Maryland | 27-0950358 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
3 Easton Oval | Suite 500 | Columbus | Ohio | 43219 | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 Par Value | NWBI | NASDAQ Stock Market, LLC |
PART I | FINANCIAL INFORMATION | |||||||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 96,497 | 139,365 | Cash and cash equivalents | $ | 127,627 | 139,365 | ||||||||||||||
Marketable securities available-for-sale (amortized cost of $1,402,805 and $1,431,728, respectively) | 1,205,510 | 1,218,108 | ||||||||||||||||||||
Marketable securities held-to-maturity (fair value of $750,345 and $751,384, respectively) | 866,022 | 881,249 | ||||||||||||||||||||
Marketable securities available-for-sale (amortized cost of $1,287,101 and $1,431,728, respectively) | Marketable securities available-for-sale (amortized cost of $1,287,101 and $1,431,728, respectively) | 1,073,952 | 1,218,108 | |||||||||||||||||||
Marketable securities held-to-maturity (fair value of $718,676 and $751,384, respectively) | Marketable securities held-to-maturity (fair value of $718,676 and $751,384, respectively) | 847,845 | 881,249 | |||||||||||||||||||
Total cash and cash equivalents and marketable securities | Total cash and cash equivalents and marketable securities | 2,168,029 | 2,238,722 | Total cash and cash equivalents and marketable securities | 2,049,424 | 2,238,722 | ||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 7,006 | 9,913 | Loans held-for-sale | 16,077 | 9,913 | ||||||||||||||||
Loans held for investment | Loans held for investment | 11,085,265 | 10,910,539 | Loans held for investment | 11,255,154 | 10,910,539 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (121,257) | (118,036) | Allowance for credit losses | (124,423) | (118,036) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | 10,971,014 | 10,802,416 | Loans receivable, net | 11,146,808 | 10,802,416 | ||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 41,519 | 40,143 | FHLB stock, at cost | 44,613 | 40,143 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 36,177 | 35,528 | Accrued interest receivable | 37,281 | 35,528 | ||||||||||||||||
Real estate owned, net | Real estate owned, net | 524 | 413 | Real estate owned, net | 371 | 413 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 140,301 | 145,909 | Premises and equipment, net | 139,915 | 145,909 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 256,310 | 255,062 | Bank-owned life insurance | 257,614 | 255,062 | ||||||||||||||||
Goodwill | Goodwill | 380,997 | 380,997 | Goodwill | 380,997 | 380,997 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 7,651 | 8,560 | Other intangible assets, net | 6,809 | 8,560 | ||||||||||||||||
Other assets | Other assets | 191,294 | 205,574 | Other assets | 227,659 | 205,574 | ||||||||||||||||
Total assets | Total assets | $ | 14,193,816 | 14,113,324 | Total assets | $ | 14,291,491 | 14,113,324 | ||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | $ | 2,896,092 | 2,993,243 | Noninterest-bearing demand deposits | $ | 2,820,563 | 2,993,243 | ||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 2,541,503 | 2,686,431 | Interest-bearing demand deposits | 2,577,653 | 2,686,431 | ||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 2,328,050 | 2,457,569 | Money market deposit accounts | 2,154,253 | 2,457,569 | ||||||||||||||||
Savings deposits | Savings deposits | 2,194,743 | 2,275,020 | Savings deposits | 2,120,215 | 2,275,020 | ||||||||||||||||
Time deposits | Time deposits | 1,576,791 | 1,052,285 | Time deposits | 1,989,711 | 1,052,285 | ||||||||||||||||
Total deposits | Total deposits | 11,537,179 | 11,464,548 | Total deposits | 11,662,395 | 11,464,548 | ||||||||||||||||
Borrowed funds | Borrowed funds | 688,641 | 681,166 | Borrowed funds | 632,313 | 681,166 | ||||||||||||||||
Subordinated debt | Subordinated debt | 113,927 | 113,840 | Subordinated debt | 114,015 | 113,840 | ||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 129,379 | 129,314 | Junior subordinated debentures | 129,444 | 129,314 | ||||||||||||||||
Advances by borrowers for taxes and insurance | Advances by borrowers for taxes and insurance | 49,893 | 47,613 | Advances by borrowers for taxes and insurance | 57,143 | 47,613 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 2,236 | 3,231 | Accrued interest payable | 4,936 | 3,231 | ||||||||||||||||
Other liabilities | Other liabilities | 159,286 | 182,126 | Other liabilities | 179,744 | 182,126 | ||||||||||||||||
Total liabilities | Total liabilities | 12,680,541 | 12,621,838 | Total liabilities | 12,779,990 | 12,621,838 | ||||||||||||||||
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, 127,065,400 and 127,028,848 shares issued and outstanding, respectively | 1,271 | 1,270 | ||||||||||||||||||||
Common stock, $0.01 par value: 500,000,000 shares authorized, 127,088,963 and 127,028,848 shares issued and outstanding, respectively | Common stock, $0.01 par value: 500,000,000 shares authorized, 127,088,963 and 127,028,848 shares issued and outstanding, respectively | 1,271 | 1,270 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,020,855 | 1,019,647 | Additional paid-in capital | 1,022,189 | 1,019,647 | ||||||||||||||||
Retained earnings | Retained earnings | 649,672 | 641,727 | Retained earnings | 657,292 | 641,727 | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (158,523) | (171,158) | Accumulated other comprehensive loss | (169,251) | (171,158) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,513,275 | 1,491,486 | Total shareholders’ equity | 1,511,501 | 1,491,486 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 14,193,816 | 14,113,324 | Total liabilities and shareholders’ equity | $ | 14,291,491 | 14,113,324 |
Quarter ended March 31, | Quarter ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | $ | 123,745 | 88,174 | Loans receivable | $ | 132,724 | 95,574 | 256,469 | 183,748 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 8,537 | 6,360 | Mortgage-backed securities | 8,326 | 7,158 | 16,863 | 13,518 | ||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 845 | 677 | Taxable investment securities | 841 | 715 | 1,686 | 1,392 | ||||||||||||||||||||||||||||||||||||||
Tax-free investment securities | Tax-free investment securities | 700 | 674 | Tax-free investment securities | 667 | 683 | 1,367 | 1,357 | ||||||||||||||||||||||||||||||||||||||
FHLB stock dividends | FHLB stock dividends | 690 | 81 | FHLB stock dividends | 844 | 82 | 1,534 | 163 | ||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | 423 | 467 | Interest-earning deposits | 594 | 1,684 | 1,017 | 2,151 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 134,940 | 96,433 | Total interest income | 143,996 | 105,896 | 278,936 | 202,329 | ||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 11,238 | 3,751 | Deposits | 21,817 | 3,341 | 33,055 | 7,092 | ||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 11,238 | 2,059 | Borrowed funds | 13,630 | 2,290 | 24,868 | 4,349 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 22,476 | 5,810 | Total interest expense | 35,447 | 5,631 | 57,923 | 11,441 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 112,464 | 90,623 | Net interest income | 108,549 | 100,265 | 221,013 | 190,888 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses - loans | Provision for credit losses - loans | 4,870 | (1,481) | Provision for credit losses - loans | 6,010 | 2,629 | 10,880 | 1,148 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses - unfunded commitments | Provision for credit losses - unfunded commitments | 126 | 1,596 | Provision for credit losses - unfunded commitments | 2,920 | 3,396 | 3,046 | 4,992 | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 107,468 | 90,508 | Net interest income after provision for credit losses | 99,619 | 94,240 | 207,087 | 184,748 | ||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of investments | Loss on sale of investments | — | (2) | Loss on sale of investments | (8,306) | (3) | (8,306) | (5) | ||||||||||||||||||||||||||||||||||||||
Gain on sale of mortgage servicing rights | Gain on sale of mortgage servicing rights | 8,305 | — | 8,305 | — | |||||||||||||||||||||||||||||||||||||||||
Gain on sale of SBA loans | Gain on sale of SBA loans | 832 | — | 1,111 | — | |||||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | 13,189 | 13,067 | Service charges and fees | 14,833 | 13,673 | 28,022 | 26,740 | ||||||||||||||||||||||||||||||||||||||
Trust and other financial services income | Trust and other financial services income | 6,449 | 7,012 | Trust and other financial services income | 6,866 | 7,461 | 13,315 | 14,473 | ||||||||||||||||||||||||||||||||||||||
Gain/(loss) on real estate owned, net | 108 | (29) | ||||||||||||||||||||||||||||||||||||||||||||
Gain on real estate owned, net | Gain on real estate owned, net | 785 | 291 | 893 | 262 | |||||||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance | Income from bank-owned life insurance | 1,269 | 1,983 | Income from bank-owned life insurance | 1,304 | 2,008 | 2,573 | 3,991 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking income | Mortgage banking income | 524 | 1,465 | Mortgage banking income | 1,028 | 2,157 | 1,552 | 3,622 | ||||||||||||||||||||||||||||||||||||||
Other operating income | Other operating income | 2,430 | 2,244 | Other operating income | 4,150 | 4,861 | 6,301 | 7,105 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 23,969 | 25,740 | Total noninterest income | 29,797 | 30,448 | 53,766 | 56,188 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | 46,604 | 46,917 | Compensation and employee benefits | 47,650 | 48,073 | 94,254 | 94,990 | ||||||||||||||||||||||||||||||||||||||
Premises and occupancy costs | Premises and occupancy costs | 7,471 | 7,797 | Premises and occupancy costs | 7,579 | 7,280 | 15,050 | 15,077 | ||||||||||||||||||||||||||||||||||||||
Office operations | Office operations | 3,010 | 3,383 | Office operations | 2,800 | 3,162 | 5,810 | 6,545 | ||||||||||||||||||||||||||||||||||||||
Collections expense | Collections expense | 387 | 520 | Collections expense | 429 | 403 | 816 | 923 | ||||||||||||||||||||||||||||||||||||||
Processing expenses | Processing expenses | 14,350 | 12,548 | Processing expenses | 14,648 | 12,947 | 28,998 | 25,495 | ||||||||||||||||||||||||||||||||||||||
Marketing expenses | Marketing expenses | 2,892 | 2,128 | Marketing expenses | 2,856 | 2,047 | 5,748 | 4,175 | ||||||||||||||||||||||||||||||||||||||
Federal deposit insurance premiums | Federal deposit insurance premiums | 2,223 | 1,129 | Federal deposit insurance premiums | 2,064 | 1,130 | 4,287 | 2,259 | ||||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 4,758 | 2,573 | Professional services | 3,804 | 3,333 | 8,562 | 5,906 | ||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 909 | 1,183 | Amortization of intangible assets | 842 | 1,115 | 1,751 | 2,298 | ||||||||||||||||||||||||||||||||||||||
Real estate owned expense | Real estate owned expense | 181 | 37 | Real estate owned expense | 83 | 72 | 264 | 109 | ||||||||||||||||||||||||||||||||||||||
Merger, asset disposition and restructuring expense | Merger, asset disposition and restructuring expense | 2,802 | 1,374 | Merger, asset disposition and restructuring expense | 1,593 | — | 4,395 | 1,374 | ||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 1,863 | 759 | Other expenses | 1,510 | 1,849 | 3,373 | 2,608 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 87,450 | 80,348 | Total noninterest expense | 85,858 | 81,411 | 173,308 | 161,759 | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 43,987 | 35,900 | Income before income taxes | 43,558 | 43,277 | 87,545 | 79,177 | ||||||||||||||||||||||||||||||||||||||
Federal and state income taxes expense | Federal and state income taxes expense | 10,308 | 7,613 | Federal and state income taxes expense | 10,514 | 9,851 | 20,822 | 17,464 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 33,679 | 28,287 | Net income | $ | 33,044 | 33,426 | 66,723 | 61,713 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.27 | 0.22 | Basic earnings per share | $ | 0.26 | 0.26 | 0.53 | 0.49 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.26 | 0.22 | Diluted earnings per share | $ | 0.26 | 0.26 | 0.52 | 0.49 |
Quarter ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 33,679 | 28,287 | ||||||||||||||||||||
Other comprehensive income/(loss) net of tax: | |||||||||||||||||||||||
Net unrealized holding gains/(losses) on marketable securities: | |||||||||||||||||||||||
Unrealized holding gains/(losses), net of tax of ($3,308) and $18,877, respectively | 13,017 | (64,783) | |||||||||||||||||||||
Reclassification adjustment for gains/(losses) included in net income, net of tax of $0 and $0, respectively | — | (1) | |||||||||||||||||||||
Net unrealized holding gains/(losses) on marketable securities | 13,017 | (64,784) | |||||||||||||||||||||
Defined benefit plan: | |||||||||||||||||||||||
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $152 and $50, respectively | (382) | (131) | |||||||||||||||||||||
Other comprehensive income/(loss) | 12,635 | (64,915) | |||||||||||||||||||||
Total comprehensive income/(loss) | $ | 46,314 | (36,628) |
Quarter ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 33,044 | 33,426 | 66,723 | 61,713 | ||||||||||||||||||
Other comprehensive (loss)/income net of tax: | |||||||||||||||||||||||
Net unrealized holding (losses)/gains on marketable securities: | |||||||||||||||||||||||
Unrealized holding losses, net of tax of $3,771, $11,973, $463 and $30,850, respectively | (17,719) | (39,954) | (4,702) | (104,737) | |||||||||||||||||||
Reclassification adjustment for losses/(gains) included in net income, net of tax of ($1,731), $0, ($1,731) and $0, respectively | 5,636 | (1) | 5,636 | (2) | |||||||||||||||||||
Net unrealized holding (losses)/gains on marketable securities | (12,083) | (39,955) | 934 | (104,739) | |||||||||||||||||||
Change in fair value of interest rate swaps, net of tax of ($508), $0, ($508) and $0, respectively | 1,737 | — | 1,737 | — | |||||||||||||||||||
Defined benefit plan: | |||||||||||||||||||||||
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $152, $51, $304 and $101, respectively | (382) | (131) | (764) | (262) | |||||||||||||||||||
Other comprehensive (loss)/income | (10,728) | (40,086) | 1,907 | (105,001) | |||||||||||||||||||
Total comprehensive income/(loss) | $ | 22,316 | (6,660) | 68,630 | (43,288) |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2023 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2022 | 127,028,848 | $ | 1,270 | 1,019,647 | 641,727 | (171,158) | 1,491,486 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended June 30, 2023 | Quarter ended June 30, 2023 | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at March 31, 2023 | Beginning balance at March 31, 2023 | 127,065,400 | $ | 1,271 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 33,679 | — | 33,679 | Net income | — | — | — | 33,044 | — | 33,044 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of ($3,157) | — | — | — | — | 12,635 | 12,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $1,684 | Other comprehensive loss, net of tax of $1,684 | — | — | — | — | (10,728) | (10,728) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | 33,679 | 12,635 | 46,314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | 33,044 | (10,728) | 22,316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU No. 2022-02 | — | — | — | (329) | — | (329) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 38,218 | 1 | 464 | — | — | 465 | Exercise of stock options | 3,466 | — | 33 | — | — | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 33,048 | — | 744 | — | — | 744 | Stock-based compensation expense | 40,727 | 1 | 1,300 | — | — | 1,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | Stock-based compensation forfeited | (34,714) | — | — | — | — | — | Stock-based compensation forfeited | (20,630) | (1) | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.20 per share) | Dividends paid ($0.20 per share) | — | — | — | (25,405) | — | (25,405) | Dividends paid ($0.20 per share) | — | — | — | (25,424) | — | (25,424) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at March 31, 2023 | 127,065,400 | $ | 1,271 | 1,020,855 | 649,672 | (158,523) | 1,513,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2023 | Ending balance at June 30, 2023 | 127,088,963 | $ | 1,271 | 1,022,189 | 657,292 | (169,251) | 1,511,501 |
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 March 31, 2022 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2021 | 126,612,183 | $ | 1,266 | 1,010,405 | 609,529 | (37,629) | 1,583,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended June 30, 2022 | Quarter ended June 30, 2022 | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at March 31, 2022 | Beginning balance at March 31, 2022 | 126,686,373 | $ | 1,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 28,287 | — | 28,287 | Net income | — | — | — | 33,426 | — | 33,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $18,927 | — | — | — | — | (64,915) | (64,915) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $12,024 | Other comprehensive loss, net of tax of $12,024 | — | — | — | — | (40,086) | (40,086) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | 28,287 | (64,915) | (36,628) | Total comprehensive income/(loss) | — | — | — | 33,426 | (40,086) | (6,660) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 101,613 | 1 | 1,204 | — | — | 1,205 | Exercise of stock options | 139,795 | 1 | 1,618 | — | — | 1,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 10,222 | — | 699 | — | — | 699 | Stock-based compensation expense | 65,155 | 2 | 1,422 | — | — | 1,424 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | Stock-based compensation forfeited | (37,645) | — | — | — | — | — | Stock-based compensation forfeited | (9,557) | (1) | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.20 per share) | Dividends paid ($0.20 per share) | — | — | — | (25,335) | — | (25,335) | Dividends paid ($0.20 per share) | — | — | — | (25,356) | — | (25,356) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at March 31, 2022 | 126,686,373 | $ | 1,267 | 1,012,308 | 612,481 | (102,544) | 1,523,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2022 | Ending balance at June 30, 2022 | 126,881,766 | $ | 1,269 | 1,015,349 | 620,551 | (142,630) | 1,494,539 |
Quarter ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 33,679 | 28,287 | ||||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||
Provision for credit losses | 4,996 | 115 | |||||||||
Net loss on sale of assets | 1,254 | 780 | |||||||||
Mortgage banking activity | (179) | 677 | |||||||||
Net depreciation, amortization and accretion | 2,154 | 3,595 | |||||||||
Decrease/(increase) in other assets | 6,958 | (30,666) | |||||||||
Decrease in other liabilities | (24,494) | (33,221) | |||||||||
Net amortization on marketable securities | 876 | 1,505 | |||||||||
Noncash compensation expense related to stock benefit plans | 744 | 699 | |||||||||
Noncash write-down of real estate owned | 37 | 29 | |||||||||
Origination of loans held-for-sale | (30,712) | (104,535) | |||||||||
Proceeds from sale of loans held-for-sale | 34,530 | 110,278 | |||||||||
Net cash provided by/(used in) operating activities | 29,843 | (22,457) | |||||||||
Investing activities: | |||||||||||
Purchase of marketable securities available-for-sale | — | (61,640) | |||||||||
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 15,028 | 30,092 | |||||||||
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 28,246 | 83,295 | |||||||||
Proceeds from bank-owned life insurance | 1,633 | 1,354 | |||||||||
Loan originations | (923,686) | (901,499) | |||||||||
Loan purchases | — | (210,775) | |||||||||
Proceeds from loan maturities and principal reductions | 748,472 | 985,218 | |||||||||
Net (redemptions)/proceeds of FHLB stock | (1,376) | 866 | |||||||||
Proceeds from sale of real estate owned | 186 | — | |||||||||
Proceeds from sale of real estate owned for investment, net | — | 76 | |||||||||
Disposals of premises and equipment, net | 1,340 | 329 | |||||||||
Net cash used in investing activities | (130,157) | (72,684) |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2022 | 127,028,848 | $ | 1,270 | 1,019,647 | 641,727 | (171,158) | 1,491,486 | ||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 66,723 | — | 66,723 | |||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of ($1,472) | — | — | — | — | 1,907 | 1,907 | |||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | 66,723 | 1,907 | 68,630 | |||||||||||||||||||||||||||||||||||
Adoption of ASU No. 2022-02 | — | — | — | (329) | — | (329) | |||||||||||||||||||||||||||||||||||
Exercise of stock options | 41,684 | 1 | 497 | — | — | 498 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 73,775 | 1 | 2,044 | — | — | 2,045 | |||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | (55,344) | (1) | 1 | — | — | — | |||||||||||||||||||||||||||||||||||
Dividends paid ($0.40 per share) | — | — | — | (50,829) | — | (50,829) | |||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2023 | 127,088,963 | $ | 1,271 | 1,022,189 | 657,292 | (169,251) | 1,511,501 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2021 | 126,612,183 | $ | 1,266 | 1,010,405 | 609,529 | (37,629) | 1,583,571 | ||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 61,713 | — | 61,713 | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $30,951 | — | — | — | — | (105,001) | (105,001) | |||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | — | — | — | 61,713 | (105,001) | (43,288) | |||||||||||||||||||||||||||||||||||
Exercise of stock options | 241,408 | 2 | 2,822 | — | — | 2,824 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 75,377 | 2 | 2,121 | — | — | 2,123 | |||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | (47,202) | (1) | 1 | — | — | — | |||||||||||||||||||||||||||||||||||
Dividends paid ($0.40 per share) | — | — | — | (50,691) | — | (50,691) | |||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2022 | 126,881,766 | $ | 1,269 | 1,015,349 | 620,551 | (142,630) | 1,494,539 |
Three months ended March 31, | Six months ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Financing activities: | ||||||||||||||||||||||
Net increase in deposits | $ | 72,631 | 19,235 | |||||||||||||||||||
Operating activities: | Operating activities: | |||||||||||||||||||||
Net income | Net income | $ | 66,723 | 61,713 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 13,926 | 1,148 | |||||||||||||||||||
Loss on sale of investments | Loss on sale of investments | 8,306 | 5 | |||||||||||||||||||
Net loss/(gain) on sale of assets | Net loss/(gain) on sale of assets | 691 | (630) | |||||||||||||||||||
Mortgage banking activity | Mortgage banking activity | 5,900 | (2,660) | |||||||||||||||||||
Gain on sale of SBA loans | Gain on sale of SBA loans | (1,112) | — | |||||||||||||||||||
Gain on sale of mortgage servicing rights | Gain on sale of mortgage servicing rights | (8,305) | — | |||||||||||||||||||
Net depreciation, amortization and accretion | Net depreciation, amortization and accretion | 8,798 | 2,860 | |||||||||||||||||||
Decrease in other assets | Decrease in other assets | (40,281) | (23,489) | |||||||||||||||||||
Decrease in other liabilities | Decrease in other liabilities | (2,545) | (16,891) | |||||||||||||||||||
Net amortization on marketable securities | Net amortization on marketable securities | 1,724 | 2,783 | |||||||||||||||||||
Noncash compensation expense related to stock benefit plans | Noncash compensation expense related to stock benefit plans | 2,045 | 2,123 | |||||||||||||||||||
Noncash write-down of real estate owned | Noncash write-down of real estate owned | 37 | 41 | |||||||||||||||||||
Net increase/(decrease) in short-term borrowings | 7,475 | (17,657) | ||||||||||||||||||||
Increase/(decrease) in advances by borrowers for taxes and insurance | 2,280 | (560) | ||||||||||||||||||||
Deferred income tax expense | Deferred income tax expense | 1,010 | 2,256 | |||||||||||||||||||
Origination of loans held-for-sale | Origination of loans held-for-sale | (82,984) | (225,091) | |||||||||||||||||||
Proceeds from sale of loans held-for-sale | Proceeds from sale of loans held-for-sale | 78,822 | 222,662 | |||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 52,755 | 26,830 | |||||||||||||||||||
Investing activities: | Investing activities: | |||||||||||||||||||||
Purchase of marketable securities held-to-maturity | Purchase of marketable securities held-to-maturity | — | (212,892) | |||||||||||||||||||
Purchase of marketable securities available-for-sale | Purchase of marketable securities available-for-sale | (23,502) | (102,178) | |||||||||||||||||||
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 32,998 | 57,254 | |||||||||||||||||||
Proceeds from maturities and principal reductions of marketable securities available-for-sale | Proceeds from maturities and principal reductions of marketable securities available-for-sale | 57,276 | 148,260 | |||||||||||||||||||
Proceeds from sale of marketable securities available-for-sale | Proceeds from sale of marketable securities available-for-sale | 101,229 | — | |||||||||||||||||||
Proceeds from bank-owned life insurance | Proceeds from bank-owned life insurance | 1,633 | 2,553 | |||||||||||||||||||
Loan originations | Loan originations | (2,024,737) | (2,158,246) | |||||||||||||||||||
Proceeds from sale of mortgage servicing rights | Proceeds from sale of mortgage servicing rights | 13,118 | — | |||||||||||||||||||
Loan purchases | Loan purchases | — | (304,163) | |||||||||||||||||||
Proceeds from loan maturities and principal reductions | Proceeds from loan maturities and principal reductions | 1,673,841 | 2,054,203 | |||||||||||||||||||
Net (redemptions)/proceeds of FHLB stock | Net (redemptions)/proceeds of FHLB stock | (4,470) | 822 | |||||||||||||||||||
Proceeds from sale of real estate owned | Proceeds from sale of real estate owned | 1,257 | 424 | |||||||||||||||||||
Proceeds from sale of real estate owned for investment, net | Proceeds from sale of real estate owned for investment, net | — | 153 | |||||||||||||||||||
(Purchases)/disposals of premises and equipment, net | (Purchases)/disposals of premises and equipment, net | (1,330) | 1,687 | |||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (172,687) | (512,123) | |||||||||||||||||||
Financing activities: | Financing activities: | |||||||||||||||||||||
Net increase/(decrease) in deposits | Net increase/(decrease) in deposits | 197,847 | (233,910) | |||||||||||||||||||
Repayments of long-term borrowings | Repayments of long-term borrowings | — | (10,094) | |||||||||||||||||||
Net decrease in short-term borrowings | Net decrease in short-term borrowings | (48,852) | (8,603) | |||||||||||||||||||
Increase in advances by borrowers for taxes and insurance | Increase in advances by borrowers for taxes and insurance | 9,530 | 11,040 | |||||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (25,405) | (25,335) | Cash dividends paid on common stock | (50,829) | (50,691) | ||||||||||||||||
Proceeds from stock options exercised | Proceeds from stock options exercised | 465 | 1,205 | Proceeds from stock options exercised | 498 | 2,824 | ||||||||||||||||
Net cash provided by/(used in) financing activities | Net cash provided by/(used in) financing activities | 57,446 | (23,112) | Net cash provided by/(used in) financing activities | 108,194 | (289,434) | ||||||||||||||||
Net decrease in cash and cash equivalents | Net decrease in cash and cash equivalents | $ | (42,868) | (118,253) | Net decrease in cash and cash equivalents | $ | (11,738) | (774,727) | ||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | $ | 139,365 | 1,279,259 | Cash and cash equivalents at beginning of period | $ | 139,365 | 1,279,259 | ||||||||||||||
Net decrease in cash and cash equivalents | Net decrease in cash and cash equivalents | (42,868) | (118,253) | Net decrease in cash and cash equivalents | (11,738) | (774,727) | ||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 96,497 | 1,161,006 | Cash and cash equivalents at end of period | $ | 127,627 | 504,532 | ||||||||||||||
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 $10,676 and $3,650, respectively) | $ | 23,471 | 7,051 | |||||||||||||||||||
Interest on deposits and borrowings (including interest credited to deposit accounts of $30,790 and $6,943, respectively) | Interest on deposits and borrowings (including interest credited to deposit accounts of $30,790 and $6,943, respectively) | $ | 56,218 | 11,520 | ||||||||||||||||||
Income taxes | Income taxes | 291 | 84 | Income taxes | 24,106 | 11,581 | ||||||||||||||||
Non-cash activities: | Non-cash activities: | Non-cash activities: | ||||||||||||||||||||
Loan foreclosures and repossessions | Loan foreclosures and repossessions | $ | 847 | 1,142 | Loan foreclosures and repossessions | $ | 1,803 | 2,591 | ||||||||||||||
Sale of real estate owned financed by the Company | Sale of real estate owned financed by the Company | 70 | — |
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 | — | (1,421) | 18,579 | Due after one year through five years | $ | 20,000 | — | (1,676) | 18,324 | ||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 52,089 | — | (9,653) | 42,436 | Due after ten years | 51,124 | — | (10,627) | 40,497 | ||||||||||||||||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | ||||||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 20,983 | — | (2,680) | 18,303 | Due after one year through five years | 20,984 | — | (2,940) | 18,044 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 25,600 | — | (3,623) | 21,977 | Due after five years through ten years | 25,516 | — | (4,027) | 21,489 | ||||||||||||||||||||||||||||||||||||
Municipal securities: | Municipal securities: | Municipal securities: | ||||||||||||||||||||||||||||||||||||||||||||
Due within one year | Due within one year | 503 | — | — | 503 | Due within one year | 500 | — | — | 500 | ||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 990 | 27 | (12) | 1,005 | Due after one year through five years | 950 | 17 | (9) | 958 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 38,384 | 1 | (1,612) | 36,773 | Due after five years through ten years | 20,481 | — | (1,845) | 18,636 | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 87,322 | 131 | (11,059) | 76,394 | Due after ten years | 64,589 | 59 | (10,409) | 54,239 | ||||||||||||||||||||||||||||||||||||
Corporate debt issues: | Corporate debt issues: | Corporate debt issues: | ||||||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 13,528 | — | (958) | 12,570 | Due after five years through ten years | 8,463 | — | (917) | 7,546 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 221,361 | 49 | (28,136) | 193,274 | Fixed rate pass-through | 219,643 | 4 | (28,705) | 190,942 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 8,287 | 4 | (149) | 8,142 | Variable rate pass-through | 7,861 | 2 | (215) | 7,648 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 886,717 | — | (137,663) | 749,054 | Fixed rate agency CMOs | 821,371 | — | (151,317) | 670,054 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 27,041 | 35 | (576) | 26,500 | Variable rate agency CMOs | 25,619 | 35 | (579) | 25,075 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 1,143,406 | 88 | (166,524) | 976,970 | Total residential mortgage-backed securities | 1,074,494 | 41 | (180,816) | 893,719 | ||||||||||||||||||||||||||||||||||||
Total marketable securities available-for-sale | Total marketable securities available-for-sale | $ | 1,402,805 | 247 | (197,542) | 1,205,510 | Total marketable securities available-for-sale | $ | 1,287,101 | 117 | (213,266) | 1,073,952 |
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 | — | (1,799) | 18,201 | ||||||||||||||||||
Due after ten years | 53,152 | — | (10,761) | 42,391 | |||||||||||||||||||
Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||
Due after one year through five years | 993 | — | (49) | 944 | |||||||||||||||||||
Due after five years through ten years | 45,814 | — | (7,557) | 38,257 | |||||||||||||||||||
Municipal securities: | |||||||||||||||||||||||
Due within one year | 506 | — | (1) | 505 | |||||||||||||||||||
Due after one year through five years | 986 | 21 | (13) | 994 | |||||||||||||||||||
Due after five years through ten years | 36,332 | — | (2,290) | 34,042 | |||||||||||||||||||
Due after ten years | 89,631 | 8 | (13,414) | 76,225 | |||||||||||||||||||
Corporate debt issues: | |||||||||||||||||||||||
Due after five years through ten years | 13,540 | — | (562) | 12,978 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Fixed rate pass-through | 227,122 | 35 | (31,171) | 195,986 | |||||||||||||||||||
Variable rate pass-through | 8,837 | 10 | (184) | 8,663 | |||||||||||||||||||
Fixed rate agency CMOs | 906,962 | — | (145,284) | 761,678 | |||||||||||||||||||
Variable rate agency CMOs | 27,853 | 31 | (640) | 27,244 | |||||||||||||||||||
Total residential mortgage-backed securities | 1,170,774 | 76 | (177,279) | 993,571 | |||||||||||||||||||
Total marketable securities available-for-sale | $ | 1,431,728 | 105 | (213,725) | 1,218,108 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||||||||||||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | ||||||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | $ | 29,477 | — | (3,131) | 26,346 | Due after one year through five years | $ | 49,471 | — | (6,541) | 42,930 | ||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 94,978 | — | (15,560) | 79,418 | Due after five years through ten years | 74,985 | — | (13,586) | 61,399 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 159,504 | — | (22,260) | 137,244 | Fixed rate pass-through | 155,431 | — | (23,770) | 131,661 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 521 | — | (7) | 514 | Variable rate pass-through | 495 | — | (10) | 485 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 581,013 | — | (74,710) | 506,303 | Fixed rate agency CMOs | 566,934 | — | (85,253) | 481,681 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 529 | — | (9) | 520 | Variable rate agency CMOs | 529 | — | (9) | 520 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 741,567 | — | (96,986) | 644,581 | Total residential mortgage-backed securities | 723,389 | — | (109,042) | 614,347 | ||||||||||||||||||||||||||||||||||||
Total marketable securities held-to-maturity | Total marketable securities held-to-maturity | $ | 866,022 | — | (115,677) | 750,345 | Total marketable securities held-to-maturity | $ | 847,845 | — | (129,169) | 718,676 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | ||||||||||||||||||||
Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||
Due after one year through five years | $ | 29,478 | — | (3,676) | 25,802 | ||||||||||||||||||
Due after five years through ten years | 94,977 | — | (18,157) | 76,820 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Fixed rate pass-through | 163,196 | — | (24,684) | 138,512 | |||||||||||||||||||
Variable rate pass-through | 542 | — | (12) | 530 | |||||||||||||||||||
Fixed rate agency CMOs | 592,527 | — | (83,325) | 509,202 | |||||||||||||||||||
Variable rate agency CMOs | 529 | — | (11) | 518 | |||||||||||||||||||
Total residential mortgage-backed securities | 756,794 | — | (108,032) | 648,762 | |||||||||||||||||||
Total marketable securities held-to-maturity | $ | 881,249 | — | (129,865) | 751,384 |
Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||
Due within one year | Due within one year | $ | 33 | 32 | Due within one year | $ | 16 | 16 | ||||||||||||||
Due after one year through five years | Due after one year through five years | 33,776 | 31,288 | Due after one year through five years | 20,874 | 18,781 | ||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 44,464 | 41,905 | Due after five years through ten years | 34,546 | 32,342 | ||||||||||||||||
Due after ten years | Due after ten years | 1,065,133 | 903,745 | Due after ten years | 1,019,058 | 842,580 | ||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | $ | 1,143,406 | 976,970 | Total residential mortgage-backed securities | $ | 1,074,494 | 893,719 |
Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||
Due after one year through five years | Due after one year through five years | $ | 20,514 | 17,902 | Due after one year through five years | $ | 20,430 | 17,529 | ||||||||||||||
Due after five years through ten years | Due after five years through ten years | 20,242 | 16,208 | Due after five years through ten years | 20,234 | 15,973 | ||||||||||||||||
Due after ten years | Due after ten years | 700,811 | 610,471 | Due after ten years | 682,725 | 580,845 | ||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | $ | 741,567 | 644,581 | Total residential mortgage-backed securities | $ | 723,389 | 614,347 |
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 | $ | 594 | (6) | 206,465 | (36,062) | 207,059 | (36,068) | U.S. government-sponsored enterprises | $ | — | — | 202,683 | (39,397) | 202,683 | (39,397) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 7,623 | (166) | 100,054 | (12,517) | 107,677 | (12,683) | Municipal securities | 7,375 | (306) | 60,351 | (11,957) | 67,726 | (12,263) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate issues | Corporate issues | 12,570 | (958) | — | — | 12,570 | (958) | Corporate issues | 4,339 | (644) | 3,207 | (273) | 7,546 | (917) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities - agency | Residential mortgage-backed securities - agency | 245,143 | (7,650) | 1,371,351 | (255,860) | 1,616,494 | (263,510) | Residential mortgage-backed securities - agency | 191,673 | (8,906) | 1,313,801 | (280,952) | 1,505,474 | (289,858) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 265,930 | (8,780) | 1,677,870 | (304,439) | 1,943,800 | (313,219) | Total | $ | 203,387 | (9,856) | 1,580,042 | (332,579) | 1,783,429 | (342,435) |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | ||||||||||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 1,735 | (82) | 200,679 | (41,917) | 202,414 | (41,999) | ||||||||||||||||||||||||||||
Corporate debt issues | 12,979 | (562) | — | — | 12,979 | (562) | |||||||||||||||||||||||||||||
Municipal securities | 60,676 | (4,047) | 44,493 | (11,671) | 105,169 | (15,718) | |||||||||||||||||||||||||||||
Residential mortgage-backed securities - agency | 373,186 | (22,796) | 1,264,042 | (262,515) | 1,637,228 | (285,311) | |||||||||||||||||||||||||||||
Total | $ | 448,576 | (27,487) | 1,509,214 | (316,103) | 1,957,790 | (343,590) |
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 the U.S. government-sponsored enterprises | Debt issued by the U.S. government-sponsored enterprises | $ | 124,455 | 124,455 | Debt issued by the U.S. government-sponsored enterprises | $ | 124,456 | 124,456 | ||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 741,567 | 741,567 | Residential mortgage-backed securities | 723,389 | 723,389 | ||||||||||||||||
Total marketable securities held-to-maturity | Total marketable securities held-to-maturity | $ | 866,022 | 866,022 | Total marketable securities held-to-maturity | $ | 847,845 | 847,845 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated (1) | Acquired (2) | Total | Originated (1) | Acquired (2) | Total | Originated (1) | Acquired (2) | Total | Originated (1) | Acquired (2) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans (3) | Residential mortgage loans (3) | $ | 3,341,084 | 164,381 | 3,505,465 | 3,327,879 | 170,720 | 3,498,599 | Residential mortgage loans (3) | $ | 3,338,525 | 156,632 | 3,495,157 | 3,327,879 | 170,720 | 3,498,599 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,129,817 | 151,729 | 1,281,546 | 1,131,641 | 166,033 | 1,297,674 | Home equity loans | 1,135,044 | 141,018 | 1,276,062 | 1,131,641 | 166,033 | 1,297,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 2,037,094 | 84,708 | 2,121,802 | 1,965,385 | 91,398 | 2,056,783 | Vehicle loans | 2,009,881 | 77,449 | 2,087,330 | 1,965,385 | 91,398 | 2,056,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 103,376 | 6,955 | 110,331 | 104,284 | 7,588 | 111,872 | Consumer loans | 107,304 | 6,428 | 113,732 | 104,284 | 7,588 | 111,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 6,611,371 | 407,773 | 7,019,144 | 6,529,189 | 435,739 | 6,964,928 | Total Personal Banking | 6,590,754 | 381,527 | 6,972,281 | 6,529,189 | 435,739 | 6,964,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,178,258 | 290,782 | 2,469,040 | 2,135,607 | 312,421 | 2,448,028 | Commercial real estate loans | 2,251,248 | 275,891 | 2,527,139 | 2,135,607 | 312,421 | 2,448,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 328,519 | 29,545 | 358,064 | 341,704 | 33,823 | 375,527 | Commercial real estate loans - owner occupied | 341,559 | 26,526 | 368,085 | 341,704 | 33,823 | 375,527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,202,504 | 43,519 | 1,246,023 | 1,082,914 | 49,055 | 1,131,969 | Commercial loans | 1,357,216 | 46,510 | 1,403,726 | 1,082,914 | 49,055 | 1,131,969 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 3,709,281 | 363,846 | 4,073,127 | 3,560,225 | 395,299 | 3,955,524 | Total Commercial Banking | 3,950,023 | 348,927 | 4,298,950 | 3,560,225 | 395,299 | 3,955,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, gross | Total loans receivable, gross | 10,320,652 | 771,619 | 11,092,271 | 10,089,414 | 831,038 | 10,920,452 | Total loans receivable, gross | 10,540,777 | 730,454 | 11,271,231 | 10,089,414 | 831,038 | 10,920,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (111,443) | (9,814) | (121,257) | (107,379) | (10,657) | (118,036) | Allowance for credit losses | (115,875) | (8,548) | (124,423) | (107,379) | (10,657) | (118,036) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | Total loans receivable, net | $ | 10,209,209 | 761,805 | 10,971,014 | 9,982,035 | 820,381 | 10,802,416 | Total loans receivable, net | $ | 10,424,902 | 721,906 | 11,146,808 | 9,982,035 | 820,381 | 10,802,416 |
Balance as of March 31, 2023 | Current period provision | Charge-offs | Recoveries | ASU 2022-02 Adoption | Balance as of December 31, 2022 | Balance as of June 30, 2023 | Current period provision | Charge-offs | Recoveries | Balance as of March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 19,238 | (1) | (207) | 185 | — | 19,261 | Residential mortgage loans | $ | 17,556 | (1,676) | (545) | 539 | 19,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 5,481 | (450) | (164) | 193 | — | 5,902 | Home equity loans | 5,002 | (456) | (235) | 212 | 5,481 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 26,166 | 4,253 | (1,668) | 522 | — | 23,059 | Vehicle loans | 27,283 | 2,030 | (1,539) | 626 | 26,166 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 732 | 796 | (1,066) | 337 | — | 665 | Consumer loans | 1,010 | 1,231 | (1,233) | 280 | 732 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 51,617 | 4,598 | (3,105) | 1,237 | — | 48,887 | Total Personal Banking | 50,851 | 1,129 | (3,552) | 1,657 | 51,617 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 45,404 | 121 | (657) | 1,008 | 426 | 44,506 | Commercial real estate loans | 50,056 | 4,576 | (415) | 491 | 45,404 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 3,351 | (674) | — | 21 | — | 4,004 | Commercial real estate loans - owner occupied | 3,498 | 189 | (68) | 26 | 3,351 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 20,885 | 825 | (865) | 286 | — | 20,639 | Commercial loans | 20,018 | 116 | (1,209) | 226 | 20,885 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 69,640 | 272 | (1,522) | 1,315 | 426 | 69,149 | Total Commercial Banking | 73,572 | 4,881 | (1,692) | 743 | 69,640 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 121,257 | 4,870 | (4,627) | 2,552 | 426 | 118,036 | Total | $ | 124,423 | 6,010 | (5,244) | 2,400 | 121,257 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | (1) | — | — | — | 4 | Residential mortgage loans | $ | 4 | 1 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 60 | (14) | — | — | — | 74 | Home equity loans | 64 | 4 | — | — | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 63 | (15) | — | — | — | 78 | Total Personal Banking | 68 | 5 | — | — | 63 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 5,924 | 549 | — | — | — | 5,375 | Commercial real estate loans | 7,655 | 1,731 | — | — | 5,924 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 441 | 62 | — | — | — | 379 | Commercial real estate loans - owner occupied | 320 | (121) | — | — | 441 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 6,611 | (470) | — | — | — | 7,081 | Commercial loans | 7,916 | 1,305 | — | — | 6,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 12,976 | 141 | — | — | — | 12,835 | Total Commercial Banking | 15,891 | 2,915 | — | — | 12,976 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | Total off-balance sheet exposure | $ | 13,039 | 126 | — | — | — | 12,913 | Total off-balance sheet exposure | $ | 15,959 | 2,920 | — | — | 13,039 |
Balance as of June 30, 2022 | Current period provision | Charge-offs | Recoveries | Balance as of March 31, 2022 | ||||||||||||||||||||||||||||
Allowance for Credit Losses | ||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 16,158 | 2,723 | (138) | 267 | 13,306 | ||||||||||||||||||||||||||
Home equity loans | 5,232 | (583) | (255) | 427 | 5,643 | |||||||||||||||||||||||||||
Vehicle loans | 15,738 | 1,888 | (934) | 603 | 14,181 | |||||||||||||||||||||||||||
Consumer loans | 779 | (1,685) | (978) | 333 | 3,109 | |||||||||||||||||||||||||||
Total Personal Banking | 37,907 | 2,343 | (2,305) | 1,630 | 36,239 | |||||||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||||||
Commercial real estate loans | 39,641 | (1,917) | (4,392) | 1,378 | 44,572 | |||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 4,095 | (188) | — | 7 | 4,276 | |||||||||||||||||||||||||||
Commercial loans | 16,712 | 2,391 | (329) | 442 | 14,208 | |||||||||||||||||||||||||||
Total Commercial Banking | 60,448 | 286 | (4,721) | 1,827 | 63,056 | |||||||||||||||||||||||||||
Total | $ | 98,355 | 2,629 | (7,026) | 3,457 | 99,295 | ||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | ||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 6 | — | — | — | 6 | ||||||||||||||||||||||||||
Home equity loans | 64 | 9 | — | — | 55 | |||||||||||||||||||||||||||
Total Personal Banking | 70 | 9 | — | — | 61 | |||||||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||||||
Commercial real estate loans | 3,463 | 1,671 | — | — | 1,792 | |||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 328 | 120 | — | — | 208 | |||||||||||||||||||||||||||
Commercial loans | 3,589 | 1,596 | — | — | 1,993 | |||||||||||||||||||||||||||
Total Commercial Banking | 7,380 | 3,387 | — | — | 3,993 | |||||||||||||||||||||||||||
Total off-balance sheet exposure | $ | 7,450 | 3,396 | — | — | 4,054 |
Balance June 30, 2023 | Current period provision | Charge-offs | Recoveries | ASU 2022-02 Adoption | Balance December 31, 2022 | ||||||||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 17,556 | (1,677) | (752) | 724 | — | 19,261 | ||||||||||||||||||||||||||||
Home equity loans | 5,002 | (906) | (399) | 405 | — | 5,902 | |||||||||||||||||||||||||||||
Vehicle loans | 27,283 | 6,283 | (3,207) | 1,148 | — | 23,059 | |||||||||||||||||||||||||||||
Consumer loans | 1,010 | 2,027 | (2,299) | 617 | — | 665 | |||||||||||||||||||||||||||||
Total Personal Banking | 50,851 | 5,727 | (6,657) | 2,894 | — | 48,887 | |||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 50,056 | 4,697 | (1,072) | 1,499 | 426 | 44,506 | |||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 3,498 | (485) | (68) | 47 | — | 4,004 | |||||||||||||||||||||||||||||
Commercial loans | 20,018 | 941 | (2,074) | 512 | — | 20,639 | |||||||||||||||||||||||||||||
Total Commercial Banking | 73,572 | 5,153 | (3,214) | 2,058 | 426 | 69,149 | |||||||||||||||||||||||||||||
Total | $ | 124,423 | 10,880 | (9,871) | 4,952 | 426 | 118,036 | ||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure (1) | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 4 | — | — | — | — | 4 | ||||||||||||||||||||||||||||
Home equity loans | 64 | (10) | — | — | — | 74 | |||||||||||||||||||||||||||||
Total Personal Banking | 68 | (10) | — | — | — | 78 | |||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 7,655 | 2,280 | — | — | — | 5,375 | |||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 320 | (59) | — | — | — | 379 | |||||||||||||||||||||||||||||
Commercial loans | 7,916 | 835 | — | — | — | 7,081 | |||||||||||||||||||||||||||||
Total Commercial Banking | 15,891 | 3,056 | — | — | — | 12,835 | |||||||||||||||||||||||||||||
Total off-balance sheet exposure | $ | 15,959 | 3,046 | — | — | — | 12,913 |
Balance as of March 31, 2022 | Current period provision | Charge-offs | Recoveries | Balance as of December 31, 2021 | Balance as of June 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 | $ | 13,306 | 6,962 | (1,183) | 154 | 7,373 | Residential mortgage loans | $ | 16,158 | 9,685 | (1,321) | 421 | 7,373 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 5,643 | 369 | (447) | 421 | 5,300 | Home equity loans | 5,232 | (214) | (702) | 848 | 5,300 | |||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 14,181 | (1,305) | (647) | 650 | 15,483 | Vehicle loans | 15,738 | 583 | (1,581) | 1,253 | 15,483 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 3,109 | 994 | (1,076) | 307 | 2,884 | Consumer loans | 779 | (691) | (2,054) | 640 | 2,884 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 36,239 | 7,020 | (3,353) | 1,532 | 31,040 | Total Personal Banking | 37,907 | 9,363 | (5,658) | 3,162 | 31,040 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 44,572 | (9,665) | (1,024) | 1,120 | 54,141 | Commercial real estate loans | 39,641 | (11,582) | (5,416) | 2,498 | 51,141 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 4,276 | 389 | — | 4 | 3,883 | Commercial real estate loans - owner occupied | 4,095 | 201 | — | 11 | 3,883 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 14,208 | 775 | (681) | 937 | 13,177 | Commercial loans | 16,712 | 3,166 | (1,010) | 1,379 | 13,177 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 63,056 | (8,501) | (1,705) | 2,061 | 71,201 | Total Commercial Banking | 60,448 | (8,215) | (6,426) | 3,888 | 71,201 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 99,295 | (1,481) | (5,058) | 3,593 | 102,241 | Total | $ | 98,355 | 1,148 | (12,084) | 7,050 | 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 | $ | 6 | 4 | — | — | 2 | Residential mortgage loans | $ | 6 | 4 | — | — | 2 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 55 | 16 | — | — | 39 | Home equity loans | 64 | 25 | — | — | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 61 | 20 | — | — | 41 | Total Personal Banking | 70 | 29 | — | — | 41 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 1,792 | 911 | — | — | 881 | Commercial real estate loans | 3,463 | 2,582 | — | — | 881 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 208 | 66 | — | — | 142 | Commercial real estate loans - owner occupied | 328 | 186 | — | — | 142 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,993 | 599 | — | — | 1,394 | Commercial loans | 3,589 | 2,195 | — | — | 1,394 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 3,993 | 1,576 | — | — | 2,417 | Total Commercial Banking | 7,380 | 4,963 | — | — | 2,417 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | Total off-balance sheet exposure | $ | 4,054 | 1,596 | — | — | 2,458 | Total off-balance sheet exposure | $ | 7,450 | 4,992 | — | — | 2,458 |
Total loans receivable | Allowance for credit losses | Nonaccrual loans | Loans 90 days past due and accruing | Total loans receivable | Allowance for credit losses | Nonaccrual loans | Loans 90 days past due and accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 3,505,465 | 19,238 | 6,330 | — | Residential mortgage loans | $ | 3,495,157 | 17,556 | 8,083 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,281,546 | 5,481 | 3,630 | — | Home equity loans | 1,276,062 | 5,002 | 3,454 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 2,121,802 | 26,166 | 4,009 | — | Vehicle loans | 2,087,330 | 27,283 | 3,465 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 110,331 | 732 | 256 | 488 | Consumer loans | 113,732 | 1,010 | 246 | 414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 7,019,144 | 51,617 | 14,225 | 488 | Total Personal Banking | 6,972,281 | 50,851 | 15,248 | 414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,469,040 | 45,404 | 60,759 | — | Commercial real estate loans | 2,527,139 | 50,056 | 58,521 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 358,064 | 3,351 | 551 | — | Commercial real estate loans - owner occupied | 368,085 | 3,498 | 429 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,246,023 | 20,885 | 3,074 | 164 | Commercial loans | 1,403,726 | 20,018 | 4,391 | 118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 4,073,127 | 69,640 | 64,384 | 164 | Total Commercial Banking | 4,298,950 | 73,572 | 63,341 | 118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 11,092,271 | 121,257 | 78,609 | 652 | Total | $ | 11,271,231 | 124,423 | 78,589 | 532 |
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 | $ | 3,498,599 | 19,261 | 7,574 | — | 6,279 | 1,069 | — | |||||||||||||||||||||||||||||||||
Home equity loans | 1,297,674 | 5,902 | 4,145 | — | 1,470 | 546 | — | ||||||||||||||||||||||||||||||||||
Vehicle loans | 2,056,783 | 23,059 | 3,771 | 2 | — | — | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 111,872 | 665 | 256 | 405 | — | — | — | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 6,964,928 | 48,887 | 15,746 | 407 | 7,749 | 1,615 | — | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,448,028 | 44,506 | 62,239 | — | 31,980 | 638 | 400 | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 375,527 | 4,004 | 624 | — | 94 | 31 | — | ||||||||||||||||||||||||||||||||||
Commercial loans | 1,131,969 | 20,639 | 2,627 | 337 | 858 | 116 | 4 | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 3,955,524 | 69,149 | 65,490 | 337 | 32,932 | 785 | 404 | ||||||||||||||||||||||||||||||||||
Total | $ | 10,920,452 | 118,036 | 81,236 | 744 | 40,681 | 2,400 | 404 |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans at January 1, 2023 | 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 | Nonaccrual loans at January 1, 2023 | 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 | $ | 7,574 | 6,330 | — | 6,330 | — | Residential mortgage loans | $ | 7,574 | 8,083 | — | 8,083 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 4,145 | 3,446 | 184 | 3,630 | — | Home equity loans | 4,145 | 3,278 | 176 | 3,454 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 3,771 | 2,857 | 1,152 | 4,009 | — | Vehicle loans | 3,771 | 2,522 | 943 | 3,465 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 256 | 251 | 5 | 256 | 488 | Consumer loans | 256 | 246 | — | 246 | 414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 15,746 | 12,884 | 1,341 | 14,225 | 488 | Total Personal Banking | 15,746 | 14,129 | 1,119 | 15,248 | 414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 62,239 | 22,529 | 38,230 | 60,759 | — | Commercial real estate loans | 62,239 | 22,507 | 36,014 | 58,521 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 624 | 551 | — | 551 | — | Commercial real estate loans - owner occupied | 624 | 429 | — | 429 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 2,627 | 2,718 | 356 | 3,074 | 164 | Commercial loans | 2,627 | 3,886 | 505 | 4,391 | 118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 65,490 | 25,798 | 38,586 | 64,384 | 164 | Total Commercial Banking | 65,490 | 26,822 | 36,519 | 63,341 | 118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 81,236 | 38,682 | 39,927 | 78,609 | 652 | Total | $ | 81,236 | 40,951 | 37,638 | 78,589 | 532 |
December 31, 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 | 7,574 | — | 7,574 | — | |||||||||||||||||||||||||||||
Home equity loans | 5,758 | 3,887 | 258 | 4,145 | — | ||||||||||||||||||||||||||||||
Vehicle loans | 3,263 | 2,175 | 1,596 | 3,771 | 2 | ||||||||||||||||||||||||||||||
Consumer loans | 675 | 256 | — | 256 | 405 | ||||||||||||||||||||||||||||||
Total Personal Banking | 20,098 | 13,892 | 1,854 | 15,746 | 407 | ||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 129,666 | 22,182 | 40,057 | 62,239 | — | ||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 1,233 | 624 | — | 624 | — | ||||||||||||||||||||||||||||||
Commercial loans | 7,474 | 2,024 | 603 | 2,627 | 337 | ||||||||||||||||||||||||||||||
Total Commercial Banking | 138,373 | 24,830 | 40,660 | 65,490 | 337 | ||||||||||||||||||||||||||||||
Total | $ | 158,471 | 38,722 | 42,514 | 81,236 | 744 |
Real estate | Equipment | Total | Real estate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | $ | 54,903 | — | 54,903 | Commercial real estate loans | $ | 53,910 | 53,910 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 170 | 183 | 353 | Commercial loans | 308 | 308 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 55,073 | 183 | 55,256 | Total Commercial Banking | 54,218 | 54,218 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 55,073 | 183 | 55,256 | Total | $ | 54,218 | 54,218 |
Real estate | Equipment | Total | |||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | 569 | — | 569 | |||||||||||||||||||||||||
Home equity loans | 100 | — | 100 | ||||||||||||||||||||||||||
Total Personal Banking | 669 | — | 669 | ||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||
Commercial real estate loans | 57,056 | — | 57,056 | ||||||||||||||||||||||||||
Commercial loans | 175 | 210 | 385 | ||||||||||||||||||||||||||
Total Commercial Banking | 57,231 | 210 | 57,441 | ||||||||||||||||||||||||||
Total | $ | 57,900 | 210 | 58,110 |
Term extension | Combination term extension and interest rate reduction | Total class of financing receivable | |||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 180 | — | 0.01 | % | ||||||||||||||||||||||||||||||||||||
Home equity loans | 110 | — | 0.01 | % | |||||||||||||||||||||||||||||||||||||
Consumer loans | — | 3 | — | % | |||||||||||||||||||||||||||||||||||||
Total Personal Banking | 290 | 3 | — | % | |||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 242 | — | 0.01 | % | |||||||||||||||||||||||||||||||||||||
Commercial loans | 765 | — | 0.06 | % | |||||||||||||||||||||||||||||||||||||
Total Commercial Banking | 1,007 | — | 0.02 | % | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,297 | 3 | 0.01 | % |
For the quarter ended June 30, 2023 | For the six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term extension | Total class of financing receivable | Term extension | Combination term extension and interest rate reduction | Total class of financing receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 82 | 0.00 | % | 262 | — | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | 118 | 0.01 | % | 166 | — | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | — | — | % | — | 3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | 200 | — | % | 428 | 3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | — | — | % | 220 | — | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | — | — | % | 660 | — | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | — | — | % | 880 | — | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 200 | 0.00 | % | 1,308 | 3 | 0.01 | % |
For the quarter ended June 30, 2023 | For the six months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Weighted-average interest rate reduction | Weighted-average term extension in months | Weighted-average term extension in months | Weighted-average interest rate reduction | Weighted-average term extension in months | ||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | — | % | 147 | Residential mortgage loans | 100 | — | 132 | ||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | — | % | 115 | Home equity loans | 42 | — | 73 | ||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 12 | % | 356 | Consumer loans | 9 | 12 | % | 319 | |||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 12 | % | 137 | Total Personal Banking | 66 | 12 | % | 111 | |||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | — | % | 24 | Commercial real estate loans | 0 | — | 25 | ||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | — | % | 9 | Commercial loans | 0 | — | 9 | ||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | — | % | 13 | Total Commercial Banking | 0 | — | 13 | ||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 12 | % | 41 | Total loans | 66 | 12 | % | 45 |
Current | 30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | ||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 262 | — | — | — | ||||||||||||||||||||||||||||||
Home equity loans | 166 | — | — | — | |||||||||||||||||||||||||||||||
Consumer loans | 3 | — | — | — | |||||||||||||||||||||||||||||||
Total Personal Banking | 431 | — | — | — | |||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 81 | 139 | — | — | |||||||||||||||||||||||||||||||
Commercial loans | — | 660 | — | — | |||||||||||||||||||||||||||||||
Total Commercial Banking | 81 | 799 | — | — | |||||||||||||||||||||||||||||||
Total loans | $ | 512 | 799 | — | — |
For the quarter ended March 31, 2022 | ||||||||||||||
Number of contracts | Amount | |||||||||||||
Beginning TDR balance: | 134 | $ | 30,288 | |||||||||||
New TDRs | — | — | ||||||||||||
Re-modified TDRs | 1 | 202 | ||||||||||||
Net paydowns | — | (1,030) | ||||||||||||
Charge-offs: | ||||||||||||||
Residential mortgage loans | 1 | (3) | ||||||||||||
Paid-off loans: | ||||||||||||||
Residential mortgage loans | 1 | (201) | ||||||||||||
Home equity loans | 1 | (64) | ||||||||||||
Commercial real estate loans | 1 | (289) | ||||||||||||
Ending TDR balance: | 130 | $ | 28,701 | |||||||||||
Accruing TDRs | $ | 12,686 | ||||||||||||
Nonaccrual TDRs | 16,015 |
For the quarter ended June 30, 2022 | For the six months ended June 30, 2022 | |||||||||||||||||||||||||
Number of contracts | Amount | Number of Contracts | Amount | |||||||||||||||||||||||
Beginning TDR balance: | 130 | $ | 28,701 | 134 | $ | 30,288 | ||||||||||||||||||||
New TDRs | 2 | 26,115 | 2 | 26,115 | ||||||||||||||||||||||
Re-modified TDRs | 5 | 6,403 | 6 | 6,603 | ||||||||||||||||||||||
Net paydowns | — | (479) | — | (1,509) | ||||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||
Residential mortgage loans | — | — | 1 | (3) | ||||||||||||||||||||||
Paid-off loans: | ||||||||||||||||||||||||||
Residential mortgage loans | — | — | 1 | (201) | ||||||||||||||||||||||
Home equity loans | 1 | (13) | 2 | (77) | ||||||||||||||||||||||
Commercial real estate loans | 2 | (80) | 3 | (369) | ||||||||||||||||||||||
Commercial loans | 1 | (7) | 1 | (7) | ||||||||||||||||||||||
Ending TDR balance: | 128 | $ | 54,237 | 128 | $ | 54,237 | ||||||||||||||||||||
Accruing TDRs | $ | 16,590 | $ | 16,590 | ||||||||||||||||||||||
Nonaccrual TDRs | 37,647 | 37,647 |
For the quarter ended June 30, 2022 | For the six months ended June 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 | ||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 3 | $ | 58,042 | 29,292 | 1,122 | 4 | $ | 58,372 | 29,492 | 1,133 | |||||||||||||||||||||||||||||||||||||
Commercial loans | 4 | 3,524 | 3,226 | 410 | 4 | 3,524 | 3,226 | 411 | |||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | 7 | 61,566 | 32,518 | 1,532 | 8 | 61,896 | 32,718 | 1,544 | |||||||||||||||||||||||||||||||||||||||
Total | 7 | $ | 61,566 | 32,518 | 1,532 | 8 | $ | 61,896 | 32,718 | 1,544 |
For the quarter ended March 31, 2022 | |||||||||||||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | ||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||
Commercial real estate loans | 1 | $ | 330 | 202 | 11 | ||||||||||||||||||
Total Commercial Banking | 1 | 330 | 202 | 11 | |||||||||||||||||||
Total | 1 | $ | 330 | 202 | 11 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Maturity date | Total | ||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 3 | $ | 4,179 | 25,113 | 29,292 | ||||||||||||||||||||||||||||||
Commercial loans | 4 | — | 3,226 | 3,226 | |||||||||||||||||||||||||||||||
Total Commercial Banking | 7 | 4,179 | 28,339 | 32,518 | |||||||||||||||||||||||||||||||
Total | 7 | $ | 4,179 | 28,339 | 32,518 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Maturity date | Total | |||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 1 | $ | 202 | 202 | |||||||||||||||||||||||||||||||
Total Commercial Banking | 1 | 202 | 202 | ||||||||||||||||||||||||||||||||
Total | 1 | $ | 202 | 202 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Maturity date | Total | ||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 4 | $ | 4,179 | 25,313 | 29,492 | ||||||||||||||||||||||||||||||
Commercial loans | 4 | — | 3,226 | 3,226 | |||||||||||||||||||||||||||||||
Total Commercial Banking | 8 | 4,179 | 28,539 | 32,718 | |||||||||||||||||||||||||||||||
Total | 8 | $ | 4,179 | 28,539 | 32,718 |
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | ||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||
Commercial real estate loans | 1 | $ | 4,167 | 3,823 | — | ||||||||||||||||||
Total Commercial Banking | 1 | 4,167 | 3,823 | — | |||||||||||||||||||
Total | 1 | $ | 4,167 | 3,823 | — |
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 | $ | 26,992 | 1,922 | 3,300 | 32,214 | 3,473,251 | 3,505,465 | — | Residential mortgage loans | $ | 627 | 3,521 | 6,290 | 10,438 | 3,484,719 | 3,495,157 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 4,235 | 1,061 | 2,190 | 7,486 | 1,274,060 | 1,281,546 | — | Home equity loans | 3,395 | 1,614 | 1,965 | 6,974 | 1,269,088 | 1,276,062 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 6,574 | 1,763 | 2,622 | 10,959 | 2,110,843 | 2,121,802 | — | Vehicle loans | 7,440 | 2,124 | 1,890 | 11,454 | 2,075,876 | 2,087,330 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 356 | 320 | 657 | 1,333 | 108,998 | 110,331 | 488 | Consumer loans | 515 | 460 | 557 | 1,532 | 112,200 | 113,732 | 414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 38,157 | 5,066 | 8,769 | 51,992 | 6,967,152 | 7,019,144 | 488 | Total Personal Banking | 11,977 | 7,719 | 10,702 | 30,398 | 6,941,883 | 6,972,281 | 414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 4,372 | 1,875 | 7,804 | 14,051 | 2,454,989 | 2,469,040 | — | Commercial real estate loans | 2,710 | 853 | 8,501 | 12,064 | 2,515,075 | 2,527,139 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 462 | 74 | 206 | 742 | 357,322 | 358,064 | — | Commercial real estate loans - owner occupied | — | 435 | 74 | 509 | 367,576 | 368,085 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 4,253 | 1,088 | 1,302 | 6,643 | 1,239,380 | 1,246,023 | 164 | Commercial loans | 15,658 | 11,092 | 2,414 | 29,164 | 1,374,562 | 1,403,726 | 118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 9,087 | 3,037 | 9,312 | 21,436 | 4,051,691 | 4,073,127 | 164 | Total Commercial Banking | 18,368 | 12,380 | 10,989 | 41,737 | 4,257,213 | 4,298,950 | 118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 47,244 | 8,103 | 18,081 | 73,428 | 11,018,843 | 11,092,271 | 652 | Total loans | $ | 30,345 | 20,099 | 21,691 | 72,135 | 11,199,096 | 11,271,231 | 532 |
30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 days or greater delinquent and accruing | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 29,487 | 5,563 | 5,574 | 40,624 | 3,457,975 | 3,498,599 | — | |||||||||||||||||||||||||||||||||
Home equity loans | 6,657 | 975 | 2,257 | 9,889 | 1,287,785 | 1,297,674 | — | ||||||||||||||||||||||||||||||||||
Vehicle loans | 8,677 | 2,770 | 2,471 | 13,918 | 2,042,865 | 2,056,783 | 2 | ||||||||||||||||||||||||||||||||||
Consumer loans | 758 | 300 | 608 | 1,666 | 110,206 | 111,872 | 405 | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 45,579 | 9,608 | 10,910 | 66,097 | 6,898,831 | 6,964,928 | 407 | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 3,947 | 2,377 | 7,589 | 13,913 | 2,434,115 | 2,448,028 | — | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 61 | — | 278 | 339 | 375,188 | 375,527 | — | ||||||||||||||||||||||||||||||||||
Commercial loans | 2,648 | 1,115 | 1,829 | 5,592 | 1,126,377 | 1,131,969 | 337 | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 6,656 | 3,492 | 9,696 | 19,844 | 3,935,680 | 3,955,524 | 337 | ||||||||||||||||||||||||||||||||||
Total originated loans | $ | 52,235 | 13,100 | 20,606 | 85,941 | 10,834,511 | 10,920,452 | 744 | |||||||||||||||||||||||||||||||||
YTD March 31, 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | YTD June 30, 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 51,579 | 678,388 | 830,471 | 537,283 | 261,565 | 1,139,849 | — | — | 3,499,135 | Pass | $ | 108,010 | 674,875 | 814,044 | 529,235 | 255,852 | 1,101,082 | — | — | 3,483,098 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 79 | 581 | 300 | 5,370 | — | — | 6,330 | Substandard | — | 382 | 787 | 229 | 204 | 10,457 | — | — | 12,059 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | Total residential mortgage loans | 51,579 | 678,388 | 830,550 | 537,864 | 261,865 | 1,145,219 | — | — | 3,505,465 | Total residential mortgage loans | 108,010 | 675,257 | 814,831 | 529,464 | 256,056 | 1,111,539 | — | — | 3,495,157 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage current period charge-offs | Residential mortgage current period charge-offs | — | — | (5) | (130) | — | (72) | — | — | (207) | Residential mortgage current period charge-offs | — | — | (5) | (130) | — | (617) | — | — | (752) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | Home equity loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 26,357 | 112,100 | 121,813 | 166,339 | 106,447 | 238,302 | 463,880 | 42,677 | 1,277,915 | Pass | 53,862 | 108,324 | 116,224 | 160,519 | 102,498 | 223,342 | 464,504 | 43,090 | 1,272,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 194 | — | 38 | 283 | 1,706 | 565 | 845 | 3,631 | Substandard | — | — | — | 12 | 214 | 1,754 | 930 | 789 | 3,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | Total home equity loans | 26,357 | 112,294 | 121,813 | 166,377 | 106,730 | 240,008 | 464,445 | 43,522 | 1,281,546 | Total home equity loans | 53,862 | 108,324 | 116,224 | 160,531 | 102,712 | 225,096 | 465,434 | 43,879 | 1,276,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity current period charge-offs | Home equity current period charge-offs | — | (14) | (46) | — | (4) | (100) | — | — | (164) | Home equity current period charge-offs | — | (53) | (46) | — | (4) | (225) | (1) | (70) | (399) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | Vehicle loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 260,159 | 895,489 | 551,391 | 200,686 | 115,545 | 94,522 | — | — | 2,117,792 | Pass | 416,175 | 817,965 | 496,017 | 175,268 | 97,646 | 80,794 | — | — | 2,083,865 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 716 | 1,367 | 498 | 671 | 758 | — | — | 4,010 | Substandard | 47 | 789 | 1,186 | 368 | 580 | 495 | — | — | 3,465 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | Total vehicle loans | 260,159 | 896,205 | 552,758 | 201,184 | 116,216 | 95,280 | — | — | 2,121,802 | Total vehicle loans | 416,222 | 818,754 | 497,203 | 175,636 | 98,226 | 81,289 | — | — | 2,087,330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle current period charge-offs | Vehicle current period charge-offs | (139) | (459) | (502) | (151) | (136) | (281) | — | — | (1,668) | Vehicle current period charge-offs | (255) | (904) | (905) | (304) | (318) | (521) | — | — | (3,207) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 6,861 | 17,186 | 8,551 | 3,646 | 2,809 | 7,056 | 62,505 | 973 | 109,587 | Pass | 14,463 | 15,140 | 7,481 | 3,018 | 2,153 | 6,413 | 63,480 | 925 | 113,073 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 9 | 48 | — | 38 | 52 | 535 | 62 | 744 | Substandard | 10 | 46 | 24 | 3 | 19 | 48 | 433 | 76 | 659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | Total consumer loans | 6,861 | 17,195 | 8,599 | 3,646 | 2,847 | 7,108 | 63,040 | 1,035 | 110,331 | Total consumer loans | 14,473 | 15,186 | 7,505 | 3,021 | 2,172 | 6,461 | 63,913 | 1,001 | 113,732 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loan current period charge-offs | Consumer loan current period charge-offs | (546) | (79) | (56) | (49) | (69) | (267) | — | — | (1,066) | Consumer loan current period charge-offs | (1,138) | (165) | (162) | (99) | (131) | (525) | (73) | (6) | (2,299) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 344,956 | 1,704,082 | 1,513,720 | 909,071 | 487,658 | 1,487,615 | 527,485 | 44,557 | 7,019,144 | Total Personal Banking | 592,567 | 1,617,521 | 1,435,763 | 868,652 | 459,166 | 1,424,385 | 529,347 | 44,880 | 6,972,281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Banking: | Business Banking: | Business Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | Commercial real estate loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 26,079 | 356,787 | 358,622 | 356,953 | 239,799 | 870,794 | 24,999 | 14,439 | 2,248,472 | Pass | 98,225 | 394,071 | 356,637 | 342,021 | 231,138 | 828,998 | 23,273 | 25,715 | 2,300,078 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | — | 17,672 | 26,946 | 2,978 | 19,856 | 41 | 15 | 67,508 | Special mention | — | 7,233 | 18,560 | 25,942 | 2,953 | 17,029 | 111 | — | 71,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 899 | 2,219 | 47,441 | 101,821 | 503 | 177 | 153,060 | Substandard | — | — | 1,512 | 3,375 | 50,912 | 99,141 | 132 | 161 | 155,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | Total commercial real estate loans | 26,079 | 356,787 | 377,193 | 386,118 | 290,218 | 992,471 | 25,543 | 14,631 | 2,469,040 | Total commercial real estate loans | 98,225 | 401,304 | 376,709 | 371,338 | 285,003 | 945,168 | 23,516 | 25,876 | 2,527,139 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate current period charge-offs | Commercial real estate current period charge-offs | — | — | (45) | — | (51) | (561) | — | — | (657) | Commercial real estate current period charge-offs | — | — | (45) | — | (51) | (976) | — | — | (1,072) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 1,196 | 60,992 | 49,100 | 15,144 | 46,777 | 159,083 | 2,653 | 2,259 | 337,204 | Pass | 15,335 | 63,894 | 48,767 | 16,740 | 46,092 | 154,995 | 1,397 | 2,237 | 349,457 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | 125 | — | 12 | — | 2,192 | — | — | 2,329 | Special mention | — | 123 | — | 8 | — | 2,211 | — | — | 2,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | 1,364 | 4,987 | 11,416 | — | 764 | 18,531 | Substandard | — | — | 128 | 1,354 | 4,825 | 9,250 | — | 729 | 16,286 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans - owner occupied | Total commercial real estate loans - owner occupied | 1,196 | 61,117 | 49,100 | 16,520 | 51,764 | 172,691 | 2,653 | 3,023 | 358,064 | Total commercial real estate loans - owner occupied | 15,335 | 64,017 | 48,895 | 18,102 | 50,917 | 166,456 | 1,397 | 2,966 | 368,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied current period charge-offs | Commercial real estate - owner occupied current period charge-offs | — | — | — | — | — | — | — | — | — | Commercial real estate - owner occupied current period charge-offs | — | — | — | — | — | (68) | — | — | (68) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 126,312 | 465,338 | 85,830 | 34,172 | 43,470 | 66,679 | 390,608 | 4,935 | ] | 1,217,344 | Pass | 236,447 | 451,264 | 81,930 | 30,337 | 40,649 | 60,620 | 471,516 | 5,218 | 1,377,981 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 24 | 355 | 2,058 | 437 | 1,481 | 205 | 1,821 | — | 6,381 | Special mention | 59 | 335 | 64 | 413 | 387 | 185 | 1,597 | — | 3,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 2,665 | 589 | 731 | 2,021 | 1,721 | 12,415 | 2,156 | 22,298 | Substandard | — | 3,812 | 598 | 610 | 2,576 | 1,098 | 12,144 | 1,867 | 22,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 126,336 | 468,358 | 88,477 | 35,340 | 46,972 | 68,605 | 404,844 | 7,091 | 1,246,023 | Total commercial loans | 236,506 | 455,411 | 82,592 | 31,360 | 43,612 | 61,903 | 485,257 | 7,085 | 1,403,726 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans current period charge-offs | Commercial loans current period charge-offs | — | (147) | (268) | (180) | — | (270) | — | — | (865) | Commercial loans current period charge-offs | — | (720) | (517) | (222) | (10) | (603) | — | (2) | (2,074) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | Total Business Banking | 153,611 | 886,262 | 514,770 | 437,978 | 388,954 | 1,233,767 | 433,040 | 24,745 | 4,073,127 | Total Business Banking | 350,066 | 920,732 | 508,196 | 420,800 | 379,532 | 1,173,527 | 510,170 | 35,927 | 4,298,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 498,567 | 2,590,344 | 2,028,490 | 1,347,049 | 876,612 | 2,721,382 | 960,525 | 69,302 | 11,092,271 | Total loans | $ | 942,633 | 2,538,253 | 1,943,959 | 1,289,452 | 838,698 | 2,597,912 | 1,039,517 | 80,807 | 11,271,231 |
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | ||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 659,930 | 837,823 | 546,604 | 265,520 | 131,599 | 1,043,394 | — | — | 3,484,870 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 422 | 187 | 474 | 796 | 531 | 11,319 | — | — | 13,729 | |||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | 660,352 | 838,010 | 547,078 | 266,316 | 132,130 | 1,054,713 | — | — | 3,498,599 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 114,598 | 126,608 | 173,044 | 110,495 | 50,314 | 198,971 | 475,229 | 42,887 | 1,292,146 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 46 | — | 127 | 324 | 3,066 | 683 | 1,282 | 5,528 | |||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | 114,598 | 126,654 | 173,044 | 110,622 | 50,638 | 202,037 | 475,912 | 44,169 | 1,297,674 | |||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 966,432 | 611,310 | 227,897 | 135,134 | 70,071 | 42,166 | — | — | 2,053,010 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 292 | 1,096 | 667 | 689 | 657 | 372 | — | — | 3,773 | |||||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | 966,724 | 612,406 | 228,564 | 135,823 | 70,728 | 42,538 | — | — | 2,056,783 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 19,302 | 9,874 | 4,327 | 3,557 | 2,409 | 5,094 | 65,610 | 1,037 | 111,210 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 24 | 9 | 37 | 9 | 3 | 48 | 432 | 100 | 662 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 19,326 | 9,883 | 4,364 | 3,566 | 2,412 | 5,142 | 66,042 | 1,137 | 111,872 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | 1,761,000 | 1,586,953 | 953,050 | 516,327 | 255,908 | 1,304,430 | 541,954 | 45,306 | 6,964,928 | |||||||||||||||||||||||||||||||||||||||||||||||
Business Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 322,050 | 346,355 | 369,868 | 244,188 | 209,500 | 696,628 | 24,954 | 13,314 | 2,226,857 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 17,216 | 16,782 | 87 | 1,000 | 15,887 | 157 | 15 | 51,144 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 4,561 | 3,617 | 48,879 | 41,521 | 70,384 | 459 | 606 | 170,027 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | 322,050 | 368,132 | 390,267 | 293,154 | 252,021 | 782,899 | 25,570 | 13,935 | 2,448,028 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 62,905 | 51,673 | 17,989 | 49,600 | 43,570 | 123,278 | 2,477 | 1,460 | 352,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 126 | — | 18 | — | 2,297 | 1,106 | 385 | — | 3,932 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 5,085 | 2,440 | 9,250 | — | 1,868 | 18,643 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - owner occupied loans | 63,031 | 51,673 | 18,007 | 54,685 | 48,307 | 133,634 | 2,862 | 3,328 | 375,527 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 481,797 | 90,320 | 52,833 | 46,966 | 17,250 | 53,107 | 354,402 | 4,032 | 1,100,707 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 628 | 2,190 | 506 | 1,704 | 227 | — | 2,129 | — | 7,384 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,833 | 603 | 908 | 2,097 | 1,605 | 735 | 12,941 | 3,156 | 23,878 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 484,258 | 93,113 | 54,247 | 50,767 | 19,082 | 53,842 | 369,472 | 7,188 | 1,131,969 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | 869,339 | 512,918 | 462,521 | 398,606 | 319,410 | 970,375 | 397,904 | 24,451 | 3,955,524 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 2,630,339 | 2,099,871 | 1,415,571 | 914,933 | 575,318 | 2,274,805 | 939,858 | 69,757 | 10,920,452 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Amortizable intangible assets: | Amortizable intangible assets: | Amortizable intangible assets: | ||||||||||||||||||||
Core deposit intangibles - gross | Core deposit intangibles - gross | $ | 74,899 | 74,899 | Core deposit intangibles - gross | $ | 74,899 | 74,899 | ||||||||||||||
Less: accumulated amortization | Less: accumulated amortization | (67,265) | (66,367) | Less: accumulated amortization | (68,097) | (66,367) | ||||||||||||||||
Core deposit intangibles - net | Core deposit intangibles - net | $ | 7,634 | 8,532 | Core deposit intangibles - net | $ | 6,802 | 8,532 | ||||||||||||||
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 | ||||||||||||||
Less: accumulated amortization | Less: accumulated amortization | (12,758) | (12,747) | Less: accumulated amortization | (12,768) | (12,747) | ||||||||||||||||
Customer and Contract intangible assets - net | Customer and Contract intangible assets - net | 17 | 28 | Customer and Contract intangible assets - net | 7 | 28 | ||||||||||||||||
Total intangible assets - net | Total intangible assets - net | $ | 7,651 | 8,560 | Total intangible assets - net | $ | 6,809 | 8,560 |
For the quarter ended | $ | ||||
For the quarter ended | |||||
For the six months ended June 30, 2023 | 1,751 | ||||
For the six months ended June 30, 2022 | 2,298 | ||||
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 | 305 | ||||
Total | ||||||||
Balance at December 31, 2022 | $ | 380,997 | ||||||
Balance at | $ | 380,997 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Amount | Average rate | Amount | Average rate | Amount | Average rate | Amount | Average rate | |||||||||||||||||||||||||||||||||||||||
Term notes payable to the FHLB of Pittsburgh, due within one year | Term notes payable to the FHLB of Pittsburgh, due within one year | $ | 403,000 | 5.17 | % | $ | 500,000 | 4.55 | % | Term notes payable to the FHLB of Pittsburgh, due within one year | $ | 500,000 | 5.43 | % | $ | 500,000 | 4.55 | % | ||||||||||||||||||||||||||||
Notes payable to the FHLB of Pittsburgh, due within one year | Notes payable to the FHLB of Pittsburgh, due within one year | 183,700 | 5.15 | % | 51,300 | 4.45 | % | Notes payable to the FHLB of Pittsburgh, due within one year | 28,000 | 5.39 | % | 51,300 | 4.45 | % | ||||||||||||||||||||||||||||||||
Collateralized borrowings, due within one year | Collateralized borrowings, due within one year | 83,290 | 1.16 | % | 105,766 | 0.27 | % | Collateralized borrowings, due within one year | 63,863 | 1.24 | % | 105,766 | 0.27 | % | ||||||||||||||||||||||||||||||||
Collateral received, due within one year | Collateral received, due within one year | 18,651 | 5.17 | % | 24,100 | 4.17 | % | Collateral received, due within one year | 40,450 | 5.16 | % | 24,100 | 4.17 | % | ||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | $ | 688,641 | $ | 681,166 | Total borrowed funds | $ | 632,313 | $ | 681,166 |
Maturity date | Interest rate | Capital debt securities | March 31, 2023 | December 31, 2022 | Maturity date | Interest rate | Capital debt securities | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancorp Capital Trust III | Northwest Bancorp Capital Trust III | December 30, 2035 | 3-month LIBOR plus 1.38% | $ | 50,000 | $ | 51,547 | 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 | 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 | 8,119 | LNB Trust II | June 15, 2037 | 3-month LIBOR plus 1.48% | 7,875 | 8,119 | 8,119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Union National Capital Trust I (1) | Union National Capital Trust I (1) | January 23, 2034 | 3-month LIBOR plus 2.85% | 8,000 | 7,981 | 7,975 | Union National Capital Trust I (1) | January 23, 2034 | 3-month LIBOR plus 2.85% | 8,000 | 7,987 | 7,975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Union National Capital Trust II (1) | Union National Capital Trust II (1) | November 23, 2034 | 3-month LIBOR plus 2.00% | 3,000 | 2,775 | 2,768 | Union National Capital Trust II (1) | November 23, 2034 | 3-month LIBOR plus 2.00% | 3,000 | 2,782 | 2,768 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MFBC Statutory Trust I (1) | MFBC Statutory Trust I (1) | September 15, 2035 | 3-month LIBOR plus 1.70% | 5,000 | 3,710 | 3,684 | MFBC Statutory Trust I (1) | September 15, 2035 | 3-month LIBOR plus 1.70% | 5,000 | 3,736 | 3,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Universal Preferred Trust (1) | Universal Preferred Trust (1) | October 7, 2035 | 3-month LIBOR plus 1.69% | 5,000 | 3,700 | 3,674 | Universal Preferred Trust (1) | October 7, 2035 | 3-month LIBOR plus 1.69% | 5,000 | 3,726 | 3,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 129,379 | 129,314 | $ | 129,444 | 129,314 |
Quarter ended March 31, | Quarter ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 33,679 | 28,287 | Net income | $ | 33,044 | 33,426 | 66,723 | 61,713 | ||||||||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating securities | Less: Dividends and undistributed earnings allocated to participating securities | 146 | 177 | Less: Dividends and undistributed earnings allocated to participating securities | 86 | 159 | 174 | 294 | ||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 33,533 | 28,110 | Net income available to common shareholders | $ | 32,958 | 33,267 | 66,549 | 61,419 | ||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 126,498,512 | 125,861,738 | Weighted average common shares outstanding | 126,620,383 | 126,059,165 | 126,559,784 | 125,960,997 | ||||||||||||||||||||||||||||||||||||||
Add: Participating shares outstanding | Add: Participating shares outstanding | 551,751 | 791,217 | Add: Participating shares outstanding | 331,088 | 604,613 | 331,088 | 604,613 | ||||||||||||||||||||||||||||||||||||||
Total weighted average common shares and dilutive potential shares | Total weighted average common shares and dilutive potential shares | 127,050,263 | 126,652,955 | Total weighted average common shares and dilutive potential shares | 126,951,471 | 126,663,778 | 126,890,872 | 126,565,610 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.27 | 0.22 | Basic earnings per share | $ | 0.26 | 0.26 | 0.53 | 0.49 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.26 | 0.22 | Diluted earnings per share | $ | 0.26 | 0.26 | 0.52 | 0.49 |
Quarter ended March 31, | Quarter ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
Pension benefits | Other post-retirement benefits | Pension benefits | Other post-retirement benefits | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 1,560 | 2,599 | — | — | Service cost | $ | 1,560 | 2,599 | — | — | ||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 2,245 | 1,671 | 7 | 10 | Interest cost | 2,245 | 1,671 | 7 | 10 | ||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (3,479) | (3,864) | — | — | Expected return on plan assets | (3,479) | (3,864) | — | — | ||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | (564) | (564) | — | — | Amortization of prior service cost | (564) | (564) | — | — | ||||||||||||||||||||||||||||||||||||
Amortization of the net loss | Amortization of the net loss | 20 | 381 | 10 | 2 | Amortization of the net loss | 20 | 381 | 10 | 2 | ||||||||||||||||||||||||||||||||||||
Net periodic cost | Net periodic cost | $ | (218) | 223 | 17 | 12 | Net periodic cost | $ | (218) | 223 | 17 | 12 |
Six months ended June 30, | ||||||||||||||||||||||||||
Pension benefits | Other post-retirement benefits | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Service cost | $ | 3,120 | 5,198 | — | — | |||||||||||||||||||||
Interest cost | 4,490 | 3,342 | 14 | 20 | ||||||||||||||||||||||
Expected return on plan assets | (6,958) | (7,728) | — | — | ||||||||||||||||||||||
Amortization of prior service cost | (1,128) | (1,128) | — | — | ||||||||||||||||||||||
Amortization of the net loss | 40 | 762 | 20 | 4 | ||||||||||||||||||||||
Net periodic cost | $ | (436) | 446 | 34 | 24 |
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 | $ | 96,497 | 96,497 | 96,497 | — | — | Cash and cash equivalents | $ | 127,627 | 127,627 | 127,627 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | Securities available-for-sale | 1,205,510 | 1,205,510 | — | 1,205,510 | — | Securities available-for-sale | 1,073,952 | 1,073,952 | — | 1,073,952 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | Securities held-to-maturity | 866,022 | 750,345 | — | 750,345 | — | Securities held-to-maturity | 847,845 | 718,676 | — | 718,676 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | 10,964,008 | 10,001,275 | — | — | 10,001,275 | Loans receivable, net | 11,130,731 | 10,095,362 | — | — | 10,095,362 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 7,006 | 7,077 | — | 690 | 6,387 | Loans held-for-sale | 16,077 | 16,077 | — | — | 16,077 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 36,177 | 36,177 | 36,177 | — | — | Accrued interest receivable | 37,281 | 37,281 | 37,281 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 386 | 386 | — | — | 386 | Interest rate lock commitments | 761 | 761 | — | — | 761 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 126 | 126 | — | 126 | — | Forward commitments | 101 | 101 | — | 101 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | 1 | 1 | — | 1 | — | Foreign exchange swaps | 5 | 5 | — | 5 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps designated as hedging instruments | Interest rate swaps designated as hedging instruments | 2,244 | 2,244 | — | 2,244 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 21,364 | 21,364 | — | 21,364 | — | Interest rate swaps not designated as hedging instruments | 45,851 | 45,851 | — | 45,851 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock | FHLB stock | 41,519 | 41,519 | — | — | — | FHLB stock | 44,613 | 44,613 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets | Total financial assets | $ | 13,238,616 | 12,160,277 | 132,674 | 1,978,036 | 10,008,048 | Total financial assets | $ | 13,327,088 | 12,162,550 | 164,908 | 1,840,829 | 10,112,200 | ||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and checking deposits | Savings and checking deposits | $ | 9,960,388 | 9,960,388 | 9,960,388 | — | — | Savings and checking deposits | $ | 9,672,684 | 9,672,684 | 9,672,684 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,576,791 | 1,575,221 | — | — | 1,575,221 | Time deposits | 1,989,711 | 1,982,529 | — | — | 1,982,529 | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 688,641 | 688,614 | 688,614 | — | — | Borrowed funds | 632,313 | 640,695 | 640,695 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 113,927 | 102,626 | — | 102,626 | — | Subordinated debt | 114,015 | 101,043 | — | 101,043 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 129,379 | 139,492 | — | — | 139,492 | Junior subordinated debentures | 129,444 | 140,431 | — | — | 140,431 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | 53 | 53 | — | 53 | — | Foreign exchange swaps | 47 | 47 | — | 47 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 35,968 | 35,968 | — | 35,968 | — | Interest rate swaps not designated as hedging instruments | 47,134 | 47,134 | — | 47,134 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | 12 | 12 | — | 12 | — | Risk participation agreements | 11 | 11 | — | 11 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 2,236 | 2,236 | 2,236 | — | — | Accrued interest payable | 4,936 | 4,936 | 4,936 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | Total financial liabilities | $ | 12,507,395 | 12,504,610 | 10,651,238 | 138,659 | 1,714,713 | Total financial liabilities | $ | 12,590,295 | 12,589,510 | 10,318,315 | 148,235 | 2,122,960 |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 139,365 | 139,365 | 139,365 | — | — | |||||||||||||||||||||||
Securities available-for-sale | 1,218,108 | 1,218,108 | — | 1,218,108 | — | ||||||||||||||||||||||||
Securities held-to-maturity | 881,249 | 751,384 | — | 751,384 | — | ||||||||||||||||||||||||
Loans receivable, net | 10,792,503 | 9,910,852 | — | — | 9,910,852 | ||||||||||||||||||||||||
Residential mortgage loans held-for-sale | 9,913 | 9,913 | — | — | 9,913 | ||||||||||||||||||||||||
Accrued interest receivable | 35,528 | 35,528 | 35,528 | — | — | ||||||||||||||||||||||||
Interest rate lock commitments | 559 | 559 | — | — | 559 | ||||||||||||||||||||||||
Forward commitments | 128 | 128 | — | 128 | — | ||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | 26,642 | 26,642 | — | 26,642 | — | ||||||||||||||||||||||||
FHLB stock | 40,143 | 40,143 | — | — | — | ||||||||||||||||||||||||
Total financial assets | $ | 13,144,138 | 12,132,622 | 174,893 | 1,996,262 | 9,921,324 | |||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Savings and checking accounts | $ | 10,412,263 | 10,412,263 | 10,412,263 | — | — | |||||||||||||||||||||||
Time deposits | 1,052,285 | 1,059,790 | — | — | 1,059,790 | ||||||||||||||||||||||||
Borrowed funds | 681,166 | 680,996 | 680,996 | — | — | ||||||||||||||||||||||||
Subordinated debt | 113,840 | 102,554 | — | 102,554 | — | ||||||||||||||||||||||||
Junior subordinated debentures | 129,314 | 133,546 | — | — | 133,546 | ||||||||||||||||||||||||
Foreign exchange swaps | 23 | 23 | — | 23 | — | ||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | 45,464 | 45,464 | — | 45,464 | — | ||||||||||||||||||||||||
Risk participation agreements | 18 | 18 | — | 18 | — | ||||||||||||||||||||||||
Accrued interest payable | 3,231 | 3,231 | 3,231 | — | — | ||||||||||||||||||||||||
Total financial liabilities | $ | 12,437,604 | 12,437,885 | 11,096,490 | 148,059 | 1,193,336 |
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 | $ | — | 61,015 | — | 61,015 | U.S. government and agencies | $ | — | 58,821 | — | 58,821 | ||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | Government-sponsored enterprises | — | 40,280 | — | 40,280 | Government-sponsored enterprises | — | 39,533 | — | 39,533 | ||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | — | 114,675 | — | 114,675 | States and political subdivisions | — | 74,333 | — | 74,333 | ||||||||||||||||||||||||||||||||||||
Corporate | Corporate | — | 12,570 | — | 12,570 | Corporate | — | 7,546 | — | 7,546 | ||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | — | 228,540 | — | 228,540 | Total debt securities | — | 180,233 | — | 180,233 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | — | 12,040 | — | 12,040 | GNMA | — | 18,184 | — | 18,184 | ||||||||||||||||||||||||||||||||||||
FNMA | FNMA | — | 115,566 | — | 115,566 | FNMA | — | 107,145 | — | 107,145 | ||||||||||||||||||||||||||||||||||||
FHLMC | FHLMC | — | 73,804 | — | 73,804 | FHLMC | — | 73,256 | — | 73,256 | ||||||||||||||||||||||||||||||||||||
Non-agency | Non-agency | — | 6 | — | 6 | Non-agency | — | 5 | — | 5 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | Collateralized mortgage obligations: | Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | — | 358,262 | — | 358,262 | GNMA | — | 341,329 | — | 341,329 | ||||||||||||||||||||||||||||||||||||
FNMA | FNMA | — | 182,111 | — | 182,111 | FNMA | — | 156,242 | — | 156,242 | ||||||||||||||||||||||||||||||||||||
FHLMC | FHLMC | — | 235,181 | — | 235,181 | FHLMC | — | 197,558 | — | 197,558 | ||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | Total mortgage-backed securities | — | 976,970 | — | 976,970 | Total mortgage-backed securities | — | 893,719 | — | 893,719 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | — | — | 386 | 386 | Interest rate lock commitments | — | — | 761 | 761 | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | — | 126 | — | 126 | Forward commitments | — | 101 | — | 101 | ||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | — | 1 | — | 1 | Foreign exchange swaps | — | 5 | — | 5 | ||||||||||||||||||||||||||||||||||||
Interest rate swaps designated as hedging instruments | Interest rate swaps designated as hedging instruments | — | 2,244 | — | 2,244 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | — | 21,364 | — | 21,364 | Interest rate swaps not designated as hedging instruments | — | 45,851 | — | 45,851 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | — | 1,227,001 | 386 | 1,227,387 | Total assets | $ | — | 1,122,153 | 761 | 1,122,914 | ||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | — | 53 | — | 53 | Foreign exchange swaps | $ | — | 47 | — | 47 | |||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | — | 35,968 | — | 35,968 | Interest rate swaps not designated as hedging instruments | — | 47,134 | — | 47,134 | ||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | — | 12 | — | 12 | Risk participation agreements | — | 11 | — | 11 | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | — | 36,033 | — | 36,033 | Total liabilities | $ | — | 47,192 | — | 47,192 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
U.S. government and agencies | $ | — | 60,592 | — | 60,592 | ||||||||||||||||||
Government-sponsored enterprises | — | 39,201 | — | 39,201 | |||||||||||||||||||
States and political subdivisions | — | 111,766 | — | 111,766 | |||||||||||||||||||
Corporate | — | 12,978 | — | 12,978 | |||||||||||||||||||
Total debt securities | — | 224,537 | — | 224,537 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
GNMA | — | 12,434 | — | 12,434 | |||||||||||||||||||
FNMA | — | 117,218 | — | 117,218 | |||||||||||||||||||
FHLMC | — | 74,991 | — | 74,991 | |||||||||||||||||||
Non-agency | — | 6 | — | 6 | |||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||
GNMA | — | 364,553 | — | 364,553 | |||||||||||||||||||
FNMA | — | 185,588 | — | 185,588 | |||||||||||||||||||
FHLMC | — | 238,781 | — | 238,781 | |||||||||||||||||||
Total mortgage-backed securities | — | 993,571 | — | 993,571 | |||||||||||||||||||
Interest rate lock commitments | — | — | 559 | 559 | |||||||||||||||||||
Forward commitments | — | 128 | — | 128 | |||||||||||||||||||
Interest rate swaps not designated as hedging instruments | — | 26,642 | — | 26,642 | |||||||||||||||||||
Total assets | $ | — | 1,244,878 | 559 | 1,245,437 | ||||||||||||||||||
Foreign exchange swaps | $ | — | 23 | — | 23 | ||||||||||||||||||
Interest rate swaps not designated as hedging instruments | — | 45,464 | — | 45,464 | |||||||||||||||||||
Risk participation agreements | — | 18 | — | 18 | |||||||||||||||||||
Total liabilities | $ | — | 45,505 | — | 45,505 |
For the quarter ended March 31, | For the quarter ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance January 1, | $ | 559 | 1,684 | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance, | Beginning balance, | $ | 386 | 1,680 | 559 | 1,684 | ||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments: | Interest rate lock commitments: | Interest rate lock commitments: | ||||||||||||||||||||||||||||||||||||||||||||
Net activity | Net activity | (173) | (4) | Net activity | 375 | (160) | 202 | (164) | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 386 | 1,680 | Ending balance | $ | 761 | 1,520 | 761 | 1,520 |
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 | $ | — | — | 13,467 | 13,467 | Loans individually assessed | $ | — | — | 13,467 | 13,467 | ||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | — | — | 105 | 105 | Mortgage servicing rights | — | — | 202 | 202 | ||||||||||||||||||||||||||||||||||||
Real estate owned, net | Real estate owned, net | — | — | 524 | 524 | Real estate owned, net | — | — | 371 | 371 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | — | — | 14,096 | 14,096 | Total assets | $ | — | — | 14,040 | 14,040 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | ||||||||||||||||||||
Loans individually assessed | $ | — | — | 15,416 | 15,416 | ||||||||||||||||||
Mortgage servicing rights | — | — | 95 | 95 | |||||||||||||||||||
Real estate owned, net | — | — | 413 | 413 | |||||||||||||||||||
Total assets | $ | — | — | 15,924 | 15,924 |
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 | $ | 13,467 | Appraisal value (1) | Estimated cost to sell | 10.0% | Loans individually assessed | $ | 13,467 | Appraisal value (1) | Estimated cost to sell | 10.0% | ||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 105 | Discounted cash flow | Annual service cost | $86 | Mortgage servicing rights | 202 | Discounted cash flow | Annual service cost | $92 | ||||||||||||||||||||||||||||||||||||||||||
Prepayment rate | 6.5% to 12.3% (8.7%) | Prepayment rate | 6.6% to 16.3% (10.3%) | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected life (months) | 59.0 to 104.6 (78.3) | Expected life (months) | 52.1 to 104.2 (74.8) | |||||||||||||||||||||||||||||||||||||||||||||||||
Option adjusted spread | 700 basis points | Option adjusted spread | 707 basis points | |||||||||||||||||||||||||||||||||||||||||||||||||
Forward yield curve | 4.66% to 5.38% | Forward yield curve | 5.25% to 5.31% | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate owned, net | Real estate owned, net | 524 | Appraisal value (1) | Estimated cost to sell | 15.0% | Real estate owned, net | 371 | Appraisal value (1) | Estimated cost to sell | 15.0% | ||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 6,387 | Quoted prices for similar loans in active markets adjusted by an expected pull-through rate | Estimated pull-through rate | 100.0% | Loans held for sale | 16,077 | 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 | Asset derivatives | Liability derivatives | |||||||||||||||||||||||||||||||||||||||||||
Notional amount | Fair value | Notional amount | Fair value | Notional amount | Fair value | Notional amount | Fair value | |||||||||||||||||||||||||||||||||||||||
At March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2023 | At June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives designed as hedging instruments: | Derivatives designed as hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | Interest rate swap agreements | $ | 100,000 | 2,244 | — | — | ||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | Interest rate swap agreements | $ | 742,618 | 21,364 | 742,618 | 35,968 | Interest rate swap agreements | 738,151 | 45,851 | 738,151 | 47,134 | |||||||||||||||||||||||||||||||||||
Foreign exchange swap agreements | Foreign exchange swap agreements | 364 | 1 | 4,610 | 53 | Foreign exchange swap agreements | 4,485 | 5 | 671 | 47 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 30,646 | 386 | — | — | Interest rate lock commitments | 36,216 | 761 | — | — | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 6,513 | 126 | — | — | Forward commitments | 8,590 | 101 | — | — | ||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | — | — | 106,684 | 12 | Risk participation agreements | — | — | 98,037 | 11 | ||||||||||||||||||||||||||||||||||||
Total Derivatives | Total Derivatives | $ | 780,141 | 21,877 | 853,912 | 36,033 | Total Derivatives | $ | 887,442 | 48,962 | 836,859 | 47,192 | ||||||||||||||||||||||||||||||||||
At December 31, 2022 | At December 31, 2022 | At December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | Interest rate swap agreements | $ | 651,114 | 26,642 | 651,114 | 45,464 | Interest rate swap agreements | $ | 651,114 | 26,642 | 651,114 | 45,464 | ||||||||||||||||||||||||||||||||||
Foreign exchange swap agreements | Foreign exchange swap agreements | — | — | 2,328 | 23 | Foreign exchange swap agreements | — | — | 2,328 | 23 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 19,727 | 559 | — | — | Interest rate lock commitments | 19,727 | 559 | — | — | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 4,909 | 128 | — | — | Forward commitments | 4,909 | 128 | — | — | ||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | — | — | 114,159 | 18 | Risk participation agreements | — | — | 114,159 | 18 | ||||||||||||||||||||||||||||||||||||
Total derivatives | Total derivatives | $ | 675,750 | 27,329 | 767,601 | 45,505 | Total derivatives | $ | 675,750 | 27,329 | 767,601 | 45,505 |
For the quarter ended March 31, | For the quarter ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Hedging derivatives: | Hedging derivatives: | |||||||||||||||||||||||||||||||||||||||||||||
Decrease in interest expense | Decrease in interest expense | $ | (203) | — | (203) | — | ||||||||||||||||||||||||||||||||||||||||
Non-hedging swap derivatives: | Non-hedging swap derivatives: | Non-hedging swap derivatives: | ||||||||||||||||||||||||||||||||||||||||||||
(Decrease)/increase in other income | (Decrease)/increase in other income | $ | (202) | 61 | (Decrease)/increase in other income | $ | (128) | 53 | (330) | 114 | ||||||||||||||||||||||||||||||||||||
Increase in mortgage banking income | 174 | 418 | ||||||||||||||||||||||||||||||||||||||||||||
Increase/(decrease) in mortgage banking income | Increase/(decrease) in mortgage banking income | $ | 349 | (96) | 176 | 322 |
Notional amount | Effective rate | Estimated increase/(decrease) to interest expense in the next twelve months | Maturity date | Remaining term (in months) | |||||||||||||||||||||||||
Interest rate products: | |||||||||||||||||||||||||||||
Issued May 11, 2023 | $ | 25,000 | 3.59 | % | (523) | 5/11/2027 | 47 | ||||||||||||||||||||||
Issued May 12, 2023 | 25,000 | 3.62 | % | (510) | 5/12/2028 | 59 | |||||||||||||||||||||||
Issued May 19, 2023 | 25,000 | 3.95 | % | (435) | 11/19/2027 | 53 | |||||||||||||||||||||||
Issued May 25, 2023 | 25,000 | 4.18 | % | (380) | 11/30/2026 | 41 | |||||||||||||||||||||||
Total | $ | 100,000 | (1,848) |
For the quarter ended March 31, 2023 | |||||||||||||||||||||||
Unrealized losses on securities available-for-sale | Change in defined benefit pension plans | Total | |||||||||||||||||||||
Balance as of December 31, 2022 | $ | (164,206) | (6,952) | (171,158) | |||||||||||||||||||
Other comprehensive income before reclassification adjustments (1) | 13,017 | — | 13,017 | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | — | (382) | (382) | ||||||||||||||||||||
Net other comprehensive income | 13,017 | (382) | 12,635 | ||||||||||||||||||||
Balance as of March 31, 2023 | $ | (151,189) | (7,334) | (158,523) |
For the quarter ended June 30, 2023 | |||||||||||||||||||||||
Unrealized losses on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | ||||||||||||||||||||
Balance as of March 31, 2023 | $ | (151,189) | — | (7,334) | (158,523) | ||||||||||||||||||
Other comprehensive (loss)/income before reclassification adjustments (1) (3) | (17,719) | 1,737 | — | (15,982) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) (4) | 5,636 | — | (382) | 5,254 | |||||||||||||||||||
Net other comprehensive (loss)/income | (12,083) | 1,737 | (382) | (10,728) | |||||||||||||||||||
Balance as of June 30, 2023 | $ | (163,272) | 1,737 | (7,716) | (169,251) |
For the quarter ended March 31, 2022 | For the quarter ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) on securities available-for-sale | Change in defined benefit pension plans | Total | 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) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | Balance as of March 31, 2022 | $ | (77,101) | (25,443) | (102,544) | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss before reclassification adjustments | Other comprehensive loss before reclassification adjustments | (64,783) | — | (64,783) | Other comprehensive loss before reclassification adjustments | (39,954) | — | (39,954) | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (4) (5) | (1) | (131) | (132) | |||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (6) (7) | Amounts reclassified from accumulated other comprehensive income (6) (7) | (1) | (131) | (132) | ||||||||||||||||||||||||||||||||||||||||||
Net other comprehensive (loss)/income | Net other comprehensive (loss)/income | (64,784) | (131) | (64,915) | Net other comprehensive (loss)/income | (39,955) | (131) | (40,086) | ||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | (77,101) | (25,443) | (102,544) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | $ | (117,056) | (25,574) | (142,630) |
For the six months ended June 30, 2023 | |||||||||||||||||||||||
Unrealized gains and 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, 2022 | $ | (164,206) | — | (6,952) | (171,158) | ||||||||||||||||||
Other comprehensive (loss)/income before reclassification adjustments (1) (3) | (4,702) | 1,737 | — | (2,965) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) (4) | 5,636 | — | (764) | 4,872 | |||||||||||||||||||
Net other comprehensive income/(loss) | 934 | 1,737 | (764) | 1,907 | |||||||||||||||||||
Balance as of June 30, 2023 | $ | (163,272) | 1,737 | (7,716) | (169,251) |
For the six months ended June 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)/income before reclassification adjustments (5) | (104,737) | — | (104,737) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (6) (7) | (2) | (262) | (264) | ||||||||||||||||||||
Net other comprehensive (loss)/income | (104,739) | (262) | (105,001) | ||||||||||||||||||||
Balance as of June 30, 2022 | $ | (117,056) | (25,574) | (142,630) |
At March 31, 2023 | |||||||||||||||||||||||||||||||||||
Actual | Minimum capital requirements (1) | Well capitalized requirements | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | $ | 1,759,983 | 16.399 | % | $ | 1,126,866 | 10.500 | % | $ | 1,073,206 | 10.000 | % | |||||||||||||||||||||||
Northwest Bank | 1,468,316 | 13.695 | % | 1,125,772 | 10.500 | % | 1,072,164 | 10.000 | % | ||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,522,196 | 14.184 | % | 912,225 | 8.500 | % | 858,565 | 8.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,344,457 | 12.540 | % | 911,339 | 8.500 | % | 857,731 | 8.000 | % | ||||||||||||||||||||||||||
CET1 capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,396,806 | 13.015 | % | 751,244 | 7.000 | % | 697,584 | 6.500 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,344,457 | 12.540 | % | 750,515 | 7.000 | % | 696,907 | 6.500 | % | ||||||||||||||||||||||||||
Tier 1 capital (leverage) (to average assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,522,196 | 10.774 | % | 565,117 | 4.000 | % | 706,397 | 5.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,344,457 | 9.520 | % | 564,912 | 4.000 | % | 706,140 | 5.000 | % |
At December 31, 2022 | At June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | Minimum capital requirements (1) | Well capitalized 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. | $ | 1,682,487 | 17.056 | % | $ | 1,035,786 | 10.500 | % | $ | 986,463 | 10.000 | % | Northwest Bancshares, Inc. | $ | 1,776,017 | 16.233 | % | $ | 1,148,771 | 10.500 | % | $ | 1,094,067 | 10.000 | % | ||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,551,084 | 15.738 | % | 1,034,819 | 10.500 | % | 985,542 | 10.000 | % | Northwest Bank | 1,512,791 | 13.839 | % | 1,147,796 | 10.500 | % | 1,093,139 | 10.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I 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. | 1,475,190 | 14.954 | % | 838,494 | 8.500 | % | 789,170 | 8.000 | % | Northwest Bancshares, Inc. | 1,532,058 | 14.003 | % | 929,957 | 8.500 | % | 875,254 | 8.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,467,362 | 14.889 | % | 837,711 | 8.500 | % | 788,434 | 8.000 | % | Northwest Bank | 1,382,847 | 12.650 | % | 929,168 | 8.500 | % | 874,511 | 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. | 1,350,125 | 13.687 | % | 690,524 | 7.000 | % | 641,201 | 6.500 | % | Northwest Bancshares, Inc. | 1,406,604 | 12.857 | % | 765,847 | 7.000 | % | 711,144 | 6.500 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,467,362 | 14.889 | % | 689,879 | 7.000 | % | 640,602 | 6.500 | % | Northwest Bank | 1,382,847 | 12.650 | % | 765,197 | 7.000 | % | 710,540 | 6.500 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I 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. | 1,475,190 | 10.349 | % | 570,160 | 4.000 | % | 712,699 | 5.000 | % | Northwest Bancshares, Inc. | 1,532,058 | 10.744 | % | 570,363 | 4.000 | % | 712,954 | 5.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,467,362 | 10.296 | % | 570,047 | 4.000 | % | 712,558 | 5.000 | % | Northwest Bank | 1,382,847 | 9.700 | % | 570,275 | 4.000 | % | 712,843 | 5.000 | % |
At December 31, 2022 | |||||||||||||||||||||||||||||||||||
Actual | Minimum capital requirements (1) | Well capitalized requirements | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | $ | 1,745,701 | 16.363 | % | $ | 1,120,216 | 10.500 | % | $ | 1,066,872 | 10.000 | % | |||||||||||||||||||||||
Northwest Bank | 1,568,202 | 14.712 | % | 1,119,214 | 10.500 | % | 1,065,918 | 10.000 | % | ||||||||||||||||||||||||||
Tier I capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,516,621 | 14.216 | % | 906,841 | 8.500 | % | 853,498 | 8.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,452,962 | 13.631 | % | 906,030 | 8.500 | % | 852,734 | 8.000 | % | ||||||||||||||||||||||||||
CET1 capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,391,296 | 13.041 | % | 746,810 | 7.000 | % | 693,467 | 6.500 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,452,962 | 13.631 | % | 746,143 | 7.000 | % | 692,847 | 6.500 | % | ||||||||||||||||||||||||||
Tier I capital (leverage) (to average assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,516,621 | 10.817 | % | 560,816 | 4.000 | % | 701,020 | 5.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,452,962 | 10.365 | % | 560,706 | 4.000 | % | 700,882 | 5.000 | % |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
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 | $ | 3,300 | 5,574 | Residential mortgage loans | $ | 6,290 | 5,574 | ||||||||||||||
Home equity loans | Home equity loans | 2,190 | 2,257 | Home equity loans | 1,965 | 2,257 | ||||||||||||||||
Vehicle loans | Vehicle loans | 2,622 | 2,471 | Vehicle loans | 1,890 | 2,471 | ||||||||||||||||
Other consumer loans | Other consumer loans | 657 | 608 | Other consumer loans | 557 | 608 | ||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 7,804 | 7,589 | Commercial real estate loans | 8,501 | 7,589 | ||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 206 | 278 | Commercial real estate - owner occupied | 74 | 278 | ||||||||||||||||
Commercial loans | Commercial loans | 1,302 | 1,829 | Commercial loans | 2,414 | 1,829 | ||||||||||||||||
Total loans 90 days or more past due | Total loans 90 days or more past due | $ | 18,081 | 20,606 | Total loans 90 days or more past due | $ | 21,691 | 20,606 | ||||||||||||||
Total real estate owned (REO) | Total real estate owned (REO) | $ | 524 | 413 | Total real estate owned (REO) | $ | 371 | 413 | ||||||||||||||
Total loans 90 days or more past due and REO | Total loans 90 days or more past due and REO | 18,605 | 21,019 | Total loans 90 days or more past due and REO | 22,062 | 21,019 | ||||||||||||||||
Total loans 90 days or more past due to net loans receivable | Total loans 90 days or more past due to net loans receivable | 0.16 | % | 0.19 | % | Total loans 90 days or more past due to net loans receivable | 0.19 | % | 0.19 | % | ||||||||||||
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 | 0.13 | % | 0.15 | % | Total loans 90 days or more past due and REO to total assets | 0.15 | % | 0.15 | % | ||||||||||||
Nonperforming assets: | Nonperforming assets: | Nonperforming assets: | ||||||||||||||||||||
Nonaccrual loans - loans 90 days or more past due | Nonaccrual loans - loans 90 days or more past due | $ | 17,430 | 19,861 | Nonaccrual loans - loans 90 days or more past due | $ | 21,159 | 19,861 | ||||||||||||||
Nonaccrual loans - loans less than 90 days past due | Nonaccrual loans - loans less than 90 days past due | 61,179 | 61,375 | Nonaccrual loans - loans less than 90 days past due | 57,430 | 61,375 | ||||||||||||||||
Loans 90 days or more past due still accruing | Loans 90 days or more past due still accruing | 652 | 744 | Loans 90 days or more past due still accruing | 532 | 744 | ||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 79,261 | 81,980 | Total nonperforming loans | 79,121 | 81,980 | ||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 79,785 | 82,393 | Total nonperforming assets | $ | 79,492 | 82,393 | ||||||||||||||
Total nonaccrual loans to total loans | Total nonaccrual loans to total loans | 0.71 | % | 0.74 | % | Total nonaccrual loans to total loans | 0.70 | % | 0.74 | % |
Quarter ended March 31, | Quarter ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | 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 | $ | 3,493,617 | 32,009 | 3.66 | % | $ | 2,980,788 | 25,542 | 3.43 | % | Residential mortgage loans | $ | 3,485,517 | 32,485 | 3.73 | % | $ | 3,171,469 | 27,327 | 3.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,284,425 | 16,134 | 5.09 | % | 1,293,986 | 11,472 | 3.60 | % | Home equity loans | 1,273,298 | 16,898 | 5.32 | % | 1,277,440 | 11,961 | 3.76 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 2,123,672 | 20,794 | 3.97 | % | 1,799,037 | 14,907 | 3.36 | % | Consumer loans | 2,143,804 | 22,662 | 4.24 | % | 1,880,769 | 15,777 | 3.36 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,824,120 | 37,031 | 5.24 | % | 3,000,204 | 29,757 | 3.97 | % | Commercial real estate loans | 2,836,443 | 38,426 | 5.43 | % | 2,915,750 | 31,844 | 4.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,161,298 | 18,353 | 6.32 | % | 824,770 | 6,897 | 3.34 | % | Commercial loans | 1,326,598 | 22,872 | 6.92 | % | 912,454 | 9,090 | 3.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $576 and $401, respectively) | 10,887,132 | 124,321 | 4.63 | % | 9,898,785 | 88,575 | 3.63 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $619 and $425, respectively) | Loans receivable (a) (b) (d) (includes FTE adjustments of $619 and $425, respectively) | 11,065,660 | 133,343 | 4.83 | % | 10,157,882 | 95,999 | 3.79 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (c) | Mortgage-backed securities (c) | 1,909,676 | 8,537 | 1.79 | % | 1,945,173 | 6,360 | 1.31 | % | Mortgage-backed securities (c) | 1,859,427 | 8,326 | 1.79 | % | 1,952,375 | 7,158 | 1.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $216 and $189, respectively) | 384,717 | 1,761 | 1.83 | % | 373,694 | 1,540 | 1.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $207 and $192, respectively) | Investment securities (c) (d) (includes FTE adjustments of $207 and $192, respectively) | 374,560 | 1,715 | 1.83 | % | 376,935 | 1,590 | 1.69 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 39,631 | 690 | 7.06 | % | 13,870 | 81 | 2.38 | % | FHLB stock, at cost | 45,505 | 844 | 7.44 | % | 13,428 | 82 | 2.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | 30,774 | 423 | 5.50 | % | 1,218,960 | 467 | 0.15 | % | Other interest-earning deposits | 38,912 | 594 | 6.12 | % | 846,142 | 1,684 | 0.79 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $792 and $590, respectively) | 13,251,930 | 135,732 | 4.15 | % | 13,450,482 | 97,023 | 2.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $826 and $617, respectively) | Total interest-earning assets (includes FTE adjustments of $826 and $617, respectively) | 13,384,064 | 144,822 | 4.34 | % | 13,346,762 | 106,513 | 3.20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets (e) | Noninterest-earning assets (e) | 869,566 | 973,092 | Noninterest-earning assets (e) | 861,853 | 909,943 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 14,121,496 | $ | 14,423,574 | Total assets | $ | 14,245,917 | $ | 14,256,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits (g) | Savings deposits (g) | $ | 2,198,988 | 690 | 0.13 | % | $ | 2,334,494 | 592 | 0.10 | % | Savings deposits (g) | $ | 2,142,941 | 1,393 | 0.26 | % | $ | 2,361,919 | 589 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (g) | Interest-bearing demand deposits (g) | 2,612,883 | 951 | 0.15 | % | 2,875,430 | 321 | 0.05 | % | Interest-bearing demand deposits (g) | 2,469,666 | 1,648 | 0.27 | % | 2,857,336 | 310 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts (g) | Money market deposit accounts (g) | 2,408,582 | 4,403 | 0.74 | % | 2,668,105 | 653 | 0.10 | % | Money market deposit accounts (g) | 2,221,713 | 6,113 | 1.10 | % | 2,653,467 | 668 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits (g) | Time deposits (g) | 1,293,609 | 5,194 | 1.63 | % | 1,292,608 | 2,185 | 0.69 | % | Time deposits (g) | 1,765,454 | 12,663 | 2.88 | % | 1,220,815 | 1,774 | 0.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds (f) | Borrowed funds (f) | 740,218 | 7,938 | 4.35 | % | 135,289 | 158 | 0.47 | % | Borrowed funds (f) | 837,358 | 10,202 | 4.89 | % | 123,749 | 167 | 0.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 113,870 | 1,148 | 4.03 | % | 123,608 | 1,250 | 4.05 | % | Subordinated debentures | 113,958 | 1,148 | 4.03 | % | 119,563 | 1,203 | 4.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 129,335 | 2,152 | 6.66 | % | 129,077 | 651 | 2.02 | % | Junior subordinated debentures | 129,401 | 2,280 | 6.97 | % | 129,142 | 920 | 2.82 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 9,497,485 | 22,476 | 0.96 | % | 9,558,611 | 5,810 | 0.25 | % | Total interest-bearing liabilities | 9,680,491 | 35,447 | 1.47 | % | 9,465,991 | 5,631 | 0.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits (g) | Noninterest-bearing demand deposits (g) | 2,889,973 | 3,060,698 | Noninterest-bearing demand deposits (g) | 2,820,928 | 3,090,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | Noninterest-bearing liabilities | 235,213 | 203,537 | Noninterest-bearing liabilities | 224,508 | 193,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 12,622,671 | 12,822,846 | Total liabilities | 12,725,927 | 12,749,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 1,498,825 | 1,600,728 | Shareholders’ equity | 1,519,990 | 1,506,832 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 14,121,496 | $ | 14,423,574 | Total liabilities and shareholders’ equity | $ | 14,245,917 | $ | 14,256,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | Net interest income/Interest rate spread | 113,256 | 3.19 | % | 91,213 | 2.68 | % | Net interest income/Interest rate spread | 109,375 | 2.87 | % | 100,882 | 2.96 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | Net interest-earning assets/Net interest margin | $ | 3,754,445 | 3.47 | % | $ | 3,891,871 | 2.75 | % | Net interest-earning assets/Net interest margin | $ | 3,703,573 | 3.28 | % | $ | 3,880,771 | 3.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest- bearing liabilities | Ratio of interest-earning assets to interest- bearing liabilities | 1.40X | 1.41X | Ratio of interest-earning assets to interest- bearing liabilities | 1.38X | 1.41X |
For the quarter ended March 31, 2023 vs. 2022 | For the quarter ended June 30, 2023 vs. 2022 | |||||||||||||||||||||||||||||||||
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 | $ | 24,460 | 11,286 | 35,746 | Loans receivable | $ | 26,406 | 10,938 | 37,344 | ||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 2,336 | (159) | 2,177 | Mortgage-backed securities | 1,584 | (416) | 1,168 | ||||||||||||||||||||||||||
Investment securities | Investment securities | 171 | 50 | 221 | Investment securities | 136 | (11) | 125 | ||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 162 | 447 | 609 | FHLB stock, at cost | 166 | 596 | 762 | ||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | 16,286 | (16,330) | (44) | Other interest-earning deposits | 11,261 | (12,351) | (1,090) | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 43,415 | (4,706) | 38,709 | Total interest-earning assets | 39,553 | (1,244) | 38,309 | ||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 140 | (42) | 98 | Savings deposits | 946 | (142) | 804 | ||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 726 | (96) | 630 | Interest-bearing demand deposits | 1,597 | (259) | 1,338 | ||||||||||||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 4,224 | (474) | 3,750 | Money market deposit accounts | 6,634 | (1,189) | 5,445 | ||||||||||||||||||||||||||
Time deposits | Time deposits | 3,005 | 4 | 3,009 | Time deposits | 6,982 | 3,907 | 10,889 | ||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 1,294 | 6,486 | 7,780 | Borrowed funds | 1,341 | 8,694 | 10,035 | ||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | (5) | (97) | (102) | Subordinated debt | 1 | (56) | (55) | ||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 1,497 | 4 | 1,501 | Junior subordinated debentures | 1,356 | 4 | 1,360 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 10,881 | 5,785 | 16,666 | Total interest-bearing liabilities | 18,857 | 10,959 | 29,816 | ||||||||||||||||||||||||||
Net change in net interest income | Net change in net interest income | $ | 32,534 | (10,491) | 22,043 | Net change in net interest income | $ | 20,696 | (12,203) | 8,493 |
Six months ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (i) | Average balance | Interest | Avg. yield/ cost (i) | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,489,545 | 64,494 | 3.70 | % | $ | 3,077,155 | 52,868 | 3.44 | % | |||||||||||||||||||||||||
Home equity loans | 1,278,831 | 33,033 | 5.21 | % | 1,285,668 | 23,433 | 3.68 | % | |||||||||||||||||||||||||||
Consumer loans | 2,133,794 | 43,457 | 4.11 | % | 1,840,110 | 30,684 | 3.36 | % | |||||||||||||||||||||||||||
Commercial real estate loans | 2,830,316 | 75,463 | 5.38 | % | 2,957,744 | 61,601 | 4.14 | % | |||||||||||||||||||||||||||
Commercial loans | 1,244,404 | 41,225 | 6.68 | % | 868,854 | 15,987 | 3.66 | % | |||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $1,203 and $825, respectively) | 10,976,890 | 257,672 | 4.73 | % | 10,029,531 | 184,573 | 3.71 | % | |||||||||||||||||||||||||||
Mortgage-backed securities (c) | 1,884,412 | 16,863 | 1.79 | % | 1,948,794 | 13,518 | 1.39 | % | |||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $425 and $381, respectively) | 379,611 | 3,478 | 1.83 | % | 375,323 | 3,130 | 1.67 | % | |||||||||||||||||||||||||||
FHLB stock, at cost | 42,584 | 1,534 | 7.26 | % | 13,648 | 163 | 2.41 | % | |||||||||||||||||||||||||||
Other interest-earning deposits | 34,842 | 1,017 | 5.88 | % | 1,003,627 | 2,151 | 0.43 | % | |||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $1,628 and $1,206, respectively) | 13,318,339 | 280,564 | 4.25 | % | 13,370,923 | 203,535 | 3.07 | % | |||||||||||||||||||||||||||
Noninterest-earning assets (e) | 865,711 | 969,111 | |||||||||||||||||||||||||||||||||
Total assets | $ | 14,184,050 | $ | 14,340,034 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings deposits | $ | 2,187,355 | 2,082 | 0.19 | % | $ | 2,348,282 | 1,181 | 0.10 | % | |||||||||||||||||||||||||
Interest-bearing demand deposits | 2,540,879 | 2,599 | 0.21 | % | 2,866,333 | 631 | 0.04 | % | |||||||||||||||||||||||||||
Money market deposit accounts | 2,314,631 | 10,516 | 0.92 | % | 2,660,745 | 1,321 | 0.10 | % | |||||||||||||||||||||||||||
Time deposits | 1,514,289 | 17,858 | 2.38 | % | 1,256,513 | 3,959 | 0.64 | % | |||||||||||||||||||||||||||
Borrowed funds (f) | 789,057 | 18,139 | 4.64 | % | 129,487 | 324 | 0.50 | % | |||||||||||||||||||||||||||
Subordinated debentures (g) | 113,914 | 2,296 | 4.03 | % | 121,574 | 2,454 | 4.04 | % | |||||||||||||||||||||||||||
Junior subordinated debentures | 129,368 | 4,433 | 6.82 | % | 129,109 | 1,571 | 2.42 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,589,493 | 57,923 | 1.22 | % | 9,512,043 | 11,441 | 0.24 | % | |||||||||||||||||||||||||||
Noninterest-bearing demand deposits (h) | 2,855,260 | 3,075,617 | |||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 229,831 | 198,854 | |||||||||||||||||||||||||||||||||
Total liabilities | 12,674,584 | 12,786,514 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,509,466 | 1,553,520 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,184,050 | $ | 14,340,034 | |||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | 222,641 | 3.03 | % | 192,094 | 2.83 | % | |||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | $ | 3,728,846 | 3.37 | % | $ | 3,858,880 | 2.87 | % | |||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.39X | 1.41X |
For the six months ended June 30, 2023 vs. 2020 | |||||||||||||||||
Increase/(decrease) due to | Total increase/(decrease) | ||||||||||||||||
Rate | Volume | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans receivable | $ | 50,859 | 22,240 | 73,099 | |||||||||||||
Mortgage-backed securities | 3,921 | (576) | 3,345 | ||||||||||||||
Investment securities | 309 | 39 | 348 | ||||||||||||||
FHLB stock, at cost | 320 | 1,051 | 1,371 | ||||||||||||||
Other interest-earning deposits | 27,131 | (28,265) | (1,134) | ||||||||||||||
Total interest-earning assets | 82,540 | (5,511) | 77,029 | ||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Savings deposits | 1,054 | (153) | 901 | ||||||||||||||
Interest-bearing demand deposits | 2,301 | (333) | 1,968 | ||||||||||||||
Money market deposit accounts | 10,768 | (1,573) | 9,195 | ||||||||||||||
Time deposits | 10,858 | 3,041 | 13,899 | ||||||||||||||
Borrowed funds | 2,653 | 15,162 | 17,815 | ||||||||||||||
Subordinated debt | (3) | (155) | (158) | ||||||||||||||
Junior subordinated debentures | 2,852 | 10 | 2,862 | ||||||||||||||
Total interest-bearing liabilities | 30,483 | 15,999 | 46,482 | ||||||||||||||
Net change in net interest income | $ | 52,057 | (21,510) | 30,547 |
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 | 200 bps | 300 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 | (1.4) | % | (3.0) | % | (4.7) | % | (1.4 | %) | (5.9 | %) | (11.0 | %) | Projected percentage increase/(decrease) in net interest income | (1.0) | % | (2.1) | % | (3.2) | % | (1.7 | %) | (6.8 | %) | (12.2 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in net income | Projected percentage increase/(decrease) in net income | (3.4) | % | (7.1) | % | (11.3) | % | (3.8 | %) | (15.4 | %) | (28.5 | %) | Projected percentage increase/(decrease) in net income | (2.3) | % | (5.0) | % | (7.6) | % | (4.4 | %) | (17.4 | %) | (31.1 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Projected increase/(decrease) in return on average equity | Projected increase/(decrease) in return on average equity | (3.2) | % | (6.8) | % | (10.8) | % | (3.7 | %) | (14.9 | %) | (27.6 | %) | Projected increase/(decrease) in return on average equity | (2.2) | % | (4.8) | % | (7.3) | % | (4.3 | %) | (16.8 | %) | (30.1 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Projected increase/(decrease) in earnings per share | Projected increase/(decrease) in earnings per share | $ | (0.03) | $ | (0.07) | $ | (0.11) | $ | (0.04) | $ | (0.16) | $ | (0.29) | Projected increase/(decrease) in earnings per share | $ | (0.03) | $ | (0.06) | $ | (0.09) | $ | (0.05) | $ | (0.19) | $ | (0.34) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in market value of equity | Projected percentage increase/(decrease) in market value of equity | (8.3 | %) | (16.6 | %) | (26.8 | %) | (6.7 | %) | (11.0 | %) | (11.9 | %) | Projected percentage increase/(decrease) in market value of equity | (9.4 | %) | (18.8 | %) | (30.2 | %) | 7.4 | % | 13.5 | % | 18.0 | % |
Certification of the Chief Executive Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Financial Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL. |
NORTHWEST BANCSHARES, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | By: | /s/ Louis J. Torchio | |||||||||
Louis J. Torchio | |||||||||||
President and Chief Executive Officer | |||||||||||
(Duly Authorized Officer) | |||||||||||
Date: | By: | /s/ Jeffrey J. Maddigan | |||||||||
Jeffrey J. Maddigan | |||||||||||
Executive Vice President, Finance, Accounting and Corporate Treasurer | |||||||||||
(Principal Accounting Officer) | |||||||||||