Maryland | 27-0950358 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
Columbus | ||||||||||||||||||||
(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 | |||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1,090,485 | 736,277 | Cash and cash equivalents | $ | 118,549 | 1,279,259 | ||||||||||||||
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) | 618,395 | 178,887 | ||||||||||||||||||||
Marketable securities available-for-sale (amortized cost of $1,466,883 and $1,565,002, respectively) | Marketable securities available-for-sale (amortized cost of $1,466,883 and $1,565,002, respectively) | 1,251,791 | 1,548,592 | |||||||||||||||||||
Marketable securities held-to-maturity (fair value of $771,238 and $751,513, respectively) | Marketable securities held-to-maturity (fair value of $771,238 and $751,513, respectively) | 899,411 | 768,154 | |||||||||||||||||||
Total cash and cash equivalents and marketable securities | Total cash and cash equivalents and marketable securities | 3,292,595 | 2,314,105 | Total cash and cash equivalents and marketable securities | 2,269,751 | 3,596,005 | ||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 27,411 | 58,786 | Loans held-for-sale | 15,834 | 25,056 | ||||||||||||||||
Loans held for investment | Loans held for investment | 10,171,557 | 10,522,063 | Loans held for investment | 10,725,691 | 9,991,336 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (109,767) | (134,427) | Allowance for credit losses | (109,819) | (102,241) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | 10,089,201 | 10,446,422 | Loans receivable, net | 10,631,706 | 9,914,151 | ||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 14,567 | 21,748 | FHLB stock, at cost | 19,281 | 14,184 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 26,995 | 35,554 | Accrued interest receivable | 29,536 | 25,599 | ||||||||||||||||
Real estate owned, net | Real estate owned, net | 809 | 2,232 | Real estate owned, net | 450 | 873 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 155,740 | 161,538 | Premises and equipment, net | 146,173 | 156,524 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 254,871 | 253,951 | Bank-owned life insurance | 255,015 | 256,213 | ||||||||||||||||
Goodwill | Goodwill | 380,997 | 382,279 | Goodwill | 380,997 | 380,997 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 14,041 | 19,936 | Other intangible assets, net | 9,491 | 12,836 | ||||||||||||||||
Other assets | Other assets | 159,419 | 168,503 | Other assets | 210,744 | 144,126 | ||||||||||||||||
Total assets | Total assets | $ | 14,389,235 | 13,806,268 | Total assets | $ | 13,953,144 | 14,501,508 | ||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | $ | 3,052,115 | 2,716,224 | Noninterest-bearing demand deposits | $ | 3,094,120 | 3,099,526 | ||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 2,926,351 | 2,755,950 | Interest-bearing demand deposits | 2,812,730 | 2,940,442 | ||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 2,584,424 | 2,437,539 | Money market deposit accounts | 2,577,013 | 2,629,882 | ||||||||||||||||
Savings deposits | Savings deposits | 2,271,496 | 2,047,424 | Savings deposits | 2,327,419 | 2,303,760 | ||||||||||||||||
Time deposits | Time deposits | 1,387,827 | 1,642,096 | Time deposits | 1,067,110 | 1,327,555 | ||||||||||||||||
Total deposits | Total deposits | 12,222,213 | 11,599,233 | Total deposits | 11,878,392 | 12,301,165 | ||||||||||||||||
Borrowed funds | Borrowed funds | 126,496 | 159,715 | Borrowed funds | 150,036 | 139,093 | ||||||||||||||||
Subordinated debt | Subordinated debt | 123,486 | 123,329 | Subordinated debt | 113,753 | 123,575 | ||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 128,989 | 128,794 | Junior subordinated debentures | 129,249 | 129,054 | ||||||||||||||||
Advances by borrowers for taxes and insurance | Advances by borrowers for taxes and insurance | 26,951 | 45,230 | Advances by borrowers for taxes and insurance | 29,647 | 44,582 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 589 | 2,054 | Accrued interest payable | 831 | 1,804 | ||||||||||||||||
Other liabilities | Other liabilities | 198,743 | 209,210 | Other liabilities | 191,450 | 178,664 | ||||||||||||||||
Total liabilities | Total liabilities | 12,827,467 | 12,267,565 | Total liabilities | 12,493,358 | 12,917,937 | ||||||||||||||||
Shareholders’ equity: | Shareholders’ equity: | Shareholders’ equity: | ||||||||||||||||||||
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 | — | — | 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 | 1,265 | 1,270 | ||||||||||||||||||||
Common stock, $0.01 par value: 500,000,000 shares authorized, 126,921,989 and 126,612,183 shares issued and outstanding, respectively | Common stock, $0.01 par value: 500,000,000 shares authorized, 126,921,989 and 126,612,183 shares issued and outstanding, respectively | 1,269 | 1,266 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,008,099 | 1,015,502 | Additional paid-in capital | 1,017,189 | 1,010,405 | ||||||||||||||||
Retained earnings | Retained earnings | 604,787 | 555,480 | Retained earnings | 632,476 | 609,529 | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (52,383) | (33,549) | Accumulated other comprehensive loss | (191,148) | (37,629) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,561,768 | 1,538,703 | Total shareholders’ equity | 1,459,786 | 1,583,571 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 14,389,235 | 13,806,268 | Total liabilities and shareholders’ equity | $ | 13,953,144 | 14,501,508 |
Quarter ended September 30, | Nine months ended September 30, | Quarter ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | $ | 97,475 | 107,241 | 295,048 | 305,226 | Loans receivable | $ | 106,943 | 97,475 | 290,691 | 295,048 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 5,840 | 4,652 | 15,720 | 12,865 | Mortgage-backed securities | 8,683 | 5,840 | 22,201 | 15,720 | ||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 649 | 427 | 1,976 | 1,514 | Taxable investment securities | 838 | 649 | 2,230 | 1,976 | ||||||||||||||||||||||||||||||||||||
Tax-free investment securities | Tax-free investment securities | 628 | 655 | 1,797 | 1,404 | Tax-free investment securities | 709 | 628 | 2,066 | 1,797 | ||||||||||||||||||||||||||||||||||||
FHLB stock dividends | FHLB stock dividends | 71 | 218 | 325 | 789 | FHLB stock dividends | 148 | 71 | 311 | 325 | ||||||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | 352 | 221 | 727 | 541 | Interest-earning deposits | 1,295 | 352 | 3,446 | 727 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 105,015 | 113,414 | 315,593 | 322,339 | Total interest income | 118,616 | 105,015 | 320,945 | 315,593 | ||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 4,540 | 8,443 | 14,827 | 29,182 | Deposits | 3,157 | 4,540 | 10,249 | 14,827 | ||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 2,056 | 1,437 | 6,160 | 4,317 | Borrowed funds | 2,710 | 2,056 | 7,059 | 6,160 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 6,596 | 9,880 | 20,987 | 33,499 | Total interest expense | 5,867 | 6,596 | 17,308 | 20,987 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 98,419 | 103,534 | 294,606 | 288,840 | Net interest income | 112,749 | 98,419 | 303,637 | 294,606 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (4,354) | 6,818 | (9,974) | 86,205 | Provision for credit losses | 7,689 | (4,354) | 8,837 | (9,974) | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 102,773 | 96,716 | 304,580 | 202,635 | Net interest income after provision for credit losses | 105,060 | 102,773 | 294,800 | 304,580 | ||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Gain/(loss) on sale of investments | (46) | (12) | (172) | 161 | ||||||||||||||||||||||||||||||||||||||||||
Gain on sale of loans | — | — | — | 1,302 | ||||||||||||||||||||||||||||||||||||||||||
Loss on sale of investments | Loss on sale of investments | (2) | (46) | (7) | (172) | |||||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | 13,199 | 14,354 | 38,337 | 42,539 | Service charges and fees | 14,323 | 13,199 | 41,063 | 38,337 | ||||||||||||||||||||||||||||||||||||
Trust and other financial services income | Trust and other financial services income | 7,182 | 5,376 | 21,101 | 15,200 | Trust and other financial services income | 6,650 | 7,182 | 21,123 | 21,101 | ||||||||||||||||||||||||||||||||||||
Insurance commission income | Insurance commission income | 44 | 2,331 | 3,633 | 7,098 | Insurance commission income | — | 44 | — | 3,633 | ||||||||||||||||||||||||||||||||||||
Gain/(loss) on real estate owned, net | 247 | (32) | 371 | (220) | ||||||||||||||||||||||||||||||||||||||||||
Gain on real estate owned, net | Gain on real estate owned, net | 290 | 247 | 552 | 371 | |||||||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance | Income from bank-owned life insurance | 1,332 | 1,576 | 4,707 | 3,860 | Income from bank-owned life insurance | 1,475 | 1,332 | 5,466 | 4,707 | ||||||||||||||||||||||||||||||||||||
Mortgage banking income | Mortgage banking income | 3,941 | 11,055 | 13,772 | 24,271 | Mortgage banking income | 766 | 3,941 | 4,388 | 13,772 | ||||||||||||||||||||||||||||||||||||
Gain on sale of insurance business | Gain on sale of insurance business | — | — | 25,327 | — | Gain on sale of insurance business | — | — | — | 25,327 | ||||||||||||||||||||||||||||||||||||
Other operating income | Other operating income | 3,287 | 2,022 | 8,771 | 5,931 | Other operating income | 3,301 | 3,287 | 10,406 | 8,771 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 29,186 | 36,670 | 115,847 | 100,142 | Total noninterest income | 26,803 | 29,186 | 82,991 | 115,847 | ||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | 49,063 | 47,371 | 145,196 | 130,166 | Compensation and employee benefits | 46,711 | 49,063 | 141,701 | 145,196 | ||||||||||||||||||||||||||||||||||||
Premises and occupancy costs | Premises and occupancy costs | 7,745 | 8,342 | 23,969 | 23,008 | Premises and occupancy costs | 7,171 | 7,745 | 22,248 | 23,969 | ||||||||||||||||||||||||||||||||||||
Office operations | Office operations | 4,143 | 4,626 | 10,625 | 11,719 | Office operations | 3,229 | 4,143 | 9,774 | 10,625 | ||||||||||||||||||||||||||||||||||||
Collections expense | Collections expense | 411 | 1,264 | 1,330 | 2,382 | Collections expense | 322 | 411 | 1,245 | 1,330 | ||||||||||||||||||||||||||||||||||||
Processing expenses | Processing expenses | 13,517 | 15,042 | 42,124 | 37,864 | Processing expenses | 13,416 | 13,517 | 38,911 | 42,124 | ||||||||||||||||||||||||||||||||||||
Marketing expenses | Marketing expenses | 2,102 | 2,147 | 6,183 | 5,701 | Marketing expenses | 2,147 | 2,102 | 6,322 | 6,183 | ||||||||||||||||||||||||||||||||||||
Federal deposit insurance premiums | Federal deposit insurance premiums | 1,184 | 1,498 | 3,844 | 3,116 | Federal deposit insurance premiums | 1,200 | 1,184 | 3,459 | 3,844 | ||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 4,295 | 3,246 | 13,108 | 8,883 | Professional services | 3,363 | 4,295 | 9,269 | 13,108 | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,321 | 1,781 | 4,348 | 5,192 | Amortization of intangible assets | 1,047 | 1,321 | 3,345 | 4,348 | ||||||||||||||||||||||||||||||||||||
Real estate owned expense | Real estate owned expense | 94 | 111 | 254 | 295 | Real estate owned expense | 61 | 94 | 170 | 254 | ||||||||||||||||||||||||||||||||||||
Merger, asset disposition and restructuring expense | Merger, asset disposition and restructuring expense | — | 1,414 | 641 | 13,551 | Merger, asset disposition and restructuring expense | — | — | 1,374 | 641 | ||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 2,227 | 27 | 7,003 | 12,766 | Other expenses | 3,906 | 2,227 | 11,506 | 7,003 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 86,102 | 86,869 | 258,625 | 254,643 | Total noninterest expense | 82,573 | 86,102 | 249,324 | 258,625 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 45,857 | 46,517 | 161,802 | 48,134 | Income before income taxes | 49,290 | 45,857 | 128,467 | 161,802 | ||||||||||||||||||||||||||||||||||||
Federal and state income taxes expense | Federal and state income taxes expense | 10,794 | 8,467 | 37,535 | 8,345 | Federal and state income taxes expense | 11,986 | 10,794 | 29,450 | 37,535 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 35,063 | 38,050 | 124,267 | 39,789 | Net income | $ | 37,304 | 35,063 | 99,017 | 124,267 | ||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.28 | 0.30 | 0.98 | 0.34 | Basic earnings per share | $ | 0.29 | 0.28 | 0.78 | 0.98 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.27 | 0.30 | 0.97 | 0.34 | Diluted earnings per share | $ | 0.29 | 0.27 | 0.78 | 0.97 |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 35,063 | 38,050 | 124,267 | 39,789 | ||||||||||||||||||
Other comprehensive income net of tax: | |||||||||||||||||||||||
Net unrealized holding gains/(losses) on marketable securities: | |||||||||||||||||||||||
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 | (69) | (1) | (280) | 1 | |||||||||||||||||||
Net unrealized holding gains/(losses) on marketable securities | (6,524) | 675 | (19,834) | 13,624 | |||||||||||||||||||
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 | — | — | — | (946) | |||||||||||||||||||
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 | — | 946 | — | — | |||||||||||||||||||
Defined benefit plan: | |||||||||||||||||||||||
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) | (6,191) | 1,871 | (18,834) | 14,372 | |||||||||||||||||||
Total comprehensive income | $ | 28,872 | 39,921 | 105,433 | 54,161 |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 37,304 | 35,063 | 99,017 | 124,267 | ||||||||||||||||||
Other comprehensive income net of tax: | |||||||||||||||||||||||
Net unrealized holding losses on marketable securities: | |||||||||||||||||||||||
Unrealized holding losses, net of tax of $14,705, $2,076, $45,555, and $6,812, respectively | (48,387) | (6,455) | (153,124) | (19,554) | |||||||||||||||||||
Reclassification adjustment for gains included in net income, net of tax of $0, $24, $0, and $89, respectively | — | (69) | (2) | (280) | |||||||||||||||||||
Net unrealized holding losses on marketable securities | (48,387) | (6,524) | (153,126) | (19,834) | |||||||||||||||||||
Defined benefit plan: | |||||||||||||||||||||||
Actuarial reclassification adjustments for prior period service costs and actuarial (gains)/losses included in net income, net of tax of $50, ($128), $151, and ($386), respectively | (131) | 333 | (393) | 1,000 | |||||||||||||||||||
Other comprehensive loss | (48,518) | (6,191) | (153,519) | (18,834) | |||||||||||||||||||
Total comprehensive income/(loss) | $ | (11,214) | 28,872 | (54,502) | 105,433 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2021 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at June 30, 2021 | 127,907,885 | $ | 1,279 | 1,025,174 | 595,100 | (46,192) | 1,575,361 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2022 | Quarter ended September 30, 2022 | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at June 30, 2022 | Beginning balance at June 30, 2022 | 126,881,766 | $ | 1,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 35,063 | — | 35,063 | Net income | — | — | — | 37,304 | — | 37,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $1,972 | — | ��� | — | — | (6,191) | (6,191) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $14,755 | Other comprehensive loss, net of tax of $14,755 | — | — | — | — | (48,518) | (48,518) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | 35,063 | (6,191) | 28,872 | Total comprehensive income/(loss) | — | — | — | 37,304 | (48,518) | (11,214) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 57,142 | — | 688 | — | — | 688 | Exercise of stock options | 73,472 | — | 897 | — | — | 897 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 1,139 | — | 1,046 | — | — | 1,046 | Stock-based compensation expense | — | — | 944 | — | — | 944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | (1,425,120) | (14) | (18,809) | — | — | (18,823) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | Stock-based compensation forfeited | (19,702) | — | — | — | — | — | Stock-based compensation forfeited | (33,249) | — | (1) | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.20 per share) | Dividends paid ($0.20 per share) | — | — | — | (25,376) | — | (25,376) | Dividends paid ($0.20 per share) | — | — | — | (25,379) | — | (25,379) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2021 | 126,521,344 | $ | 1,265 | 1,008,099 | 604,787 | (52,383) | 1,561,768 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2022 | Ending balance at September 30, 2022 | 126,921,989 | $ | 1,269 | 1,017,189 | 632,476 | (191,148) | 1,459,786 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2020 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Beginning balance at June 30, 2020 | 127,838,400 | $ | 1,278 | 1,023,083 | 530,928 | (24,440) | 1,530,849 | ||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 38,050 | — | 38,050 | |||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of ($581) | — | — | — | — | 1,871 | 1,871 | |||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | 38,050 | 1,871 | 39,921 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 743 | — | — | 743 | |||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | (37,103) | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||
Dividends paid ($0.19 per share) | — | — | — | (24,283) | — | (24,283) | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2021 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Beginning balance at June 30, 2021 | 127,907,885 | $ | 1,279 | 1,025,174 | 595,100 | (46,192) | 1,575,361 | ||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 35,063 | — | 35,063 | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $1,972 | — | — | — | — | (6,191) | (6,191) | |||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | — | — | — | 35,063 | (6,191) | 28,872 | |||||||||||||||||||||||||||||||||||
Exercise of stock options | 57,142 | — | 688 | — | — | 688 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,139 | — | 1,046 | — | — | 1,046 | |||||||||||||||||||||||||||||||||||
Share repurchases | (1,425,120) | (14) | (18,809) | — | — | (18,823) | |||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | (19,702) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Dividends paid ($0.20 per share) | — | — | — | (25,376) | — | (25,376) | |||||||||||||||||||||||||||||||||||
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 loss | Total shareholders’ equity | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | Nine months ended September 30, 2022 | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2021 | Beginning balance at December 31, 2021 | 126,612,183 | $ | 1,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 124,267 | — | 124,267 | Net income | — | — | — | 99,017 | — | 99,017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $6,515 | — | — | — | — | (18,834) | (18,834) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $45,706 | Other comprehensive loss, net of tax of $45,706 | — | — | — | — | (153,519) | (153,519) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | 124,267 | (18,834) | 105,433 | Total comprehensive income/(loss) | — | — | — | 99,017 | (153,519) | (54,502) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 1,043,487 | 10 | 12,711 | — | — | 12,721 | Exercise of stock options | 314,880 | 2 | 3,719 | — | — | 3,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 323,824 | 3 | 3,722 | — | — | 3,725 | Stock-based compensation expense | 75,377 | 2 | 3,065 | — | — | 3,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | (1,813,132) | (18) | (23,836) | — | — | (23,854) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | Stock-based compensation forfeited | (52,287) | — | — | — | — | — | Stock-based compensation forfeited | (80,451) | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.59 per share) | — | — | — | (74,960) | — | (74,960) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.60 per share) | Dividends paid ($0.60 per share) | — | — | — | (76,070) | — | (76,070) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2021 | 126,521,344 | $ | 1,265 | 1,008,099 | 604,787 | (52,383) | 1,561,768 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2022 | Ending balance at September 30, 2022 | 126,921,989 | $ | 1,269 | 1,017,189 | 632,476 | (191,148) | 1,459,786 |
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 |
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 |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 124,267 | 39,789 | Net income | $ | 99,017 | 124,267 | ||||||||||||||
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 | (9,974) | 86,205 | Provision for credit losses | 8,837 | (9,974) | ||||||||||||||||
Net gain on sale of assets | Net gain on sale of assets | (970) | (2,322) | Net gain on sale of assets | (858) | (970) | ||||||||||||||||
Mortgage banking activity | Mortgage banking activity | (17,321) | (16,676) | Mortgage banking activity | (3,308) | (17,321) | ||||||||||||||||
Gain on sale of insurance business | Gain on sale of insurance business | (25,327) | — | Gain on sale of insurance business | — | (25,327) | ||||||||||||||||
Net depreciation, amortization and accretion | Net depreciation, amortization and accretion | (271) | 6,625 | Net depreciation, amortization and accretion | 3,874 | (271) | ||||||||||||||||
(Increase)/decrease in other assets | (Increase)/decrease in other assets | 19,248 | (28,825) | (Increase)/decrease in other assets | (31,790) | 19,248 | ||||||||||||||||
Increase/(decrease) in other liabilities | Increase/(decrease) in other liabilities | (10,545) | 79,299 | Increase/(decrease) in other liabilities | 11,270 | (10,545) | ||||||||||||||||
Net amortization on marketable securities | Net amortization on marketable securities | 5,830 | 2,240 | Net amortization on marketable securities | 3,849 | 5,830 | ||||||||||||||||
Noncash compensation expense related to stock benefit plans | Noncash compensation expense related to stock benefit plans | 3,725 | 3,769 | Noncash compensation expense related to stock benefit plans | 3,066 | 3,725 | ||||||||||||||||
Noncash write-down of real estate owned | Noncash write-down of real estate owned | 173 | 272 | Noncash write-down of real estate owned | 44 | 173 | ||||||||||||||||
Deferred income tax (benefit)/expense | 1,889 | (15,812) | ||||||||||||||||||||
Deferred income tax expense | Deferred income tax expense | 1,928 | 1,889 | |||||||||||||||||||
Origination of loans held-for-sale | Origination of loans held-for-sale | (605,947) | (472,121) | Origination of loans held-for-sale | (317,117) | (605,947) | ||||||||||||||||
Proceeds from sale of loans held-for-sale | Proceeds from sale of loans held-for-sale | 652,770 | 471,367 | Proceeds from sale of loans held-for-sale | 331,268 | 652,770 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 137,547 | 153,810 | Net cash provided by operating activities | 110,080 | 137,547 | ||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||
Purchase of marketable securities held-to-maturity | Purchase of marketable securities held-to-maturity | (479,165) | — | Purchase of marketable securities held-to-maturity | (212,892) | (479,165) | ||||||||||||||||
Purchase of marketable securities available-for-sale | Purchase of marketable securities available-for-sale | (619,987) | (730,096) | Purchase of marketable securities available-for-sale | (102,178) | (619,987) | ||||||||||||||||
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 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 held-to-maturity | 80,765 | 38,974 | ||||||||||||||||
Proceeds from maturities and principal reductions of marketable securities available-for-sale | Proceeds from maturities and principal reductions of marketable securities available-for-sale | 341,121 | 284,532 | Proceeds from maturities and principal reductions of marketable securities available-for-sale | 197,310 | 341,121 | ||||||||||||||||
Proceeds from sale of marketable securities available-for-sale | Proceeds from sale of marketable securities available-for-sale | 62,127 | 8 | Proceeds from sale of marketable securities available-for-sale | — | 62,127 | ||||||||||||||||
Proceeds from bank-owned life insurance | Proceeds from bank-owned life insurance | 3,984 | 596 | Proceeds from bank-owned life insurance | 4,753 | 3,984 | ||||||||||||||||
Loan originations | Loan originations | (3,063,998) | (3,640,293) | Loan originations | (3,464,471) | (3,063,998) | ||||||||||||||||
Loan purchases | Loan purchases | (371,121) | — | |||||||||||||||||||
Proceeds from loan maturities and principal reductions | Proceeds from loan maturities and principal reductions | 3,413,907 | 3,132,329 | Proceeds from loan maturities and principal reductions | 3,110,264 | 3,413,907 | ||||||||||||||||
Proceeds from sale of loans held for investment | — | 50,791 | ||||||||||||||||||||
Net proceeds of FHLB stock | 7,181 | 4,684 | ||||||||||||||||||||
Net (redemptions)/proceeds of FHLB stock | Net (redemptions)/proceeds of FHLB stock | (5,097) | 7,181 | |||||||||||||||||||
Proceeds from sale of real estate owned | Proceeds from sale of real estate owned | 2,440 | 1,062 | Proceeds from sale of real estate owned | 1,469 | 2,440 | ||||||||||||||||
Proceeds from sale of real estate owned for investment, net | 229 | 455 | ||||||||||||||||||||
Purchase of premises and equipment | (3,728) | (10,808) | ||||||||||||||||||||
Proceeds from sale of real estate owned for investment | Proceeds from sale of real estate owned for investment | 229 | 229 | |||||||||||||||||||
Purchases of premises and equipment, net | Purchases of premises and equipment, net | (613) | (3,728) | |||||||||||||||||||
Proceeds from the sale of insurance business | Proceeds from the sale of insurance business | 28,238 | — | Proceeds from the sale of insurance business | — | 28,238 | ||||||||||||||||
Acquisitions, net of cash received | — | 261,712 | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (268,677) | (642,334) | Net cash used in investing activities | (761,582) | (268,677) |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||
Net increase in deposits | $ | 622,980 | 1,247,573 | |||||||||||||||||||
Proceeds from long-term borrowings | — | 123,247 | ||||||||||||||||||||
Net (decrease)/increase in deposits | Net (decrease)/increase in deposits | $ | (422,773) | 622,980 | ||||||||||||||||||
Repayments of long-term borrowings | Repayments of long-term borrowings | (22,105) | (112,253) | Repayments of long-term borrowings | (10,094) | (22,105) | ||||||||||||||||
Net decrease in short-term borrowings | (11,165) | (89,504) | ||||||||||||||||||||
Net increase/(decrease) in short-term borrowings | Net increase/(decrease) in short-term borrowings | 10,943 | (11,165) | |||||||||||||||||||
Increase in advances by borrowers for taxes and insurance | Increase in advances by borrowers for taxes and insurance | (18,279) | (16,790) | Increase in advances by borrowers for taxes and insurance | (14,935) | (18,279) | ||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (74,960) | (68,852) | Cash dividends paid on common stock | (76,070) | (74,960) | ||||||||||||||||
Purchase of common stock for retirement | Purchase of common stock for retirement | (23,854) | — | Purchase of common stock for retirement | — | (23,854) | ||||||||||||||||
Proceeds from stock options exercised | Proceeds from stock options exercised | 12,721 | 1,006 | Proceeds from stock options exercised | 3,721 | 12,721 | ||||||||||||||||
Net cash provided by financing activities | 485,338 | 1,084,427 | ||||||||||||||||||||
Net cash (used in)/provided by financing activities | Net cash (used in)/provided by financing activities | (509,208) | 485,338 | |||||||||||||||||||
Net increase in cash and cash equivalents | $ | 354,208 | 595,903 | |||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | Net (decrease)/increase in cash and cash equivalents | $ | (1,160,710) | 354,208 | ||||||||||||||||||
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 | $ | 1,279,259 | 736,277 | ||||||||||||||
Net increase in cash and cash equivalents | 354,208 | 595,903 | ||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | Net (decrease)/increase in cash and cash equivalents | (1,160,710) | 354,208 | |||||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 1,090,485 | 656,749 | Cash and cash equivalents at end of period | $ | 118,549 | 1,090,485 | ||||||||||||||
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 $14,631 and $27,668, respectively) | $ | 22,452 | 33,639 | |||||||||||||||||||
Interest on deposits and borrowings (including interest credited to deposit accounts of $9,812 and $14,631, respectively) | Interest on deposits and borrowings (including interest credited to deposit accounts of $9,812 and $14,631, respectively) | $ | 18,281 | 22,452 | ||||||||||||||||||
Income taxes | Income taxes | 28,961 | 21,800 | Income taxes | 21,851 | 28,961 | ||||||||||||||||
Business acquisitions: | ||||||||||||||||||||||
Fair value of assets acquired | $ | — | 2,090,599 | |||||||||||||||||||
Northwest Bancshares, Inc. common stock issued | — | (213,406) | ||||||||||||||||||||
Net cash paid | — | — | ||||||||||||||||||||
Liabilities assumed | $ | — | 1,877,193 | |||||||||||||||||||
Non-cash activities: | Non-cash activities: | Non-cash activities: | ||||||||||||||||||||
Loan foreclosures and repossessions | Loan foreclosures and repossessions | $ | 3,848 | 4,216 | Loan foreclosures and repossessions | $ | 3,423 | 3,848 | ||||||||||||||
Sale of real estate owned financed by the Company | Sale of real estate owned financed by the Company | 54 | — | Sale of real estate owned financed by the Company | 175 | 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 one year through five years | Due after one year through five years | $ | 20,000 | — | (1,921) | 18,079 | ||||||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | $ | 58,537 | — | (1,545) | 56,992 | Due after ten years | 54,213 | — | (10,367) | 43,846 | |||||||||||||||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | ||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | 191 | 1 | — | 192 | ||||||||||||||||||||||||||||||||||||||||||
Due in five years through ten years | 47,516 | 87 | (1,133) | 46,470 | ||||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 993 | — | (53) | 940 | |||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 45,890 | — | (7,739) | 38,151 | |||||||||||||||||||||||||||||||||||||||||
Municipal securities: | Municipal securities: | Municipal securities: | ||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | 1,151 | 18 | — | 1,169 | ||||||||||||||||||||||||||||||||||||||||||
Due in one year through five years | 1,647 | 31 | — | 1,678 | ||||||||||||||||||||||||||||||||||||||||||
Due in five years through ten years | 21,722 | 583 | (93) | 22,212 | ||||||||||||||||||||||||||||||||||||||||||
Due within one year | Due within one year | 509 | — | (2) | 507 | |||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 618 | — | (15) | 603 | |||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 33,945 | 8 | (3,272) | 30,681 | |||||||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 99,832 | 2,385 | (747) | 101,470 | Due after ten years | 92,791 | — | (18,406) | 74,385 | ||||||||||||||||||||||||||||||||||||
Corporate debt issues: | Corporate debt issues: | |||||||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 13,551 | — | (411) | 13,140 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 283,015 | 3,278 | (2,325) | 283,968 | Fixed rate pass-through | 233,394 | 14 | (34,557) | 198,851 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 12,115 | 356 | (15) | 12,456 | Variable rate pass-through | 9,341 | 25 | (117) | 9,249 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 1,017,472 | 4,800 | (9,335) | 1,012,937 | Fixed rate agency CMOs | 932,668 | 1 | (137,752) | 794,917 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 43,907 | 294 | (30) | 44,171 | Variable rate agency CMOs | 28,970 | 45 | (573) | 28,442 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 1,356,509 | 8,728 | (11,705) | 1,353,532 | Total residential mortgage-backed securities | 1,204,373 | 85 | (172,999) | 1,031,459 | ||||||||||||||||||||||||||||||||||||
Total marketable securities available-for-sale | Total marketable securities available-for-sale | $ | 1,587,105 | 11,833 | (15,223) | 1,583,715 | Total marketable securities available-for-sale | $ | 1,466,883 | 93 | (215,185) | 1,251,791 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | ||||||||||||||||||||
Debt issued by the U.S. government and agencies: | |||||||||||||||||||||||
Due after ten years | $ | 40,761 | 211 | (55) | 40,917 | ||||||||||||||||||
Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||
Due in less than one year | 24,976 | 159 | — | 25,135 | |||||||||||||||||||
Due in one year through five years | 238 | 3 | — | 241 | |||||||||||||||||||
Due in five years through ten years | 68,973 | 238 | (80) | 69,131 | |||||||||||||||||||
Municipal securities: | |||||||||||||||||||||||
Due in less than one year | 4,008 | 14 | — | 4,022 | |||||||||||||||||||
Due in one year through five years | 2,803 | 63 | (2) | 2,864 | |||||||||||||||||||
Due in five years through ten years | 16,045 | 429 | (5) | 16,469 | |||||||||||||||||||
Due after ten years | 89,778 | 3,752 | (72) | 93,458 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Fixed rate pass-through | 339,406 | 7,125 | (86) | 346,445 | |||||||||||||||||||
Variable rate pass-through | 14,778 | 431 | (20) | 15,189 | |||||||||||||||||||
Fixed rate agency CMOs | 723,586 | 11,758 | (1,093) | 734,251 | |||||||||||||||||||
Variable rate agency CMOs | 50,333 | 519 | (33) | 50,819 | |||||||||||||||||||
Total residential mortgage-backed securities | 1,128,103 | 19,833 | (1,232) | 1,146,704 | |||||||||||||||||||
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 | ||||||||||||||||||||
Debt issued by the U.S. government and agencies: | |||||||||||||||||||||||
Due after one year through five years | $ | 20,000 | — | (68) | 19,932 | ||||||||||||||||||
Due after ten years | 57,681 | — | (1,722) | 55,959 | |||||||||||||||||||
Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||
Due within one year | 177 | — | — | 177 | |||||||||||||||||||
Due after one year through five years | 991 | 73 | — | 1,064 | |||||||||||||||||||
Due after five years through ten years | 46,411 | 1 | (1,568) | 44,844 | |||||||||||||||||||
Municipal securities: | |||||||||||||||||||||||
Due within one year | 946 | 13 | — | 959 | |||||||||||||||||||
Due after one year through five years | 1,261 | 22 | (3) | 1,280 | |||||||||||||||||||
Due after five years through ten years | 23,692 | 661 | (146) | 24,207 | |||||||||||||||||||
Due after ten years | 99,558 | 2,884 | (187) | 102,255 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Fixed rate pass-through | 265,604 | 2,389 | (2,525) | 265,468 | |||||||||||||||||||
Variable rate pass-through | 11,306 | 294 | (9) | 11,591 | |||||||||||||||||||
Fixed rate agency CMOs | 997,680 | 2,284 | (18,965) | 980,999 | |||||||||||||||||||
Variable rate agency CMOs | 39,695 | 224 | (62) | 39,857 | |||||||||||||||||||
Total residential mortgage-backed securities | 1,314,285 | 5,191 | (21,561) | 1,297,915 | |||||||||||||||||||
Total marketable securities available-for-sale | $ | 1,565,002 | 8,845 | (25,255) | 1,548,592 |
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: | ||||||||||||||||||||||||||||||||||||||||||||||
Due in one year through five years | $ | 16,478 | — | (49) | 16,429 | |||||||||||||||||||||||||||||||||||||||||
Due in five years through ten years | 107,972 | — | (3,636) | 104,336 | ||||||||||||||||||||||||||||||||||||||||||
Debt issued by the U.S. government and agencies: | Debt issued by the U.S. government and agencies: | |||||||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | $ | 16,478 | — | (1,739) | 14,739 | ||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 107,976 | — | (20,352) | 87,624 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 192,976 | 248 | (1,104) | 192,120 | Fixed rate pass-through | 167,016 | — | (26,701) | 140,315 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 716 | 24 | — | 740 | Variable rate pass-through | 574 | — | (7) | 567 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 299,650 | 476 | (4,595) | 295,531 | Fixed rate agency CMOs | 606,808 | — | (79,373) | 527,435 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 603 | 18 | — | 621 | Variable rate agency CMOs | 559 | 1 | (2) | 558 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 493,945 | 766 | (5,699) | 489,012 | Total residential mortgage-backed securities | 774,957 | 1 | (106,083) | 668,875 | ||||||||||||||||||||||||||||||||||||
Total marketable securities held-to-maturity | Total marketable securities held-to-maturity | $ | 618,395 | 766 | (9,384) | 609,777 | Total marketable securities held-to-maturity | $ | 899,411 | 1 | (128,174) | 771,238 |
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: | ||||||||||||||||||||||||||||||||||||||||||||||
Due in five years through ten years | $ | 67,990 | 12 | (123) | 67,879 | |||||||||||||||||||||||||||||||||||||||||
Debt issued by the U.S. government and agencies: | Debt issued by the U.S. government and agencies: | |||||||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | $ | 16,478 | — | (206) | 16,272 | ||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 107,973 | — | (4,613) | 103,360 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 1,723 | 131 | — | 1,854 | Fixed rate pass-through | 183,092 | 58 | (2,161) | 180,989 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 919 | 30 | — | 949 | Variable rate pass-through | 667 | 24 | — | 691 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 107,651 | 716 | (2) | 108,365 | Fixed rate agency CMOs | 459,345 | 251 | (10,011) | 449,585 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 604 | 15 | — | 619 | Variable rate agency CMOs | 599 | 17 | — | 616 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 110,897 | 892 | (2) | 111,787 | Total residential mortgage-backed securities | 643,703 | 350 | (12,172) | 631,881 | ||||||||||||||||||||||||||||||||||||
Total marketable securities held-to-maturity | Total marketable securities held-to-maturity | $ | 178,887 | 904 | (125) | 179,666 | Total marketable securities held-to-maturity | $ | 768,154 | 350 | (16,991) | 751,513 |
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 | $ | 453 | 455 | |||||||||||||||||||
Due in one year through five years | 39,580 | 40,067 | ||||||||||||||||||||
Due within one year | Due within one year | $ | 254 | 252 | ||||||||||||||||||
Due after one year through five years | Due after one year through five years | 49,435 | 46,268 | |||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 230,932 | 232,244 | Due after five years through ten years | 155,960 | 137,226 | ||||||||||||||||
Due after ten years | Due after ten years | 1,085,544 | 1,080,766 | Due after ten years | 998,724 | 847,713 | ||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | $ | 1,356,509 | 1,353,532 | Total residential mortgage-backed securities | $ | 1,204,373 | 1,031,459 |
Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||
Due in one year through five years | $ | 890 | 948 | |||||||||||||||||||
Due after one year through five years | Due after one year through five years | $ | 20,705 | 17,551 | ||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 212,525 | 210,946 | Due after five years through ten years | 168,546 | 141,707 | ||||||||||||||||
Due after ten years | Due after ten years | 280,530 | 277,118 | Due after ten years | 585,706 | 509,617 | ||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | $ | 493,945 | 489,012 | Total residential mortgage-backed securities | $ | 774,957 | 668,875 |
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 | U.S. government-sponsored enterprises | $ | 216,233 | (6,055) | 6,916 | (308) | 223,149 | (6,363) | U.S. government-sponsored enterprises | $ | 19,905 | (1,989) | 183,474 | (40,182) | 203,379 | (42,171) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 34,492 | (840) | — | — | 34,492 | (840) | Municipal securities | 87,699 | (14,160) | 17,671 | (7,535) | 105,370 | (21,695) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt issues | Corporate debt issues | 13,140 | (411) | — | — | 13,140 | (411) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities - agency | Residential mortgage-backed securities - agency | 1,106,779 | (14,455) | 103,690 | (2,949) | 1,210,469 | (17,404) | Residential mortgage-backed securities - agency | 624,780 | (61,296) | 1,069,396 | (217,786) | 1,694,176 | (279,082) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,357,504 | (21,350) | 110,606 | (3,257) | 1,468,110 | (24,607) | Total | $ | 745,524 | (77,856) | 1,270,541 | (265,503) | 2,016,065 | (343,359) |
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 | U.S. government-sponsored enterprises | $ | 67,809 | (179) | 1,923 | (80) | 69,732 | (259) | U.S. government-sponsored enterprises | $ | 132,782 | (3,504) | 106,160 | (4,673) | 238,942 | (8,177) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 4,257 | (79) | — | — | 4,257 | (79) | Municipal securities | 25,118 | (336) | — | — | 25,118 | (336) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 1,428,582 | (26,516) | 184,389 | (7,217) | 1,612,971 | (33,733) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 372,833 | (1,460) | 7,456 | (111) | 380,289 | (1,571) | Total | $ | 1,586,482 | (30,356) | 290,549 | (11,890) | 1,877,031 | (42,246) |
AA+ | Total | AA+ | Total | |||||||||||||||||||
Held-to-maturity securities (at amortized cost): | Held-to-maturity securities (at amortized cost): | Held-to-maturity securities (at amortized cost): | ||||||||||||||||||||
Debt issued by government-sponsored enterprises | $ | 124,450 | 124,450 | |||||||||||||||||||
Debt issued by the U.S. government-sponsored enterprises | Debt issued by the U.S. government-sponsored enterprises | $ | 124,454 | 124,454 | ||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 493,945 | 493,945 | Residential mortgage-backed securities | 774,957 | 774,957 | ||||||||||||||||
Total marketable securities held-to-maturity | Total marketable securities held-to-maturity | $ | 618,395 | 618,395 | Total marketable securities held-to-maturity | $ | 899,411 | 899,411 |
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated | Acquired | Total | Originated | Acquired | Total | Originated (1) | Acquired (2) | Total | Originated (1) | Acquired (2) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 2,756,383 | 233,138 | 2,989,521 | 2,753,593 | 314,528 | 3,068,121 | Residential mortgage loans | $ | 3,225,348 | 176,550 | 3,401,898 | 2,783,459 | 211,161 | 2,994,620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,122,611 | 227,737 | 1,350,348 | 1,175,703 | 292,033 | 1,467,736 | Home equity loans | 1,110,401 | 174,588 | 1,284,989 | 1,107,202 | 212,729 | 1,319,931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 1,350,278 | 110,912 | 1,461,190 | 995,040 | 157,633 | 1,152,673 | Vehicle loans | 1,907,210 | 99,987 | 2,007,197 | 1,384,246 | 99,985 | 1,484,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 305,549 | 50,097 | 355,646 | 288,066 | 67,254 | 355,320 | Consumer loans | 100,831 | 8,210 | 109,041 | 307,961 | 46,556 | 354,517 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 5,534,821 | 621,884 | 6,156,705 | 5,212,402 | 831,448 | 6,043,850 | Total Personal Banking | 6,343,790 | 459,335 | 6,803,125 | 5,582,868 | 570,431 | 6,153,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,258,953 | 477,531 | 2,736,484 | 2,223,108 | 624,873 | 2,847,981 | Commercial real estate loans | 2,101,684 | 327,222 | 2,428,906 | 2,202,027 | 423,454 | 2,625,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 335,461 | 90,606 | 426,067 | 344,016 | 153,892 | 497,908 | Commercial real estate loans - owner occupied | 344,504 | 39,420 | 383,924 | 321,253 | 68,750 | 390,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 786,111 | 93,601 | 879,712 | 1,019,482 | 171,628 | 1,191,110 | Commercial loans | 1,072,857 | 52,713 | 1,125,570 | 765,877 | 81,732 | 847,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 3,380,525 | 661,738 | 4,042,263 | 3,586,606 | 950,393 | 4,536,999 | Total Commercial Banking | 3,519,045 | 419,355 | 3,938,400 | 3,289,157 | 573,936 | 3,863,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, gross | Total loans receivable, gross | 8,915,346 | 1,283,622 | 10,198,968 | 8,799,008 | 1,781,841 | 10,580,849 | Total loans receivable, gross | 9,862,835 | 878,690 | 10,741,525 | 8,872,025 | 1,144,367 | 10,016,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (87,222) | (22,545) | (109,767) | (102,874) | (31,553) | (134,427) | Allowance for credit losses | (97,738) | (12,081) | (109,819) | (86,750) | (15,491) | (102,241) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | Total loans receivable, net | $ | 8,828,124 | 1,261,077 | 10,089,201 | 8,696,134 | 1,750,288 | 10,446,422 | Total loans receivable, net | $ | 9,765,097 | 866,609 | 10,631,706 | 8,785,275 | 1,128,876 | 9,914,151 |
Balance as of September 30, 2022 | Current period provision | Charge-offs | Recoveries | Balance as of June 30, 2022 | ||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 17,967 | 1,646 | (166) | 329 | 16,158 | ||||||||||||||||||||||||||||||||
Home equity loans | 5,448 | 341 | (535) | 410 | 5,232 | |||||||||||||||||||||||||||||||||
Vehicle loans | 17,004 | 1,576 | (936) | 626 | 15,738 | |||||||||||||||||||||||||||||||||
Consumer loans | 825 | 1,170 | (1,405) | 281 | 779 | |||||||||||||||||||||||||||||||||
Total Personal Banking | 41,244 | 4,733 | (3,042) | 1,646 | 37,907 | |||||||||||||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 49,649 | 5,117 | (1,329) | 6,220 | 39,641 | |||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 4,087 | (34) | — | 26 | 4,095 | |||||||||||||||||||||||||||||||||
Commercial loans | 14,839 | (2,127) | (243) | 497 | 16,712 | |||||||||||||||||||||||||||||||||
Total Commercial Banking | 68,575 | 2,956 | (1,572) | 6,743 | 60,448 | |||||||||||||||||||||||||||||||||
Total | $ | 109,819 | 7,689 | (4,614) | 8,389 | 98,355 | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | ||||||||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 4 | (2) | — | — | 6 | ||||||||||||||||||||||||||||||||
Home equity loans | 74 | 10 | — | — | 64 | |||||||||||||||||||||||||||||||||
Total Personal Banking | 78 | 8 | — | — | 70 | |||||||||||||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 5,382 | 1,919 | — | — | 3,463 | |||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 287 | (41) | — | — | 328 | |||||||||||||||||||||||||||||||||
Commercial loans | 5,288 | 1,699 | — | — | 3,589 | |||||||||||||||||||||||||||||||||
Total Commercial Banking | 10,957 | 3,577 | — | — | 7,380 | |||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | $ | 11,035 | 3,585 | — | — | 7,450 | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Current period provision | Charge-offs | Recoveries | Balance as of June 30, 2021 | |||||||||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 7,987 | 1,939 | (1,263) | 64 | 7,247 | |||||||||||||||||||||||||||||
Home equity loans | 6,293 | 291 | (1,474) | 237 | 7,239 | ||||||||||||||||||||||||||||||
Vehicle loans | 12,457 | 82 | (1,112) | 599 | 12,888 | ||||||||||||||||||||||||||||||
Consumer loans | 3,074 | 949 | (1,036) | 360 | 2,801 | ||||||||||||||||||||||||||||||
Total Personal Banking | 29,811 | 3,261 | (4,885) | 1,260 | 30,175 | ||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 58,451 | (5,103) | (1,581) | 555 | 64,580 | ||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 3,246 | (1,487) | — | 4 | 4,729 | ||||||||||||||||||||||||||||||
Commercial loans | 18,259 | (1,025) | (412) | 1,850 | 17,846 | ||||||||||||||||||||||||||||||
Total Commercial Banking | 79,956 | (7,615) | (1,993) | 2,409 | 87,155 | ||||||||||||||||||||||||||||||
Total | $ | 109,767 | (4,354) | (6,878) | 3,669 | 117,330 | |||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 2 | — | — | — | 2 | |||||||||||||||||||||||||||||
Home equity loans | 40 | (2) | — | — | 42 | ||||||||||||||||||||||||||||||
Total Personal Banking | 42 | (2) | — | — | 44 | ||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,647 | 715 | — | — | 1,932 | ||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 140 | (41) | — | — | 181 | ||||||||||||||||||||||||||||||
Commercial loans | 1,333 | 101 | — | — | 1,232 | ||||||||||||||||||||||||||||||
Total Commercial Banking | 4,120 | 775 | — | — | 3,345 | ||||||||||||||||||||||||||||||
Total off-balance sheet exposure | $ | 4,162 | 773 | — | — | 3,389 |
Balance as of September 30, 2020 | Current period provision | Charge-offs | Recoveries | Balance as of June 30, 2020 | Balance as of September 30, 2022 | Current period provision | Charge-offs | Recoveries | Balance as of December 31, 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 | $ | 12,036 | 268 | (129) | 189 | 11,708 | Residential mortgage loans | $ | 17,967 | 11,331 | (1,487) | 750 | 7,373 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 9,585 | 183 | (88) | 127 | 9,363 | Home equity loans | 5,448 | 127 | (1,237) | 1,258 | 5,300 | |||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 16,713 | 4,111 | (1,763) | 530 | 13,835 | Vehicle loans | 17,004 | 2,159 | (2,517) | 1,879 | 15,483 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 3,147 | 1,871 | (1,593) | 363 | 2,506 | Consumer loans | 825 | 479 | (3,459) | 921 | 2,884 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 41,481 | 6,433 | (3,573) | 1,209 | 37,412 | Total Personal Banking | 41,244 | 14,096 | (8,700) | 4,808 | 31,040 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 73,410 | 780 | (470) | 267 | 72,833 | Commercial real estate loans | 49,649 | (6,465) | (6,745) | 8,718 | 54,141 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 13,570 | (1,205) | (62) | 10 | 14,827 | Commercial real estate loans - owner occupied | 4,087 | 167 | — | 37 | 3,883 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 11,748 | 810 | (4,892) | 316 | 15,514 | Commercial loans | 14,839 | 1,039 | (1,253) | 1,876 | 13,177 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 98,728 | 385 | (5,424) | 593 | 103,174 | Total Commercial Banking | 68,575 | (5,259) | (7,998) | 10,631 | 71,201 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 140,209 | 6,818 | (8,997) | 1,802 | 140,586 | Total | $ | 109,819 | 8,837 | (16,698) | 15,439 | 102,241 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | Residential mortgage loans | $ | 4 | 2 | — | — | 2 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 40 | 2 | — | — | 38 | Home equity loans | 74 | 35 | — | — | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 43 | 5 | — | — | 38 | Total Personal Banking | 78 | 37 | — | — | 41 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,423 | (2,712) | — | — | 5,135 | Commercial real estate loans | 5,382 | 4,501 | — | — | 881 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 469 | (157) | — | — | 626 | Commercial real estate loans - owner occupied | 287 | 145 | — | — | 142 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 3,312 | (1,072) | — | — | 4,384 | Commercial loans | 5,288 | 3,894 | — | — | 1,394 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 6,204 | (3,941) | — | — | 10,145 | Total Commercial Banking | 10,957 | 8,540 | — | — | 2,417 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | Total off-balance sheet exposure | $ | 6,247 | (3,936) | — | — | 10,183 | Total off-balance sheet exposure | $ | 11,035 | 8,577 | — | — | 2,458 |
Balance as of September 30, 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 December 31, 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 | $ | 7,987 | 3,269 | (2,888) | 340 | 7,266 | Residential mortgage loans | $ | 7,987 | 3,269 | (2,888) | 340 | 7,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 6,293 | 1,892 | (2,081) | 490 | 5,992 | Home equity loans | 6,293 | 1,892 | (2,081) | 490 | 5,992 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 12,457 | (341) | (4,017) | 1,990 | 14,825 | Vehicle loans | 12,457 | (341) | (4,017) | 1,990 | 14,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 3,074 | 2,291 | (3,135) | 1,047 | 2,871 | Consumer loans | 3,074 | 2,291 | (3,135) | 1,047 | 2,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 29,811 | 7,111 | (12,121) | 3,867 | 30,954 | Total Personal Banking | 29,811 | 7,111 | (12,121) | 3,867 | 30,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 58,451 | (12,859) | (9,281) | 1,210 | 79,381 | Commercial real estate loans | 58,451 | (12,859) | (9,281) | 1,210 | 79,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 3,246 | (6,392) | (890) | 9 | 10,518 | Commercial real estate loans - owner occupied | 3,246 | (6,391) | (890) | 9 | 10,518 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 18,259 | 2,166 | (1,627) | 4,147 | 13,574 | Commercial loans | 18,259 | 2,165 | (1,627) | 4,147 | 13,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 79,956 | (17,085) | (11,798) | 5,366 | 103,473 | Total Commercial Banking | 79,956 | (17,085) | (11,798) | 5,366 | 103,473 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 109,767 | (9,974) | (23,919) | 9,233 | 134,427 | Total | $ | 109,767 | (9,974) | (23,919) | 9,233 | 134,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | 2 | Residential mortgage loans | $ | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 40 | 5 | — | — | 35 | Home equity loans | 40 | 5 | — | — | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 42 | 5 | — | — | 37 | Total Personal Banking | 42 | 5 | — | — | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,647 | (802) | — | — | 3,449 | Commercial real estate loans | 2,647 | (802) | — | — | 3,449 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 140 | (186) | — | — | 326 | Commercial real estate loans - owner occupied | 140 | (186) | — | — | 326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,333 | (1,218) | — | — | 2,551 | Commercial loans | 1,333 | (1,218) | — | — | 2,551 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 4,120 | (2,206) | — | — | 6,326 | Total Commercial Banking | 4,120 | (2,206) | — | — | 6,326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | Total off-balance sheet exposure | $ | 4,162 | (2,201) | — | — | 6,363 | 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 | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 2,989,521 | 7,987 | 10,710 | — | 7,007 | 1,792 | — | |||||||||||||||||||||||||||||||||
Home equity loans | 1,350,348 | 6,293 | 6,482 | — | 1,821 | 709 | — | ||||||||||||||||||||||||||||||||||
Vehicle loans | 1,461,190 | 12,457 | 2,977 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 355,646 | 3,074 | 1,115 | 386 | — | — | — | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 6,156,705 | 29,811 | 21,284 | 386 | 8,828 | 2,501 | — | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,736,484 | 58,451 | 135,902 | — | 14,032 | 845 | 499 | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 426,067 | 3,246 | 1,359 | — | 326 | 55 | — | ||||||||||||||||||||||||||||||||||
Commercial loans | 879,712 | 18,259 | 18,397 | — | 3,336 | 187 | 296 | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 4,042,263 | 79,956 | 155,658 | — | 17,694 | 1,087 | 795 | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,401,898 | 17,967 | 7,816 | — | 6,040 | 1,032 | — | |||||||||||||||||||||||||||||||||
Home equity loans | 1,284,989 | 5,448 | 3,685 | — | 1,584 | 657 | — | ||||||||||||||||||||||||||||||||||
Vehicle loans | 2,007,197 | 17,004 | 3,235 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 109,041 | 825 | 166 | 357 | — | — | — | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 6,803,125 | 41,244 | 14,902 | 357 | 7,624 | 1,689 | — | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,428,906 | 49,649 | 65,298 | — | 37,993 | 678 | 10 | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 383,924 | 4,087 | 619 | — | 96 | 18 | — | ||||||||||||||||||||||||||||||||||
Commercial loans | 1,125,570 | 14,839 | 2,808 | — | 1,037 | 157 | 400 | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 3,938,400 | 68,575 | 68,725 | — | 39,126 | 853 | 410 | ||||||||||||||||||||||||||||||||||
Total | $ | 10,741,525 | 109,819 | 83,627 | 357 | 46,750 | 2,542 | 410 |
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 | — | 8,431 | 560 | — | Residential mortgage loans | $ | 2,994,620 | 7,373 | 10,402 | — | 6,749 | 1,442 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,467,736 | 5,992 | 9,123 | — | 2,058 | 381 | 26 | Home equity loans | 1,319,931 | 5,300 | 5,758 | — | 1,781 | 718 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 1,152,673 | 14,825 | 5,533 | 1 | — | — | — | Vehicle loans | 1,484,231 | 15,483 | 3,263 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 355,320 | 2,871 | 1,031 | 584 | 1 | — | — | Consumer loans | 354,517 | 2,884 | 675 | 331 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 6,043,850 | 30,954 | 31,611 | 585 | 10,490 | 941 | 26 | Total Personal Banking | 6,153,299 | 31,040 | 20,098 | 331 | 8,530 | 2,160 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,847,981 | 79,381 | 44,092 | — | 18,430 | 787 | 471 | Commercial real estate loans | 2,625,481 | 54,141 | 129,666 | — | 17,025 | 2,024 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 497,908 | 10,518 | 3,642 | — | 761 | 123 | — | Commercial real estate loans - owner occupied | 390,003 | 3,883 | 1,233 | — | 159 | 24 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,191,110 | 13,574 | 23,487 | — | 2,454 | 165 | 362 | Commercial loans | 847,609 | 13,177 | 7,474 | — | 4,574 | 609 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 4,536,999 | 103,473 | 71,221 | — | 21,645 | 1,075 | 833 | Total Commercial Banking | 3,863,093 | 71,201 | 138,373 | — | 21,758 | 2,657 | 460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 10,580,849 | 134,427 | 102,832 | 585 | 32,135 | 2,016 | 859 | Total | $ | 10,016,392 | 102,241 | 158,471 | 331 | 30,288 | 4,817 | 460 |
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: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | 15,924 | 10,710 | — | — | ||||||||||||||||||||||||
Home equity loans | 9,123 | 6,270 | 212 | — | |||||||||||||||||||||||||
Vehicle loans | 5,533 | 2,964 | 13 | — | |||||||||||||||||||||||||
Consumer loans | 1,031 | 1,114 | 1 | 386 | |||||||||||||||||||||||||
Total Personal Banking | 31,611 | 21,058 | 226 | 386 | |||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||
Commercial real estate loans | 44,092 | 80,831 | 55,071 | — | |||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 3,642 | 1,359 | — | — | |||||||||||||||||||||||||
Commercial loans | 23,487 | 14,726 | 3,671 | — | |||||||||||||||||||||||||
Total Commercial Banking | 71,221 | 96,916 | 58,742 | — | |||||||||||||||||||||||||
Total | $ | 102,832 | 117,974 | 58,968 | 386 |
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Nonaccrual loans at January 1, 2022 | Nonaccrual loans with an allowance | Nonaccrual loans with no allowance | Total nonaccrual loans at the end of the period | Loans 90 days past due and accruing | |||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 10,402 | 7,816 | — | 7,816 | — | |||||||||||||||||||||||||||||
Home equity loans | 5,758 | 3,489 | 196 | 3,685 | — | ||||||||||||||||||||||||||||||
Vehicle loans | 3,263 | 1,891 | 1,344 | 3,235 | — | ||||||||||||||||||||||||||||||
Consumer loans | 675 | 166 | — | 166 | 357 | ||||||||||||||||||||||||||||||
Total Personal Banking | 20,098 | 13,362 | 1,540 | 14,902 | 357 | ||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 129,666 | 27,690 | 37,608 | 65,298 | — | ||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 1,233 | 619 | — | 619 | — | ||||||||||||||||||||||||||||||
Commercial loans | 7,474 | 2,030 | 778 | 2,808 | — | ||||||||||||||||||||||||||||||
Total Commercial Banking | 138,373 | 30,339 | 38,386 | 68,725 | — | ||||||||||||||||||||||||||||||
Total | $ | 158,471 | 43,701 | 39,926 | 83,627 | 357 |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Nonaccrual loans at January 1, 2021 | Nonaccrual loans with an allowance | Nonaccrual loans with no allowance | Total nonaccrual loans at the end of the period | Loans 90 days past due and accruing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 14,476 | 15,923 | — | — | Residential mortgage loans | $ | 15,924 | 10,402 | — | 10,402 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 6,745 | 8,872 | 252 | — | Home equity loans | 9,123 | 5,551 | 207 | 5,758 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 3,147 | 5,377 | 156 | 1 | Vehicle loans | 5,533 | 3,251 | 12 | 3,263 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,079 | 1,030 | 1 | 584 | Consumer loans | 1,031 | 674 | 1 | 675 | 331 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 25,447 | 31,202 | 409 | 585 | Total Personal Banking | 31,611 | 19,878 | 220 | 20,098 | 331 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 18,832 | 27,079 | 17,013 | — | Commercial real estate loans | 44,092 | 65,529 | 64,137 | 129,666 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 16,032 | 3,642 | — | — | Commercial real estate loans - owner occupied | 3,642 | 1,233 | — | 1,233 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 8,559 | 18,069 | 5,418 | — | Commercial loans | 23,487 | 3,941 | 3,533 | 7,474 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 43,423 | 48,790 | 22,431 | — | Total Commercial Banking | 71,221 | 70,703 | 67,670 | 138,373 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 68,870 | 79,992 | 22,840 | 585 | Total | $ | 102,832 | 90,581 | 67,890 | 158,471 | 331 |
Real estate | Equipment | Other | Total | Real estate | Equipment | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | — | — | 583 | 583 | Residential mortgage loans | $ | 572 | — | 572 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | — | — | 99 | 99 | Home equity loans | 99 | — | 99 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | — | — | 682 | 682 | Total Personal Banking | 671 | — | 671 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 123,975 | 1,778 | — | 125,753 | Commercial real estate loans | 63,834 | — | 63,834 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 4,301 | 9,576 | 1,211 | 15,088 | Commercial loans | 432 | 1,122 | 1,554 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 128,276 | 11,354 | 1,211 | 140,841 | Total Commercial Banking | 64,266 | 1,122 | 65,388 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 128,276 | 11,354 | 1,893 | 141,523 | Total | $ | 64,937 | 1,122 | 66,059 |
Real estate | Equipment | Other | Total | Real estate | Equipment | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 1,269 | — | — | 1,269 | Residential mortgage loans | $ | 580 | — | 580 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 99 | — | — | 99 | Home equity loans | 99 | — | 99 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 1,368 | — | — | 1,368 | Total Personal Banking | 679 | — | 679 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | 119,825 | 1,705 | 121,530 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 3,313 | 197 | 11,069 | 14,579 | Commercial loans | 3,973 | 1,926 | 5,899 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 82,705 | 2,194 | 12,772 | 97,671 | Total Commercial Banking | 123,798 | 3,631 | 127,429 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 84,073 | 2,194 | 12,772 | 99,039 | Total | $ | 124,477 | 3,631 | 128,108 |
For the quarter ended September 30, | For the quarter ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Amount | Number of contracts | Amount | Number of contracts | Amount | Number of contracts | Amount | |||||||||||||||||||||||||||||||||||||||
Beginning TDR balance: | Beginning TDR balance: | 158 | $ | 27,431 | 167 | $ | 35,450 | Beginning TDR balance: | 128 | $ | 54,237 | 158 | $ | 27,431 | ||||||||||||||||||||||||||||||||
New TDRs | New TDRs | 3 | 345 | 7 | 803 | New TDRs | 6 | 221 | 3 | 345 | ||||||||||||||||||||||||||||||||||||
Re-modified TDRs | Re-modified TDRs | 3 | 4,490 | 3 | 6,679 | Re-modified TDRs | 4 | 977 | 3 | 4,490 | ||||||||||||||||||||||||||||||||||||
Net paydowns | Net paydowns | — | (4,702) | — | (8,127) | Net paydowns | — | (810) | — | (4,702) | ||||||||||||||||||||||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1 | (29) | — | — | Home equity loans | — | — | 1 | (29) | ||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2 | (53) | — | — | Commercial real estate loans | — | — | 2 | (53) | ||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 1 | (105) | — | — | Commercial real estate loans - owner occupied | — | — | 1 | (105) | ||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 5 | (139) | — | — | Commercial loans | — | — | 5 | (139) | ||||||||||||||||||||||||||||||||||||
Paid-off loans: | Paid-off loans: | Paid-off loans: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | 5 | (307) | — | — | Residential mortgage loans | 1 | (35) | 5 | (307) | ||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 4 | (122) | — | — | Home equity loans | 1 | (11) | 4 | (122) | ||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 4 | (287) | — | — | Commercial real estate loans | 1 | (3,349) | 4 | (287) | ||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 1 | (44) | — | — | |||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | — | — | 1 | (1) | Commercial loans | 3 | (3,459) | — | — | ||||||||||||||||||||||||||||||||||||
Ending TDR balance: | Ending TDR balance: | 139 | $ | 26,522 | 173 | $ | 34,804 | Ending TDR balance: | 127 | $ | 46,750 | 139 | $ | 26,522 | ||||||||||||||||||||||||||||||||
Accruing TDRs | Accruing TDRs | $ | 13,664 | $ | 17,684 | Accruing TDRs | $ | 16,344 | $ | 13,664 | ||||||||||||||||||||||||||||||||||||
Nonaccrual TDRs | Nonaccrual TDRs | 12,858 | 17,120 | Nonaccrual TDRs | 30,406 | 12,858 |
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 nine months ended September 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Number of contracts | Amount | Number of contracts | Amount | ||||||||||||||||||||
Beginning TDR balance: | 134 | $ | 30,288 | 170 | $ | 32,135 | |||||||||||||||||
New TDRs | 8 | 25,626 | 5 | 2,608 | |||||||||||||||||||
Re-modified TDRs | 10 | 1,178 | 8 | 5,701 | |||||||||||||||||||
Net paydowns | — | (1,609) | — | (8,713) | |||||||||||||||||||
Charge-offs: | |||||||||||||||||||||||
Residential mortgage loans | 1 | (3) | — | — | |||||||||||||||||||
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 | 2 | (236) | 9 | (1,033) | |||||||||||||||||||
Home equity loans | 3 | (88) | 5 | (133) | |||||||||||||||||||
Commercial real estate loans | 4 | (3,718) | 9 | (2,973) | |||||||||||||||||||
Commercial real estate loans - owner occupied | 1 | (44) | 1 | (47) | |||||||||||||||||||
Commercial loans | 4 | (3,466) | 3 | (697) | |||||||||||||||||||
Ending TDR balance: | 127 | $ | 46,750 | 139 | $ | 26,522 | |||||||||||||||||
Accruing TDRs | $ | 16,344 | $ | 13,664 | |||||||||||||||||||
Nonaccrual TDRs | 30,406 | 12,858 |
For the quarter ended September 30, 2021 | For the nine months ended September 30, 2021 | For the quarter ended September 30, 2022 | For the nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 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: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | — | $ | — | — | — | 1 | $ | 125 | 115 | 16 | Residential mortgage loans | 2 | $ | 147 | 144 | 15 | 2 | $ | 147 | 144 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 2 | 153 | 36 | 17 | 3 | 156 | 36 | 17 | Home equity loans | 5 | 160 | 154 | 23 | 5 | 160 | 154 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 2 | 153 | 36 | 17 | 4 | 281 | 151 | 33 | Total Personal Banking | 7 | 307 | 298 | 38 | 7 | 307 | 298 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 3 | 4,840 | 4,490 | 65 | 6 | 6,723 | 5,586 | 207 | Commercial real estate loans | 1 | 610 | 609 | 89 | 5 | 34,295 | 26,212 | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1 | 330 | 309 | — | 3 | 2,726 | 2,572 | — | Commercial loans | 2 | 332 | 291 | 20 | 6 | 3,856 | 294 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 4 | 5,170 | 4,799 | 65 | 9 | 9,449 | 8,158 | 207 | Total Commercial Banking | 3 | 942 | 900 | 109 | 11 | 38,151 | 26,506 | 122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 6 | $ | 5,323 | 4,835 | 82 | 13 | $ | 9,730 | 8,309 | 240 | Total | 10 | $ | 1,249 | 1,198 | 147 | 18 | $ | 38,458 | 26,804 | 160 |
For the quarter ended September 30, 2020 | For the nine months ended September 30, 2020 | 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 | 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: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | 1 | $ | 90 | 89 | 1 | 1 | $ | 90 | 89 | 1 | Residential mortgage loans | — | $ | — | — | — | 1 | $ | 125 | 115 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | — | — | — | — | 2 | 86 | 81 | 14 | Home equity loans | 2 | 153 | 36 | 17 | 3 | 156 | 36 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 1 | 90 | 89 | 1 | 3 | 176 | 170 | 15 | Total Personal Banking | 2 | 153 | 36 | 17 | 4 | 281 | 151 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 5 | 7,096 | 7,040 | 816 | 5 | 7,096 | 7,040 | 816 | Commercial real estate loans | 3 | 4,840 | 4,490 | 65 | 6 | 6,723 | 5,586 | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | — | — | — | — | 1 | 58 | 51 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 4 | 444 | 353 | — | 5 | 2,944 | 2,354 | 2 | Commercial loans | 1 | 330 | 309 | — | 3 | 2,726 | 2,572 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 9 | 7,540 | 7,393 | 816 | 11 | 10,098 | 9,445 | 828 | Total Commercial Banking | 4 | 5,170 | 4,799 | 65 | 9 | 9,449 | 8,158 | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 10 | $ | 7,630 | 7,482 | 817 | 14 | $ | 10,274 | 9,615 | 843 | Total | 6 | $ | 5,323 | 4,835 | 82 | 13 | $ | 9,730 | 8,309 | 240 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Maturity date | Total | |||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | 2 | 144 | 144 | ||||||||||||||||||||||||||||||||
Home equity loans | 5 | 154 | 154 | ||||||||||||||||||||||||||||||||
Total Personal Banking | 7 | 298 | 298 | ||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 1 | 609 | 609 | ||||||||||||||||||||||||||||||||
Commercial loans | 2 | 291 | 291 | ||||||||||||||||||||||||||||||||
Total Commercial Banking | 3 | 900 | 900 | ||||||||||||||||||||||||||||||||
Total | 10 | 1,198 | 1,198 |
Type of modification | Type of modification | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Payment | Maturity date | Other | Total | Number of contracts | Rate | Payment | Maturity date | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 2 | $ | — | 30 | 6 | — | 36 | Home equity loans | 2 | $ | — | 30 | 6 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 2 | — | 30 | 6 | — | 36 | Total Personal Banking | 2 | — | 30 | 6 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 3 | 378 | — | 4,112 | — | 4,490 | Commercial real estate loans | 3 | 378 | — | 4,112 | 4,490 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1 | — | — | 309 | — | 309 | Commercial loans | 1 | — | — | 309 | 309 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 4 | 378 | — | 4,421 | — | 4,799 | Total Commercial Banking | 4 | 378 | — | 4,421 | 4,799 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 6 | $ | 378 | 30 | 4,427 | — | 4,835 | 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 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Maturity date | Total | ||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | 2 | $ | — | 144 | 144 | ||||||||||||||||||||||||||||||
Home equity loans | 5 | — | 154 | 154 | |||||||||||||||||||||||||||||||
Total Personal Banking | 7 | — | 298 | 298 | |||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 5 | 4,166 | 22,046 | 26,212 | |||||||||||||||||||||||||||||||
Commercial loans | 6 | — | 294 | 294 | |||||||||||||||||||||||||||||||
Total Commercial Banking | 11 | 4,166 | 22,340 | 26,506 | |||||||||||||||||||||||||||||||
Total | 18 | $ | 4,166 | 22,638 | 26,804 |
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 | |||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Payment | Maturity date | Other | Total | ||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | 1 | $ | — | — | 89 | — | 89 | ||||||||||||||||||||||||||||
Home equity loans | 2 | 66 | — | 15 | — | 81 | |||||||||||||||||||||||||||||
Total Personal Banking | 3 | 66 | — | 104 | — | 170 | |||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 5 | — | — | 6,755 | 285 | 7,040 | |||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 1 | — | — | 51 | — | 51 | |||||||||||||||||||||||||||||
Commercial loans | 5 | — | 114 | 239 | 2,001 | 2,354 | |||||||||||||||||||||||||||||
Total Commercial Banking | 11 | — | 114 | 7,045 | 2,286 | 9,445 | |||||||||||||||||||||||||||||
Total | 14 | $ | 66 | 114 | 7,149 | 2,286 | 9,615 |
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 3 | 4,167 | 3,951 | 2 | Commercial real estate loans | 3 | $ | 4,167 | 3,951 | 2 | ||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 3 | $ | 4,167 | 3,951 | 2 | Total Commercial Banking | 3 | 4,167 | 3,951 | 2 | ||||||||||||||||||||||||||||||||||||||
Total | Total | 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 | 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: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 765 | 4,907 | 8,069 | 13,741 | 2,975,780 | 2,989,521 | — | Residential mortgage loans | $ | 1,052 | 4,320 | 5,544 | 10,916 | 3,390,982 | 3,401,898 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 3,351 | 1,024 | 4,745 | 9,120 | 1,341,228 | 1,350,348 | — | Home equity loans | 3,278 | 1,227 | 1,779 | 6,284 | 1,278,705 | 1,284,989 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 4,795 | 1,345 | 1,198 | 7,338 | 1,453,852 | 1,461,190 | — | Vehicle loans | 6,086 | 2,322 | 1,935 | 10,343 | 1,996,854 | 2,007,197 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,351 | 412 | 1,370 | 3,133 | 352,513 | 355,646 | 386 | Consumer loans | 460 | 341 | 453 | 1,254 | 107,787 | 109,041 | 357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 10,262 | 7,688 | 15,382 | 33,332 | 6,123,373 | 6,156,705 | 386 | Total Personal Banking | 10,876 | 8,210 | 9,711 | 28,797 | 6,774,328 | 6,803,125 | 357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 1,743 | 1,170 | 25,420 | 28,333 | 2,708,151 | 2,736,484 | — | Commercial real estate loans | 929 | 1,648 | 8,558 | 11,135 | 2,417,771 | 2,428,906 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 261 | — | 142 | 403 | 425,664 | 426,067 | — | Commercial real estate loans - owner occupied | 403 | 93 | 263 | 759 | 383,165 | 383,924 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 692 | 170 | 1,104 | 1,966 | 877,746 | 879,712 | — | Commercial loans | 2,582 | 808 | 638 | 4,028 | 1,121,542 | 1,125,570 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 2,696 | 1,340 | 26,666 | 30,702 | 4,011,561 | 4,042,263 | — | Total Commercial Banking | 3,914 | 2,549 | 9,459 | 15,922 | 3,922,478 | 3,938,400 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 12,958 | 9,028 | 42,048 | 64,034 | 10,134,934 | 10,198,968 | 386 | Total loans | $ | 14,790 | 10,759 | 19,170 | 44,719 | 10,696,806 | 10,741,525 | 357 |
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 | 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: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 28,797 | 5,083 | 14,489 | 48,369 | 3,019,752 | 3,068,121 | — | Residential mortgage loans | $ | 20,567 | 5,433 | 7,641 | 33,641 | 2,960,979 | 2,994,620 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 4,763 | 1,656 | 8,441 | 14,860 | 1,452,876 | 1,467,736 | — | Home equity loans | 3,153 | 949 | 4,262 | 8,364 | 1,311,567 | 1,319,931 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 7,707 | 1,776 | 4,599 | 14,082 | 1,138,592 | 1,152,674 | 1 | Vehicle loans | 5,331 | 1,487 | 1,635 | 8,453 | 1,475,778 | 1,484,231 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 2,867 | 966 | 1,459 | 5,292 | 350,027 | 355,319 | 584 | Consumer loans | 1,205 | 519 | 765 | 2,489 | 352,028 | 354,517 | 331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 44,134 | 9,481 | 28,988 | 82,603 | 5,961,247 | 6,043,850 | 585 | Total Personal Banking | 30,256 | 8,388 | 14,303 | 52,947 | 6,100,352 | 6,153,299 | 331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 6,692 | 1,615 | 23,307 | 31,614 | 2,816,366 | 2,847,980 | — | Commercial real estate loans | 16,938 | 699 | 23,489 | 41,126 | 2,584,355 | 2,625,481 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 4,231 | — | 1,980 | 6,211 | 491,698 | 497,909 | — | Commercial real estate loans - owner occupied | 127 | 70 | 574 | 771 | 389,232 | 390,003 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 6,405 | 864 | 7,325 | 14,594 | 1,176,516 | 1,191,110 | — | Commercial loans | 193 | 727 | 1,105 | 2,025 | 845,584 | 847,609 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 17,328 | 2,479 | 32,612 | 52,419 | 4,484,580 | 4,536,999 | — | Total Commercial Banking | 17,258 | 1,496 | 25,168 | 43,922 | 3,819,171 | 3,863,093 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated loans | Total originated loans | $ | 61,462 | 11,960 | 61,600 | 135,022 | 10,445,827 | 10,580,849 | 585 | Total originated loans | $ | 47,514 | 9,884 | 39,471 | 96,869 | 9,919,523 | 10,016,392 | 331 |
YTD September 30, 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | |||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 487,627 | 627,031 | 327,054 | 169,600 | 186,866 | 1,174,311 | — | — | 2,972,489 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 495 | 205 | 565 | 946 | 14,821 | — | — | 17,032 | ||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | 487,627 | 627,526 | 327,259 | 170,165 | 187,812 | 1,189,132 | — | — | 2,989,521 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 122,912 | 225,366 | 150,967 | 69,938 | 67,057 | 228,689 | 437,098 | 40,452 | 1,342,479 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 66 | 539 | 65 | 361 | 4,116 | 1,440 | 1,282 | 7,869 | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 679,196 | 330,014 | 235,766 | 139,654 | 41,199 | 32,385 | — | — | 1,458,214 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 196 | 233 | 1,056 | 885 | 405 | 201 | — | — | 2,976 | ||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | 679,392 | 330,247 | 236,822 | 140,539 | 41,604 | 32,586 | — | — | 1,461,190 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 97,143 | 91,731 | 54,194 | 23,280 | 11,168 | 13,248 | 61,703 | 1,679 | 354,146 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 145 | 151 | 328 | 180 | 132 | 144 | 410 | 10 | 1,500 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 97,288 | 91,882 | 54,522 | 23,460 | 11,300 | 13,392 | 62,113 | 1,689 | 355,646 | ||||||||||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 231,278 | 449,316 | 415,206 | 280,005 | 238,909 | 757,071 | 29,551 | 10,509 | 2,411,845 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 811 | 2,653 | 34,758 | 1,177 | 4,149 | 10,891 | 708 | 25 | 55,172 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 33,671 | 27,741 | 49,665 | 59,169 | 92,974 | 1,233 | 5,014 | 269,467 | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 65,945 | 24,876 | 56,170 | 69,834 | 59,792 | 105,531 | 2,851 | 2,748 | 387,747 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | 1,729 | 784 | 2,963 | 1,770 | 616 | — | 7,862 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 2,783 | 1,195 | 9,072 | 16,542 | 98 | 768 | 30,458 | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 245,021 | 111,415 | 79,383 | 32,820 | 37,961 | 80,850 | 215,455 | 10,760 | 813,665 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 108 | 5,578 | 806 | 1,384 | 52 | 646 | 2,402 | — | 10,976 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 401 | 5,215 | 5,852 | 5,840 | 3,828 | 3,717 | 15,032 | 15,186 | 55,071 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 245,530 | 122,208 | 86,041 | 40,044 | 41,841 | 85,213 | 232,889 | 25,946 | 879,712 | ||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 1,930,783 | 1,907,811 | 1,394,537 | 846,871 | 724,029 | 2,537,907 | 768,597 | 88,433 | 10,198,968 |
YTD September 30, 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | |||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 496,721 | 841,725 | 557,403 | 271,096 | 136,426 | 1,084,797 | — | — | 3,388,168 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 224 | 310 | 351 | 709 | 12,136 | — | — | 13,730 | ||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | 496,721 | 841,949 | 557,713 | 271,447 | 137,135 | 1,096,933 | — | — | 3,401,898 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 99,288 | 132,418 | 180,140 | 115,548 | 52,827 | 214,833 | 443,136 | 41,778 | 1,279,968 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 47 | 26 | 62 | 382 | 3,075 | 579 | 850 | 5,021 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | 99,288 | 132,465 | 180,166 | 115,610 | 53,209 | 217,908 | 443,715 | 42,628 | 1,284,989 | ||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 791,768 | 670,925 | 254,957 | 156,151 | 82,807 | 47,352 | — | — | 2,003,960 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 214 | 969 | 503 | 656 | 541 | 354 | — | — | 3,237 | ||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | 791,982 | 671,894 | 255,460 | 156,807 | 83,348 | 47,706 | — | — | 2,007,197 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 14,944 | 11,232 | 5,066 | 4,313 | 3,002 | 5,631 | 63,134 | 1,196 | 108,518 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 8 | 6 | 4 | 5 | 52 | 405 | 43 | 523 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 14,944 | 11,240 | 5,072 | 4,317 | 3,007 | 5,683 | 63,539 | 1,239 | 109,041 | ||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | 1,402,935 | 1,657,548 | 998,411 | 548,181 | 276,699 | 1,368,230 | 507,254 | 43,867 | 6,803,125 | ||||||||||||||||||||||||||||||||||||||||||||
Business Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 238,090 | 353,748 | 395,986 | 255,223 | 214,146 | 740,333 | 26,992 | 7,447 | 2,231,965 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 787 | 1,350 | 20,784 | 1,015 | 7,244 | 111 | 15 | 31,306 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 95 | 7,066 | 26,833 | 42,783 | 87,511 | 489 | 858 | 165,635 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | 238,090 | 354,630 | 404,402 | 302,840 | 257,944 | 835,088 | 27,592 | 8,320 | 2,428,906 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 53,373 | 62,701 | 18,001 | 51,376 | 46,512 | 121,462 | 2,703 | 1,555 | 357,683 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | 1,673 | 501 | 1,204 | — | 3,378 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 5,379 | 2,509 | 13,002 | 59 | 1,914 | 22,863 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans - owner occupied | 53,373 | 62,701 | 18,001 | 56,755 | 50,694 | 134,965 | 3,966 | 3,469 | 383,924 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 451,388 | 102,258 | 58,114 | 50,237 | 18,805 | 60,839 | 349,086 | 4,103 | 1,094,830 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 144 | 209 | 275 | 1,282 | 193 | — | 1,901 | — | 4,004 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 540 | 291 | 1,088 | 2,338 | 1,825 | 1,356 | 12,791 | 6,507 | 26,736 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 452,072 | 102,758 | 59,477 | 53,857 | 20,823 | 62,195 | 363,778 | 10,610 | 1,125,570 | ||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | 743,535 | 520,089 | 481,880 | 413,452 | 329,461 | 1,032,248 | 395,336 | 22,399 | 3,938,400 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 2,146,470 | 2,177,637 | 1,480,291 | 961,633 | 606,160 | 2,400,478 | 902,590 | 66,266 | 10,741,525 |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | ||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 641,963 | 418,057 | 229,477 | 247,426 | 215,893 | 1,289,728 | — | — | 3,042,544 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 68 | 1,293 | 1,674 | 1,091 | 21,451 | — | — | 25,577 | |||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | 641,963 | 418,125 | 230,770 | 249,100 | 216,984 | 1,311,179 | — | — | 3,068,121 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 273,076 | 193,439 | 94,757 | 87,717 | 81,212 | 219,061 | 465,453 | 40,759 | 1,455,474 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 210 | 318 | 281 | 876 | 5,158 | 3,509 | 1,910 | 12,262 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 448,746 | 352,661 | 218,372 | 70,122 | 31,197 | 24,791 | — | — | 1,145,889 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 343 | 1,958 | 2,087 | 1,210 | 667 | 519 | — | — | 6,784 | |||||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | 449,089 | 354,619 | 220,459 | 71,332 | 31,864 | 25,310 | — | — | 1,152,673 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 128,809 | 83,419 | 35,183 | 17,439 | 7,848 | 11,757 | 66,965 | 1,695 | 353,115 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 133 | 399 | 139 | 192 | 36 | 619 | 686 | 1 | 2,205 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 128,942 | 83,818 | 35,322 | 17,631 | 7,884 | 12,376 | 67,651 | 1,696 | 355,320 | |||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 417,390 | 473,115 | 316,045 | 264,702 | 195,168 | 709,459 | 36,980 | 29,755 | 2,442,614 | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 584 | 3,381 | 20,180 | 24,675 | 15,424 | 15,817 | 597 | 3,048 | 83,706 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 7,426 | 4,007 | 57,694 | 56,991 | 24,056 | 140,147 | 2,240 | 29,100 | 321,661 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 24,895 | 67,162 | 87,497 | 71,626 | 46,760 | 100,081 | 4,422 | 7,648 | 410,091 | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 4,371 | 4,514 | 3,643 | 4,276 | 3,689 | 3,822 | — | 24,315 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 21,627 | 1,903 | 12,898 | 4,013 | 21,777 | 874 | 410 | 63,502 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 479,436 | 99,877 | 50,915 | 51,858 | 58,597 | 49,178 | 286,467 | 16,170 | 1,092,498 | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 5,828 | 2,751 | 5,579 | 4,588 | 162 | 190 | 16,512 | 5,668 | 41,278 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,660 | 3,343 | 2,932 | 2,016 | 2,266 | 3,003 | 27,988 | 14,126 | 57,334 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 937,219 | 679,634 | 547,259 | 492,997 | 350,722 | 1,043,341 | 379,902 | 105,925 | 4,536,999 | |||||||||||||||||||||||||||||||||||||||||||||||
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 |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | ||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 644,862 | 602,429 | 304,275 | 156,639 | 171,240 | 1,098,635 | — | — | 2,978,080 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 138 | 489 | 377 | 538 | 882 | 14,116 | — | — | 16,540 | |||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | 645,000 | 602,918 | 304,652 | 157,177 | 172,122 | 1,112,751 | — | — | 2,994,620 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 150,847 | 210,224 | 138,661 | 65,011 | 61,692 | 209,959 | 435,660 | 40,766 | 1,312,820 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 441 | 60 | 455 | 3,820 | 1,275 | 1,060 | 7,111 | |||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | 150,847 | 210,224 | 139,102 | 65,071 | 62,147 | 213,779 | 436,935 | 41,826 | 1,319,931 | |||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 801,084 | 292,804 | 205,653 | 119,304 | 34,546 | 27,576 | — | — | 1,480,967 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 387 | 365 | 1,141 | 745 | 379 | 247 | — | — | 3,264 | |||||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | 801,471 | 293,169 | 206,794 | 120,049 | 34,925 | 27,823 | — | — | 1,484,231 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 117,856 | 81,266 | 47,195 | 20,595 | 9,794 | 12,202 | 63,025 | 1,578 | 353,511 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 213 | 161 | 105 | 64 | 26 | 50 | 357 | 30 | 1,006 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 118,069 | 81,427 | 47,300 | 20,659 | 9,820 | 12,252 | 63,382 | 1,608 | 354,517 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | 1,715,387 | 1,187,738 | 697,848 | 362,956 | 279,014 | 1,366,605 | 500,317 | 43,434 | 6,153,299 | |||||||||||||||||||||||||||||||||||||||||||||||
Business Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 306,689 | 433,219 | 335,541 | 263,524 | 221,450 | 683,537 | 26,288 | 10,179 | 2,280,427 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 803 | 1,808 | 52,513 | 3,296 | 1,394 | 8,529 | 729 | 23 | 69,095 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 34,153 | 44,712 | 46,045 | 56,077 | 89,311 | 492 | 5,169 | 275,959 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | 307,492 | 469,180 | 432,766 | 312,865 | 278,921 | 781,377 | 27,509 | 15,371 | 2,625,481 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 69,084 | 19,452 | 51,997 | 60,824 | 57,676 | 94,687 | 2,822 | 2,707 | 359,249 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | 769 | 1,959 | 1,444 | 856 | — | 5,028 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 3,575 | 2,887 | 7,840 | 10,602 | — | 822 | 25,726 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - owner occupied loans | 69,084 | 19,452 | 55,572 | 64,480 | 67,475 | 106,733 | 3,678 | 3,529 | 390,003 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 224,367 | 110,171 | 73,276 | 27,668 | 20,748 | 76,987 | 262,805 | 12,301 | 808,323 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 197 | 661 | 812 | 1,195 | 50 | 581 | 2,234 | — | 5,730 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 329 | 4,767 | 5,102 | 4,437 | 1,529 | 2,116 | 6,667 | 8,609 | 33,556 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 224,893 | 115,599 | 79,190 | 33,300 | 22,327 | 79,684 | 271,706 | 20,910 | 847,609 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | 601,469 | 604,231 | 567,528 | 410,645 | 368,723 | 967,794 | 302,893 | 39,810 | 3,863,093 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 2,316,856 | 1,791,969 | 1,265,376 | 773,601 | 647,737 | 2,334,399 | 803,210 | 83,244 | 10,016,392 |
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
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 | 74,899 | ||||||||||||||
Acquisitions | — | 3,717 | ||||||||||||||||||||
Less: accumulated amortization | Less: accumulated amortization | (60,974) | (56,896) | Less: accumulated amortization | (65,446) | (62,158) | ||||||||||||||||
Core deposit intangibles - net | Core deposit intangibles - net | $ | 13,925 | 18,003 | Core deposit intangibles - net | $ | 9,453 | 12,741 | ||||||||||||||
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) | — | Customer list intangible assets disposed of due to sale of insurance business | — | (1,547) | ||||||||||||||||
Less: accumulated amortization | Less: accumulated amortization | (11,068) | (10,842) | Less: accumulated amortization | (12,737) | (11,133) | ||||||||||||||||
Customer and Contract intangible assets - net | Customer and Contract intangible assets - net | 116 | 1,933 | Customer and Contract intangible assets - net | 38 | 95 | ||||||||||||||||
Total intangible assets - net | Total intangible assets - net | $ | 14,041 | 19,936 | Total intangible assets - net | $ | 9,491 | 12,836 |
For the quarter ended September 30, | $ | ||||
For the quarter ended September 30, | |||||
For the nine months ended September 30, 2022 | 3,345 | ||||
For the nine months ended September 30, 2021 | 4,348 | ||||
For the year ending December 31, 2022 | 4,277 | ||||
For the year ending December 31, 2023 | 3,270 | ||||
For the year ending December 31, 2024 | 2,452 | ||||
For the year ending December 31, 2025 | 1,662 | ||||
For the year ending December 31, 2026 | 871 | ||||
For the year ending December 31, 2027 | 304 |
Total | ||||||||
Balance at December 31, | $ | |||||||
382,279 | ||||||||
Purchase accounting adjustment | 77 | |||||||
Goodwill disposed of due to sale of insurance business | (1,359) | |||||||
Balance at December 31, 2021 | 380,997 | |||||||
Balance at September 30, | $ | 380,997 |
September 30, 2021 | |||||||||||
Amount | Average rate | ||||||||||
Collateralized borrowings, due within one year | $ | 126,496 | 0.19 | % | |||||||
Total borrowed funds | $ | 126,496 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Amount | Average rate | Amount | Average rate | ||||||||||||||||||||
Note payable to the FHLB of Pittsburgh, due within one year | $ | 11,900 | 3.11 | % | $ | — | — | % | |||||||||||||||
Collateralized borrowings, due within one year | 98,315 | 0.18 | % | 139,093 | 0.19 | % | |||||||||||||||||
Collateral received, due within one year | 39,821 | 3.08 | % | — | — | ||||||||||||||||||
Total borrowed funds | $ | 150,036 | $ | 139,093 |
Maturity date | Interest rate | Capital debt securities | September 30, 2021 | Maturity date | Interest rate | Capital debt securities | September 30, 2022 | December 31, 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 | 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 | 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 | 8,119 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNCT I (1) | UNCT I (1) | January 23, 2034 | 3-month LIBOR plus 2.85% | 8,000 | 7,944 | UNCT I (1) | January 23, 2034 | 3-month LIBOR plus 2.85% | 8,000 | 7,968 | 7,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNCT II (1) | UNCT II (1) | November 23, 2034 | 3-month LIBOR plus 2.00% | 3,000 | 2,734 | UNCT II (1) | November 23, 2034 | 3-month LIBOR plus 2.00% | 3,000 | 2,762 | 2,741 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MFBC Statutory Trust I (1) | MFBC Statutory Trust I (1) | September 15, 2035 | 3-month LIBOR plus 1.70% | 5,000 | 3,554 | MFBC Statutory Trust I (1) | September 15, 2035 | 3-month LIBOR plus 1.70% | 5,000 | 3,658 | 3,580 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Universal Preferred Trust (1) | Universal Preferred Trust (1) | October 7, 2035 | 3-month LIBOR plus 1.69% | 5,000 | 3,544 | Universal Preferred Trust (1) | October 7, 2035 | 3-month LIBOR plus 1.69% | 5,000 | 3,648 | 3,570 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 128,989 | $ | 129,249 | 129,054 |
Quarter ended September 30, | Nine months ended September 30, | Quarter ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 35,063 | 38,050 | 124,267 | 39,789 | Net income | $ | 37,304 | 35,063 | 99,017 | 124,267 | ||||||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating securities | Less: Dividends and undistributed earnings allocated to participating securities | 237 | — | 841 | — | Less: Dividends and undistributed earnings allocated to participating securities | 166 | 237 | 441 | 841 | ||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 34,826 | 38,050 | 123,426 | 39,789 | Net income available to common shareholders | $ | 37,138 | 34,826 | 98,576 | 123,426 | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 126,111,774 | 126,855,810 | 126,333,290 | 118,088,122 | Weighted average common shares outstanding | 126,320,706 | 126,111,774 | 126,082,217 | 126,333,290 | ||||||||||||||||||||||||||||||||||||
Add: Participating shares outstanding | Add: Participating shares outstanding | 856,206 | — | 856,206 | — | Add: Participating shares outstanding | 565,729 | 856,206 | 565,729 | 856,206 | ||||||||||||||||||||||||||||||||||||
Total weighted average common shares and dilutive potential shares | Total weighted average common shares and dilutive potential shares | 126,967,980 | 126,855,810 | 127,189,496 | 118,088,122 | Total weighted average common shares and dilutive potential shares | 126,886,435 | 126,967,980 | 126,647,946 | 127,189,496 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.28 | 0.30 | 0.98 | 0.34 | Basic earnings per share | $ | 0.29 | 0.28 | 0.78 | 0.98 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.27 | 0.30 | 0.97 | 0.34 | Diluted earnings per share | $ | 0.29 | 0.27 | 0.78 | 0.97 |
Quarter ended September 30, | Quarter ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
Pension benefits | Other post-retirement benefits | Pension benefits | Other post-retirement benefits | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 2,860 | 2,097 | — | — | Service cost | $ | 2,599 | 2,860 | — | — | ||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 1,517 | 1,713 | 4 | 7 | Interest cost | 1,671 | 1,517 | 10 | 4 | ||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (3,464) | (3,090) | — | — | Expected return on plan assets | (3,864) | (3,464) | — | — | ||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | (580) | (580) | — | — | Amortization of prior service cost | (564) | (580) | — | — | ||||||||||||||||||||||||||||||||||||
Amortization of the net loss | Amortization of the net loss | 1,038 | 925 | 3 | 4 | Amortization of the net loss | 381 | 1,038 | 2 | 3 | ||||||||||||||||||||||||||||||||||||
Net periodic cost | Net periodic cost | $ | 1,371 | 1,065 | 7 | 11 | Net periodic cost | $ | 223 | 1,371 | 12 | 7 |
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 |
Nine months ended September 30, | ||||||||||||||||||||||||||
Pension benefits | Other post-retirement benefits | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Service cost | $ | 7,797 | 8,580 | — | — | |||||||||||||||||||||
Interest cost | 5,013 | 4,552 | 30 | 13 | ||||||||||||||||||||||
Expected return on plan assets | (11,592) | (10,394) | — | — | ||||||||||||||||||||||
Amortization of prior service cost | (1,692) | (1,741) | — | — | ||||||||||||||||||||||
Amortization of the net loss | 1,143 | 3,117 | 6 | 10 | ||||||||||||||||||||||
Net periodic cost | $ | 669 | 4,114 | 36 | 23 |
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 | $ | 1,090,485 | 1,090,485 | 1,090,485 | — | — | Cash and cash equivalents | $ | 118,549 | 118,549 | 118,549 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | Securities available-for-sale | 1,583,715 | 1,583,715 | — | 1,583,715 | — | Securities available-for-sale | 1,251,791 | 1,251,791 | — | 1,251,791 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | Securities held-to-maturity | 618,395 | 609,777 | — | 609,777 | — | Securities held-to-maturity | 899,411 | 771,238 | — | 771,238 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | 10,061,790 | 10,012,659 | — | — | 10,012,659 | Loans receivable, net | 10,615,872 | 9,639,188 | — | — | 9,639,188 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans held-for-sale | Residential mortgage loans held-for-sale | 27,411 | 27,411 | — | — | 27,411 | Residential mortgage loans held-for-sale | 15,834 | 15,834 | — | — | 15,834 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 26,995 | 26,995 | 26,995 | — | — | Accrued interest receivable | 29,536 | 29,536 | 29,536 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 3,137 | 3,137 | — | — | 3,137 | Interest rate lock commitments | 1,063 | 1,063 | — | — | 1,063 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | 518 | 518 | — | 518 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | 1,399 | 1,399 | — | 1,399 | — | Foreign exchange swaps | 38 | 38 | — | 38 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 34,983 | 34,983 | — | 34,983 | — | Interest rate swaps not designated as hedging instruments | 50,295 | 50,295 | — | 50,295 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock | FHLB stock | 14,567 | 14,567 | — | — | — | FHLB stock | 19,281 | 19,281 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets | Total financial assets | $ | 13,463,395 | 13,405,646 | 1,117,480 | 2,230,392 | 10,043,207 | Total financial assets | $ | 13,001,670 | 11,896,813 | 148,085 | 2,073,362 | 9,656,085 | ||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and checking deposits | Savings and checking deposits | $ | 10,834,386 | 10,834,386 | 10,834,386 | — | — | Savings and checking deposits | $ | 10,811,282 | 10,811,282 | 10,811,282 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,387,827 | 1,402,858 | — | — | 1,402,858 | Time deposits | 1,067,110 | 1,069,395 | — | — | 1,069,395 | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 126,496 | 126,496 | 126,496 | — | — | Borrowed funds | 150,036 | 149,914 | 149,914 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 123,486 | 129,421 | — | 129,421 | — | Subordinated debt | 113,753 | 103,312 | — | 103,312 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 128,989 | 121,571 | — | — | 121,571 | Junior subordinated debentures | 129,249 | 117,475 | — | — | 117,475 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 139 | 139 | — | 139 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | 961 | 961 | — | 961 | — | Foreign exchange swaps | 9 | 9 | — | 9 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 35,152 | 35,152 | — | 35,152 | — | Interest rate swaps not designated as hedging instruments | 50,295 | 50,295 | — | 50,295 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | 71 | 71 | — | 71 | — | Risk participation agreements | 25 | 25 | — | 25 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 589 | 589 | 589 | — | — | Accrued interest payable | 831 | 831 | 831 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | Total financial liabilities | $ | 12,637,957 | 12,651,505 | 10,961,471 | 165,605 | 1,524,429 | Total financial liabilities | $ | 12,322,729 | 12,302,677 | 10,962,027 | 153,780 | 1,186,870 |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 736,277 | 736,277 | 736,277 | — | — | |||||||||||||||||||||||
Securities available-for-sale | 1,398,941 | 1,398,941 | — | 1,398,941 | — | ||||||||||||||||||||||||
Securities held-to-maturity | 178,887 | 179,666 | — | 179,666 | — | ||||||||||||||||||||||||
Loans receivable, net | 10,387,636 | 10,334,521 | — | — | 10,334,521 | ||||||||||||||||||||||||
Residential mortgage loans held-for-sale | 58,786 | 58,786 | — | — | 58,786 | ||||||||||||||||||||||||
Accrued interest receivable | 35,554 | 35,554 | 35,554 | — | — | ||||||||||||||||||||||||
Interest rate lock commitments | 6,465 | 6,465 | — | — | 6,465 | ||||||||||||||||||||||||
Forward commitments | 1,105 | 1,105 | — | 1,105 | — | ||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | 53,863 | 53,863 | — | 53,863 | — | ||||||||||||||||||||||||
FHLB stock | 21,748 | 21,748 | — | — | — | ||||||||||||||||||||||||
Total financial assets | $ | 12,879,262 | 12,826,926 | 771,831 | 1,633,575 | 10,399,772 | |||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Savings and checking accounts | $ | 9,957,137 | 9,957,137 | 9,957,137 | — | — | |||||||||||||||||||||||
Time deposits | 1,642,096 | 1,669,546 | — | — | 1,669,546 | ||||||||||||||||||||||||
Borrowed funds | 159,715 | 159,745 | 159,745 | — | — | ||||||||||||||||||||||||
Subordinated debt | 123,329 | 123,329 | — | 123,329 | — | ||||||||||||||||||||||||
Junior subordinated debentures | 128,794 | 121,106 | — | — | 121,106 | ||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | 54,579 | 54,579 | — | 54,579 | — | ||||||||||||||||||||||||
Risk participation agreements | 86 | 86 | — | 86 | — | ||||||||||||||||||||||||
Accrued interest payable | 2,054 | 2,054 | 2,054 | — | — | ||||||||||||||||||||||||
Total financial liabilities | $ | 12,067,790 | 12,087,582 | 10,118,936 | 177,994 | 1,790,652 |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,279,259 | 1,279,259 | 1,279,259 | — | — | |||||||||||||||||||||||
Securities available-for-sale | 1,548,592 | 1,548,592 | — | 1,548,592 | — | ||||||||||||||||||||||||
Securities held-to-maturity | 768,154 | 751,513 | — | 751,513 | — | ||||||||||||||||||||||||
Loans receivable, net | 9,889,095 | 9,648,825 | — | — | 9,648,825 | ||||||||||||||||||||||||
Residential mortgage loans held-for-sale | 25,056 | 25,056 | — | — | 25,056 | ||||||||||||||||||||||||
Accrued interest receivable | 25,599 | 25,599 | 25,599 | — | — | ||||||||||||||||||||||||
Interest rate lock commitments | 1,684 | 1,684 | — | — | 1,684 | ||||||||||||||||||||||||
Forward commitments | 371 | 371 | — | 371 | — | ||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | 31,254 | 31,254 | — | 31,254 | — | ||||||||||||||||||||||||
FHLB stock | 14,184 | 14,184 | — | — | — | ||||||||||||||||||||||||
Total financial assets | $ | 13,583,248 | 13,326,337 | 1,304,858 | 2,331,730 | 9,675,565 | |||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Savings and checking accounts | $ | 10,973,610 | 10,973,610 | 10,973,610 | — | — | |||||||||||||||||||||||
Time deposits | 1,327,555 | 1,339,308 | — | — | 1,339,308 | ||||||||||||||||||||||||
Borrowed funds | 139,093 | 139,093 | 139,093 | — | — | ||||||||||||||||||||||||
Subordinated debt | 123,575 | 129,138 | — | 129,138 | — | ||||||||||||||||||||||||
Junior subordinated debentures | 129,054 | 120,083 | — | — | 120,083 | ||||||||||||||||||||||||
Foreign exchange swaps | 341 | 341 | — | 341 | — | ||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | 31,357 | 31,357 | — | 31,357 | — | ||||||||||||||||||||||||
Risk participation agreements | 60 | 60 | — | 60 | — | ||||||||||||||||||||||||
Accrued interest payable | 1,804 | 1,804 | 1,804 | — | — | ||||||||||||||||||||||||
Total financial liabilities | $ | 12,726,449 | 12,734,794 | 11,114,507 | 160,896 | 1,459,391 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
U.S. government and agencies | $ | — | 56,992 | — | 56,992 | ||||||||||||||||||
Government-sponsored enterprises | — | 46,662 | — | 46,662 | |||||||||||||||||||
States and political subdivisions | — | 126,529 | — | 126,529 | |||||||||||||||||||
Total debt securities | — | 230,183 | — | 230,183 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
GNMA | — | 18,029 | — | 18,029 | |||||||||||||||||||
FNMA | — | 171,926 | — | 171,926 | |||||||||||||||||||
FHLMC | — | 106,027 | — | 106,027 | |||||||||||||||||||
Non-agency | — | 442 | — | 442 | |||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||
GNMA | — | 490,548 | — | 490,548 | |||||||||||||||||||
FNMA | — | 277,829 | — | 277,829 | |||||||||||||||||||
FHLMC | — | 288,731 | — | 288,731 | |||||||||||||||||||
Total mortgage-backed securities | — | 1,353,532 | — | 1,353,532 | |||||||||||||||||||
Interest rate lock commitments | — | — | 3,137 | 3,137 | |||||||||||||||||||
Forward commitments | — | 518 | — | 518 | |||||||||||||||||||
Foreign exchange swaps | — | 1,399 | — | 1,399 | |||||||||||||||||||
Interest rate swaps not designated as hedging instruments | — | 34,983 | — | 34,983 | |||||||||||||||||||
Total assets | $ | — | 1,620,615 | 3,137 | 1,623,752 | ||||||||||||||||||
Foreign exchange swaps | $ | — | 961 | — | 961 | ||||||||||||||||||
Interest rate swaps not designated as hedging instruments | — | 35,152 | — | 35,152 | |||||||||||||||||||
Risk participation agreements | — | 71 | — | 71 | |||||||||||||||||||
Total liabilities | $ | — | 36,184 | — | 36,184 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
U.S. government and agencies | $ | — | 61,925 | — | 61,925 | ||||||||||||||||||
Government-sponsored enterprises | — | 39,091 | — | 39,091 | |||||||||||||||||||
States and political subdivisions | — | 106,176 | — | 106,176 | |||||||||||||||||||
Corporate | — | 13,140 | — | 13,140 | |||||||||||||||||||
Total debt securities | — | 220,332 | — | 220,332 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
GNMA | — | 12,768 | — | 12,768 | |||||||||||||||||||
FNMA | — | 119,202 | — | 119,202 | |||||||||||||||||||
FHLMC | — | 76,124 | — | 76,124 | |||||||||||||||||||
Non-agency | — | 6 | — | 6 | |||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||
GNMA | — | 379,420 | — | 379,420 | |||||||||||||||||||
FNMA | — | 194,850 | — | 194,850 | |||||||||||||||||||
FHLMC | — | 249,089 | — | 249,089 | |||||||||||||||||||
Total mortgage-backed securities | — | 1,031,459 | — | 1,031,459 | |||||||||||||||||||
Interest rate lock commitments | — | — | 1,063 | 1,063 | |||||||||||||||||||
Foreign exchange swaps | — | 38 | — | 38 | |||||||||||||||||||
Interest rate swaps not designated as hedging instruments | — | 50,295 | — | 50,295 | |||||||||||||||||||
Total assets | $ | — | 1,302,124 | 1,063 | 1,303,187 | ||||||||||||||||||
Interest rate swaps not designated as hedging instruments | — | 50,295 | — | 50,295 | |||||||||||||||||||
Foreign exchange swaps | — | 9 | — | 9 | |||||||||||||||||||
Forward commitments | — | 139 | — | 139 | |||||||||||||||||||
Risk participation agreements | — | 25 | — | 25 | |||||||||||||||||||
Total liabilities | $ | — | 50,468 | — | 50,468 |
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 | $ | — | 40,917 | — | 40,917 | U.S. government and agencies | $ | — | 75,891 | — | 75,891 | ||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | Government-sponsored enterprises | — | 94,507 | — | 94,507 | Government-sponsored enterprises | — | 46,085 | — | 46,085 | ||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | — | 116,813 | — | 116,813 | States and political subdivisions | — | 128,701 | — | 128,701 | ||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | — | 252,237 | — | 252,237 | Total debt securities | — | 250,677 | — | 250,677 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | — | 23,026 | — | 23,026 | GNMA | — | 16,510 | — | 16,510 | ||||||||||||||||||||||||||||||||||||
FNMA | FNMA | — | 203,571 | — | 203,571 | FNMA | — | 160,063 | — | 160,063 | ||||||||||||||||||||||||||||||||||||
FHLMC | FHLMC | — | 134,572 | — | 134,572 | FHLMC | — | 100,055 | — | 100,055 | ||||||||||||||||||||||||||||||||||||
Non-agency | Non-agency | — | 465 | — | 465 | Non-agency | — | 431 | — | 431 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | Collateralized mortgage obligations: | Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | — | 343,409 | — | 343,409 | GNMA | — | 492,328 | — | 492,328 | ||||||||||||||||||||||||||||||||||||
FNMA | FNMA | — | 262,109 | — | 262,109 | FNMA | — | 269,060 | — | 269,060 | ||||||||||||||||||||||||||||||||||||
FHLMC | FHLMC | — | 179,552 | — | 179,552 | FHLMC | — | 259,468 | — | 259,468 | ||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | Total mortgage-backed securities | — | 1,146,704 | — | 1,146,704 | Total mortgage-backed securities | — | 1,297,915 | — | 1,297,915 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | — | — | 6,465 | 6,465 | Interest rate lock commitments | — | — | 1,684 | 1,684 | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | — | 1,105 | — | 1,105 | Forward commitments | — | 371 | — | 371 | ||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | — | 53,863 | — | 53,863 | Interest rate swaps not designated as hedging instruments | — | 31,254 | — | 31,254 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | — | 1,453,909 | 6,465 | 1,460,374 | Total assets | $ | — | 1,580,217 | 1,684 | 1,581,901 | ||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | $ | — | 341 | — | 341 | ||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | $ | — | 54,579 | — | 54,579 | Interest rate swaps not designated as hedging instruments | — | 31,357 | — | 31,357 | |||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | — | 86 | — | 86 | Risk participation agreements | — | 60 | — | 60 | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | — | 54,665 | — | 54,665 | Total liabilities | $ | — | 31,758 | — | 31,758 |
For the quarter ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Beginning balance | $ | 3,608 | 7,416 | 6,465 | 559 | ||||||||||||||||||
Total gains or losses: | |||||||||||||||||||||||
Included in net income | — | — | — | — | |||||||||||||||||||
Included in other comprehensive income | — | — | — | — | |||||||||||||||||||
Interest rate lock commitments: | |||||||||||||||||||||||
Net activity | (471) | 792 | (3,328) | 7,649 | |||||||||||||||||||
Transfers from Level 3 | — | — | — | — | |||||||||||||||||||
Transfers into Level 3 | — | — | — | — | |||||||||||||||||||
Ending balance | $ | 3,137 | 8,208 | 3,137 | 8,208 | ||||||||||||||||||
For the quarter ended September 30, | Nine months ended September 30, 2022 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 1,520 | 3,608 | 1,684 | 6,465 | ||||||||||||||||||
Interest rate lock commitments: | |||||||||||||||||||||||
Net activity | (457) | (471) | (621) | (3,328) | |||||||||||||||||||
Ending balance | $ | 1,063 | 3,137 | 1,063 | 3,137 | ||||||||||||||||||
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 | $ | — | — | 65,835 | 65,835 | Loans individually assessed | $ | — | — | 21,173 | 21,173 | ||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | — | — | 2,333 | 2,333 | Mortgage servicing rights | — | — | 82 | 82 | ||||||||||||||||||||||||||||||||||||
Real estate owned, net | Real estate owned, net | — | — | 809 | 809 | Real estate owned, net | — | — | 450 | 450 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | — | — | 68,977 | 68,977 | Total assets | $ | — | — | 21,705 | 21,705 |
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 | $ | — | — | 95,303 | 95,303 | Loans individually assessed | $ | — | — | 46,968 | 46,968 | ||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | — | — | 380 | 380 | |||||||||||||||||||||||||||||||||||||||||
Real estate owned, net | Real estate owned, net | — | — | 2,232 | 2,232 | Real estate owned, net | — | — | 873 | 873 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | — | — | 97,535 | 97,535 | Total assets | $ | — | — | 48,221 | 48,221 |
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 | $ | 65,835 | Appraisal value (1) | Estimated cost to sell | 10.0% | Loans individually assessed | $ | 21,173 | Appraisal value (1) | Estimated cost to sell | 10.0% | |||||||||||||||||||||||||||||||||||||
Discounted cash flow | Discount rate | 10.92% to 15.4% (13.26%) | Discounted cash flow | Discount rate | 6.47% to 14.56% (8.28%) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 2,333 | Discounted cash flow | Annual service cost | $84 | Mortgage servicing rights | 82 | Discounted cash flow | Annual service cost | $85 | |||||||||||||||||||||||||||||||||||||||
Prepayment rates | 7.0% to 24.6% (11.2%) | Prepayment rate | 7.0% to 15.1% (9.5%) | ||||||||||||||||||||||||||||||||||||||||||||||
Expected life (months) | 40.1 to 103.9 (73.2) | Expected life (months) | 56.7 to 101.7 (75.7) | ||||||||||||||||||||||||||||||||||||||||||||||
Option adjusted spread | 750 basis points | Option adjusted spread | 650 basis points | ||||||||||||||||||||||||||||||||||||||||||||||
Forward yield curve | 0.09% to 1.32% | Forward yield curve | 2.56% to 4.16% | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate owned, net | Real estate owned, net | 809 | Appraisal value (1) | Estimated cost to sell | 10.0% | Real estate owned, net | 450 | Appraisal value (1) | Estimated cost to sell | 10.0% | |||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 15,834 | Quoted prices for similar loans in active markets adjusted by an expected pull-through rate | Estimated pull-through rate | 100.0% |
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 |
Asset derivatives | Liability derivatives | ||||||||||||||||||||||
Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||
At September 30, 2022 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swap agreements | $ | 659,480 | 50,295 | 659,480 | 50,295 | ||||||||||||||||||
Foreign exchange swap agreements | 1,218 | 38 | 959 | 9 | |||||||||||||||||||
Interest rate lock commitments | 38,880 | 1,063 | — | — | |||||||||||||||||||
Forward commitments | — | — | 5,578 | 139 | |||||||||||||||||||
Risk participation agreements | — | — | 114,796 | 25 | |||||||||||||||||||
Total Derivatives | $ | 699,578 | 51,396 | 780,813 | 50,468 | ||||||||||||||||||
At December 31, 2021 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swap agreements | $ | 644,997 | 31,254 | 644,997 | 31,357 | ||||||||||||||||||
Foreign exchange swap agreements | — | — | 17,124 | 341 | |||||||||||||||||||
Interest rate lock commitments | 67,473 | 1,684 | — | — | |||||||||||||||||||
Forward commitments | 14,484 | 371 | — | — | |||||||||||||||||||
Risk participation agreements | — | — | 93,135 | 60 | |||||||||||||||||||
Total derivatives | $ | 726,954 | 33,309 | 755,256 | 31,758 |
For the quarter ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Hedging derivatives: | |||||||||||||||||||||||
Decrease in interest expense | $ | — | 67 | — | (35) | ||||||||||||||||||
Non-hedging swap derivatives: | |||||||||||||||||||||||
Increase/(decrease) in other income | 590 | (353) | 1,087 | (875) | |||||||||||||||||||
Increase in mortgage banking income | 345 | 315 | 3,915 | 8,563 |
For the quarter ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Non-hedging swap derivatives: | |||||||||||||||||||||||
Increase in other income | $ | 93 | 590 | 207 | 1,087 | ||||||||||||||||||
Increase in mortgage banking income | 809 | 345 | 1,131 | 3,915 |
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 | ||||||||||||||||||||
Balance as of June 30, 2021 | $ | 3,533 | — | (49,725) | (46,192) | ||||||||||||||||||
Other comprehensive loss before reclassification adjustments (1) | (6,455) | — | — | (6,455) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) (3) | (69) | — | 333 | 264 | |||||||||||||||||||
Net other comprehensive income/(loss) | (6,524) | — | 333 | (6,191) | |||||||||||||||||||
Balance as of September 30, 2021 | $ | (2,991) | — | (49,392) | (52,383) |
For the quarter ended September 30, 2022 | |||||||||||||||||||||||
Unrealized losses on securities available-for-sale | Change in defined benefit pension plans | Total | |||||||||||||||||||||
Balance as of June 30, 2022 | $ | (117,056) | (25,574) | (142,630) | |||||||||||||||||||
Other comprehensive loss before reclassification adjustments (1) | (48,387) | — | (48,387) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | — | (131) | (131) | ||||||||||||||||||||
Net other comprehensive loss | (48,387) | (131) | (48,518) | ||||||||||||||||||||
Balance as of September 30, 2022 | $ | (165,443) | (25,705) | (191,148) |
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 quarter ended September 30, 2021 | |||||||||||||||||||||||
Unrealized gains/(losses) on securities available-for-sale | Change in defined benefit pension plans | Total | |||||||||||||||||||||
Balance as of June 30, 2021 | $ | 3,533 | (49,725) | (46,192) | |||||||||||||||||||
Other comprehensive loss before reclassification adjustments (3) | (6,455) | — | (6,455) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (4) (5) | (69) | 333 | 264 | ||||||||||||||||||||
Net other comprehensive income | (6,524) | 333 | (6,191) | ||||||||||||||||||||
Balance as of September 30, 2021 | $ | (2,991) | (49,392) | (52,383) |
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) |
For the nine months ended September 30, 2022 | |||||||||||||||||||||||
Unrealized losses on securities available-for-sale | Change in defined benefit pension plans | Total | |||||||||||||||||||||
Balance as of December 31, 2021 | $ | (12,317) | (25,312) | (37,629) | |||||||||||||||||||
Other comprehensive loss before reclassification adjustments (1) | (153,124) | — | (153,124) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) (3) | (2) | (393) | (395) | ||||||||||||||||||||
Net other comprehensive loss | (153,126) | (393) | (153,519) | ||||||||||||||||||||
Balance as of September 30, 2022 | $ | (165,443) | (25,705) | (191,148) |
For the nine months ended September 30, 2021 | |||||||||||||||||||||||
Unrealized gains/(losses) on securities available-for-sale | 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 (4) | (19,554) | — | (19,554) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (5) (6) | (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) |
At September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum capital | Well capitalized | At September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | requirements (1) | requirements | Actual | Minimum capital requirements (1) | Well capitalized 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. | $ | 1,683,307 | 16.850 | % | $ | 1,048,922 | 10.500 | % | $ | 998,974 | 10.000 | % | Northwest Bancshares, Inc. | $ | 1,722,817 | 16.290 | % | $ | 1,110,459 | 10.500 | % | $ | 1,057,580 | 10.000 | % | ||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,526,216 | 15.292 | % | 1,047,946 | 10.500 | % | 998,044 | 10.000 | % | Northwest Bank | 1,518,737 | 14.373 | % | 1,109,455 | 10.500 | % | 1,056,624 | 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. | 1,469,178 | 14.707 | % | 849,127 | 8.500 | % | 799,179 | 8.000 | % | Northwest Bancshares, Inc. | 1,506,056 | 14.241 | % | 898,943 | 8.500 | % | 846,064 | 8.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,435,573 | 14.384 | % | 848,337 | 8.500 | % | 798,435 | 8.000 | % | Northwest Bank | 1,415,729 | 13.399 | % | 898,130 | 8.500 | % | 845,299 | 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. | 1,344,178 | 13.456 | % | 699,281 | 7.000 | % | 649,333 | 6.500 | % | Northwest Bancshares, Inc. | 1,380,796 | 13.056 | % | 740,306 | 7.000 | % | 687,427 | 6.500 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,435,573 | 14.384 | % | 698,630 | 7.000 | % | 648,728 | 6.500 | % | Northwest Bank | 1,415,729 | 13.399 | % | 739,636 | 7.000 | % | 686,805 | 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. | 1,469,178 | 9.531 | % | 616,557 | 4.000 | % | 770,697 | 5.000 | % | Northwest Bancshares, Inc. | 1,506,056 | 11.019 | % | 546,713 | 4.000 | % | 683,391 | 5.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,435,573 | 10.101 | % | 568,480 | 4.000 | % | 710,601 | 5.000 | % | Northwest Bank | 1,415,729 | 10.348 | % | 547,270 | 4.000 | % | 684,087 | 5.000 | % |
At December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum capital | Well capitalized | At December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | requirements (1) | requirements | Actual | Minimum capital requirements (1) | Well capitalized 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. | $ | 1,654,198 | 16.642 | % | $ | 1,043,693 | 10.500 | % | $ | 993,993 | 10.000 | % | Northwest Bancshares, Inc. | $ | 1,682,487 | 17.056 | % | $ | 1,035,786 | 10.500 | % | $ | 986,463 | 10.000 | % | ||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,478,310 | 14.887 | % | 1,042,655 | 10.500 | % | 993,004 | 10.000 | % | Northwest Bank | 1,551,084 | 15.738 | % | 1,034,819 | 10.500 | % | 985,542 | 10.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I capital (to risk weighted assets) | Tier I capital (to risk weighted assets) | Tier I capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | 1,406,321 | 14.148 | % | 844,894 | 8.500 | % | 795,195 | 8.000 | % | Northwest Bancshares, Inc. | 1,475,190 | 14.954 | % | 838,494 | 8.500 | % | 789,170 | 8.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,354,028 | 13.636 | % | 844,054 | 8.500 | % | 794,403 | 8.000 | % | Northwest Bank | 1,467,362 | 14.889 | % | 837,711 | 8.500 | % | 788,434 | 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. | 1,281,516 | 12.893 | % | 695,795 | 7.000 | % | 646,096 | 6.500 | % | Northwest Bancshares, Inc. | 1,350,125 | 13.687 | % | 690,524 | 7.000 | % | 641,201 | 6.500 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,354,028 | 13.636 | % | 695,103 | 7.000 | % | 645,453 | 6.500 | % | Northwest Bank | 1,467,362 | 14.889 | % | 689,879 | 7.000 | % | 640,602 | 6.500 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I capital (leverage) (to average assets) | Tier I capital (leverage) (to average assets) | Tier I capital (leverage) (to average assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | 1,406,321 | 10.145 | % | 554,501 | 4.000 | % | 693,126 | 5.000 | % | Northwest Bancshares, Inc. | 1,475,190 | 10.349 | % | 570,160 | 4.000 | % | 712,699 | 5.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,354,028 | 9.903 | % | 546,905 | 4.000 | % | 683,631 | 5.000 | % | Northwest Bank | 1,467,362 | 10.296 | % | 570,047 | 4.000 | % | 712,558 | 5.000 | % |
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
Nonaccrual loans 90 days or more past due: | ||||||||||||||||||||||
Loans 90 days or more past due: | Loans 90 days or more past due: | |||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 8,069 | 14,489 | Residential mortgage loans | $ | 5,544 | 7,641 | ||||||||||||||
Home equity loans | Home equity loans | 4,745 | 8,441 | Home equity loans | 1,779 | 4,262 | ||||||||||||||||
Consumer loans | 2,184 | 5,473 | ||||||||||||||||||||
Vehicle loans | Vehicle loans | 1,935 | 1,635 | |||||||||||||||||||
Other consumer loans | Other consumer loans | 453 | 765 | |||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 25,562 | 25,287 | Commercial real estate loans | 8,558 | 23,489 | ||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 263 | 574 | |||||||||||||||||||
Commercial loans | Commercial loans | 1,104 | 7,325 | Commercial loans | 638 | 1,105 | ||||||||||||||||
Total nonaccrual loans 90 days or more past due | 41,664 | 61,015 | ||||||||||||||||||||
Total REO, net | $ | 809 | 2,232 | |||||||||||||||||||
Total loans 90 days or more past due | Total loans 90 days or more past due | $ | 19,170 | 39,471 | ||||||||||||||||||
Total real estate owned (REO) | Total real estate owned (REO) | $ | 450 | 873 | ||||||||||||||||||
Total loans 90 days or more past due and REO | Total loans 90 days or more past due and REO | 42,473 | 63,247 | Total loans 90 days or more past due and REO | 19,620 | 40,344 | ||||||||||||||||
Total loans 90 days or more past due to net loans receivable | Total loans 90 days or more past due to net loans receivable | 0.41 | % | 0.58 | % | Total loans 90 days or more past due to net loans receivable | 0.18 | % | 0.40 | % | ||||||||||||
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 | 0.30 | % | 0.46 | % | Total loans 90 days or more past due and REO to total assets | 0.14 | % | 0.28 | % | ||||||||||||
Nonperforming assets: | Nonperforming assets: | Nonperforming assets: | ||||||||||||||||||||
Nonaccrual loans - loans 90 days or more past due | Nonaccrual loans - loans 90 days or more past due | 41,664 | 61,015 | Nonaccrual loans - loans 90 days or more past due | $ | 18,813 | 39,140 | |||||||||||||||
Nonaccrual loans - loans less than 90 days past due | Nonaccrual loans - loans less than 90 days past due | 135,278 | 41,817 | Nonaccrual loans - loans less than 90 days past due | 64,814 | 119,331 | ||||||||||||||||
Loans 90 days or more past due and still accruing | 386 | 585 | ||||||||||||||||||||
Loans 90 days or more past due still accruing | Loans 90 days or more past due still accruing | 357 | 331 | |||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 177,328 | 103,417 | Total nonperforming loans | 83,984 | 158,802 | ||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 178,137 | 105,649 | Total nonperforming assets | $ | 84,434 | 159,675 | ||||||||||||||
Total nonaccrual loans to total loans | Total nonaccrual loans to total loans | 0.78 | % | 1.59 | % | |||||||||||||||||
Nonaccrual TDR loans (1) | Nonaccrual TDR loans (1) | $ | 12,858 | 10,704 | Nonaccrual TDR loans (1) | $ | 30,406 | 17,216 | ||||||||||||||
Accruing TDR loans | Accruing TDR loans | 13,664 | 21,431 | Accruing TDR loans | 16,344 | 13,072 | ||||||||||||||||
Total TDR loans | Total TDR loans | $ | 26,522 | 32,135 | Total TDR loans | $ | 46,750 | 30,288 |
Quarter ended September 30, | Quarter ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (i) | Average balance | Interest | Avg. yield/ cost (i) | Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 2,959,794 | 25,398 | 3.43 | % | $ | 3,176,436 | 28,769 | 3.62 | % | Residential mortgage loans | $ | 3,331,173 | 29,414 | 3.53 | % | $ | 2,959,794 | 25,398 | 3.43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,356,131 | 11,993 | 3.51 | % | 1,479,429 | 13,732 | 3.69 | % | Home equity loans | 1,274,918 | 13,658 | 4.25 | % | 1,356,131 | 11,993 | 3.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,728,563 | 16,220 | 3.72 | % | 1,437,828 | 15,851 | 4.39 | % | Consumer loans | 1,981,754 | 17,256 | 3.45 | % | 1,728,563 | 16,220 | 3.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 3,205,839 | 35,305 | 4.31 | % | 3,306,386 | 36,887 | 4.37 | % | Commercial real estate loans | 2,842,597 | 34,158 | 4.70 | % | 3,205,839 | 35,305 | 4.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 975,603 | 9,096 | 3.65 | % | 1,377,223 | 12,603 | 3.58 | % | Commercial loans | 1,050,124 | 12,978 | 4.84 | % | 975,603 | 9,096 | 3.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $521 and $537, respectively) | Loans receivable (a) (b) (d) (includes FTE adjustments of $521 and $537, respectively) | 10,480,566 | 107,464 | 4.07 | % | 10,225,930 | 98,012 | 3.80 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (c) | Mortgage-backed securities (c) | 1,832,876 | 5,840 | 1.27 | % | 1,004,803 | 4,651 | 1.85 | % | Mortgage-backed securities (c) | 2,019,715 | 8,683 | 1.72 | % | 1,832,876 | 5,840 | 1.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $189 and $254, respectively) | 348,619 | 1,466 | 1.68 | % | 216,081 | 1,336 | 2.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $215 and $189, respectively) | Investment securities (c) (d) (includes FTE adjustments of $215 and $189, respectively) | 388,755 | 1,762 | 1.81 | % | 348,619 | 1,466 | 1.68 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 21,607 | 71 | 1.31 | % | 25,595 | 218 | 3.39 | % | FHLB stock, at cost | 14,028 | 148 | 4.19 | % | 21,607 | 71 | 1.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | 905,130 | 352 | 0.15 | % | 791,601 | 221 | 0.11 | % | Other interest-earning deposits | 253,192 | 1,295 | 2.00 | % | 905,130 | 352 | 0.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $736 and $726, respectively) | Total interest-earning assets (includes FTE adjustments of $736 and $726, respectively) | 13,156,256 | 119,352 | 3.60 | % | 13,334,162 | 105,741 | 3.15 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets (e) | Noninterest-earning assets (e) | 1,074,122 | 1,088,273 | Noninterest-earning assets (e) | 896,663 | 1,074,122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 14,408,284 | $ | 13,903,655 | Total assets | $ | 14,052,919 | $ | 14,408,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 2,271,365 | 603 | 0.11 | % | $ | 2,015,604 | 648 | 0.13 | % | Savings deposits | $ | 2,350,248 | 594 | 0.10 | % | $ | 2,271,365 | 603 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 2,890,905 | 414 | 0.06 | % | 2,680,591 | 763 | 0.11 | % | Interest-bearing demand deposits | 2,794,338 | 360 | 0.05 | % | 2,890,905 | 414 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 2,565,159 | 637 | 0.10 | % | 2,347,097 | 1,347 | 0.23 | % | Money market deposit accounts | 2,620,850 | 692 | 0.10 | % | 2,565,159 | 637 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,423,041 | 2,886 | 0.80 | % | 1,782,350 | 5,685 | 1.27 | % | Time deposits | 1,110,906 | 1,511 | 0.54 | % | 1,423,041 | 2,886 | 0.80 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds (f) | Borrowed funds (f) | 131,199 | 154 | 0.47 | % | 419,375 | 411 | 0.55 | % | Borrowed funds (f) | 127,073 | 239 | 0.75 | % | 131,199 | 154 | 0.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 123,513 | 1,277 | 4.10 | % | 1,340 | 306 | N/M | Subordinated debentures | 113,695 | 1,149 | 4.04 | % | 123,513 | 1,277 | 4.10 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 128,946 | 625 | 1.90 | % | 128,658 | 720 | 2.19 | % | Junior subordinated debentures | 129,207 | 1,322 | 4.00 | % | 128,946 | 625 | 1.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 9,534,128 | 6,596 | 0.27 | % | 9,375,015 | 9,880 | 0.42 | % | Total interest-bearing liabilities | 9,246,317 | 5,867 | 0.25 | % | 9,534,128 | 6,596 | 0.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | 3,058,819 | 2,703,266 | Noninterest-bearing demand deposits | 3,093,490 | 3,058,819 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | Noninterest-bearing liabilities | 244,402 | 284,440 | Noninterest-bearing liabilities | 209,486 | 244,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 12,837,349 | 12,362,721 | Total liabilities | 12,549,293 | 12,837,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 1,570,935 | 1,540,934 | Shareholders’ equity | 1,503,626 | 1,570,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 14,408,284 | $ | 13,903,655 | Total liabilities and shareholders’ equity | $ | 14,052,919 | $ | 14,408,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | Net interest income/Interest rate spread | 99,145 | 2.87 | % | 104,388 | 3.13 | % | Net interest income/Interest rate spread | 113,485 | 3.35 | % | 99,145 | 2.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | Net interest-earning assets/Net interest margin | $ | 3,800,034 | 2.97 | % | $ | 3,440,367 | 3.26 | % | Net interest-earning assets/Net interest margin | $ | 3,909,939 | 3.42 | % | $ | 3,800,034 | 2.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.40X | 1.37X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest- bearing liabilities | Ratio of interest-earning assets to interest- bearing liabilities | 1.42X | 1.40X |
For the quarter ended September 30, 2021 vs. 2020 | For the quarter ended September 30, 2022 vs. 2021 | |||||||||||||||||||||||||||||||||
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 | $ | (4,841) | (4,989) | (9,830) | Loans receivable | $ | 6,908 | 2,544 | 9,452 | ||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | (1,449) | 2,638 | 1,189 | Mortgage-backed securities | 2,061 | 782 | 2,843 | ||||||||||||||||||||||||||
Investment securities | Investment securities | (428) | 558 | 130 | Investment securities | 116 | 180 | 296 | ||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | (133) | (14) | (147) | FHLB stock, at cost | 155 | (78) | 77 | ||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | 87 | 44 | 131 | Other interest-earning deposits | 4,188 | (3,245) | 943 | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | (6,764) | (1,763) | (8,527) | Total interest-earning assets | 13,428 | 183 | 13,611 | ||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | (115) | 70 | (45) | Savings deposits | (56) | 47 | (9) | ||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | (382) | 33 | (349) | Interest-bearing demand deposits | (65) | 11 | (54) | ||||||||||||||||||||||||||
Money market deposit accounts | Money market deposit accounts | (768) | 58 | (710) | Money market deposit accounts | 31 | 24 | 55 | ||||||||||||||||||||||||||
Time deposits | Time deposits | (2,085) | (714) | (2,799) | Time deposits | (934) | (441) | (1,375) | ||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 81 | (338) | (257) | Borrowed funds | 92 | (7) | 85 | ||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | (292) | 1,263 | 971 | Subordinated debt | (19) | (109) | (128) | ||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | (97) | 2 | (95) | Junior subordinated debentures | 693 | 4 | 697 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | (3,658) | 374 | (3,284) | Total interest-bearing liabilities | (258) | (471) | (729) | ||||||||||||||||||||||||||
Net change in net interest income | Net change in net interest income | $ | (3,106) | (2,137) | (5,243) | Net change in net interest income | $ | 13,686 | 654 | 14,340 |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (i) | Average balance | Interest | Avg. yield/ cost (i) | Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 2,967,248 | 77,373 | 3.48 | % | $ | 3,038,712 | 85,850 | 3.77 | % | Residential mortgage loans | $ | 3,162,758 | 82,282 | 3.47 | % | $ | 2,967,248 | 77,373 | 3.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,389,367 | 37,039 | 3.55 | % | 1,424,580 | 42,340 | 3.97 | % | Home equity loans | 1,282,045 | 37,443 | 3.90 | % | 1,389,367 | 37,039 | 3.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,594,834 | 45,341 | 3.79 | % | 1,302,282 | 43,004 | 4.41 | % | Consumer loans | 1,887,843 | 47,588 | 3.37 | % | 1,594,834 | 45,341 | 3.79 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 3,258,785 | 107,124 | 4.32 | % | 3,071,047 | 102,918 | 4.40 | % | Commercial real estate loans | 2,918,940 | 95,813 | 4.33 | % | 3,258,785 | 107,124 | 4.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,099,010 | 29,640 | 3.54 | % | 1,084,739 | 32,727 | 3.96 | % | Commercial loans | 929,942 | 28,981 | 4.11 | % | 1,099,010 | 29,640 | 3.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $1,416 and $1,468, respectively) | Loans receivable (a) (b) (d) (includes FTE adjustments of $1,416 and $1,468, respectively) | 10,181,528 | 292,107 | 3.84 | % | 10,309,244 | 296,517 | 3.83 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (c) | Mortgage-backed securities (c) | 1,639,749 | 15,720 | 1.28 | % | 796,739 | 12,865 | 2.15 | % | Mortgage-backed securities (c) | 1,972,694 | 22,201 | 1.50 | % | 1,639,749 | 15,720 | 1.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $540 and $543, respectively) | 348,193 | 4,313 | 1.65 | % | 176,991 | 3,461 | 2.61 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $627 and $540, respectively) | Investment securities (c) (d) (includes FTE adjustments of $627 and $540, respectively) | 379,850 | 4,923 | 1.73 | % | 348,193 | 4,313 | 1.65 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 22,174 | 325 | 1.95 | % | 21,255 | 789 | 4.96 | % | FHLB stock, at cost | 13,776 | 311 | 3.02 | % | 22,174 | 325 | 1.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | 838,997 | 727 | 0.11 | % | 483,390 | 541 | 0.15 | % | Other interest-earning deposits | 753,482 | 3,447 | 0.60 | % | 838,997 | 727 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $2,043 and $2,008, respectively) | Total interest-earning assets (includes FTE adjustments of $2,043 and $2,008, respectively) | 13,301,330 | 322,989 | 3.25 | % | 13,158,357 | 317,602 | 3.22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets (e) | Noninterest-earning assets (e) | 1,094,117 | 1,190,283 | Noninterest-earning assets (e) | 941,947 | 1,094,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 14,252,474 | $ | 12,590,018 | Total assets | $ | 14,243,277 | $ | 14,252,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 2,215,553 | 1,818 | 0.11 | % | $ | 1,837,624 | 2,023 | 0.15 | % | Savings deposits | $ | 2,348,944 | 1,758 | 0.10 | % | $ | 2,215,553 | 1,818 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 2,838,822 | 1,250 | 0.06 | % | 2,342,748 | 2,882 | 0.16 | % | Interest-bearing demand deposits | 2,842,071 | 1,008 | 0.05 | % | 2,838,822 | 1,250 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 2,533,676 | 1,914 | 0.10 | % | 2,157,212 | 6,035 | 0.37 | % | Money market deposit accounts | 2,647,301 | 2,067 | 0.10 | % | 2,533,676 | 1,914 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,499,583 | 9,845 | 0.87 | % | 1,691,168 | 18,243 | 1.44 | % | Time deposits | 1,207,444 | 5,416 | 0.60 | % | 1,499,583 | 9,845 | 0.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds (f) | Borrowed funds (f) | 135,369 | 458 | 0.45 | % | 344,007 | 1,415 | 0.55 | % | Borrowed funds (f) | 131,368 | 563 | 0.57 | % | 135,369 | 458 | 0.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 123,438 | 3,799 | 4.10 | % | 450 | 306 | N/M | Subordinated debentures | 118,919 | 3,603 | 4.04 | % | 123,438 | 3,799 | 4.10 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 128,882 | 1,903 | 1.94 | % | 125,988 | 2,595 | 2.71 | % | Junior subordinated debentures | 129,142 | 2,893 | 2.95 | % | 128,882 | 1,903 | 1.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 9,475,323 | 20,987 | 0.30 | % | 8,499,197 | 33,499 | 0.53 | % | Total interest-bearing liabilities | 9,425,189 | 17,308 | 0.25 | % | 9,475,323 | 20,987 | 0.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | 2,967,672 | 2,250,864 | Noninterest-bearing demand deposits | 3,081,640 | 2,967,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | Noninterest-bearing liabilities | 252,587 | 243,705 | Noninterest-bearing liabilities | 199,742 | 252,587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 12,695,582 | 10,993,766 | Total liabilities | 12,706,571 | 12,695,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 1,556,892 | 1,596,252 | Shareholders’ equity | 1,536,706 | 1,556,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 14,252,474 | $ | 12,590,018 | Total liabilities and shareholders’ equity | $ | 14,243,277 | $ | 14,252,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | Net interest income/Interest rate spread | 296,615 | 2.92 | % | 290,996 | 3.27 | % | Net interest income/Interest rate spread | 305,681 | 3.00 | % | 296,615 | 2.92 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | Net interest-earning assets/Net interest margin | $ | 3,683,034 | 3.01 | % | $ | 2,900,538 | 3.40 | % | Net interest-earning assets/Net interest margin | $ | 3,876,141 | 3.07 | % | $ | 3,683,034 | 3.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | Ratio of interest-earning assets to interest-bearing liabilities | 1.39X | 1.34X | Ratio of interest-earning assets to interest-bearing liabilities | 1.41X | 1.39X |
For the nine months ended September 30, 2021 vs. 2020 | For the nine months ended September 30, 2022 vs. 2021 | |||||||||||||||||||||||||||||||||
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 | $ | (22,258) | 11,936 | (10,322) | Loans receivable | $ | 449 | (4,859) | (4,410) | ||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | (5,227) | 8,082 | 2,855 | Mortgage-backed securities | 2,713 | 3,768 | 6,481 | ||||||||||||||||||||||||||
Investment securities | Investment securities | (1,269) | 2,121 | 852 | Investment securities | 204 | 406 | 610 | ||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | (479) | 15 | (464) | FHLB stock, at cost | 178 | (192) | (14) | ||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | (122) | 308 | 186 | Other interest-earning deposits | 3,094 | (374) | 2,720 | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | (29,355) | 22,462 | (6,893) | Total interest-earning assets | 6,638 | (1,251) | 5,387 | ||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | (519) | 314 | (205) | Savings deposits | (165) | 105 | (60) | ||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | (1,852) | 220 | (1,632) | Interest-bearing demand deposits | (267) | 25 | (242) | ||||||||||||||||||||||||||
Money market deposit accounts | Money market deposit accounts | (4,406) | 285 | (4,121) | Money market deposit accounts | 28 | 125 | 153 | ||||||||||||||||||||||||||
Time deposits | Time deposits | (7,164) | (1,234) | (8,398) | Time deposits | (3,032) | (1,397) | (4,429) | ||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | (251) | (706) | (957) | Borrowed funds | 125 | (20) | 105 | ||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | (291) | 3,784 | 3,493 | Subordinated debt | (57) | (139) | (196) | ||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | (732) | 40 | (692) | Junior subordinated debentures | 990 | — | 990 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | (15,215) | 2,703 | (12,512) | Total interest-bearing liabilities | (2,378) | (1,301) | (3,679) | ||||||||||||||||||||||||||
Net change in net interest income | Net change in net interest income | $ | (14,140) | 19,759 | 5,619 | Net change in net interest income | $ | 9,016 | 50 | 9,066 |
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 | 200 bps | 300 bps | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in net interest income | Projected percentage increase/(decrease) in net interest income | 1.1 | % | 1.4 | % | 1.4 | % | (2.7 | %) | Projected percentage increase/(decrease) in net interest income | (0.4 | %) | (0.9 | %) | (1.6 | %) | (6.4 | %) | (13.4 | %) | (21.0 | %) | ||||||||||||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in net income | Projected percentage increase/(decrease) in net income | 3.4 | % | 4.6 | % | 5.0 | % | (8.0 | %) | Projected percentage increase/(decrease) in net income | (0.7 | %) | (1.7 | %) | (2.9 | %) | (13.9 | %) | (29.2 | %) | (45.8 | %) | ||||||||||||||||||||||||||||||||||||||||||
Projected increase/(decrease) in return on average equity | Projected increase/(decrease) in return on average equity | 3.3 | % | 4.4 | % | 4.9 | % | (7.8 | %) | Projected increase/(decrease) in return on average equity | (0.6 | %) | (1.6 | %) | (2.8 | %) | (13.2 | %) | (28.0 | %) | (44.4 | %) | ||||||||||||||||||||||||||||||||||||||||||
Projected increase/(decrease) in earnings per share | Projected increase/(decrease) in earnings per share | $ | 0.03 | $ | 0.04 | $ | 0.04 | $ | (0.06) | Projected increase/(decrease) in earnings per share | $ | (0.01) | $ | (0.03) | $ | (0.04) | $ | (0.19) | $ | (0.39) | $ | (0.61) | ||||||||||||||||||||||||||||||||||||||||||
Projected percentage decrease in market value of equity | (2.9 | %) | (7.8 | %) | (14.4 | %) | (12.2 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in market value of equity | Projected percentage increase/(decrease) in market value of equity | (7.6 | %) | (15.2 | %) | (24.7 | %) | 1.7 | % | 5.2 | % | 8.0 | % |
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 |
Employment Agreement by and between Northwest Bank, Northwest Bancshares, Inc. and Louis J. Torchio, dated August 17, 2022. | |||||
Employment Agreement by and between Northwest Bank, Northwest Bancshares, Inc. and William W. Harvey Jr., dated August 17, 2022. | |||||
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 Operating Officer and 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 Operating 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: | November 4, | By: | /s/ | ||||||||
(Duly Authorized Officer) | |||||||||||
Date: | November 4, | By: | /s/ Jeffrey | ||||||||
Jeffrey | |||||||||||
(Principal Accounting Officer) | |||||||||||