 | ||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 2,054 | 1,747 | Borrowed funds | 2,056 | 1,437 | 6,160 | 4,317 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 7,568 | 13,150 | Total interest expense | 6,596 | 9,880 | 20,987 | 33,499 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 100,458 | 87,228 | Net interest income | 98,419 | 103,534 | 294,606 | 288,840 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (5,620) | 27,637 | Provision for credit losses | (4,354) | 6,818 | (9,974) | 86,205 | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 106,078 | 59,591 | Net interest income after provision for credit losses | 102,773 | 96,716 | 304,580 | 202,635 | ||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Gain/(loss) on sale of investments | Gain/(loss) on sale of investments | (21) | 181 | Gain/(loss) on sale of investments | (46) | (12) | (172) | 161 | ||||||||||||||||||||||||||||||||||||||
Gain on sale of loans | Gain on sale of loans | 0 | 1,302 | Gain on sale of loans | — | — | — | 1,302 | ||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | 12,394 | 15,116 | Service charges and fees | 13,199 | 14,354 | 38,337 | 42,539 | ||||||||||||||||||||||||||||||||||||||
Trust and other financial services income | Trust and other financial services income | 6,484 | 5,001 | Trust and other financial services income | 7,182 | 5,376 | 21,101 | 15,200 | ||||||||||||||||||||||||||||||||||||||
Insurance commission income | Insurance commission income | 2,546 | 2,372 | Insurance commission income | 44 | 2,331 | 3,633 | 7,098 | ||||||||||||||||||||||||||||||||||||||
Loss on real estate owned, net | (42) | (91) | ||||||||||||||||||||||||||||||||||||||||||||
Gain/(loss) on real estate owned, net | Gain/(loss) on real estate owned, net | 247 | (32) | 371 | (220) | |||||||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance | Income from bank-owned life insurance | 1,736 | 1,036 | Income from bank-owned life insurance | 1,332 | 1,576 | 4,707 | 3,860 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking income | Mortgage banking income | 6,020 | 1,194 | Mortgage banking income | 3,941 | 11,055 | 13,772 | 24,271 | ||||||||||||||||||||||||||||||||||||||
Gain on sale of insurance business | Gain on sale of insurance business | — | — | 25,327 | — | |||||||||||||||||||||||||||||||||||||||||
Other operating income | Other operating income | 2,836 | 1,865 | Other operating income | 3,287 | 2,022 | 8,771 | 5,931 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 31,953 | 27,976 | Total noninterest income | 29,186 | 36,670 | 115,847 | 100,142 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | 47,239 | 42,746 | Compensation and employee benefits | 49,063 | 47,371 | 145,196 | 130,166 | ||||||||||||||||||||||||||||||||||||||
Premises and occupancy costs | Premises and occupancy costs | 8,814 | 7,471 | Premises and occupancy costs | 7,745 | 8,342 | 23,969 | 23,008 | ||||||||||||||||||||||||||||||||||||||
Office operations | Office operations | 3,165 | 3,382 | Office operations | 4,143 | 4,626 | 10,625 | 11,719 | ||||||||||||||||||||||||||||||||||||||
Collections expense | Collections expense | 616 | 474 | Collections expense | 411 | 1,264 | 1,330 | 2,382 | ||||||||||||||||||||||||||||||||||||||
Processing expenses | Processing expenses | 13,456 | 11,142 | Processing expenses | 13,517 | 15,042 | 42,124 | 37,864 | ||||||||||||||||||||||||||||||||||||||
Marketing expenses | Marketing expenses | 1,980 | 1,507 | Marketing expenses | 2,102 | 2,147 | 6,183 | 5,701 | ||||||||||||||||||||||||||||||||||||||
Federal deposit insurance premiums | Federal deposit insurance premiums | 1,307 | 0 | Federal deposit insurance premiums | 1,184 | 1,498 | 3,844 | 3,116 | ||||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 4,582 | 2,812 | Professional services | 4,295 | 3,246 | 13,108 | 8,883 | ||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,594 | 1,651 | Amortization of intangible assets | 1,321 | 1,781 | 4,348 | 5,192 | ||||||||||||||||||||||||||||||||||||||
Real estate owned expense | Real estate owned expense | 75 | 95 | Real estate owned expense | 94 | 111 | 254 | 295 | ||||||||||||||||||||||||||||||||||||||
Merger/asset disposition expense | 9 | 2,458 | ||||||||||||||||||||||||||||||||||||||||||||
Merger, asset disposition and restructuring expense | Merger, asset disposition and restructuring expense | — | 1,414 | 641 | 13,551 | |||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 3,354 | 4,873 | Other expenses | 2,227 | 27 | 7,003 | 12,766 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 86,191 | 78,611 | Total noninterest expense | 86,102 | 86,869 | 258,625 | 254,643 | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 51,840 | 8,956 | Income before income taxes | 45,857 | 46,517 | 161,802 | 48,134 | ||||||||||||||||||||||||||||||||||||||
Federal and state income taxes expense | Federal and state income taxes expense | 11,603 | 1,017 | Federal and state income taxes expense | 10,794 | 8,467 | 37,535 | 8,345 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 40,237 | 7,939 | Net income | $ | 35,063 | 38,050 | 124,267 | 39,789 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.32 | 0.08 | Basic earnings per share | $ | 0.28 | 0.30 | 0.98 | 0.34 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.32 | 0.07 | Diluted earnings per share | $ | 0.27 | 0.30 | 0.97 | 0.34 |
Quarter ended March 31, | Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 40,237 | 7,939 | Net income | $ | 35,063 | 38,050 | 124,267 | 39,789 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income net of tax: | Other comprehensive income net of tax: | Other comprehensive income net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gains/(losses) on marketable securities: | Net unrealized holding gains/(losses) on marketable securities: | Net unrealized holding gains/(losses) on marketable securities: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains/(losses), net of tax of $5,981 and $(3,277), respectively | (17,421) | 8,157 | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gains)/losses included in net income, net of tax of $22 and $(14), respectively | (75) | 37 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains/(losses), net of tax of $2,076, ($107), $6,812, and ($5,286), respectively | Unrealized holding gains/(losses), net of tax of $2,076, ($107), $6,812, and ($5,286), respectively | (6,455) | 676 | (19,554) | 13,623 | |||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gains)/losses included in net income, net of tax of $24, $1, $89, and $0, respectively | Reclassification adjustment for (gains)/losses included in net income, net of tax of $24, $1, $89, and $0, respectively | (69) | (1) | (280) | 1 | |||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gains/(losses) on marketable securities | Net unrealized holding gains/(losses) on marketable securities | (17,496) | 8,194 | Net unrealized holding gains/(losses) on marketable securities | (6,524) | 675 | (19,834) | 13,624 | ||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps, net of tax of $0 and $162, respectively | 0 | (409) | ||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | Change in fair value of interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding losses on interest rate swaps, net of tax of $0, $0, $0, and $209, respectively | Unrealized holding losses on interest rate swaps, net of tax of $0, $0, $0, and $209, respectively | — | — | — | (946) | |||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses included in net income, net of tax of $0, ($375), $0, and ($375), respectively | Reclassification adjustment for losses included in net income, net of tax of $0, ($375), $0, and ($375), respectively | — | 946 | — | 946 | |||||||||||||||||||||||||||||||||||||||||
Net change in fair value of interest rate swaps | Net change in fair value of interest rate swaps | — | 946 | — | — | |||||||||||||||||||||||||||||||||||||||||
Defined benefit plan: | Defined benefit plan: | Defined benefit plan: | ||||||||||||||||||||||||||||||||||||||||||||
Actuarial reclassification adjustments for prior period service costs and actuarial losses included in net income, net of tax of $(129) and $(99), respectively | 333 | 249 | ||||||||||||||||||||||||||||||||||||||||||||
Actuarial reclassification adjustments for prior period service costs and actuarial losses included in net income, net of tax of ($128), ($99), ($386), and ($297) respectively | Actuarial reclassification adjustments for prior period service costs and actuarial losses included in net income, net of tax of ($128), ($99), ($386), and ($297) respectively | 333 | 250 | 1,000 | 748 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | Other comprehensive income/(loss) | (17,163) | 8,034 | Other comprehensive income/(loss) | (6,191) | 1,871 | (18,834) | 14,372 | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | $ | 23,074 | 15,973 | Total comprehensive income | $ | 28,872 | 39,921 | 105,433 | 54,161 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2021 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2020 | 127,019,452 | $ | 1,270 | 1,015,502 | 555,480 | (33,549) | 1,538,703 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2021 | Quarter ended September 30, 2021 | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at June 30, 2021 | Beginning balance at June 30, 2021 | 127,907,885 | $ | 1,279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 40,237 | — | 40,237 | Net income | — | — | — | 35,063 | — | 35,063 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $5,874 | — | — | — | — | (17,163) | (17,163) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $1,972 | Other comprehensive loss, net of tax of $1,972 | — | ��� | — | — | (6,191) | (6,191) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | 40,237 | (17,163) | 23,074 | Total comprehensive income/(loss) | — | — | — | 35,063 | (6,191) | 28,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 567,429 | 6 | 6,921 | — | — | 6,927 | Exercise of stock options | 57,142 | — | 688 | — | — | 688 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 1,930 | — | 961 | — | — | 961 | Stock-based compensation expense | 1,139 | — | 1,046 | — | — | 1,046 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | Share repurchases | (353,552) | (4) | (4,562) | — | — | (4,566) | Share repurchases | (1,425,120) | (14) | (18,809) | — | — | (18,823) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | Stock-based compensation forfeited | (12,611) | — | — | — | — | — | Stock-based compensation forfeited | (19,702) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.19 per share) | — | — | — | (24,105) | — | (24,105) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.20 per share) | Dividends paid ($0.20 per share) | — | — | — | (25,376) | — | (25,376) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at March 31, 2021 | 127,222,648 | $ | 1,272 | 1,018,822 | 571,612 | (50,712) | 1,540,994 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2021 | Ending balance at September 30, 2021 | 126,521,344 | $ | 1,265 | 1,008,099 | 604,787 | (52,383) | 1,561,768 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2020 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2019 | 106,859,088 | $ | 1,069 | 805,750 | 583,407 | (36,941) | 1,353,285 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2020 | Quarter ended September 30, 2020 | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at June 30, 2020 | Beginning balance at June 30, 2020 | 127,838,400 | $ | 1,278 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 7,939 | — | 7,939 | Net income | — | — | — | 38,050 | — | 38,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of $(3,228) | — | — | — | — | 8,034 | 8,034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of ($581) | Other comprehensive income, net of tax of ($581) | — | — | — | — | 1,871 | 1,871 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | — | — | — | 7,939 | 8,034 | 15,973 | Total comprehensive income | — | — | — | 38,050 | 1,871 | 39,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU No. 2016-13 | — | — | — | (9,649) | — | (9,649) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 87,305 | — | 1,005 | — | — | 1,005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | 1,495 | — | — | 1,495 | Stock-based compensation expense | — | — | 743 | — | — | 743 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | Stock-based compensation forfeited | (12,910) | — | — | — | — | — | Stock-based compensation forfeited | (37,103) | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.19 per share) | Dividends paid ($0.19 per share) | — | — | — | (20,317) | — | (20,317) | Dividends paid ($0.19 per share) | — | — | — | (24,283) | — | (24,283) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at March 31, 2020 | 106,933,483 | $ | 1,069 | 808,250 | 561,380 | (28,907) | 1,341,792 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2020 | Ending balance at September 30, 2020 | 127,801,297 | $ | 1,278 | 1,023,827 | 544,695 | (22,569) | 1,547,231 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2020 | 127,019,452 | $ | 1,270 | 1,015,502 | 555,480 | (33,549) | 1,538,703 | ||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 124,267 | — | 124,267 | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $6,515 | — | — | — | — | (18,834) | (18,834) | |||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | — | — | — | 124,267 | (18,834) | 105,433 | |||||||||||||||||||||||||||||||||||
Exercise of stock options | 1,043,487 | 10 | 12,711 | — | — | 12,721 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 323,824 | 3 | 3,722 | — | — | 3,725 | |||||||||||||||||||||||||||||||||||
Share repurchases | (1,813,132) | (18) | (23,836) | — | — | (23,854) | |||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | (52,287) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Dividends paid ($0.59 per share) | — | — | — | (74,960) | — | (74,960) | |||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2021 | 126,521,344 | $ | 1,265 | 1,008,099 | 604,787 | (52,383) | 1,561,768 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2019 | 106,859,088 | $ | 1,069 | 805,750 | 583,407 | (36,941) | 1,353,285 | ||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 39,789 | — | 39,789 | |||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of ($5,749) | — | — | — | — | 14,372 | 14,372 | |||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | 39,789 | 14,372 | 54,161 | |||||||||||||||||||||||||||||||||||
Acquisition of MutualBank | 20,658,957 | 206 | 213,200 | — | — | 213,406 | |||||||||||||||||||||||||||||||||||
Reclassification due to adoption of ASU No. 2016-13 | — | — | — | (9,649) | — | (9,649) | |||||||||||||||||||||||||||||||||||
Exercise of stock options | 87,305 | 1 | 1,005 | — | — | 1,006 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 282,691 | 3 | 3,766 | — | — | 3,769 | |||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | (86,744) | (1) | 1 | — | — | — | |||||||||||||||||||||||||||||||||||
Other | — | — | 105 | — | — | 105 | |||||||||||||||||||||||||||||||||||
Dividends paid ($0.57 per share) | — | — | — | (68,852) | — | (68,852) | |||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2020 | 127,801,297 | $ | 1,278 | 1,023,827 | 544,695 | (22,569) | 1,547,231 |
Quarter ended March 31, | Nine months ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 40,237 | 7,939 | Net income | $ | 124,267 | 39,789 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (5,620) | 27,637 | Provision for credit losses | (9,974) | 86,205 | ||||||||||||||||
Net gain on sale of assets | Net gain on sale of assets | (262) | (804) | Net gain on sale of assets | (970) | (2,322) | ||||||||||||||||
Mortgage banking activity | Mortgage banking activity | (8,429) | (1,114) | Mortgage banking activity | (17,321) | (16,676) | ||||||||||||||||
Gain on sale of insurance business | Gain on sale of insurance business | (25,327) | — | |||||||||||||||||||
Net depreciation, amortization and accretion | Net depreciation, amortization and accretion | 6,514 | 1,413 | Net depreciation, amortization and accretion | (271) | 6,625 | ||||||||||||||||
(Increase)/decrease in other assets | (Increase)/decrease in other assets | 33,746 | (38,950) | (Increase)/decrease in other assets | 19,248 | (28,825) | ||||||||||||||||
Increase/(decrease) in other liabilities | Increase/(decrease) in other liabilities | (21,034) | 49,956 | Increase/(decrease) in other liabilities | (10,545) | 79,299 | ||||||||||||||||
Net amortization on marketable securities | Net amortization on marketable securities | 2,154 | 233 | Net amortization on marketable securities | 5,830 | 2,240 | ||||||||||||||||
Noncash compensation expense related to stock benefit plans | Noncash compensation expense related to stock benefit plans | 961 | 1,495 | Noncash compensation expense related to stock benefit plans | 3,725 | 3,769 | ||||||||||||||||
Noncash write-down of real estate owned | Noncash write-down of real estate owned | 123 | 100 | Noncash write-down of real estate owned | 173 | 272 | ||||||||||||||||
Deferred income tax (benefit)/expense | Deferred income tax (benefit)/expense | 1,889 | (15,812) | |||||||||||||||||||
Origination of loans held-for-sale | Origination of loans held-for-sale | (240,765) | (29,912) | Origination of loans held-for-sale | (605,947) | (472,121) | ||||||||||||||||
Proceeds from sale of loans held-for-sale | Proceeds from sale of loans held-for-sale | 260,394 | 32,309 | Proceeds from sale of loans held-for-sale | 652,770 | 471,367 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 68,019 | 50,302 | Net cash provided by operating activities | 137,547 | 153,810 | ||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||
Purchase of marketable securities held-to-maturity | Purchase of marketable securities held-to-maturity | (428,861) | 0 | Purchase of marketable securities held-to-maturity | (479,165) | — | ||||||||||||||||
Purchase of marketable securities available-for-sale | Purchase of marketable securities available-for-sale | (220,666) | (20,610) | Purchase of marketable securities available-for-sale | (619,987) | (730,096) | ||||||||||||||||
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 3,374 | 825 | Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 38,974 | 2,694 | ||||||||||||||||
Proceeds from maturities and principal reductions of marketable securities available-for-sale | Proceeds from maturities and principal reductions of marketable securities available-for-sale | 128,556 | 86,354 | Proceeds from maturities and principal reductions of marketable securities available-for-sale | 341,121 | 284,532 | ||||||||||||||||
Proceeds from sale of marketable securities available-for-sale | Proceeds from sale of marketable securities available-for-sale | 35,357 | 0 | Proceeds from sale of marketable securities available-for-sale | 62,127 | 8 | ||||||||||||||||
Proceeds from bank-owned life insurance | Proceeds from bank-owned life insurance | 1,750 | 0 | Proceeds from bank-owned life insurance | 3,984 | 596 | ||||||||||||||||
Loan originations | Loan originations | (975,141) | (866,950) | Loan originations | (3,063,998) | (3,640,293) | ||||||||||||||||
Proceeds from loan maturities and principal reductions | Proceeds from loan maturities and principal reductions | 1,169,026 | 787,243 | Proceeds from loan maturities and principal reductions | 3,413,907 | 3,132,329 | ||||||||||||||||
Proceeds from sale of loans held for investment | Proceeds from sale of loans held for investment | 0 | 50,791 | Proceeds from sale of loans held for investment | — | 50,791 | ||||||||||||||||
Net proceeds/(redemptions) of FHLB stock | (113) | 1,609 | ||||||||||||||||||||
Net proceeds of FHLB stock | Net proceeds of FHLB stock | 7,181 | 4,684 | |||||||||||||||||||
Proceeds from sale of real estate owned | Proceeds from sale of real estate owned | 479 | 168 | Proceeds from sale of real estate owned | 2,440 | 1,062 | ||||||||||||||||
Proceeds from sale of real estate owned for investment, net | Proceeds from sale of real estate owned for investment, net | 76 | 152 | Proceeds from sale of real estate owned for investment, net | 229 | 455 | ||||||||||||||||
Purchase of premises and equipment | Purchase of premises and equipment | (285) | (3,553) | Purchase of premises and equipment | (3,728) | (10,808) | ||||||||||||||||
Net cash provided by/(used) in investing activities | (286,448) | 36,029 | ||||||||||||||||||||
Proceeds from the sale of insurance business | Proceeds from the sale of insurance business | 28,238 | — | |||||||||||||||||||
Acquisitions, net of cash received | Acquisitions, net of cash received | — | 261,712 | |||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (268,677) | (642,334) |
Quarter ended March 31, | Nine months ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||
Net increase in deposits | Net increase in deposits | $ | 513,861 | 200,728 | Net increase in deposits | $ | 622,980 | 1,247,573 | ||||||||||||||
Proceeds from long-term borrowings | Proceeds from long-term borrowings | — | 123,247 | |||||||||||||||||||
Repayments of long-term borrowings | Repayments of long-term borrowings | (20,000) | 0 | Repayments of long-term borrowings | (22,105) | (112,253) | ||||||||||||||||
Net decrease in short-term borrowings | Net decrease in short-term borrowings | (9,469) | (54,737) | Net decrease in short-term borrowings | (11,165) | (89,504) | ||||||||||||||||
Increase/(decrease) in advances by borrowers for taxes and insurance | (1,206) | 2,598 | ||||||||||||||||||||
Increase in advances by borrowers for taxes and insurance | Increase in advances by borrowers for taxes and insurance | (18,279) | (16,790) | |||||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (24,105) | (20,317) | Cash dividends paid on common stock | (74,960) | (68,852) | ||||||||||||||||
Purchase of common stock for retirement | Purchase of common stock for retirement | (4,566) | 0 | Purchase of common stock for retirement | (23,854) | — | ||||||||||||||||
Proceeds from stock options exercised | Proceeds from stock options exercised | 6,927 | 1,005 | Proceeds from stock options exercised | 12,721 | 1,006 | ||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 461,442 | 129,277 | Net cash provided by financing activities | 485,338 | 1,084,427 | ||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | $ | 243,013 | 215,608 | Net increase in cash and cash equivalents | $ | 354,208 | 595,903 | ||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | $ | 736,277 | 60,846 | Cash and cash equivalents at beginning of period | $ | 736,277 | 60,846 | ||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 243,013 | 215,608 | Net increase in cash and cash equivalents | 354,208 | 595,903 | ||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 979,290 | 276,454 | Cash and cash equivalents at end of period | $ | 1,090,485 | 656,749 | ||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | Cash paid during the period for: | ||||||||||||||||||||
Interest on deposits and borrowings (including interest credited to deposit accounts of $5,543 and $9,907, respectively) | $ | 8,963 | 13,458 | |||||||||||||||||||
Interest on deposits and borrowings (including interest credited to deposit accounts of $14,631 and $27,668, respectively) | Interest on deposits and borrowings (including interest credited to deposit accounts of $14,631 and $27,668, respectively) | $ | 22,452 | 33,639 | ||||||||||||||||||
Income taxes | Income taxes | 0 | 556 | Income taxes | 28,961 | 21,800 | ||||||||||||||||
Business acquisitions: | Business acquisitions: | |||||||||||||||||||||
Fair value of assets acquired | Fair value of assets acquired | $ | — | 2,090,599 | ||||||||||||||||||
Northwest Bancshares, Inc. common stock issued | Northwest Bancshares, Inc. common stock issued | — | (213,406) | |||||||||||||||||||
Net cash paid | Net cash paid | — | — | |||||||||||||||||||
Liabilities assumed | Liabilities assumed | $ | — | 1,877,193 | ||||||||||||||||||
Non-cash activities: | Non-cash activities: | Non-cash activities: | ||||||||||||||||||||
Loan foreclosures and repossessions | Loan foreclosures and repossessions | $ | 1,197 | 1,351 | Loan foreclosures and repossessions | $ | 3,848 | 4,216 | ||||||||||||||
Sale of real estate owned financed by the Company | Sale of real estate owned financed by the Company | 54 | 0 | Sale of real estate owned financed by the Company | 54 | — |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||||||||||||||||||||||||||||||||
Debt issued by the U.S government and agencies: | Debt issued by the U.S government and agencies: | Debt issued by the U.S government and agencies: | ||||||||||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | $ | 40,142 | 0 | (1,318) | 38,824 | Due after ten years | $ | 58,537 | — | (1,545) | 56,992 | ||||||||||||||||||||||||||||||||||
Debt issued by government sponsored enterprises: | ||||||||||||||||||||||||||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | Due in less than one year | 25,211 | 93 | 0 | 25,304 | Due in less than one year | 191 | 1 | — | 192 | ||||||||||||||||||||||||||||||||||||
Due in five years through ten years | Due in five years through ten years | 68,802 | 91 | (2,253) | 66,640 | Due in five years through ten years | 47,516 | 87 | (1,133) | 46,470 | ||||||||||||||||||||||||||||||||||||
Municipal securities: | Municipal securities: | Municipal securities: | ||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | Due in less than one year | 4,130 | 8 | 0 | 4,138 | Due in less than one year | 1,151 | 18 | — | 1,169 | ||||||||||||||||||||||||||||||||||||
Due in one year through five years | Due in one year through five years | 2,627 | 55 | 0 | 2,682 | Due in one year through five years | 1,647 | 31 | — | 1,678 | ||||||||||||||||||||||||||||||||||||
Due in five years through ten years | Due in five years through ten years | 22,040 | 464 | (139) | 22,365 | Due in five years through ten years | 21,722 | 583 | (93) | 22,212 | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 69,493 | 2,275 | (2) | 71,766 | Due after ten years | 99,832 | 2,385 | (747) | 101,470 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 324,804 | 3,571 | (3,104) | 325,271 | Fixed rate pass-through | 283,015 | 3,278 | (2,325) | 283,968 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 13,970 | 433 | (18) | 14,385 | Variable rate pass-through | 12,115 | 356 | (15) | 12,456 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 811,591 | 7,403 | (8,264) | 810,730 | Fixed rate agency CMOs | 1,017,472 | 4,800 | (9,335) | 1,012,937 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 47,542 | 571 | (87) | 48,026 | Variable rate agency CMOs | 43,907 | 294 | (30) | 44,171 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 1,197,907 | 11,978 | (11,473) | 1,198,412 | Total residential mortgage-backed securities | 1,356,509 | 8,728 | (11,705) | 1,353,532 | ||||||||||||||||||||||||||||||||||||
Total marketable securities available-for-sale | Total marketable securities available-for-sale | $ | 1,430,352 | 14,964 | (15,185) | 1,430,131 | Total marketable securities available-for-sale | $ | 1,587,105 | 11,833 | (15,223) | 1,583,715 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||||||||||||||||||||||||||||||||
Debt issued by the U.S. government and agencies: | Debt issued by the U.S. government and agencies: | Debt issued by the U.S. government and agencies: | ||||||||||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | $ | 40,761 | 211 | (55) | 40,917 | Due after ten years | $ | 40,761 | 211 | (55) | 40,917 | ||||||||||||||||||||||||||||||||||
Debt issued by government sponsored enterprises: | ||||||||||||||||||||||||||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | Due in less than one year | 24,976 | 159 | 0 | 25,135 | Due in less than one year | 24,976 | 159 | — | 25,135 | ||||||||||||||||||||||||||||||||||||
Due in one year through five years | Due in one year through five years | 238 | 3 | 0 | 241 | Due in one year through five years | 238 | 3 | — | 241 | ||||||||||||||||||||||||||||||||||||
Due in five years through ten years | Due in five years through ten years | 68,973 | 238 | (80) | 69,131 | Due in five years through ten years | 68,973 | 238 | (80) | 69,131 | ||||||||||||||||||||||||||||||||||||
Municipal securities: | Municipal securities: | Municipal securities: | ||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | Due in less than one year | 4,008 | 14 | 0 | 4,022 | Due in less than one year | 4,008 | 14 | — | 4,022 | ||||||||||||||||||||||||||||||||||||
Due in one year through five years | Due in one year through five years | 2,803 | 63 | (2) | 2,864 | Due in one year through five years | 2,803 | 63 | (2) | 2,864 | ||||||||||||||||||||||||||||||||||||
Due in five years through ten years | Due in five years through ten years | 16,045 | 429 | (5) | 16,469 | Due in five years through ten years | 16,045 | 429 | (5) | 16,469 | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 89,778 | 3,752 | (72) | 93,458 | Due after ten years | 89,778 | 3,752 | (72) | 93,458 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 339,406 | 7,125 | (86) | 346,445 | Fixed rate pass-through | 339,406 | 7,125 | (86) | 346,445 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 14,778 | 431 | (20) | 15,189 | Variable rate pass-through | 14,778 | 431 | (20) | 15,189 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 723,586 | 11,758 | (1,093) | 734,251 | Fixed rate agency CMOs | 723,586 | 11,758 | (1,093) | 734,251 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 50,333 | 519 | (33) | 50,819 | Variable rate agency CMOs | 50,333 | 519 | (33) | 50,819 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 1,128,103 | 19,833 | (1,232) | 1,146,704 | Total residential mortgage-backed securities | 1,128,103 | 19,833 | (1,232) | 1,146,704 | ||||||||||||||||||||||||||||||||||||
Total marketable securities available-for-sale | Total marketable securities available-for-sale | $ | 1,375,685 | 24,702 | (1,446) | 1,398,941 | Total marketable securities available-for-sale | $ | 1,375,685 | 24,702 | (1,446) | 1,398,941 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||||||||||||||||||||||||||||||||
Debt issued by government sponsored enterprises: | ||||||||||||||||||||||||||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||||||||||||||||||||||||
Due in one year through five years | Due in one year through five years | $ | 16,900 | 0 | (83) | 16,817 | Due in one year through five years | $ | 16,478 | — | (49) | 16,429 | ||||||||||||||||||||||||||||||||||
Due in five years through ten years | Due in five years through ten years | 107,971 | 0 | (5,135) | 102,836 | Due in five years through ten years | 107,972 | — | (3,636) | 104,336 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 188,378 | 131 | (2,320) | 186,189 | Fixed rate pass-through | 192,976 | 248 | (1,104) | 192,120 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 824 | 30 | 0 | 854 | Variable rate pass-through | 716 | 24 | — | 740 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 289,608 | 628 | (4,321) | 285,915 | Fixed rate agency CMOs | 299,650 | 476 | (4,595) | 295,531 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 603 | 18 | 0 | 621 | Variable rate agency CMOs | 603 | 18 | — | 621 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 479,413 | 807 | (6,641) | 473,579 | Total residential mortgage-backed securities | 493,945 | 766 | (5,699) | 489,012 | ||||||||||||||||||||||||||||||||||||
Total marketable securities held-to-maturity | Total marketable securities held-to-maturity | $ | 604,284 | 807 | (11,859) | 593,232 | Total marketable securities held-to-maturity | $ | 618,395 | 766 | (9,384) | 609,777 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||||||||||||||||||||||||||||||||
Debt issued by government sponsored enterprises: | ||||||||||||||||||||||||||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||||||||||||||||||||||||
Due in five years through ten years | Due in five years through ten years | $ | 67,990 | 12 | (123) | 67,879 | Due in five years through ten years | $ | 67,990 | 12 | (123) | 67,879 | ||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 1,723 | 131 | 0 | 1,854 | Fixed rate pass-through | 1,723 | 131 | — | 1,854 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 919 | 30 | 0 | 949 | Variable rate pass-through | 919 | 30 | — | 949 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 107,651 | 716 | (2) | 108,365 | Fixed rate agency CMOs | 107,651 | 716 | (2) | 108,365 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 604 | 15 | 0 | 619 | Variable rate agency CMOs | 604 | 15 | — | 619 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 110,897 | 892 | (2) | 111,787 | Total residential mortgage-backed securities | 110,897 | 892 | (2) | 111,787 | ||||||||||||||||||||||||||||||||||||
Total marketable securities held-to-maturity | Total marketable securities held-to-maturity | $ | 178,887 | 904 | (125) | 179,666 | Total marketable securities held-to-maturity | $ | 178,887 | 904 | (125) | 179,666 |
Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||
Due in less than one year | Due in less than one year | $ | 5,169 | 5,183 | Due in less than one year | $ | 453 | 455 | ||||||||||||||
Due in one year through five years | Due in one year through five years | 20,613 | 20,942 | Due in one year through five years | 39,580 | 40,067 | ||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 94,567 | 95,753 | Due after five years through ten years | 230,932 | 232,244 | ||||||||||||||||
Due after ten years | Due after ten years | 1,077,558 | 1,076,534 | Due after ten years | 1,085,544 | 1,080,766 | ||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | $ | 1,197,907 | 1,198,412 | Total residential mortgage-backed securities | $ | 1,356,509 | 1,353,532 |
Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||
Due in less than one year | $ | 1 | 1 | |||||||||||||||||||
Due in one year through five years | Due in one year through five years | 1,060 | 1,130 | Due in one year through five years | $ | 890 | 948 | |||||||||||||||
Due after five years through ten years | Due after five years through ten years | 40,547 | 38,780 | Due after five years through ten years | 212,525 | 210,946 | ||||||||||||||||
Due after ten years | Due after ten years | 437,805 | 433,668 | Due after ten years | 280,530 | 277,118 | ||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | $ | 479,413 | 473,579 | Total residential mortgage-backed securities | $ | 493,945 | 489,012 |
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 222,278 | (8,716) | 1,758 | (73) | 224,036 | (8,789) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored enterprises | U.S. government-sponsored enterprises | $ | 216,233 | (6,055) | 6,916 | (308) | 223,149 | (6,363) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 3,573 | (141) | 122 | 0 | 3,695 | (141) | Municipal securities | 34,492 | (840) | — | — | 34,492 | (840) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities - agency | Residential mortgage-backed securities - agency | 1,007,574 | (18,064) | 10,589 | (50) | 1,018,163 | (18,114) | Residential mortgage-backed securities - agency | 1,106,779 | (14,455) | 103,690 | (2,949) | 1,210,469 | (17,404) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,233,425 | (26,921) | 12,469 | (123) | 1,245,894 | (27,044) | Total | $ | 1,357,504 | (21,350) | 110,606 | (3,257) | 1,468,110 | (24,607) |
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 67,809 | (179) | 1,923 | (80) | 69,732 | (259) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored enterprises | U.S. government-sponsored enterprises | $ | 67,809 | (179) | 1,923 | (80) | 69,732 | (259) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 4,257 | (79) | 0 | 0 | 4,257 | (79) | Municipal securities | 4,257 | (79) | — | — | 4,257 | (79) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities - agency | Residential mortgage-backed securities - agency | 300,767 | (1,202) | 5,533 | (31) | 306,300 | (1,233) | Residential mortgage-backed securities - agency | 300,767 | (1,202) | 5,533 | (31) | 306,300 | (1,233) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 372,833 | (1,460) | 7,456 | (111) | 380,289 | (1,571) | Total | $ | 372,833 | (1,460) | 7,456 | (111) | 380,289 | (1,571) |
AA+ | Total | AA+ | Total | |||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||
Debt issued by government sponsored enterprises | $ | 124,871 | 124,871 | |||||||||||||||||||
Held-to-maturity securities (at amortized cost): | Held-to-maturity securities (at amortized cost): | |||||||||||||||||||||
Debt issued by government-sponsored enterprises | Debt issued by government-sponsored enterprises | $ | 124,450 | 124,450 | ||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 479,413 | 479,413 | Residential mortgage-backed securities | 493,945 | 493,945 | ||||||||||||||||
Total marketable securities held-to-maturity | Total marketable securities held-to-maturity | $ | 604,284 | 604,284 | Total marketable securities held-to-maturity | $ | 618,395 | 618,395 |
March 31, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated | Acquired | Total | Originated | Acquired | Total | Originated | Acquired | Total | Originated | Acquired | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans (1) | Residential mortgage loans (1) | $ | 2,693,075 | 278,603 | 2,971,678 | 2,753,593 | 314,528 | 3,068,121 | Residential mortgage loans (1) | $ | 2,756,383 | 233,138 | 2,989,521 | 2,753,593 | 314,528 | 3,068,121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,138,718 | 268,806 | 1,407,524 | 1,175,703 | 292,033 | 1,467,736 | Home equity loans | 1,122,611 | 227,737 | 1,350,348 | 1,175,703 | 292,033 | 1,467,736 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 1,063,255 | 141,598 | 1,204,853 | 995,040 | 157,633 | 1,152,673 | Vehicle loans | 1,350,278 | 110,912 | 1,461,190 | 995,040 | 157,633 | 1,152,673 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 288,146 | 61,356 | 349,502 | 288,066 | 67,254 | 355,320 | Consumer loans | 305,549 | 50,097 | 355,646 | 288,066 | 67,254 | 355,320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 5,183,194 | 750,363 | 5,933,557 | 5,212,402 | 831,448 | 6,043,850 | Total Personal Banking | 5,534,821 | 621,884 | 6,156,705 | 5,212,402 | 831,448 | 6,043,850 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,242,151 | 583,846 | 2,825,997 | 2,223,108 | 624,873 | 2,847,981 | Commercial real estate loans | 2,258,953 | 477,531 | 2,736,484 | 2,223,108 | 624,873 | 2,847,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 326,416 | 137,023 | 463,439 | 344,016 | 153,892 | 497,908 | Commercial real estate loans - owner occupied | 335,461 | 90,606 | 426,067 | 344,016 | 153,892 | 497,908 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,011,722 | 133,325 | 1,145,047 | 1,019,482 | 171,628 | 1,191,110 | Commercial loans | 786,111 | 93,601 | 879,712 | 1,019,482 | 171,628 | 1,191,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 3,580,289 | 854,194 | 4,434,483 | 3,586,606 | 950,393 | 4,536,999 | Total Commercial Banking | 3,380,525 | 661,738 | 4,042,263 | 3,586,606 | 950,393 | 4,536,999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, gross | Total loans receivable, gross | 8,763,483 | 1,604,557 | 10,368,040 | 8,799,008 | 1,781,841 | 10,580,849 | Total loans receivable, gross | 8,915,346 | 1,283,622 | 10,198,968 | 8,799,008 | 1,781,841 | 10,580,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (95,572) | (28,425) | (123,997) | (102,874) | (31,553) | (134,427) | Allowance for credit losses | (87,222) | (22,545) | (109,767) | (102,874) | (31,553) | (134,427) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net (2) | Total loans receivable, net (2) | $ | 8,667,911 | 1,576,132 | 10,244,043 | 8,696,134 | 1,750,288 | 10,446,422 | Total loans receivable, net (2) | $ | 8,828,124 | 1,261,077 | 10,089,201 | 8,696,134 | 1,750,288 | 10,446,422 |
Balance as of March 31, 2021 | Current period provision | Charge-offs | Recoveries | Balance as of December 31, 2020 | Balance as of September 30, 2021 | Current period provision | Charge-offs | Recoveries | Balance as of June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 5,861 | (592) | (855) | 42 | 7,266 | Residential mortgage loans | $ | 7,987 | 1,939 | (1,263) | 64 | 7,247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 5,241 | (652) | (228) | 129 | 5,992 | Home equity loans | 6,293 | 291 | (1,474) | 237 | 7,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 14,888 | 773 | (1,307) | 597 | 14,825 | Vehicle loans | 12,457 | 82 | (1,112) | 599 | 12,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 2,563 | 651 | (1,296) | 337 | 2,871 | Consumer loans | 3,074 | 949 | (1,036) | 360 | 2,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 28,553 | 180 | (3,686) | 1,105 | 30,954 | Total Personal Banking | 29,811 | 3,261 | (4,885) | 1,260 | 30,175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 70,206 | (4,831) | (4,626) | 282 | 79,381 | Commercial real estate loans | 58,451 | (5,103) | (1,581) | 555 | 64,580 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 6,753 | (3,766) | 0 | 1 | 10,518 | Commercial real estate loans - owner occupied | 3,246 | (1,487) | — | 4 | 4,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 18,485 | 2,797 | (54) | 2,168 | 13,574 | Commercial loans | 18,259 | (1,025) | (412) | 1,850 | 17,846 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 95,444 | (5,800) | (4,680) | 2,451 | 103,473 | Total Commercial Banking | 79,956 | (7,615) | (1,993) | 2,409 | 87,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 123,997 | (5,620) | (8,366) | 3,556 | 134,427 | Total | $ | 109,767 | (4,354) | (6,878) | 3,669 | 117,330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | Allowance for Credit Losses - off-balance sheet exposure | Allowance for Credit Losses - off-balance sheet exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 2 | 0 | 0 | 0 | 2 | Residential mortgage loans | $ | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 34 | (1) | 0 | 0 | 35 | Home equity loans | 40 | (2) | — | — | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 36 | (1) | 0 | 0 | 37 | Total Personal Banking | 42 | (2) | — | — | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,115 | (1,334) | 0 | 0 | 3,449 | Commercial real estate loans | 2,647 | 715 | — | — | 1,932 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 388 | 62 | 0 | 0 | 326 | Commercial real estate loans - owner occupied | 140 | (41) | — | — | 181 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 2,080 | (471) | 0 | 0 | 2,551 | Commercial loans | 1,333 | 101 | — | — | 1,232 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 4,583 | (1,743) | 0 | 0 | 6,326 | Total Commercial Banking | 4,120 | 775 | — | — | 3,345 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | Total off-balance sheet exposure | $ | 4,619 | (1,744) | 0 | 0 | 6,363 | Total off-balance sheet exposure | $ | 4,162 | 773 | — | — | 3,389 |
Balance as of March 31, 2020 | Current period provision | Charge-offs | Recoveries | Cumulative effect of ASU 2016-13* | Balance as of December 31, 2019 | Balance as of September 30, 2020 | Current period provision | Charge-offs | Recoveries | Balance as of June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses | Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 10,673 | 894 | (343) | 107 | 7,441 | 2,574 | Residential mortgage loans | $ | 12,036 | 268 | (129) | 189 | 11,708 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 9,786 | 895 | (289) | 205 | 5,786 | 3,189 | Home equity loans | 9,585 | 183 | (88) | 127 | 9,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 11,994 | 5,359 | (1,843) | 344 | 842 | 7,292 | Vehicle loans | 16,713 | 4,111 | (1,763) | 530 | 13,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 5,166 | 3,518 | (1,645) | 416 | (2,424) | 5,301 | Consumer loans | 3,147 | 1,871 | (1,593) | 363 | 2,506 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 37,619 | 10,666 | (4,120) | 1,072 | 11,645 | 18,356 | Total Personal Banking | 41,481 | 6,433 | (3,573) | 1,209 | 37,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 29,380 | 11,269 | (310) | 290 | 2,288 | 15,843 | Commercial real estate loans | 73,410 | 780 | (470) | 267 | 72,833 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 8,374 | 1,365 | (21) | 7 | 1,278 | 5,745 | Commercial real estate loans - owner occupied | 13,570 | (1,205) | (62) | 10 | 14,827 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 17,524 | 4,337 | (815) | 424 | (4,419) | 17,997 | Commercial loans | 11,748 | 810 | (4,892) | 316 | 15,514 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 55,278 | 16,971 | (1,146) | 721 | (853) | 39,585 | Total Commercial Banking | 98,728 | 385 | (5,424) | 593 | 103,174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 92,897 | 27,637 | (5,266) | 1,793 | 10,792 | 57,941 | Total | $ | 140,209 | 6,818 | (8,997) | 1,802 | 140,586 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | Allowance for Credit Losses - off-balance sheet exposure | Allowance for Credit Losses - off-balance sheet exposure | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 3 | 3 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 40 | 2 | — | — | 38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | 34 | 4 | 0 | 0 | (293) | 323 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 0 | 0 | 0 | 0 | (402) | 402 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 34 | 4 | 0 | 0 | (695) | 725 | Total Personal Banking | 43 | 5 | — | — | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 3,294 | 1,283 | 0 | 0 | 1,934 | 77 | Commercial real estate loans | 2,423 | (2,712) | — | — | 5,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 95 | 4 | 0 | 0 | 88 | 3 | Commercial real estate loans - owner occupied | 469 | (157) | — | — | 626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,281 | 189 | 0 | 0 | 923 | 169 | Commercial loans | 3,312 | (1,072) | — | — | 4,384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 4,670 | 1,476 | 0 | 0 | 2,945 | 249 | Total Commercial Banking | 6,204 | (3,941) | — | — | 10,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | Total off-balance sheet exposure | $ | 4,704 | 1,480 | 0 | 0 | 2,250 | 974 | Total off-balance sheet exposure | $ | 6,247 | (3,936) | — | — | 10,183 |
Balance as of September 30, 2021 | Current period provision | Charge-offs | Recoveries | Balance as of December 31, 2020 | |||||||||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 7,987 | 3,269 | (2,888) | 340 | 7,266 | |||||||||||||||||||||||||||||
Home equity loans | 6,293 | 1,892 | (2,081) | 490 | 5,992 | ||||||||||||||||||||||||||||||
Vehicle loans | 12,457 | (341) | (4,017) | 1,990 | 14,825 | ||||||||||||||||||||||||||||||
Consumer loans | 3,074 | 2,291 | (3,135) | 1,047 | 2,871 | ||||||||||||||||||||||||||||||
Total Personal Banking | 29,811 | 7,111 | (12,121) | 3,867 | 30,954 | ||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 58,451 | (12,859) | (9,281) | 1,210 | 79,381 | ||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 3,246 | (6,392) | (890) | 9 | 10,518 | ||||||||||||||||||||||||||||||
Commercial loans | 18,259 | 2,166 | (1,627) | 4,147 | 13,574 | ||||||||||||||||||||||||||||||
Total Commercial Banking | 79,956 | (17,085) | (11,798) | 5,366 | 103,473 | ||||||||||||||||||||||||||||||
Total | $ | 109,767 | (9,974) | (23,919) | 9,233 | 134,427 | |||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 2 | — | — | — | 2 | |||||||||||||||||||||||||||||
Home equity loans | 40 | 5 | — | — | 35 | ||||||||||||||||||||||||||||||
Total Personal Banking | 42 | 5 | — | — | 37 | ||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,647 | (802) | — | — | 3,449 | ||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 140 | (186) | — | — | 326 | ||||||||||||||||||||||||||||||
Commercial loans | 1,333 | (1,218) | — | — | 2,551 | ||||||||||||||||||||||||||||||
Total Commercial Banking | 4,120 | (2,206) | — | — | 6,326 | ||||||||||||||||||||||||||||||
Total off-balance sheet exposure | $ | 4,162 | (2,201) | — | — | 6,363 | |||||||||||||||||||||||||||||
Balance as of September 30, 2020 | Current period provision | Charge-offs | Recoveries | Initial ACL on loans purchased with credit deterioration | Cumulative effect of ASU 2016-13* | Balance as of December 31, 2019 | |||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 12,036 | 1,132 | (510) | 304 | 1,095 | 7,441 | 2,574 | |||||||||||||||||||||||||||||||||
Home equity loans | 9,585 | 536 | (550) | 408 | 216 | 5,786 | 3,189 | ||||||||||||||||||||||||||||||||||
Vehicle loans | 16,713 | 12,419 | (5,369) | 1,294 | 235 | 842 | 7,292 | ||||||||||||||||||||||||||||||||||
Consumer loans | 3,147 | 3,600 | (4,666) | 1,179 | 157 | (2,424) | 5,301 | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 41,481 | 17,687 | (11,095) | 3,185 | 1,703 | 11,645 | 18,356 | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 73,410 | 50,018 | (1,470) | 1,011 | 5,720 | 2,288 | 15,843 | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 13,570 | 5,642 | (83) | 25 | 963 | 1,278 | 5,745 | ||||||||||||||||||||||||||||||||||
Commercial loans | 11,748 | 12,858 | (16,056) | 909 | 459 | (4,419) | 17,997 | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 98,728 | 68,518 | (17,609) | 1,945 | 7,142 | (853) | 39,585 | ||||||||||||||||||||||||||||||||||
Total | $ | 140,209 | 86,205 | (28,704) | 5,130 | 8,845 | 10,792 | 57,941 | |||||||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | |||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3 | 3 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Home equity loans | 40 | 10 | — | — | — | (293) | 323 | ||||||||||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | (402) | 402 | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 43 | 13 | — | — | — | (695) | 725 | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,423 | 412 | — | — | — | 1,934 | 77 | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 469 | 378 | — | — | — | 88 | 3 | ||||||||||||||||||||||||||||||||||
Commercial loans | 3,312 | 2,220 | — | — | — | 923 | 169 | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 6,204 | 3,010 | — | — | — | 2,945 | 249 | ||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | $ | 6,247 | 3,023 | — | — | — | 2,250 | 974 |
Total loans receivable | Allowance for credit losses | Nonaccrual loans (1) | Loans 90 days past due and accruing | TDRs | Allowance related to TDRs | Additional commitments to customers with loans classified as TDRs | Total loans receivable | Allowance for credit losses | Nonaccrual loans (1) | Loans 90 days past due and accruing | TDRs | Allowance related to TDRs | Additional commitments to customers with loans classified as TDRs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 2,971,678 | 5,861 | 11,571 | 0 | 8,285 | 516 | 0 | Residential mortgage loans | $ | 2,989,521 | 7,987 | 10,710 | — | 7,007 | 1,792 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,407,524 | 5,241 | 8,069 | 0 | 2,003 | 369 | 26 | Home equity loans | 1,350,348 | 6,293 | 6,482 | — | 1,821 | 709 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 1,204,853 | 14,888 | 3,976 | 0 | 0 | 0 | 0 | Vehicle loans | 1,461,190 | 12,457 | 2,977 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 349,502 | 2,563 | 777 | 197 | 1 | 0 | 0 | Consumer loans | 355,646 | 3,074 | 1,115 | 386 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 5,933,557 | 28,553 | 24,393 | 197 | 10,289 | 885 | 26 | Total Personal Banking | 6,156,705 | 29,811 | 21,284 | 386 | 8,828 | 2,501 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,825,997 | 70,206 | 175,136 | 0 | 15,318 | 1,097 | 473 | Commercial real estate loans | 2,736,484 | 58,451 | 135,902 | — | 14,032 | 845 | 499 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 463,439 | 6,753 | 3,747 | 0 | 688 | 113 | 0 | Commercial real estate loans - owner occupied | 426,067 | 3,246 | 1,359 | — | 326 | 55 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,145,047 | 18,485 | 20,678 | 0 | 1,215 | 249 | 700 | Commercial loans | 879,712 | 18,259 | 18,397 | — | 3,336 | 187 | 296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 4,434,483 | 95,444 | 199,561 | 0 | 17,221 | 1,459 | 1,173 | Total Commercial Banking | 4,042,263 | 79,956 | 155,658 | — | 17,694 | 1,087 | 795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 10,368,040 | 123,997 | 223,954 | 197 | 27,510 | 2,344 | 1,199 | Total | $ | 10,198,968 | 109,767 | 176,942 | 386 | 26,522 | 3,588 | 795 |
Total loans receivable | Allowance for credit losses | Nonaccrual loans (1) | Loans 90 days past due and accruing | TDRs | Allowance related to TDRs | Additional commitments to customers with loans classified as TDRs | Total loans receivable | Allowance for credit losses | Nonaccrual loans (1) | Loans 90 days past due and accruing | TDRs | Allowance related to TDRs | Additional commitments to customers with loans classified as TDRs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 3,068,121 | 7,266 | 15,924 | 0 | 8,431 | 560 | 0 | Residential mortgage loans | $ | 3,068,121 | 7,266 | 15,924 | — | 8,431 | 560 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,467,736 | 5,992 | 9,123 | 0 | 2,058 | 381 | 26 | Home equity loans | 1,467,736 | 5,992 | 9,123 | — | 2,058 | 381 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 1,152,673 | 14,825 | 5,533 | 1 | 0 | 0 | 0 | Vehicle loans | 1,152,673 | 14,825 | 5,533 | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 355,320 | 2,871 | 1,031 | 584 | 1 | 0 | 0 | Consumer loans | 355,320 | 2,871 | 1,031 | 584 | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 6,043,850 | 30,954 | 31,611 | 585 | 10,490 | 941 | 26 | Total Personal Banking | 6,043,850 | 30,954 | 31,611 | 585 | 10,490 | 941 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,847,981 | 79,381 | 44,092 | 0 | 18,430 | 787 | 471 | Commercial real estate loans | 2,847,981 | 79,381 | 44,092 | — | 18,430 | 787 | 471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 497,908 | 10,518 | 3,642 | 0 | 761 | 123 | 0 | Commercial real estate loans - owner occupied | 497,908 | 10,518 | 3,642 | — | 761 | 123 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,191,110 | 13,574 | 23,487 | 0 | 2,454 | 165 | 362 | Commercial loans | 1,191,110 | 13,574 | 23,487 | — | 2,454 | 165 | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 4,536,999 | 103,473 | 71,221 | 0 | 21,645 | 1,075 | 833 | Total Commercial Banking | 4,536,999 | 103,473 | 71,221 | — | 21,645 | 1,075 | 833 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 10,580,849 | 134,427 | 102,832 | 585 | 32,135 | 2,016 | 859 | Total | $ | 10,580,849 | 134,427 | 102,832 | 585 | 32,135 | 2,016 | 859 |
Nonaccrual loans at January 1, 2021 | Nonaccrual loans at March 31, 2021 with an allowance | Nonaccrual loans with no allowance | Loans 90 days past due and accruing | Nonaccrual loans at December 31, 2020 | Nonaccrual loans at September 30, 2021 with an allowance | Nonaccrual loans at September 30, 2021 with no allowance | Loans at September 30, 2021 90 days past due and accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 15,924 | 11,571 | 0 | 0 | Residential mortgage loans | $ | 15,924 | 10,710 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 9,123 | 8,069 | 0 | 0 | Home equity loans | 9,123 | 6,270 | 212 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 5,533 | 3,976 | 0 | 0 | Vehicle loans | 5,533 | 2,964 | 13 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,031 | 672 | 105 | 197 | Consumer loans | 1,031 | 1,114 | 1 | 386 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 31,611 | 24,288 | 105 | 197 | Total Personal Banking | 31,611 | 21,058 | 226 | 386 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 44,092 | 159,915 | 15,221 | 0 | Commercial real estate loans | 44,092 | 80,831 | 55,071 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 3,642 | 3,747 | 0 | 0 | Commercial real estate loans - owner occupied | 3,642 | 1,359 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 23,487 | 16,503 | 4,175 | 0 | Commercial loans | 23,487 | 14,726 | 3,671 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 71,221 | 180,165 | 19,396 | 0 | Total Commercial Banking | 71,221 | 96,916 | 58,742 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 102,832 | 204,453 | 19,501 | 197 | Total | $ | 102,832 | 117,974 | 58,968 | 386 |
Nonaccrual loans at January 1, 2020 | Nonaccrual loans at December 31, 2020 with an allowance | Nonaccrual loans with no allowance | Loans 90 days past due and accruing | Nonaccrual loans at December 31, 2019 | Nonaccrual loans at December 31, 2020 with an allowance | Nonaccrual loans at December 31, 2020 with no allowance | Loans at December 31, 2020 90 days past due and accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 14,476 | 15,923 | 0 | 0 | Residential mortgage loans | $ | 14,476 | 15,923 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 6,745 | 8,872 | 252 | 0 | Home equity loans | 6,745 | 8,872 | 252 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 3,147 | 5,377 | 156 | 1 | Vehicle loans | 3,147 | 5,377 | 156 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,079 | 1,030 | 1 | 584 | Consumer loans | 1,079 | 1,030 | 1 | 584 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 25,447 | 31,202 | 409 | 585 | Total Personal Banking | 25,447 | 31,202 | 409 | 585 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 18,832 | 27,079 | 17,013 | 0 | Commercial real estate loans | 18,832 | 27,079 | 17,013 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 16,032 | 3,642 | 0 | 0 | Commercial real estate loans - owner occupied | 16,032 | 3,642 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 8,559 | 18,069 | 5,418 | 0 | Commercial loans | 8,559 | 18,069 | 5,418 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 43,423 | 48,790 | 22,431 | 0 | Total Commercial Banking | 43,423 | 48,790 | 22,431 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 68,870 | 79,992 | 22,840 | 585 | Total | $ | 68,870 | 79,992 | 22,840 | 585 |
Real estate | Equipment | Other | Total | Real estate | Equipment | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 588 | 0 | 0 | 588 | Residential mortgage loans | $ | — | — | 583 | 583 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 99 | 0 | 0 | 99 | Home equity loans | — | — | 99 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 687 | 0 | 0 | 687 | Total Personal Banking | — | — | 682 | 682 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 157,335 | 1,925 | 6,451 | 165,711 | Commercial real estate loans | 123,975 | 1,778 | — | 125,753 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 3,255 | 190 | 10,948 | 14,393 | Commercial loans | 4,301 | 9,576 | 1,211 | 15,088 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 160,590 | 2,115 | 17,399 | 180,104 | Total Commercial Banking | 128,276 | 11,354 | 1,211 | 140,841 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 161,277 | 2,115 | 17,399 | 180,791 | Total | $ | 128,276 | 11,354 | 1,893 | 141,523 |
Real estate | Equipment | Other | Total | Real estate | Equipment | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 1,269 | 0 | 0 | 1,269 | Residential mortgage loans | $ | 1,269 | — | — | 1,269 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 99 | 0 | 0 | 99 | Home equity loans | 99 | — | — | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 1,368 | 0 | 0 | 1,368 | Total Personal Banking | 1,368 | — | — | 1,368 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 79,392 | 1,997 | 1,703 | 83,092 | Commercial real estate loans | 79,392 | 1,997 | 1,703 | 83,092 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 3,313 | 197 | 11,069 | 14,579 | Commercial loans | 3,313 | 197 | 11,069 | 14,579 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 82,705 | 2,194 | 12,772 | 97,671 | Total Commercial Banking | 82,705 | 2,194 | 12,772 | 97,671 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 84,073 | 2,194 | 12,772 | 99,039 | Total | $ | 84,073 | 2,194 | 12,772 | 99,039 |
For the quarter ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Number of contracts | Amount | Number of contracts | Amount | ||||||||||||||||||||
Beginning TDR balance: | 170 | $ | 32,135 | 176 | $ | 31,999 | |||||||||||||||||
New TDRs | 0 | 0 | 2 | 2,518 | |||||||||||||||||||
Re-modified TDRs | 4 | 922 | 2 | 2,076 | |||||||||||||||||||
Net paydowns | 0 | (2,488) | 0 | (2,841) | |||||||||||||||||||
Charge-offs: | |||||||||||||||||||||||
Residential mortgage loans | 0 | 0 | 0 | 0 | |||||||||||||||||||
Home equity loans | 0 | 0 | 1 | (10) | |||||||||||||||||||
Vehicle loans | 0 | 0 | 0 | 0 | |||||||||||||||||||
Commercial real estate loans | 0 | 0 | 0 | 0 | |||||||||||||||||||
Commercial real estate loans - owner occupied | 0 | 0 | 0 | 0 | |||||||||||||||||||
Commercial loans | 0 | 0 | 0 | 0 | |||||||||||||||||||
Paid-off loans: | |||||||||||||||||||||||
Residential mortgage loans | 0 | 0 | 2 | (330) | |||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | |||||||||||||||||||
Vehicle loans | 0 | 0 | 0 | 0 | |||||||||||||||||||
Commercial real estate loans | 3 | (2,384) | 1 | (26) | |||||||||||||||||||
Commercial real estate loans - owner occupied | 1 | (47) | 0 | 0 | |||||||||||||||||||
Commercial loans | 2 | (628) | 3 | (34) | |||||||||||||||||||
Ending TDR balance: | 164 | $ | 27,510 | 171 | $ | 33,352 | |||||||||||||||||
Accruing TDRs | $ | 20,120 | $ | 15,977 | |||||||||||||||||||
Nonaccrual TDRs | 7,390 | 17,375 |
For the quarter ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Number of contracts | Amount | Number of contracts | Amount | ||||||||||||||||||||
Beginning TDR balance: | 158 | $ | 27,431 | 167 | $ | 35,450 | |||||||||||||||||
New TDRs | 3 | 345 | 7 | 803 | |||||||||||||||||||
Re-modified TDRs | 3 | 4,490 | 3 | 6,679 | |||||||||||||||||||
Net paydowns | — | (4,702) | — | (8,127) | |||||||||||||||||||
Charge-offs: | |||||||||||||||||||||||
Home equity loans | 1 | (29) | — | — | |||||||||||||||||||
Commercial real estate loans | 2 | (53) | — | — | |||||||||||||||||||
Commercial real estate loans - owner occupied | 1 | (105) | — | — | |||||||||||||||||||
Commercial loans | 5 | (139) | — | — | |||||||||||||||||||
Paid-off loans: | |||||||||||||||||||||||
Residential mortgage loans | 5 | (307) | — | — | |||||||||||||||||||
Home equity loans | 4 | (122) | — | — | |||||||||||||||||||
Commercial real estate loans | 4 | (287) | — | — | |||||||||||||||||||
Commercial loans | — | — | 1 | (1) | |||||||||||||||||||
Ending TDR balance: | 139 | $ | 26,522 | 173 | $ | 34,804 | |||||||||||||||||
Accruing TDRs | $ | 13,664 | $ | 17,684 | |||||||||||||||||||
Nonaccrual TDRs | 12,858 | 17,120 |
For the nine months ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Number of contracts | Amount | Number of contracts | Amount | ||||||||||||||||||||
Beginning TDR balance: | 170 | $ | 32,135 | 176 | $ | 31,999 | |||||||||||||||||
New TDRs | 5 | 2,608 | 10 | 889 | |||||||||||||||||||
Re-modified TDRs | 8 | 5,701 | 5 | 9,720 | |||||||||||||||||||
Net paydowns | — | (8,713) | — | (7,192) | |||||||||||||||||||
Charge-offs: | |||||||||||||||||||||||
Home equity loans | 1 | (29) | 1 | (10) | |||||||||||||||||||
Commercial real estate loans | 2 | (53) | — | — | |||||||||||||||||||
Commercial real estate loans - owner occupied | 1 | (105) | — | — | |||||||||||||||||||
Commercial loans | 5 | (139) | — | — | |||||||||||||||||||
Paid-off loans: | |||||||||||||||||||||||
Residential mortgage loans | 9 | (1,033) | 2 | (330) | |||||||||||||||||||
Home equity loans | 5 | (133) | 2 | (3) | |||||||||||||||||||
Commercial real estate loans | 9 | (2,973) | 1 | (26) | |||||||||||||||||||
Commercial real estate loans - owner occupied | 1 | (47) | 1 | (25) | |||||||||||||||||||
Commercial loans | 3 | (697) | 6 | (218) | |||||||||||||||||||
Ending TDR balance: | 139 | $ | 26,522 | 173 | $ | 34,804 | |||||||||||||||||
Accruing TDRs | $ | 13,664 | $ | 17,684 | |||||||||||||||||||
Nonaccrual TDRs | 12,858 | 17,120 |
For the quarter ended September 30, 2021 | For the nine months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | ||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | — | $ | — | — | — | 1 | $ | 125 | 115 | 16 | |||||||||||||||||||||||||||||||||||||
Home equity loans | 2 | 153 | 36 | 17 | 3 | 156 | 36 | 17 | |||||||||||||||||||||||||||||||||||||||
Total Personal Banking | 2 | 153 | 36 | 17 | 4 | 281 | 151 | 33 | |||||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 3 | 4,840 | 4,490 | 65 | 6 | 6,723 | 5,586 | 207 | |||||||||||||||||||||||||||||||||||||||
Commercial loans | 1 | 330 | 309 | — | 3 | 2,726 | 2,572 | — | |||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | 4 | 5,170 | 4,799 | 65 | 9 | 9,449 | 8,158 | 207 | |||||||||||||||||||||||||||||||||||||||
Total | 6 | $ | 5,323 | 4,835 | 82 | 13 | $ | 9,730 | 8,309 | 240 |
For the quarter ended September 30, 2020 | For the nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | ||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 1 | $ | 90 | 89 | 1 | 1 | $ | 90 | 89 | 1 | |||||||||||||||||||||||||||||||||||||
Home equity loans | — | — | — | — | 2 | 86 | 81 | 14 | |||||||||||||||||||||||||||||||||||||||
Total Personal Banking | 1 | 90 | 89 | 1 | 3 | 176 | 170 | 15 | |||||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 5 | 7,096 | 7,040 | 816 | 5 | 7,096 | 7,040 | 816 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | — | — | — | — | 1 | 58 | 51 | 10 | |||||||||||||||||||||||||||||||||||||||
Commercial loans | 4 | 444 | 353 | — | 5 | 2,944 | 2,354 | 2 | |||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | 9 | 7,540 | 7,393 | 816 | 11 | 10,098 | 9,445 | 828 | |||||||||||||||||||||||||||||||||||||||
Total | 10 | $ | 7,630 | 7,482 | 817 | 14 | $ | 10,274 | 9,615 | 843 |
For the quarter ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | Type of modification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Payment | Maturity date | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 1 | $ | 121 | 117 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1 | 3 | 2 | 0 | Home equity loans | 2 | $ | — | 30 | 6 | — | 36 | |||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 2 | 124 | 119 | 10 | Total Personal Banking | 2 | — | 30 | 6 | — | 36 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2 | 812 | 803 | 130 | Commercial real estate loans | 3 | 378 | — | 4,112 | — | 4,490 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 0 | 0 | 0 | 0 | Commercial loans | 1 | — | — | 309 | — | 309 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 2 | 812 | 803 | 130 | Total Commercial Banking | 4 | 378 | — | 4,421 | — | 4,799 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 4 | $ | 936 | 922 | 140 | Total | 6 | $ | 378 | 30 | 4,427 | — | 4,835 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Payment | Maturity date | Other | Total | ||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | 1 | $ | — | — | 89 | — | 89 | ||||||||||||||||||||||||||||
Total Personal Banking | 1 | — | — | 89 | — | 89 | |||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 5 | — | — | 6,755 | 285 | 7,040 | |||||||||||||||||||||||||||||
Commercial loans | 4 | — | 114 | 239 | — | 353 | |||||||||||||||||||||||||||||
Total Commercial Banking | 9 | — | 114 | 6,994 | 285 | 7,393 | |||||||||||||||||||||||||||||
Total | 10 | $ | — | 114 | 7,083 | 285 | 7,482 |
For the quarter ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | ||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 0 | $ | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Home equity loans | 1 | 19 | 18 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | 1 | 19 | 18 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 2 | 2,077 | 2,076 | 176 | |||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 1 | 2,500 | 2,500 | 1,628 | |||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | 3 | 4,577 | 4,576 | 1,804 | |||||||||||||||||||||||||||||||||||||||||||
Total | 4 | $ | 4,596 | 4,594 | 1,804 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Payment | Maturity date | Other | Total | ||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | 1 | $ | 117 | 0 | 0 | 0 | 117 | ||||||||||||||||||||||||||||
Home equity loans | 1 | 0 | 0 | 2 | 0 | 2 | |||||||||||||||||||||||||||||
Vehicle loans | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Consumer loans | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total Personal Banking | 2 | 117 | 0 | 2 | 0 | 119 | |||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2 | 0 | 0 | 729 | 74 | 803 | |||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Commercial loans | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total Commercial Banking | 2 | 0 | 0 | 729 | 74 | 803 | |||||||||||||||||||||||||||||
Total | 4 | $ | 117 | 0 | 731 | 74 | 922 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Payment | Maturity date | Other | Total | ||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | 1 | $ | 115 | — | — | — | 115 | ||||||||||||||||||||||||||||
Home equity loans | 3 | — | 30 | 6 | — | 36 | |||||||||||||||||||||||||||||
Total Personal Banking | 4 | 115 | 30 | 6 | — | 151 | |||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 6 | 378 | — | 5,136 | 72 | 5,586 | |||||||||||||||||||||||||||||
Commercial loans | 3 | — | — | 2,572 | — | 2,572 | |||||||||||||||||||||||||||||
Total Commercial Banking | 9 | 378 | — | 7,708 | 72 | 8,158 | |||||||||||||||||||||||||||||
Total | 13 | $ | 493 | 30 | 7,714 | 72 | 8,309 |
Type of modification | Type of modification | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Payment | Maturity date | Other | Total | Number of contracts | Rate | Payment | Maturity date | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | 0 | $ | 0 | 0 | 0 | 0 | 0 | Residential mortgage loans | 1 | $ | — | — | 89 | — | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1 | 0 | 0 | 18 | 0 | 18 | Home equity loans | 2 | 66 | — | 15 | — | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 1 | 0 | 0 | 18 | 0 | 18 | Total Personal Banking | 3 | 66 | — | 104 | — | 170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 0 | 0 | 0 | 0 | 0 | 0 | Commercial real estate loans | 5 | — | — | 6,755 | 285 | 7,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 2 | 0 | 0 | 2,076 | 0 | 2,076 | Commercial real estate loans - owner occupied | 1 | — | — | 51 | — | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1 | 0 | 0 | 0 | 2,500 | 2,500 | Commercial loans | 5 | — | 114 | 239 | 2,001 | 2,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 3 | 0 | 0 | 2,076 | 2,500 | 4,576 | Total Commercial Banking | 11 | — | 114 | 7,045 | 2,286 | 9,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 4 | $ | 0 | 0 | 2,094 | 2,500 | 4,594 | Total | 14 | $ | 66 | 114 | 7,149 | 2,286 | 9,615 |
30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 Days or greater delinquent and accruing (1) | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 22,236 | 2,062 | 9,333 | 33,631 | 2,938,047 | 2,971,678 | 0 | |||||||||||||||||||||||||||||||||
Home equity loans | 3,334 | 953 | 7,044 | 11,331 | 1,396,193 | 1,407,524 | 0 | ||||||||||||||||||||||||||||||||||
Vehicle loans | 4,669 | 1,466 | 2,970 | 9,105 | 1,195,748 | 1,204,853 | 0 | ||||||||||||||||||||||||||||||||||
Consumer loans | 1,063 | 402 | 852 | 2,317 | 347,185 | 349,502 | 197 | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 31,302 | 4,883 | 20,199 | 56,384 | 5,877,173 | 5,933,557 | 197 | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 7,526 | 6,578 | 27,877 | 41,981 | 2,784,016 | 2,825,997 | 0 | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 4,714 | 1,031 | 1,860 | 7,605 | 455,834 | 463,439 | 0 | ||||||||||||||||||||||||||||||||||
Commercial loans | 3,032 | 8,979 | 4,860 | 16,871 | 1,128,176 | 1,145,047 | 0 | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 15,272 | 16,588 | 34,597 | 66,457 | 4,368,026 | 4,434,483 | 0 | ||||||||||||||||||||||||||||||||||
Total loans | $ | 46,574 | 21,471 | 54,796 | 122,841 | 10,245,199 | 10,368,040 | 197 |
30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 days or greater delinquent and accruing (1) | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 28,797 | 5,083 | 14,489 | 48,369 | 3,019,752 | 3,068,121 | 0 | |||||||||||||||||||||||||||||||||
Home equity loans | 4,763 | 1,656 | 8,441 | 14,860 | 1,452,876 | 1,467,736 | 0 | ||||||||||||||||||||||||||||||||||
Vehicle loans | 7,707 | 1,776 | 4,599 | 14,082 | 1,138,592 | 1,152,674 | 1 | ||||||||||||||||||||||||||||||||||
Consumer loans | 2,867 | 966 | 1,459 | 5,292 | 350,027 | 355,319 | 584 | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 44,134 | 9,481 | 28,988 | 82,603 | 5,961,247 | 6,043,850 | 585 | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 6,692 | 1,615 | 23,307 | 31,614 | 2,816,366 | 2,847,980 | 0 | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 4,231 | 0 | 1,980 | 6,211 | 491,698 | 497,909 | 0 | ||||||||||||||||||||||||||||||||||
Commercial loans | 6,405 | 864 | 7,325 | 14,594 | 1,176,516 | 1,191,110 | 0 | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 17,328 | 2,479 | 32,612 | 52,419 | 4,484,580 | 4,536,999 | 0 | ||||||||||||||||||||||||||||||||||
Total originated loans | $ | 61,462 | 11,960 | 61,600 | 135,022 | 10,445,827 | 10,580,849 | 585 | |||||||||||||||||||||||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | ||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||
Commercial real estate loans | 3 | 4,167 | 3,951 | 2 | |||||||||||||||||||
Total Commercial Banking | 3 | $ | 4,167 | 3,951 | 2 | ||||||||||||||||||
Total | 3 | $ | 4,167 | 3,951 | 2 |
30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 Days or greater delinquent and accruing | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 765 | 4,907 | 8,069 | 13,741 | 2,975,780 | 2,989,521 | — | |||||||||||||||||||||||||||||||||
Home equity loans | 3,351 | 1,024 | 4,745 | 9,120 | 1,341,228 | 1,350,348 | — | ||||||||||||||||||||||||||||||||||
Vehicle loans | 4,795 | 1,345 | 1,198 | 7,338 | 1,453,852 | 1,461,190 | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 1,351 | 412 | 1,370 | 3,133 | 352,513 | 355,646 | 386 | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 10,262 | 7,688 | 15,382 | 33,332 | 6,123,373 | 6,156,705 | 386 | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 1,743 | 1,170 | 25,420 | 28,333 | 2,708,151 | 2,736,484 | — | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 261 | — | 142 | 403 | 425,664 | 426,067 | — | ||||||||||||||||||||||||||||||||||
Commercial loans | 692 | 170 | 1,104 | 1,966 | 877,746 | 879,712 | — | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 2,696 | 1,340 | 26,666 | 30,702 | 4,011,561 | 4,042,263 | — | ||||||||||||||||||||||||||||||||||
Total loans | $ | 12,958 | 9,028 | 42,048 | 64,034 | 10,134,934 | 10,198,968 | 386 |
30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 days or greater delinquent and accruing | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 28,797 | 5,083 | 14,489 | 48,369 | 3,019,752 | 3,068,121 | — | |||||||||||||||||||||||||||||||||
Home equity loans | 4,763 | 1,656 | 8,441 | 14,860 | 1,452,876 | 1,467,736 | — | ||||||||||||||||||||||||||||||||||
Vehicle loans | 7,707 | 1,776 | 4,599 | 14,082 | 1,138,592 | 1,152,674 | 1 | ||||||||||||||||||||||||||||||||||
Consumer loans | 2,867 | 966 | 1,459 | 5,292 | 350,027 | 355,319 | 584 | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 44,134 | 9,481 | 28,988 | 82,603 | 5,961,247 | 6,043,850 | 585 | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 6,692 | 1,615 | 23,307 | 31,614 | 2,816,366 | 2,847,980 | — | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 4,231 | — | 1,980 | 6,211 | 491,698 | 497,909 | — | ||||||||||||||||||||||||||||||||||
Commercial loans | 6,405 | 864 | 7,325 | 14,594 | 1,176,516 | 1,191,110 | — | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 17,328 | 2,479 | 32,612 | 52,419 | 4,484,580 | 4,536,999 | — | ||||||||||||||||||||||||||||||||||
Total originated loans | $ | 61,462 | 11,960 | 61,600 | 135,022 | 10,445,827 | 10,580,849 | 585 | |||||||||||||||||||||||||||||||||
YTD March 31, 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | YTD September 30, 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 134,720 | 643,244 | 370,299 | 204,157 | 223,251 | 1,374,432 | 0 | 0 | 2,950,103 | Pass | $ | 487,627 | 627,031 | 327,054 | 169,600 | 186,866 | 1,174,311 | — | — | 2,972,489 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 88 | 0 | 1,113 | 1,232 | 19,142 | 0 | 0 | 21,575 | Substandard | — | 495 | 205 | 565 | 946 | 14,821 | — | — | 17,032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | Total residential mortgage loans | 134,720 | 643,332 | 370,299 | 205,270 | 224,483 | 1,393,574 | 0 | 0 | 2,971,678 | Total residential mortgage loans | 487,627 | 627,526 | 327,259 | 170,165 | 187,812 | 1,189,132 | — | — | 2,989,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | Home equity loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 32,737 | 259,169 | 177,981 | 86,119 | 79,633 | 276,030 | 443,607 | 41,481 | 1,396,757 | Pass | 122,912 | 225,366 | 150,967 | 69,938 | 67,057 | 228,689 | 437,098 | 40,452 | 1,342,479 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 0 | 360 | 297 | 479 | 5,648 | 2,435 | 1,548 | 10,767 | Substandard | — | 66 | 539 | 65 | 361 | 4,116 | 1,440 | 1,282 | 7,869 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | Total home equity loans | 32,737 | 259,169 | 178,341 | 86,416 | 80,112 | 281,678 | 446,042 | 43,029 | 1,407,524 | Total home equity loans | 122,912 | 225,432 | 151,506 | 70,003 | 67,418 | 232,805 | 438,538 | 41,734 | 1,350,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | Vehicle loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 177,560 | 413,746 | 311,993 | 190,015 | 59,197 | 47,027 | 0 | 0 | 1,199,538 | Pass | 679,196 | 330,014 | 235,766 | 139,654 | 41,199 | 32,385 | — | — | 1,458,214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 541 | 1,739 | 1,351 | 793 | 891 | 0 | 0 | 5,315 | Substandard | 196 | 233 | 1,056 | 885 | 405 | 201 | — | — | 2,976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | Total vehicle loans | 177,560 | 414,287 | 313,732 | 191,366 | 59,990 | 47,918 | 0 | 0 | 1,204,853 | Total vehicle loans | 679,392 | 330,247 | 236,822 | 140,539 | 41,604 | 32,586 | — | — | 1,461,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 31,080 | 116,764 | 73,190 | 30,897 | 15,021 | 17,456 | 61,529 | 2,027 | 347,964 | Pass | 97,143 | 91,731 | 54,194 | 23,280 | 11,168 | 13,248 | 61,703 | 1,679 | 354,146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 1 | 179 | 243 | 107 | 68 | 643 | 244 | 53 | 1,538 | Substandard | 145 | 151 | 328 | 180 | 132 | 144 | 410 | 10 | 1,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | Total consumer loans | 31,081 | 116,943 | 73,433 | 31,004 | 15,089 | 18,099 | 61,773 | 2,080 | 349,502 | Total consumer loans | 97,288 | 91,882 | 54,522 | 23,460 | 11,300 | 13,392 | 62,113 | 1,689 | 355,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 376,098 | 1,433,731 | 935,805 | 514,056 | 379,674 | 1,741,269 | 507,815 | 45,109 | 5,933,557 | Total Personal Banking | 1,387,219 | 1,275,087 | 770,109 | 404,167 | 308,134 | 1,467,915 | 500,651 | 43,423 | 6,156,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Banking: | Business Banking: | Business Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | Commercial real estate loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 57,139 | 441,573 | 465,578 | 306,635 | 253,157 | 839,616 | 34,516 | 9,070 | 2,407,284 | Pass | 231,278 | 449,316 | 415,206 | 280,005 | 238,909 | 757,071 | 29,551 | 10,509 | 2,411,845 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 331 | 18,003 | 12,862 | 39,582 | 24,896 | 328 | 728 | 96,730 | Special Mention | 811 | 2,653 | 34,758 | 1,177 | 4,149 | 10,891 | 708 | 25 | 55,172 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 33,707 | 22,108 | 63,575 | 39,069 | 155,940 | 2,883 | 4,701 | 321,983 | Substandard | — | 33,671 | 27,741 | 49,665 | 59,169 | 92,974 | 1,233 | 5,014 | 269,467 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | Total commercial real estate loans | 57,139 | 475,611 | 505,689 | 383,072 | 331,808 | 1,020,452 | 37,727 | 14,499 | 2,825,997 | Total commercial real estate loans | 232,089 | 485,640 | 477,705 | 330,847 | 302,227 | 860,936 | 31,492 | 15,548 | 2,736,484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 6,883 | 29,494 | 59,292 | 83,443 | 67,713 | 134,215 | 3,971 | 8,787 | 393,798 | Pass | 65,945 | 24,876 | 56,170 | 69,834 | 59,792 | 105,531 | 2,851 | 2,748 | 387,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 0 | 4,277 | 4,467 | 4,944 | 9,076 | 851 | 0 | 23,615 | Special Mention | — | — | 1,729 | 784 | 2,963 | 1,770 | 616 | — | 7,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 0 | 6,648 | 1,566 | 11,025 | 25,791 | 762 | 234 | 46,026 | Substandard | — | — | 2,783 | 1,195 | 9,072 | 16,542 | 98 | 768 | 30,458 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans - owner occupied | Total commercial real estate loans - owner occupied | 6,883 | 29,494 | 70,217 | 89,476 | 83,682 | 169,082 | 5,584 | 9,021 | 463,439 | Total commercial real estate loans - owner occupied | 65,945 | 24,876 | 60,682 | 71,813 | 71,827 | 123,843 | 3,565 | 3,516 | 426,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 216,409 | 316,410 | 98,014 | 45,486 | 45,621 | 109,288 | 220,954 | 9,702 | 1,061,884 | Pass | 245,021 | 111,415 | 79,383 | 32,820 | 37,961 | 80,850 | 215,455 | 10,760 | 813,665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 200 | 5,610 | 2,572 | 2,125 | 2,803 | 172 | 8,223 | 918 | 22,623 | Special Mention | 108 | 5,578 | 806 | 1,384 | 52 | 646 | 2,402 | — | 10,976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 6,291 | 5,414 | 6,180 | 3,353 | 4,909 | 21,031 | 13,362 | 60,540 | Substandard | 401 | 5,215 | 5,852 | 5,840 | 3,828 | 3,717 | 15,032 | 15,186 | 55,071 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 216,609 | 328,311 | 106,000 | 53,791 | 51,777 | 114,369 | 250,208 | 23,982 | 1,145,047 | Total commercial loans | 245,530 | 122,208 | 86,041 | 40,044 | 41,841 | 85,213 | 232,889 | 25,946 | 879,712 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | Total Business Banking | 280,631 | 833,416 | 681,906 | 526,339 | 467,267 | 1,303,903 | 293,519 | 47,502 | 4,434,483 | Total Business Banking | 543,564 | 632,724 | 624,428 | 442,704 | 415,895 | 1,069,992 | 267,946 | 45,010 | 4,042,263 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 656,729 | 2,267,147 | 1,617,711 | 1,040,395 | 846,941 | 3,045,172 | 801,334 | 92,611 | 10,368,040 | Total loans | $ | 1,930,783 | 1,907,811 | 1,394,537 | 846,871 | 724,029 | 2,537,907 | 768,597 | 88,433 | 10,198,968 |
Year to date December 31, 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 641,963 | 418,057 | 229,477 | 247,426 | 215,893 | 1,289,728 | 0 | 0 | 3,042,544 | Pass | $ | 641,963 | 418,057 | 229,477 | 247,426 | 215,893 | 1,289,728 | — | — | 3,042,544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 68 | 1,293 | 1,674 | 1,091 | 21,451 | 0 | 0 | 25,577 | Substandard | — | 68 | 1,293 | 1,674 | 1,091 | 21,451 | — | — | 25,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | Total residential mortgage loans | 641,963 | 418,125 | 230,770 | 249,100 | 216,984 | 1,311,179 | 0 | 0 | 3,068,121 | Total residential mortgage loans | 641,963 | 418,125 | 230,770 | 249,100 | 216,984 | 1,311,179 | — | — | 3,068,121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | Home equity loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 273,076 | 193,439 | 94,757 | 87,717 | 81,212 | 219,061 | 465,453 | 40,759 | 1,455,474 | Pass | 273,076 | 193,439 | 94,757 | 87,717 | 81,212 | 219,061 | 465,453 | 40,759 | 1,455,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 210 | 318 | 281 | 876 | 5,158 | 3,509 | 1,910 | 12,262 | Substandard | — | 210 | 318 | 281 | 876 | 5,158 | 3,509 | 1,910 | 12,262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | Total home equity loans | 273,076 | 193,649 | 95,075 | 87,998 | 82,088 | 224,219 | 468,962 | 42,669 | 1,467,736 | Total home equity loans | 273,076 | 193,649 | 95,075 | 87,998 | 82,088 | 224,219 | 468,962 | 42,669 | 1,467,736 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | Vehicle loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 448,746 | 352,661 | 218,372 | 70,122 | 31,197 | 24,791 | 0 | 0 | 1,145,889 | Pass | 448,746 | 352,661 | 218,372 | 70,122 | 31,197 | 24,791 | — | — | 1,145,889 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 343 | 1,958 | 2,087 | 1,210 | 667 | 519 | 0 | 0 | 6,784 | Substandard | 343 | 1,958 | 2,087 | 1,210 | 667 | 519 | — | — | 6,784 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | Total vehicle loans | 449,089 | 354,619 | 220,459 | 71,332 | 31,864 | 25,310 | 0 | 0 | 1,152,673 | Total vehicle loans | 449,089 | 354,619 | 220,459 | 71,332 | 31,864 | 25,310 | — | — | 1,152,673 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 128,809 | 83,419 | 35,183 | 17,439 | 7,848 | 11,757 | 66,965 | 1,695 | 353,115 | Pass | 128,809 | 83,419 | 35,183 | 17,439 | 7,848 | 11,757 | 66,965 | 1,695 | 353,115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 133 | 399 | 139 | 192 | 36 | 619 | 686 | 1 | 2,205 | Substandard | 133 | 399 | 139 | 192 | 36 | 619 | 686 | 1 | 2,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | Total consumer loans | 128,942 | 83,818 | 35,322 | 17,631 | 7,884 | 12,376 | 67,651 | 1,696 | 355,320 | Total consumer loans | 128,942 | 83,818 | 35,322 | 17,631 | 7,884 | 12,376 | 67,651 | 1,696 | 355,320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 1,493,070 | 1,050,211 | 581,626 | 426,061 | 338,820 | 1,573,084 | 536,613 | 44,365 | 6,043,850 | Total Personal Banking | 1,493,070 | 1,050,211 | 581,626 | 426,061 | 338,820 | 1,573,084 | 536,613 | 44,365 | 6,043,850 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Banking: | Business Banking: | Business Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | Commercial real estate loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 417,390 | 473,115 | 316,045 | 264,702 | 195,168 | 709,459 | 36,980 | 29,755 | 2,442,614 | Pass | 417,390 | 473,115 | 316,045 | 264,702 | 195,168 | 709,459 | 36,980 | 29,755 | 2,442,614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 584 | 3,381 | 20,180 | 24,675 | 15,424 | 15,817 | 597 | 3,048 | 83,706 | Special Mention | 584 | 3,381 | 20,180 | 24,675 | 15,424 | 15,817 | 597 | 3,048 | 83,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 7,426 | 4,007 | 57,694 | 56,991 | 24,056 | 140,147 | 2,240 | 29,100 | 321,661 | Substandard | 7,426 | 4,007 | 57,694 | 56,991 | 24,056 | 140,147 | 2,240 | 29,100 | 321,661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | Total commercial real estate loans | 425,400 | 480,503 | 393,919 | 346,368 | 234,648 | 865,423 | 39,817 | 61,903 | 2,847,981 | Total commercial real estate loans | 425,400 | 480,503 | 393,919 | 346,368 | 234,648 | 865,423 | 39,817 | 61,903 | 2,847,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 24,895 | 67,162 | 87,497 | 71,626 | 46,760 | 100,081 | 4,422 | 7,648 | 410,091 | Pass | 24,895 | 67,162 | 87,497 | 71,626 | 46,760 | 100,081 | 4,422 | 7,648 | 410,091 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 4,371 | 4,514 | 3,643 | 4,276 | 3,689 | 3,822 | 0 | 24,315 | Special Mention | — | 4,371 | 4,514 | 3,643 | 4,276 | 3,689 | 3,822 | — | 24,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 21,627 | 1,903 | 12,898 | 4,013 | 21,777 | 874 | 410 | 63,502 | Substandard | — | 21,627 | 1,903 | 12,898 | 4,013 | 21,777 | 874 | 410 | 63,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans - owner occupied | Total commercial real estate loans - owner occupied | 24,895 | 93,160 | 93,914 | 88,167 | 55,049 | 125,547 | 9,118 | 8,058 | 497,908 | Total commercial real estate loans - owner occupied | 24,895 | 93,160 | 93,914 | 88,167 | 55,049 | 125,547 | 9,118 | 8,058 | 497,908 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 479,436 | 99,877 | 50,915 | 51,858 | 58,597 | 49,178 | 286,467 | 16,170 | 1,092,498 | Pass | 479,436 | 99,877 | 50,915 | 51,858 | 58,597 | 49,178 | 286,467 | 16,170 | 1,092,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 5,828 | 2,751 | 5,579 | 4,588 | 162 | 190 | 16,512 | 5,668 | 41,278 | Special Mention | 5,828 | 2,751 | 5,579 | 4,588 | 162 | 190 | 16,512 | 5,668 | 41,278 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 1,660 | 3,343 | 2,932 | 2,016 | 2,266 | 3,003 | 27,988 | 14,126 | 57,334 | Substandard | 1,660 | 3,343 | 2,932 | 2,016 | 2,266 | 3,003 | 27,988 | 14,126 | 57,334 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 486,924 | 105,971 | 59,426 | 58,462 | 61,025 | 52,371 | 330,967 | 35,964 | 1,191,110 | Total commercial loans | 486,924 | 105,971 | 59,426 | 58,462 | 61,025 | 52,371 | 330,967 | 35,964 | 1,191,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | Total Business Banking | 937,219 | 679,634 | 547,259 | 492,997 | 350,722 | 1,043,341 | 379,902 | 105,925 | 4,536,999 | Total Business Banking | 937,219 | 679,634 | 547,259 | 492,997 | 350,722 | 1,043,341 | 379,902 | 105,925 | 4,536,999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 2,430,289 | 1,729,845 | 1,128,885 | 919,058 | 689,542 | 2,616,425 | 916,515 | 150,290 | 10,580,849 | Total loans | $ | 2,430,289 | 1,729,845 | 1,128,885 | 919,058 | 689,542 | 2,616,425 | 916,515 | 150,290 | 10,580,849 |
March 31, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Amortizable intangible assets: | Amortizable intangible assets: | Amortizable intangible assets: | ||||||||||||||||||||
Core deposit intangibles - gross | Core deposit intangibles - gross | $ | 74,899 | 71,182 | Core deposit intangibles - gross | $ | 74,899 | 71,182 | ||||||||||||||
Acquisitions | Acquisitions | 0 | 3,717 | Acquisitions | — | 3,717 | ||||||||||||||||
Less: accumulated amortization | Less: accumulated amortization | (58,322) | (56,896) | Less: accumulated amortization | (60,974) | (56,896) | ||||||||||||||||
Core deposit intangibles - net | Core deposit intangibles - net | $ | 16,577 | 18,003 | Core deposit intangibles - net | $ | 13,925 | 18,003 | ||||||||||||||
Customer and Contract intangible assets - gross | Customer and Contract intangible assets - gross | $ | 12,775 | 12,775 | Customer and Contract intangible assets - gross | $ | 12,775 | 12,775 | ||||||||||||||
Customer list intangible assets disposed of due to sale of insurance business | Customer list intangible assets disposed of due to sale of insurance business | (1,591) | — | |||||||||||||||||||
Less: accumulated amortization | Less: accumulated amortization | (11,010) | (10,842) | Less: accumulated amortization | (11,068) | (10,842) | ||||||||||||||||
Customer and Contract intangible assets - net | Customer and Contract intangible assets - net | 1,765 | 1,933 | Customer and Contract intangible assets - net | 116 | 1,933 | ||||||||||||||||
Total intangible assets - net | Total intangible assets - net | $ | 18,342 | 19,936 | Total intangible assets - net | $ | 14,041 | 19,936 |
For the quarter ended | $ | ||||
For the quarter ended | |||||
For the nine months ended September 30, 2021 | 4,348 | ||||
For the nine months ended September 30, 2020 | 5,192 | ||||
For the year ending December 31, 2021 | |||||
For the year ending December 31, 2022 | |||||
For the year ending December 31, 2023 | |||||
For the year ending December 31, 2024 | |||||
For the year ending December 31, 2025 | |||||
For the year ending December 31, 2026 |
Total | |||||||||||||||||
Balance at December 31, 2019 | $ | 346,103 | |||||||||||||||
Goodwill acquired | 36,176 | ||||||||||||||||
Balance at December 31, 2020 | 382,279 | ||||||||||||||||
Purchase accounting adjustment | 77 | ||||||||||||||||
Goodwill disposed of due to sale of insurance business | (1,359) | ||||||||||||||||
Balance at | $ | ||||||||||||||||
March 31, 2021 | September 30, 2021 | |||||||||||||||||||||
Amount | Average rate | Amount | Average rate | |||||||||||||||||||
Term notes payable to the FHLB of Indianapolis acquired from MutualFirst | $ | 2,012 | 2.58 | % | ||||||||||||||||||
Collateralized borrowings, due within one year | Collateralized borrowings, due within one year | 128,192 | 0.19 | % | Collateralized borrowings, due within one year | $ | 126,496 | 0.19 | % | |||||||||||||
Subordinated debentures, net of issuance costs | 123,413 | 4.00 | % | |||||||||||||||||||
Total borrowed funds | Total borrowed funds | $ | 253,617 | Total borrowed funds | $ | 126,496 |
Maturity date | Interest rate | Capital debt securities | March 31, 2021 | Maturity date | Interest rate | Capital debt securities | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancorp Capital Trust III | Northwest Bancorp Capital Trust III | December 30, 2035 | 3-month LIBOR plus 1.38% | $ | 50,000 | $ | 51,547 | Northwest Bancorp Capital Trust III | December 30, 2035 | 3-month LIBOR plus 1.38% | $ | 50,000 | $ | 51,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancorp Statutory Trust IV | Northwest Bancorp Statutory Trust IV | December 15, 2035 | 3-month LIBOR plus 1.38% | 50,000 | 51,547 | Northwest Bancorp Statutory Trust IV | December 15, 2035 | 3-month LIBOR plus 1.38% | 50,000 | 51,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LNB Trust II | LNB Trust II | June 15, 2037 | 3-month LIBOR plus 1.48% | 7,875 | 8,119 | LNB Trust II | June 15, 2037 | 3-month LIBOR plus 1.48% | 7,875 | 8,119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNCT I (1) | UNCT I (1) | January 23, 2034 | 3-month LIBOR plus 2.85% | 8,000 | 7,931 | UNCT I (1) | January 23, 2034 | 3-month LIBOR plus 2.85% | 8,000 | 7,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNCT II (1) | UNCT II (1) | November 23, 2034 | 3-month LIBOR plus 2.00% | 3,000 | 2,721 | UNCT II (1) | November 23, 2034 | 3-month LIBOR plus 2.00% | 3,000 | 2,734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MFBC Statutory Trust I (1) | MFBC Statutory Trust I (1) | September 15, 2035 | 3-month LIBOR plus 1.70% | 5,000 | 3,502 | MFBC Statutory Trust I (1) | September 15, 2035 | 3-month LIBOR plus 1.70% | 5,000 | 3,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Universal Preferred Trust (1) | Universal Preferred Trust (1) | October 7, 2035 | 3-month LIBOR plus 1.69% | 5,000 | 3,492 | Universal Preferred Trust (1) | October 7, 2035 | 3-month LIBOR plus 1.69% | 5,000 | 3,544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 128,859 | $ | 128,989 |
Quarter ended March 31, | Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 35,063 | 38,050 | 124,267 | 39,789 | ||||||||||||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating securities | Less: Dividends and undistributed earnings allocated to participating securities | 237 | — | 841 | — | |||||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 40,237 | 7,939 | Net income available to common shareholders | $ | 34,826 | 38,050 | 123,426 | 39,789 | ||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 126,182,409 | 105,882,553 | Weighted average common shares outstanding | 126,111,774 | 126,855,810 | 126,333,290 | 118,088,122 | ||||||||||||||||||||||||||||||||||||||
Dilutive potential shares due to effect of stock options | 517,615 | 265,694 | ||||||||||||||||||||||||||||||||||||||||||||
Add: Participating shares outstanding | Add: Participating shares outstanding | 856,206 | — | 856,206 | — | |||||||||||||||||||||||||||||||||||||||||
Total weighted average common shares and dilutive potential shares | Total weighted average common shares and dilutive potential shares | $ | 126,700,024 | 106,148,247 | Total weighted average common shares and dilutive potential shares | 126,967,980 | 126,855,810 | 127,189,496 | 118,088,122 | |||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.32 | 0.08 | Basic earnings per share | $ | 0.28 | 0.30 | 0.98 | 0.34 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.32 | 0.07 | Diluted earnings per share | $ | 0.27 | 0.30 | 0.97 | 0.34 |
Quarter ended March 31, | Quarter ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
Pension benefits | Other post-retirement benefits | Pension benefits | Other post-retirement benefits | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 2,860 | 2,098 | 0 | 0 | Service cost | $ | 2,860 | 2,097 | — | — | ||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 1,517 | 1,714 | 4 | 7 | Interest cost | 1,517 | 1,713 | 4 | 7 | ||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (3,465) | (3,091) | 0 | 0 | Expected return on plan assets | (3,464) | (3,090) | — | — | ||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | (580) | (581) | 0 | 0 | Amortization of prior service cost | (580) | (580) | — | — | ||||||||||||||||||||||||||||||||||||
Amortization of the net loss | Amortization of the net loss | 1,039 | 924 | 4 | 5 | Amortization of the net loss | 1,038 | 925 | 3 | 4 | ||||||||||||||||||||||||||||||||||||
Net periodic cost | Net periodic cost | $ | 1,371 | 1,064 | 8 | 12 | Net periodic cost | $ | 1,371 | 1,065 | 7 | 11 |
Nine months ended September 30, | ||||||||||||||||||||||||||
Pension benefits | Other post-retirement benefits | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Service cost | $ | 8,580 | 6,293 | — | — | |||||||||||||||||||||
Interest cost | 4,552 | 5,141 | 13 | 20 | ||||||||||||||||||||||
Expected return on plan assets | (10,394) | (9,272) | — | — | ||||||||||||||||||||||
Amortization of prior service cost | (1,741) | (1,742) | — | — | ||||||||||||||||||||||
Amortization of the net loss | 3,117 | 2,773 | 10 | 13 | ||||||||||||||||||||||
Net periodic cost | $ | 4,114 | 3,193 | 23 | 33 |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 979,290 | 979,290 | 979,290 | 0 | 0 | Cash and cash equivalents | $ | 1,090,485 | 1,090,485 | 1,090,485 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | Securities available-for-sale | 1,430,131 | 1,430,131 | 0 | 1,430,131 | 0 | Securities available-for-sale | 1,583,715 | 1,583,715 | — | 1,583,715 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | Securities held-to-maturity | 604,284 | 593,232 | 0 | 593,232 | 0 | Securities held-to-maturity | 618,395 | 609,777 | — | 609,777 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | 10,197,773 | 10,080,207 | 0 | 0 | 10,080,207 | Loans receivable, net | 10,061,790 | 10,012,659 | — | — | 10,012,659 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans held-for-sale | Residential mortgage loans held-for-sale | 46,270 | 46,270 | 0 | 0 | 46,270 | Residential mortgage loans held-for-sale | 27,411 | 27,411 | — | — | 27,411 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 28,732 | 28,732 | 28,732 | 0 | 0 | Accrued interest receivable | 26,995 | 26,995 | 26,995 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 5,060 | 5,060 | 0 | 0 | 5,060 | Interest rate lock commitments | 3,137 | 3,137 | — | — | 3,137 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 450 | 450 | 0 | 450 | 0 | Forward commitments | 518 | 518 | — | 518 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | 1,399 | 1,399 | — | 1,399 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 34,961 | 34,961 | 0 | 34,961 | 0 | Interest rate swaps not designated as hedging instruments | 34,983 | 34,983 | — | 34,983 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock | FHLB stock | 21,861 | 21,861 | 0 | 0 | 0 | FHLB stock | 14,567 | 14,567 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets | Total financial assets | $ | 13,348,812 | 13,220,194 | 1,008,022 | 2,058,774 | 10,131,537 | Total financial assets | $ | 13,463,395 | 13,405,646 | 1,117,480 | 2,230,392 | 10,043,207 | ||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and checking deposits | Savings and checking deposits | $ | 10,577,575 | 10,577,575 | 10,577,575 | 0 | 0 | Savings and checking deposits | $ | 10,834,386 | 10,834,386 | 10,834,386 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,535,519 | 1,557,947 | 0 | 0 | 1,557,947 | Time deposits | 1,387,827 | 1,402,858 | — | — | 1,402,858 | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 253,617 | 255,664 | 130,209 | 125,455 | 0 | Borrowed funds | 126,496 | 126,496 | 126,496 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 123,486 | 129,421 | — | 129,421 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 128,859 | 121,217 | 0 | 0 | 121,217 | Junior subordinated debentures | 128,989 | 121,571 | — | — | 121,571 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | 961 | 961 | — | 961 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 35,158 | 35,158 | 0 | 35,158 | 0 | Interest rate swaps not designated as hedging instruments | 35,152 | 35,152 | — | 35,152 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | 81 | 81 | 0 | 81 | 0 | Risk participation agreements | 71 | 71 | — | 71 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 659 | 659 | 659 | 0 | 0 | Accrued interest payable | 589 | 589 | 589 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | Total financial liabilities | $ | 12,531,468 | 12,548,301 | 10,708,443 | 160,694 | 1,679,164 | Total financial liabilities | $ | 12,637,957 | 12,651,505 | 10,961,471 | 165,605 | 1,524,429 |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 736,277 | 736,277 | 736,277 | 0 | 0 | Cash and cash equivalents | $ | 736,277 | 736,277 | 736,277 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | Securities available-for-sale | 1,398,941 | 1,398,941 | 0 | 1,398,941 | 0 | Securities available-for-sale | 1,398,941 | 1,398,941 | — | 1,398,941 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | Securities held-to-maturity | 178,887 | 179,666 | 0 | 179,666 | 0 | Securities held-to-maturity | 178,887 | 179,666 | — | 179,666 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | 10,387,636 | 10,334,521 | 0 | 0 | 10,334,521 | Loans receivable, net | 10,387,636 | 10,334,521 | — | — | 10,334,521 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans held-for-sale | Residential mortgage loans held-for-sale | 58,786 | 58,786 | 0 | 0 | 58,786 | Residential mortgage loans held-for-sale | 58,786 | 58,786 | — | — | 58,786 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 35,554 | 35,554 | 35,554 | 0 | 0 | Accrued interest receivable | 35,554 | 35,554 | 35,554 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 6,465 | 6,465 | 0 | 0 | 6,465 | Interest rate lock commitments | 6,465 | 6,465 | — | — | 6,465 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 1,105 | 1,105 | 0 | 1,105 | 0 | Forward commitments | 1,105 | 1,105 | — | 1,105 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 53,863 | 53,863 | 0 | 53,863 | 0 | Interest rate swaps not designated as hedging instruments | 53,863 | 53,863 | — | 53,863 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock | FHLB stock | 21,748 | 21,748 | 0 | 0 | 0 | FHLB stock | 21,748 | 21,748 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets | Total financial assets | $ | 12,879,262 | 12,826,926 | 771,831 | 1,633,575 | 10,399,772 | Total financial assets | $ | 12,879,262 | 12,826,926 | 771,831 | 1,633,575 | 10,399,772 | ||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and checking accounts | Savings and checking accounts | $ | 9,957,137 | 9,957,137 | 9,957,137 | 0 | 0 | Savings and checking accounts | $ | 9,957,137 | 9,957,137 | 9,957,137 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,642,096 | 1,669,546 | 0 | 0 | 1,669,546 | Time deposits | 1,642,096 | 1,669,546 | — | — | 1,669,546 | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 283,044 | 283,074 | 159,745 | 123,329 | 123,329 | Borrowed funds | 159,715 | 159,745 | 159,745 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 123,329 | 123,329 | — | 123,329 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 128,794 | 121,106 | 0 | 0 | 121,106 | Junior subordinated debentures | 128,794 | 121,106 | — | — | 121,106 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 54,579 | 54,579 | 0 | 54,579 | 0 | Interest rate swaps not designated as hedging instruments | 54,579 | 54,579 | — | 54,579 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | 86 | 86 | 0 | 86 | 0 | Risk participation agreements | 86 | 86 | — | 86 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 2,054 | 2,054 | 2,054 | 0 | 0 | Accrued interest payable | 2,054 | 2,054 | 2,054 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | Total financial liabilities | $ | 12,067,790 | 12,087,582 | 10,118,936 | 177,994 | 1,913,981 | Total financial liabilities | $ | 12,067,790 | 12,087,582 | 10,118,936 | 177,994 | 1,790,652 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | Level 1 | Level 2 | Level 3 | Total assets at fair value | |||||||||||||||||||||||||||||||||||||||
Debt securities: | Debt securities: | Debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agencies | U.S. government and agencies | $ | 0 | 38,824 | 0 | 38,824 | U.S. government and agencies | $ | — | 56,992 | — | 56,992 | ||||||||||||||||||||||||||||||||||
Government sponsored enterprises | 0 | 91,944 | 0 | 91,944 | ||||||||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | Government-sponsored enterprises | — | 46,662 | — | 46,662 | |||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 0 | 100,951 | 0 | 100,951 | States and political subdivisions | — | 126,529 | — | 126,529 | ||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | 0 | 231,719 | 0 | 231,719 | Total debt securities | — | 230,183 | — | 230,183 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | 0 | 21,645 | 0 | 21,645 | GNMA | — | 18,029 | — | 18,029 | ||||||||||||||||||||||||||||||||||||
FNMA | FNMA | 0 | 195,233 | 0 | 195,233 | FNMA | — | 171,926 | — | 171,926 | ||||||||||||||||||||||||||||||||||||
FHLMC | FHLMC | 0 | 122,321 | 0 | 122,321 | FHLMC | — | 106,027 | — | 106,027 | ||||||||||||||||||||||||||||||||||||
Non-agency | Non-agency | 0 | 457 | 0 | 457 | Non-agency | — | 442 | — | 442 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | Collateralized mortgage obligations: | Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | 0 | 460,426 | 0 | 460,426 | GNMA | — | 490,548 | — | 490,548 | ||||||||||||||||||||||||||||||||||||
FNMA | FNMA | 0 | 233,754 | 0 | 233,754 | FNMA | — | 277,829 | — | 277,829 | ||||||||||||||||||||||||||||||||||||
FHLMC | FHLMC | 0 | 164,576 | 0 | 164,576 | FHLMC | — | 288,731 | — | 288,731 | ||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | Total mortgage-backed securities | 0 | 1,198,412 | 0 | 1,198,412 | Total mortgage-backed securities | — | 1,353,532 | — | 1,353,532 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 0 | 0 | 5,060 | 5,060 | Interest rate lock commitments | — | — | 3,137 | 3,137 | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 0 | 450 | 0 | 450 | Forward commitments | — | 518 | — | 518 | ||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | — | 1,399 | — | 1,399 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 0 | 34,961 | 0 | 34,961 | Interest rate swaps not designated as hedging instruments | — | 34,983 | — | 34,983 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 0 | 1,465,542 | 5,060 | 1,470,602 | Total assets | $ | — | 1,620,615 | 3,137 | 1,623,752 | ||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | $ | — | 961 | — | 961 | ||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | $ | 0 | 35,158 | 0 | 35,158 | Interest rate swaps not designated as hedging instruments | — | 35,152 | — | 35,152 | |||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | 0 | 81 | 0 | 81 | Risk participation agreements | — | 71 | — | 71 | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 0 | 35,239 | 0 | 35,239 | Total liabilities | $ | — | 36,184 | — | 36,184 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | Level 1 | Level 2 | Level 3 | Total assets at fair value | |||||||||||||||||||||||||||||||||||||||
Debt securities: | Debt securities: | Debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agencies | U.S. government and agencies | $ | 0 | 40,917 | 0 | 40,917 | U.S. government and agencies | $ | — | 40,917 | — | 40,917 | ||||||||||||||||||||||||||||||||||
Government sponsored enterprises | 0 | 94,507 | 0 | 94,507 | ||||||||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | Government-sponsored enterprises | — | 94,507 | — | 94,507 | |||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 0 | 116,813 | 0 | 116,813 | States and political subdivisions | — | 116,813 | — | 116,813 | ||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | 0 | 252,237 | 0 | 252,237 | Total debt securities | — | 252,237 | — | 252,237 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | 0 | 23,026 | 0 | 23,026 | GNMA | — | 23,026 | — | 23,026 | ||||||||||||||||||||||||||||||||||||
FNMA | FNMA | 0 | 203,571 | 0 | 203,571 | FNMA | — | 203,571 | — | 203,571 | ||||||||||||||||||||||||||||||||||||
FHLMC | FHLMC | 0 | 134,572 | 0 | 134,572 | FHLMC | — | 134,572 | — | 134,572 | ||||||||||||||||||||||||||||||||||||
Non-agency | Non-agency | 0 | 465 | 0 | 465 | Non-agency | — | 465 | — | 465 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | Collateralized mortgage obligations: | Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | 0 | 343,409 | 0 | 343,409 | GNMA | — | 343,409 | — | 343,409 | ||||||||||||||||||||||||||||||||||||
FNMA | FNMA | 0 | 262,109 | 0 | 262,109 | FNMA | — | 262,109 | — | 262,109 | ||||||||||||||||||||||||||||||||||||
FHLMC | FHLMC | 0 | 179,552 | 0 | 179,552 | FHLMC | — | 179,552 | — | 179,552 | ||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | Total mortgage-backed securities | 0 | 1,146,704 | 0 | 1,146,704 | Total mortgage-backed securities | — | 1,146,704 | — | 1,146,704 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 0 | 0 | 6,465 | 6,465 | Interest rate lock commitments | — | — | 6,465 | 6,465 | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 0 | 1,105 | 0 | 1,105 | Forward commitments | — | 1,105 | — | 1,105 | ||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 0 | 53,863 | 0 | 53,863 | Interest rate swaps not designated as hedging instruments | — | 53,863 | — | 53,863 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 0 | 1,453,909 | 6,465 | 1,460,374 | Total assets | $ | — | 1,453,909 | 6,465 | 1,460,374 | ||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | $ | 0 | 54,579 | 0 | 54,579 | Interest rate swaps not designated as hedging instruments | $ | — | 54,579 | — | 54,579 | ||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | 0 | 86 | 0 | 86 | Risk participation agreements | — | 86 | — | 86 | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 0 | 54,665 | 0 | 54,665 | Total liabilities | $ | — | 54,665 | — | 54,665 |
For the quarter ended March 31, | For the quarter ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance January 1, | $ | 6,465 | 559 | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 3,608 | 7,416 | 6,465 | 559 | ||||||||||||||||||||||||||||||||||||||||
Total gains or losses: | Total gains or losses: | Total gains or losses: | ||||||||||||||||||||||||||||||||||||||||||||
Included in net income | Included in net income | 0 | 0 | Included in net income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | Included in other comprehensive income | 0 | 0 | Included in other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments: | Interest rate lock commitments: | Interest rate lock commitments: | ||||||||||||||||||||||||||||||||||||||||||||
Net activity | Net activity | 1,405 | 52 | Net activity | (471) | 792 | (3,328) | 7,649 | ||||||||||||||||||||||||||||||||||||||
Transfers from Level 3 | Transfers from Level 3 | 0 | 0 | Transfers from Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 | Transfers into Level 3 | 0 | 0 | Transfers into Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Ending balance March 31, | $ | 5,060 | 507 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 3,137 | 8,208 | 3,137 | 8,208 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | Level 1 | Level 2 | Level 3 | Total assets at fair value | |||||||||||||||||||||||||||||||||||||||
Loans individually assessed | Loans individually assessed | $ | 0 | 0 | 157,696 | 157,696 | Loans individually assessed | $ | — | — | 65,835 | 65,835 | ||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | — | — | 2,333 | 2,333 | |||||||||||||||||||||||||||||||||||||||||
Real estate owned, net | Real estate owned, net | 0 | 0 | 1,738 | 1,738 | Real estate owned, net | — | — | 809 | 809 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 0 | 0 | 159,434 | 159,434 | Total assets | $ | — | — | 68,977 | 68,977 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | Level 1 | Level 2 | Level 3 | Total assets at fair value | |||||||||||||||||||||||||||||||||||||||
Loans individually assessed | Loans individually assessed | $ | 0 | 0 | 95,303 | 95,303 | Loans individually assessed | $ | — | — | 95,303 | 95,303 | ||||||||||||||||||||||||||||||||||
Real estate owned, net | Real estate owned, net | 0 | 0 | 2,232 | 2,232 | Real estate owned, net | — | — | 2,232 | 2,232 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 0 | 0 | 97,535 | 97,535 | Total assets | $ | — | — | 97,535 | 97,535 |
Fair value | Valuation techniques | Significant unobservable inputs | Range (weighted average) | Fair value | Valuation techniques | Significant unobservable inputs | Range (weighted average) | |||||||||||||||||||||||||||||||||||||||
Loans individually assessed | Loans individually assessed | $ | 157,696 | Appraisal value (1) | Estimated cost to sell | 10.0% | Loans individually assessed | $ | 65,835 | Appraisal value (1) | Estimated cost to sell | 10.0% | ||||||||||||||||||||||||||||||||||
Discounted cash flow | Discount rate | 10.92% to 16.6% (12.88%) | Discounted cash flow | Discount rate | 10.92% to 15.4% (13.26%) | |||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 2,333 | Discounted cash flow | Annual service cost | $84 | |||||||||||||||||||||||||||||||||||||||||
Prepayment rates | 7.0% to 24.6% (11.2%) | |||||||||||||||||||||||||||||||||||||||||||||
Expected life (months) | 40.1 to 103.9 (73.2) | |||||||||||||||||||||||||||||||||||||||||||||
Option adjusted spread | 750 basis points | |||||||||||||||||||||||||||||||||||||||||||||
Forward yield curve | 0.09% to 1.32% | |||||||||||||||||||||||||||||||||||||||||||||
Real estate owned, net | Real estate owned, net | $ | 1,738 | Appraisal value (1) | Estimated cost to sell | 10.0% | Real estate owned, net | 809 | Appraisal value (1) | Estimated cost to sell | 10.0% |
Asset derivatives | Liability derivatives | ||||||||||||||||||||||
Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||
At March 31, 2021 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swap agreements | $ | 607,671 | 34,961 | 607,671 | 35,158 | ||||||||||||||||||
Interest rate lock commitments | 129,127 | 5,060 | 0 | 0 | |||||||||||||||||||
Forward commitments | 28,082 | 450 | 0 | 0 | |||||||||||||||||||
Risk participation agreements | 0 | 0 | 77,282 | 81 | |||||||||||||||||||
Total derivatives | $ | 764,880 | 40,471 | 684,953 | 35,239 | ||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swap agreements | $ | 599,300 | 53,863 | 599,300 | 54,579 | ||||||||||||||||||
Interest rate lock commitments | 171,357 | 6,465 | 0 | 0 | |||||||||||||||||||
Forward commitments | 25,474 | 1,105 | 0 | 0 | |||||||||||||||||||
Risk participation agreements | 0 | 0 | 77,532 | 86 | |||||||||||||||||||
Total derivatives | $ | 796,131 | 61,433 | 676,832 | 54,665 |
Asset derivatives | Liability derivatives | ||||||||||||||||||||||
Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||
At September 30, 2021 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swap agreements | $ | 632,709 | 34,983 | 632,709 | 35,152 | ||||||||||||||||||
Foreign exchange swap agreements | 20,027 | 1,399 | 2,824 | 961 | |||||||||||||||||||
Interest rate lock commitments | 100,695 | 3,137 | — | — | |||||||||||||||||||
Forward commitments | 17,135 | 518 | — | — | |||||||||||||||||||
Risk participation agreements | — | — | 81,888 | 71 | |||||||||||||||||||
Total derivatives | $ | 770,566 | 40,037 | 717,421 | 36,184 | ||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swap agreements | $ | 599,300 | 53,863 | 599,300 | 54,579 | ||||||||||||||||||
Interest rate lock commitments | 171,357 | 6,465 | — | — | |||||||||||||||||||
Forward commitments | 25,474 | 1,105 | — | — | |||||||||||||||||||
Risk participation agreements | — | — | 77,532 | 86 | |||||||||||||||||||
Total derivatives | $ | 796,131 | 61,433 | 676,832 | 54,665 |
For the quarter ended March 31, | For the quarter ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Hedging derivatives: | Hedging derivatives: | Hedging derivatives: | ||||||||||||||||||||||||||||||||||||||||||||
Decrease in interest expense | Decrease in interest expense | $ | 0 | (12) | Decrease in interest expense | $ | — | 67 | — | (35) | ||||||||||||||||||||||||||||||||||||
Non-hedging swap derivatives: | Non-hedging swap derivatives: | Non-hedging swap derivatives: | ||||||||||||||||||||||||||||||||||||||||||||
Increase/(decrease) in other income | Increase/(decrease) in other income | 524 | (177) | Increase/(decrease) in other income | 590 | (353) | 1,087 | (875) | ||||||||||||||||||||||||||||||||||||||
Increase in mortgage banking income | Increase in mortgage banking income | 2,060 | 1 | Increase in mortgage banking income | 345 | 315 | 3,915 | 8,563 |
For the quarter ended March 31, 2021 | For the quarter ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | Unrealized gains/(losses) on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 16,843 | 0 | (50,392) | (33,549) | |||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | Balance as of June 30, 2021 | $ | 3,533 | — | (49,725) | (46,192) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss before reclassification adjustments (1) | Other comprehensive loss before reclassification adjustments (1) | (17,421) | 0 | 0 | (17,421) | Other comprehensive loss before reclassification adjustments (1) | (6,455) | — | — | (6,455) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) (3) | Amounts reclassified from accumulated other comprehensive income (2) (3) | (75) | 0 | 333 | 258 | Amounts reclassified from accumulated other comprehensive income (2) (3) | (69) | — | 333 | 264 | ||||||||||||||||||||||||||||||||||||
Net other comprehensive income/(loss) | Net other comprehensive income/(loss) | (17,496) | 0 | 333 | (17,163) | Net other comprehensive income/(loss) | (6,524) | — | 333 | (6,191) | ||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | (653) | 0 | (50,059) | (50,712) | |||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | $ | (2,991) | — | (49,392) | (52,383) |
For the quarter ended March 31, 2020 | |||||||||||||||||||||||
Unrealized gains/(losses) on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | ||||||||||||||||||||
Balance as of December 31, 2019 | $ | 3,147 | 0 | (40,088) | (36,941) | ||||||||||||||||||
Other comprehensive income/(loss) before reclassification adjustments (4) (5) | 8,157 | (409) | 0 | 7,748 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (6) (7) | 37 | 0 | 249 | 286 | |||||||||||||||||||
Net other comprehensive income/(loss) | 8,194 | (409) | 249 | 8,034 | |||||||||||||||||||
Balance as of March 31, 2020 | $ | 11,341 | (409) | (39,839) | (28,907) |
For the quarter ended September 30, 2020 | |||||||||||||||||||||||
Unrealized gains/(losses) on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | ||||||||||||||||||||
Balance as of June 30, 2020 | $ | 16,096 | (946) | (39,590) | (24,440) | ||||||||||||||||||
Other comprehensive income before reclassification adjustments (4) | 676 | — | — | 676 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (5) (6) (7) | (1) | 946 | 250 | 1,195 | |||||||||||||||||||
Net other comprehensive income | 675 | 946 | 250 | 1,871 | |||||||||||||||||||
Balance as of September 30, 2020 | $ | 16,771 | — | (39,340) | (22,569) |
For the nine months ended September 30, 2021 | |||||||||||||||||||||||
Unrealized gains/(losses) on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | ||||||||||||||||||||
Balance as of December 31, 2020 | $ | 16,843 | — | (50,392) | (33,549) | ||||||||||||||||||
Other comprehensive loss before reclassification adjustments (1) | (19,554) | — | — | (19,554) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) (3) | (280) | — | 1,000 | 720 | |||||||||||||||||||
Net other comprehensive income/(loss) | (19,834) | — | 1,000 | (18,834) | |||||||||||||||||||
Balance as of September 30, 2021 | $ | (2,991) | — | (49,392) | (52,383) |
For the nine months ended September 30, 2020 | |||||||||||||||||||||||
Unrealized gains on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | ||||||||||||||||||||
Balance as of December 31, 2019 | $ | 3,147 | — | (40,088) | (36,941) | ||||||||||||||||||
Other comprehensive income/(loss) before reclassification adjustments (4) (5) | 13,623 | (946) | — | 12,677 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (6) (7) (8) | 1 | 946 | 748 | 1,695 | |||||||||||||||||||
Net other comprehensive income | 13,624 | — | 748 | 14,372 | |||||||||||||||||||
Balance as of September 30, 2020 | $ | 16,771 | — | (39,340) | (22,569) |
At March 31, 2021 | At September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum capital | Well capitalized | Minimum capital | Well capitalized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | requirements (1) | requirements | Actual | requirements (1) | requirements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | Total capital (to risk weighted assets) | Total capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | $ | 1,667,271 | 16.831 | % | $ | 1,040,104 | 10.500 | % | $ | 990,575 | 10.000 | % | Northwest Bancshares, Inc. | $ | 1,683,307 | 16.850 | % | $ | 1,048,922 | 10.500 | % | $ | 998,974 | 10.000 | % | ||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,442,118 | 14.573 | % | 1,039,040 | 10.500 | % | 989,562 | 10.000 | % | Northwest Bank | 1,526,216 | 15.292 | % | 1,047,946 | 10.500 | % | 998,044 | 10.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | Tier 1 capital (to risk weighted assets) | Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | 1,442,200 | 14.559 | % | 841,989 | 8.500 | % | 792,460 | 8.000 | % | Northwest Bancshares, Inc. | 1,469,178 | 14.707 | % | 849,127 | 8.500 | % | 799,179 | 8.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,340,460 | 13.546 | % | 841,128 | 8.500 | % | 791,650 | 8.000 | % | Northwest Bank | 1,435,573 | 14.384 | % | 848,337 | 8.500 | % | 798,435 | 8.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital (to risk weighted assets) | CET1 capital (to risk weighted assets) | CET1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | 1,317,330 | 13.299 | % | 693,403 | 7.000 | % | 643,874 | 6.500 | % | Northwest Bancshares, Inc. | 1,344,178 | 13.456 | % | 699,281 | 7.000 | % | 649,333 | 6.500 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,340,460 | 13.546 | % | 692,694 | 7.000 | % | 643,215 | 6.500 | % | Northwest Bank | 1,435,573 | 14.384 | % | 698,630 | 7.000 | % | 648,728 | 6.500 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (leverage) (to average assets) | Tier 1 capital (leverage) (to average assets) | Tier 1 capital (leverage) (to average assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | 1,442,200 | 10.248 | % | 562,893 | 4.000 | % | 703,617 | 5.000 | % | Northwest Bancshares, Inc. | 1,469,178 | 9.531 | % | 616,557 | 4.000 | % | 770,697 | 5.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,340,460 | 9.683 | % | 553,750 | 4.000 | % | 692,188 | 5.000 | % | Northwest Bank | 1,435,573 | 10.101 | % | 568,480 | 4.000 | % | 710,601 | 5.000 | % |
At December 31, 2020 | |||||||||||||||||||||||||||||||||||
Minimum capital | Well capitalized | ||||||||||||||||||||||||||||||||||
Actual | requirements (1) | requirements | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | $ | 1,654,198 | 16.642 | % | $ | 1,043,693 | 10.500 | % | $ | 993,993 | 10.000 | % | |||||||||||||||||||||||
Northwest Bank | 1,478,310 | 14.887 | % | 1,042,655 | 10.500 | % | 993,004 | 10.000 | % | ||||||||||||||||||||||||||
Tier I capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,406,321 | 14.148 | % | 844,894 | 8.500 | % | 795,195 | 8.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,354,028 | 13.636 | % | 844,054 | 8.500 | % | 794,403 | 8.000 | % | ||||||||||||||||||||||||||
CET1 capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,281,516 | 12.893 | % | 695,795 | 7.000 | % | 646,096 | 6.500 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,354,028 | 13.636 | % | 695,103 | 7.000 | % | 645,453 | 6.500 | % | ||||||||||||||||||||||||||
Tier I capital (leverage) (to average assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,406,321 | 10.145 | % | 554,501 | 4.000 | % | 693,126 | 5.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,354,028 | 9.903 | % | 546,905 | 4.000 | % | 683,631 | 5.000 | % |
March 31, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
Nonaccrual loans 90 days or more past due: | Nonaccrual loans 90 days or more past due: | Nonaccrual loans 90 days or more past due: | ||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 9,333 | 14,489 | Residential mortgage loans | $ | 8,069 | 14,489 | ||||||||||||||
Home equity loans | Home equity loans | 7,044 | 8,441 | Home equity loans | 4,745 | 8,441 | ||||||||||||||||
Consumer loans | Consumer loans | 3,625 | 5,473 | Consumer loans | 2,184 | 5,473 | ||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 29,737 | 25,287 | Commercial real estate loans | 25,562 | 25,287 | ||||||||||||||||
Commercial loans | Commercial loans | 4,860 | 7,325 | Commercial loans | 1,104 | 7,325 | ||||||||||||||||
Total loans 90 days or more past due | $ | 54,599 | 61,015 | |||||||||||||||||||
Total nonaccrual loans 90 days or more past due | Total nonaccrual loans 90 days or more past due | 41,664 | 61,015 | |||||||||||||||||||
Total REO, net | Total REO, net | $ | 1,738 | 2,232 | Total REO, net | $ | 809 | 2,232 | ||||||||||||||
Total loans 90 days or more past due and REO | Total loans 90 days or more past due and REO | 56,337 | 63,247 | Total loans 90 days or more past due and REO | 42,473 | 63,247 | ||||||||||||||||
Total loans 90 days or more past due to net loans receivable | Total loans 90 days or more past due to net loans receivable | 0.53 | % | 0.58 | % | Total loans 90 days or more past due to net loans receivable | 0.41 | % | 0.58 | % | ||||||||||||
Total loans 90 days or more past due and REO to total assets | Total loans 90 days or more past due and REO to total assets | 0.39 | % | 0.46 | % | Total loans 90 days or more past due and REO to total assets | 0.30 | % | 0.46 | % | ||||||||||||
Nonperforming assets: | Nonperforming assets: | Nonperforming assets: | ||||||||||||||||||||
Nonaccrual loans - loans 90 days or more past due | Nonaccrual loans - loans 90 days or more past due | 54,599 | 61,015 | Nonaccrual loans - loans 90 days or more past due | 41,664 | 61,015 | ||||||||||||||||
Nonaccrual loans - loans less than 90 days past due | Nonaccrual loans - loans less than 90 days past due | 169,355 | 41,817 | Nonaccrual loans - loans less than 90 days past due | 135,278 | 41,817 | ||||||||||||||||
Loans 90 days or more past due and still accruing | Loans 90 days or more past due and still accruing | 197 | 585 | Loans 90 days or more past due and still accruing | 386 | 585 | ||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 224,151 | 103,417 | Total nonperforming loans | 177,328 | 103,417 | ||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 225,889 | 105,649 | Total nonperforming assets | $ | 178,137 | 105,649 | ||||||||||||||
Nonaccrual TDR loans (1) | Nonaccrual TDR loans (1) | $ | 7,390 | 10,704 | Nonaccrual TDR loans (1) | $ | 12,858 | 10,704 | ||||||||||||||
Accruing TDR loans | Accruing TDR loans | 20,120 | 21,431 | Accruing TDR loans | 13,664 | 21,431 | ||||||||||||||||
Total TDR loans | Total TDR loans | $ | 27,510 | 32,135 | Total TDR loans | $ | 26,522 | 32,135 |
Quarter ended March 31, | Quarter ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (i) | Average balance | Interest | Avg. yield/ cost (i) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 3,007,439 | 26,366 | 3.51 | % | $ | 2,845,483 | 28,062 | 3.94 | % | Residential mortgage loans | $ | 2,959,794 | 25,398 | 3.43 | % | $ | 3,176,436 | 28,769 | 3.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,432,009 | 12,815 | 3.63 | % | 1,345,059 | 14,801 | 4.43 | % | Home equity loans | 1,356,131 | 11,993 | 3.51 | % | 1,479,429 | 13,732 | 3.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,463,284 | 14,566 | 4.04 | % | 1,123,336 | 12,160 | 4.35 | % | Consumer loans | 1,728,563 | 16,220 | 3.72 | % | 1,437,828 | 15,851 | 4.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 3,313,892 | 38,471 | 4.64 | % | 2,747,419 | 31,437 | 4.53 | % | Commercial real estate loans | 3,205,839 | 35,305 | 4.31 | % | 3,306,386 | 36,887 | 4.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,189,812 | 10,566 | 3.55 | % | 712,621 | 8,856 | 4.92 | % | Commercial loans | 975,603 | 9,096 | 3.65 | % | 1,377,223 | 12,603 | 3.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $600 and $336, respectively) | 10,406,436 | 102,784 | 4.01 | % | 8,773,918 | 95,316 | 4.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $537 and $600, respectively) | Loans receivable (a) (b) (d) (includes FTE adjustments of $537 and $600, respectively) | 10,225,930 | 98,012 | 3.80 | % | 10,777,302 | 107,842 | 3.98 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (c) | Mortgage-backed securities (c) | 1,324,558 | 4,200 | 1.27 | % | 668,470 | 4,175 | 2.50 | % | Mortgage-backed securities (c) | 1,832,876 | 5,840 | 1.27 | % | 1,004,803 | 4,651 | 1.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $254 and $60, respectively) | 331,358 | 1,381 | 1.67 | % | 144,152 | 881 | 2.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $189 and $254, respectively) | Investment securities (c) (d) (includes FTE adjustments of $189 and $254, respectively) | 348,619 | 1,466 | 1.68 | % | 216,081 | 1,336 | 2.47 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 21,811 | 116 | 2.17 | % | 15,931 | 262 | 6.61 | % | FHLB stock, at cost | 21,607 | 71 | 1.31 | % | 25,595 | 218 | 3.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | 801,119 | 183 | 0.09 | % | 34,697 | 135 | 1.54 | % | Other interest-earning deposits | 905,130 | 352 | 0.15 | % | 791,601 | 221 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $854 and $396, respectively) | 12,885,282 | 108,664 | 3.42 | % | 9,637,168 | 100,769 | 4.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $726 and $854, respectively) | Total interest-earning assets (includes FTE adjustments of $726 and $854, respectively) | 13,334,162 | 105,741 | 3.15 | % | 12,815,382 | 114,268 | 3.55 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets (e) | Noninterest-earning assets (e) | 1,102,477 | 960,303 | Noninterest-earning assets (e) | 1,074,122 | 1,088,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 13,987,759 | $ | 10,597,471 | Total assets | $ | 14,408,284 | $ | 13,903,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | $ | 2,118,030 | 625 | 0.12 | % | $ | 1,611,111 | 727 | 0.18 | % | Savings deposits | $ | 2,271,365 | 603 | 0.11 | % | $ | 2,015,604 | 648 | 0.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 2,783,429 | 429 | 0.06 | % | 1,915,871 | 1,307 | 0.27 | % | Interest-bearing demand deposits | 2,890,905 | 414 | 0.06 | % | 2,680,591 | 763 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 2,497,495 | 657 | 0.11 | % | 1,921,243 | 3,088 | 0.65 | % | Money market deposit accounts | 2,565,159 | 637 | 0.10 | % | 2,347,097 | 1,347 | 0.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,583,525 | 3,803 | 0.97 | % | 1,528,891 | 6,281 | 1.65 | % | Time deposits | 1,423,041 | 2,886 | 0.80 | % | 1,782,350 | 5,685 | 1.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds (f) | Borrowed funds (f) | 267,163 | 1,412 | 2.14 | % | 240,118 | 709 | 1.19 | % | Borrowed funds (f) | 131,199 | 154 | 0.47 | % | 419,375 | 411 | 0.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures (g) | Subordinated debentures (g) | 123,513 | 1,277 | 4.10 | % | 1,340 | 306 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 128,817 | 642 | 1.99 | % | 121,809 | 1,038 | 3.37 | % | Junior subordinated debentures | 128,946 | 625 | 1.90 | % | 128,658 | 720 | 2.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 9,378,459 | 7,568 | 0.33 | % | 7,339,043 | 13,150 | 0.72 | % | Total interest-bearing liabilities | 9,534,128 | 6,596 | 0.27 | % | 9,375,015 | 9,880 | 0.42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits (g) | 2,805,206 | 1,640,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits (h) | Noninterest-bearing demand deposits (h) | 3,058,819 | 2,703,266 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | Noninterest-bearing liabilities | 265,667 | 268,139 | Noninterest-bearing liabilities | 244,402 | 284,440 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 12,449,332 | 9,247,362 | Total liabilities | 12,837,349 | 12,362,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 1,538,427 | 1,350,109 | Shareholders’ equity | 1,570,935 | 1,540,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 13,987,759 | $ | 10,597,471 | Total liabilities and shareholders’ equity | $ | 14,408,284 | $ | 13,903,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | Net interest income/Interest rate spread | 101,096 | 3.09 | % | 87,619 | 3.48 | % | Net interest income/Interest rate spread | 99,145 | 2.87 | % | 104,388 | 3.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | Net interest-earning assets/Net interest margin | $ | 3,506,823 | 3.18 | % | $ | 2,298,125 | 3.66 | % | Net interest-earning assets/Net interest margin | $ | 3,800,034 | 2.97 | % | $ | 3,440,367 | 3.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | Ratio of interest-earning assets to interest-bearing liabilities | 1.37X | 1.31X | Ratio of interest-earning assets to interest-bearing liabilities | 1.40X | 1.37X |
For the quarter ended March 31, 2021 vs. 2020 | For the quarter ended September 30, 2021 vs. 2020 | |||||||||||||||||||||||||||||||||
Increase/(decrease) due to | Total increase/(decrease) | Increase/(decrease) due to | Total increase/(decrease) | |||||||||||||||||||||||||||||||
Rate | Volume | Rate | Volume | |||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | $ | (7,869) | 15,337 | 7,468 | Loans receivable | $ | (4,841) | (4,989) | (9,830) | ||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | (2,055) | 2,080 | 25 | Mortgage-backed securities | (1,449) | 2,638 | 1,189 | ||||||||||||||||||||||||||
Investment securities | Investment securities | (280) | 780 | 500 | Investment securities | (428) | 558 | 130 | ||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | (177) | 31 | (146) | FHLB stock, at cost | (133) | (14) | (147) | ||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | (126) | 174 | 48 | Other interest-earning deposits | 87 | 44 | 131 | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | (10,507) | 18,402 | 7,895 | Total interest-earning assets | (6,764) | (1,763) | (8,527) | ||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | (246) | 144 | (102) | Savings deposits | (115) | 70 | (45) | ||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | (1,001) | 123 | (878) | Interest-bearing demand deposits | (382) | 33 | (349) | ||||||||||||||||||||||||||
Money market deposit accounts | Money market deposit accounts | (2,557) | 126 | (2,431) | Money market deposit accounts | (768) | 58 | (710) | ||||||||||||||||||||||||||
Time deposits | Time deposits | (2,557) | 79 | (2,478) | Time deposits | (2,085) | (714) | (2,799) | ||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 566 | 137 | 703 | Borrowed funds | 81 | (338) | (257) | ||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | (292) | 1,263 | 971 | ||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | (419) | 23 | (396) | Junior subordinated debentures | (97) | 2 | (95) | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | (6,214) | 632 | (5,582) | Total interest-bearing liabilities | (3,658) | 374 | (3,284) | ||||||||||||||||||||||||||
Net change in net interest income | Net change in net interest income | $ | (4,293) | 17,770 | 13,477 | Net change in net interest income | $ | (3,106) | (2,137) | (5,243) |
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (i) | Average balance | Interest | Avg. yield/ cost (i) | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 2,967,248 | 77,373 | 3.48 | % | $ | 3,038,712 | 85,850 | 3.77 | % | |||||||||||||||||||||||||
Home equity loans | 1,389,367 | 37,039 | 3.55 | % | 1,424,580 | 42,340 | 3.97 | % | |||||||||||||||||||||||||||
Consumer loans | 1,594,834 | 45,341 | 3.79 | % | 1,302,282 | 43,004 | 4.41 | % | |||||||||||||||||||||||||||
Commercial real estate loans | 3,258,785 | 107,124 | 4.32 | % | 3,071,047 | 102,918 | 4.40 | % | |||||||||||||||||||||||||||
Commercial loans | 1,099,010 | 29,640 | 3.54 | % | 1,084,739 | 32,727 | 3.96 | % | |||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $1,468 and $1,613, respectively) | 10,309,244 | 296,517 | 3.83 | % | 9,921,360 | 306,839 | 4.13 | % | |||||||||||||||||||||||||||
Mortgage-backed securities (c) | 1,639,749 | 15,720 | 1.28 | % | 796,739 | 12,865 | 2.15 | % | |||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $540 and $543, respectively) | 348,193 | 4,313 | 1.65 | % | 176,991 | 3,461 | 2.61 | % | |||||||||||||||||||||||||||
FHLB stock, at cost | 22,174 | 325 | 1.95 | % | 21,255 | 789 | 4.96 | % | |||||||||||||||||||||||||||
Other interest-earning deposits | 838,997 | 727 | 0.11 | % | 483,390 | 541 | 0.15 | % | |||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $2,008 and $2,156, respectively) | 13,158,357 | 317,602 | 3.22 | % | 11,399,735 | 324,495 | 3.80 | % | |||||||||||||||||||||||||||
Noninterest-earning assets (e) | 1,094,117 | 1,190,283 | |||||||||||||||||||||||||||||||||
Total assets | $ | 14,252,474 | $ | 12,590,018 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings deposits | $ | 2,215,553 | 1,818 | 0.11 | % | $ | 1,837,624 | 2,023 | 0.15 | % | |||||||||||||||||||||||||
Interest-bearing demand deposits | 2,838,822 | 1,250 | 0.06 | % | 2,342,748 | 2,882 | 0.16 | % | |||||||||||||||||||||||||||
Money market deposit accounts | 2,533,676 | 1,914 | 0.10 | % | 2,157,212 | 6,035 | 0.37 | % | |||||||||||||||||||||||||||
Time deposits | 1,499,583 | 9,845 | 0.87 | % | 1,691,168 | 18,243 | 1.44 | % | |||||||||||||||||||||||||||
Borrowed funds (f) | 135,369 | 458 | 0.45 | % | 344,007 | 1,415 | 0.55 | % | |||||||||||||||||||||||||||
Subordinated debentures (g) | 123,438 | 3,799 | 4.10 | % | 450 | 306 | N/M | ||||||||||||||||||||||||||||
Junior subordinated debentures | 128,882 | 1,903 | 1.94 | % | 125,988 | 2,595 | 2.71 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,475,323 | 20,987 | 0.30 | % | 8,499,197 | 33,499 | 0.53 | % | |||||||||||||||||||||||||||
Noninterest-bearing demand deposits (h) | 2,967,672 | 2,250,864 | |||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 252,587 | 243,705 | |||||||||||||||||||||||||||||||||
Total liabilities | 12,695,582 | 10,993,766 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,556,892 | 1,596,252 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,252,474 | $ | 12,590,018 | |||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | 296,615 | 2.92 | % | 290,996 | 3.27 | % | |||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | $ | 3,683,034 | 3.01 | % | $ | 2,900,538 | 3.40 | % | |||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.39X | 1.34X |
For the nine months ended September 30, 2021 vs. 2020 | |||||||||||||||||
Increase/(decrease) due to | Total increase/(decrease) | ||||||||||||||||
Rate | Volume | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans receivable | $ | (22,258) | 11,936 | (10,322) | |||||||||||||
Mortgage-backed securities | (5,227) | 8,082 | 2,855 | ||||||||||||||
Investment securities | (1,269) | 2,121 | 852 | ||||||||||||||
FHLB stock, at cost | (479) | 15 | (464) | ||||||||||||||
Other interest-earning deposits | (122) | 308 | 186 | ||||||||||||||
Total interest-earning assets | (29,355) | 22,462 | (6,893) | ||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Savings deposits | (519) | 314 | (205) | ||||||||||||||
Interest-bearing demand deposits | (1,852) | 220 | (1,632) | ||||||||||||||
Money market deposit accounts | (4,406) | 285 | (4,121) | ||||||||||||||
Time deposits | (7,164) | (1,234) | (8,398) | ||||||||||||||
Borrowed funds | (251) | (706) | (957) | ||||||||||||||
Subordinated debt | (291) | 3,784 | 3,493 | ||||||||||||||
Junior subordinated debentures | (732) | 40 | (692) | ||||||||||||||
Total interest-bearing liabilities | (15,215) | 2,703 | (12,512) | ||||||||||||||
Net change in net interest income | $ | (14,140) | 19,759 | 5,619 |
Increase | Decrease | Increase | Decrease | |||||||||||||||||||||||||||||||||||||||||||||||||
Parallel shift in interest rates over the next 12 months | Parallel shift in interest rates over the next 12 months | 100 bps | 200 bps | 300 bps | 100 bps | Parallel shift in interest rates over the next 12 months | 100 bps | 200 bps | 300 bps | 100 bps | ||||||||||||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in net interest income | Projected percentage increase/(decrease) in net interest income | 1.3 | % | 1.7 | % | 1.7 | % | (3.7) | % | Projected percentage increase/(decrease) in net interest income | 1.1 | % | 1.4 | % | 1.4 | % | (2.7 | %) | ||||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in net income | Projected percentage increase/(decrease) in net income | 3.4 | % | 4.3 | % | 4.5 | % | (9.1) | % | Projected percentage increase/(decrease) in net income | 3.4 | % | 4.6 | % | 5.0 | % | (8.0 | %) | ||||||||||||||||||||||||||||||||||
Projected increase/(decrease) in return on average equity | Projected increase/(decrease) in return on average equity | 3.2 | % | 4.1 | % | 4.3 | % | (8.8) | % | Projected increase/(decrease) in return on average equity | 3.3 | % | 4.4 | % | 4.9 | % | (7.8 | %) | ||||||||||||||||||||||||||||||||||
Projected increase/(decrease) in earnings per share | Projected increase/(decrease) in earnings per share | $ | 0.03 | $ | 0.04 | $ | 0.04 | $ | (0.09) | Projected increase/(decrease) in earnings per share | $ | 0.03 | $ | 0.04 | $ | 0.04 | $ | (0.06) | ||||||||||||||||||||||||||||||||||
Projected percentage decrease in market value of equity | Projected percentage decrease in market value of equity | (1.4) | % | (7.5) | % | (14.6) | % | (8.9) | % | Projected percentage decrease in market value of equity | (2.9 | %) | (7.8 | %) | (14.4 | %) | (12.2 | %) |
Month | Number of shares purchased | Average price paid per share | Total number of shares purchased as part of a publicly announced repurchase plan | Maximum number of shares yet to be purchased under the plan | ||||||||||||||||||||||
January | 165,497 | $ | 12.79 | 165,497 | 3,908,765 | |||||||||||||||||||||
February | 188,055 | 12.90 | 188,055 | 3,720,710 | ||||||||||||||||||||||
March | — | — | — | 3,720,710 | ||||||||||||||||||||||
353,552 |
Month | Number of shares purchased | Average price paid per share | Total number of shares purchased as part of a publicly announced repurchase plan | Maximum number of shares yet to be purchased under the plan | ||||||||||||||||||||||
July | 1,065,540 | $ | 13.35 | 1,065,540 | 2,620,710 | |||||||||||||||||||||
August | — | — | — | 2,620,710 | ||||||||||||||||||||||
September | 359,580 | 12.69 | 359,580 | 2,261,130 | ||||||||||||||||||||||
1,425,120 |
Certification of the Chief Executive Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Financial Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL. |
NORTHWEST BANCSHARES, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | By: | /s/ Ronald J. Seiffert | |||||||||
Ronald J. Seiffert | |||||||||||
Chairman, President and Chief Executive Officer | |||||||||||
(Duly Authorized Officer) | |||||||||||
Date: | By: | /s/ Jeffrey R. White | |||||||||
Jeffrey R. White | |||||||||||
Senior Vice President and Controller | |||||||||||
(Principal Accounting Officer) | |||||||||||